tv [untitled] January 30, 2012 4:18pm-4:48pm EST
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other candidates normal right well some conservatives say they've had enough and they've launched this petition to try to steer support away from ron paul included in the quote the time has come for true conservatives to rise up and take a stand they call those who support ron paul quote radical leftists and it also says quote the real conservatives of the republican party here by demand that ron paul and his presidential campaign at once and exit the g.o.p. along with his radical cult followers supporters. while the supporters i've seen of ron paul don't seem like any people that would pay attention to a petition like this especially some of that threatening language but i do want to talk to one of those supporters mary wilson a wrong paul supporter in our los angeles studio mary the creators of this position have also said that ron paul better not launch a third party campaign and they've threatened even to campaign against his son senator rand paul talk to me how to ron paul supporters like yourself take to
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language like this. we're we're getting pretty tired of that kind of language but we're happy that he hasn't really answered the question but we don't think that he will run a third party ticket and the ron paul supporters are not going away there's no way that their vote is going to any other candidate and the g.o.p. needs us they need our vote so we're getting loud and we're getting organized and we're explaining and telling everyone that you know our vote is not for sale it's not going to go to any other of the candidates so if they want to try to run him out of this race and put him on to a third party ticket it's only going to backfire in their faces because we will write him in and you say mary that you're getting loud you're getting organized i mean from what i've seen not just this time around but back in two thousand and even now secretary of state hillary clinton says when she was running for president she would show up to events and the ron paul supporters were always loud and were
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always organized their numbers might not be as strong as some of the other candidates but i want to point something out something really really interesting people keep saying you know ron paul hasn't won any primaries yet but the supporters he has are not only loyal many of them are you know one of the target demographics they are young people i want you to take a look at some of these numbers from new hampshire. when you look at voters between nineteen and twenty nine years old ron paul in new hampshire got almost half the vote forty six percent apparently in iowa it was very very similar ron paul got about forty eight percent of the young vote so talk to me mary why do you think ron paul resonates i mean he's the oldest candidate running and yet resonates so much with young people. i think that the young people are more connected to the internet and doing their own research have a more of an understanding about the direction that the country is going in with the current leadership and the other options that were being given or told to go
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for are not any different than obama so we've done our research we understand what is fractional reserve banking we understand what is happening to our currency so long as you know they're allowed to print trillions of dollars and inflate the prices of you know all of the goods and food and everything else that we need to survive and you know we're looking at this for the long term and i think some some people elderly or middle age or something or they're getting their information from the mainstream media and they're not looking at things from all sides so i love you guys a station i watch russia today it's my favorite but i also watch nine probably nine different international news networks to get my information and that is what the young people do and you know we are energized about this because it's a it's a dream it's a it's not it's an idea it's not just ron paul it's an idea and you know right now
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a lot of people think that the government needs to take care of us so that we need the government to take care of us but people who believe in themselves and believe in this idea believe that we can make a difference so you know what we're excited that once ron paul gets into the presidency that you know we can all start making a difference in our community as well focusing on that why do you appreciate your kind words about our team mary and i think it's really interesting and important that you mention a lot of young people are very internet savvy from what i understand it ron paul has more has been mentioned more and sort of facebook updates and shared articles than any of the other candidates so you really have a look of that in action how much the young people you also see. so your your vote is not for sale so even if ron paul stays in this through august which many believe he may a lot of people are starting to talk about how to treat ron paul supporters we saw on one side that petition people very angry at people like you but i know even
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former g.e. c.e.o. jack welch says you know we've got to be nice we've got to be considerate to ron paul supporters what is your message for those who may be courting your vote in the future i mean is do most ron paul supporters say we either vote for ron paul or no one or you know is there talk of who to back as a second choice. there is no second choice for ron paul supporters you will never hear of a former ron paul supporter anybody who hears the message and does some research and understands it pours their heart into it and it stirs up a passion and we're growing and you know i'm a member of a activist group here where we're organizing to win california for ron paul and we know that people are organizing in all the states we have you know we're growing by twenty percent per week in in l.a. in los angeles where i'm a volunteer organizer and you know we have
