the article goes on to talk about how tasers have killed over five hundred americans according to amnesty international and the questions the safety of these devices that's all online and you can also follow me on twitter i'm at christine for though such a great night and a great weekend. you know sometimes you see the story and the six so you think you understand it and then you glimpse something else here so you saw the part of it and realized everything you saw you don't. charge is a big picture. of

this is because a report there is a new global currency rising stacy kaiser bitcoin the city traders anarchic new toy financial traders have a new toy in a digital currency variously dismissed as a ponzi scheme or allowed as the greatest invention since the internet conventional figure out money and other digital currencies because it runs through peer to peer network independent of central control it's called max the m.t.a. bank system because there are no bailouts of banks from bitcoin and we've been covering but going for a while it's the latest greatest hope for some type of democratic expression on the internet that was first seen in the one nine hundred ninety s. but quickly got snuffed out by the m.p.a. and the are i am a coin is another shot another attempt to bring about the will of the people so this article and warriors point out that there are all these traders from goldman sachs morgan stanley all the banks in the city of london are you can see

from the visits to the actual site that a lot of these bankers and brokers are on line buying is speculating and big point but remember there are no bailouts available from there and they talk about bitcoin has become the wild west of finance with the proliferation of web site. offering loosely regulated replicas of the services familiar to those in the financial industry perhaps the most notorious is big coin into a platform offering margin trading short selling and stop orders run by a seventeen year old chinese high school student zoo tom users can leverage their bets up to a ratio of ten to one on bitcoin to a meeting they can lose more than their initial investment so to be just to be wiped out financially and we're going to turn now to a little new hip song a rap song based on beings are you telling.

me. oh that is. speaking of the ninety's it's. a big kid on the internet back then called amsterdam. you know so this is tong to this whole wild west without regulation meaning that in our western system now the regulators have been hijacked by the j.p. morgans the goldman sachs's of the world so would you rather be tong or would you rather be jamie diamond or avoid blankfein well that this is why it's very encouraging i think because of the tong essentially has in the palm of his hands and entire exchange and an entire currency that's outside of the current regulatory environment now you match that up against let's say the protesters of occupy wall street and i would make my bed with those two tong because he's able then to go into the market and create a trading pushback against j.p. morgan j.p.

morgan fabricates say they sell into the marketplace counterfeit credit default swaps to manipulate prices this is not well documented well understood life masters engineers and jamie diamond ok is it and then manipulate prices down to. as a seventeen year old chinese kid who's got this incredible computer firepower that he could be a worthy adversary for a jamie diamond or a lloyd blankfein i supported you kong well in this article they quote really veldts he said because it is not going to fly because there is no central bank or power base it's doomed to fail and all that statement is wrong by saying that the big coin is not backed by anything that's false whoever said that is idiot big point is backed by cryptography which gives it legitimacy which gives it sounds and this the us dollar. truly is backed by nothing because any time america needs

to pay its bills for foreign creditors it simply prince more dollars that's why the bric nations want to create their own currency that's why china is decelerating their purchase of dollars us why the us dollar is losing its status as a world reserve currency because the central bank of the us simply prince more whenever bills come due so it is backed by nothing they severed the connection to gold back and i think seventy one so here's a currency bit coin that is backed by something of actual value polygraphy it has true anonymity and it has true scarcity value the way it's going to truck to do toll on the seventeen year old creator of bitcoin it is obviously going to go to war with jamie dimon we can only hope that he doesn't get bought out along the way ok so as i said if the opposite is the anti-bank it's considered the n.t. bank and i asked also would you rather be or would you rather be jamie diamond so

let's move on to jamie dimon and j.p. morgan why people hate the banks so this is from joe nocera of the new york times they said a few months ago i was standing in a crowded elevator when jamie diamond the chief executive of j.p. morgan chase stepped in when he saw me he. said in a voice loud enough for everyone to hear why does the new york times hate the banks well joe nocera says i would direct your attention to the bible of your industry the american banker on monday published the third part it's depressing and if you're reading series on credit card debt collection practices and max this whole series was about the fact that j.p. morgan just very similar to the foreclosure crisis was selling on so-called bad debts from j.p. morgan chase credit cards but in fact they had none of the paperwork they just sent it on to you know kneecap ors and debt collectors who were very aggressive chasing people who had actually paid it many times their debts says they hate banks they hate you jayme they hate you because you destroy the good name of banking because

