r.s.s. feeds now with the palm of your. question on the ulti dot com. good afternoon and welcome to capital account i'm lauren lyster here in washington d.c. these are your headlines for march twentieth two thousand and twelve the g.o.p. is out with a new budget for the u.s. kenya see what's missing from this picture there is something really glaring missing from those assumptions it affects the entire world you could argue we'll let you know if you can't figure it out will break through the p.r. and more of the wall the establishment is trying to pull over your eyes from m.f. global to the jobs act to the mortgage settlements and ben bernanke he started his college lecture series today what is he trying to achieve exactly. we're going to

talk to you about the most urgent thing that is on our mind and what we suspect is the most urgent going on in the minds of those who will connect with us. in that vein is he indoctrinating america's college students trying to initiate them into the course of support for the bed attempting to set up a narrative and right history will discuss and we have the evidence that perhaps goldman sachs bankers and muppets are so different after all. special. training. today the muppets as in the ones you just saw all received a star on the hollywood walk of fame much better treatment you could say than the real life ones i goldman sachs according to greg smith all that and more goldman alum who have come forward about the firm's muffet customers will give you the

round up of them as a new round of staff cuts a pullman our dogs latest work let's get to today's capital account. as you heard me say federal reserve chairman ben bernanke he began his call into lecture series today he spoke to undergraduate students at george washington university right here in d.c. for becoming the first chairman ever to help teach a college course now eighty students apply wrote essays really wanted to be a part of this to become indoctrinated and why the federal reserve is important i would argue let's highlight a few of his powerpoint lessons since we listened and watched his lecture

attentively so here's where he's talking about the fed being the lender of last resort he says the qualities there are that they lend freely against good assets at a penalty great to discourage excessive use of that's what he told those students that's funny though because we the federal reserve has done anything but lend against good collateral in recent years you know traditionally the fed has accepted only the highest quality collateral in return for a loan the prime example is u.s. treasuries during the two thousand and eight crisis however the fed post-crisis was willing to accept seemingly any dubious piece of highly overvalued paper paper that was deemed a liquid or toxic or popular words by the rest of the banking system c.d.o. is full of things like commercial and residential real estate loans credit card loans auto loans student loans and the fed has offered trillions of dollars in. interest rate emergency loans not penalty rates low interest rate loans that were

not just closed by the central bank until last year to keep banks like bank of america as an example afloat and here he is talking about what's wrong with the gold standard one of the things he says at the bottom is that the effects of bad policies in one country can be transmitted to other countries if both are on the gold standard ok that's weird because we thought if you're on a gold standard. essential you can demand. other countries or other countries can demand gold in return for dollars if you start to print them but with pm currency if one country is devaluing this causes another country to do the same we've seen that with brazil and china in response to the us what's known as currency wars we talk a lot about them we've been interviewed the bestselling author of a book who's talked a lot about them so this is exactly the opposite of what bernanke is saying let's break through the propaganda though that's coming from all directions it's not just

the we have and the global we have the mortgage settlement we have the g.o.p. budget released by paul ryan here is to talk about all of this is gerald celente he's founder of the trends research institute publisher of the trends journal and i am so happy to welcome him back to capital account time mr solenn say if you have any time absolutely are always such a pleasure and so insightful so first i want to ask you because i sat through ben bernanke the professor bernie lecture today and heard some assumptions that he made that by would disagree with talking about the importance of the central bank as a government agency and the necessary of having a government agency with the public's best interest in mind what would you gerald celente tell those students about the fed and its mandate. well i think the whole charade this dog and pony show that he's putting on talking to college students really says it all and it's all connected people should understand that all this is

high school in college for example the same politicians that are telling you what to do today are the same people that you knew in high school in college that wanted to be class president and the head of the student council and they solve their career path and here today keith this guy's really united same frame you know the professor the princeton professor you listen to be a do your assignment and you'll go to get a good grade just pay attention and repeat exactly the so that's all there is says lauren it's a charade it's a show it's high school usa yeah and it was live streamed all over the usa for anyone who was listening to that lesson cue and maybe bernanke is hoping to have them repeat after him after all of the flack he's gotten some called the p.r.

