as wall back here at ten. am. max kaiser this is the kaiser report it final out of interesting things when you read people's tweets right stacy well actually max my first headline is a tweet from you max kaiser if a song had a baking licens and borrowed one trillion dollars he could break any law anywhere and be called a hero by cameron and obama well stacey you say it's a bit of a gap in the legal standards you say here you have a guy joining us. basically

a journalist who's being persecuted by people who don't like what he exposes about them versus banks that are openly without any equivocation breaking law after law after law stealing money you know they got new guy barclays was saying i think we've had enough of banker bashing you know he's trying to you know somehow generate some sympathy out there from the who are just people that have had their country and economy stolen and these are the folks that are held up as heroes you know a song is a hero the new guy barclays who i don't even know his name yet because there's so many criminals out there it's hard to keep track but the new barclay's guy c.e.o. barkley criminal guy he's of he's all these is the you know they should be in jail well max the important thing here is that one of the arguments for why julian assange needs to be attacked is that he released information that could result in somebody dying in the deaths of contacts and sources and afghanistan or iraq or

yemen or places like that when various generals in congress have said in fact nobody has died because of it and so if that is their standard to apply towards this harsh over the top military like attack on truly innocent then where are they against the banks because we know and we've catalogued here newspapers around the walled mainstream media is reporting on the thousands and thousands of suicides and death across europe in the united states that additional suicides because of the financial collapse paul moore former top regular internet boss was saying you know go back to world war two you had over seven million people die as a result of the depression of the post crash era he said this is the biggest humanitarian crisis sense world war two and he believes that there will be more than the seven million people perishing as a result of the global financial scandal doggery and the other thing we pointed out on this show

a while ago. oh is that the whole new york the fake new york attack against standard chartered was just a shakedown and here in this first headline you see exactly that it was a shakedown london fairings seen surging as finance firms add new york jobs banks insurance and other financial services firms may eliminate a total of about three thousand jobs across greater london as companies in the new york region add nine thousand according to the u.k. based research oxford economics so we see here that standard chartered was about a turf war the business is moving to new york now and here's proof i found the help wanted ad. the suicide bombers wanted ad apparently low on bombers all qaeda is running a short term employment advertisement on internet forum the ad seeks jihadists to carry out suicide attacks the ad indicates that the anticipated attacks will be solo operations only one person will be in charge they're just looking for rogue traders. and then it goes on to say the job description promises only

a very slight chance of being caught in a suicide bomber suicide banker cut from the same cloth i mean here is you know the economist magazine and every single week they have in the front section the classified ads for financial terrorists international monetary fund director western hemisphere department that's an ad for a financial terrorist here's travel just expressionless for the world bank here's an ad for a financial terrorist right here you don't get caught you want you to be a rogue trader commit trillions of dollars worth of fund you'd have no collateral behind them here's another one senior position in fiscal affairs for the fillmore east international corporation another position for a financial terrorist that means you just go to the economist magazine if you want a job as a financial terrorist so wall street is hiring many of them looking for brokers and dealers people to call up people around america and say hey give me your pension fund i want to lose that in some exotic derivative because the derivatives of

course is the suicide vest that these bankers have strapped on to the global economy and this is what has melted down and the job description for al qaeda. is anything that would go into the economist for an ad is that it's a very slight chance of being caught right and the job is to possibly blow yourself up in a lot of people around you as part of a suicide banker a lot of the bankers end up blowing themselves up they definitely blow up economies they definitely blow up entire societies with their derivatives weapons of mass financial destruction and they're improvised explosive devices as collateralized debt obligation and they'll make markets in this you know goldman or j.p. morgan home and happy to make a market in a number of bankers blowing themselves up that can collateralized that on some new bond offer that they'll sell to the greek banks of course nobody anything they're stupid now one thing when you think of jamie diamond who we have invited on to the price report a sentiment notice to spend what three or four days now since. we've heard nothing

back so we have given him an opportunity to come on the report and appear but he hasn't shown up yet max but i want to say that the mainstream media and all sorts of magazines in the united states have created a triumph of will sort of thing where he is presented at this as a severe oh as this big strapping handsome banker guy who saved the global economy during this financial crisis is a propaganda film tons of well exactly so here's this headline these female olympic gold medal rowers tower over jamie diamond olympic rower meghan with nicky tweeted this incredible photo yesterday of her gold medal teammates hanging out with j.p. morgan c.e.o. jamie diamond she tweeted swung by j.p. morgan chase and got to see where all the action takes place as you can see from the photo he's puny he's a tort and he has an unusually small head so it's like c n b c is the like the filmmaker from time from the will the hitler propaganda film and then when you go and meet the guy it was actually short it was. not very impressive do something

