thanks for being with us at half past the hour here's a quick recap of your headlines a year into the syrian conflict british newspaper prints e-mails apparently written by president assad and his wife which revealed scores of personal information. afghanistan's security will be in local halves next year as the british and american leaders confirm the countdown are at their meeting in washington. and illegal immigrants coming to the u.k.

in search of work are finding their dreams ending in homeless poverty. max max and stacy discuss how financial woes have left europe looking at its debt wounds kaiser report is next. max kaiser this is the kaiser report let's talk about yogurt kamikazes stacy herbert max kaiser there's a war on if you need to be armed that's a younger kamikaze going rico. then as they lows falls victim to yogurt attack yogurt seems to be the name of the game in greece these days as more and more people are using said dairy product to express their bubbling contempt against any parliamentary representative they happened to come across finance minister possibly would be leader even jealous then was the latest

victim of the yogurt kamikazes at a convention on saturday and the man who threw this yogurt at him was an elderly citizen who was using a crutch to help him walk up to the finance minister threw some yogurt at him and said that he was upset with his pension being well the thing about this yogurt is that you know eat a lot of it and you'll live to ninety but the problem is now up until now your pensions been stolen by the telco so all that yogurt is no good people are getting rid of it like what you're looking ninety i don't get a four to look past fifty two. in the yogurt in the face of the technocrats of stolen all the money rightly so well just so others out there understand what you mean by true that's max keiser pronunciation of troika. so you know here is one weapon in the financial war which is greek yogurt however the banks there is a far more weapons and their arsenal financial repression back to stay says carmen

m. rinehart on bloomberg as they have before in the aftermath of financial crises or wars governments and central banks are increasingly resorting to a a form. taxation that helps liquidate the huge overhang of public and private debt and eases the burden of servicing that such policies known as financial repression usually involve a strong connection between the government the central bank and the financial sector it's a financial pressure next. could be called financial apartheid i like this one because you know apartheid you build a wall between the ghetto and the rest of the people many of people in the ghetto you treat them wrong here with financial apartheid or refine and still rip pression it's all based on interest rates the people on the inside who peddle the credit default swaps for example their interest rates are negative two percent and of course they can just print money all day long and they get themselves huge bonuses

and they don't care what happens to all that money because inflation because they themselves are putting money to buy whatever they need to buy no matter what the prices because they're printing all the money those people living in the ghetto the new get out the virtual ghetto to get a high interest rates are paying sixteen seventeen eighteen percent of those people are living of course in the high interest rate get enough people say that well you know if you can pay back your loan you get charged a higher interest rate that's not the case here for people who don't pay back their loans like the banks are counseling defaulting on loans themselves they could charge a low rates the people who actually pay back their loans are being charged high rates so it's a complete bastardization of capitalism is financial part and it's happening right now in the place you just mentioned well all over the u.s. and europe and you know for those trolls out there here's the troll away thing because they're going to say max keiser there's no such thing as negative interest rates well that's what the financial repression is according to bloomberg in the u.s. as in europe at present this financial repression means consistent negative real

interest rates yielding less than the rate of inflation that are equivalent to a tax on bondholders and more generally savers those negative real interest rates but they're also negative nominal interest rates of. but the idea floating around that selling sovereign bonds a discount so that they would mature the losses actively so you're guaranteeing losses and the reason people would sign up to a negative interest rate as a u.s. treasury by the pays a negative one percent is that they can still use it they would prefer to use as collateral because it is very liquid that they hope that they can invest or put the collateral into an investment that would exceed the negative interest rates the stated coupon negative interest rate of one percent they think they can get four or five percent remember the scam with the wall street bankers the fed would lend them money interest rate that they would immediately lend it back to the fed at two or three percent higher right so these interest rate boondoggles are going on

perpetually and interest rates are completely fungible item there they have no relation to any underlying economic activity whatsoever they're just completely pulled out of the hat of the central bankers based on their own constituents needs to remain in power and now as bloomberg points out their reason for this financial repression for the negative rates is the alliance they say between government banks the fire sector finance insurance real estate are in cahoots with the government to financially past a certain part of the population so that brings me to this next headline max a continuation of this theme of financial repression five hundred thousand pound mortgages backed by the taxpayer as new by guarantee scheme launched so up to one hundred thousand people in the u.k. will get government support to buy new homes worth up to five hundred thousand pounds in a coalition move to revive the middle class dream of home ownership so the new guy

