the biggest concern when you're talking about the eurozone debt crisis because they are much larger economies thing greece they're both dealing with problems of their debt and of the funding of their debt which we've seen a lot of discussion here at davos over what is the best way to deal with we know george soros has his own plan i don't know if european union leaders are calling him now to take another look at it after these downgrades that's something we'll have to watch for today. well amos mcrae a chief economic correspondent of the u.k.'s independent newspaper believes that greece is effectively already in default and that a cascade is imminent i don't think you have to be a whiz at math to figure out that it's not just the indebtedness of some countries but also the euro oh the common currency is a single currency for an area where some countries need a devaluation i don't know whether technically greece is going to be in default or not but if your repay the thirty or forty cents in the euro your debt and the

write down is going to something like before to say forty if you're lucky thirty if you're unlucky reacted any rational six b. is a country defaulting on its debts and whether technically that is or whether it take it seems to me to be not back rower because once you deal with greece ok you try and have to put a far wall behind that but people may say look if i'm not going to get my money back on greece why should i learn to portugal why should i learn to spell why should i learn to italy. well still to come few in the program russia's future the host city plans to overshadow its most famous european ski resort and that it is entice friends of winter sports action. millions of india's local retail shop owners struggle for survival is a fair international supermarket giants may be introduced into the country crushing

their business and now these plans have been shelved and single brand foreign retailers are allowed to operate in india. investigates who's behind the scenes of the reforms. this dry food store has been instituted they're seeing chalons family for six generations it's one of the many small retail stores that have been operating in this market in old delhi for hundreds of years and want to help six generations of our family grew financially and provided us with everything but now seeing child one's way of life could be at risk after years of pressure the indian government decided to allow foreign multibillion retailers the likes of tesco and wal-mart access to one of the fastest growing middle classes in the world until now india only allowed single brand foreign retailers like reebok to enter the country even though the indian economy opened up more than a decade ago economists here argue that the country needed at least five years to build up its domestic multi brand retail sector before allowing foreign competition

into the country but now politicians argue that it might be the perfect time for foreign companies to enter india's five hundred ninety billion dollar retail sector the politicians behind the push say that farmers can make more money and consumers will pay less for food if the stores are allowed into india these retailers could provide organization to india supply chain by cutting out unnecessary middlemen president obama and other western leaders have also been putting pressure on india to allow their stores to open in the country arguing that they could provide jobs to millions of indians but small business owners still argue that it's an idea that would jeopardize their way of life but one of the big stores open up small businesses will not be able to compete with them and they will find it hard to survive so this is a conspiracy against us to shut us down and open big shops but we will not allow this to happen in india. the small business will be swallowed by will not like the way small fishes are written by the big fishes in the sea these small family run

businesses will be completely destroyed jeopardizing the financial situation of families and children for now however opposition within india has stalled the decision from. being finalized store owners like seeing chauhan are watching the debate closely wondering if his family's business and the old delhi that he's known his whole life will suddenly change. this is an attempt to destroy the livelihood of the businessmen in india who will not allow this to happen in india resisting outsiders from potentially destroying his family's tradition priya sri there are t. delhi india but a neighboring pakistan where more than a hundred thousand people took to the streets but her about organized countries is the most need is the supporters demanding the government continues its blockade on supplies course and gonna stop demonstrators also condemn the drone attacks by united states and discover the group that. twenty four pakistani soldiers were

killed by misguided innocence projects. rescuers are searching for survivors after three buildings collapsed in a different room brazil a twenty story block crumbled on wednesday to neighboring buildings thing at least i'm going to keep updating dozens missing police are investigating the tragedy of the shells but the thrust construction worker responsible. to russia now where the future winter olympics host city saatchi he's hoping to attract far reaching fans of adrenaline packed winter activities but seized in his blog ski reports on the mountain resort challenging the traditional ski regions. it's nowhere and cold in the caucasus mountains but it's the hottest time for ski fans many like this couple even came from as far as say bierria for the season's grand opening in sochi it's neat to see mrs now that. it's thirty snowing

a month ago so much snow we wanted to write so badly and now we had this. super this is rosa who took a brand new resort just off the black sea coast with a number of plans to attract ski fans who might otherwise prefer a winter break in france or switzerland kilometers of tracks throws up that will be able to compete but many european resorts know it means six to ten thousand tourists will be able to ski here to show your work and seasonal warm weather left a few foreign destinations a little high and dry but then steph here it was i who got to became snowed under with work as skiers sold out new resorts just to look around you we can offer beautiful. believed and everyone enjoyed. very positive feedback this morning yes that's true. but they're also cudos biggest test is yet to come in february and march just a bounce for the two thousand and fourteen winter olympics it will mean two or just