you've turned the idea of a bank if you predatory schlock house that goes about settling bucket shop derivatives to grannies and orphans and bankruptcy and laughed about it so keep that in mind ok it's not the banks it's you we hate you jamie ok you you your family everyone who's a friend of yours you're all frickin compound of morons over there we hate you yeah that was the equivalent i have to say of jamie dimon is like a verbal fart in the elevator and everybody was left with his stake in their having to deal with his self-pity but i thought i was there ten k. or ten q it's like the equivalent of regulatory flatulence and then the f.c.c. takes a look at the hold their nose oh use jamie's ten k. again let's hold our nose he said there's a big bag of dog poop again so let's move on to another practice of being a genie diamond j.p. morgan chase says the charged some accounts debit cards twice j.p.

morgan chase apparently double charge them debit cards so his actual cash is not credit and they blamed a computer glitch well that's the new repos scam remember lehman brothers reply one of. the little pet banks they had on their side from a dick. old navy they're the over i borrowing from and these are street works on this overnight commercial paper repo market so jamie diamond the banker of the individual that people hate he figured out you know what just debit a bunch of credit cards over and i will take that as a repro will roll over some commercial credit or other on the floor accident engine and come back tomorrow morning and say it was a glitch but we have these your money over time we rolled over some of that. but this is a constant crime that j.p. morgan is committing is customer funds are seized over and over is very similar to the m.f. global story now we're going to look at another headline when accidentally customer funds get comingled in j.p. morgan's regulators expected to penalize j.p. morgan over lehman collapse the commodity futures trading commission is expected

this week to file a civil case against a p. morgan the bank is expected to settle the lehman matter and pay a fine of approximately twenty million dollars while the penalty is significant for the agency the sum is little more than a rounding error for a bank as large as j.p. morgan the lehman action stems from the questionable treatment of customer money and issue that has been at the forefront of the recent outcry over m.f. global j.p. morgan was also intuitively involved in the final days of that brokerage firm but they still money they stole money from m.f. global customers are still money for their debit card customers they still money in this scandal they still muddy pretty much the modus operandi of the bank there are thieves there are thieves jamie diamond is a thief the trading commission is expected to accuse j.p. morgan of over extending credit to lehman for two years leading up to his bankruptcy in two thousand and eight using an inaccurate evaluation of lehman's worth improperly counting lehman's cost there were money as belonging to the firm

under federal law firms are now allowed to use customer money to secure or extend credit the arrangement worked well for both parties lehman wanted a larger loan and suggested counting money from the customer account to justify it j.p. morgan complied counting the money as part of lehman's coffers. it's unclear whether j.p. morgan knew the money belong to clients but in the view of regulators it should have the customer funds were kept at a j.p. morgan account the funds belong to investors trading and the futures markets max we saw the same situation in m.f. global where m.f. global's accounts and their customer accounts were held at j.p. morgan the same with lehman brothers the same with bear stearns the same with over and over and over again the same situation happens what do you think of that oh up until recently when they use customer money as collateral to arrange loans and to arrange predatory wealth confiscation there was enough slack in the system where the central bank level they could simply release some more funds and to cover the

criminality you know paper over there could be criminality just as the credit collapse of two thousand and eight. it's hard to do that so we see now the in the foreground when when morgan when diamond and j.p. morgan need to steal customer money now it's no longer in the shadows it's in the forefront of all of the daily operations of the street so you can see the hand of jamie going into people's accounts and stealing the money so you lose your funds there you're jamie diamond jefferson county was daley diamond casino italy was jamie diamond in the land italy was jamie diamond. customers in m.f. global were jamie diamond and yet over and over to see if he see the s.t.c. issue little tiny finds big deal and jamie diamond continues to far in elevators around the legend joe sr says why do you hate bankers why do you hate bankers there are times it's almost like. he's a social pariah he's a social he's

a parasite a lot of people don't like having cancer either there's a main you should be in the elevator telling me that you support cancer so let's look at this final headline here max because i want to say how do we address this issue where you know never can we ever touch these why does jamie dimon continue to jamie diamond funds around the world well pupils are not afraid of new methods of punishment schools need new ways of disciplining badly behaved students because they are no longer afraid of current punishments the association of teachers and lecturers conference was told a.t.l. member julian perfect said this is not a rallying call to start thrashing people left right and center but when corporal punishment was abolished nothing was put in its place that had a quibble and deterrent powers so i want to look at the fact that glass steagall was overturned and nothing was put in its place the same here when corporal punishment was removed in one thousand nine hundred six in the u.k. there was no other deterrent allowed so the students are out of control in the

classroom the same here jamie diamond lloyd blankfein every single bank and broker on wall street in the city of a. and it is out of control because there is no adequate deterrent since glass steagall itself in china as we've covered yeah the chinese when they find bankers that are stealing they have the state executes them so that's one thing china gets all right stays there were thank so much for being on the kaiser report thank you max go unless you are coming away to stay right there.