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a strategy and there is no there's no difference between the other three candidates and what we currently have i mean the other issues that come up when we visit him every year abortion and you know all of these other ones these are not the issues like the issue right now is this economy and these wars and this currency the the issues with the federal reserve what they're doing with our currency so you know people who do their research and educate themselves they realize the direction that things are going in and that you know it's time to to understand and become active so how does it work and i don't want to and you know i'm not you know saying that this is over that just because ron paul hasn't won any primaries i'm not saying that necessarily means anything in terms of ron paul but looking ahead to november if you know mitt romney or newt gingrich is the republican candidate barack obama obviously the democratic candidate the incumbent president who do ron paul supporters vote for do they write in ron paul or do they end up settling for second
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best how does it work if you guys talk about this at all i believe all right and ron paul all right just just final word from you mary. to you to those other candidates. from your perspective as a young person as a wrong ron paul supporter what is ron paul doing so right that he's captivated somebody young people like yourself. well ron paul is delivering the same message of voting the same way that he has always voted he is protecting our liberties he's trying to protect our constitution protect our currency and we need somebody like this he's a visionary person he's not corruptible these other candidates are just you know once they get in office we already know who their main supporters are and where they're getting their campaign contributions unlike ron paul ron paul is getting his contributions from us you know we're doing this out of you know
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a passion to get this done to make this to change this country and put a rack on the track to prosperity and can i just tell you that we are organizing a mega rally here in los angeles for march fifth before the reagan library debates and we are trying to get as many volunteers and growing as fast as possible we have a web site it's see a liberty dot org chippin if you want to donate to help us get this organized ron paul rally on time we really appreciate march fifth in los angeles march fifth march fifth all right ron paul supporter also volunteer organizer mary willis and thanks so much for sharing that perspective thank you. all right well the capital account is up next on our t.v. so let's check in with laura lister to see what's on today's agenda alright lauren you're back you were fresh you've been in davos switzerland all week talk to me about what's on the show today christine today we are going to first when is the sacrificial burning of my press badge because i hope i never have to see this or
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scan this ever again. no not really but we will talk about that and we will wrap up davos i know that i was covering it last week live from switzerland and also tweeting about it and i know people that watch the show been following closely but today i just kind of want to give a personal wrap up in debriefing because it was my first davos and because i do have a unique position going not as a billionaire or a business person or a prime minister but just going as a normal person trying to talk to these people as the host of this show and as a journalist but that's not all we're going to talk about some of the issues that were not raised at davos at least not that that i heard talked about we're going to talk about the kleptocracy we're going to talk about the best of the financial system with michael hudson so people are going to miss it all right it sounds like a lot i'm sure you're also going to touch upon that meeting that kicked off today in brussels with what's going on in the eurozone certainly lots to think about and talk about as we watch all of these countries try to stick together and find some
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common ground lauren thanks so much for us that will do it though for more on the stories we covered go to our team dot com slash usa or youtube dot com slash r t america. a soulless substance. a touch like a well trained army. villages in ruins. thailand where time stands still. all becomes a scene of nothingness. the mysterious sons of russia. are chasing.
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. good afternoon happy monday and welcome to capital account i'm lauren lyster here in washington d.c. happy to be back and euro zone leaders are meeting again after talking about the eurozone crisis in davos they've moved to brussels to talk about it some more at an e.u. summit a lot loblaw a lot of talk will tell you when something really happens that we need to break down until then let's talk about this meanwhile government and banks are still in bed together tangled up in their illicit love affair three years after the financial crisis yeah yeah we know the drill we're sick of socialized losses but how do we break this consensual rape of the public purse by wall street.
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have you a new lust won't run. don't you don't you you. hold . and if that's all we're really contending with out of touch and leaders what chance do we have of escaping rule by financial all of our heat we'll talk to dr michael hudson about it and i'm back obviously from the world economic forum my return to davos one and hardly one thing is for sure i never have to rely on this trespass ever again to get anywhere or to get rejected from anywhere i still have badge p.t.s.d. i'm still suffering but i will debrief you on my experience let's get to today's capital account.