will be strictly our best but for now they're making the most of the snow the freedom and even the romance and the russian winter it's great as there is snow is so much but you said i was supposed to kiss and that is my land down the hill so if you'll excuse me. like you. are to sochi. now then the issue of global warming is still one that challenges and divides the international community as science struggles to find solutions to the problem. this went on to the streets of the big apple to find out what ordinary americans are ready to give up to help out. today legislators are introducing more and more bills to help curb the effects of global warming what are you willing to do to help out this week let's talk about that would you be willing to do not blow dry your hair anymore that's that i'd be willing to do would you be willing to dry your clothes on the line and never use or

drag machine i don't know about that you know it's about it depends would you be willing to change your behavior like say i walk into any destination that's under two miles instead of driving like what i'm doing today is that yes yeah yeah i absolutely absolutely is a busy beside your virtual for well it's good what about showering for under a minute. i'm always skin and pretty much broke saw lots of electrical futile not that there was money don't become opposed to lose the clock on the market were going to do you think most people are willing to change their daily behavior even though i'm a little proud to call him selfish but you know they don't really care about the planet until until it affects them personally unfortunately that's the world we live in whether or not you're willing to change your energy consumption habits now the bottom line is you might just have to in the future if global warming continues to progress.

i'll be back with headlines just a couple of minutes stay with us here. wealthy british style aside it's america that's not on.

the. markets why not come to. find out what's really happening to the global economy with mike's concert for a no holds barred look at the global financial headlines tune into kinds a report. we have seen the damage it has done to a health environment more chemicals what the poor props we do not want any more new g.m. molds. our core system is just there was a does more experience and i'm disappointed just appalled but that's allowed to go on in america. we are getting this unfortunately because we don't know what's in it there's no labeling there for it being used like

a board to experiment to be used as guinea pig. will now we have more questions than we have access to the guards and like. a soulless substance. a touch like a well trained army. villages in ruins. for thailand where time stands still. all becomes the scene of nothing. the mysterious sounds of russia. the mission of free critic a should three. four judges three. arrangement three. three

stooges three. the old freeboard cancelling videos for your media projects a free media oh don carty dot com. do it out see the headlines now syrian factions argue over who represents the will of the people of opinions clash of the un security council resolution against syria joy cos criticism from russia. thousands of angry protesters in warsaw cry out against an international act against online piracy claiming it targets the basic rights of internet users. plus the e.u. takes yet another pounding this time with a credit rating fitch downgrading five want you to nations its leaders trying to

sooth concerns of wealth economic forum in davos. time now for latest cars report. this is the kaiser report yes. obama we have no obama today stacey i guess you're talking about the state of the banana republic let's look at some artwork here from zero heads this is william bonzai seven and he's talking about the state of the union it's a state of the banana of course some artwork speaking in front of a cash congress and world's highest standard of living billboard as we know everybody keeps on talking about america as if it's the great hope you know that everything is going to recover there and we're all going to be saved and of course

it doesn't recover. the max. well we're going to move from bananas over on to apple live apple numbers are add and it's a blowout apple reported their first quarter earnings the very same day that obama was lying to the american public about the state of the economy and their revenue was forty six point three three billion versus thirty eight point seven six billion expected earnings per share was thirteen eighty seven versus ten dollars and seven cents expected i phone units sold thirty seven point zero four million versus the expected thirty point two million well yes this is amazing because they have one hundred one hundred billion dollars in cash they have more cash than a lot of countries have their total g.d.p. and over four hundred fifty of the s. and p. five hundred have in total market capitalization but here's the thing they got rich by outsourcing jobs to china apple computer if they have those jobs onshore it

would add something like sixty bucks per iphone to the current price of many hundreds of dollars it's almost insignificant but they refused to do it because they want to build this huge cash hoard for no apparent reason they don't pay a dividend they just sit on the cash so if they're going to just rip people off their jobs and they're not going to give them the means to buy the products that they themselves manufacture now most of the sales go outside of the u.s. then you have to give them something you just can't use the u.s. infrastructure greedily for your own purposes and give back nothing so the only thing they have a give back in my opinion would be shares in the company itself stock in the company in fact i phone sold for an average of six hundred sixty dollars which was higher than analysts had expected as well so people are already willing to spend more on it so if it were a sixty five dollars more they're saying it would add cost of ten percent just a minor adjustment but if you calculate the new customers that would then be in

