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of this is a cause a report. says you never max what happens when peak debt makes peak sources telling and it's called to the white man debt burden of the light man's burden. the burden of course being all those people around the world outside of the empire whose resources must be taken well first we have the situation of gold reserves we see germany and switzerland asking about their gold reserves that are held in new york but it all started august two thousand and nine germany's gold is in u.s. custody confirms this is based on a documentary made by max keiser brown's bottom and you're investigating why gordon brown sold off the u.k.'s gold supply and as part of the documentary you travel to

the bundesbank just to find out why it is that they held theirs and they refused to sell their little did you know that on march seventeenth two thousand and eight that weekend bear stearns would have been collapsed gifted to j.p. morgan and ben bernanke on that sunday night would have slashed interest rates on a sunday by seventy five basis points you showed up at the bundesbank let's turn to this little clip here where undercover you're talking to a buddhist bank executive little did i know that on the very day burger stearns had collapsed interest rates have been slashed and goal was skyrocketing you know when . somebody had to understand. we've been told that they're now and. there's a crisis. for the red alert they're afraid to talking to anybody because the sensitivities in this global market meltdown. it's quite remarkable really you know we made a case that maybe they should be talking to the press. they were told we were told

the situation is much too sensitive who didn't stop talking to. the fear is that the banking system itself is in peril. it's a question. you know you don't know what's going on tonight you don't know what's coming what's coming next yeah that was a shocker and then they revealed that most of their gold sixty percent of the gold of germany is held in new york and this then subsequently became a big story went around the world well of course and get the gold antitrust action committee pursued this story as did rob kirby in canada and they got a statement from the buddhist bank which is a report documentary may be sensational for getting it going dollars a month from the german central bank the buddhist bank that germany's gold reserves

are actually in the custody of the united states this is a detail the boom despite the longest deny to others who have inquired and it's potentially a matter of great controversy in germany a reeses the question of whether the german gold reserves are actually intact at all or whether they've been used by the u.s. government as part of its long time gold price suppression scheme or have been commingled and diminished with gold reserves of other countries helping the united states so this is written in two thousand and nine max to turn co-mingling yes it could very well be ever sense enough global scandal. germany and other banks and central banks are very concerned that. there are gold reserves that are held in new york and in other locations could quote unquote vaporize and as these various countries pump up their money supplies and did base the value of their currencies now with brazil saying it's going to debase again aggressively and with japan looking to debase again aggressively america is trying to debase the euro needs to

debase these countries are very concerned because they realize that eventually it will go toward a global gold standard but has been pointed out by the likes of jim records under that scenario the u.s. could declare martial law over the global gold supply that they hold in fort knox and in the new york fed and other locations and become the biggest gold purveyor in the world through a new kind of a global fee out and certainly the m.f. global scandal sets that up when you have a bank where they can just steal a billion dollars without any accountability at whatsoever then why not take a few billion or hundred billion and all right and again and now they're starting to question. her are we ever going to get our gold back in the gold treasure of the germans in new york this is from bill the largest circulation newspaper in germany so they're calling it the incredible gold candle they found out that the buddhist bank has not actually audited their alleged gold reserves in the new york fed for

over three years and they're supposed to body every three years they were supposed to audit in two thousand and ten apparently they have not done that also germany is looking what happened to greece as part of the troika the i.m.f. the world bank the e.c.b. . trolling for assets in greece they've already seized one hundred eleven tons of gold that was held in greece the greek gold reserve the central bank that's gone it's now the property of the troika so they know that people are looking for gold around the world and so they're very very nervous as they rightly should be as we reported at the time and we got confirmation within the bank itself confirmed face to face that in fact the gold was not there also you're seeing an awareness of the citizens of the post world war two era where we've had this explosion of debt they're wondering what's backing it all now that it's all falling apart so alarmed

by the build report the christian democratic union member of parliament philip this felder is the man in a list of gold ingots from the president of the german federal bank yes weidman he told bill quote i was shocked first they said there is no list then there were a list but they were secret then he told me that inquiries endanger the trust between a german federal bank and the u.s. federal reserve what does the federal bank want to hide and you know as we've been talking about we've hit peak debt this three thousand four hundred tons of gold of which about two thousand is in new york they say so if this is spend read hypothecated lent out matter. plea to create two hundred thousand tons worth of gold that you could see as the knock on effect and we could see major turmoil and a major collapse of this empire of debt oh and one of the more the most

