i max kaiser welcome to the kaiser report in today's headlines if you tell the truth about the dollar you will be derided debunked and destroyed whether you

happen to be a brick of gold or irritating agency not on the payroll of wall street uncle sam once you do. if you do want to tell the truth stacey. yes max keiser there are currency wars reaching around the world the dollar doesn't want to be caught in the cross-fire basically at this point the currency global grid system you want to be the last one standing. well that's right they're going down one by one the currencies are collapsing we see this obviously and this report we're going to discuss them but you know the cons use that we're talking about they're going down in the order of their vulnerability when you got there. the hyper inflationary chicken as you see this chicken is looking like it was hyper inflated away you don't want this in your country if you see the hyper inflationary chicken run that's why chicken why are you playing with my chickens

you should be playing with my chickens most of my chickens well the chart of the day max gold versus the debt ceiling the chart is from ed yardeni and it shows quite a correlation for the past fifteen years max between the price of gold and the debt ceiling as you see as the debt ceiling goes up the price of gold goes up well you know i've been saying about this for a while that you have these arguments in the economist that get on the top of mccain's in a austrian i follow milton friedman it's all because at the end of the day what we have here is a collapse of these economies there's no economic school that covers it and the governments are simply creating more debt to handle it and gold is the only true there's only want to converse no more of his name is mr gold heard about dr copper i'm talking about mr gold he makes all the other economists look like chumps most of the mainstream media focuses on whether the dollars trading against the euro up or down are the end up or down and essentially they're all falling against gold

obviously a currency like the iranian realises falling precipitously. but all of the currencies are falling it's just a matter of degrees of speed now i'm salut the other ones i think go down in the order of vulnerability they're falling down like dominoes or they're going to be the last to go the u.s. dollar because as the words are of currency and the u.k. pound because this is the epicenter of global banking fraud but everything around those two are collapsing boom boom boom boom boom boom boom and again you know this chart where they're showing the lockstep move between gold and u.s. debt ceiling that would also betray what ben bernanke the head of the federal reserve bank the central bank in america said oh that holding gold is just a tradition there's no reason for us we might as well be hyperinflationary chickens we know that this is after it has been stripped of its fair currency delusions there is trying to figure it all out all been. well first you know.

a currency starts to collapse through slowly through inflation you see prices rising every month but when it's a hyper inflationary collapse that's a political event people have lost complete faith in the currency so it's all about perception right so this takes us to the next headline s.t.c. suze the one reading for not on wall street's take this isn't bloomberg dot com it's from william d. cohen and he says the securities and exchange commission it seems has finally lost its mind in april motivated by what i consider pure maliciousness the f.c.c. initiated a cease and desist administrative proceeding it deemed necessary for the protection of investors and the general public interest against jones rating agencies and its principal owner sean egan why max why did they because remember they downgraded us

to you know they talk about the aaa rated list and for that reason unlike fitch unlike moody's unlike s. and p. that are on the take either directly they get money for ratings or they just get under the counter money for ratings. she's independent they downgraded u.s. debt as any sane person would do so now they're being attacked the trouble started for even jones on july sixteenth two thousand and eleven when you can jones first downgraded u.s. sovereign debt by one notch to double a plus from aaa two days later how the f.c.c. wrote to them and seeking information about why they downgraded u.s. debt remember they're saying they're protecting investors in a way that they are protecting that chinese investor who owns a lot of the u.s. debt we're talking one creditor the chinese people who are very upset that the value of their dollars are actually worthless look i have expressed to the people in greece and the people in ireland and the people in egypt. great your own rating

agency and downgrade us to the word should be downgraded to triple hooks triple c. it's worthless job you could do this twenty minutes to cost of starting a radio and using it is a post office box and one certain analyst from mit a cost of fifty thousand dollars a year that's it well in fact china has a rating agency called i think it's day gone and they downgraded u.s. debt long before egan jones and company so they were i think it's more about the u.s. if you're inside the empire you can't you can't downgrade any of those little people with their hyper inflationary chicken bond markets can't go on is going to dig all of them. because the best with the empire you know pretty soon timothy geithner is going to show up in peking with like three tons of opium and that we're. going to hope that opium again. but even jones wasn't intimidated so they downgraded u.s. debt further april of this year and that happened on april fifth on april

