if you're just joining us very well this is. going to go research. protests against wall street and corporate greed go national in america and despite hundreds of arrests demonstrators say the mainstream media is ignoring a rapidly growing company. the euro zone's finance minister has put off a decision on a crucial bailout loan for greece and admitted in the deficit deadlines greece already claimed the austerity measures imposed by the government are on top of.

libya's transitional leaders and name a new cabinet to govern the country until it's fully secure meanwhile and he could offer troops continue to become a stronghold of soul amid accusations they're also talking to civilian. side there's a headline here nancy but do stay with us next as greece and its crippling debt threatens the financial stability of the entire eurozone max kaiser lights the fire under those who in the. blame for. as of this is the kaiser report as the world continues to employ the financial system max kaiser bail out thing currency wars are too big for

two thousand and eleven right here on kaiser report right that's right well the first headline then is just the number fifty point six yes this is an image from bloomberg dot com but it's referring to the number of years in percentage terms since eighteen hundred greece has been in default or rescheduling its debts and this is based on research from economist ken rogoff and carmen reinhart so fifty point six percent of the time since eighteen hundred greece has been in default or rescheduling debts that's a lot of fetiches well max so do you think this is yet s.f. therefore and yet another bailout for greece is going to do the job not at all the great was played in this hall creation of the euro you know going back to the beginning they were seduced into hiding their debts goldman sachs was involved in this as part of this. drama this greek tragedy that's playing out now the greek

people have been played like chumps once again throughout history this is the role that best suits them well ok so we're in another great depression and one of the things they're trying to prevent just like they tried to do it the first great depression and they're trying to basically defend the banks and save the banks at the expense of everybody else defaults are not an option and and yet greece will default we know that everybody knows that in fact according to bloomberg there's a fifty point six percent chance that they will default soon because they have been defaulting pretty point six percent of the futures market right now is actually rising because of the demand for set of the global markets will increase once greece defaults good old you know get back to making ropes and less than a cheese olive oil and hosting big bachelor parties of bachelorette parties those fabulous islands let's get back to

a greece does best party party party well instead of all of these bailouts one option always presented is that greece should just reintroduce the drachma drop out of the euro and we've presented that argument here several times from various analysts and investment advisors but i want to turn to another investment adviser here who's advising her clients that in fact germany is about to introduce the do it to mark and that's something to look forward to in the next days and weeks she says. so this is philip amal gran and she says quote the germans will announce they are reintroducing the deutsche mark they have already ordered the new currency and that the printers hurry up so first max who is philip. she's on the board of daughter bank she's an advisor to u.b.s. and prudential and she was in the bush administration on the economic policy department she was also a member. or of the u.s.

president's working group on financial markets who are now called the police protection thing yes they're often known as the plunge protection team they come in and rescue markets that are falling they make sure that we doubt rises and presumably now the footsie in the cac in the back sell all of the markets around the world president book who was the first person on international television in the media in print on t.v. on radio to make this prediction to make this assertion that the dots mark would be brought back oh that would be me that's right i predicted this because i know the mind of the german and i know that the whole euro project was a trick bag to reunify germany under the umbrella of the euro and then when things went bad as they inevitably would have to do they can get themselves in the euro and there it is the deutsche mark and a super power germany. for now she doesn't have any specific

evidence through the fact that there actually are printing deutsche mark at the moment but she does look at various things happening regarding this crisis which indicates to her that they are about to print the deutsche mark and that is quotes from josef ackermann the the c.e.o. of deutsche bank and also vice chancellor roessler who told germany's wealth daily there should be quote no limits to thinking of possible scenarios of how to end the euro crisis and the same interview he also said one of those possibilities however is not a further bailout after this four hundred forty billion f.s.f. european financial stability fund i was the first and i hope those editors over there at wikipedia under the section predictions by max kaiser on the max kaiser own free will make this adjustment yet they're printing nump these bad boys and they're printing them up in size. but the other point we're. she says that she can

see that they're printing going to mark is you look at what the swiss central bank has done and the canadian central bank statements that they've issued so the swiss central bank we know for a fact has introduced a currency peg immediately after that the canadians also now is that all the bad things we thought might happen are now happening so we are going to maintain a highly defensive position so she says they're preparing for the inevitable introduction reintroduction of the deutsche mark and therefore the consequent collapse of the euro in value that's going to be the way which they get out of all these debts in the periphery european nations ladies and gentlemen entering the heavyweight ring the joint you're more in the currency battle of the century it's got everything huge export market low unemployment they've got fantastic benefits for all of the surplus and their unemployment benefits and their health

