the president many greeks remain too ashamed of the situation to be filmed those wanting to be heard paint a grim picture of. greece cannot recover from what's going on right now if you ask me greece is finished. it's a situation that has a country verging on implosion all during a time of peace not war but once a nation remains sick cuts have a real damaging impact on the people's well being despite the sizable military defenses protecting them. it's. all it's been no secret that from the onset of the euro crisis germany has spearheaded the drive and the original argument was that cuts were necessary and paid a consequence well later this hour the issue gets the kaiser treatment with max and stacey. genie in terms for greece now ambrose evans pritchard of the telegraph says the last time germany needed a bailout from world creditors it secured better terms and shattered greece last

week so in one nine hundred fifty three recall there was a london debt agreement whereby creditors for all of germany's debt agreed to take a fifty percent haircut on german debt yeah well this is interesting isn't it a bit of a double standard here the germans got a huge break on the debt back in one nine hundred fifty three the other countries rallied to give them a break because they felt that it was in everyone's best interest now here we are twenty twelve and germany's in a position to return the favor but they bought. going russian president dmitri medvedev submitted the fourth of the final bill which is part of his so-called liberalization campaign well it's seen as a response to the latest opposition rallies in the country following the parliamentary elections in december and the latest amendments concerns the

formation of the lower house of parliament for more on the proposed changes lots of parties peter oliver peter can you tell us what exactly this bill is going to change the election system well the idea behind this bill is to make russia's elect electoral system fairer and more representative now as it stands at the moment some regions in russia do not have any representatives in the lower house of parliament the duma know what this bill proposes is dividing the country up into in two electoral districts each one of those districts guaranteed to have at least one duma deputy coming from there now these districts all be roughly around the same size in terms of the amount of people who were. in those groups in these districts will be assessed every ten years to see if the borders need changing now . what the idea is is to get people away from voting for a party or

a leader based in moscow and to get local people essentially voting for local politicians that will represent their needs in the state duma there's also the hope of course that if you have local politicians being voted for by their peers and by their neighbors if you will that they are going to push the agenda and the agendas of people living in that region in the duma and trying to make things better for their constituents now this is all part of the fallout from the parliamentary elections in december of last year and the protests that we saw there now president medvedev has faced some some dissenting voices when it comes to pushing through to putting forward a big part in this bill people from inside his own party not too happy with it but he's gone ahead with that put this bill to the state duma and after it read through it will be decided whether it will be brought into law. by thanks very much for that artie's it peter all of our reporting from moscow. i was libya celebrates the

first anniversary of the start of its nato backed up rising it's a national transitional council struggles to take control over the country's volatile situation amnesty international has recently accused the m.t.c. of failing to protect human rights claiming that thousands of gadhafi supporters are being held without charge and tortured for the group reports at least a dozen have died of rebel presence of september as a result of mistreatment reports from libya say former rebels want to take over power civil has remained armed and the economy has crumbled since the war political scientist dr not a tells our country's future looks grim. i see a very grim future in libya i see a civil war in libya i see it's never going to have a good stable. environment there and this is exactly what the western ones once they happen because they want to get control of all the oil all the natural

resources there now these days who hold the economy control the world and this is exactly what they want i see no future no good future i hope i'm mistaken but i'm not unfortunately libya's going towards incredible civil war people are going to be killing each other left and right. well let's take a look at what else is making news around the world this hour some two hundred prisoners have been read during a break out of a jail in central nigeria prison officials say a large group of armed men stormed the prison late wednesday before freeing the inmates details remain scarce but authorities don't think the attack was the work of the islamist group boko haram who orchestrated a massive jailbreak in two thousand and ten. north korea's military parade in the nation's capital to mark the birthday of late leader kim jong il he pledged to defend his son and successor kim jong un with their lives and crush any forces if

attacked had been making their way to the city's main square to leave flowers next to his portrait since kim jong il died of a heart attack two months ago relations with neighboring south korea are at their lowest point in years. i'll be back shortly with the headlines but for now karim is here with a business update. so welcome to business here now to thanks for joining me the u.s. is looking to cut iran's economic live blog by removing it from the world financial clearing system known as swift it will rack up pressure on tehran as the country's leadership reveals your progress on its nuclear program but he's daniel bushell reports america's action could end up backfiring on its own people. this is a bid to kill iran's economy washington's move to ban tehran from the swift world transaction system would choke its ability to trade internationally swift interbank

