it will mean that cockroaches from coming over the wire is protecting the country i'm the kind of guy who doesn't mind it is pants dirty so i come out here you know we're all immigrants as well know that we all use them for our. three thirty am in moscow the zero headlines painful and unfair but necessary greece's prime minister defends one of the country's harshest rounds of austerity measures yet as thousands take to the streets in protest against the cuts amid fears the most vulnerable will be hit the hardest. at least six protesters arrested in bahrain after people take to the streets demanding the release of prisoners of conscience bly of police resort tear gas and stun grenades to disperse the bad demonstration of russia and china leading the way of the asia pacific summit in

a handsome competitiveness in the region and strengthening economic bonds the meeting with which gathered twenty one top economic powers to russia's far east city of lot of astarte who's to jumpstart the global financial recovery. kaiser report coming up stay with us here on r.t. . max kaiser this is the kaiser report silver liberation army they rule you know they're just going to hand it right right to the bankers. max that's the first headline silver liberation army kicked. in august of course the silver

was the number one performing assets in august in the world and i think that might have something to do with why jamie dimon c.e.o. of j.p. morgan chase has refused to come on to the show well yeah he's on the run he has some doppelganger you know like these dictators in these countries they hire lookalikes to go out in public because they're afraid they're going to be chased down so jamie diamon you know go to a board meeting at j.p. morgan and there's doppelganger you know all dolled up like jamie diamond of the real guys in a bunker somewhere with life masters afraid to come out now that the silver liberation army has got their location taken so hohner and speaking of those refusing to come on to the kaiser report and have a fair open honest debate there is tom woods from the me sees institute and he is saying we received a response from him via somebody else saying i have not received any correspondence from either person meaning me and said jaitley so i call your attention to this

tweet of august twenty third as you can see i was having a conversation on twitter with tom woods and i said but anyway we should have you and bully on basis who is sending jaitley discuss on show so he's saying he hasn't heard from us but obviously he has and then he says as i have noted on my blog though i am not interested in debating rival interest theories and i doubt the general public has much desire for such a. well this is a the root of the problem with the me she's instituted is that they're basically childish and it goes back to this test that was committed from chroming mangere of his i. dia's about the subjective nature of value by maisie's and folks like tom woods who added a layer they call proxy ology which is the layer of childishness where as sect effectively economics is run entirely by ego centric children like

a tom woods for example so his view of the world is the view of economics you get if you're a baby and you're suckling on your mama's breast that's tom which is view of the economy that's where value comes from the suckling motion there are american economists they've taken the austrian school they've created what we could call the american school of thought the author's goals the rothbart. tom woods lou rockwell they're part of the american school of economics which is completely egocentric the economics of a child then you understand why america is in the state that is if they listen to these child the child economists who are not practice ya'll just all the more like product ologist and this guy would have been you know my product all just now for a couple of months he's like a stalker go away well there's another institution in the news that faces an uncertain future and that is in italy world all this bank faces uncertain future so

this is monte de passkey bank otherwise known as m.p.'s or by the locals in milan is known as daddy mon and apparently it survived the poor shows in the past still into cording to this article but it has not survived the modern debt derivatives and leverage and re hypothecation wrought upon the world by the likes of jamie diamond lloyd blankfein and whatever schmidt coming out of new york well they balance sheets loaded with telling debt government debt that's right government debt as we found out now is just been totally trashed by the government's ability to swap their government debt for toxic securities we started. in ireland famously they took on more than ten times or g.d.p. sean fitzpatrick toxic debt we saw in greece the government they would know the referendum even though the people wanted a referendum they said no no the troika runs our country we lost our sovereignty so

the country is full of toxic debt the sovereign debt has now been trashed same thing in italy well there's a little bit difference here between spain and ireland which are very similar they were nations without much government debt relative to the rest of the o.e.c.d. then they rescued all their banks transferred that toxic debt onto their balance sheet the italian government famously always runs a big debt m.p.'s wanted to passkey did not engage in collateralized debt obligations or any of these sort of property for cock to crazy stuff right but they have only italian government bonds on their books mostly they were very conservative they've been in the same building since fourteen seventy two before columbus sailed the ocean blue the government debt however it was a bait and switch you say that the government debt became toxic and there are where this you know remember any other jones at the scene where he replaces the bag of jewels with a bag of sand. but it doesn't quite do it and the big boulder follows him down through the tunnel this is the this bank now in italy they realize that there was

