taxpayers to bail them out good report that's next on their. imus tiger this is a kaiser report you know out the only good banker seems to be a drawn and quartered banker. you know what i'm talking about tell me more studies ever max i have a feeling you read this first headline here banks still expect taxpayer for their failure this according to paul fisher the bank of england's executive director for markets and he disclosed that quote some banks have told us that they think they

should not be required to hold capital and liquidity to deal with such extreme tayla vents leaving the public sector to be the capital provider of last resort this contradicts what these bankers say in public max well this statement needs to be examined for what it's worth here is somebody representing the bankers who is flying who is basically shaking you know and his finger at the public and saying how ha ha ha ha we've got all your money i mean this is not acceptable well max this is paul fisher and he's saying in private conversations bankers have told him that they don't need to raise capital requirements as the bank of england is requiring them to do they're saying we don't need it because the taxpayer will bail us out look the whole crisis started when goldman sachs became a publicly listed company not that long ago before then the partners had their own capital at risk if they manage bad bet they would lose money then they went public

and we started this era of moral hazard on steroids whenever a banker loses money they put a gun to the head of government and they enforce all stary measures that's an occupation that's not a free government that's not acceptable. ok max well it sounds like your mask is just spreading throughout the u.k. because i was sent this headline from a viewer of this program call on twitter we could ferry sad she describes herself max as pro justice equity freedom of expression anti fraud quangos current irish political system anti bell out and pro max kaiser i know that chick. well she sent this headline calls amount to punish greedy banks who sparked a credit crunch so this is from the u.k. and people are like union members and activist groups are demanding harsher punishments against the bankers because according to report this year by the new

economics foundation they said that banks have made sixty billion pounds out of the financial crisis they helped create most of it is due to selling debt to the government it's a bust out scam it's an insurance scam it's arson scam and they get paid out on credit default swaps or other form of insurance so-called insurance and they collect money as the mafia terrorist bankers their financial terrorists that's what they are there terrorist to get paid per acts of terrorism and vandalism that's why i say those cities a riot in london if you get a broker's license the u.k. economy would grow david cameron's missing a huge bet here all the goodies don't put him in jail in the bankers license and start trading on the floor of goldman sachs your economy will grow i can see collateralized hoody obligations that could go big time excellent idea to thirty thousand at the market well i think that's a good growth market according to the economist if you look at their shoe throwing index and their political unrest their social unrest index it could be a good winter digression you know in the u.s.

are important for the month zero jobs and the last time to stop at one hundred forty five america was fighting a war well america is fighting a war again today they're fighting against corrupt bankers and guess what they lost . so here's an editorial i thought was interesting along these lines when we're looking at these fraudulent debts piling up upon our economy and game when debt is fraud debt forgiveness is the last and only remedy and this is from a writer called zeus jambu jani and first of all most importantly he points out that you know policymakers and politicians keep on saying calling them toxic assets he said they're not toxic assets they are fake assets they don't exist they're fraudulent they're fraudulent nothingness that's right they used to be that the world worked on a fractional reserve banking system then we went to his dear oh reserve banking system now run a negative reserve banking system there is no there there it's just

a matter of mathematical formulas that are being spurned out of a cheese whiz can being held by christie look guard that's all they have their low assets there there's no money it's just a fractional claim on a debt that will never be repaid i notice you're on like some sort of familiar term with christy we're going to she calls me up all the time you know she's trying to get herself out of this mess she created ok well this guy goes on to explain that productive wealth has been trapped in a web of parasitic theft counterfeiting liability evasion non-regulation and prosecutorial non accountability all the fundamental attributes of a functioning exchange economy have been warped to reward creative criminals. here that's absolutely correct and you know moral hazard is the polite way to say outright larceny they're arsonists they're looters they're plunderers and. you know the guillotine is so nineteenth century eighteenth century you need something

something new well how about waterboarding yeah that could be you know that's a modern way to extract tame a terrorist waterboarding ok yes well because it's not torture but let's and one thing that is torture and we all agree is austerity measures and again in this article they the calls for steri are nothing more than the delusional efforts of a status quo to avoid the consequences of its own error and fraud and to profit ever more well fraud has become the de facto business model that has replaced all productive planks of the economy it's become captured by fraudulent peddlers of nonexistent debts and into that miasma of larceny comes things like g.d.p. growth and c.p.i. numbers which are also completely fraud well yes and all of our economies are spiraling into nothingness as these are scared the measures are implemented in order to bail out those bankers who we now learn are secretly talking to the bank