nineteenth leaks started emanating from the f.c.c. that it had voted to start an administrative law proceeding against the firm and april twenty fourth they filed it now even jones the story of them is that they are privately held company with about twenty employees and they started in one thousand nine hundred five and it is the only one of the nine nationally recognized rating agencies in america that gets paid by investors instead of by the issuers of securities so that's important to realize in the face of this financial collapse that was caused by the likes of bear stearns hiring rating agencies to bless their junk bonds essentially their toxic collect collateralized debt obligations a mortgage backed securities with a aaa rating they paid these rating agencies to do this and even william cohen here in the bloomberg article notes that you know e-mails emerged saying that from one of these top rating agencies that are not the subject of an investigation by the s.c. . see that you know they would rate anything even if it were by

a cow if they were paying it cowpuncher get a aaa rating and use as collateral to finance oh i don't know takeover of greek assets but look this is the insanity you're talking about that we've reached the point of no return i read the telegraph here in the u.k. that the leisure industry is suing the weather forecasters for coming up with a pessimistic forecast predicting rain because they say it cuts into the leisure industry so if you are a weather man and you are on television and you say well we expect rain over the weekend you're subject to a lawsuit because a black clouds of rain don't exist in our leisure world where it's all sunny in pink rainbows and sunshine coming out of barack obama spent trying there's nothing wrong that could ever befall us it's all pure play rated and we're all over cents on the dollar. so remember it's all about perception and it's a currency war and you want to avoid the hyperinflationary chicken so you would

have noted watching kaiser report when we interviewed chris cook recently he had just come back from tehran where he said the price of chicken had doubled in a day and that was a warning sign he said and sure enough we see the iranian reale collapsing hyperinflationary currency collapse is leading to big anti regime protests in iran right so there you have it gold making a new all time highs against the euro against the swiss franc currency collapse iranian rio people on the streets now going to the central bank so this is the global insurrection against banker occupation this is them manifesting itself on the streets of tehran and this is what occupy wall street is all about this with the tea party is all about if they were honest with themselves this is what anyone who's against being completely shellacked by a group of inside technocrats and banks to others is about get rid of these central bankers the protests were outside the central bank and they were calling for the governor of the central bank to stand down and tenting anti-government slogans now one hundred angry traders and official money lenders gathered in front of around

central bank they were chased away but it's interesting that they do focus outside the central bank which is the one that controls the value of the currency and one wonders when this collapses completely if it hasn't done it already it could be happening right now while we recording the show. you know whether or not in latin america when this happened when you saw. collapses the nation would perhaps like ecuador adopt the dollar the u.s. dollar so could we see a situation where they adopt the chinese room in be as their national currency for example who knows when it collapses oh this is what currency wars are all about no bill black one talking to in the second half of the show we've already been chatting about a plot we've got here we want to what you see in iran on the central bank there. i want to get that here in london against mervyn king this what mervyn king to look like this when i get there oh well one plucked chicken get the pluck out of here

mervyn king you're destroying this country with their quantitative easing what is it all about sounds like a laxative get real mervyn king stop abusing the population here in the u.k. let the markets do it the markets will do so they don't need you interfering they don't need you printing money. ok and then finally max greece blocks thirty million for f one circuit speaking of central banking and central government crazy insanities crazy stuff and currency wars because of course this sort of insanity helps lower the value of the euro and everybody wants their currency a little bit lower just not a lot lower like in the hyperinflationary. i think this one deserves the golden chicken grab my chicken max according to the ministry of development the circuit will be built in an unpronounceable location near patricide in the hope that the country can host a formula one event event sometime in the future well this is

a perfect really breakdown of what's happening around the world greece is bankrupt it was invaded by banks hers they price their assets for pennies on the dollar they lowered a country out of debt they extracted the wealth they impoverished the people they stole all of them wage earning potential they strip mined all the income producing assets now that they've lost our sovereignty now of the people are basically no longer part of a democracy then the global mega banks are elite are going to come in with a formula one racing the minimum team or inquirers half a billion or a billion dollars to be part of the formula next i'm sure they have the olympics back again soon and which is another global only freaks you know all the people there oh they're good jobs cleaning the toilets for that bernie ecclestone guy with a little glasses of the billionaire owners but don't ask him to get a real job with really come. just to put this insanity into context the