a slump and they now hold government bonds that are junk and they're trying to run away down the tunnel mon to do passkey did not survive berlusconi's bunga bunga parties it seems the country the bank is on the verge of bankruptcy it's the third biggest bank in italy and now it has all these government bonds which is trying to sell but of course the yield keeps going up and up meaning their bonds are going down and down so they're caught in a spiral nobody knows for sure there is some sort of bailout agreement reached with the italian government but nobody knows what it actually means it looks like the italian government might now own about thirteen percent of the bank they don't know you were known i mean. it means that there are all these countries in europe are going to swap for a new bonds created by the e.c.b. in other lending facilities as the balance sheet of the entire country quadruples to ten to fifteen or twenty trillion of euro's of bad debt that's the other thing of course is that u.c.b. actually will no longer accept talian government bonds as collateral they consider

them too risky so this is why i wanted to ask you has a problem getting rid of these debts because nobody will take them it's not used as collateral and right they're going to apply conditions so in other words or italy's a cousin with twenty four hundred tons of gold you know who's going to end up with a gold outside going to be an italian hands anymore it'll be in the hands of some corrupt foreign bankers now the actual debt situation itself or going to passkey is interesting in that it will you know who it was around for five hundred years and then it bought a rival in two thousand and seven to try to expand out of milan and control you know cross italy but it's something that we saw over and over whether it was h.s.b.c. buying household finance or r.b.s. buying a.b.n. amro and they all of them fell apart by buying those look seemingly on the surface aaa rated high reward you know banks well that's another hazard of ultra cheap interest rates thanks to the central bankers around the world the accountants come

to the c.e.o.'s with their spreadsheets and say well if we're borrowing money at this cheap rate we can easily acquire these other banks not ever doing the due diligence required to find out that the bank that they're acquiring are chock full of toxic assets that are going to swamp the parent bank that's doing the acquisition again had interest rates been kept high throughout this entire cycle and then this economy would not be anywhere near the dire straits it would be in now there would have been probably a twelve month recession in two thousand and eight as a couple of the big banks went under but we'd already be in a growth phase now instead of heading into the teeth of the worst collapse that we've ever seen that's yet to come now in play. well so they survived the bushes and the past. but obviously they did not survive alan greenspan's world that he wrought the the tenth circle or their eleventh circle of hell that is our financial system on earth now speaking of those who have not survived alan greenspan and

the world of zero rates in bailing out bankers that he has rocked the economy still my retirement apparently the weak economy has been tough for small business owners across the board in america but for entrepreneurs in their sixty's and seventy's the consequences have been particularly vexing they all find themselves max in business purgatory they say and again this is like those you know safe government bonds that money to passkey invested in here that all the baby boomers in america read the same exact bet of selling their house and then selling their small business to fund their retirement but all they have left behind them are these bankrupt generation x. ers and why yours who can't afford any of these they have so much student debt that they can't afford to even buy any of these homes or businesses right what the expectation that interest on their retirement would be somewhere in the five percent region words historically been not anticipating that the fed would engineer

interest rates to zero percent or in some cases in the world negative interest rates and this is again another hazard when you have central banks co-opting the market and imposing a command and control imposition of zero percent interest rates effectively look at it this way interest rates are the cost of money is the value of money if the fed is keeping rates at zero b.c. b. was rated zero one of the saying about the value of money that they're saying money is essentially worthless it has no time value goes is zero percent interest therefore anyone who works for money is working for free working for nothing and what's the biggest trend around the world right now unemployment in a recurrence of a medieval feudalism and serfdom people who work for no wages. there's no money that's right because of value is zero money is worthless so but the value of luxury homes of chateaus of art of fine art of jewels of these types of things gold and silver are going higher because the value of paper money is is states right there on your monthly statement from the bank you get zero it's worthless to stop worth

anything ok but so here she says the economy stole my retirement this is mistaken identity this is the sort of brainwashing that people have is like the market decided before to make her a wealthy business woman this woman for example who is trying to retire but she's only getting offers of a million dollars on her business which she says just makes her break even she needs another million more to retire and also up the economy there still are business its central planners get all her business the economy has been has been euthanized the economy has been euthanized and no longer has a pulse and these central planners have stolen her business and now one way out of this as we see across europe but now in the economist and they're buttonwood section they've written this opinion piece democracies and debt voters are now facing a harsh truth they're saying about half of the world now lives in a democracy but the problem is as plato warned democratic leaders would rob the

