fuck. you people have different reasons. some want to see what an apocalypse could look like and some want to feel the history. of their childhood like the atmosphere of the soviet union has been preserved but for me it's more important not why they come here but what effect it has on them. but since june this radioactive tourism has been suspended the prosecutor general's office conducted checks and ruled that the emergencies ministry had broken the law with these trips as well as making an unhealthy profit every tourist to the zone has been paying around one hundred u.s. dollars to do so equating to a multi-million dollar revenue every year. we urge the ministry to inform the government of every dollar earned by the strips we know that a lot of money has been made and we have no idea in whose pockets it ended up why not put the money into the budget and use it to solve the skills problems. the

ministry is defined it says it stuck by the law it claims these troops are a vital way of educating the world on how to avoid such disasters which are noble zone will never again be inhabited but experts say it could still serve other purposes cheaper. due to decontamination procedures almost half of the area has acceptable levels of radiation that's why we can use this large spaces to build solar and wind power stations and even grow bigger fuel there the emergencies ministry has now filed a lawsuit in a bid to resume tours through the contaminated zone and the court is expected to start hearings in mid september ukraine's thirty kilometer nuclear wasteland will remain closed to the public until then with the debate remains very much open. ski r.t. reporting from kiev and to normal in ukraine. coming up to twenty four minutes past

the hour here in moscow and back with a recap of our top stories for in just a few moments in the meantime you're in good company because readers here with the latest business news. thanks bill hello and welcome to business here on r.t. now the clouds of uncertainty continue to pile up in europe rising expectations of a greek default and a possible downgrade of french banks are causing the financial barometer to drop sharply and russia is not immune with the ruble now trading at an eight month low however jacob knell from morgan stanley here russia believes there are reasons not to be too pessimistic. if you look at what's happening to the reserves which is the kind of results of the entire set of. transactions between russia and the rest of the world every week we've been seeing an increase in the reserves and if you think of oil exports at these prices and what's happened if we checked i think you're

following the prone to kill continues to be very strong in russia on the capital it's a little bit less predictable i think with the uncertainty around the elections it may be an increase in capital what is there not to the level that you saw earlier this year so actually we expect to strengthen again or he's going forward. let's take a look at the markets we'll start with oil prices there are mixed this hour following rebounds in the euro and in the stock markets the international energy agency cut its estimate for the brand growth and some of its supply expectations. then they were as markets are trading in positive territory the dow is up twenty four percent more than ours is adding over a one percent personal and see europe investors there are concerned by the weakness of the global economy markets there are pros than positive territory with banks among the top performers and that was hollande heavy losses in the previous session . and here in russia markets balance back from earlier losses and ended the trading

session in the black as well both the r.t.s. and the my six added three percent let's take a look at some of the movers on the my sax most energy majors were down by the strong food bucking the trend was norsk nichole the company's board has approved the terms of a new share buyback it's ready to spread the word point five billion dollars to buy a seven point seven percent stake from minority shareholders also results says it's ready to discuss the sale of its twenty five percent stake in north pole if the price as rights. all a giant gas from the act is preparing a deal which could lessen fears that russia will be locked out of libya are following and the revolution gas from sources say the company will proceed with its plan to develop an order to fish or field rather cold elephants last year agreed to buy one third of the project from its lease any for one hundred sixty three million

dollars there had been concerns russian firms could suffer from moscow's slow recognition of the rebel governments in libya. and time now for an r.t. business exclusive the c.e.o. going on the sun carlos costs and says his company will soon take a majority stake in after us as currently owns twenty five percent of russia's top carmaker a negotiation is to buy more are progressing well reasonably we should hopefully not be very far from a conclusion i would say it's a question of what i can tell you that russia will become the largest market in europe first in consequence one of the largest producers we see in capacity russia being in every way through rehabilitation of existing capacity like i like. to building new plants so i think the future of the car industry in russia is very strong and practically all governments which are already rather well you busting in

russia and the demand in russia is picking up through the government of the economy who are very bullish other options. well that's all the business news for now for more so as you can always check out our website artsy dot com slash business but in the meantime states in for the headlines with dell.

the official. called touch.