grossest missed consumptions in the globe today is that the world is not on a gold standard the world has been and will always be on a gold standard the fact that right now you've got six or seven hundred trillion dollars of derivatives just means that the amount of paper backing the gold has never been in greater volume you have to look at it in terms of an inverted pyramid throughout history that sometimes is a one to one ratio between gold to paper money sometimes like we have now there is a one to seven one hundred trillion a relationship between gold and paper money it always revert back to the mean it always corrects back to gold to something that warren buffett knows of his heart that his dad howard buffett tried to instill upon him in truth about gold but being a rebel that he is he's going to go down in flames with a paper mountain so max the locals the natives of germany and switzerland are uppity they want to know where their gold reserves are they think they have

a certain amount of independence from the empire they don't apparently their gold is in new york now the most important thing though backing the us dollar is not necessarily those gold reserves it's the oil reserves of all the other countries around the world which the american military and the american government are burdened by whether it's libya whether it's iraq whether it's yemen somalia we are burdened by taking care of these people and their oil reserves. or their bill gross says the price of oil is the new discount rate he's referring to the oil as the defacto could. of the globe the petrodollar that took over the seventy's so low and behold here comes the white man's burden the white man's burden as a rather crippling reference live i think you're right it was the kind of a pony he wrote for

a magazine and it was in order to encourage the us teddy roosevelt to go see the philippines by taking them so on invisible children's coney twenty twelve campaign unless you're asleep under a rock somewhere you will not have been able to miss coney twenty twelve this video by these three white evangelicals and their little blond child who are saying that we need to send troops to uganda we need to assassinate this guy joseph koni from the lord's resistance army so the court here is if there was a prize for the ngo who best commodifies white man's burden on the african continent and more specifically in uganda and visible children would when they recently struck again with a new video and campaign titled coney twenty twelve well i understand that this video is something like fifty million viewers yeah well over that you know in five days in private and the kid in it is not justin bieber but the child and it is not

just. with his white parents. exactly and now the point is they're asking for the population of america to force obama to send more troops to well to send troops to uganda. time magazine makes this inconvenient point they say the u.s. military's african command afrikan has to cloyd its assets against tony since at least two thousand and eight a fact that goes conveniently on bench an invisible children's video and max yes why is africa always such a burden to us white people because they go resources the us like people want it back so our debt uganda's oil could be a gift that becomes a curse that was only four or five months ago in the new york times lo and behold uganda's oil is now big. it sees the u.s. combat troops there because in two thousand and six over two point five billion

barrels of oil were discovered in uganda along the border with the congo which is where conveniently tony is this well this is the burden for sure whenever there's all in the air there that's a poem a rudyard kipling well publicized well we're of course also burdened by the resources and people of afghanistan under tended irony from the new york times the new york times today has an article lamenting the extreme levels of corruption and afghanistan's ruling class a narrow business and political elite defined by its corruption they say and explains how these unchecked improprieties are impeding u.s. goals for post withdrawal stability yes apparently the american taxpayer in our army are burdened by these corrupt afghanis of cording to the new york times the players include people tied to president hamid karzai as inner circle many of whom

have profited from the crony capital. lism has come to define afghanistan's economic order and nearly brought down cavill bank despite years of urging an oversight i had merican advisors mr karzai government has yet to prosecute a high level corruption case so here's the new york times the paper of choice for empire not making any connection they did it once in the article pointed out that the us also fails to prosecute their bankers so and yet they're talking about the burden of having to stay there and take care of these afghanis because they can't figure out how to get rid of crony capitalism oh so what moves debt burden but what's been pushed into these killer trees and the growth of good in those developments the burden of a white man there's some debt oh iraq there's some debt libya there's some debt oh africa has nor does little america but if you chile those greece pups are three

trillion dollars in debt because of what this looked at burrton birthdays and every well we'll have to survive for now but thanks for going on because a report thanking us. that go much right cover your eyes i'll stay right there. download the official see how placation kill i phone or i pod touch from the i choose armstrong. cianci life on the go. video on demand parties mindful of costs and says feeds now in the palm of your. question. come. mission free cretaceous free in-store chargers free. arrangement free.

