put him back here whether it's yours or mine or the top stories it's your hour for the syrian cease fire plan but mutual distrust and suspicion permeate efforts to bring an end to a still a peace that has amassed his foreign minister prepares for talks with his russian counterpart and the tam to resolve the deadlock. the two years after the polish president's failed plane crash in russia the two countries attempt to turn a page in their relations while some politicians in warsaw try to ride the wave of grief and power right now you're looking at live pictures of the commemorations

taking place in warsaw. next death row inmates mumia abu jamal has blamed the u.s. for making big brother reality in an exclusive a t.v. interview to r.t. the former black panther activists is now serving life in prison while his supporters continue to fight against his conviction for shooting down a police officer thirty years ago which he denies. those were the top stories here in r.t.e. our next join max daisy as they spilled the beans on bucket shop derivatives and other burning issues and global finance that's the kaiser report next in r.t. . kaiser this is the kaiser report you've heard of urban blight but have you heard of market blith. her. or max she speaks blithely masters on the blogosphere silver manipulation gold x.

clients and doing the wrong thing so this is blythe masters the inventor of the credit default swap and the head of the commodities trading at j.p. morgan a lot of concern has been placed though about j.p. morgan particularly its positions in the metals space and looking at your positions in silver we talked earlier about the volatility in the silver market can you talk about j.p. morgan's positions and price volatility and how are they related as i mentioned earlier a business is a client driven business where we execute on behalf of clients to achieve their financial and risk management objectives the challenges that commentators don't see all of that activity symbols heinously so just to give you a simple example we store significant amounts of commodities for example so for your own behalf of customers we operate votes in new york city in singapore and in london and often when customers have that metal stored in our facilities they hate

it on a forward basis through j.p. morgan who in turn pages itself in the commodity markets if you see only the hedges and our activity in the futures markets but you don't aware of the underlying client position that we're hedging then it would suggest been accurately that we're running a large directional position in fact that's not the case tool we have offsetting positions we have no stake in where the price is priced or decline rather we're running a flat or a recipe now so it's not that she's lying of course we can go into all the different ways us use mine and more importantly stacy. has made a fatal mistake by. coming out into the public and exposing the fact that the silver market has a witch the name was applied master's. and therefore we are going to new york we're going to be in new york april twelfth at eight pm at one seventy eight mock

street to rally the silver liberation army in new york city to new york we go well let's speak specifically about the life she presented here she said that we have no stake in whether prices rise or decline rather we're running a flat or relatively flat matchbook so what she's saying by saying we have a match book is that they have no net proper exposure i.e. they haven't broken the volcker rule so you are the inventor of the virtual specialist technology which is a market maker technology is she just say claiming to be a market maker and that it's all just providing liquidity and no big deal when she's going or for example takes twenty million dollars of waters for a down cycle takes one hundred million dollars of orders for an uptick but that's a completely lopsided market has been that way for years you know the market should have some kind of relative dynamism where yes there is an imbalance of the number of trades it takes to affect an uptick or downtick and it changes periodical you

throughout the trading day and over a trading session and over a month but to have every single day there's a balance for takes twenty million for a down sake of one hundred million for an uptick that shows complete manipulation they have both sides of the book they are completely on the sell side with her naked credit default swaps and then she's asked specifically that well people in the blogosphere are saying that you manipulate the silver market and here her answer let's turn to this video again max because what is commonly out there is that j.p. morgan is manipulating the metals market and from what you're outlining that is not possible because of the different size of the business that you're a part of that's right it's not part of a business model it would be wrong and we don't do it but manipulation is the very center of j.p. morgan's business model whether it's through the end of global for example where they got caught red handed the pending lawsuits in london. j.p. morgan is named for manipulating the silver markets the very spines of j.p. morgan has had to pay over the past twelve twenty four thirty six months for mark

manipulation you know there's a model their model is market manipulation otherwise they will not be able to take these outsized bonuses and extracted from the market as they do unless that they are perpetuating some kind of fraud as even one kaufman has said if you're making more than two times the rate of inflation you're stealing he says it and jamie diamond and black masters personified they personify if there is no larcenous excitable past then we're going to new york and we're going to get this over liberation army rally these troops and we're going to march on these crooks ok so max here blight claims they never would j.p. morgan take a position especially against their clients so let's turn to a headline with the very same day this came out j.p. morgan trader accused of breaking c.d.s. index market with a massive proposition if you morgan chase trader of derivatives linked to the financial health of corporations has amassed positions so large that he's driving price moves in the ten trillion dollar market traders outside the firm said he's