guarantee scheme launched by david cameron is where the government guarantees part of the homebuyers mortgage allowing them to take out much larger loans than they might otherwise be eligible for however it could also raise fears that the state could end up. very teeing more risky borrowers but this is another gift to the banks from david cameron. ok ok moron. and it is absolutely a misallocation of wealth misallocation of assets the money should be allocated to create jobs real jobs they should be allocated in ways that increase real wages of course people say well this is going to increase some construction jobs but compared to the speculative bubble that will be imposed upon the system that will need another bailout in two years time and the printing of another huge trillion dollars of pounds of bailout money which will cause even more inflation does not justify the piddling a number of construction jobs that this give away by cam moron is giving to the

banks once again his constituency in georgia is more they're there for the banks this is another bank giveaway well actually it's also you know mollycoddling a certain sector of the population that is on the house and louder they do mention that the new house buyer is now in the u.k. average age is thirty seven in certain parts of the u.k. because they can't get onto the ladder and they also said that actually for the first time there are more buy to let mortgages being issued then there are mortgage for occupier owners so you have this emergence of a renting a class this is something that you've talked with with steve keen with michael hudson and this is the exact opposite of the capitalism that adam smith said should happen well there should lift the market clear the demand for housing is such that the price should reflect the demand the supply should reflect the demand that the man and supplies supply demand but you know that's not for cam cam or on this isn't

good enough for any sort insert himself into the into the market and so you know i know better of the market and i need central planning to help me figure this all out which of course is just putting the economy even more risk i've got five trillion pounds in debt on the books right now and they're going to end. so again the global financial crisis one of the causes of it was the global housing bubble so here he is stoking it again the other element to the global financial crisis was the forex market currency volume surpassed pretty lehman peak bank of international settlement estimates so currency trading may have risen to a record five trillion dollars per day in september surpassing the peak reached before lehman brothers collapsed in two thousand and eight according to the bank for international settlements foreign exchange trading has surged as central banks including the federal reserve flooded markets with cash to combat the global financial crisis japan intervene to help its exporters after record earthquake and

a tsunami a year ago while the swiss central bank imposed a cap to stem frank straight in september when the room for fraud on a five trillion per day for us market is enormous and this is only again empowering and rewarding the worst amongst society that becomes a caca stock r.c. where the worst qualified in the most corrupt rise to levels of influence and power and they have total contempt for a free market there's absolutely no need for a five trillion for expert day unless you're trying to it's like you get a cut on your skin and the big the cost starts to lose and this is the forex market is the financial pos trying to run into the cut there's been made into the global finance by insider trading and market manipulation from moron and mervyn king and ben bernanke gave the whole day and he done in in the whole list of of who's wanted the most wanted financial terrorists in the world well the article goes on to point

out that it's part of a currency war as brazil has called it and as of course jim rickards has called it but i remember john authors who we also interviewed from the financial times that. about a year ago on the show we guarding his book about the financial crisis is he specifically mentions the four x. market and the time is only three trillion a day now it got up to five trillion it's a zero sum game it's a genuine just war ground there's many losers for every single winner well john authors wrote a great book and the thesis of the book is that markets are all tending toward correlation and that everyone is basically on the same bet for example over two hundred fifty hedge funds all own apple computer for example there's a tremendous concentration in that one name which leads toward incredible instability so the and the reputably of the crashes of course is increasing so the next crash they will have will be bigger than the last crash but of course it'll

shake off more of the bottom ninety nine percent off the decks of the boat of the good ship global economy and they'll end up disenfranchised we won't hear about them anymore except that. in greece for example my understanding is that they're starting to build more prisons so we have the four extra years ruling the global financial markets at the moment now remember the first country to collapse because of the financial crisis was iceland because of the yen carry trade iceland will adopt euro or other currency prime minister says iceland will either adopt a euro after joining the european union or drop krone and unilaterally adopt another currency as a situation can't remain unchanged since prime minister johana sigrid go to her she said the choice is between surrendering the sovereignty of iceland in monetary policy by unilaterally adopting the currency of another country or become

a member of the e.u. so either way it's giving up your sovereignty these are the only choices our leaders are saying that we are presented with this is the only option you have is give up your sovereignty or give up your sovereignty well the strategy won't work because remember agree. join the euro and they did stop the troika and other bankers from picking it off and killing its sovereignty and turning it into a vast will stay the only thing that'll save iceland if it really wants to remain free in a planet has got a war with denmark. or declare war on denmark and then immediately all the arms dealers in the world would start writing the checks and they would be off and running and they'd be an independent sovereign nation but if you don't declare war on somebody then you're just live and you know you're not live in the big house and i'm all right says her back i want to be on cause report all right don't go away stay right there much more coming your way.