benefits the surplus she says i would expect a major unscheduled speech from the president of germany once it is decided to leave the euro you can expect a european bank holiday and then the devaluations will happen across europe across a euro zone those that remain in the euro and you're going to see therefore huge inflation there for all of the money all of the new liquidity is going to go into extreme says gold diamonds agricultural assets energy prices and mind asset prices will rise default will reduce the debt burden and allows growth and inflation to return. but for now of course this is against the what others have said jim jim rickards who we've talked about believes there's going to be a return to some sort of gold standard jim rogers who she also mentions in her her analysis jim rogers thinks the euro will survive and be stronger than the u.s. dollar this is not what she sees while the record. of returns of the. gold standard

is still in play under this mark reintroduction because the other countries will have to respond because it is a currency war and the other countries are simply not going to beg and salute the deutsche mark and everyone's going to reference the dutch mark there's going to be a mad scramble and ultimately the records and the game is still in play this is just another chapter toward that end of play were everyone eventually decides that look let's stop world war three the currency war let's go back to gold another point she refers to max is this headline here from september ninth trish a loses his cool at prospect of doing some marx revival in germany so this is from bloomberg september ninth as i said trish a sixty eight lost his cool yesterday with a reporter who asked whether germany should abandon the euro and return to the market he said quote i would like very much to hear the congratulations for an institution which has delivered price stability in germany for almost thirteen

years he said in an uncharacteristically raised voice it's not by chance we have delivered price stability he said we do our job it's not an easy job notice he didn't say no. you have to read between the lines this is a fantastic story that you are breaking for international audience truly remarkable reporting i am gobsmacked. well in fact this is philip among she's the daughter by the way i looked around because i want to make sure she wasn't a yes woman you know you never know these days everybody is a hoax she's the daughter of harold grande who was a well known trade negotiator who served in the ministrations of john f. kennedy lyndon b. johnson richard nixon and gerald ford and when i looked him up i also found that he's been in the news about another european why issue arising in the very same week these last few weeks and that's the tobin tax you know all the governments of europe are now agreed that they want to tobin tax which is

a tax on financial transactions the only one outside of this is the u.k. of course because they have the city of london and they don't want a financial transaction tax well from september twenty seventh her father harold was quoted in the f.t. in an article titled long term investors would benefit from tobin tax and harold monger refers to the fact that so much trading is now high frequency trading and so long term investors are disadvantaged he says because he argues that big financial institutions that operate h f t platforms try to we up flagging markets by well timed surge of buying of exchange traded funds triggering bottom out of buy responses from algorithmic trading models across the market if true this must create an upward market bias that will over time skew asset values well there's. a bias is triggered by a program training in start waters and so stop orders and buy stuff orders and

cascading of orders and quote stuffing and all the stuff could be minimised with the introduction of a toll than tax and tax on trial. actions of fear on all transactions and let me tell you something stacey herbert as a former broker on wall street myself i can tell you that if they impose a transaction fee and all these transactions and never told any broker any banker they would never notice but it's completely a non issue you know it reminds me of this club i go to london the groucho club i will go in there for years and i've looked at this little card of the table and i've never read bad card suddenly last year for the first time in years i read that card and it said that every single meal i eat there they add one pound of tax or surcharge that they used to feed the poor i never noticed that surcharge in years and years and years the same thing with every trader and banker in the world if you

give them a tobin tax transaction fee and never tell them about it they'll never notice well and the reason why i frequency trading what they do is they trick pension funds big giant funds that manage our money and the little guys money they trick them into buying basically at an inflated price so i want to have this one final headline here max class war fifty two percent say u.s. isn't divided economically poll finds and this is the pew research center for the people and press and the washington post and they did a poll where they found that just under half forty eight percent of americans said that if they were forced to choose they would call themselves among the haves while only thirty four percent said they are among the have nots well this is exactly what you find in the bowery or in the gutter of any major city you know the people who are living in the street in the gutter alcoholics gamble all accts generates they really believe that they're getting over on the system and this is the average

american they're generally the alcoholic they are have no health care they're living in the street like bums but when you talk to him about it they're like yeah america great. well i don't believe that they're living like bums i think they're living on debt and they don't understand that that system is ending and we've just covered this if the remark is introduced the euro collapses the dollar the there's going to be chaos and the whole system where they can think that they're part of the haves just because they have a credit card on which they could put their health care i wish they could put their bar tab on which they could put these issues that you know they think they're living like grand life because they're able to afford a car they think they are able to afford health care they think they're able to afford a house they think but the impact it's just on a credit card that based on a currency system that is about to collapse point taken so sara thanks so much for being on the kaiser report thank you max that's going to do it for this half of stay there because we must more coming your way.