dubbed the london whale and his name is bruno excel in the london desk of j.p. morgan as you point out the very exact same day that life masters are saying that o.j.p. morgan doesn't take positions out of the clients of the product because that out of control here is a huge prop trader in london out of control trading out of clients and committing massive fraud it right next to blith masters and of course london and life in london are where most of the frauds take place whether it's a i.g. lehmann brothers and of global the hypothecation re up off occasion the market manipulation all goes through blith all goes to london and we see the time and time and time again well in particular the silver market manipulation is alleged to happen specifically through london this is what andrew maguire argues this is how he was able to front run j.p. morgan's own money. lation so if blithe master says no way do we manipulate markets how would how we're team of traders able to front run them if there was no plan

behind what they were doing right all silver and gold are for life and these prop traders a source of funds they know that there is a huge demand for these precious metals as the central banks flood the market with cash so there's a natural upward bias and every once in a while they come in there and they clip the wings of silver and gold these massive they could short sell positions and they both some easy money it's easy money it's a source of funds but there is nevertheless the possibility and the potential for individuals to buy silver physical take it off the market and boss third ability to rate these markets daily as they're doing now and this overall russian army now is that enough of enough were occupying wall street is basically had its day the silver liberation army is the next chapter you know we're taking it now to the next level forget occupy occupy is had its day because the s.l.a. is now this year's today right now and the great thing about the s.l.a.

is that the silver you know as ron paul showed you hold it up to the vampire you hold us off of life masters the silver bullet we had great success last are taking it to fifty now we're going to take it to five hundred now let's look at this other issue at this ten trillion dollar market this credit default swap market investors complain that bruno excels trades may be distorting prices affecting bond holders who use their instruments to hedge hundreds of billions of dollars the fixed income holdings analysts and economists also use the indexes to help gauge perceptions of risk in credit markets is some cases the trader is believed to have broken the index wall street lingo for the market dysfunction that occurs when a price gap opens up a teen index and it's on our lying constituents yes we have explained that on this show. many times we call it price propaganda when they affect the perception of price when they trained the index as it relates to the market they create

a response like pavlovian dogs you know you create a reaction when you have a certain price in the marketplace this creates say there are buyers or sellers and they know that so they exactly what's being talked about here you use your outsized influence in these markets to create a price that effects propaganda that creates propaganda and zero hedge in the article about blythe was questioning whether or not they were working on behalf of the fed here the same thing you see j.p. morgan london manipulating the c.d.s. market altering people's perceptions of risk in the credit markets we saw the same thing with the libel rate altering people's perceptions of risk in the in the credit markets now clearly bank of england the u.s. federal reserve bank the central bank of europe they don't want people to perceive there could be any risk but they don't want people to perceive there's only inflation so they keep interest rates near zero percent that's part propaganda meanwhile energy and food are going to all time highs now people say well what's

the difference there to manipulate the price of the upside of the downside they're still making money the difference is that at the end of the day they're flooding these markets with feel bad currency and causing massive inflation and loss of purchasing power and negative real interest rates and lending to people like in athens or blowing their brains out thank you blight master you murderer you put of course the guy said clive ok now when you takes over the five hundred what happens we get rich it's our money we get to reestablish our money and way more important than that because as all of these traders in the c.d.s. market in london are saying all this hedge funds hundreds of billions of dollars under their control and they're being forced out of the market by a giant whale who has the entirety of the federal reserve balance sheet the entirety of the bank of england. and she on their side they could do what they want they could smash you but at the end of the day life masters is not going to go down into

a mine and go mining for silver i mean look look let's be clear about something they have the vast resources of the market as you just expressed they have near zero percent interest rates and they have the backstop of the central bank and they use this to commit fraud and it's time they make a mistake they put a gun to the head of government and say either give us another béla we're going to kill the economy i'm saying put an end to that cycle if you take silver to five hundred dollars and you take people's gives them the chance to own real financial independence as opposed to being the pendant the fed and on the governments and being a slave being in do a pen did the declaration of independence you remember those words ok it's all about what it says the constitution united states of america gold and silver are the only recognizability and i say so who's got a five hundred and we can do it so let's look at this between these top banks and

