will decide whether to continue with africa or ask the un to intervene. and romania is gripped by mass protests as frustrated crowds demanded an end to the government's austerity measures and corruption and calls for the president to go from sixty people were injured in violent clashes among protesters and police in the capital. next max kaiser looks at recent financial scams that have left many on the breadline in the kaiser report. max keiser this is the because the report everything appears to be sinking stay server talk to me it's more like listing to the side everything is max i have this great headline here south african police rescue asian pear kidnapped in four one nine scam after hundreds and hundreds of billions of e-mails sent by nigerian scams

here's somebody apparently answered one of them a south korean man received an e-mail promising him tens of millions of dollars in a lottery scheme and he traveled to south africa when he fell for it of course the scam then promptly kidnapped him and his daughter and held them for ransom now the offer turned out to be a so-called four one nine scam on an ecb scale the article says the term for a one nine scam is used to describe a confidence trick and it refers to section four one nine of the nigerian criminal code for taining property through fraud wow so all the spam finally paid. only five trillion spams later. they're really pioneering the nigerians on the whole fraud basis you know all these banks on wall street have gone to school on this of course and they're building their models around the nigerian fraud so this is really the trend setter around the globe but it's

a theme that we've been focusing on over the last few years of keiser report however max here's these guys these nigerian guys are like four or five of them hard work and they had to send out five trillion emails to get this one guy to come down and they're entrepreneurs wall street does this over and over again and who rescues us nobody there is one potential rescuer here tackles goldman sachs. so liberal democrat peer lord in an interview on sky news said it's been known for some time that goldman helped greece rig the figures to get into the euro and not meet all the tests they should have done that something that lord mcdonald and i will be taking up further in the lords this brings up something first of all we've been talking about this for years now that goldman cooked greece's books as part of the fraudulent euro scheme going back to two thousand. but you know when i

read the sunday times this past weekend rupert murdoch's reg and they were covering this story and they said two things number one well technically it's not illegal but then later on in the story they said of course goldman sachs did rig the markets which of course is a legal. so here you have the problem on the mainstream media front they've been told to leave the article by saying technically it's not illegal and then later on in the article they have a crisis of conscience and they say well yes they are rigging the markets goldman sachs they are committing financial fraud but for propaganda purposes they fail to put that in the lead so let's correct that error right now goldman sachs committed fraud as it relates to greeks inclusion in the euro by rigging markets exactly they've defrauded not only the taxpayers but bondholders and investors around the world who invested in the stuff based on goldman sachs as lie of which only they knew and the insiders in the greek government who also were able to make huge

profits on betting against their own debt so literally this came out as well insiders were buying and selling those part of the booking huge games based on this fraud perpetrated by goldman sachs now suddenly ten years later they're saying oh well the whole greek unraveling the whole ratings downgrade unraveling well it has its genesis in that basic frog you know what i'm surprised goldman sachs doesn't try to buy these die jury and e-mail scams and incorporate them down there are eighty five broad street or ever there were their offices are in wall street because they could be doing great business for you but the important thing here max is that we laugh at the south koreans who answered this e-mail and it took five trillion emails to finally get somebody to believe in a scam people are still buying to this day various scam sold to them by goldman sachs and j.p. morgan and it should be just as ridiculous that people even believe the credit

derivative fraud scams the four one nine scams of credit derivatives that people believe well goldman sachs traders are on the phone cold calling pension funds and grandmas and orphans trying to push junk into these accounts as the old wall street fast calling so i ask all fast. wall street junk sellers and goldman sachs is just the same as anybody else they've got a boiler room going saxes a boiler room they sell a lot of really horrible junk into people's accounts and they suffer horribly at least the sunday times did mention that people are suffering pain and misery as a result of it so it goes beyond just stealing money goldman sachs i mean they're actually causing physical pain and in some cases death you know that this greek credit debt crisis is has trumped all other news even the downgrade of various european nations i reason most concerned about greece and you know the creditors are now in greece trying to renegotiate this deal greece's debt talks with

creditors stall amid coupon dispute so that was last week when the creditors had walked away from the talks after failing to agree with the greek government about how much money investors will lose by swapping their bonds and increasing the risk of the euro area's first sovereign default so apparently it's the hedge funds in particular who want to make as much profit as possible and the only way therefore they're demanding one hundred percent repayment on these bonds or outright default they don't want to voluntary arrangement because they want to be paid off on their credit default swaps people should understand that leading up to the crisis was the result of financial masochism these are financial firms like goldman sachs masochistically destroying countries like greece of ireland portugal and others now that we've found the result of the crisis and they're trying to eke out austerity measures this is sadism so sadomasochism economics is the preferred