rich keep as much of the proceeds as they can for themselves and distribute the rest for the people while the economist has a bias to support the kleptocrats that's clear this what was just stated is moronically and it's almost insulting in it's bizarre that clearly it's a complete opposite of what we've actually seen happen of the poorest subsidizing the richest the poorest giving their labor away for a zero percent interest giving their savings away for a zero percent interest benefit the club to crash this is a complete one hundred eighty degree backwards now is that what's going on in the economist magazine. it was that as well but there are cheeky aren't they they think they can get away with this and what does biden would say what it would do they forecast as a possible way out of this is europe greece and italy they have technocrats because the technocrats can make the hard choices that the voters don't like they're

advocating all thought that's always the favored solution for quite a lot of a certain economists out there around the world though that's it misses like there's a and italy he recommended mussolini ok stay sara thanks so much for being on the kaiser report thank you max.

welcome back to the kaiser report imax kaiser time now to go to montreal and speak with bill still director of money masters documentary that's been hugely successful . he also has recently run for the nomination of the libertarian party for president bill still welcome back to the kaiser report oh thanks for having me all right bill still in your most recent still report you talked about the gold standard you talk about the negatives of a gold standard can you expand on that forest well you know gold is concentrated money i'm all about d. consolidation of power max and gold it serves as just the opposite in order for money to truly serve public interest it has to have two qualities not one it has to be us number two it has to be ubiquitous it has to be available everywhere ok lots

of course when we're talking about galt in the us economy people often refer to the constitution the u.s. constitution article one section ten raids that no state shall make anything but gold and silver coin a tender in payment of debts that many take this to mean that only gold and silver shall be money in the us. your thoughts you know this is typically what ron paul says on nationwide t.v. all the time but the constitution says that only gold and so we're going to legal tender it's just not true that is in the section of the constitution which is referring specifically to two other powers to the responsibilities of the states and in fact beyond that there is no state anywhere at any time that paid its debts only in gold and silver so that aspect of the constitution has been ignored and then according to constitutional law it becomes moot at that point ok so that's what we'll call put that under the heading of myth buster this idea that constantly

cited in the constitution if you look at all of our closely it's not actually wanted says i want to move on at the moment the banks issue the credit currency that we see out there we've seen that the banks have used this power basically to steal wealth from the population but the banks also all in control congress so if a gold standard were implemented would it be the same corrupt bankers engineering this shift to a new currency a resume i guess what we're saying here is giving some. buttressing to what you're saying is just as a way to concentrate power correct yeah well the way i got into this kind of help me understand this from the get go i was running a newspaper. near or just outside of washington d.c. and an old guy called me up one day and said boy there's no goal left in fort knox and i just kind of roll my eyes and i developed a standard response and i said oh that's great send me something in the mail because i'm the cookie people never had anything to send but this guy wasn't kooky

and he convinced me as a reporter that the federal government was hiding something that one time but the doors to fort knox were open in one nine hundred seventy three the a.p. reporter president reported that a little bit ago that was shown had a strange orange issue what this means is it's not good deposit gold if the federal government had any. good deposit gold it would certainly show it and in fact it is required by federal law to do an annual physical audit of the reserves the greatest treasure of gold ever in the history of the world and yet one on it has not been done since one thousand nine hundred fifty five so it was obvious that something was being hidden and so i figured out where it was that the plan is basically this is their backup plan after we get after we get tired of their machinations under the that money system the federal reserve system the next step then will be well we're going to offer this next alternative let's go back to the gold standard and

maybe that'll and that'll take ten or twenty years before they figure out well that doesn't provide us more freedom either so then then maybe the next step will be well let's go back to the privately owned central bank has to maybe that'll work when in fact all you have to do is outlaw federal borrowing number one and outlaw fractional reserve lending the ability of banks to counterfeit a sovereign money number two right on the point about the gold and the gold in fort knox there's a lot of controversy about that one thing that seems pretty clear at this point though the bullion banks have been lending out gold that they don't own and a lot of these e.t.f. six change traded funds that do business in gold and silver have been lending out bully on that they don't own and with the prices now moving up there are pressures on these banks to cover these positions so that's another variation on what you're talking about here in terms of fractional reserve in the other words a fractional gold reserve which leads into my question here just because you have