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back to the kaiser report on kaiser it's time now to go to the state of washington to talk with david morgan of silver hyphen investor dot com david morgan welcome back to the kaiser report. max great to be back with you all right david morgan the silver investor first you have the exact still recording that ron paul recently helped to ben bernanke be there in congressional testimony tell us about their confrontation and how you came in possession of this coin thank you max this is the

coin right here hope we're going to get a camera and go it's called the silver circle it's impreza mind that have a movie talking about the collapse of the economy and sobers role post collapse it's called silver circle movie dot com you can go that website and check out the trailer they gave one of these two to dr paul of course he held it up during the testimony and there's quite a bit of news around that on the internet especially those that are you know awake and aware from people like yourself massive are telling the truth about the financial situation right now talking about silver and other silver liberation army and so were a circle and all these grassroots campaigns last year of course the crass j.p. morgan by silver now i see the some bloggers have taken up the cause tell us about by an ounce given ounce well this is a lady that i know that does a very interesting blog sherry question in all dot com she's blogs on all kinds of

things in fact call me this morning with some updates that people might want to check out regarding goldman sachs and their position if the economy collapses i guess the bankers get paid first that's based on hearsay evidence the article yet but going back to what we want to talk about by an ounce given ounce it's piggybacking on your you know by an ounce and keep j.p. morgan down and she's basically saying you know you've got to understand if the physical realm doesn't equal the paper realm anyone that buys an ounce you're the leveraging that spankers roth roughly one hundred one and this is something you should own it is something you can give away as a gift and also think of it as some kind of a situation. give something of value to somebody else not only maybe a barter transaction but as if you have so i like it to take you back again on what you started and she has your video up there again so maybe you'll start getting a lot of new people to wake up to back skies are going to start to and she will have been heard of you but you never know. them or can imagine that the race yeah

physical server to paper silver is about one hundred to one hundred times more paper at least i mean if you look at the derivatives markets out there and then you look at that the balance sheets of these banks that are not even counted in the account in the overall look at what they're holding the ratio is even more astronomical paper to physical now recently there was a smash that's a silver price one hundred ten thousand paper contracts off so or were sold in less than an hour so how many ounces of this is there in one hundred ten thousand contracts and is this unusual david morgan very unusual and maxence going to back up if you allow me but you know just christian is the one that during the testimony about manipulation the silver market testified before to see if you see the paper to fiscal ratios roughly one hundred one and we usually get out jeff out to the silver summit here in spokane every year and getting interesting presentation last

october a said you know really it's not one hundred one it's four hundred one twenty put up a chart actually have for our members and the members part of the more going to court but anyway but what forward yes the smash down it was roughly one hundred ten thousand contracts five thousand pounds per contract so you're looking at about five hundred fifty million ounces of fine silver which is roughly three quarters of the amount of silver mined in a year and all that took place during one trading sed session on the c.m.e. and yet the authorities just looked the other way what's so striking to me is the amount of people that get so upset by this me being one of them. but yet they feel lot but the that they want to give up that they have no recourse and you can't control that of course because the sea if you see won't control what the mandate says it should but to me i want to make the point that eric sprott who started the p.s. or be the physical sort of trust. recently did

a shelf fall of one point five billion ounces not that long ago they took pictures of falling down and they issued about three hundred million dollars to buy roughly ten million ounces of silver when that physical ten million ounces of silver was bought the price shot up from the point it was announced to was collected roughly two hundred dollars yet it took fifty five times that amount on paper to take it down the same amount in price so i really feel that we're winning max i mean that again shows the point of what you started with that why announce taking on j.p. morgan this by an ounce given ounce it's all about taking the physical and holding onto it because that is what the leverage is the system which takes fifty five to one to get the system down the same amount of price and shows you that buying something physical really has meaning well as far as these grassroots campaigns like crash j.p. morgan buy sell or finance given a chance that i've been involved with i really gone to school on eric sprott eric

sprott the guy who has come to the market and said look here's what the annual production is here's what the annual above ground supply is here's what the demand is and this thing is going to go higher and of course that eric sprott we're not talking about by an ounce denounce we're talking about a billionaire one of canada's leading billionaires is talking about buying a billion dollars worth of silver at a time now you probably have more can't i know you must have more contact eric sprott than i do personally but it's see you know i think of him as a silver vigilante like a clint eastwood character going down to the silver pit you know and then just firing away at these paper of silver bugs but do you get the sense that he's genuinely has kind of a. burning in his belly to go after this these paperbarks. well he's never told me that but it really talks about the payment system initially and how

