nigel for raj is leader of the u.k. independence party member of european parliament these speeches over the years have gone viral on the internet and mr ferrars has garnered a following not only at home but here in the us while at home his party has gone from fringe to a force to be reckoned with nigel ferarri joins me now live we're so thrilled to have you in studio thanks for being here to be here and thank you for showing my best clips we really did like your highlight reel so much to choose from hard to get it whittled down so let's just start with you you every time you give a speech on the floor of parliament when you come on this show and do an interview it goes of my role in the financial blogosphere here in the u.s. why do you think your message resonates so much here in america what the global markets are all interconnected you know what happens basically in new york and chicago is is totally linked him to what is happening in the eurozone and the eurozone crisis is hanging heavily across the whole of the financial investment community of the world so people are really interested to hear what's going on i

what they get from mr burroughs. poyan all the other costly people in brussels that no one's ever voted for what they get is this diet of there's no problem shops we're going to have a summit next day it will be sorted out with a b. twenty one summits i would last two years here we are today with cyprus on the verge of leading a bailout the spanish position frankly looking perilous i think the reason my stuff goes viral is that i'm giving not just a counter-argument but i think i believe a pragmatic economic incentives as well and kind of what you're getting at is there is a bull market for for truth there is a bull market for getting past the b.s. and the rhetoric what i found interesting was even on the mainstream networks in the us you've been on sandy sea and fox this week i feel that you were more well received there then then maybe you would be by mr barroso and by some of the right thing you're going to be. even into the mainstream in the u.s.

do you think this is and do you agree first of all i think anybody that looks at economics from a fundamental perspective is going to say this euro zone should never have been put together the way that it has been and the frankly i don't know frankly it can't last the only question is how long will the agony go on for my worry as you showed in that last clip of mine my worry is that the political will to keep this thing propped up is that is so fanatical that it could be many many years it could be up to a decade of this crisis while decade before you know for what we see and accept well i would no i think other exits will happen first but the reality is that the whole european project was put together as part of a franco german pact it was done with honorable intentions namely to stop war but it miss understood that people don't want to be given a new identity and that you should never create a state without consent but here we are and no one's noticed we've all watched greece versus germany spain versus germany we've talked about the gap in

competitors that has grown between them what no one has noticed in the last two years is that gap between france and germany is getting wider we've now got a new french president whose views on economics frankly are mad because the first three things that he does on becoming president he reduces the retirement age from sixty to sixty he ups the minimum wage by more than the rate of inflation and then he introduces a tax seventy five seventy percent and he says if that if there were any entrepreneurs left in paris please catch the next eurostar out because of that i think this gap between france and germany will get bigger and the awful reality for the people that want to build a european state is i don't think in the end even france and germany can survive together in the same aside economic and monetary union oh wow ok well that's bull but let's back up a little bit because have even you been surprised that we haven't seen a greek exit yet despite all of the pain we've still seen greeks go to the. and yes

give more support to anti euro parties but ultimately reelect mainstream parties and that the euro architects despite the cost of these bailouts still seem committed to keeping greece there have you been surprised i have to say that i would have thought that by now the markets would have forced greece out but it hasn't happened one of the druggies statement that we saw over the summer the the e.c.b. president when he said we will do what i want as a kind of a mean that i mean they are prepared to risk everything and more to defend this project the clue was a meeting that i had last year with angela merkel and i said to her chancellor wouldn't it be kinder to your taxpayers who just spent twenty years paying for eastern germany to be reintegrated into western germany wouldn't be kind of them to stop having to sign a blank check in perpetuity i wouldn't be a liberation for greece to leave the euro get the drachma back with a ditch a big devaluation of the opportunity to trade their way back to some sort of sanity

he said. if greece leaves the euro other countries will leave too and that will be the end of our european dream seeing as their fair share of the dominoes that you just it's absolutely that was what she was but she's also really saying is this we don't care we don't care that youth unemployment is nearly sixty percent we don't care that twenty five percent of private companies have gone bust about last five years we frankly don't care about all agree stops as long as we maintain our euro project and that is why i think these people running europe are bad people i think they're dangerous people and we saw a specimen i think in his yesterday of the future if you take away from people their ability to vote to change their futures they will turn master but they did vote for their futures and they reelected mainstream party well actually there wasn't a single opposition party. so really is a we're arguing about the terms of the bailouts but they were not saying greece should leave the euro nobody. i was saying greece should leave the euro it's as if

