in the name of the three americans and the i guess terror began as a possible strike but in the ten years that followed the military seeds of the. teacher. around the world the man behind nine eleven may have been captured but international safety has yet delivered arena forty nine artsy. switching gears now to jobs and the economy two issues that just about anyone whether they're republican democrat or independent will tell you are the most important and perhaps also the most significant challenges the u.s. is facing as a country it's the reason president obama called a joint session of congress and made a rousing speech last night laying out what he calls the american jobs act now here's the nuts and bolts of it it clue include the create the creation of jobs for more construction workers teachers and veterans as well as the long term unemployed the president also says he wants to provide

a tax break for companies who hire new workers and wants to cut payroll taxes and half for every working american and every small business he says that his plan will be paid for if you missed it well we have a highlight reel i guess you could call it take a look i am sending this congress a plan that you should pass right away pass this jobs bill pass this bill passes jobs bill pass this bill. pass this jobs bill pass this jobs bill passed this the way. you should pass it one way you should pass it again right away. the story. from the white house is jobs bill this is jobs bill pass this jobs bill. you should pass it right away pass this jobs bill you should pass this jobs plan right away. who says republicans and democrats can agree on anything you saw their vice president joe biden

a democrat and speaker of the house john boehner a republican talking about golf what you didn't see is the owner also telling biden that his life was the cutest one in the room all right but more importantly of course obama's jobs plan and let's lay out how feasible it is to do that earlier i spoke to max proud wolf and economist for the new school and i asked him for his thoughts. from an economic perspective this is a fairly moderate plan most of what's in it has been tried and it's an extension or a revaluation or a reformulation of things we've done often successfully in the past so there's nothing super boulder unique about this it doesn't break the mold it doesn't think outside the box and it doesn't propose anything five standard deviations from the norm economically it should be fairly easy to do it we should be debating whether or not it's big enough whether or not it's targeted the right places and whether or not it might be another daily and another dollar short politically it may not be

possible but that has something to do with the fact that we do have one of the two major parties more or less beholden to a strategy that the democrats form something a little bit like a cult of personality around president obama and the republicans have built a strategy that they feel is working for them and some of the polls suggest they might be right of a sort of anti cult of personality or a cult of anti personality and i gives our polity this strange dysfunctional format it's been following within which it's almost a world upside down to borrow a phrase from eduardo galliano a much more poetic speaker on such subjects myself and so i don't really know how you'd characterize it yes certainly it will be interesting and i think a lot of all eyes will be on sort of how this plays out especially in the condit coming gave the politics of it all but i want to talk about some of the specifics here i mean x. to what extent do you think that regulations could slow down some of these projects president obama laid out a lot of projects and it seems at this day and age every project needs you know an

environmental impact study surveys i think it was george well he said the other day you know you couldn't build the hoover dam today because they discover a snail darter in the colorado river and the e.p.a. would stop it you know and let's compare for a phrase like in the plans that we have here in the u.s. to china people you know people want to display. animals would be killed that trees would be cut down but whatever it is that needed to be built in china most likely will get done so i'm wondering what you think you know if we want to get these jobs going will there need to be a drastic change in some of these regulations sure i mean often it feels like i think it could be a little overdone but it often feels like the one thing that everyone can agree on in the united states right left and center is to stand in the way of a good project that we obviously need on the other hand we are capable of getting things done we want to get them done even if they do a lot more than damage some snail habitat cetera we are fighting multiple wars with

real human casualties every day we do have to live with fifteen million unemployed people a twenty five million unemployed or underemployed people we live with a situation of one in eight of our people one in five or six in many disturbed populations economically just their populations on food stamps we live with an illiteracy rate that is not the envy of the first world and we live with a high school dropout rate many parts of the country that's not heard of in the developed world so i think we should be a little careful about saying where shangri-la of political correctness when we want something and we need something and enough people get behind it we can get it done but i'd be the first to admit your question has a real basis you know unfortunately it's a good question and that is we have been alarmingly and shockingly poor at moving mountains when it comes to the structural changes our economy or our economic misadventure absolutely screams out for. and that was max from golf economist with the new school in our new york studios and stay tuned to r.t.e.