jamie diamond it seems be saying this is all powerful on any medium is like the short compared to these women on this olympic jaymes like there's a little short guy with a very minuscule sized. well so you know one of the things that we wanted to talk about for jamie dimon why we've invited him on here just so you understand so these derivatives we established as warren buffett said in two thousand and three they're weapons of mass financial destruction and i want to point to one of the reasons why jamie dimon might not want to come on to the kaiser report and this is that if you go to google patent search you'll see max kaiser's patent for the computer implemented securities trading system with a virtual specialist function and if you scroll down you'll see that j.p. morgan chase has twenty three patents that reference yours and it's mostly to do with their derivatives market making function so method and system for determining

the company's probability of no default system a method for estimating conduit liquidity requirements and asset backed commercial paper total fair value swap volatility derivative financial product now what ninety percent of the revenues over the past ten years are piggybacked on my technology which i get nothing for they have paid me a penny not a penny well the second biggest group to reference your patent is the c.m.e. group and they're in the next headline gold continues to be money c.m.e. europe now accepts gold is clearing collateral over two years ago the us clearing house of the c.m.e. the world's largest derivatives market place had no choice but to allow gold as collateral why because as we showed some days ago while in europe bank deposits are expensive in the us financial system funding realized primarily on mythical assets as liabilities i.e. those that exist primarily due to faith in the system something which has been in short supply as a result of which the fifteen trillion dollars down from a peak of twenty three trillion shadow banking system long used to fund regulator

operations has been imploding well why is gold suddenly recognised as collateral by the c m e because the banks don't trust each other this was obvious in the two thousand and eight crisis when they stopped lending then central banks got together and abandoned. over that situation but they never solve the problem that these banks don't trust each other so they're going to put up gold which is the only real collateral you can ever put up for any training and that's been true for five thousand years and it also effectively monetizes gold which is something people say can never be done ever again and yet here is a c.m.e. saying gold is money that's what that means and central banks around the world are reversing themselves by though buying gold going forward and you know i'm just waiting for the right moment because of course you referenced j.p. morgan referencing my technology and all their derivatives transactions i have course i've built in a back door into that technology and when the moment is right i'm going to pull the plug in that stocks go to zero people so how do you know stocks go to zero and i can tell you because i'm going to pull the plug on that piece of well of course on

this derivatives market the biggest holder of derivatives the biggest wielder is j.p. morgan chase with ninety trillion dollars here's the headline j.p. morgan u.b.s. said among banks queried and libre probs j.p. morgan chase and company deutsche bank and barclays are among a handful of banks recently subpoenaed in a joint new york connecticut investigation of possible manipulation of the benchmark international lending rates new york attorney general eric schneiderman and connecticut attorney general george jepsen had also subpoenaed citigroup and u.b.s. earlier this year well live or manipulation put that together with this team is recognition of gold as a currency that gold and silver are currencies live or is the price of money it has direct relation to money gold and silver are money when you manipulate live or you're manipulating the entire global currency markets or people say that affects five hundred trillion dollars of the securities refers to the global currency market gold and silver now unimpeachably money so therefore lie bores about

manipulating gold and silver as well so if bart chilton or up to see if he see or of jeff christian around these people come out and say no so over you know we don't have the total facts on it they haven't read the wall street journal or the financial times the last six months like more is manipulation of money goal of. silver is money you know the fact that they don't articulate that either their brains are the silo on a desk somewhere connected to nothing or their brains expired at some point they're no longer functioning in any real sense or they're working for the bad guys and jepson their attorney general of connecticut his spokeswoman said that they hope to provide restitution to state agencies municipalities and other entities that may have been harmed by any illegal conduct from the life or manipulation but as you were saying i mean the mainstream media is focusing on well it was great for homeowners because their mortgage rates were lower however on the bad side municipalities paid more for their credit default swaps but nobody is looking at the whole freaking financial system has been blown up jamie diamond pulled the

strap he blew up the entire financial system now the libel rigging the barclays e-mails expose that they the reason why they were doing it was a lot to do with their derivatives positions that day to people who argue that live or manipulation rates going down saved me three hundred dollars on my mortgage last year failed to include the big picture that the last three hundred thousand dollars in equity of their home so they lost in a thousand but they made three hundred and there is just like the guy who gets ripped off by the three card monte scam in times square at the end of the stamp he always gives you back twenty bucks so you go away because your mind says you see i'm a twenty i lost two thousand but that's forgotten i'm a twenty so the banks are smart they stole three hundred thousand equity from your home but they gave you three hundred bucks and you're like well cuomo when are a when are are i stay here with thanks so much bring on the cause report make you