metal model of the wall street bankers and only assumes that lloyd blankfein put some you know one of those a red ball around the neck with the in the mouth the gimp the gimp goldman sachs's tim geithner's gimp so never tim geithner needs to push them more really bad so. he says call up the give and then the floor comes lloyd blankfein with one of those contraptions on a leather you know latex late stripped suit and then some good old boys some rednecks have their way with them it was shotguns i wish we had that on video well about these failed talks between the greek government and the creditors here's what crawled down and grease the fuses in the box the greeks have figured out that when you owe someone money and borrowed it unsecured as is always true for sovereigns you have the trump patent so greece is finally recognizing. that there they all billions and billions of dollars and they're the ones that have the negotiating

power in this situation why are they sitting at a table with these guys who are demanding one hundred percent repayment just walk away and say i'll give you two cents on the dollar for even suggesting that absolutely i mean again this article in the times was very revealing because it talked about how after goldman sachs was losing money hand over fist after the nine eleven attacks because volume a dried up and it was some trainer in europe who came up steve she found the loophole that allowed for goldman to sell greek fraudulent paper without getting quote unquote caught and this is set the stage for this massive journey into a fraudulent black hole now greece is waking up to the fact that wait a minute you're the ones who stand to lose even if we default on all of our bonds two or three years later we can sell new bonds look at iceland iceland was able to sell new bonds two or three years after they defaulted look at argentina they sold new bonds after they defaulted the idea they won't notice obama is if you default

is bogus it's an idea sold to you by the same people who put you in this untenable position i only wish arlen would figure this out arlen still believes that they have to kowtow to the terrorist the financial terrorists that are holding them hostage that's not true at the top of the show we talked about this for one nine scam on an epic scale then called then injure basically suggest that's what these no default risk of sovereign bonds is as well because he says they're right the greeks to walk away incidentally the utter and complete fraud in our banking structures that allow institutions to hold these sorts of debts as quote unquote risk free requiring no reserves and no capital behind them is an outrage it is systemic and intentional fraud perpetrated upon the world for the sole benefit of making possible national overspending with impunity destroying. any sort of market disciplined aimed at budgetary deficits prudent to add to the psychosis the rating

agencies remember last year they were saying countries like greece and ireland they need to impose austerity measures in order to maintain their terrible rating it will be downgraded now after these renegades these have downgraded all these european countries they're saying the reason is because of the austerity measures and the inability for these countries to pay their debt due to the austerity measures this complete psychosis remember two or three years ago they gave collateralized debt obligations that were ninety nine percent worthless junk and one percent aaa paper a overall aaa rating it's reverse drug dealing imagine a cocaine dealer who's selling you drugs he will take some cocaine and mix it in with baby laxative and sell to you like it's all cocaine the rating agencies s. and p. moody's and fitch they do the reverse they take a centrally junk paper and they cut it with just a little bit of paper that's the baby laxative the aaa paper and they call the

whole thing aaa so it's reversed drug dealing by rating agencies of the sovereign debt and unfortunately ireland but. on this worthless stuff and as a result there dick to it and they all the to be put in rehab well of course this fraud that these are risk free is what happened with m.f. global and that's why that whole scam fell apart and why the investors were looted and their funds stolen because you know one of the guys a former governor former goldman sachs dude john chorus line thought that the all these european peripheral debts would be belled out at one hundred cents on the dollar because this is the way things operate in this scam quick quick little aside here you mention john kors on the money still hasn't been recovered it's known now that jamie diamond stole from his own customers he hasn't been facing any questions by congress or any authority or. police or anything like this so outright confiscation of wealth. confiscation of the weimer republic that lead the slippery

slope down on president and the new laws in the us of course support the n.d.a. etc yeah but that's what an a for one nine scam is confiscation of property through fraud and deception and that's what john chorus line operated but when you mention austerity max and here's a headline that just shows you the mentality of these likes of these banks and the oligarchs running our world downing street rejects diamond jubilee royal yacht idea so education secretary michael gove had proposed tax payers fund a gift likely to cost at least sixty million pounds to mark momentous occasion of the queen's diamond jubilee he said in spite and perhaps because of the austerity times the celebration should go beyond those of previous jubilees a mark the greater achievement of the diamond anniversary represents now downing street has rejected this royal yacht but it just shows you the mentality that they

think austerity there's never enough austerity for the peasants but if the peasants must suffer then we lords we feel so bad that you must make us feel better and bias yachts because it will make you feel better the trickle down joy to you peasants will be so grand. royal anima. to help flush out the cooling it's a server thanks so much for being on the kaiser report thank you max so go and much more coming your way so stay right there. mission free cretaceous free transport chargers free arrangement