next week for a brand new line up a decade after the twin towers collapsed nine eleven heroes are being left in the dust from piles of medical bills to not so charitable nonprofits who will save the people who came to america's rescue during our time of need we'll continue our coverage of the u.s. a decade after september eleventh plus the land of the free the home of islamophobia the u.s. might not be able to grow jobs or the economy but it sure can harvest muslim fears so with osama bin ladin out of the way and the u.s. military spending higher than ever who's afraid of the big bad muslim bogeyman and immigration detention facilities can be cold as ice especially when it comes to making money that's because the more illegal immigrants they lock up the more green they have lining their pockets and lawmakers across the country to come up with new work tougher anti immigration bills so that they can keep their prisons full so

we'll speak up for the people who have no voices these are just a few of the stories that we have on tap for you next week along with more news and in-depth interviews so stay tuned but for now that is going to do it for more on the stories that we covered go to our c dot com slash usa also check out our you tube page you tube dot com slash r t america you should also follow me on twitter at franzi want to thank you so much for watching lots to talk about hope you have a great weekend and christine president. what drives the world the fear mongering used by politicians who makes decisions prick through it it may who can you trust no one is you with a global mission originally where we had a state controlled capitalism it's called satchels when nobody dares to ask what we do our t.

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guys are this is the kaiser report reporting of the global financial war that's. in country after country let's bring in stays there and max i think you're referring to the currency war that we've been warning about for years now first headline global currency war tape. so dramatic twist now this is of course the currency war relating to the swiss franc when they've now our abandon the floating exchange rate but in this article is an important quote from david bloom of h.s.b.c. that i want to refer to max gold is the only safe haven asset that will not do q e putting capital controls or complain well. the global game of musical chairs or as i like to think of it past

a very major money is seeking safe harbor and they're moving to currencies that have a perception of being safe harbors like the swiss franc but now that's no longer a safe harbor so money is being driven into the norwegian krone and to some extent the australian dollar and maybe a little into the canadian dollar but those currencies too will collapse all three of currencies will collapse now all this is going on the various bodies that regulate oversee the trading of gold and silver keep raising the marginal corman's they are in effect creating a de facto gold standard by trying to stop the creation of a defacto global gold standard but the reason why we were able to predict this is because history always rhymes and as we said this is the biggest financial catastrophe since the great depression and we know exactly what happened in the great depression is after a few years the market collapse there was of course global currency war that's

right but during the currency war of that era of course the world still had a gold standard and then we're not on a gold standard so the currency war takes on a dimension of lunacy speaking of three ring circus and i want to bring your attention to nigeria deals the dollar another blow so this is happened the same day actually that the swiss. introduce this currency pegged to the euro so this didn't get much attention but on september sixth nigeria's central bank transferred a tenth of its thirty three billion dollars of foreign exchange holding into you want that's right all of the bilateral deals between russia and iran trying a jury who nigeria oh yeah they're doing a deal on bilateral outside of the dollar and the dude responsible like this big banker he says we don't need no stinking dollars well let's turn to

a quick here with reuters and where he explains why they've done strategically we think it's inevitable that the world to recognize our m.p.'s and reserve currency. i don't know how long it would take but china is the second largest economy in the world it's caught. for a huge amounts of reserves it's in very strong financial position because if we it's the large economies and it's more in this in the same situation the united states will see enough to the second world war when the large economies swear. by fiscal deficit position so we do think. it is a weiss move at this point in time will be the reserve currency but we've known this now for a few years and china is just playing a cat and mouse game with the dollar they are secretly hoarding gold we know this

from wiki leaks cable recently that just came out they have been secretly hoarding gold they have their minions all over the world sucking gold out of every little orifice of the global economy that possibly can and they need another three or four or five thousand tons of gold and again this is part of a trend which we've talked about it's just that the currency volatility of the financial volatility is we're seeing the collapse of the american empire but let's turn to this others. because this is very important. to. do this. time to reserve decisions one of the movement's wholesales invoicing told the sun we get paid to call the reserves so for example you feel the ministry of finance has no objection so we could request it all so as to china before in now that the chinese government has allowed r. and b. for settlement for such transactions so max what do you think of this if it because

this is always this is the thing backing the us dollar the only thing backing the us dollar at this point is boil so what do you think will happen if if nigeria starts trading and you want well this is why you talk to economists like michael hudson or catherine austin fitts they say we're back to dollars war and war of an oil or para pursue so to speak so yes the warfare state of america collapses then that puts additional pressure downward pressure on the dollar it's holding up relatively well and my theory there is that ninety percent of the dollar buying is done through high frequency trading algorithmic trading computer training and this is all done really through the shadow banking system and this is why the u.s. death keeps pulling off balance sheets to the hundreds of trillions of dollars because they're out there supporting the dollar into also time as they can support a dollar anymore and then you have an enron implosion like situation and hyperinflation overnight and people wall. up and paul krugman of the new york times