max i know i'm much more coming i went. the book. he knew. it all sometimes you see

a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realize that everything you thought you knew you don't know i'm sorry welcome to the big picture. mission. critic a should treat in store charges. arrangements free. free. free. old free broadcast morning video for your media projects a free medio dog r t v dot com. welcome back to the kaiser report imax kaiser timed out to go to london to talk with ned naylor leyland should be out asset management ned welcome back to the

kaiser report place me here with you max that never leyland you caused quite a stir a few weeks ago when you appeared on one of the least dangerous financial media networks out there when you stated that central banks manipulated the price. of gold even with the library a crime exposed why do people still mock the notion that gold is manipulated obviously manipulated that one of the people or more care probably have an interest in doing so max i thought was interesting that the chap from the bank of england paul tucker mentioned i show you the same day i went on c n b c he mentioned in the parliamentary hearing that he thought the other markets of the self certifying markets may be being manipulated in the same way the law of war is so i think the more career anybody takes place in. in things like the financial times or all the very very mainstream publications it seems some reason the gender against the idea of intervention in the metals right the degree of mockery seems to go up

commensurately with the degree of exposure to having the price of gold and silver trade freely without manipulation so the preston america like c n b c that's in the pocket of j.p. morgan of goldman sachs they would be very quite nervous of gold and silver were suddenly traded freely because then they would be called out of charlatans but talking about gold and silver now the c.m. eeg rupe in europe has announced that it will be accepting gold as collateral talk about this that well i don't think that's a huge surprise i think that this is being something which is rolled out of the last couple of years max where increasingly gold is except to discuss actually is probably part of that same move which i know you've mentioned yourself about gold becoming a risk free. cost and you call some bank balance sheets of these just part of the overall process i mean why why money or as mr mr jaitley said the only true extinguisher of debt would actually be considered to be money and he's

a great shock but he's pleasing for those of us that made noise about it for some time i think it's just another step towards the inexorable return of of gold as money on a global basis at some point in the future but it's pleasing to see. that make that . dissipate these kinds of things to continue on over the next twelve months ok let's move on to some recent comments by jeff christian of the c.p. m. group in an interview on financial sense our first explain who jeff christian is why. even matters what just christian. basically been either put forward or we put himself forward as something of an apologist for the existing billion banking system is constantly stated that anybody who has issue with the l.p.m. a fractional reserve system that they don't understand gold and silver and how it's trading setter and so he's very much takes the other side of the argument from

those of us who believe there is a big structural problem indeed the formal investigation c s d c put on a couple of years ago into silver manipulation he was used as the individual put forward to those allegations and you know he did a radio interview recently which caught my attention maybe because it seemed to be a substantial change in tenor he basically said that he felt the people who owned unallocated gold within the local london system or at least some of them thought they probably had allocated in those that didn't perhaps didn't understand what unallocated meant and furthermore the unallocated gold ownership isn't actually ownership at all in fact the banks own it themselves and you are a credit to them they king collateralized hypothecate re hypothecate against metal and you can go from or from a thread underneath it and i think it's very interesting i mean i know he is stating things like this in the past back in one thousand nine he wrote something called bullion banking explain way he made similar comments that if you're in an

allocated gold it's not really your asset and that's how it works but i think it's very interesting to to have this discussion put forward into the public domain by someone like mr christian who scene is as i say an apologist. the status quo and he stated that he thought the unallocated gold was probably more of a problem than the futures market and you and i'm sure would agree that that is the case right while i listened to the end of year now aside from being a rat jeff christian made the point that the largest percentage in bully on is the. over the counter stock which is exposed entirely to global systemic risk that is to say that as the banking system continues to implode due to the complete absence of regulation the call that an allocated training in the o.t.c. market in london is untidily at risk not even jeff christian could deny that

correct that's exactly right he stated quite clearly the he believed yes at some point that could become an issue in his billion banking explained piece in ninety nine he stated that some entities effectively leverage their billion positions forty times some might argue it takes place to an even greater extent than that max but yeah sure i mean bearing in mind that there isn't any real physical collateral within the system beyond gold bars the fact that this hypothecation and collateralize ation over underlying positions it's are owned by people who believe that they have actual gold is in my opinion a major major problem which still hasn't pushed through into the market yet but i actually think that says something going on which is quite interesting which. i mean some of this is anecdotal but it but it's certainly the case that the moment the opium a member banks are very reluctant to allow large buy is on the overcounts