in. which crisis. from plans to. start don't. really give you the latest science. from. the future covered. know i welcome back to the kaiser report imax guys are time now to go to london to talk

with steve wall city spokesman for the u.k. independence party steve wall flocking to the kaiser report but thank you max and thank you for inviting me to show i'm really looking forward to being on the right steve wall for your party you camp is calling for greece to return to the drachma talk about this well greece has to return to the drachma because it's in their best interest it's in the interest of their people and it's also alternately in the interests of the european union and its people they're suffering at the moment as we know we have levels of unemployment for the youth around eighteen nineteen percent there's millions of people own ploy throughout the country and as lots of people losing their businesses there is a real sense that the stereotype that the greeks are giving to them is actually hurting badly and the reason that it's hurting and having no effect for a positive future for them is because they're trapped within the economic prison of the european union if they were able to escape the own zero so when the commissioners who want to keep hold of them and their assets they will be able to

take control of their economic leavers and help themselves get out of this debt crisis ok steve our thoughts talk about the ripple effect sierra because the the folks who are not against the haircut or the right are for the return of the drachma of course are saying that the bond market would collapse degree banks would collapse ripple effect throughout the euro zone what do you say to this i think there would be some dark times ahead for europe if either way if we don't take it and allow greece to escape from this economic prison then we'll see a long period of time where the european people have to pay for this massive debt and we can talk about the e f s f and it's extended i'm sure we'll go into that in greater detail but if we do allow them there would certainly be some form of ripple effect with that necessary. be as bad as the doomsayers of christine lagarde in the i.m.f. and the european union i'm not so sure it was what we're doing is when we're hearing them say europe will collapse into

a mess they are trying to scare us into not doing something that we should be allowing greece to do which is give them their freedom there's no doubt and i'm sure you hear this all the time but baroness ashton and her team of diplomats are wondering around washington threatening that if the bailouts don't occur then we will have nine hundred thirty style unemployment and recession throughout europe will be doomed to be gloom to be the rise of the far right that i don't believe will happen this is them trying to protect their jobs and they're and they're also trying to protect this creation of a country called the united states of europe the ripple effect over there don't believe it to be as bad as they are trying to paint out steve all ten people point to iceland and say that well you know they basically defaulted they took their medicine two years later they're now growing how is that an accurate comparison and if so why aren't more people making an issue of this and making that comparison that is a perfect example as it is also looking back to the days of argentina and brazil when they defaulted as well they were given the opportunity to take hold of their

economic leaders and let's look at the positive things that could happen for greece . we know that they're indebted on a debt crisis with their bones if they were able to say we're out of the european union they could take hold of their interest rates they could look at their currency they could take haircuts on the bonds of sixty maybe even seventy percent they could devalue their currency at thirty giving themselves some leeway to fifty percent this would encourage other businesses to come to greece certainly would encourage those who are tourists from the u.k. going to greece if you've ever seen the prices in the holiday resorts in greece at the moment but also look at the very important positive factors of the greece economy greece's assets and some of those assets that aren't coming out into the public domain although oil and gas reserves we have received reports that only a few years ago seven scandinavian companies were offering around two hundred fifty billion for the for the for the gas assets that are outside creates exciter of those assets that could be used to help greece in the future rebuild its country

but only if greece was able to get hold of its own economic prowess it can do it while six trapped within the european union let's talk about the u.k. for a second because the u.k. did not join the euro and people are saying that they're insulated from the euro crisis i web or the banks in the u.k. own much of this toxic debt from continental europe and so what are the ripple effects and how do they get into the u.k. and what is david cameron doing about it if anything is telling the people in britain accurately what's going on here david cameron certainly isn't giving the people of britain the truth about the indebtedness that britain is connected to the european union. when you're looking at this bailout we're having some poem billions into the i.m.f. to support this this is money that could be used to help the banks that would have to face some of the detrimental effects of greece greece defaulting we could use

them to shore up the capital an increase that's a one requirements of those banks in addition by being a member of the european union we spend around fifty five million pounds a day to the european union found money could also be repatriated back to preserve the economy of the united kingdom once we're going through the bad times david cameron doesn't want to let the public know that we are contribution to these bailouts through of the scope of the means such as the i.m.f. and he doesn't want us to know the true friends of what would happen if greece was to bail out all the opportunities for greece because to do so would in danger this project of being in the european union i think the crisis is unwinding in real time and leaders appear to be paralyzed every talking shop leads to another talking shop they seem to their policy seems to just let this train wreck happen and then pick up the pieces afterward there's no proactive policy whatsoever and i'm

