the children of each village a child you big but you know who to put you so chilled beer too much for children to kill deer a pretty traditional times. in serbia lucy's availability in the planet regency they are going to. there was an artsy line from moscow many said no way with our top stories the war dragging on for a decade the u.s. led invasion of afghanistan passes the ten year mark yet the taliban defeat seems nowhere in sight and the human cost is rising faster than ever with this year's set to become the deadliest one for u.s. troops. meanwhile in the u.k. and nothing is enough to say protesters calling for a speedy troop withdrawal as they gather in london to protest the afghan war activists out rally are being joined by musicians actors and politicians.

and anti corporate sentiments spreads fast across the you asked with protest against inequality and unemployment taking place in dozens of cities the occupy wall street movement is criticized for lacking organization but groups it's far from chaotic and in it for don't want. the wall street protests come up next again with max and stacy as they take a shot at the world's major money sharks. skies are wild on the cousin report the war continues in financial war we called it we predicted it now we're in it states are max kaiser yes this financial war is being played out in not only the propaganda being perpetrated by the mainstream financial

media but also in price that's the important thing to look at here first i want to show you a cartoon from the chattanooga times free press by clay bennett and the title the cartoon is economic trends yet pitchforks up eight and three quarters and torches that seven and a half yes the war plays out on the big board max descent is as we've been saying on the show for many many months and we've been talking about for years you need to monetize descents and you need to get it higher represented as a price because it's a price propaganda so you need to price or descend first and then get the price higher i know you occupy wall street people can wrap your mind around this just open your mind and think yes and one of the elements of this why pitchforks the price is going up and soaring on the big board there is as president obama had famously said to the bankers i'm the only thing that stands between you and the pitchforks but the fact is that there has been no justice no none of these

bankers have been delivered to justice and so it ends up being pitchforks and beheading so i don't understand why in a country that's so eager to execute people like down in the state of texas they they kill hundreds of people down there for trivial crimes why are they so shy about going after bankers who are committing unbelievably horrid wretched financial crimes of rape and terror surely there are. chair or a lethal injection or a plea for them now let's look at how again this war is fought in prices bull's bust out in final hour dow is up three hundred seventy seven points from low and bank reversal so markets soared suddenly in the last half hour and apparently the cause according to zero heads is f t causes massive short squeeze

with mother of all end of day rumors well the end of the day we were it was yet another potential bailout for europe but again it was a rumor if you actually read past the headline on f.t. apparently it was like well this is these are just discussions there's no real plan it's so sad because obviously for the ninety nine percent of americans who are not directly tied to larceny on wall street the number that they would want to see go up is the number of jobs and the fact that you have all these millions of americans rooting for stocks to go up which only benefit a few guys on wall street is absurd and it just shows you the propaganda is brilliant that higher prices at the end of the day somehow are good for us this is an amazing triumph of propaganda in the twenty first century time prices to a pavlovian response amongst the population yeah and again it's war and this is being fought intentionally to see these are intentional moves as they have been

said it was a massive short squeeze so they were trying to destroy anybody that would bet against the markets yes there are professional hedge fund managers and others to take these enormous sales short sell short positions against the market they're fighting the government who's got their infinite credit capacity to hit them with by programs and automated program trading so you've got one group of hedge fund a few hundred guys who have. several trillion dollars in credit versus the federal government and there are several trillion dollars in credit the people in the middle the ninety nine percent of the world that is not either one of those two camps are suffering and asked to accept austerity measures that get worse every single day now i just spoke of people who short the market anonymous analytics acquiring information through unconventional means this is apparently anonymous

hackers set up activist hedge fund this is fantastic because anonymous has picked up the ball you know we introduced the concept of marrying short sells and market activity with activism and boycotts if you google karma bank you'll find the history of this goes back to two thousand and four when back in london we had this page fund set up and so this is really a development for the occupy wall street campaign because it gives the occupiers some. some real firepower so you go to a gun fight with a gun you don't go to a gun fight with a knife actually the f.t. interviewed somebody from the anonymous group and they referred to the fact that occupy wall street doesn't have any real fire power and they're saying the only thing that matters is the share price and this isn't why they're creating this fund which they've published a thirty eight page report on modern agriculture which is apparently one of the biggest agriculture pretty serious in china and so they claimed that they

provided evidence of one of the home calling exchanges the largest the longest running frauds and then their report according to this article is prefaced with a legal listing disclaimer and unusually for an activist group states that it will profit from any collapse in challenges share price i'm so proud of anonymous thank you guys for you know fighting the good fight they should contact reggie middleton and get his work on j.p. morgan go after j.p. morgan. they're short sells your naked short sell softly and take that stock price down to zero profit wildly and share the goodies but imagine had they existed and released this information about all the studios for example that for years nobody knew other than the bankers themselves who were packaged these thought fraudulent securities only they had the advantage of being able to short those securities they were creating because they knew themselves as having packets at that they were