i and my thighs are welcome back and it has a report on how to go to dublin to speak with mark o'byrne from gold corps hello mark welcome back to the kinds report i saw it on again art all right mark the people of germany and switzerland want to repatriate their gold from new york is this game on for the global currency wars and will germany and switzerland get

their gold back if they ask nicely for it yeah it is going on for whoever has the worst soaping in writing about it for a few years now and it's only just partly to the mainstream in recent months it was reported or stream go well there at our titian's it was over actually outside at the federal reserve. new york asking questions that german gold holdings here holders are sos because there's are a lot of transparency about where exactly are the german reserve stores and then also sits on the. movements going there are people who sort of a website under are they getting at people to sign up in order to get some source regards the swiss gold reserves so whether local park or not who knows because we don't know where they're going to lose them and who actually owns the gold house and over the stock there are lambs it's a marketplace it's a very opaque party on some spirals sector central bank roll reserves but i think germany was actually quite so very powerful nations economically and it would have

quite a bit higher than where it was so i think yet it possibly will have a stronger on the security nosers lives in the smaller so-called p. . nations who might have a little bit more in europe in their home. raw imagine a so-called pig nations in the case of grace the adult some big you know pretty sizable gold reserves but now they don't own it anymore do they base it was it was going to woo grievously sleep in the small print square park at the recent arrest in berkeley who turned to gold reese owns it may not lumber be their own it's a national. way but it was funny and that was in the small produce agreements by the new york times arms suppose the concern is you know free says i you would expect assets like that to be on the table but i think what concerns people is the lack of transparency or a lack of oversight was under. very basic error of the set of small periods of one

of the agreements that it took almost as it is sort of a small paragraph in york times barely up it's a whole really. it starts sort of. a like respect program rule of law and basic parents those people should know exactly over their arms table which it should be put on the table every virtue you wear or is on an. irrational. betha you know mark i was reading david mcwilliams this morning and he was talking about the fact that greece just a faulted and their markets are rallying and whereas he contracted this with ireland who for some reason paid off a sango irish unsecured debt of more than a billion euros and continues to dance to the bankers tune in just discouraging all those nonny what do you think of david's then acclaims point here that it's in and ireland's best interest to default and go the way of greece actually and not to

keep discoursing their hard earned cash to these corrupt bankers who grew very very hard to argue with him and he has been piling on the money into starker long years and the number who are good for a number of others. conference or very cogent rational argument that the right should not go is that. basic economic rationality i mean we can't afford it and that these are serious measures purpose making the army much much worse than it's been great so yeah we want to send an immensely or passengers. to the man of you know we're all told that armageddon is in our results in the unsecured debt buying a lifeline that wasn't a backpack that we like to gloat in the country you know many a. class you know and that and then greece goes and goes it's a huge mass the problem not just trying to get out of it there are some aren't as arms yet but the stock markets rallying around that nothing has materially changed

the greek people are still suffering mass with but nothing has changed their previous problems most people so that's a lot of scaremongering by. those people and in the fact that there are senior people in britain the i.m.f. or the e.c.b. or troika you know and they've communicated this to our politicians who basically bought into a supply and sinker an undisputed scared article in saying well done especially but that you know we have it all by clipping. and had to wait for that and i do think that we will have to have fallen asleep for this purpose because all of this that started their own it was there's no way now we've got economic growth back over two three four percent which is not going to happen anytime soon and even that's not possible actually. yet i think it's just a matter of time before we first of all we should. say we should be called on the banker i started i will irish bank x.

on secured then we should look at the security that and then maybe then we look at the sovereign debt but i think we need to carefully with that a little bit and just see what's going on in the restaurant a little. sufficient medical cause you know that there are risks you don't say there's no risk whatsoever but there are risks whether it's shown the risks are far left them then. the new man of you know financial armageddon if we do see progress as betrayed by bankers at so i think that's where we'll have to go over the. yeah it's funny in ireland the relationship with these creditors it the idea that if you default you're going to cause an economic collapse and there won't be cash at the a.t.m. machine meanwhile the forex market is jump to five trillion dollars a day there is no shortage of liquidity out there if ireland were default on all of its debt it's a basically a pimple you know the entire on the on the on the on the grump of the global money