the political class in greece and in spain and in portugal a lot rabbits in the headlights of an oncoming car no one's got the self-confidence or the car you think everybody is terrified of the alternative to sticking with these measures i think if somebody comes along it's a serious business figuring greece was to come along and say look this will be painful but hey it's painful anyway we may suffer inflation it may be difficult for the first year or two but actually the only hope we've got is that we get our currency back we're able to become much more competitive again i think once that leadership is given the people would follow but at the moment it's absolutely ok and what if this does continue we just saw a report from the i.m.f. coming out saying that if policymakers aren't able to fulfill all of their promises that they have given that they will have to deal average it if you can even call it a deal leveraging because because they've gotten bailed out that is far for to have trillion dollars in assets at this point. what is the call are the consequences of that kind of deal leveraging and who is left to bail the banks out with the

alternative becoming one of the more we are both the i am an arm of the i.m.f. which is not a good job since money forty five has now been hijacked you know it may be here in washington but effectively it's become the overseas bailout office for the euro did things go badly wrong the i.m.f. will be expected to put huge amounts of money and that of course includes america and i think there should be a bigger debate in america about you know should they still be putting eighteen percent of this money into the euro bailouts so i mean i'm pretty unimpressed with all the i.m.f. does and it's interesting because that might be a discussion in washington but i don't think you'll ever see a mainstream news report oh everybody in the u.s. has to worry about the money that the government's giving to the i am apt i'm wondering if you have been surprised because you've been here all week. is there a lack of knowledge of the new onces of europe amongst people in the us would you say yeah i think i mean i i've met over the last couple of days you know some

people who are very senior very knowledgeable people who kind of sort of think that the european union is just some sort of free trade agreement. but no but really they just was very well and you know very well he would britain you were in the euro so what's the problem and there is a lack of understanding that the european court of justice is supremely over our own courts in our own country is that even in the case of britain which is outside the euro seventy five percent of our laws are made somewhere else there is in comprehension when you tell them that the parliament has got three homes and it travels around like a circus and that the budget hasn't been signed off with the old it's as for the last seventeen years in a row i think there is through much of the american media not much knowledge about what's really going on over there do you think that's dangerous given the magnitude of europe's problems right now get training i'll tell you why because what i'm what i mean the financial community over here they do know what's going on has them got money at stake here you know what's going on i don't think events like yesterday want to german chancellor i mean germany is

a big important country but the german chancellor turns up in athens to be met by people wearing swastikas and giving us the salute i think the media say goodness me one of the it is happening here so i think things are changing yeah it is when you see the molotov cocktails or the protests that the u.s. media pays attention despite so much more of import going on you know i have to ask you give these colorful speeches on the floor you do not mince your words is the relationship with the other members of parliament an n.p.r. crowd is it as it would appear to be engaged and how you are on the floor in private or do you go your chum in a van run for and you go have a beer at the bob after being fined thousands of euros for. things back you had no good no beer van ronk right absolutely not i wouldn't have a drink with. it it's not that i disagree with these people. you know i mean i know people you know from the left of politics and i might be more free market and those guys you can talk to disagree with have a beer with no problem these people it isn't that i disagree they're bad people

these people you mean that i mean we're leading the european project and barroso invited our top out to destroy democracy which is something that was so important that those that went before us actually went to war to defend the very principle of democracy and these people want to crush it these people have got this fanatical belief in their project in their flag and then building a new state what it isn't going to work and if they keep the whip hand for too long i fear they'll be outbreaks of violence all over the mediterranean and we may see more damn brad comment you maybe pay more fines well ironically for what it's been calculated that if i am rude to this of her room boy and if i find another sixty three million times i personally will pay you about oh. well we are going to keep you here we're going to come back after a break more than i know for raj in just a minute still ahead capital account producer justin underhill took on jamie diamond during a press conference here in washington d.c. this afternoon stay tuned to find out what he said but first the closing market