will be like who. well tom foley of reuters says that despite nigeria's bold move china's currency still has few of the qualities of a credible reserve currency and here are two of the qualities he says are necessary for a reserve currency one low inflation is usually a prerequisite yet china's runs out above six percent. i want to turn our attention to shadowstats inflation numbers and as you can see the red line is the official number so it's always well below six percent of course but the blue number up there is the based on how the u.s. used to calculate consumer price inflation before in one nine hundred ninety when then president clinton came in and manipulated it but as you see right before the financial collapse inflation in the u.s. was almost fifteen percent right so inflation in the u.s. is well above six percent so that argument doesn't hold water that's exactly

correct and then he says stable monetary policy is another typical condition yet china lacks an independent central bank so you know again referring to that chart on the left hand side of the inflation in the u.s. you saw that inflation was fifteen percent in one nine hundred eighty until paul volcker raised interest rates to twenty percent crashing inflation back down to closer to two zero percent now this is what paul volcker says about what central banks add to stability of a monetary system and this is sobering fact that the prominence of central banks in this century has coincided with a general tendency towards more inflation not less if the overriding objective is price stability we did better with in one thousand nine hundred gold standard and passive central banks with currency boards or even with free banking of the federal reserve bank and in the us is not independent by any stretch of the imagination any no independent body would independently suck up two point five trillion and toxic

debts from wall street that's what an independent thinking fed would do there in the control of wall street so again the arguments against the chinese when being the world reserve currency don't hold water the u.s. dollar using those very metrics looks like a pig dressed up with a bunch of lipstick and a pig wearing lipstick you know the dollar is really the. there's a liberal with the most fingers it's the prettiest horse at the glue factory you know it is just being held up with sticks and scotch tape in order to blows its load of the souvenirs gold. while gold is already skyrocketing but again this is the global currency war we're moving on to another headline about another currency u.b.s. declares the euro should not exist and a monster report on the odds of an e.u. breakup this is u.b.s.

is still fangio paul donovan and larry half the way and they released a report which they examined what would happen if the euro broke up so the consequences of a weak country left the euro zone so like italy or greece or portugal or spain they would it would result in their economy of a up to fifty percent g.d.p. collapse in the first year but then they go on to say if germany left it would result in a twenty to twenty five percent collapse in their g.d.p. it would also cause of global trade to collapse u.b.s. is in the business of churning people's accounts on mercifully to make u.b.s. brokers and bankers money every day they come out with a news story and it's usually a contradiction of the previous day's story if you listen to u.b.s. turning these other bankers you're going to lose everything because they're there fraud they're complete letter for god and they've been shown to be fraudulent nineteen different ways to sunday and likely to change their business model is fraud all these banks same thing so speaking of varying cost for bailing out

systems or bailing out people let's turn to the u.k. max because i have these two headlines here interesting contrast england riots to cost taxpayers at least one hundred thirty three million in policing in compensation so this is in the u.k. and the the rioting cost one hundred thirty three million pounds people are out in arms about this but if you contrast that to the head. line u.k. financial bailout reaches one point four trillion pounds this is from april of two thousand and nine and the cost of the banking balance was one point four trillion but contrast the response from the population in the u.k. to the one hundred thirty three million cost of the rioters compared to the banking rioters both in the u.k. the problem is and you see this all over the world victims are very reticent about talking about their experience in

a ponzi scheme this is what police find often that they'll approach the victim of a ponzi scheme to tell them that they are a victim of a ponzi scheme and they always deny it they deny it so this u.k. person the subject of the crown is going to say citizen for a second. you know they would be upset that a stick of gum was stolen and they'll call the police local is the stickum. but if they had their entire mortgage defrauded in their house lost due to george osborne's friends in the city they're quite embarrassed and ashamed about it and they won't want to tell anyone or lose face with their neighbors and people in the banks know this this is why they they know that they're not going to be prosecuted or caught by committing and u.b.s. and the others defrauding millions out of trillions and the other thing is that we are when all these rights were going on in the u.k. the media was certain that they were all gang members well actual analysis of the people arrested in jail is less than twenty percent of them were gang members and yet contrast that again with the banking riots that one hundred percent of them are

proven to be part of a racket a global fraudulent debt racket that's why i say give these riders brokers licenses but grow your economy by leveraging genuinely talented people who know how to rape and plunder u.k. . because they could show a channel for rape and plunder in the city by writing looters for what could be better all right stacy ever thanks so much thank you max ok way much more coming your way so stay right there.