markets i mean the entire forex market trades seven eight nine ten times ireland's g.d.p. every day you know if the entire country were to fall nobody would notice much there being a catastrophe you know it's when i was when i'm in dublin i hear people talking about i or irish as if you know it's their mother and their mother would stop loving them and then instead of understanding that i go irish is all whore is a prostitute the prostitutes don't remember you the next day they don't remember fondly though that what you shared with them the day before you know they're just prostitutes their wars but mary and arlene they seem to be wanting to have a relationship with anglo-irish who is not interested in a relationship they just want the money so you're going to spend right up there america segments and it runs in four point seven trillion or twenty four hours it's going to turn over fractures more you know and that's actually. how huge.

leverage were you know when it's all this money use foreign system and yes you know a smaller. crater armageddon you know it's our you know and we spoke about this last time it's the finance the permanent government has an arm and i would say in most part of the finance. arm there being basically very strong. investment growth. he who are protecting our own interests not economic interests are all facts are facts right. now we've seen the very visible results of austerity in greece and not just the riots but the whole most suicides also the economic death spiral what are the output numbers in ireland these days a unique circumstance a consequence to be seen are when as a result of the austerity where are we seeing similar things in greece or not not

as bad not on the scale of greece it's us also form of pre-sliced. we do have the safety valve emigration which you have for this year. i mean i don't know if your help however the people you're manorama brings us up to. an expert ever asked we are people working abroad. he were hewing have cited or hundreds of hundreds of people here if this conference in order to find every opportunity to work abroad so that's one for safety valve for for a bit but our visions of the reviews for this trip. the mission suicide increased good figures and on the increase quite remarkably. well. yeah it's. how different was life but it's interesting to hear i mean i live and work in the city center and it seems to me who the more for the sort of you probably be on the bit yourself like you know the city center this person you know that poster

folder restaurants of all it you would know that resulting from this massive awesome eric session you know what it's more it's more out in the countryside it's also in in sober on the north south side of the front it's much much higher i think where the pastor are getting his air much more. then middle class and i think that's partly because the middle class so screw the teachers and nurses the cars the housing and a whole lot of pain sector. before shipping him to be ready to make sure our pay. you know if. there was a. hospital season the last will have to be pay so we have quite a large state. harshly i'm going to look at what should be looking at first it's what we saw and should look at all of us the audience that it really left and then once it's taken care of then maybe we should look at the. say public sector. so

if it does mean that there will be a little bit insulated on there i think there's still a lot of complacency in our reliance actual risk so that they're picking a return of the currency our relation to the still remote risk of a very promising there is that risk and i think it increases this increasing effort still quite remarkable also more longterm yourself. in the mountains you know when you see the man on the east peace creating respect and that's a great notion i see yours and if they should include months or years. let me just ask you about iceland their former prime minister azhar trial now for his role in a financial crisis and you seeing anything like that happening in ireland where they get let's say sharpish patrick for man of irish if they get him on trial for financial terrorism do they see anything going down this path hopefully we will i mean i can guess that we need a man who need to learn

a lesson from to some other people who have been involved basically i think bankrupting the country should face trial you know. you have the icelandic resting heart is a moment he's on trial you mentioned shot spotter i think there at the ace of spades so to speak it's working her who was there hope the minister of finance and he was. on c.n.n. he was the man who i would think those are people who accept this american soccer for every message fires out the un has a tribunals now that's only if it's evident i think it's at finding software sheers on how they're going to get their evidence and he's basically asking for corruption or who gives us and see what our climate are of course you know i mean. he was also selling actions and he was a minister of finance and you have an impact. i mean this is the song. is called a blank check has to do with money floating around ignored money in common he said

the money came from placing bets on horses so under the fish rots the arabs would be i think aren't like that the farmers are some of us or the mess we're in and we should record people like them on our own looks or so it's her i'm going to tell it to my person going to her for you never let go of the regrets. about. the rest of what's happened you're. so pissed off that. right i'm not a burnt thanks so much for being on it as a partner at a time slots and that's going to do it for this edition of the kaiser report with me next as her and stacy herbert are thank mike o'byrne on gold core dot com and a semi now placed is now at kaiser reported r t t v are you guys are saying by i'll . leave close a. deal we are me where the for my fours are made and can be tested

to limit. our she goes to the europe. where blacksmithing develops from a craft into an industry. where rough wrong turn into words of beauty. and where a village newspaper hi jimmy. welcome to the square. russia closer.