on the call to call. live from our studios here in central moscow this is our team time now to talk to you on our main news stories this hour the u.s. and romania signed a strategic defense pact that will now formally authorize the deployment of ballistic missile interceptors in romania moscow renews its demands for legal guarantees that the nato system will not be aimed at russia. germany attempts to calm fears over greece's potential default by urging members of the eurozone to stick together that stormy skies are looming over europe as debt stricken italy turns to the orient for help. libya's transitional forces are given

residents of the seeds gadhafi strongholds two days to leave or face and on signals . to from even them how he got with more news from the some half an hour from now in the meantime financial guru max kaiser explains why he thinks there's a third world war going on in the financial markets the report is next. i'm stacy herbert. so let me explain something. alex shaffer before he was an unknown artist now his work is acclaimed and in demand all over the world this burn chose portrait twenty five thousand two hundred dollars on e bay there's no let up on demand for burning banks or macs that's because he's exposing the confidence game happening around the world and that's one of our big

themes of the show today first headline reads goldman head gold trader speculates about authority intervention in gold sees precious metal pushing higher so this is zack polya and he's the head gold trader for goldman sachs and he's referring to when the swiss intervened in their currency market and the swiss franc of course is the classic safe haven currency so he said the expectation would be of course that gold would rocket on that but in fact in the immediate aftermath was a complete contradiction to prior recent episodes of intervention and what anyone would have expected instead of spurring a further gold price rally on the basis that it was one of the few remaining safe haven currencies we saw fifty u.s. dollar collapse in minutes the source of this flow seems hard to pin down with some speculating over whether authorities were concerned about the signals of an accelerating gold price and its impact on other fragile markets soon after much of

the losses were recovered but the psychological damage had been done well gold and skyrocket against the swiss franc and also this is world war three it's gold versus paper it's authenticity like gold versus. to city like the. american paper empire it's about a new century with new values and it's about a country like the us with only paper behind it crumbling yes but it's also part of that confidence game in order to maintain confidence in the u.s. dollar everything else might have no confidence people must lose all confidence and all other things including gold which is then a safe haven for five thousand years so america is trying with all its might to try to destroy the entire system as we've known it for five thousand years i want to say nothing by the u.s.

but paper people say oh they've got eight thousand tons of gold but keep in mind that you've got a bank of j.p. morgan they have sold short the equivalent of many many many times that eight thousand tons of gold and silver to support the dollar so when all the claims are made whole j.p. morgan goes the way of enron to zero the fed goes out of business the u.s. goes into history and the other interesting thing here is that many gold analysts around the world claim that there is it's a conspiracy theory to think that the u.s. government or at the c.m.e. or comex would intervene in the gold market but here is goldman sachs one of the biggest call traders in the world one of the biggest commodity traders in the world know these markets and they're saying they're suggesting that there is government intervention but goldman sachs is now agreeing with gold antitrust action committee that or which for years was in the world and people said oh it's a conspiracy theory about goldman sachs mainstream online smart o's down there on

wall street are saying yes and that is correct right the goal is when it belated by the paper whores and of course in every single war there are side ops and that's exactly what this man and goldman sachs the first two is the psychological damage and i want to show you a quick headline in response to you earlier this week when gold fell fifty dollars in a matter of minutes joey's and paul said. yes no luck with gold just did so that's the psychological impact they're looking for joe is a ball is the propaganda minister over there business insider he puts out propaganda no it's not you look at my look at look at the frank. you're wrong he if he were putting out propaganda he would be working at the treasury or at j.p. morgan in fact he is the person who listens to baghdad bob and it's like oh my god reporting in the guardian and saying baghdad bob says the infidels are previous slaughtered at the walls of baghdad well if joe weighs involves

a lot of propaganda meister over at business insider then his overlord. is enraged subtleties oh come on the show you keep turning away my invitations and are a little. ok well let's look at some more wars going on could off the regime sold one billion dollars of gold well these are the allegations of cassie mazouz the new central bank governor who said could offer a regime raised more than one billion dollars to pay salaries from trading twenty nine tons of gold with local traders in april with the metal then possibly being taken out of the country for resale so they pay a centrally of the soldiers in paper because they stole the gold right to raise well this is what cassim azouz the new central bank governor put in by. blair cameron and america so he's their guy in the central bank and he's saying it looks like could offer he sold twenty percent of our gold twenty nine tons now

we're taking at his word that it didn't just go missing because remember we zero hedge others before the as the invasion was happening we said what's going to happen to libya's gold well that offer is still alive and it's be a lesson for you they are thinking of buying gold number one. number two. some of those goals are paper many pages soldiers and paper so those soldiers are complete idiots and they took paper instead of gold the whole history of gold as we learned from our sure. he said that gold always comes back into use as a currency because it's used to pay soldiers so america is trying to tell us it's the psyops but in fact in this case they don't want all the soldiers didn't want gold they wanted cash they wanted u.s. dollars. but again you know the article mentions and points out this is from the financial times that could offer it was unique libya was unique in that there are some true banks actually held their gold in their country unlike chavez they point