sure that the pivotal country here is germany. and let me ask you about germany for a second because on one hand they have benefited by the cheap euro in terms of their export market and it's the first or second biggest exporter in the world on the other hand if there is a huge to solve ation you know a collapse that will most likely be run through berlin and they so they really are playing two sides of the the aisle here is germany how do you see put germany in all this as a kind of hapless bystander to a calamity that no one saw coming or are they more behind the scenes are constraining something here well i'm not sure that we could be safely certain that anyone's orchestrating this behind i mean i think you have to turn around to go to horst koehler who was the foreman just. finance minister in one thousand nine hundred two when he said that the southern countries would not be bailed out by the northern countries this is not what the euro was a grounds but actually that is what the people of germany believed they never

believed that their hard work all the taxes would be used to bail out any country that allowed themselves to get into substantial debt they didn't also believe that we were going to have a country called united states of europe so what you're seeing in germany is the realisation that for many of them like many of us in the united kingdom in the rest of europe i've been fooled by a political class you have one agenda if you take some of the polls that happened over the weekend as we as you could have read and seen or been published forty eight percent of germans now will start supporting the euro skeptic party i.e. one of those that believe they should get out of the european union but you have to ask yourself why are they doing that they don't want to see the danger of the bailouts affecting their country they don't want to see their lifestyles affected in the same way they know that if they can't put if they put debt upon debts to build more debts which is affectively what these new bailouts from the f.s.a. is it's you know a country default scheme it's a large ponzi scheme of debt derivatives they don't want to be part of that because

they know ultimately it will be germany that is on the line their lives are on the line and their businesses and unemployment could rise and they've seen it before they don't want it to happen again all right you talked about this ponzi scheme and of course the global center of the financial ponzi scheme is london they got the weakest regulatory environment the most as far as the most corrupt bankers and they're the wiser who are really making a market in fraud most prominently throughout the world and they have a stake in perpetuating this global ponzi scheme and fraud otherwise the entire city of london goes away more or less they go back to being a utility bank and making simple loans and no more flashing christmas bonuses or champagne parties anymore is. david cameron basically just completely in the pocket of the bank stars at this point and there's no hope for any accountability at all in the city of london well i don't think a very big cameron can be seen to be a supporter of the banks in the united kingdom or indeed the financial services

industry as a whole but i love the result in your second because during the recent looting episode in the u.k. cameron's out there castigating the looters all at the same time he is painting an aggrandizing all of the looting bankers he seems to be talking out of both sides of his mouth i mean either he believes in looting as a business model for his country or he's against looting yes to pick one of the other you can't i would imagine has a position of not you catch position. well you can his position on the financial services in history in the u.k. is very clear we must support one of our most important industries but as let's get some some facts on this not everybody in the financial services industry in the united kingdom are the rich bankers there are one point one million people employed in this industry in places like chester and leeds in edinburgh going down to cardiff these people are not earning the million pounds a year they're actually earnings say for salaries of around twenty to twenty five

thousand people pounds these are the people they're going to get affected when europe introduces financial transaction tax we don't think about them what happens here in the u.k. is we focus on ourselves and about a thousand to two thousand seriously wealthy people many of them employed by banks some of them who have indeed done bad things if we look at you know the x. chairman of the or o.b.'s for example but that can't be applied to the whole of the industry as a whole so you could be supporting them whilst at the same time we don't support those who could make blatant fraud who go out and commit serious crime and that's why when you look at the offenses that were occurred by the looters in the streets around the around the country and you can't allow that sort of looting to happen without it with the purposes that they were intended it wasn't about a political statement it was simply out to try to steal from shops or in the road or are poorly or give a back license and have more effect on a sax or clarke laser h.s.b.c. and post the g.d.p. of the u.k. that it's a country of belt banking fraud but let me tell you

a tweet i got from the max keiser twitter account this is from mr canning who asks where does steve see sterling going as the bank of england with more quantitative easing while the euro hopefully takes possibly takes a nosedive so how does the bank of england's quantitative easing program affect the pallant going forward as you see it well i think really what's going to happen is more not necessarily what quantity of easing goes to the pound it's really what's going to happen in the united states for the dollar i suspect that. whatever quantity of easing we try and do in the united kingdom isn't really going to have a great effect we will see the potential of inflationary issues going down in the future and we must be deeply concerned about that but really we're caught between other so it's is really what's going to be coming out of the united states and what's happening in europe we're trying our best but we're still caught within this economic trap and this danger that faces us from europe. right steve all of that's all the time we have thanks so much for being on the kaiser report it's been my pleasure thank you very much and that's going to do it for this edition of the

kaiser report with me max kaiser and stacy herbert our thank my guests steve wolf if you want to send me an e-mail please do so at kaiser report at r t t v are you it's all next on this is nice guys are saying.