toxic imagine if anonymous had been able to release as they've done here the inside e-mails that these people like goldman sachs we know were referring to. people deals so imagine how they released those in two thousand and five when these fraudulent securities were being packaged right while goldman sachs was shorting the products that they themselves creative knowing that they were talks are going worthless a hedge fund run by a group like anonymous could have also been selling short the c.d.o. and other toxic products but the profits that were generated in the anonymous fund could have been distributed to building up the occupy wall street campaign around the world and to go to war with the wall street terrorists so they have the potential to make billions and billions of dollars in a hedge fund like this this is an untapped market and there's very little correlation the problem that's what industry right now is that everything is correlated with everything else so everyone's making the exact same bet apple computer for example is one of the biggest holdings in over one hundred eighty

hedge funds but making the exact same bet there's nobody doing something different except now you've got a major player they should make billions and billions of dollars what they do with the profits it's obvious where the profits are go feed indian people have been viciously attacked by coca-cola workers in colombia who were murdered by coca-cola they should do stuff and be counter capitalist reverse capitalists again so anonymous will be vilified for this just as alessio astonied was vilified for not being too big to fail trader. now look at this headline which won't get any attention and shock from the likes of fox and friends meet the texan investor who made millions from the credit crunch and now he's betting europe will go down the drain so first he made money on the subprime mortgage crisis because he believed as the subprime market collapse that the financial crisis was being hidden by rich western governments so because of this he is now buying credit default swaps some

places like greece and he'll make hundreds of thousands of dollars if greece defaults now he's attacking these countries with these credit default swaps he doesn't own their debt he's just betting against them. is he vilified no no because he knows how to play the game e he pays off politicians and he like in the murdoch enterprise totally corrupt he he will pay off the tories with cameron and us more completely corrupt so therefore his marauding in the markets and making money by shorting stocks arkan's is considered a necessary lubricant for markets whereas the rest danny who simply is doing something exact same thing but on a smaller scale he's like a home version of a financial terrorist he's held up as being oh my god this guy is absolutely detrimental to our operating on to me and he should be vilified but he's just a low low playing low level punk this guy is a full fledged global financial terrorist mccarron who endures this type of looting

but puts kid salute a bottle of milk in jail he's been shown not to be completely deployed to this and you know let me just quickly aside that again with the anonymous so much fun the billions and billions of profits that they make obviously if they buy physical silver with that it would jack the price up to sixty seventy eighty ninety one hundred dollars an ounce which of course would benefit everybody and could take down j.p. morgan because they want to bring up this this and not this texas investor is kyle bass kyle bass is the one that ended up collapsing bear stearns which was handed to j.p. morgan which was then delivered all of those shorts on the silver market so kyle bass remember he was the one that was speaking to c.m.t. c. and told them that he started the rumor that he couldn't get the payoff on the his credit default swap on bear stearns but in fact the next morning it was paid off so he's inside manipulating markets he's a financial terrorist causing human misery and depravation but cameron and obama

are on their knees telling him he's a god that they worship and meanwhile want to expose that some low level people are doing the same thing oh my god and we supplied weapons yeah if you're not taking down. banks in order to hand them to j.p. morgan for pennies on the dollar and then you're the bad guy now i want to look at some more you brought up precious metals some more propaganda against the population pairs on the f.t. it's an opinion piece gold bugs beware the bubble is finally bursting this is from a professor at boston university and he says gold's recent volatility is speaking investors and destroying demand he claims even though imports to turkey six hundred forty four percent imports to india the biggest consumer of gold in the world up many many times over so where is this guy he says pulling. that idea out of his bottom again it's its price propaganda he is seeing

a price fall commensurate with demand fall demand for gold and silver is increasing the fact that the price is not going up is because these markets are manipulated by the financial times and people support the financial times the people support the corrupt banking system that's the on impeachable truth and then a part of his propaganda is you saying that if gold is falling in a weak economy imagine if it eventually moves from chaos to prosperity how bad gold will do exactly but as we said at the top of the show the price of pitchforks isn't high or in the world we see around us in the occupy wall street occupy as an occupy melbourne and they occupy los angeles and occupy the city of london you are that's the price of pitchforks justice has not been delivered so there will be no prosperity this guy just doesn't get it yes of occupy wall street hates fun tells everybody in the world and all these cities who are protesting to start buying

silver physical silver one ounce at a time and they themselves are buying it billions of dollars at a time due to their short sales and naked short sells of corrupt institutions like j.p. morgan and other banks and other companies that are committing financial fraud and financial terrorism the. that's all dynamic of the global market shifts away from the people getting abuse they then become the rulers against the class of people that are doing the abusing thanks so much for being on the kaiser report thank you max don't go away much more coming your way so stay right there.

