roles on capitol hill in the past is under investigation for what else insider trading will talk about it and federal regulators approve the first new nuclear plant in the u.s. in thirty years since the partial meltdown at three mile island this is also of course a year less than a year after the meltdowns at tokyo electric fukushima plant is nuclear energy a solution for us and for the deficit of trust towards government and business and regulators what could make the risk simply too high we'll talk about it let's get to today's capital account. ok so this is it we have said many times in the past over recent months greek

leaders are negotiating blah blah blah nothing new business as usual just the negotiations going on given the crisis mode in the euro zone will tell you when anything changes well it looks like we may have reached that point where you have to ask now the question has it gotten to where politicians and international lenders are no longer able to impose their will on the citizens of a sovereign nation who don't want it here's why we think that could be the case now you have greek police unions calling for the arrest of i.m.f. officials for as they put it just strong social cohesion with a tough austerity plan on going for a third year in addition one of the three greek coalition leaders said on greek television national television that he was given an incomplete translation of the troika agreement to read before signing on to the terms it was missing parts that

made a material difference when he asked for a greek version of that document and that's not even taking into account the sentiment in the country dimitri our producer is going to tell us a little bit more on that later in the show of course there are the protests we've seen that many times before though the question really for us though is are we seeing in real time what happens under a modern financial occupation now people in latin american countries or perhaps an asian countries or eastern european countries might say come on this is nothing new this is the i.m.f. our work we have seen it before but is the western model of financial plunder and consolidation turning onto itself is that what we're seeing as the western world is now we're finding developed nations imploding under the gravity of their own debts well let's bring the rockwell in to tell us what he thinks he's executive chairman of the ludwig. this is institute and author of this book the left right and this

state and it's such a big day it's really good to have you on the show lou and nice to see you as always thanks for being here good to be with you absolutely so let's talk about greece because it really seems like in the past we've seen these negotiations and maybe some political theater but it felt like political grandstanding and like this was going to get done but now you really have some material difference one being one that i referred to which is that one of the coalition party leaders is that he may not sign on to this so my question to you are we reaching the point where they economic realities of debt deflation and depression are reaching the point where politicians can no longer control their society as they become accustomed to doing in the west. well politicians of course shouldn't be controlling society but let's hope that greece and does does indeed default that's the best thing for the people of greece the people who hold the bonds of the mostly the big banks in western europe and in some in the united states who hold the who will the greek government

bonds the people of greece never agreed to pay these bonds and bond should be defaulted upon and greece should get a fresh start but whatever happens in greece the greek people should be deciding it not the international bankers and of course that's who's running things that's who runs the i.m.f. that's who's in charge of the world like to be in charge of greece of italy of all the other countries that are having trouble and it's true in this in this country too it's the big banks and they are the ones being bailed out we hear about you know the greeks being bailed out the greeks have never been bailed out this is been the big banks that hold the greek government debt the government should never have issued that debt the banks never should have bought it but given both those factors why should the average poor guy in greece who is the standard of living is falling because of the greek government and bank policies why should he be further have a boot put on his throat by the i.m.f. and similar organizations the federal reserve the european central bank and can society general and all the all the other big banks where do they get off making

him poorer so they can be richer that's an outrageous system morally politically economically and let's hope that greece is only the beginning default is a wonderful thing these debts who are the people who don't have to pay for these debts are not the ones who contracted for them they shouldn't have to pay and another great thing that happens when greece defaults nobody is going to lend the government any more money that is exactly what greece needs they need a government that would shrink so that the people can be enlarged in their role and make their own decisions yet and you point out a lot of great points and the fault which is something that leader of policy makers don't even like is on even even to it which is ironic. but one thing you said you said politicians shouldn't be making these decisions but yet in the west there's really been this assumption that everybody's been operating under and that economic problems will be solved by politicians policymakers central bankers by quote unquote leaders and does this give not a theoretical but

a very real tangible example that that assumption is false well you know any of us want to think about politicians what kind of people do we think about do we think of people we'd like to have running our own individual laws i mean these are these are not the these are not the best people in society as if a higher famously said the worst rise to the top in politics and so these people don't solve economic problems they create a number of problems and of course they also engage in redistribution they take from some people they to take from the average taxpayer and they give it to special interests like the big banks military industrial complex and as the greek government in rome one of these recent bailouts bought a huge number of tanks but i guess maybe they would use against the greek people certainly are going to for use against anybody else they are rather than paying off things they spend more so the politicians are the problem we need to do everything we can to decrease their role in society there and there are negative they never help they always make things worse and they live of course of the point of