economy of greece contracted by six point two percent in the second quarter and in august the coalition government agreed fresh spending cuts of eleven billion euros to the society at large in order to get the next installment of one hundred thirty billion euros and you know they made those cuts and now germany and brussels are demanding even more before they'll release the next traunch well they're just a great people lined up up the track of the formula one race and run right over them that'll be part of the sport just run over a few thousand great people. you're killing all your. future with thanks so much for being on the kaiser report thank you max in the hyperinflationary chicken thanks you but you can get a lot of airplay so i don't know all right stay tuned much more coming away got no black korea don't go away.

well. it's technology innovation all the developments around russia we've got the future covered. mission. critical three. four chargers. arrangement three. three. three. the old free born killers morning video for your media project a free media dog our teeth on tom. you know how 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 realized everything you thought you knew. welcome to the big picture.

he gave you. welcome back to the kaiser report imax guys are time now to go to kansas city to talk with professor bill black author of the best way to rob a bank is to. bill black welcome back to the kaiser report if you mix all right

professor black stock about lenny lenny brower for a second what were your thoughts when you heard the lenny brauer the head of the criminal division of the department of justice was caught boasting of his a love for deferred prosecution agreements i was appalled by you know used to help the prosecutions during the same. alone days and i was a justice department lawyer as was my way. and let the brewer set out a road map on how people could of boy getting prosecuted there really white collar criminal banks that caused the financial crisis and the way he said to do it is hire yourself an economist and be really too big to fail and that a lot of innocent workers are going to lose their jobs if you take any prosecution against start my criminal bank in other words you hold the workers hostage right

holding the workers hostage in this case or holding the markets hostage we saw hank paulson back in two thousand and six give us three quarters of a trillion dollars or will blow up the market and you know this is this kicking the can down the road deferred accountability deferred prosecution does anything happen in real time anymore are is everything going to happen at some magical point the future some point of nirvana when things suddenly come back how is everything going to be deferred black i mean in the meantime what's happening for real wealth deferred prosecution means non prosecution and everybody knows it means non-prosecution and the one exception prove the rule arthur andersen was offered a third. deferred prosecution agreement and refused it and went to trial and lost in the trial court you know so there's no more arthur andersen but the looks of the justice department learned from all of that is oh my god we can't

actually prosecute anybody large and so they don't actually don't prosecute large corporations ingore reisa brewer claim that deferred prosecution agreements were adequate deterrence and that his agents were quote sophisticated and could detect whether a firm was serious about implementing a compliance programme so a lot of words there that are misused all the time like compliance program there is no compliance program and deterrence there are no to turns either other bill black well this is all about removing the deterrence this is all about allowing people to commit the crimes with absolute impunity and this was more than a wink wink nod nod now that your new digs in the city of london and we can go back to a classic comic routine of this is how you give me the excuse not to prosecute and it was wonderful brewer said now i want to warn you this

approach won't always work. right there is there is the risk now is it true that brewer come from the same law firm as attorney general eric holder and if so is this a problem. yes they both come from coming to the burley they both come from representing many of the worst criminals white collar criminals in this action that firm was heavily involved in creating murders and your viewers may understand that this is the thing that screwed up mortgage records throughout the united states and has put tens of millions of people's ownership of their homes at potential risk so if that is a problem i must tell you back in the savings and loan days. i worked under a council who came from coming in and burly and was very top and was picked to be

very top but holder a group were picked to be marshmallows and they delivered all right now lanny a brewer is also a member of the residential mortgage backed securities working group that has just filed a civil suit against j.p. morgan for mortgage fraud why is a civil suit and not a criminal one bill block well and why a suit only against an entity that hasn't existed for war for years and why a suit not against the individuals who actually perpetrated the fraud and who are multimillionaires and in some cases billionaires and the answer is the answers are we don't do criminal cases of a leak financial institutions in the same that it lanny breuer speech and i have a column you know about this that perhaps you can quit on your site. lanny breuer