discoveries buzy. communicate with the wind. test yourself and become free to. see what nature can give you. i welcome back to the kaiser report i'm max kaiser time now to go to london and speak with professor steve keen steve is the author of deep bonking economics which is just been rereleased as the bone king economics to the naked emperor the throne steve kean welcome to the kaiser report thank you max going to be here and going to be holding. my new edition of the barking economics all right steve

keen you've been in europe for the past week while extreme volatility has returned again to the sovereign debt and equity markets is this a classic minsky moment type collapse action if so tell us what have minsky moment is well it's actually a moment doesn't diminish the jostling is more this is more like because of the minsky millennium because this process began with the debt bubble that took fifty or sixty years to build up in america and will take something like about ten at least ten to fifteen maybe twenty years to unwind if we go through the same sort of in nine policies that publications are currently following by you know following the dos of the morons who is the reason i wrote this book about neo classical economists so it's a it's a permanent shock and the moment comes out of saying that they can be a period of extreme rational exuberance providing through the economy what minsky calls euphoric expectations leading capitalists in general but in particular ponzi scheme. as punji merchants people who make money by gambling on rising asset

process can take out more and more debt and get to the stage with a such a level of debt laden on society that no one wants to take anymore at one point and when the debt structure growing you go from a period of growing debt boosting demand to reducing debt cutting demand and that period of daley's bridging is the beginning of a minsky moment because without such a huge level of profit it ran out in this speculative bubble in america particularly in the last twenty years but it's really going back sixty years it could take to one or two decades for that level of debt to be driven down sides of it it's a miniscule lenny i'm right and basically what we're seeing now is the revelation. that fueled so-called growth is nothing more than an enormous ponzi scheme now steve king are going to be in ireland next month at the telco nomics best of all and i'm sharing the stage with jeffrey sachs was the only fun who's got to be considered a classic economist from academia somebody who in your book i'm sure would qualify

someone to deep punk what should i bring to the stage when i'm on stage jeffrey sachs your thoughts what you could on scheme is what is the what does it think about what happened in russia because jeffrey sachs was a major proponent of what i call the shock therapy approach for russia that said to the white guy the transition from a socialist system to a capitalist system was to do it as quickly as possible in the belief that the market would instantly jump from wherever it was in the social system to an equilibrium of the market economy and the original plan that he pushed through was supposed to take a five hundred day period to go from socialism to free market capitalism now in fact that wasn't fostered off with unlimited one hundred fifty dies in russia just recently speaking with people at the university humanities there and one of the it was the head of the. told me that a large number of his colleagues dog in that transition because what happened was the actual change from. socialist sick crosses to free market process was set in

one day i think he said it was the first of january the second of january and so they woke up to find their wages hadn't changed their process of increase by a factor of four boss jeffrey sachs about that because he certainly you know he was a proponent of that he's now changed the spots and he joined in with bono and gone you know a socially progressive eccentric senator and can give him credit for that but ask him to honestly discuss what happened what advice to give product transition in russia and what happened because of the transition and wanting to move to equilibrium or chaos ok so jeffrey sachs in russia with the fault theory resulted in deaths people died because of his the output hearings to the. orthodoxies and economics which have been proven to be a shambolic now on wall street there's the occupy wall street protest because a lot of the bankers on wall street who are creating these financially engineered products that are based on equally faulty economic assumptions are also causing

death and disease all over the world in the united states and around the world what should be the punishment for economics and wall street traders and bankers who end up visa v. their policies killing people one of my favorite cartoons is the widely known secret and at one stage there's a cartoon with a bunch of people being dragged down you know obviously in a hill leading down towards the ultimate punishment and there's the devils sending over a. peta saying the eternal economic seminar and one person and one one come because of a god it's worse than i thought and i think they should listen to their own stuff interminably in a sensory deprivation china but not get them to pay back for the nonsense they've unleashed the crazy thing is we are a lot of the wall street tried as new that was scamming us plenty of fraud is here now in the finance sector the academic economists who push this stuff out actually gen. speaking believe it and actually think they're doing good and i have

a little analogy go if included in the second edition of the bork from one of my old school teachers a brilliant philosophy is a turned out he had free discussions in what was supposed to be religion classes and we were discussing a particular politician back on about it saying is old seven saying is old and one of the other students in the class stated about this guy but at least he's sincere on the whole. because you see sincere in the teacher who normally shut off and so i would pop up and said don't overwrite sincerity the most dangerous people potion of meat in your life is the is the maniacs and seal each i should get on the right with the next trying to talk your head off in the belief it will be good for you well that's kind of prevention of what nicole economists have done then naive ity has caused this process and this isn't being played out recently with the mainstream media in america covering the the wall street occupation and other campaigns going on that while the bankers are sincere in their attempts to do