a gun everything government does remember it happens because they order you to do it or they're going to kill you or put you in jail i mean that's the sort of mafia way too so just because they put on a government suit and say they're a different so they're serving the you know the common weal it's a close ally and a joke so to the extent that this undermines politicians in greece and everywhere else in france and germany and in spain in the united states that is exactly what the world needs well and you know it's really interesting that you took that you talked about the wall transfers because that period periods of its social problems and a lot of turmoil is where you see that happen a lot in the united states. you can think of two thousand and one and two thousand eight hundred very pivotal times where you saw wealth and power that consolidated into the hands of the government or the hands of certain elites but you saw these wild consolidation in europe you've seen this with the opportunity for more fiscal consolidation and moving more together into

a union so my question for you do you think that europe will in fact bridge this crisis and move towards more of a united states of europe i think that would be the worst thing that could happen to europe it's been a very bad thing and in the united states thomas jefferson always warned against consolidated government as just being an outrage we want the central to the extent we have a government at all we want to decentralize so what's already happening in europe the so that the nations of europe are seeing their or their political thor authority if it's going to be exercised the smallest level possible to transfer to brussels to washington d.c. or you know a lot of people have a kid a world government this is this is tyranny with a capital t. so to the extent of the greek crisis and other crises in europe which of course the consolidators merkel of the rest of these people are trying to use to create a centralized state in europe where all power goes to brussels to the extent that can be undermined by these crises. do you think that it would be even possible to

move towards more of a united states of europe or that kind of thing without permanently compromising the sovereignty of nations like greece nor means of course abolishing national authority that means abolishing nations and they want to just have you know just one entity called europe there is no one i mean europe is a conception on a map and there is no such thing as europe except on a map these are there are individual countries and i think all these individual countries themselves have consolidated germany and italy are really many little individual countries the bit of the been consolidated into into nation states that was a mistake too but to compound the mistake by having a regional government that would control all of europe. just a terrible thing taking away people's freedoms making them poor making the government however in the government special interest the banks the military industrial complex the. medical complex all the big interest groups they of course

do better but the average people get stepped on well and do more broadly we've seen the west plunder other countries we've seen in western countries use of financial turmoil to force for example privatizations that we've seen it more in developing countries and in the developing world now that the west is where all of that debt is and we see western nations indebted are we seeing the west turn that model onto itself for that would not be great i mean for the national parks and be a great thing so a lot of federal government in the united states owns most of california most of nevada most of many states will sell all that land to the productive private use and the government owns just vast resources that it has no business on even if one believes in a government and so we have privatization is absolutely a way not typically of course the way it's happened in developing countries it's sort of a fascist privatization in other words the government will pick some some privileges

to private group to privatized to still it's better it's better that resources be in private hands and that the be social laws though if that were taken on someone probably if that was a consequence i would advocate for it dimitri kovtun us want to jump in here for a question that are doing so i actually want to stick on the thing with the privatization isn't there though a difference from what you're advocating to what we're seeing in the case of greece or in latin american countries where under duress of debt they are forced to privatise everything and then eventually they do default. well i you know i must say i'm for i am for that could be my slogan privatized everything because i i do agree with that and i don't like it as in greece when it's you know it's a special deal for this for the insiders. on the other hand it's good to get resources into private hands socialism is an economic is the worst economic system there is so the more the government owns the more the poorer of the society so even though it's you know it's i don't like the seeing the stuff go to the bankers i

mean that i'll agree that's a moral outrage but the government's too big and greece like it's too big in every single country the governments need to shrink and one of the ways they can shrink is to sell off some of the property their whole that they have no business holding and you can you could sell it to if you wanted to environmental groups or to be developed for farming to be developed for tourism to be developed for human beings to live and to work and to produce that's what that's what human society is all about not a monopolist like the government holding things off the market and acting in cahoots with the special interest against the interest of the rest of us and i want to continue this conversation and bring it at the next part of our show to both the federal reserve and also to. two nuclear plants have been our nuclear reactors are have been given a green light by by u.s. regulators for the first time in thirty years so the interesting to contain this conversation and both of those topics that we've got to get a break quickly but we will have more with lou rockwell he's chairman of course in

the lead with funny faces in. and still lead ladies ever want to occupy the time of a wall street man we'll give you our three cents on the reset how to article on that topic but first your closing market numbers.