the official location you on the phone only pod touch from the accused ups to. life on the good. video. will come. and feed now in the palm of your. machine on the call she told com. three critique three times for three. months three. three stooges free. download free blanquita cullum video for your media project for free media dr archie talk to tom .

rather welcome back to the kaiser report time now to go to thailand to speak with michelle balance of the p.d.p. foundation michelle also writes for al-jazeera michelle welcome to the kaiser report so it's really nice to be here it's actually my favorite show so this is very early on or for me oh fantastic all right well michel you are paying salaries

and big coin at the p.t.p. foundation we've been talking about that call and tell us more well you know there's a few things that we like to. do first thing is you know we call the socialists over and currency so it's a currency which is no created by the banks. and he's not created by good by the state he's who really exists because there's a human community you know the hacker community to be calling community wish once these to work and trust the protocol that is designed to create some money so this is a kind of historical moments you know for a post was fairly in currency you know that we used to have local currencies then a nation state came in and basically destroyed them and so the factor we now have a working global currency that is created by communities in our mind is usually

significant as a kind of symbolic moment in the history of mankind and there is another aspect that we share the sense that this free money and you know as you know a compound interest is the most messy mathematical and physical you know. nation and this really destroys the planet and so to have a currency read a fixed amount does create debt free is also really really important and i do think the functions as a political reserve currency are already and then finally more pragmatic lee you know we are we consider ourselves a few a or a fire you know which is a community support to this business enterprise and when you work like this with people in colombia in barcelona and i'm still enjoying my and different place in the world you know the ability to change money in different currencies from the core and it has a core dramatic effect on transaction costs it's

a it's truly amazing so this is karen our care to be the paramedic. thanks tara now michelle many react with great house tell of a tentative bed point or the mayor. and these are people who normally might be supportive of gold or silver for example which because i shares many of the same characteristics why do you think people are hostile toward going well you know there is a big debate i guess amongst the monetary people go you know the money should stand for something right so people who fear money and it's any kind of money which is not linked to something real then it is actually in actual fact you know money has being virtual say the least the seventy's and the korean is kind of like putting these in front of your face like the only reason this money exists is because a group of people decide to trust no i know some people's enclave there you know

it's think of the price of electricity because the way it's produced i don't know i'm you know i'm not an expert enough to chose their particular aspects but they indicate to me how it's created it's true protocol which it first for the right community this is the key i think everything else is more more detail and the fact that it exists that it's already working within the community has no experimental side of it that has a presently use. this is significant because before that we had many many local currencies and they weren't but they don't scare me you know you have crime gangs and lets you know they've been existing for thirty years they're moving there they're being created everywhere you know who's trying to position from movement and other you know the movements really don't scale and the scoring skills that's what's amazing about right well the idea of it being tight election yesterday would be a little bit like saying that the price of a euro or a dollar is tied to the price of paper it's not really

a tractor call argument per se but with bent point it is tied to cryptography and the fact that you know you have a purely anonymous currency that's outside of state corporate banking fractional reserve all the pieces of the puzzle around the global banking system that people are a bellowing against me dinner the the onerous quality of it so it is backed by this part of me i wish there is a limited it is a scarcity it is a crisp air city there is a curious scarcity of bed coins and this drives at the end of the day value whereas all the central banks of the commercial banks every time they have a bill do they just print more of their feet of currency so there is something backing the big point now you describe our economic system as being one of pseudo abundance and artificial scarcity explain imagine you're a martian and you come to these furniture and you see this race of humans actually destroying the barrio sphere and the reason they do this is because they believe the system is based on the idea that we have infinite material resources and this