offensive speaking of professors carol and we too have president obama's. nominations for federal reserve board of governors they testify before the senate banking committee today and you know even though some of them talked about a little bit of difference in policy perhaps maybe raising interest rates before that two thousand and fourteen date that the fed has given if things improve a lot a lot of the stuff i heard jerald wasn't to be encouraging jeremy stein is a harvard economic professor speaking of professors that this and that is showing a lot of the ability to adapt and evolve in terms of the tool that is used to conduct its monetary and lender of last resort policies not carol no kidding it really have the advantage despite no change in its mandate when you hear these guys is. this is more of the same yeah and that was a long statement to say we're going to print a lot of digital running as fast as we had flooded into the system with near zero

interest rates and again this is it's one big ponzi scheme look what's going on over there are over there in europe with the european central bank and you want to talk about great collateral war and what are they doing you know one point something trillion euros that banks could borrow at one percent interest rates throwing junk on them they have no collateral they have no money and what are they doing well you know pay it back to us in three years just keep this ponzi scheme going so the really what's and this is very important parallel it's going on from all over back to the creation of two thousand when the nasdaq crashed and the dot com bubble burst what did they do after nine eleven they lowered interest rates to forty six year lows to keep the ponzi scheme going because the cats don't like to lose money and they have to make it back real quick well now they're doing it again

but this time people don't have the leverage to pry home so what are they doing with it going back deep into credit card debt oh now they're buying automobiles and a lot of crap that they don't need at retail stores so it's really the same thing they're doing doing is printing the digital money not worth the paper it's not printed on as fast as they can and dumping into the system and when you're talking about consumers spending it on things they don't need maybe jerald that because they are frayed afraid to take any risk with their savings look at everything and conducted this study and found that not only are two thirds of working age adults believing that the u.s. economic model no longer works for the majority of americans but what is more striking to me is that now fifty one percent of americans they polled are not willing to take. with savings that's up carol term june of two thousand and nine where it was forty percent so is this a direct byproduct of you know

a vicious cycle where people are afraid to take any risk because of maybe what they've seen in the financial system but yet they can't make any money because they're basically repressed by the zero percent interest rate so they're buying but screen t.v. the best buy or whatever part of it you know that yes that is definitely a part of it and let's look what's happening to the older people the retirees they're not getting any return on their body because of these viciously low interest rates that a put in place to i call public enemy number one osama bin you know not hurting a lot of people with this low interest rates and then why wouldn't people invest in the stock market or commodities markets she i don't understand why you know m.f. global leavin brothers the goldman sachs merrill lynch why would anybody be afraid to kids their money to. these are you know i just heard mayor bloomberg you

know the billionaire bloomgarden billionaires have direct lines to god because he said that even guard would have trouble straightening out what's going on at goldman sachs yeah god kids straight out hell let's make this really clear just for the record you know that money changer a long line of that christ beating the money changers out of the temple the only time he becomes violent guess what the money changers are in control yeah your own just to fit the record straight on on mayor bloomberg comment that even god couldn't run goldman right now without a lot of flak and do you think it is because i think that it's his job to support companies that are responsible for new york's tax base or do you think he has as you said is a billionaire a former investment banker really believes that goldman is doing god's work. well you know i don't know what he believes but it's a lot of crap and you know getting caught into this things like the stupid

politicians like brock meaning came in and perry and the rest of them you know i got a telephone call from god and god said i should run for office i'm sick of these people telling me what god told them what god believes i miss is kitty crack along with listening to a lecture a bunch of college students how dumb or could this become how much more shallow the it has to be before everybody sees what a big show this is and everybody's and start to calm osama ben bernanke either jihadi banker real quickly jerrold i want to get more into m.f. global after the break because i don't think we're going to have time to right now but a new ruling in the lehman brothers bankruptcy has k p m g who is in charge of administrating m.f. global's it's a chemical with european administrator and they are saying that the precedent that is that which says that customers with non-segregated accounts and segregated accounts basically are equal that you have no priority if your money was in

a segregated account to get your money back before that non-segregated account holder you are a segregated account holder right how do you feel that they're saying this is the precedent and that's what the courts are ruling over there those walis in robes and wigs making this stuff thought they were all members of the clogging and what they're doing is they're giving their friends the money and the big guys got most of the money and they're in on the deal the j.p. morgan chase and the rest of them anybody looking at this you had that wonderful interview on with mark. yeah mark maleng hurley and he really laid it out clearly that this shouldn't be a chapter eleven bankruptcy and on and on the whole thing well i is in john chorus line being brought up on fraud charge. this is when gensler gary gensler the former is underling of john cause i'm going to go through the goldman sachs guy why isn't

he now he's the head of the commodities futures trading commission he said it was fraud and basic work language when you go into segregated accounts way out isn't corozal i'm being brought up on floor draws is why is it that every little person out there like us working people really get hit by the letter of the law but the people on the top get a free ride that's the question and that is the question and we'll continue to try to answer it on this show will continue to try to answer with you after the break but we have to go to break quickly will be back with more with gerald celente founder of trans research institute publisher of the trends journal and also still ahead greg smith's new york times op a claim some goldman sachs employees refer to their clients as not that everyone knows and i now but it may be those employees that have more in common with the muppets after all will give you our three cents on why their fifteen minute walk of fame is not over but first your closing market numbers.