out so a lot of this is another theme we're talking about all the time is that many of these nations around the world including germany china and chavez were were holding their gold in america and whether or not they'll ever get that back much of ours was two hundred tons of gold shipped back to venezuela one hundred signs of the bank of england undertones held by banks like j.p. morgan and if we actually deliver the gold in morgan once again start zero so let's stay with libya here tony blair's libya policy fuel power obsession of khadafi son again this theme of the confidence game. tony blair snake oil salesman went to tripoli brought in khadafi and his son to pretend that they were part we're giving you our confidence you're part of this game say follow islam you know as nato is dropping bombs on him who is he shouting at sir cousy not at blair he still

is a victim of a confidence game where he still believes the guy who sold them out is somehow side cosey and not tony blair in a tony blair if push comes to shove he should start selling those nut choppers on late night t.v. and vince is a famous seller of chomsky's on late night t.v. if you have a retires tony blair you gonna love my nuts watch this so easy one for you i can do one thing for you guys to do with your home the reason you can slap away every day is because it's so easy to clean so the confidence game sold to the west and to the people financing it the taxpayers of the west to think they're getting something is there a toll that could often say follow islam are uniquely crazy madman and dictators and killers and of course information is emerged that we were sending people there to be tortured over the past few months including up to a few days before the regime we decided to topple them so that we know it's kind of a new revolution as a because we knew about egypt and these other areas where us people have tortured we don't know there's actually happening in libya as well so you know america likes

to outsource everything all the workers all the work all the jobs and all the torture torture jobs to americans why outsource torture jobs inside america so but the story to the westerners is always that we're protecting the rebels we're protecting the freedom fighters of libya and it has nothing to do with their oil we are pure people here so let's turn to this headline turkey to escort gaza aid ships amid route with israel well this is turkish prime minister and he was saying that his country is now going to escort gaza aid ships and that's the headline chosen here by the b.b.c. go. the rest of the story i think reveals the true nature of this religious war going on speaking to al-jazeera mr erdogan also said turkey had taken steps to prevent israel unilaterally exploiting natural resources in the eastern mediterranean and it appears that israel has decided to recognize superior

rights to the natural gas reserves that are allegedly have been found in the eastern mediterranean and now there's it's a resource war all throughout the middle east really it's about their oil natural gas and water yeah it's also interesting that the i.m.f. . going away and greece seemingly were contingent on greece shutting down the boats from leaving the port of athens to go to palestine so continuing on this theme of confidence man especially those guys operating from j.p. morgan one man lobby diamond presses washington to ease bank rules this is a bloomberg series that influential fifty and this article here is just amazing to read because it's paragraph after paragraph after paragraph of quotes talking about how fantastic jamie di minutes and they come from people like hank paulson and they come from people like some lawyer dude from the wall street firm that represents

wall street bankers and it says things like when treasury secretary henry paulson needed someone to save bear stearns from collapse in march two thousand and eight he turned to diamond we've got done we've got done and by the short and curlies he needs the entire regulatory and infrastructure to change to allow his bank to go even deeper into debt to support his naked silver shorts we've got a little prize goes higher jamie diamond is panicking that stock is like enron right before it collapsed and mark my words hedge funds out there sure make a bundle but also continuing on this piece about how their fluff piece on jamie diamond diamond emerged from the financial crisis of born again hero his bank took twenty five billion dollars in aid from the u.s. treasury out of patriotic duty not because it needed the money. i push lucian's to the flag of the bailout nation of america please send me

a bill in and i'll salute your every morning thank you and that i stay and then it goes on they then compare him to j.p. morgan's companies namesake john kerry point morgan diamond was harold is that as the lender of last resort when other institutions faced a run on their assets that's a ridiculous comparison j.p. morgan the big guy he was his money yeah jamie diamond as a whole access to borrowed money he's a he's a he's a full song exactly well but he has access to the taxpayers aaa rating to borrow at zero percent from the u.s. treasury and the federal reserve bank on behalf of the u.s. taxpayer so you need doubling plus double double a class all right ok sarah thanks so much thank you max don't go away much more coming away stay right there.

welcome back to the gaza report on max keyser time now to go to new york and talk with nick verbinski he's the director of a new film called confidence game a documentary that examines the final week in the life of the best in bank bear stearns let's take a look at a clip as beer was showing be. williams and dubious loans through its c.d.o. pipeline management worked hard to cover up any problems along the way something

van leeuwen found out when it was discovered that the firm had illegally sold investors millions in securities holding loans originated in west virginia. sometimes the corners were cut according to west virginia code and have to be licensed by the state in order to service loans secured by property unless originally. it was discovered that bear stearns had been by west virginia loans for several years now and were not allowed to service it without reporting the oversight to regulators there and forced a mafia style code of silence within its walls to quietly fix the problem ok that was top of his game directed by nick verbinski nick welcome to the kaiser report hi thanks for having me max all right before we get into the substance and sell us a little bit about bear stearns what sort of bank were they had they fit in the wall street matrix and when and how did they collapse just on a timeline well it's