said try to cite their great success against the bank fraud and he said hey we brought an action against a criminal mastermind a minister for oculus well that's hilarious this is the. only c.e.o. of a significant lender came from a mortgage bank not anything remotely like wall street and the new book by barofsky who was the special inspector general of the tarp program called sig tarp brodsky's book makes play that he had to fight crazy to get brewer to prosecute the case that all of brewer and holder's instincts were not to prosecute even this crude fraud caracas who buy and you history fraud so crude it was discovered in two thousand was by fannie mae all right now i

want to jump over to another area we recently saw the rigging of global interest rate markets live bore the f s a new they have a new group their financial conduct authority says they will in the future prosecute bankers involved in bringing libel or the overwhelming evidence including all of the e-mails suggest this was a. prosecutable racket why can't they prosecute the crime that has happened in real time right now. you used the word can has nothing to do with can can refers to ability this is a problem of will and the f.s.a. you can create a competition in laxity which is exactly what the f.s.a. deliberately did it competed with the securities and exchange commission in the united states and see if you see the commodities futures trading commission and

course congress to cook it have the absolute weakest regulation if you get that you're never going to have regulatory leaders with backbones and you're never going to have staffers who often have back both because why would you go to work for an entity that exists to serve the bags as opposed to serve the people good people will leave in those circumstances and so what you're seeing is the f.s.a. and by the way the bank of england continued to be the land of the invertebrates where if you have any backbone you're not allowed right while we are here in london we do the show in london because this race to the competition in laxity as you put it the race to the bottom who can be the absolute worst when it comes overseeing markets through london we had a i g lehman brothers bernie made up the london whale over j.p. morgan we learned about re hypothecation and. we're here in line in the part of the

that there is a big conference going on for labor and they want one the left wing party they already have the lib dems conference they're kind of like a schmoozy in between nobody knows what they do a party and then of course they'll be the tory party with the current david cameron but none of the leaders on the local television address the fact that london is a cesspool of regulation that it won the competition to have the least biting regulatory framework and that's why. and many reasons the global economy and financial markets are in such disarray now if you're coming to london certainly what should we do rigaud and find murmuring kang to record david cameron who what are we going to do dave black how we going to rectify this i know you're coming over here liz what i want to get at what do you what do you suggest well first let's think out that if you have a competition laxity everybody loses everybody ins up with crappy

regulation and that's exactly what happens throughout the euro zone and in the united states the only way to win a competition in laxity is not to engage in the competition let me give you two specific examples from a conference i was at just last week in baltimore brooksley born one of the heroes who issued a famous warning about credit default swaps and got squashed by that bipartisan coalition of the clinton administration and alan greenspan and phil gramm said that as soon as the f.s.a. got created that leaders the senior leadership of the f.s.a. began coming to the united states to industry conferences and saying you should leave america and do your deals and locate relocate in the city of

london because we will give you weaker regulation and then a guy that had been with the securities and exchange commission for many many years said that's exactly what happened on initial public offerings i.p.o.'s that the city of london officials began coming to the united states to the trade meetings and say do your i.p.o.'s in the city of london instead of wall street because we will. look the other way while you do this and so i'd only make what might are you know thinking about your point of course the labor party finance issues is not a party that is remotely of the left it is was a party of what would be an us terms the extreme right the lib dems were every bit as bad as the conservatives of anything are worse and so there has been no choice

in the united kingdom for over a decade if you actually were on it to vote for someone who was really going to regulate so that's your have to change one of these parties has to be changed into a party that represents the people of great britain or united kingdom or england whichever you know variant you have in mind at the time instead of representing the huge financial institutions because you've just seen what happens to a nation that wins a competition and laxity it loses its moral soul and it has repeated financial crises because what it will attract act is the worst pod scum throughout the world and it will have regulatory leaders who will stand by while the pond scum destroy the nation all right well right of time bill black 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 are they my guest bill black we're going to send an e-mail please do so at kaiser report r t t v dot ru until next time next guys are saying. my parents really truly honestly believe that what had happened was as

a result of my father's exposure to agent orange i was born with multiple problems . i was missing my leg and my fingers and my big toe on my right foot i use my hands a lot in my artwork i find myself drawing my hands quite a bit to me for my hands you know just as anyone would but they do tell a story they tell us story of. the oxen.