a position to buy more i phones that then it would be a creative they would actually make money. doing this it would be a way for them to make money but they're so frickin stupid apple computer that they don't seem to think that it makes any difference whether they just enfranchise millions of americans now in the state of the banana republic speech barack obama also mentioned this new buffett law that he wants to bring in that warren buffett shouldn't be paying a lot less tax than his secretary and also on the very day before i guess it was mitt romney released his tax returns from the previous year and sure enough he paid thirteen point nine percent honest twenty five million dollars in income now that brings me to this headline further about apple most of apple's eighty two billion dollars cash stockpile is trapped overseas now of course this is only a few weeks ago and it was only eighty two billion dollars the cash pile now is ninety seven billion but fifty four billion of apple's overall eighty two billion in cash is an offshore accounts and apple cannot repatriate that money to the

states unless it wants to pay a huge thirty five percent corporate tax on it but it's another stab in the back to americans not even paying the tax on those short and letting the benefits accrue to people outside of the united states but also it is a banana republic and only certain sectors have huge privilege private equity who extract the capital the wealth hollows out an economy they get taxed only thirteen point nine percent of their income apple which could potentially create enormous wealth in the u.s. economy is taxed at thirty five percent and we all know when everybody says oh people are just jealous of the wealthy well they were throngs of people throwing themselves at the various apple shops and steve jobs a multibillion are died his company is taxed at thirty five percent on their

earnings mitt romney is taxed at thirteen point nine percent so. there is that element to the banana republic of course the turban of republic comes from the united fruit company which change their name to chiquita after that such huge p.r. disaster of finding out that they were involved in the overthrow of governments in latin america and south america to further their ends and now you've got american oligarchs american banana republic leaders like barack obama or the leaders of apple computer doing the same thing that these other dictatorships are doing causing the same kind of economic distress and they seem to then themselves after fruits for some reason whether it's a banana republic or for an apple computer apple said they would return the money to the united states if they were taxed at nine percent but did they threaten the people in congress like the people like hank paulson did when he got the sudden fifty billion tarp bailout threatening martial law no now let's turn from the state

of the banana republic to the state of the stiff upper lip this is over in the united kingdom serving king no reason to despair so his report says britain is heading back into recession the governor of the bank of england urged against despair because all crises come to an end eventually he says he looks pretty miserable doesn't think he should talk like usually we're telling people don't despair you don't look like you're about to top yourself you try and have a smile and put a white cloud nose on really like a burning he's usually got the clown those always delivering that economic numbers moving kangas got that british kind of in the bag have blitzed on gin luck which is not fooling anybody and of course the u.k. economy is contracting why because the debt in the banking sector continues to expand and nobody's doing anything about that mervyn king wake up as we compared apple to the banana wielding bankers in america. where the bankers

have so much more power over government officials via their debt that you see this playing out here with mervyn king he's also pleading this is all he has is desperate pleas to the banking sector the tragedy of the financial crisis is that those who have suffered most have been those who bear no responsibility for it the legitimacy of a market economy will inevitably be challenged if rewards go disproportionately to a small elite especially one which benefited from the support of taxpayers so he then goes on to plead with them please don't give yourself massive bonuses and rub it in to make our jobs more difficult but he has the means to rectify this problem simply by raising interest rates instead of engaging in quantitative easing which is to lower interest rates you have in your ability to right this wrong mervyn king why are you pretending as though you are powerless you're sitting on the bank of england the premotor primo of central banks the progenitor of all central banks

if you don't know what to do then either resign or in fact top yourself as it looks like you want to do max more importantly he could just stop buying their debt he keeps on engaging and quantitative easing he's like a freaking madman why don't you just stop giving them the money and stop. stop on the day that you yourself issue stop it. you know it's like exactly like that movie psycho when norman bates starring in the into the mirror and he's trying to you know attack what turns out to be a reflection of himself just as his mother this is mervyn king he's looking into the mirror dressed up like a woman like most men like to do most of it on and he's attacking himself. so you yourself are the psycho mervyn king well let's look at the state of the actual british citizen u.k. family debts up by almost fifty percent in

a year the typical debt owed by u.k. family has soared by forty eight percent since january two thousand and eleven as rising inflation has taken its toll on household incomes according to the latest family finances report and max how is inflation caused. by printing money and buying your own debt mervyn king doing exactly who's doing. king the only hope he gives to them with his gone faces don't despair one day i'll stop printing money i can't tell you when it's like a sprinter economics basically because he's trying to hold in the inflation but he can't seem to do a good job it is leaking out and stinking up the joint but. that's just one step too far perhaps but it's a good analogy that most people can relate to so research by the insurance company found that the typical u.k. family is seven thousand nine hundred forty four pounds and unsecured borrowing on credit cards loans overdraft and other forms of credit compared with just five