payments orders don't all the worlds of business there on the world of business they're used by practically every company and state in the world to exchange financial info the legality of america's move is highly questioned it's unprecedented political interference in a network which has always said such issues should be handled on a national level what is clear is barack obama's frustration that sanctions aren't working iran hasn't backed down in the nuclear dispute in fact it's now announced enrich fuel production new tensions mean more misery for u.s. consumers brant six months last night over one hundred nineteen dollars a barrel cutting iran out of swift will again hit not just the energy price but the recovery of the world's economy. oil prices are mixed this august by u.s. crude inventories falling for the first time in four weeks light sweet is trading at over one hundred one and a half dollars per barrel while brant is at over one hundred and nineteen and a half dollars a barrel. not

a currencies that you the euro is trading lower to the u.s. dollar on thursday after the talks over a second bailout for greece have been called all of the ruble is losing value against the e.u. and u.s. currencies. stocks in the u.s. rise on encouraging data about unemployment benefits and inflation and also after the philadelphia federal reserve's manufacturing index in february rose to ten point two highest level since october dow jones industrial average rose in one thousand points up to the market open on thursday. stocks in europe are down led by banks stocks fell off to movies investors threatened to downgrade more than one hundred financial institutions in london heavyweight h.s.b.c. holdings close to one point two percent leading the footsie lower. here in russia markets ended in the red. and one in a quarter of a percent while the miser said half a percent has checked all the index will result in banking stocks were among the

major treat is of the day's. nearly a percent close one point four percent in the red it's january net profit sixty percent of that and russian accounting standards bucking the trend well company rostam it has gained a quarter of a percent. russia's economy will have a dynamic start to the year but is set to lose stream in the second half at least that's the verdict of standard and poor's ratings agency which says the country's growth will drop to a half percent this year among the reasons the central bank slowing credit growth to cut inflation risks and continued capital. well some of the largest lenders finally got the key to access the european market spared bank is signing a long awaited deal to purchase australia's folks by going to national sense agreeing the acquisition back in september the bank has managed to drive down the final price by eighty million euros to five hundred and five million the banks had

one graph sees no risk in entering the european market despite the current debt crisis if humans use the fund in series the greek default has already happened the contra structuring of greek debt is a trial to find a way on this default we're no more interested in what's happening in the south of europe which will screen italy but we're not present in these countries countries where we are presumed to have clear my career comic picture and just. well that's our business update this all but stay with us for headline news coming up right after this.

wealthy british style. is not on the tireless money. markets why not come to. find out what's really happening to the global economy with max cause or for a no holds barred look at the global financial headlines tune into cars a report. he .

says. welcome back you're watching our two years a recap of all our top stories fears of pending confrontation between tell of a vent to iran a grow fall with reports that iranians arrested over recent thailand bombings were targeting israeli diplomats. violence in syria escalates as a high ranking religious leader is assassinated a damascus allegedly for his pro-government stats our correspondent is at the heart of events in the syrian capital. coppens fulfills the last of the e.u.

is be allowed to math but many greeks feel that they should and won't recover the most dirty measures which harm their health care system while leaving the military on skid row. and next for the actual analysis the loadout of high finance with max kaiser and the kaiser report do stay with us. max keiser this is the ca's the report let's look again at what's happening in germany and athens. max kaiser germany's carthaginian

terms for greece now ambrose evans pritchard of the telegraph says the last time germany needed a bailout from world creditors it secured better terms and shattered greece last week so in one nine hundred fifty three recall there was a london debt agreement whereby creditors for all of germany's debt agreed to take a fifty percent haircut on german debt quote statesmanship prevailed the finance ministers of the day agreed to overlook the moral origins of that debt and the moral hazard of rewarding a country that had so disturbed the european order yeah well this is interesting isn't it of a double standard here the germans got a huge break on the debt back in one nine hundred fifty three other countries rallied to give them a break because they felt that it was in everyone's best interests now here we are twenty twelve and germany's in a position to return the favor but they bought well exactly as ambrose evans

pritchard uses the term carthaginian carthage pieces a piece in which the vanquished has destroyed utterly a peace deal that once you are wiped out wiped off the face of the earth that's right they employ the scorched earth approach to carthage that is the say the romans did and they just scorched it they have blitter eight of it now here you have germany applying a scorched earth roman attacks carthage style a bullet aeration of grace of athens it's a nobody's interest and it's not even in germany's interest. well actually wolfgang schauble cording to this article he was actually quoted caught on tape anyway talking to a portuguese finance minister in which he said to the portuguese minister don't worry we're not going to do this to you this and our treatment of greece is in order to appease our population at home private exactly this is amazing it's coming through now that the policy makers in germany that are applying the scorched earth