free. free spirit free. download free broadcast quality video for your media projects a free video donned our t. done time. during a. welcome back to the kaiser report imax guys are time now to go to new york and speak with warren pollack a semi retired wall street executive who now blogs and blogs at w e pollak dot com warrant welcome to the kaiser report hi max i warrant we've gone over the details of the m.f. global crime scene a few times here on the kaiser report tell us what you think is the bigger story of m.f. global right now we're watching law being changed to selective interest the interests of j.p. morgan goldman sachs and the banking cartel and what they're trying to do right now

is set themselves up for a bank holiday and what they're saying is that they're speculation will always be subsidized by customer funds and when you look at the amount of speculation which is in place it's trillions of dollars versus real assets which are only perhaps one one hundredth of that amount so when losses are sustained which they will be through this financial crisis in europe and in the u.s. the only source of savings that can be tapped is in fact customer funds so we're watching j.p. morgan in the in bankruptcy court trying to claw back customer forms and trying to change facts so that it can have priority over funds which are supposed to be segregated in the first place and they're building a model for a global bank holiday in which you will see savings just based. plea rate from every person that has money in the system in a supposedly safe place including pensions bank accounts brokerage accounts and

that's the process which is underway it's the setting a precedent to steal people's money in our pockets say that we're watching laws being changed for a selective interests ottawa straight but that's not new that's been the story for thirty errors going all the way back to being a big burst of activity right after reagan became president and certainly after the savings and loan crisis the lesson there that wall street learned was change the laws so when we do the crimes again we won't get caught that's right so what's that what's that what's what's changed i mean this is the same old story well what's changed is that the ability to sustain this looting and theft is running a bit thin and of the looting is rampant and we're now at the point where we are in a totally lawless situation and as we continue into this lawless process things will start to destabilize and what's so interesting with m.f.

global is that there is a physical world results to do the in if global insolvency it's going to affect how farmers farm how miners mine how oil gets explored and it's going to have dramatic implications in the physical world and we're going to see a translation from this financial crisis into a physical world crisis and that's all occurring because the law is bent so out of shape that everything has become distorted i would say at this point we're we're at a point of maximum denial where we have a real world physical events which is fukushima which are not new news the fourth the states not covering them and this means that people are ignoring the obvious the obvious ramifications to this crisis in the physical world and fukushima two is a financial problem they don't want to count for nuclear energy profited on one of the supposed. of nuclear waste you don't want to cost nuclear meltdowns into the equation and that's how the whole system works it works right now since world war

two to concentrate wealth in the hands of a select few and we've been watching the model that was established through empire after world war two slowly degrade and become nonfunctional to the point where that we will see physical world breakdown and that will be expressed first through a bank holiday which i think is on the near term horizon ok so i want pod clients are demanding the am i have global trustees take action against j.p. morgan to its two hundred million was transferred the day before m.f. global declared bankruptcy and the thoughts on j.p. morgan's are all in the crime well j.p. morgan sent a letter out to m.f. global which was a comfort letter in which m.f. global was so supposed to say that no the funds that you're dipping into our customer funds they never got a response from m.f. global so you think that their hands were in the pot in that regard that they sort of never got the comfort level but they went ahead and just sort of took customer

collateral we know that the trustee has one point five billion dollars that he has which he could distribute that would get customers about ninety percent whole yet he's holding back on those funds why because it's another m.f. global entity called m.f. global holdings and j.p. morgan is trying to claw back across the balance sheet once again and to grab that grab that money from m.f. global holdings into the m.f. global customer council and once again we've louis freeh managing a second bankruptcy but this is all and in accounting problem when you have trillions of dollars worth of derivatives a small percentage loss results in a in a debt that cannot be covered so customer funds always have to be tapped in that regard and it's not just m.f. global it's everyone that has an a bank account and j.p. morgan chase it has a bank account at bank of america that has a broker. if you can't that is hypothecated aree hypothecated it's everyone that's living in the physical world that is reliant on an accounting system which is broke

and you rely on oil which is not properly cost accounting we have u.s. military projection one point two trillion dollars a year in total and that is not accounted into the price of oil and we see em populous empire breaking down in middle east north africa we see the us desperate to try to keep global trade active and we all monitor the financial aspects of this breakdown crisis because it's something that we can see you can see that its fortunes caused by m.f. global as j.p. morgan and other entities try to claw back customer money that's not theirs to cover bad debt but we don't see is a larger picture which is that of total physical world breakdown empire breakdown empire us is failing and it is going to be expressed monetary only with a bank holiday and you are going to see that in europe and then shortly thereafter we'll see it in the united states and maybe a little bit ahead in timing i was regarding mortgage backed securities but m.f.