thousand three hundred sixty pounds in january two thousand and eleven the figure represents thirty two percent of a typical net annual income and suggests families are falling further into debt as financial pressures grow because pam least people who work in these families can't get jobs why because all the jobs that are not in finance been squeezed out of the system due to mervyn king's artificially low. just writes that every one of speculators and push legitimate jobs out of the way so this is exactly what you don't want to see an economy that builds itself as being competitive there should be a competitiveness in the u.k. economy where people who want to work and have jobs doing stuff should not be squeezed out by the central bank which is making it possible for the cancer of speculative bubble of comics to grow its way to the point of killing the host that is to say the u.k. economy which is clearly shrinking lance the boil of speculators worming and you

will stimulate the economy unless you yourself are the pos in the boil which i suspect that you are well again you know perhaps the british population shouldn't despair too much because things could be worse they could be american the caging of america there are now more people under correctional supervision and america more than six million that were in the gulag archipelago under stalin at its height. there america there you go a little american come on what about now looking. like americans don't care that they're in cages as long as they get cheap access to cable t.v. and a good rate on a mic not. exactly if they're in a banana republic i mean many monkeys went behind a cage as well and are fed bananas the accelerating rate of incarceration over the past few decades is just a startling as the sheer number it tripled since one thousand nine hundred eighty to seven hundred thirty one per one hundred thousand no other country even

approaches that in the past two decades the money that states spend on prisons has risen at six times the rate of spending on higher education ours is bottom to top a car several state and who want the republicans as their presidential nominee none other than chief warden himself mitt romney of a private equity background bain capital whose job it is is to destroy the manufacturing economy in the real economy in favor of a financial ised economy that crowds out all real jobs in favor of speculative bubbles and speculator gamble our kings that run the economy and as a result the incarceration population keeps going higher and higher and americans love to be incarcerated they hate their freedom they would prefer to be treated like dogs in a cage and have some warden like mitt romney in charge and that's what we're going to vote for all right stacy ever don't go stay right there we'll be back right after this.

max keiser this is the kaiser report we're back talking about bananas and banana republics they see well max speaking of bananas in my first headline here in the second half we have can a monkey pick a hedge fund they may match the typical fund of hedge funds in their research paper from some academics at their brussels free university in belgium and the geneva

school of business administration in switzerland called assessing the performance of funds of hedge funds they studied abroad sample of one thousand three hundred funds of funds from one thousand nine hundred four through two thousand and nine and analyze just how much value they actually created their core finding when you strip out the fees just twenty two percent deliver any alpha or risk adjusted investment gains at all you know and none with any consistency over time almost all completely worthless and a fund of funds particularly worthless because it's a concatenation it's a an aberration it's an abomination they're using people's money to invest in other people's money invested in tertiary money invested by some guy in greenwich connecticut is probably john gunner's desk wishing he were mervyn king and never even looked at the market except for paul tudor jones they're all worthless and nearly half of all fund of hedge fund managers the academics report delivered negative after fees alpha one benchmark against the hedge fund indices and other

words they couldn't even keep up with the index so this is a new term negative alpha negative alpha otherwise known as losing money because they then lost money but no that's why community needs a way to say it that makes it sound like they're intelligent about the way they were. their money so they say negative alpha but they are empowered in ways that are quite detrimental to the overall economy because you know than the greek debt situation the hedge fund community and their use of naked credit default swaps are forcing political change of austerity on a country using their incredible leverage because they have a trillion dollars in cash which they leverage up to fifty or sixty trillion dollars of poor greek greek economy is only a couple hundred billion so these hadrons gang up they call loot they talk to each other again more illegal activity to pick on a country like greece that has no representational government that is nobody defending the country and they sell the bonds down to zero and they force austerity measures on a country with huge assets of those assets off one of the hands of people friendly to the hedge funds well exactly and those hedge funds are taking their case to the

human rights court which is why we should just hand over all of the hedge fund activity to monkeys well you know the technology is becoming very sophisticated and you know there are and do sing technology that allow for people to use brain waves to manipulate cursors on screens to surf the web using your mind and i would imagine that monkeys will soon be able to do this hire lawyers and defend themselves in court against slander by having hedge fund managers compare themselves to monkeys includes the monkeys are a lot more intelligent well remember in the first half of the show we were talking about mervyn king and he's so angst ridden about these bankers and their bonuses well here's a possible solution strippers can show us bankers just rewards jamie whyte in the city am proposes that strippers and bankers they operate on a similar performance bonus scheme but here is one of the many differences he says between lap dancers and bankers whereas mr stringfellow makes his lap dancer.