policy to greece are doing so to appease their local constituents who want blood for some reason they're just bloodthirsty which then brings up all kinds of other questions about who is this to germany of old is this to germany we remember from world war one and two is this the imperial genie out of the bottle once again each failure is a scribe to lack of moral fiber not the design flaws in the currency project that shall bill himself helped create and forced on the german people against their wishes belief that e-m. you fall out from greek exit or great in market slang can be contained by far walls and more fiscal austerity assumes that greece is a special case alone brought low by turpitude the rights of the idea that the scapegoating of the greek people that they are of low moral character and therefore deserve what they get we see again this is something is historically by the germans by the way not in the two recent past to confiscate wealth from another group of

people and of course during the german confiscation of wealth of the thirty's and forty's they use ethnic division here they just use the new globalization of financial derivative products to carve out their empire and attack those like the greeks using credit default swaps that they can create in the derivatives market hundreds and hundreds of billions of them used to attack greece's economy and to confiscate that wealth yeah and as part of the propaganda of course that was used against the carthaginians the same sort of their immoral and they kill babies the same thing. you've seen sort of the same sort of propaganda against the greeks you've heard stories that they leave their leaving their babies on doorsteps because they're so hungry that's part of the same sort of psychological warfare you know the question is where is germany go in with all of this because ok they've got the biggest economy in the world the strongest most dynamic economy in the world the second or first biggest export market in the world great employment numbers are

rising it's a fan it's an emerging superpower that's true it's going to break out of the euro looks that way it's going to ally with other countries this is an interesting development please continue well carthage must be destroyed oh east and that's where they're going with it portugal spain italy you know those are the next ones well hopefully they won't be on paresis doorstep too soon now of course the war between rome and carthage was control of sicily and that important sea routes now the equivalent in modern times is of course the straits of hormuz so let's move on to that currency war going on over there around presses ahead with the dollar attack so this is also from the telegraph and they say last week the turan times noted that the iranian oil bourse will start trading oil in currencies other than the dollar from march twentieth this long planned move is part of president mahmoud ahmadinejad's vision of economic war with the west now of course this also seems to

be some sort of propaganda every time we're in some sort of like a tense moment they bring out this bourse we've been hearing about it for almost ten years now going back to when saddam was saying was going to trade oil in other currencies other than the dollar which brought about shock and awe and then of course we heard the same thing coming out of iran oil bourse so currency wars you see it in europe now we see it in the middle east and you're saying the i iranian people the iranian government wants to do non u.s. dollar denominated oil training and this is heating things up right this is a driving force it's not about the nuclear weapons it's about this currency war as i was just saying i'm saying why. one never knows who knows about whether or not the carthaginians killed their babies because the victor always writes the history here is the same as part of the propaganda one never knows if their killing their babies are actually going to trade oil in dollars we don't know but it seems to come up over and over that this is a psychologically important move there are lots of scope to digress for a second let me ask you first let's of the say it is about the currency and it's

not about nukes ok yet most of us do a little thought exercise here using jim rickards currency wars as the paradigm what would be the appropriate counterattack from the iranian action as would it not be for them to introduce a gold backed currency as another way to slam a nail into the dollar's coffin. that also be true if they're fighting against an empire this is the way the empire is able to extract in the modern day the wealth of around the wealth of germany the wealth of greece the wealth of china it's because when nothing backs the u.s. dollar but you have to give them your goods this is your senior age this is them controlling sicily this is them controlling the straits of hormuz you know iran says they control the straits of hormuz but if you're paying for that oil to go through there in dollars. the emperor controls the straits of hormuz ok good point now the telegraph says iran has the third largest oil reserves in the world and

pricing oil in currencies other than dollars is a provocative move aimed at washington if iran switches to the non dollar terms for its oil payments there could be a new oriel price that would be denominated in your oh yeah under even the yuan a rupee india is already in talks with iran over pricing their oil in rupees and they said even worse gold absolutely so if there are multiple exchanges of multiple prices for these commodities then the monopoly position enjoyed by the us dollar shattered and with that come all the benefits of that and all of the inflation that america exported to countries like china comes roaring back so those i pods and i pads suddenly instead of band a thousand bucks you're paying three thousand bucks the article also then goes on to mention the e.u. ban on iranian oil imports which comes into force on july first could hit europe harder than it does iran so think of this as you see mass protests the burning of

athens the mass protests in lisbon remember one hundred thousand people were out in the streets of lisbon the same time the greeks were out there is mass protest and austerity and suffering an economic hardship all across europe and now they're going to find that as iran currently supplies five hundred thousand barrels of oil per day to the e.u. there is a potential oil price spike in the offing should iran preemptively stop the flow of oil which is it has threatened to do you want let me go back to my original question where is germany going with all of this in other words if that is true what you just said and you've got europe forced to take a position between the u.s. israel and u.k. and iran which way will germany swing well carthage is the answer again curfew. must be destroyed now many romans went and fought all these punic wars they