a gold standard doesn't mean you can't have a fractional gold standard which in quint's would then lead to the exact same problems that we're having with the fractional banking system in place today correct imagine what would happen to the price of gold as a gold money bill started slowly slogging its way through the american congress i mean just just on the hint. but the republicans in convention in tampa this week might include a gold money plank in their platform just about him look at the price of gold how it spiked on friday know a lot of people say that there was a cause perhaps partially caused by some of these words in jackson hole but it was also caused because suddenly republicans are considering a gold money bill imagine well what would happen to gold futures you know the futures market max what would happen to go futures if this bill started slogging its way through congress and then on top about what would happen as the rumor

started to percolate that maybe despite the fact the u.s. government claims they have the largest hoard of gold of any nation on earth but that maybe this rumor got out that maybe they just didn't have all about gold in fort knox and it more maybe it was actually sold into the london gold pool in the late sixty's and early seventy's maybe nixon actually didn't close the gold window because he was evil maybe he closed the gold window because there was no more gold to sell right so clearly at this stage of the global banking collapse all kinds of questions about auditing and accounting are surfacing as it turns out that these banks are involved in incredible amount of. legerdemain and criminality so i think that kind of scenario you're talking about seems completely within the current of a story line that we're now being exposed to of rampant criminality throughout the system but i wanted to stick at step back for a second and it's

a break it down to its simplest terms in a bill still world you'd have the treasury issuing a fixed amount of cash that maybe is increased by a certain amount per annum and there is no fractional banking there's only one hundred percent deposit banking is that a good assessment well dick the key question here that everybody. comes up with is who who is actually determining what the quantity is and if you let those westerly wabbits in congress determine the quality the quantity they're just going to spend too much just before every election to get themselves reelected and there is some merit in that every monetary reformer in in this country certainly knows that you can't give congress total control of that you have in my idea would be maximally decentralize it make make the people who actually determine the quantity. give all that down to the state government so you have many more people and the entire state structure involved you need to decent realize the power it to them the maximum

extent that's practical not only in this nation but in every nation as we move towards a monetary reform solution so yeah people are clamoring for the government to print more money for various programs they of course we're being told the big that no well actually and there's one misnomer here you know we printing money right now we're borrowing every single cent because it wouldn't be so bad if we were just printing the money but we're borrowing it and giving it away primarily to the banks good point now let's go back to gold gold standard for a second since the u.s. went off the gold standard the average real household income has declined pretty drastically are the two related gold money we were on a gold money system during the one nine hundred twenty nine depression which is a dell it's not just the states it was worldwide and that didn't help us much it certainly controlled the quantity of goal the quantity of money in circulation but

the quantity of money in somebody's sands but it caused for the general population a massive deflationary depression they're trying to keep us out of that now by tricking only a little money to the bankers but i think it's it could easily get out of their control well still you are working on a new project the money masters of course it's a. sas let's leave or spend some time on jekyll island what is coming from it will still money well i'm doing a documentary called jekyll island which simply lights the one nine hundred ten meeting between representatives from the rockefeller is from j.p. morgan and max were heard from europe racket representing the rothschild banks where they tried to figure out how to get this consolidate.

oh yeah absolutely that's. of the world however you know their debt money system has flooded the world with was so much debt that quantitative easing the last q.e. q.e. two it was discovered that actually depress g.d.p.

in the united states they've gone as far as they can in the debt money system i think it and the euro in particular are doomed to failure every nation even greece for example should go back to its own issuing its own sovereign money yes the draka would be devalued tremendously but they're going to feel the pain anyway why not feel the pain for a year and then start to come out of it because i'm immediately if you were able to buy b.m.w.'s from germany with your drachmas well what would happen internal greeks would somehow find a way to start manufacturing their own cars their own production after all sustainable economics is all about what you can produce in your nation this whole idea that we have to import everything from everywhere is one of the roots of the problem all right bill still read of time but thanks so much for being on the kaiser report thank you all right that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert i thank my guests bill still

because i mean email please do so because a report there are t.v. that are you in the next imax guys are saying by oh. my. technology innovation all the developments around russia we've got the future covered.