the fed how they work together to distort our perceptions of what we see around us why the fed will intervene if stocks fall too far this is in the dow jones market watch ok this same sort of publication that would mock the occupy wall street socialist here they are saying investors looking for more federal reserve intervention can pretty much ignore the economic data i.e. the people don't matter and treat their sights on one area the stock market and how much of a drop it will take before the central bank comes to the rescue according to christy cross be chief market strategist have credentials in the new eighties mr bernanke and former fed chair alan greenspan made it clear that the stock market is the transmission mechanism for monetary policy so here you have it the proof of why j.p. morgan. would be manipulated silver prices people laugh and say it's a conspiracy but here you're seeing openly oh well it's accepted that the price is

transmitting monetary policy for a very select group of people who are benefiting from this private inflation that completely does a bypass around wages that's why when i'm in new york on april twelfth at eight pm and one sunday monster eat in manhattan we're going to be a rally the troops they takes over to five hundred this is the next chapter and all of these people like bly have been in and jamie are going down all right ses everything so much because a report thank you max suddenly much more coming going to stay right there.

i am actually welcome back to the kaiser report let's stay on this blight masters. in the studio he is the author of blithely masters the air the spider has come out of her nest she's made of public appearances on television tell us is this to try to deflect some p.r. away from for example goldman sachs and greg smith came out with that letter he said almost saks does all these awful things is they trying to get ahead of the p.r. her by putting both like out into the media what are your thoughts at this point oh

my total quite simple you know there's only one parishioner of like master's aunts and b.c. and it was an interview made by the book is only. but she didn't spoke at the time for him only and she spoke for the so she was the head of the time this was the let's the do only mainstream interview of her and that was like four years ago four or five years ago and no suddenly she came out. to talk about these university you know they gave her g.p. morgan gave five million dollars to diversity of denver you know you know special lessons and diplomas about commodities you know i do cultural commodities mostly and this is absolutely fascinating yes she came out first because they need to have students you know want to learn how to manipulate the commode it is called this is called well let's then. that's you know. this is something very new basically and

this certain point is that we're starting to see a very bad press about j.p. morgan also and on the point of view j.p. morgan have taken two pounds of goldman sachs where the where was the super position for most of the superposition in good position i think this point the financial times wrote articles two days ago about morgan position especially on the global scandal which had up to two governments not so yes well the media points of american is not very good let's just remind you a good or important point to come from pog who was the p.r. of goldman sachs. he has been fired because been fired for what's happened in two presidents goldman sachs and who replaced from current if you know the information are good it was the previous p.r. of timothy geithner it's interesting all right so on this topic incest let's

talk about measuring geitner. life masters and jamie diamond i mean let's keep in mind that j.p. morgan has ninety eight fairly and derivatives that essentially they part on the balance sheet of the fed they don't really keep it on their own balance sheet but they've never lost control at their simultaneously you've got this issue of market making ashley claims to be involved with on all manner of markets including global commodity markets will get that attack and simultaneously you've got ben bernanke who goes out and testifies in congress that he doesn't see any inflation out there and of course there's more of the data points you point to to prove that there is no inflation is the relatively subdued performance of gold and silver and other commodities and yet when you take a step. back what you see when you find out is that blight who's the commodity head

in london of j.p. morgan is buying commodities aggressively around the world simultaneously to give them that opportunity they like to keep the prices still relatively keep think so that people that ticked off you know exactly ok so it is not fair geitner masters diamond they're all in bed together meanwhile gate j.p. morgan tells about the commodities that they're going to have a university doubt that educate the next generation of j.p. morgan cult like zombie neal liberal idiots could tell about the commodity position you know this is basically what's known in the book is that black ministers she left the credit default swaps operation in two thousand and seven the credit default swaps right she left she left a disappointment and she took over. the commodities department of j.p. morgan which through which was extremely tiny at the time j.p.

morgan didn't have any kind of history i mean strong history in communities and she started to say that. in a crisis moments you know people will always need to buy or oil they will need to feed you know they're willing to go to the doctor is an orphan so if she was going to store to buy i grew cultural commodities and this is exactly what's in store to do in two thousand and seven and two thousand and eight and now let's say for example what i'm saying in a group is that she's buying wheat you know live cattle. and of course sugar sugar number five and remember eleven and so forth and. not only she does not for the bank but she does that also for all the customers of j.p. morgan so this is extremely interesting because she's putting the whole world i mean she made think about that she made three million dollars in her. department's just blew out the goldman sachs girl i mean j.p.