a market to have delivery made outside of the b.m.a. system i know more than one situation at the moment where people are trying to have substantial amounts of physical silver delivered outside of el b.m.a. and various road blocks and handed in face situations are emerging from that where they're basically not not willing to do it now that would tend to suggest that there is pressure building in the background and i know that sandeep's basis would corroborate this in it's certainly saying that at the moment the. pressure on the allocate it is extreme and put in it's going to hiding and people are unwilling to play this game any longer pursuant to what you just said ned jeff the rat had this to say and i quote many don't realize that allocated metal is owned by the bank the bank can hypothecate it they can lend it against it they can use it as collateral for other lending they have the liability to give it back to you or pay

you the value but it's actually their gold at that point so in other words this one allocated goal is owned by the bank and as the system collapses due to do the overindebtedness when it comes time to make good on some of these claims that bank is going to use the gold you thought you won't just settle their claims correct absolutely but probably more more importantly is what the likely meaning of that is for owners of of real physical gold in their own possession which is you're likely to get bifurcation of markets once that once the event takes place people will recognise the difference solve one in one hand versus forty in the bush will have many may exist behind the scenes. you know yet yes it's both a longing but also probably very good news for those people who've taken that additional step of making sure they know the custody and the location of the

physical is beyond the remains of this system or a christian goes on to say that quote if the boolean banks are using ten percent reserve requirements they'll lend out ten times as much gold as they have a deposit if it's not a bank there's no such stricture against it at all your thoughts that well sure i mean you know this also feeds into this whole a lot of the rules in london buses or the rules in new york or europe and so i think getting a grip on exactly what goes on is very very tough but it's interesting to hear that people who would purport to suggest that the existing system is acceptable. or willing to also state the well yeah i mean it's not really a property deliverable market if you own an allocator you don't really own it and this is the situation i mean i would reiterate what i think i've said probably on your show before which is if you're a malaysian hedge fund manager and you own ten million dollars and for whatever reason you've ended up on allocated rather than allocated i'm pretty confident

those people as mr christian say is on the way of the true meaning of the true legal definition of what that is and then i want to go back to something you just sort of moment ago about buyers having difficulty getting their hands on silver just to give us some more detail on that you're in london london is a precious metal capital of the world we hear rumors of tight supplies of solver of course going back to the hunt brothers days they outlawed more last purchase of silver and took all the delivery of silver at one point is just about a market function it's a regulatory function what's going on with us well i mean the point is this the obviously this system is it is operated for a long long time and previously when people have tried to take delivery of substantial amounts i'm not talking about ten thousand ounces and talking more your million to five million to ten million ounces which is a lot of. a lot of metal if you try and get that amount to live at the moment before the system and found a way of paying you out just like

a bank if you try and remove your million dollars while the banking system works well you can have that that's fine move along that that system is coming under pressure and some of the people are trying to make these sorts of deliveries outside of the opium a system or having robots put in front of them along the lines of well you can have it in a few months but only to an l b i'm a member bank by the way who's your client who is it he's trying to to do this trying to deliver outside the system there's a little warning flags in my opinion of of the fact that there is tightness there and as i said you know sunday eight billion service base is service which i think is a really the best way of getting a grip of tightness the effects of what he's doing is looking at the spread between . didn't offer on the allocation on the allocated metal which gives you a real sense of the actual tightness in that system and that is also showing similar smoke signals that there is tightness that there is a problem there the higher prices are likely to follow from it. there are

a number of some anecdotal signals and some more mathematical signals which are all saying the same thing which is that people who own allocated are unwilling to make it an allocated in that there are also people trying to take delivery outside of the system right now i should mention so deep jaitley is a regular guest on this show he's a billion baseness and his research institutional research is very highly regarded and this idea where the supplies are tight and people can't get their hands on large purchases or not even that large purchases of solver this is exactly why you see backwardation correct the price of the short term is higher then in the longer dated futures contracts correct indeed i would just say that this is a way of coloring that comment so yes i mean we've been in backwardation solidly pretty much from january of this year i mean there have been no it's very stripped out but basically we've had. near permanent backwardation which which which sandeep and his and professor they would both say is permanent backwardation of gold and so resigned that everything is breaking down completely and at some point we are going

to see this if we're to be correct in as much as only gold and silver money and everything else is just a credit in a promise which can't be paid up then one could expect this to happen it seems to be pretty close exact timing of the big move where people start to realize that should you ask for delivery you won't be able to get it tell me that it's going to be very very difficult but the signals are there and i think the long consolidation we face we've had has helped to bring this about in a way all right no other little and we're out of time thanks so much for being on the kaiser report is a pleasure is always nice and that's going to do it for this edition of the kaiser report with me. my guest. asset management if one of them an email please do so at kaiser reporting r t t v are you. buying.

sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realize that everything you. are is a big. stores and. you're going global. choose your place take your stand. needs to.

make your statement. the words. occupy wall street launce.