welcome back let's stick to the u.s. now let's talk about the trust deficit congress is working on banning insider trading amongst themselves meanwhile house leader and financial services who put forward his own insider trading bill late last year spencer baucus is now being investigated for insider trading meanwhile there is a report from bloomberg that the federal reserve secretly selected a handful of banks to bid for debt securities bought by taxpayers and the a.i.g. bailout ok does not sound fair at all and the first nuclear plants in the u.s. are approved by regulators this is the first time since the three mile island disaster thirty years ago and the dissenting regulator says hey we. should have

required the company to implement the lessons of fukushima yeah sounds like a good idea let's bring back in here executive chairman of the ludwig von mises institute author of this book the left the right and the state to talk about these stories to bring this home to the u.s. so let's skip mr rockwell for a moment the stock at the insider trading thing because i want to talk to you about what what everybody wants to hear from you about which is the fed ok so this news story that comes out that the fed only selected a small handful of banks to sell these death securities of a.i.g. that the taxpayers own ok great case to make for the fed being corrupt i know you're a critic but i want to play you what dean baker he's an economist said in a debate over this issue about why we shouldn't get rid of the fed as one of his reasons let me play that for you and i want you to respond. this is better than just more. would you would.

now your critic here you're critical of the government at least being in charge so does he have a point about the fact that that's only the j.p. morgans of the world in charge who does he think is running it now j.p. morgan it's goldman sachs it's wells fargo it's it's all the big banks i mean that and they are they are the ones who ran it the big banks set up the fed when they had a meeting in jekyll island georgia. senator nelson aldrich who was the son of john d. rockefeller and j.p. morgan himself and all the other big bankers they wrote the federal reserve act they promoted the federal reserve act the federal reserve exist to benefit the big bankers so they so dr baker is is is not just i mean it's a very it's a very silly point this is who runs it and who and so it's the fed is run for the benefit of the big banks of the government the big government contractors like the military industrial complex and so forth and whether we saw you know what's going

on in two thousand and eight when they as you mentioned what they did with the with the special bonds the number of the small prime dealers they have that they deal with the fifteen trillion dollars worth of bailouts they directed to european banks was no tell and we still don't know until ron paul's audit the bill is through to get an actual independent audit the fed we have actually no idea what crimes they're committing but it is a special interest it is the j.p. morgans of the world who set up the fed wrote the fed act got is adopted and have run it ever since so if we if you don't want these special interest plutocrats running the economy then you don't want a federal reserve you want to money that the government can't print up money like gold and that can't be manipulated that can't be inflated so that the federal reserve uses its horrendous power to inflate to cause the business cycle to bring on recessions and depressions but the benefit the government itself and the special interest connected with the government especially the bankers so the spirit

of j.p. morgan. and still hovers over the federal reserve and that's an exact example of why there was a fed because j.p. morgan wanted a fed ok interesting point as you say that that public private partnership is a cartel for the schizm right that's fascism that's the for that's the definition of fascism or government of big business get together to stick it to the rest of us and so no i don't think fascism in money or in any other aspect of society is a good thing you know let me ask you this then because i really want to get to this nuclear story because u.s. regulators are prius nuclear plants for the first time since three mile island my question to you i know you're going to say you know government you don't trust but how can we trust big business which is driven by corporations and profits with something like expanding nuclear energy which has such high risk for everybody if it goes wrong but if we if we have if we have business that's unfettered and that is responsible to the customers a businessman does not want to radiate his customers i mean people don't want to

harm their customers not good for business among other questions on the other hand the nucular industry is was one of these public private partnerships the federal government takes care of all the costs of disposing of spent fuel and they also have the through the price anderson act take care of it make sure that the very limited liability for nuclear power plants so because there is limited liability because they don't have to worry about the ways you can't trust them so it's absolutely true that people have questions about it i i'm entirely in sympathy even though my own view is that there could be a successful and very efficient and very useful nuclear power industry but in cahoots with the federal government we have to worry and of course fukushima was in something in cahoots with. private utilities in japan and the japanese government and general electric and it's it's. all it's equipment and so for them it's the same thing in this country so people are right to be suspicious on the other hand if we want to have sufficient energy and we desperately need more energy than one

of the things we could do is. free market the nuclear power to screw but you know as long as you get the the lying n.r.c. you just came out as you may remember recently they lied about fukushima to. their internal e-mails showed the truth and they were you walk into the american people and walk into the world you can't trust the government to be anything but a monopolistic ripoff that's that's a really interesting answer you gave on that i'm glad we got to that question i've had i've covered uranium plants with issues that the n.r.c. to in the u.s. so i'm glad we touch on that it's always a pleasure thank you so much for being on the show. exactly of chairman of the ludwig bunmi things institute. ok so we want to give your three friends on