you just put a picture of the need when i was like nine years old on your show live through. the concession i am in total get of friends that i love cry because he is sick and . he was kind of the gist of it. i'm very aware of the world without she explains. you know sometimes you see

a story and the saying so. is that you understand it and then you glimpse something else here sees some other part of it and realize that everything is ok. i'm charging the big picture to see. what drives the world the fear mongering used by politicians who makes decisions. who can you trust no one. is you know with a global missionary city where we had a state controlled capitalism is called satchels when nobody dares to ask why we do our t. question more.

before the break gerald and i left off talking about the difference between how the banker aristocracy or kleptocracy is treated versus average regular people who aren't part of that elite class i want to really break down what i was talking about regarding m.f. global before but before i bring gerald back because this is just completely insane to us so i'm of global's european administrator k.p.n. g.e. now expects litigation to deny payouts to clients or to delay payouts to clients after the landmark ruling and the bankruptcy of lehman brothers so in this ruling britain supreme court said that lehman's clients whose cash the u.s. investment bank had nixed with its own have the same rights as clients whose cash was segregated in a segregated account so this means effectively for m.f. global that if your money was in a segregated account you have exactly the same right to claim it as if you didn't

this just blows my mind and gerald celente was once on our show telling us that his money was frozen in a segregated account as a result of this whole am of global he said it was to the tune of six figures i want to bring him back and just follow up with that notion of what we're talking about before the break because they're all just on a personal level do you think you're going to get your money back and how does that make you feel. oh it's wonderful i love i love my body being stalls i mean how do women like getting raped this wonderful feeling as they could do if they could do anything that they would i haven't had a better day of my life wonderful it's like when you find out you lose all that money over that's ok look when they bring that clown close lloyd in the floor of the house to testify check it out a honorable in front of his name. the whole game is rigged and look we just had

a major collapse the worst since the great. procession think of the differences after the great depression the banks were demonized glass steagall was put into play now the banks that became the too big to fail and we have to save them have huge scene one with three head roll from andy from lehman brothers from morgan stanley from goldman sachs from countrywide some are called the or not yes hero and they come up with is to pit why that good buddies do because it's just a revolving door that we need or it mit nord to drop that we screwed you on and nobody goes to jail yeah so that's what the whole thing is as you played on that clear pitch really clear who was the c.e.o. who was the admin the treasury secretary bush henry paulson was it from goldman

sachs that was the head of the c f.t.c. gary gensler is he from goldman sachs who was obama's chief of staff over there a little while ago oh that was the daily receipt from j.p. morgan chase who's the treasury head over there in canada oh he's from goldman sachs who's the head of the european central bank that dragan vice chairman of the european division of goldman sachs yeah i mean what is it take a six year old to figure this out the merger of state and corporate powers is clear fascism and it's right in front of you norman sacks us says there you go and gerald you know while workers while people whose money has been frozen and disappear been still land don't know if when they're going to get it back you have people that are betting on this and they're investing on the carcass of m.f. global in fact it was the third most traded bankruptcy case in february after lehman and lehman former brokerage so investors think they're going to make big

money on that say. yes some of the i get all these mailings from these different firms that want to buy that you're wasis and again it's part of the casino this is what goes on when by the way here's something that really slipped away how looked out dad guy terry in stuffy you know the guy with a big mouth over there from the c.m.e. group that told everybody to have a videotape and put it up that the c.e.o. of the group has a hundred billion with a b. worth of collateral to pack losses such as the one that occurred with m.f. global how come nobody's calling them out on the carpet instead they're running these two bit ads on bloomberg and everywhere else saying how safe you were are with c b yeah so brightly since anyone calling out can read stuff you saw on videotape saying that they have a hundred billion dollars in back up for people they could sheriff did like i did in many other yeah well we'll play that again and again gerald until something