fought as valiant soldiers dedicating their patriotic fervor to rome their lands were stolen they paid the price so that carthage was destroyed they themselves were the victims this is part of carthage this is part of iran being destroyed must be wiped off the face of the earth forever standing up to the empire that they could control the straits of hormuz based on a paper currency that is being diluted and the best into oblivion sure but it's a great deal in the world to get that we all know it's a currency that is worth nothing imagine if you came up with this fabric of paper here and i had to give you all my labor for that for just because you said it also still this is focused on this piece of paper and is a movie going to trade at a premium to every other currency out there on the globe well this sort of mentality of course trickles down even critics of safety net increasingly depend on

it so this is an article that got a lot of attention from the new york times last weekend and a source with key goal brinson owns a logo apparel shop deals and julie on the side and referees youth soccer games he makes thirty nine thousand dollars a year and wants you to know that he does not need any help from the federal government and he says too many americans live on handouts and that's why he backs the tea party and he dedicates money and time to getting the tea party in there to take down the government yet this year as in each of the past three years mr goldman sachs is counting on a payment of several thousand dollars from the federal government a subsidy for working families called the earned income tax credit he has signed up his three school age children to eat free breakfast and lunch a federal expense and medicare paid for his mother eighty eight to have hip surgery twice so. they chronicle over and over that in fact much of the social safety net in america was in order to keep americans from extreme absolute poverty but

actually more and more of that pie is actually going to the middle class who are making thirty nine forty fifty thousand dollars and they're getting more and more of that pie and actually the poor the very poor are getting less and less of it and it is that middle class that they highlight so you know well that they're the ones that are most against federal hand outs to other people and the federal government does such a good job at it these people are even aware of it it's invisible to them they're pulled completely subsidized by the government and they have the nuts to come on and say well i don't want any federal subsidy i don't need it i'm a john wayne what do i need that meanwhile the entire life is subsidized by the government because a stone so well they don't even know what a frickin baby they got these as diapers changed now i want to end on one little quote here from socrates because we're doing all these history lessons of going back in history to carthage and of course athens on fire was in the news and it

really fits in with these themes that we've been talking about today at his trial when socrates was asked to propose his own punishment he suggested a wage paid by the government and free dinners for the rest of his life instead of the death sentence which he received well as a philosopher i think it's interesting that even two and a half thousand years ago this was still an issue of who gets the free lunch and a government salary on one hand people want it but as socrates is perhaps suggesting it's also a punishment goldman sachs went around that would have created hemlock futures and forced him to buy into fifty trillion dollars worth of beyond collateralized hemlock futures contracts and what have gone bankrupt and kill themselves anyway all right stacey newman thanks so much for being on the kaiser report q. manx don't go away much more coming away so stay right there. no meaning.

the official. from the. welcome back to the kaiser report imax kaiser time now to go to new york and speak with chris whalen of tangent capital criswell and welcome to the kaiser report hello max all right chris well let's get into this question on everybody's mind the

latest greek deal your thoughts well it's it's not so much a deal as buying time we're now going to try and convince all these investors to take a seventy percent loss and take these new pieces of paper in exchange for the old ones i don't know if this is going to be successful you know eventually we're going to have a new government in greece too and they may not agree with the path that the technocrats are taking at the moment so i think you have to view this is a step towards some kind of resolution but i don't think this is it right let's let's try to look at this you know a higher up just look at the euro itself not sure if you have comments on this per se but i know your your colleague over there tangent capital gem records is very constructive on the euro over the dollar do you have an opinion on this currency play well it's funny you're right jim rickards is very bullish on on the your or at least constructive and so is my good friend david kotok wrote a book

a couple of years ago suggesting that people invest in europe i'm still waiting to hear what is going to bring all of these countries into full union both in a fiscal sense and the currency you saw. we already have a currency union but we still have all these disparate countries and i'm not sure that they have really yet agreed to go all the way so if you're asking me do i think the euro is a good place to store value right now the answer would be no i don't think the euro is going to disintegrate i think the core countries germany france the benelux nations will probably stay together but the question is what do we do with the periphery even italy i just don't know that the italians or the spanish can bring their countries into line so that they can live like germans so i just don't know where we are in terms of the euro i always remind people that the treaty of rome and the coming together of the western european countries was an american idea and i'm not sure it was.