global is the canary in the coal mine and it's the same criminals are at work writing a lot to selective interest there's a criminals in the us congress in the us senate in the highest levels of banking and in m.f. global i was able to talk to everybody i talk to people of chairman are chilton's marshall and i spoke to the chairman's lawyer and to see if he see i reached up to the c.e.o. of the c.m.a. and had words with him the only party that was not accessible to me were executives at j.p. morgan chase and that's their strategy right now is to stonewall stonewall stonewall and change facts selectively and that's typical of the whole news cycle here in the u.s. the facts are selective no one knows what the truth is the truth is it's a breakdown crisis we're watching empire america fail its expressed monetary first and we're going to see that no. i think it's safe in terms of savings all right so just to reemphasize this point. that you're making errors that when the fraudsters

and the banks start start mucking about and committing fraud in the commodities markets or whale. wait market wait features etc this has enormous real real life real world consequences it's a lot different than just the s. and p. futures contracts or currency futures contracts or it's a lot of big banks and hedge funds are playing games with themselves and kind of financial masterbation up in a cash in on that game but once it extends into real world commodities then you have things like food prices skyrocketing in the middle east and revolutions taking place and one minor standing is that or my observation is that once food prices get over forty percent of income you do have a rebel revolution in america that's about fifteen percent but will certainly be at forty percent and we will see that kind of revolution in america now i've written a letter to c.m.e. tells more of it just meant to tell us more about the letter who is the c.m.e.

group what's their role in this m.f. global crime story well we have the seamy which is basically a marketplace and then we have him and global and we have the customers and really when you look at at the c m e they were the primary regulator at d.s.r. zero and they were responsible for conducting toilets and for also making sure that regulations were placed at all of these dealers and as such i think that they have to do share responsibility or responsibility to m.f. global customers to make sure that all their mark rich is spin or acting ethically and what's so interesting is when i had talks with the c.e.o. of the c b brian durkin he said that m.f. global customers warned his customers and i find that sort of an outrageous statement on his part so my letter to the seamy was to say look you have a responsibility not only to your member firms. but you also have a responsibility to everyone that is giving you commissions by making

a market at your exchange and they don't seem to have that connection in place and that was my open letter to the seamy to say ok wake up what responsibility do you have to everyone else and when you talk to all these big financial institutions none of them feel that they have a public for the public for their share responsibility but when you look at the way they were all historically organized to have mutual companies in place for insurance. new york stock exchange was a mutual company the seamy was a mutual company and these companies could draw back on their member firms to make good for losses and they no longer want to do that because they have stockholders and the reason they have stockholders is because it was a profitable enterprise to take a nice banking company and make it a public company and we were able to concentrate well through the i.p.o. process real to concentrate wealth the stock holders and everything is working against this idea that you banking companies must be utility companies and they must provide a public benefit and that's something which none of these banking companies and

none of these finance companies understand because they've been allowed to speculate and less eagles humpty dumpty fell off the wall and instead of humpty dumpty not being able to be put back together again the foxes are just eating the egg that is broken on the floor and that is where we are today as customers we are the last person in line when these firms go bankrupt and that is the precedent now being set by the bankruptcy court. if mansion that bank holiday a couple of times so why describe mars precisely what that means what the timetable might pay and what people can expect well with that with a bank holiday it would have catastrophic it has traffic results we would see the banks closed both in europe and in the united states at which point all savings would be revalued and we'd watch a lot of this. debt that's been in place the trillions of dollars recently roofs be worked out and netted and what they would we would find is that all of these risks

which are supposed to be neutral zero risk have extreme amounts of risk and what they'll do is they'll use savers money to cover those bad bets and you wake up one morning and you'll have new dollars or new year as in your pocket and you'll see the purchasing power of those monitor instruments change you might get. one dollar for every five that you have in savings but you'll find that your new dollar has the purchasing power of half it did previous to the bank calling and that's exactly what has to happen here in europe and also in the united states you know that or everything gets created through a war process and we see that occurring right now we're out of time. vaccinate thanks for being on the kaiser report thanks max all right that's going to do it for this edition of the kaiser apart with may max kaiser and stacey herbert our thank my guest warren pollack thought to send me an e-mail please do so

at kaiser report at r.t.t. dot are you are you can follow us on twitter or facebook so next time is a nice had a saying by all. james

bond eating humble pie london ed mitts and electronics by iraq found by the f.s.b. in moscow sixty years ago belong to her majesty's secret service. the transmitted device caused the storm of control the sea at the time to fight plane from downing street the story would have stood full with details from london just a few months. more tough even sanctions against the syrian regime are in the pipeline is the arab league observers mission prepares its final report on how to stop the daily deadly violence. and romania gripped by mass protesters frustrated crowds demand and.