comes out of it which we certainly hope it's some kind of justice is served i'll be sure to ask your questions about fraud to bill blackie the former regulator who we have on tomorrow so we can continue to follow this because it is so important and i really truly believe it is so undercover thank you so much for coming on and talking about it i am giving your personal you know response to it because this is affected you personally that was gerald celente founder of trans research institute and publisher of the trends journal. all right time for a loose change and before i bring dimitri and shannon here i just we didn't get to jerold to talk about this chart that are brought up at the beginning of the show

what's driving our debt that's part of paul ryan's budget plan because i asked at the beginning of the show what is missing take a look at the. defense he doesn't put defense in there now i don't know how something that is nineteen percent of federal responding more than fifty percent of discretionary spending cannot be considered to be driving the debt but i just wanted to point that out to everyone as yet another example of the wool being pulled over our eye now let's bring dimitri and shannon in to talk about some of these stories that we don't want you to miss because greg smith claimed last week in his new york times op ed of course that some of his colleagues referred to goldman sachs clients as nothing it's that was just one of his bathing remarks about goldman sachs but you know maybe it's those employees that actually have the most income with muppets look at this. chart or say the poor trusting north. star so.

look at that what do you know muppet mortgage lenders now muppets got a walk on the hollywood star on the hollywood walk of fame today a good time to bring out some of the muppet commentators that have come forward other goldman employees who have come out talking about their former employer let's bring up some of the ones that caught our eye at a former partner with goldman sachs jacki zehner who said so much junk was created that should have never been with disastrous consequences and that will be a black mark on the whole industry for a long time as it should be that in and of itself is testimony to the industry in general having lost its way when you can create toxic waste and make it as if it was not you are indeed harming your moral fiber and then there's henrico in the third great grandson of goldman sachs founder marcus goldman on the op ed to business insider he told them i thought it was spot on and then of course you have

former investment banker himself michael bloomberg who came to goldman's defense and said this about lloyd blankfein he's trying to leave this for him at a time when god couldn't lead it without being criticized i think i mean max has been harping on this for a long time about the divine right of bankers remember during the middle ages you have the divine right of kings the king the reckless winds of god and was able to therefore have the right to say whatever you want to do on earth and you just talk about jihadi bankers that's very important because the question is those who really believe that he and gold goldstein are doing are doing god's work are blind whatever god's word and i think he really does that he's a jihadi banker just like just like life and he's willing to blow himself up for the ideology the idea that they are divine and they can do whatever they want so so basically we're all markets because we allow these freaking kleptocrats to stand on top of the pyramid and this will say we have a lifeline to god we know what god launches give got

a call we'll talk again we will tell you what to do speaking of god do you know what success now is like an eternity because it seems like someone who may think he's god does. how do worth many billions of dollars know it's not that great about i'm worth many billions of dollars is very simple she said i was bankrupt now i never went bankrupt she said i felt bankruptcy three times i never thought bankruptcy i never went bankrupt. that was donald trump of course firing back super defensively to rosie o'donnell's attack i think that was you know a little bit ago but now he's going out with a fragrance that is the smell of success do you think this is about success or do you think this is about donald trump then i am think that's all well i just you know i don't want me to think he's god but i promise you that god has a much bigger rancor then donald trump ok because penal insecurity is the most direct reason why don't trump has such incredible security and economists tell you what i'm worth many billions of dollars no down bro you make money by literally

just i mean because joe why we should just go bankrupt once and for all instead of like shuffling around his visit remember he's not bankrupt right his you company were never on they forgot about that ok we have to get to this story because it's so good so sweden may have been the first country to bring money to europe but now they want to ditch banknotes altogether and even avatar museum i cannot pronounce is backing sweden's move towards a cashless society after his son was abroad three times listening. so the man who wrote the song money money money is now saying no cash in sweden what do you make it as a cash let's first thing you order less the cashless control grid are if i did ship sticking on my arm and no need for cash the broncos would love that right because then there's this they don't need capital or little want capital requirements this is what i have credit that's great let me just if you if you if you go to the bank

write your credit score off so there you go we'll end on that cashless society coming to sweden who's next that's it for our show thanks so much for tuning in don't forget to follow me on twitter at lauren lyster give us feedback a you tube dot com slash capital account and from everyone here at the show thanks so much for watching and have a great night. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else hears you saw the part of it and realized everything you thought you knew you don't know i'm sorry parker was a big.