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all right it's good to be back i just want to say dimitri did a great job filling in and i'm so happy to come back and do this show because coming back from davos i realize how much there is to talk about that is left out of the mainstream conversation for example getting to today's guest michael hudson he recently quotes joseph stiglitz nobel prize winning economist in his latest article in hudson's latest article talking about the u.s. government's vast transfer of money and public debt to the banks as a privatizing of gains and the socializing of losses it is a partnership in which one partner robs the other now this is the kind of thing we hear and talk about all the time but why does it seem to be falling on deaf ears i was just at davos i watched bank c.e.o.'s defend their practices and the form of capitalism that continues to pad their pockets with cheap cash courtesy of zero
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percent interest rates set by the fed with interest paid on excess reserves mind you which they keep at the fed we heard this. whole situation. policy to bernanke is. yeah i bet you will jamie dimon i'm sure you're happy to leave that up to the fed brian moynihan too he's c.e.o. of bank of america said boom bust cycles are just part of the capitalist system this is just what we have to deal with meanwhile there continue to be protests on the streets over the issues we've seen a number of developments with the occupy movement just over the weekend in oakland here in d.c. so where is the political awareness or the will to do something about this well let's go back a little into history today to figure out where this to disconnect is coming from. the big group fired by people. for it i know.
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i love them now we used to be kings executed bankers when they didn't want to pay their debts the banks suffered losses when march when monarchs died or defaulted now we have that in reverse and our western democracies we have governments taking on bad bank loans and banks cashing out on profits while the governments are sentenced to death with some risk of default well let's talk to michael hudson he's professor of economics at the university of missouri kansas city he's also author of this book super imperialism the origin and fundamentals of u.s. world dominance and we're so happy to have you on the show dr hudson nice to see you as always so let's start with your recent piece you wrote banking wasn't meant to be like this you kind of gave a short history of banking over the centuries concluding with how it looks today what were you getting at there what is the thinking supposed to be like. there
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always been two ideas of. it wasn't supposed to be like to go where it's extract of the whole idea in the late nineteenth century especially in germany was that banking was supposed to work with government to finance actual capital investment in industry but if you look at banking today you have some very flat set of loans to consumers all of the growth in banking in the last five years has been loans to other credit other financial institutions so banks don't make loans for tangible capital investment to increase them toil labor that's time retained earnings of companies it's banks make loans for derivatives for speculating in currency for arbitrage interest rates and for stocks and bonds and of course eighty percent of bank loans are made on real estate mortgages so contrary to what was expected
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hundred years ago banking has not become industrialized it's sort of lapsed back into what people used to call user id and that's a word you don't hear anymore that banking has not become industrialized which was the dream of at least little europe after world war one. banking took the cooperation of american sort of merchant banking lending against the collateral against assets that could be great and not lending that blow against the productive means that could be put into place not lending against the means to produce future and ok got their heads i want to get into some of the different things you're talking about i want to get into derivatives and all those mortgage loans that were written knowing that they could never be paid back but i want to talk about greece because that's very big in the news right now and debt literally seems to be used right now for a weapon of control the latest news that came out with the jurors. money actually
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wants to control the fiscal matters and the budget of greece so you know greece going to have to give up its sovereignty if that goes through and this is because of debt written by the banks and taken on by the kleptocrats do they have to lose their country as a result. so that's the theory obviously the plan is to do the greece what america and europe used to do to let america in third world countries in the nineteenth century when a country couldn't pay the creditors would send in the gunboat and they would literally occupy the customs office or they could collect tariffs revenues and repay the bondholders so what you have today is a decision that. finance capital and extracting money to pay the bankers is incompatible with democracy a few months ago when the elected prime minister of greece five
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grails was about to sign an agreement with europe to say ok we're going to sell off just the billion euros worth of greek land this water and sewer systems of athens and others that is on the market by ras maybe even the parthenon if you will islands yes the prime minister said well we've got to put this to a referendum and let the people voted on it and angela merkel said no you can't ever referendum if you have a referendum they'll vote no and a media lead the greek popular population went out into the streets to demonstrate and say look there is no way that a national debt to beat elected if the people haven't approved it we have to legitimize them and so whatever debts we take on whatever promises we make to sell are not legitimate and as soon as we have an election then we're going to vote them out so you're upset you can't have an election we're going to work in our
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technocrat at technical or is it a euphemism for a factotum a lobbyist with a financial interest and they said we're going to put in a sensually our dictator to tell you what to do so and essentially what they're telling greece to do is you have to. don't lower your wage rates even more right you have to show off your public property you have to essentially don't go into a chronic depression in order to. just i will write and you can list well the chairman mark well within greece obviously people are saying well wait a minute if that's the price of joining europe you not want to be part of will and using this is a model because clearly the greek government has needed to reform for a long time that this that can be argued but the debt burden is forcing reform on to greece it's not the type of reform that the people want it's the type of reform that technocrats want so what president is this setting about national autonomy.