unsafe it is and how safe it is to own the metals and that's really your only asset class you can hold outside the banking system we're not exposed to these banking problems that exist so that's number one number two yes he sees the silver similar to what i see is probably the best investment over the next ten years and he goes through his numbers which are very similar to mine and there's reasons why which again are similar and i really do believe that he put up a shelf filing just to have the ammunition ready to fire away there's one point two billion dollars left on the top shelf filing so you know at the time of the price but he could have bought roughly fifty million ounces so recently but ten million so far so i believe that any time somebody gets in the under thirty range he's probably going to take take a shot at it noone is going to buy more physical so i see it as very bullish as i said and i think we are when i really thought about that other precious metal gold for a second because there's some very interesting crosscurrents going on and some international

dialogue happening based on what we've been saying on this show for quite some time that is to say that a lot of the european central bank vault is not held in its european central banks it's held in u.s. federal reserve bank in new york as one of the main repositories for german gold for example as another start to freak out in germany and that way we want our gold back and we see this all over the world venezuela repatriating all we see repatriation of gold now being talked about in switzerland what's this trend all about david margan is a p are these countries finally waking up to the fact that they don't have a physical in their vaults and they don't have it jacqui i think you were instrumental in getting people where there are you know and now they're following through with action you know it's all the schools not money i mean we're in a queue testified i think ron paul asked him about gold and said well it's a tradition. it's not money regardless banks know what it is in fact if you go back in history not that long ago on going back roughly ten twelve years the bank of

international settlements the bankers bank you actually used to be able to be a stockholder in the now that's truly private again they used to account for every asset and gold all in other words they don't care what member banks again this is the top as this is the highest bank that exists at least to my knowledge a list of some black banks somewhere that no one knows about bank of international settlements accounted for everyone in gold all right so they know whether to do this and they know how to account for you know what it means and these countries do as well and they're scared again i think you were instrumental in getting that started and now these banks are getting worried and they say you know something really takes place we don't want to record in the new york fed i was in new york oh i don't know a couple years ago had toured the fed took some photographs did a little video for members but i'm on the street walking on the sidewalk and as i'm walking right past the the fed there i'm thinking to myself you know i'm walking

over who knows how much percentage of the world's gold right now and how many people you can aware of it and how many people realize what i explore you know surface area this is relative to the whole planet gold is rare gold is scarce gold is valuable right now i imagine that be i asked the bank of international settlements they also came out with a report last year as a recurring ongoing look at they and positions in a derivative markets because they are i try to keep track of these markets and that's where the data came out originally about j.p. morgan's three billion ounce of sorts they've got to balance see that looks like mt vesuvius the day before blows up if silver gets over fifty the idea j.p. morgan stock is worth zero that's worth my works tells me what is what do you see on that front david morgan. ok well i'm not to pick an argument max i first of all everything he said i agree with secondly i mean they're totally insolvent or

totally broke right now i mean they are absolutely insolvent so how do you blow up a bank that's totally blown itself up already it's just no one seems to realize it other than those that follow it work like yours but what will happen if it goes above fifty or one hundred or whatever in my thinking it'll just be another too big to fail to print more funny money and try to cover it over but i don't think that i think that's very relevant of what a pension will happen i think more importantly is it doesn't have to get to that crisis thing for people to wake up and the whole financial system to crumble in other areas i mean this whole idea that you can have debt much of a short position is ludicrous i'm actually ok with hedge you know i mean all of my coin dealer will young dealer friends need to hedge in the market because it's a margin business so you've got to hedge off their daily activity in a mine might hedge off a year or so but the hedge off like five or six years of total global supply and

when you see what they have in the public domain as far as how much socially habits pathetically i mean this is just ridiculous and again i go back to the authorities saying where are these people you know it's obvious what's going on and yet they've been looking at missing for years now and have yet to make a statement and then this happens just recently in the last mash down again no comment i mean i think people had people are waking up where certainly had it and it just frustrates me then morgan rather time but will think again soon thanks so much for being on the kaiser report thank you max it was a pleasure to be with you all right not going to do it for this edition of that has a report with me max kaiser and stacy herbert i would thank my guest david morgan from her life an investor that he is these sober a guru make no mistake about that it's not so many now please this at kaiser report r t t v that are you it's an exxon it's an act that.

you know how sometimes you see a story and it seems so for life you think you understand it and then you glimpse something else and you hear or see some other part of it and realize everything you thought you knew you don't know i'm sorry welcome to the big picture. if. he.