regulators and fein and the central banks saying that they actually have no plan on reforming themselves because they plan on dumping all of their fake assets onto the public once again should it all fail again exactly right and everyone who's suffering with a savings account paying zero interest isn't a fact subsidizing the criminality. and so let's look out how this fraud and austerity measures are being imposed across the world italy cuts tax on high earners from austerity package so you know silvio berlusconi it announced a sixty six billion dollar or forty five point five billion euro austerity package and part of it was a tax on people earning over ninety thousand euros a year apparently he's getting rid of that leaving all the other stuff for the job bag and donuts but that number forty five point five billion euros max made me think of something from two years ago melanne police seize u.b.s. j.p.

morgan deutsche bank funds now this was due to the fraudulent toxic assets or lent fake assets that were sold to milan and six hundred italian municipalities were sold thirty five point five billion euros in toxic derivatives that's right so these municipalities in italy were sold fake securities that went to zero in value because they were fake to begin with and now oh here's berlusconi saying he needs approximately the same amount of money imposed in austerity measures to basically pay now for the toxic securities that were purchased to begin with and this is a pattern we see over and over around the world it's happened when fishing towns in norway it's happened in alabama in america it's happened all over italy happens all over the world the municipalities the governments the local banks buy securities german banks but trillions of dollars society in general was decided general going to declare bankruptcy in the next ten days because they bought fake securities from

wall street they created fake securities they bought them with themselves they bought them with b. and p. they exchange the fakes occurs with each other for a fee then the fees pay them as a bonus and now however the implosion is taking place due to the revelation that there is no white knight coming there is no bailout that will get the ponzi scheme go. again there is no stimulus package that will take unemployment any war over zero and this thing is becoming worse and worse yeah i mean max society in general is one of the perpetrators of these fraudulent fake assets being sold around the world and those names that were referred to in this article u.b.s. j.p. morgan and deutsche bank those are the three real heart of the nexus of these global derivatives j.p. morgan in particular owns the largest derivatives book in the world and what's amazing is that j.p. morgan will sell it is about here some countries some fake toxic derivative securities and then to protect themselves from any blowback they'll offset the

trade with a credit default swap somewhere in another equally corrupt market and so if it does what it does blow up they get actually they get paid out more than what was lost so you say that they have to impose tens of billions of euros in austerity measures to pay for tens of billions of euros for fix it carries the person assault about security said clutter credit default swaps banks that they get paid out double or triple that amount to their bank accounts this is how financial terrorism works they create the financial problem recent think securities they do insurance at the same time and when the thing blows up as one hundred percent will do they get paid triple back. well max what i'm saying you know is the article about the the melanne being wiped out by credit default swaps and credit derivatives that's from two years ago that's in two thousand and nine that's thirty five point five billion euro sold to six hundred minus the pallet he's around italy two years later it's forty five point five billion euros and austerity measures for italy but you never hear about this all you hear is about those lazy italians those tax evaders those

people who want to retire at fifty five nine out of ten well in fact probably ten out of ten mainstream media articles about italy will be talking about how corrupt and and like you know we still workers they are at the occupying force always scapegoats the locals and if in fact these were. shared risk by the people who sold them well how does a bonus schemes were jealous and wall street oh record bonuses hundred forty billing and then let's move on to this final headline here max a tally in town minutes own money to fight austerity this is the italian town of philip teano and they have introduced a new currency called the fiorito and order to avoid these austerity measures which are being imposed across italy so the austerity measures of course as i said have been they're no longer introducing a new tax on the wealthy but they are cutting back on money to municipalities well

this is what happens when this is actually a good comment to see the whole globalization movement over the past ten twenty thirty years is falling apart forcing local governments and local communities to create their own currency their own trade back and forth and to just subsist secede from the prevailing bank gangster model and so i'm going to see a lot more of this and so that makes of course is why people are resorting to the ultimate currency of currencies gold and silver exactly and i have a take on this headline i think we could have is the global t.v. show kaiser report mintz own money to fight banks i thought a good idea the same way these guys are fighting the austerity measures we could fight banks through as with perhaps. the cons are absolutely a new star. the news. yeah the news are a max o.t. or stacy teen max or stacy teen. so we're going to we're going to print our own issue our own collateralized maxim states the money things that actually end well

you can have out as afraid that phrase instead of in god we trust you can say devalue what your own risk oh gosh that could be a problem all right states never thank so much being on the kaiser report thank you max go away much more coming away system right there. to. the.