pretty free. for charges free. range month free. three stooges free. zone free blow to play video for your media projects and free video don carty dot com. i am ask asriel welcome back to the kaiser report this is the book you've got to get it's called. the first five thousand years all right let's talk to the author david graber welcome to the kaiser report thanks great to be here all right david

graber which came first debt or money and how do you define that says well if you define money really broadly i suppose in a certain sense it's always been around as one of those things that you know wasn't really invented at all any more than say music or clothing is you know money is just a way of saying twelve of these are worth two of those it's a way of measuring proportional values i guess you could say dead on the other hand is when you take a promise and turn it into money and you take a promise i can be precisely quantified and because it can be turned into money turn into mathematics you can transfer it from one person to another and normally if i make a promise to someone else i can't act you know you can't sell my promise to a third party that's what makes stepped so special it's impersonal it's detached from any actual human relations so in that sense money have to come first but god thing is that we're using the money as points and that can come first at all in fact cash isn't really

a late comer money actually originally took the form of credit and debt ok. you're saying money you used the term proportional value zero or i guess you could say barter. there is a bit of a barter element there versus debt which is the beginning of what we now call derivatives it's a representation of something that you can buy and sell independent of any underlying value it has it's own separate kind of parallel universe if you will in the a in the scheme of economics correct in the sense although you've got to be careful with the term border because we're all taught that you know first once upon a time there was border and then you get money and after that we get credit but actually that story is if anything backwards there's no example of an economy where people sat around and saying well tell you what i'll give you twenty chickens for that cow actually you know people did each other favors you know we're in a real society about money the way anthropologist such as me has observed what

people do is they say you know wow that's a really nice pig and then you say oh no i'll give you the pig don't worry it's on me it's a present and then of course you go somebody someone you know you will my face or the question is how do you go from the communities where everybody knows each other favors which is true the way communities are supposed to work is something we can say ah you know you will need twenty seven of these thirty two of those and that does not seem to happen to border that seems to happen through legal systems through temple redistribution a million different ways but the story the economists tell us is clearly not it so for the past five thousand years we have moved back and forth between this virtual money or debt based system as we have today and or as we had been beginning and hard money economies like gold and silver so what's the difference between these two periods and how do they ebb and flow through history how do we make the transition from back and forth well that's who really interesting things and i

didn't really anticipate it when i started my research what i found out as least if you look at the history of everywhere from europe to asia. here's a kind of a shape to history an ebb and flow of credit money is the original form of money. you already have expense accounts. fluctuating interest rates. compounded interest rates you know long before the invention of coins then around seven hundred six fifty eighty you skip the simultaneous invention of coinage in india in china and first of all in the training now the maison thing is that this isn't really an economic innovation the phoenicians for example or the great traders of antiquity didn't use coins and told very late it was mostly to pay soldiers and actual cash makes sense if you think about it because if you have a bunch of marauding people stealing gold and silver and what's the person they're going to carry off you know you kind of move to cash that some soldiers the last person are going to want to extend credit to if you're selling things any periods

of war empire and slavery you move to cash money. for about a thousand years that was the case from the five hundred b.c. to five hundred eighty. was a period of giant empires that empires used cash to pay their soldiers when the empires go away in the middle ages so does the cash flow gets locked up in couples and people go back to credit systems again we're used to thinking oh they reverted to border no it's not true at all across from europe to china people were using complex credit systems which were denominated in money that no longer actually existed physically most of the time. so you have paper money you have checks you have cali sticks are using in england then of course working ninety two you get old gold and silver coming from the americas people move back to cash you actually have the reappearance of huge empires slavery that's the theory we're moving out of now since one thousand nine hundred seventy one if you just want to choose an arbitrary cut off date that's when nixon went off the gold standard the dollar was definitively detached from gold so this is not

a new thing for actual money it's actually in a way reverting to the original form of money so how does the current era now so take us through what's happening now we are where we're at it we're a transition period right now. correct exactly and one of the things that i found most disturbing research researching the book is that what we've been doing is going about things backwards if you look at the history of credit money starting in mesopotamia there was always some system in place to protect others and it makes sense because if you have virtual money if money is just an iou it's a promise an arrangement between people not intrinsically different than in any other promise you might make well the big problem is first of all how do you think otoh completely out of hand in people to start making crazy promises they can't keep and to how do you make sure that essentially most people don't end up becoming literally or figuratively slaves to the people with the money. that was the.