a few things before we go let's bring dimitri kofi and then shannon donahoe in the control room because i know we've been talking about the greek debt crisis a lot but it's important because it has really broad ramifications let's first hear what it sounds like from washington. d.c. is the moment to concede. if there is a minimum of compliance or is that a. this is a moment to turn the page and to. extinguish but then he could. explode it sounds really pressing as he was talking about that at the peterson institute yesterday this is what it looks and sounds like of course from grease though so if we could show some of that but i think we have it of protests and that sort of thing so we don't ever want to fall into that washington trap and we luckily do have a unique situation where our producer dimitri is greek he covered the protests in athens last june there he's been following the press and talking to his friends

family in context dare to get a more accurate perspective so we want to talk a little bit about that dmitri because i know you've been seeing stuff that we just aren't and i really want you to convey to our viewers what that is that maybe everybody is missing is so i think what i found most interesting was last night i saw two speeches a speech by. the new democracy leader and another speech by the right populist leader who was brought in the lot of person who brought in during this coalition government. and unlike the middle who were mot the has a government run by technocrats he was able to appoint his cabinet ministers. but by the most in greece actually has to deal with politicians so there's a there are issues of. of negotiation there that don't exist in italy and he came out and said basically i don't speak english well so i requested a document that would show the agreement in greek so i could read it which is kind of absurd if you actually think about it you have a country that is ceding over sovereignty and it's being asked it's asking the

politicians to sign a document that isn't even in its own language so we asked for a greek document and they gave me a complete one and they actually went on there was about twenty five minutes and we showed the documents and it actually had in fact the very last paragraph which is limited from the copy he was given there were material difference as we know that related to him on national t.v. and divorced our audience with age and with this showing the difference in the papers so i thought that was pretty remarkable to me what about people that you talk to and the mood there and the reality there that we're just not getting in the head. oh they didn't reach a deal you know where to go ahead and i mean people have been depressed for a while and they're hopeless and i think that that video and those negotiations of the fact that he said he's not going to sign the agreement and he's one of the three leaders i think for the first time i legitimately feel like this may last deal may actually not go through you may actually get a default occurring before march because you have people actually saying they're not going to go along with it and they're part of this new government they put

together the only next step really at this point is might have to actually create a unity government full of technocrats and after that what did he say that he said if you don't vote for this then he said there is no place for you or a government he gave he spoke and he said if you do not go along with this agreement then you cannot be in the government as a matter he said he said as a self-evident you can't yeah so i mean this is it's really a pit pitting now between reality which is that they're they're pushing this country into a deeper deeper depression because people see stores closed the money supply has been contracting there is no longer roath. fling it's a depression environment that's not going to change until there's either a default or some clear resolution in my view that only as a default doesn't mean that they have to exit the euro zone and i now have i know ok so we wanted to get that in let's leave on a light note because it is friday so let's lighten it up let's just show this list which captured all of our imaginations on how to date a wall street man if we could throw up those bullet points because some of the

advice is the most really alarming tell stories that are short and sweet because the mind of a wall street man is always moving so rapidly there is one sexy don't get upset at the check this blackberry so not to make a bad joke but are you supposed to hand over your sovereignty as a woman in order to have the honor of dating a man i'm going to think i'm going to think this summer complete different if you did a wall street woman. that's a whole other story that they're going to bring up ok let's let yet again the final word on this because we're out of time unfortunately i don't know anybody who would want i don't know a woman who would want to occupy her time with a wall street because they've been employing some behaviorist we and i don't think anybody wants to be seen with them anyway. not to mention they're all get so many are getting laid off it's not like they are the. these days anyway that's all we have time for we want to leave you on a slightly lighter note but thanks so much for watching feel free to follow me on

twitter at warren lister and give us feedback at youtube dot com slash capital account i'm lauren lyster from everyone here at capital account i have a great night and a great weekend. top

stories this hour egypt's streets in the squares are a lucky break brownian crowds once again a year old to present the beret was forced from power. more pressure is called on the syrian regime as ballance escalates a new resolution blaming the lens at the u.n. general assembly. and greek lawmakers are headed to brussels with more cuts in exchange for a bailout cash while people vent their frustration on the streets. as our top stories this all be back with another summary for in about thirty minutes from now in the meantime it's the first pulse of the on the show.

welcome to the lone a show where you get the real headlines with none of the mercy or can live out of washington d.c. now it's not going to take a look at a congressional ban on insider trading house and senate members are patting themselves on the back but is the stock act actually leave some of the larger aspects of corruption untouched but an exclusive n.b.c. report ties an iranian exile group to the assassination of nuclear scientists in iran if it's true what does that mean for the u.s. lawmakers who support the emmy kate and chris hedges sparked a heated debate when he called the black bloc black bloc it can start with an occupy but tonight we're to get a response from susie cagle in oakland got all that and more for tonight including a dose of happy hour but first take a look at the mainstream media has decided to miss. well this morning.