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welcome back we're talking to nigel farage today and at home in the u.k. his party ukip has been gaining steam in two thousand and nine elections they were polling with double so the support of the stage in the prior electoral process that they had and just last month this is a headline from the guardian knows adjuration ukip is now a force to reckon with if the cards fall its way nigel farage this party will shape the two thousand and fifteen election and politics of britain in europe for a generation so let's bring our guest back in and talk to him about this growth and support so mr froggatt what do you attribute that growth in support to is it mostly

the euro skeptic message or is it mostly that you kept a mastic policy platform that people are going on the euro skeptic message to a large extent people say well you could have been proved right now even with a bit like me you know you could be right about what they've said. and that this topic about democracy about government which really the mainstream media and parties tried to bury under the carpet let's discuss it in front of the children that unavoidably has now rocketed up the agenda of politics in the united kingdom but it's not just that i think in the early days u.k. it was necessarily a protest party against what was happening in the european union and we used to talk about who governs britain we're now talking about how that britain should be governed so when i say once we're free of that once we've cut the gordian knot of being only you we will be able to liberalize our labor markets we will get all these things we're able to do with the money and with the ability to have our own trade deals across the rest of the world which we're currently forbidden from doing so i think that the reason people are coming to us isn't just any one simple thing

it's a big broad agenda that is attractive to people yet that's one reason the second reason is that for most of you kids existence we used to draw support from across the spectrum patriotic old labor classical liberals conservatives all sorts of people would vote for us but for thirteen years the tory party were in opposition which is almost the entire lifetime of the. people used to say well look nigel we agree with you old boy was bought we've got to vote tory we want to get labor out and david cameron is playing a very clever guy just you wait for the day with gets used to say you'll see well david is in and they've see that he's broken promises on giving a referendum he's done nothing to hold mass immigration into britain he hasn't dared address the issue of human rights so there is a big disenchantment i think people see cameron frankly as indistinguishable from play good miliband in terms of it's interesting there's a similar conversation in the us where you have presidents from both parties that end up carrying out very much the same platform it's similar policies do you think

a politician like ron paul would be the most comparable in the us to you or kind of his lip you know libertarian i don't think i think the ron paul campaign over years to campaign for is a democracy we won't post the liberty and the responsibility that goes with that we want to smaller state we don't want washington in control of absolutely everything i think there are some strong similarities and that said i heard you recently say that the us you would think there would be more of a conversation about the debt in this country and i y would agree with you i completely agree as you know we talk about it all the time it seems that other issues have become more pressing and more of the national psyche and then the mainstream media i'm wondering if you think that the day of reckoning is being delayed by problems on the other side of the atlantic or the federal reserve policy is that a lot of content get out i mean just that has what's been happening with the eurozone crisis with the last twenty one submits yet they continue to kick the can down the

road the same is happening to a large extent in america with your massive massive federal deficit that nobody's really addressing this i know that romney in that debate did begin to talk about this but frankly your public finances are no better than the rest of the euro zone's. the extent to which national debt is growing year on year on year is something very serious i mean frankly. what western governments are doing at the moment is they're stealing money from their grandchildren oh absolutely and for the taxation down the line to pay for spending today so when do you think the day of reckoning does come in the us because the fed has shown that it has a willingness to buy bonds what it can't control is faith in the dollar in foreign exchange markets no that's true that's true i don't think the day of reckoning has come i'm pleased that romney did well in that debate the other week but i would like to see him be much more assertive i'd like to see romney say look it up but he's proved he's not really up to the job i have been successful in business i've gone out there i've done it i've made tough decisions i run

a company i'm the man you need to run this economy let me tell you america it's going to be rough it's going to be tough there are going to have to be some very big cutbacks in the size of a state but if you follow me we go on this course we'll get the ship steady we'll see if you would even be able to follow through on that what is very hard going now isn't even a plan that would do that end defense spending he wants to increase i'm curious we've heard warmongering from romney towards iran in general i think some would say that the u.s. has been saber rattling about war in iran what do you think the reaction would be among financial political elites in europe if there was a war with iran led by the way i think it's very very very worried i mean look iran is a big country. we have we are now a decade over a decade into a war in afghanistan and let's be honest we're achieving nothing now i couldn't agree more we're achieving nothing iraq hugely expensive ok saddam's gone but does anybody really think that iraq's a happier better place or will be in five or ten years time if what we're saying