morgan point of view she did a tremendous job so no no that's that's for sure but this is what have we have seen together like one year ago i think is that we are now in an extremely like a poor french revolution states because in the seventeen eighteen eight. aristo crowds were the only one to be able to buy limbs you know and to sell the commodities to coastal communities you know what we're seeing was deep in morgan is that not only. her department or by all the group which will come into this and the whole world that's why for example you have seen you know last year the price of coffee you know jumping were between twenty and thirty percent nor and you were paying i am paying and everybody was watching goes are paying your mortgage and not only think she's doing down for everything and this is something new because we're going back in history you know banks are buying our commodities they're taking

their money and even before you know a stake is no ending in the kitchen you don't think about a sense when the normal banks like thirty years ago since when did you go to the bank you know to buy a stake through you know true to buy some paper or some oil. orange juice roofing i mean this is absolutely this ok so you're not you're not buying from the market anymore you're buying from the bank the bank now controls these commodities they own majority interest in these commodities there's also a thing as price discovery anymore there's no free market anymore there's no supply demand anymore there's only the monopoly position of j.p. morgan always commodities the biggest commodity desk in the world that life masters that out out out trucking it out trucking and larcenous tickly outperforming our counterpart it goldman sachs she says they're not making any money and that they don't manipulate markets well for her point of view you know as you would you know

let's just remind something she said regarding the credit default swap she said that she's not responsible you know she's like the colts you know who or she like ford is not responsible if you get in a car accidents you know no i mean on the princes this was our ally. everyone's shooting another nobody knows he's got the bullets he said oh i did the bullets other other guy guy i don't know why that guy that blows brains out made. about it we have seen. a couple of web sites who have shown that we have seen last year and even true just before the massive g.p. morgan position and how they bought and hard to follow that there are under way in their position so the only out once every monday morning you know nine o'clock or seven o'clock i don't remember but it was quite interesting so. blind master's point of view yes he she didn't really and money i'm just even be wondering how deeply morgan and her department is making her money that's

a very good point interesting because this is not going to make much money if she don't do you know how did she mention her three billion almost three billion dollars in cost the earth over customers i mean it's very interesting but don't forget that she's doing that for the fed also you know so i want to get like this s. so we're going to insist and also the gold price should be suppressed similar price of course should be suppressed. show that already you know last year how she killed at the supermarket you know we have spoken about it so this is nothing new but the master says she's always acting like. you know like a young. american you know we're doing a fine job you know we're doing nothing wrong hedging on had just which are also hedged on edges and which as i mean it's quite interesting i like i like very much her name. as we say in french but she's not naive oh she should perfectly know what

she's doing and of course don't expect blood masters you know come on t.v. on c.b.c. specifically and to say yes we were the whole market i mean course essentially now for the past twenty years if you had gone long gold and silver during market hours in asia and in short it. blights were up and running and conscious and had a cup of coffee when i was being pounded by her manipulation and you would have analyzed over forty percent a year you have outperformed buffett so everybody because of this it market when she's asleep as actually a normal market that is heading higher when she gets up she pounds it on martha playing with her naked shorts and it brings it back down again as it would have even seen better would have seen. some memos from j.p. morgan's the research you know saying that gold is going to be really high buy gold or reframed you know so everybody you know just jumped on the you know odds you can morgan said we should buy gold so they all go to gold and the sector like four to

four days later you know the whole market would just kill that one's brain so it was very interesting and i remember i said on the radio this is true dangerous because if the g.p. morgan is saying don't we should buy gold you know something is wrong you know definitely a strain on the fed doesn't stand to go cold in north river and use like ministers don't forget she never spoke to any kind of media she never went on n.b.c. c.b.s. it's a row she choose exactly the moment when she was she wants to be seen and specifically right no she announced you know as we have seen she gave quite a million dollars to tradition diversity so which is interesting why do it when banks are telling to university what they should teach i mean this is weird yeah well she's like you know this is a new word is upside down it's a reverse vampire she's active during the day. but the silver bullet is still

capable of killing the vampire and you know if the physical silver is taken off the market we can still kill this vampire dead which is the point of a my trip to an upcoming new york anyway pierre you gonna make the name of the book is a place master let me say just once and for. there is a french painter who did wrong tools throw a big painting of her and. we have the world comedy i was surprised to to show it's true the english was there if you show fantastico i look forward to showing that some like the mona lisa exactly or like the good the mona screaming in pain echoes of blacks got me by the store to police she became a very very famous i call and she was doing the revolution move the financial crisis. are i was going to do it they were the book is black masters peer out of it he's also got more of the most listened to podcast of radio shows in france and that's going to for this edition of the kaiser report with me max kaiser and stacy

herbert i guess because if i can understand you know he does all kinds of reporting artsy t.v. dad are you know it's like.