going to be soon which brightened if you need from funds to mention see. who's full stops on t.v. don't come.

to. manila welcome back to the kaiser report i'm max kaiser so i'm now to go to sunny a los angeles and speak with artist alex shaffer that was recently questioned by police for his artwork featuring chase manhattan bank j.p. morgan burning down a low aleksei for imax nice to be chewed nice to meet hi stacey. our endless show

the people the our work show the people oh my god it's too hot for t.v. . you see it now looks fantastic look out at it's hot. yeah i can feel it over here buddy you are burning up the art world you put up on e-bay and it's already attracting dozens of big the prices skyrocketing people understand that the wave of today is a burning banks and you're on the bleeding edge of this movement now tell us what exactly gave you that moment of inspiration to create change burning you know i kind of led up to it through a series of paintings that i that i started doing of one of them was these sort of fantasy riot scenes because we've been seeing so much of that on television and then there was also a series of just just regular buildings that were on fire well then i combined that

the chocolate of my peanut butter was my love for impressionist plane air painting painting on location combined with my with the symbolic fire of of economic destruction that is being wrought upon us so you're kind of like the season of arson yeah yes maybe the monet you know you know who was a big artistic revolutionary was a gustaf core bay yes i've seen some of his works here in the museum i mean is a do or say right here in paris a fantastic now you were visited by the police what how did that interaction go what did they say what did you say ok well when i set out to paint this painting i just brought my easel and my backpack full art supplies and i set up at a bus stop right across the street from the branch and you know you do a plane there painting it's like it's street art you're always dealing with people

walking around and talking to you especially if you're doing urban landscapes you can avoid people and and it usually takes about three or four hours five hours to do to do a decent painting and. the response of the public of the people walking by on the sidewalk getting off the bus there was a lawyers office that i was painting right in front of they all got they all got it you know they they thought that's great they share their own you know misery stories with dealing with banks or what have you and they're like thumbs up and then at some point about. three hours into it i saw a police cruiser go up van eyes and flip a u. turn and and two two officers stepped out of the car and approach me and they they were asked you some questions a lot of the interaction go well there was the first encounter with two officers on

the street when i was actually doing the painting ad they told me that someone had called in and felt threatened by my work and so they were obligated to to approach me because it became an incident and they took my identification they wrote down all of my information one of the officers asked me questions along the lines of well this is nine eleven you know post nine eleven you could be a terrorist do you hate the banks and i really thought that the incident that that was the conclusion you know just as a person talking to the police and the police or just people i really felt ok this happened and that was going to be it but i think the thing that got it to more of a weird level was three weeks later two officers and uniformed officers came to my house and knocked on my door and said l.a.p.d.

and i was home and i opened the door and they said do you know why we're here and i said because of the painting i did and they said yes we need to talk to you about that you know do you intend to do that again questioning along the lines of do you hate the banks this is post nine eleven you know you could be a terrorist we don't know and they wanted to see the painting and at that time i didn't have it it was at the gallery so i showed them just another beautiful landscape and they thought oh that's lovely and but you know they showed up and i saw they had they had guns. and bulletproof vest on and big kind of proof jacket and they were ready for anything i mean i don't know what their what they were thinking but i think when people meet me i come across very you know approachable and friendly and again as

a person dealing with two people who are officers i in my mind feel that this issue is concluded that this is the conclusion but again i felt that way the first time so if this gets kicked up to another level then you know three is a charm it's a had trick it's it's that's going to be definitely as as what google c.e.o. said that's crossing the creepy line well this is interesting alex because typically artists react to terrorism i'm thinking of picasso's guernica for example famous painting capturing a moment of intense slaughter in history and what you're responding to and what people have responded to is that you're capturing in essence the terrorism being performed by bankers the question should not be do are you going to do this to banks but the question should be when will bankers stop committing terrorism

against us because those flames right on that bank represent america savings they represent interest rates at zero percent yet present a cup talk or see the cups is there a new sense of police oppression in america as a come to that you're living out there in los angeles or that other cops really everywhere with it the reports that we hear is that it's become a bit of a police state i am not really feeling that you know what i took a trip to new york city and i went to wall street just to visit because i remember going there is a kid in the eighty's and you know you can get a ticket and watch the the the trading floor and going back there just a few months ago it felt like you know the gaza strip or some. i think it was a submachine gun police officers and surveillance vans now there i haven't noticed any locations like that in l.a. . but with this encounter with the police i really thought that was it i thought ok these officers approached me they talked to me they