with is we want to stop them getting nuclear weapons frankly. there's not much we can do to stop them acquiring nuclear weapons what we what we need to do with iran frankly is we need to sit down and attempt to have a very frank conversation with them but to think by going to war we will achieve much and stop them getting nuclear weapons i think is ridiculous and personally i am extremely tired of the united kingdom joining in some of these overseas. well we never really think what the end game is going to be going to be it's a great point and i do want to talk about regulation for a moment because you regulate is one of the things that we've spoken about but our one time when i interviewed you were coming from a non wine party. for a wine that couldn't call itself why because of regulation in the u.s. we have for example obamacare that was supposed to help everybody get insurance now we're seeing reports from major restaurant chains for example that they're trying out shifting people to part time workers to see if that would defray the costs of complying with obamacare how do you set up regulations that set rules in a free market but that don't go so far as to create unintended consequences for

businesses workers taxpayers even with well i think i think in the end this comes down to what your basic assumption is you know the basic assumption of the people that i do battle with in brussels is that the state is the best means through which we can actually get the marketplace to be successful and get the relationship between employer and employee to be right the state must regulate the state must legislate on the state gets it right that's their philosophy my philosophy is completely different my philosophy is we should get the state out of business and out of people's lives as much as possible with albeit some sensible basic human protections for people so that they're not exploited i'm not abused i think it really is which side of that fence you come from do you believe the state can do this stuff or do you believe that free enterprise wealth created by individuals who got the state freed from them and right at the minute the statists are in control everywhere the real control of westminster they're in control of brussels and

they're in control here in washington where washington is building up a bigger and bigger state at the expense of the constituent parts of the usa it gives other all some similarities and there are many similarities and a message like yours continues to grow and grow in popularity so i really appreciate you being here on this show and sharing it with us nigel ferar she is the ukip leader and a member of european parliament. today jamie dimon was in washington at the council of foreign relations capital account had some questions for him and you may have already seen some of the headlines on his admissions about bear stearns well a listening those comments was one of our very own capital account producers justin

underhill here's how it went down in the q. and a. you mention that companies make mistakes and now that there's a civil lawsuit for their students related to later fraud. do you regret participating with the federal reserve to buy bear stearns in two thousand and nine persisted by the federal reserve ok and then do you what did you miss something when you told investors that bear stearns acquisition would not be material but i'm not sure i ever said that so here's so bear stearns we were asked to buy so that the fed did us a favor to finance some of that no no we did them a favor i mean let's get this one exactly right we were asked to do it we did it at great risk to ourselves and we had the capability and capital people do extensive due diligence the one thing i was terrified about was you had they gone bankrupt all these lawsuits be no money to be no lawsuits to be no stock drop lawsuits to be no class action lawsuits to be no more it wasn't because the be no money but we

bought it in the sec we bought it we knew we had some you know we were buying some of some reports point out i've written extensively about what i've done bear stearns again knowing what i know today it's real close it's really close i will not but what i know today if they called me again to do some again like that i couldn't do it my board or allow me to take on these obligations i did get a letter from one of the senior regulators late on sunday night before we signed it that said please take in consideration when you want to come after us down the rover some the bear authority did the j.p. were asked to do this by the federal government and we've been very out of the shows about the about the economic and financial flexibility and we have a great thing to bear stearns you know with some businesses and they're building in some great people and some terrible things and i got the exact number but. i'm going to say we've lost five to ten billion dollars on various things really to go after them and yes i put in the unfair category. some of the goy i'll survive

a very odd socialist but i think the government should think twice before they punish businesses every single time some goes wrong. nice work with just dean and dimitri helping out with that and reference to the materiality of acquiring bear stearns this was cited by chris whalen a bank analyst he also used to work at bear he's been a guest on this show very trustworthy source he had written a post a couple years ago j.p. morgan chase c.e.o. jamie dimon told investors that the acquisition of bear stearns would not be material to investors you can see that post of his on zero hedge and numerous other sites that's were going to leave it today thank you so much for our show but our that's it for our show thank you so much for watching make sure to come back tomorrow and in the meantime you know you can follow me on twitter at lauren lyster you can go like us on our facebook page there is the address you can catch any shows you missed or give us feedback all respond on friday at youtube dot com slash capital account you can watch us an a d on hulu at hulu dot com slash capital dash

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