something and this is resulted in a huge mismatch and even crypto conservatives like jon stewart can't seem to wrap their mind around the fact that they're dealing with quite an opposing force of destruction well let's move back to europe for a second your thoughts on the european financial stability fund even the proposed revised expanded and leveraged version. has this going to save europe steve came oh it's going to slide by bearing on the old debt i mean you do need a government sector stimulating the economy when you got a downturn in the private sector but this whole thing is trying to solve the debt crisis by assuring more debt this is going to be back we've got to come back to moscow house and sequestered in this whole point it's the comedy replied want me replied what we need is not more and more debt rescheduling and and leverage ing of current levels of rescue and yet more debt the and battle country has to pry we need to abolish that estate it should never be an issue in the first place and it's the for. and secure the should wear the pine and not the ordinary person and grace

all the rest of europe well i mean look the the debt that was created by these economists and bankers following corrupt theories and their own larcenous stick ends are creating the austerity measures that are causing poverty disease famine and death so they're killing people literally there's a there's an axiomatic relationship more death equals more death you know we need something like that because we still look with eyes were denying that there is a long term process people still think we're going to come out of this thing you know and it's just a case of this this package will get us ivers thank god that's libel it's moved back to the next that's the same attitude i had a ninety one police who went right to question a cop in a long time to realize hill this is serious we're stuck here and it turning point in the political approach to the process in the not in thirty's which got us out of the great depression to some extent on force in the second world war i the major role there was a commission now is the commission where an absolutely rabid prosecutor

went for the head of j.p. morgan and basically got him and completely crippled the political power of the bankers of that stage and set the scene for the for the new deal in results i think of the throwing of bankers out of the palace we need a political shift like i have and many right i think is occupy wall street movement which i now see is a perfect i didn't in my own country would. occupy our sitting occupy melbourne and a few of the striking up around the world that public movement may be what's needed to shift the politicians and stop them being in the pockets of the bankers and put the bank has behind bars instead because if it's all a few of them end up there the same behavior is going to continue yeah i'm on a mailing list with dylan ratigan matt be. and others bill black and they're all debating what the demands should be and even if they should make any demands but steve king would you say that a simple demanded be we need a new book or a commission yes absolutely we need somebody would. running it on bill black is my

obvious nomination day bill did a brilliant job i was deciding the commission he put hundreds of people behind bars who belonged there for the behavior in the siding for lunch process that was a drop in the water compared to what happened since then with the dot com bubble and crime but nobody's going to july over it now there's absolutely bucket loads of fraud in the system and you need somebody with the bulls to psych them on and put people behind bars over this and start breaking down the political power that wall street still has yet bill black needs to get medieval and jamie diamond. all right let's spend the next minute or start talking about australia you famously have been calling for the australian real estate market top out and started to climb of all your work steve came this is the one prediction that has led to the others but it seems as though you're being vindicated to bring us up to date yeah right i made a call about house prices falling forty percent of the ten to fifteen years in and out of the oldest of two thousand and seven and in in october of two thousand and

seven the government brought in what i prefer to call the first time vendors boost where rather than giving the first time seven thousand australian dollars was a deposit towards the time they gave them fourteen thousand and twenty one thousand i bought a new price and states like that tory a weapon up for an extra fifteen thousand dollars and the price of victoria depending on where you bought you can get a thirty five thousand dollars check from the government simply for saying you're going to go and buy a house now that restock at the bubble which had started to burst at the time so when i made that coal house process of coal and about five percent on an annualized basis from that point. the first time going to be in about one hundred billion dollars more borrowed money was injected into the market and house process about on the right ten percent across the country and now that it takes a while from that momentum to turn around and it's finally started turning around and of course the success of the first time and interest boost was why dragging people who were going to buy. and two thousand and ten and two thousand and eleven

into two thousand and eight and two thousand and nine so it actually keeps itself and it's on i think end of it there are just simply i mean he was out there anymore is starting to get the flow of new demand being wished on the floor when you supply the processor to high discharge people in any way so that i had to hang which is the pearl you into a fall and housing market is well and truly established now and we're seeing process turning down in every market except apparently sydney which is still slightly positive over on an annualized basis but certainly perth and britain ironically the two capitals of the two major mining sites are saying quite so there's substantial falls in process already and the minimum well is really growing right steve kane that's all the time we have thanks for being on the kaiser report you're welcome and i think again all right that's going to do it for this edition of the kaiser report with me max geyser and stacey herbert i want to thank my guests deve king pick up his new book the paul game economics the new expanded version if you want to send me an email please do so at kaiser reported r t t v dot

are you until next time this is maxed out are saying five l. .