is just not true so because of compound interest and other features we have to grow all the time and you know that decreases compounds exponential growth and the planet can can no longer carry it so this is the real crisis of our system and the second crisis is that so we need to solve all these problems but we can't because you know there's a law that says if you share information you're good at you and it's really essential that we have the systems up to those things around so. you know lou anything our economic growth throughout the earth can regenerates. and the other part is make solutions globally available you know i used to work in the your industry. well those are the early ninety's and you know in the seventy's with the three rising her renewable energy. industry in california you know what happened

you know they bought they bought the companies up to debate and shelved them and we lost thirty years of development we would have needed to have or internal warming and so this is what i mean by artificial scarcity and you know the puter here paradigm that i'm working on with many other people is basically about this create a system where sharing history and the economy takes account of externalities he speaks for support for what he does to the planet so this is going to help do more where these sickness you know these these basic. cancer's is kind of like transforming to his office it's soo rich ignition. and recognition that sherry you know if you resources can be shared a little cool so large that you make a crew here i said let's talk about the two to two playing your your argument here this pseudo abundance this applies to things like natural resources or energy

resources for example people are very reluctant to take on board the fact that starting out about a year ago the globe hit peak oil in terms of the cheap oil readily available and they they simply have an orthodoxy that rejects the idea that they the earth could possibly run out of natural resources even though the the the evidence is banging them in the head like a frying pan every single day and then you have the artificial scarcity and this of course is what milton friedman i mentioned when talked about copyright and copyright law he said it was an artificial scarcity and you could really apply problem private property laws to copyright and what about this topic of copyright copyright cartels you see that the united states government is acting on behalf of those who wind up lies the artificially scarce copyright intellectual property domain and they're becoming more and more extreme so in other words hollywood has a lobbyist in washington and there they don't want people copying their material

even though they have a constitutional right to do so and they're willing to throw the entire american economy under the bus that they're willing to throw the entire internet under the bus to protect a very small slice of the global economy and because they have hollywood behind them they get away with this incredible narrowly interested capsizing of the better interests of the society for the benefit of a few pampered privileged copyright cartel us in hollywood the sickly. her new movie making that much. money industrial production right i mean the real profit is not in doesn't production it's an intellectual property so from the point of view united states and its big companies it makes sense you know because they are making shoes for five dollars in china and in chinese you know well

yes their economy is growing but you know they get really small profit rates on the production and then they sell them four hundred fifty dollars in the west and the surplus is in question probably does the only reason they can sell those shoes at those prices and so if you want to do that you need to press that ip regime you need repression i think i want to make another point which is basically you know capitalism is based on economies of scale is this assumption that's going to resource are infinite means death the way to compete is to produce more of a good so you bring down the price to produce if you're all compete well there's an price is going down but you know he understand the logic is making more he's competitive now as we go forward and. as a society which is marked by abundance of energy and resources to under this where is diminishing the rest of the work anymore so we need to move from economies of

scope to economics of scale so from scale to scope so the cone cost of producing something needs to go down and this is where people of action burst with a nuisance software free software to share designs and actually to physical production i don't know if you're familiar with we can speak we can speed is a card that was for use in treatments by phone here's a competing for x. prize. he so one hundred million per one hundred mile per gallon. car coal not security certificates and he can be made in a micro factory in europe or out so the scales are up from one so this is the kind of economy you need in the future right so the image you know part of the shared the designs can be downloaded into whole worlds and then you have companies making their bond and then printing on them and remaking of them and then this is what

peter piece tense voice this week where the culture of the science already shares and the. the making he's done in this if you have factories and then you know that's where because next comes in right you have this huge machinery three d. printing personal fabricators melty machines c.n.c. milling machines in these micro factories you have these share design depositories like thing universe and then you can get money you know distributed fashions who solution lending it across something and then you can be within this into the currency which is producing a peer to peer way you know if you have a computer you can produce because. so i wasn't trying to the point i'm trying to make is that these pieces of personal alls which are separate are starting to come together we're seeing this use of patterns. emerging in every field of human

endeavor. because of the start of. this issue surrounding this issue the manufacturing this if you don't know its creation all these things are the way all the new civilization and you economics and you society ok so it's ok to pay around i found myself balanced or out of time i wish i could spend another twenty or thirty minutes with you but i have to have you back on a path with you thanks for being on the kaiser report tremendously on earth. yes i do hope that we can talk again and they're going to do it for this edition of the kaiser a quarrel with me back as her and stacy herbert are thank my guest michelle balance of the p.d.p. foundation is going to send me an email please do so at kaiser report r t t v are you and i'm back out there saying by all.