you know it's funny because one of the officers said well do you know do you hate the banks and kind of along the line of your state and for the question i said well you know i don't hate the banks but i do perceive them now to be criminals as far as a lot of the activities that they're doing so i throw it back to the officers and say you know you deal with criminals all day do you hate criminals you know you don't hate criminals you just wish criminals didn't do what they do well the crimes that banks are committing are should be covered under various legal restrictions over there at the f.c.c. and the c. f.t.c. and other regulatory bodies but unfortunately those regulatory bodies are not owned by the bankers so you don't have any law there is no rule of law in america when it comes to banking crimes but let me i want over to my twitter account that's my max

keiser keep. our twitter account and i asked for questions for you because i told my twitter folks that you would be on the show so from lisa tadeo she asks that will there be prince available all of this painting and other banks on fire paintings i will be able to make prints yes so you know maybe we could do it on one of these websites have a coffee mugs and mouse pads and t. shirts this could be the happy face logo that defines a generation the yeah you never know i mean it's i got to say that this all this media attention is surreal. and i'm just really stoked to be get to. talking about this and also feeling like i've been completely true to my own art you know and everything i love about making art ok i'm looking at another question from my twitter account from mr canning he says to ask alex shaffer did you use oil as a symbol for the us insatiable appetite for oil or pastel paints and you're painting

what heres a response alex schaefer well you know the oil in oil paint is actually it's a vegetable oil it's not it's not a petroleum product you could actually drink linseed oil or bake a real tasty even a gret dressing out of it. but no i didn't take my my symbolism that far. i hate to be the guy who turned to so into a salad dressing on a lark and threw away fifty or sixty million dollars all right so i'll cheer for going forward. how is this going to affect your painting career i guess you could say are you going to continue to explore this theme and how has it changed you are you are thinking as an artist. absolutely i mean this is a theme i have

a number of themes i love doing just regular old landscapes and nudes and portraits and but because this theme is just so right in line with everything else that i like doing it's just it doesn't even feel like it's outside of my regular work so absolutely and as far as the art world goes you know max year or someone who came from you know wall street in the eighty's and you probably remember what that was like and there was a big bubble in the eighty's and and i think my frustration began not with let's say felonious activity or market manipulation on wall street but but as a young and naive artist learning about the quote serious new york art world and coming to the conclusion that it is a game that is played by these big new york bankers and it's like a little fantasy world for them where they can completely manipulate the art market they can create art bubbles they can capitalize and monetize that sort of thing and

but it's a lot of art that really doesn't move people that you have a plans to burn and the other banks yeah actually i've got a couple more chase ones i got a b. of a that's work in progress and i was going to go and just do a little small citibank today describes one in i mean i'm inundated with with calls and e-mails at the moment and so it's kind of like whoa i'm shifting my priorities a little here from. being a nobody who just going to go does whatever they want to having to answer all this media requests which is great but yet no i mean we're going to we're going to keep it up if i get that little piece done today and and it's and it's a little gem that i'll put that up on e bay and it will be all price that at two ounces of silver so will start the bidding at eighty dollars. actually a choice of currency now there's a famous phrase liar liar pants on fire so keeping on that theme how about

a lloyd blankfein or jamie diamond portrait with their pants on fire yeah liar liar banks on fire how about that yeah excellent well alex safer that's all the time we have for this week thanks so much for being on the kaiser report thanks for having me on max all right that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert and i thank my guest artist alex schaefer if you want to send me an e-mail please do so at kaiser report r t t v are you until next time this is nice guys are saying bye yell. for the. we've got. the biggest issues get a human voice ceased to face with the news makers. sections but not just yet the e.u. is accused of putting oil before civilian lives as it stalls on the action against syria's president all of this is despite the mounting death toll reports government

forces opened fire on protesters in the city of homs meanwhile the chief of the arab league is expected in damascus to help solve the evolving crisis. anger across italy and spain as a brussels forces governments to tighten their belts and cut public spending to save the faltering euro violence couples have taken place between demonstrators and police and made mass protests italy's now facing higher sales taxes with the spanish parliament. the world's oceans are becoming a dump for. hungry.