a good question i bear stearns was known for many years as the most brass bald profit powerhouse on wall street and they had a reputation that they really reveled in which was that they did business with whomever and however they please. and for many years at work to their great advantage as the profits kept piling up but what eventually happened was half of their fully half of their firms became sunk into the subprime mortgage business and once we saw a hiccup in that business in zero seven when you off these headphones blew out it was about nine months later where the firm completely collapsed under its own weight a lot of people say it collapsed in the space of a week but when you really look at the story the demise of this firm was many years in the making when the firm collapsed that had four hundred billion dollars in assets and two only twelve billion in tangible equity so really what the firm was doing was they were funding. operations of the overnight commercial paper market and what eventually happened was when that dried up they were refinancing their

mortgage on their business just about every day and when that source of funding dried out the firm collapsed ok now the way that bear stearns collapsed i recall that the company was effectively being attacked by naked short sellers and these were far more shares being shorted then shares existed for the kompany in other words counterfeiting of shares sold is rather priced out of the stock you have more information on this and what role did c n b c play and driving this vicious loop of canada fitting lies on c n b c counterfeiting stock. sell the naked this company shares down to zero well there's certainly a lot of talk about naked short selling and how it affected bear but really first of all we don't have any information on that at this point the f.c.c. launched a very wide ranging investigation when the firm first collapsed there were the street was rife with rumors about all sorts of conspiracy theories where headphones

had colluded to bring the stock down and bring the company down but really what you started to see was more the naked short selling what you saw was an incredible expansion in credit default swaps spreads people were buying insurance on bear stearns that they didn't actually own and once that happened the incredible demand for insurance on bear stearns that riden their credit default swaps and really dried up their sources of funding once the overnight lenders and everybody else started to see these things and they all stepped back from the firm and said well you know we don't know how this ends but you know we want to get out of this before you know we're in tangled in it so it really i think that the credit default swap part of the equation is a much bigger story than maybe naked short selling although naked short selling i'm sure had an impact. as far as see in d.c. goes especially with with regard to credit default swaps there was a seminal interview between david faber and alan schwarz then the new. newly minted c.e.o. of bear stearns on wednesday march twelfth and really you know the stance the purpose

of that interview was for schwartz the comma for years growing around the firm and before he even had a chance to do that even faber threw a question to him based on a credit default position on that was looking to be closed out by an investor who later turned out to be caught bass and apparently bass told favre that he couldn't close it out with goldman sachs and once favre it kind of mentioned that on the air everybody on the street started running for the door so neatly and there was really nothing there alan schwartz could go on about that really troubling thing about something like that is that that trade actually cleared the very next morning because there was a point where the n.b.c. kind of stepped over the line from reporting the news to actually making the news and it really had a material effect on her story and right on a couple of interesting points there the think c.b.s. market or the credit default swap market it was really borne out by this particular situation the risks involved there when the counter parties involved in that market don't have the wherewithal to cover those bets famously when a.i.g.

collapsed every day they were they counterparty for many of the c.d.s. contracts and. the trainers on wall street know this and write contracts knowing that they'll never have to make good on them because their counterpart is bankrupt so that's part of the fraud that we see as far as naked short selling goes i know i can tell you personally having looked at the situation myself and knowing having invented a lot of technologies that run these systems that there was massive naked short selling inside conspiracy theory it's an absolute stone cold fact and it's counterfeiting on a wide scale and it is pervasive on wall street and throughout the u.s. economy to listen to live best on c.e.o. jimmy cayne who was seen golfing while bear stearns collapsed was it just because what was that all about izzy i jimmy cayne i it's very famous on wall street for some of his peculiar habits but what was the story there well. you know jimmy cayne was the longtime c.e.o. of bear stearns and since the company had gone public in the early ninety's you

know he had become really a legend on wall street he held over a billion dollars worth of the firm stock and by far he was the most heavily invested in his own company and he was really kind of gold what brian burrow in the film calls the last of the wall street buccaneer as you know he was really an old school guy and i think that's one of the issues that that kind of came back to bite the firm at the end was that jimmy wasn't really down and dirty with the business when. these hedge funds collapsed in the summer of zero seven he was reported to be in a page one article in the wall street journal on november first of that year it was reported that he was actually playing in a bridge tournaments and nashville tennessee just as the for and as these funds were collapsing you know and there were rumors that he was a big pot smoker and you know he was out playing golf you know for thursday through sunday all summer long while the fires were kind of burning around the firm and.