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this is exactly the point warrants it was the germans said look we're going to come in and we're going to tax the wealthy people we're going to put in a progressive taxation we're going to do just what you're doing a lamb tax ancient athens use that we're going to tax the land and x. wealth and everybody will pay their fair share with a progressive tax like europe that would be fine but what they're saying is we're going to come in and we're going to take your money and we're going to buy german submarines and we're going to buy german arms and second hand american tax and we're going to spend it on the military you don't have any say in that and we're going to essentially shift the tax off well on to the population at large with a flat tax like europe is in one of the post soviet economies in the e.u. and of those that aren't there not some some countries have had some success with success with flat tax but i do want to move on to wealth transfer transfer more broadly ok because debt and other type of derivatives financial derivatives which
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you named were issued with literally no hope and no ability of the borrower to pay those back defaults were avoided because they transferred those payments to the public purse and now they demand austerity in conjunction with money printing to pay the interest how is that different from stealing. it's legalized theft you know in america when president nixon said when the president does that it's not a crime when the financial sector does that it's not a crime and in america and europe crime spend decriminalized you're allowed to do that and you don't call it a run in america you've had not a single banker or kleptocrat be sent to jail by the f.b.i. they have been arresting the occupy wall street people who've been protesting against this now so you go to jail for protesting you don't go to jail for. stealing you go to jail for complaining at the state and on the financial side of
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things how is asset price inflation a ponzi scheme. so while people say that the reason they want fiscal responsibility is to keep in place inflation and in place but the only way to keep the bank claims going is to fuel the largest inflation in history which is what we have seen in the last ten years is inflation of real estate prices and of corporate bond and stock prices since nineteen eighty the world the same but the largest bond boom. in history and its interest rates have gone down twenty percent against the one percent and the recent violence go up the price of stocks go up and banks that went heavily against the us if they were known to begin to raise interest rates you'd have the price of bonds go down real estate would go down and banks would be even further in the negative equity so the banks are in negative equity you know and essentially they have to make
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a choice are they going to play in the positive it's where they want to pay the big gamble and certainly in this country what imus says forget the deposit or any of the big gamble it's there are campaigning to charities and it's pretty much the same in europe europe is not coming in and saying ok we want the greek banks to be able to get money transfers credit cards and. the flow of banking you know writing checks we want them essentially to pay off all the gambles that have taken especially now that the vultures funds have come in to greece and bought greek debt on the thirty cents on the dollar and they're saying we want a thirty percent now we want the european central bank the borrow from the front only several to pay us one hundred cents on the dollar will make a telling by pushing greece into a generational depression that basically is what it is nice if they can't vote on it because obviously nobody is going to vote for depression. having a centrally finance achieved today what used to be achieved only by military
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warfare and dr isom i want to continue this conversation we're going to get a break but we'll come right back because i want to talk a little bit more about what this all says for the future of capitalism what it means for at it what some solutions are so we'll be right back with dr michael hudson. oh now still ahead here i now have one world economic forum under my belt i'll debrief you on what i took away from it after the break the first your closing market numbers. you just put a picture of me when i was like nine years old i want to tell the truth.
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i'm a contestant i'm a total get of friends that i love driving hip hop music and for. that he was kind of the jester day. i'm very proud of the will without you she has played. oh oh oh oh. oh oh. you know sometimes you see a story and it seems so. you think you understand it and then you glimpse something else you hear see some other part of it and realize that everything is ok you don't know i'm sorry welcome is a big issue. what drives the world the fear mongering used by politicians who makes decisions to
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break through it's already been made who can you trust no one who is human view with the global machinery see where we had a state controlled capitalism is called sessions when nobody dares to ask we do. r t question morning. welcome back to capital account so some of the issues that we were talking about earlier and are in the show bring up a lot of questions about what capitalism in its current form actually is what is this what about casino capitalism take a look. when the president of the marwari moves one of these women in the suit you learning that
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seems to be. no one's going to interfere with you running the casino how relevant this seems right now let's bring back professor of economics though michael hudson also author of this book super imperialism the origins and fundamentals of u.s. world dominance to talk about just how relevant it is because dr hudson you've mentioned because you know capitalism gangsters used to run the casinos we just saw a little movie clip of it is it any coincidence that gangsters run them again in the sense of the banks well that's what franklin roosevelt when that term bench. is their idea of free market is a market free from consumer protection free from anti-fraud laws and this he said it's kind of it lasted for a small you know the sort of sort of ironic that they're using they're claiming adam smith in the play.
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