fricken hole of cost coming down the pike from the banks. well once they're in opposition then i'm sure you'll see some concern from the likes of david cameron about the banks for yobs but right now in opposition is labor ed miliband to demand f a x. faster on mis sold swaps ed miliband is going to ask the financial services authority otherwise known as the financial conduct authority why more is not being done to help the victims of swaps didn't mention about the fact that we should seek retribution against the banks there's a missile the swaps it is to go deeper further harder ed miliband forget about this missed selling may be bad stuff you need to identify that this is a fraudulent cells conducted by financial terrorists and act accordingly. well here's what the government is concerned about remember now at the top of the show we said david cameron says we need to seek retribution against hoodies so here

according to this article in the telegraph is what the government is concerned about f.s.a. recently up its estimate of the number of interest rate swaps sold to small businesses from twenty eight thousand to more than forty thousand and one senior cabinet minister is understood to have told colleagues he is concerned the scandal has the capacity to be extremely damaging to u.k. banks look when the folks go into the local stores and they set it up blaze and they steal everything and they loot it's clear that you need to cut the looting off the head of it the gangs and stop that from happening to say that oh the looting that's been perpetrated by credit default swaps is up by billions of pounds and we're suddenly thinking well maybe we need to get more serious about the criminal activity going on in the neighborhood that is britain if you know it's

a little bit too late too little too late oh well you know you're getting. getting . cam i've talked about aspiration nation meanwhile the baxters are creating a should nation choking the nation off from any economic growth any possibility of economic growth but again here are victims across the u.k. so while medium sized enterprises have been defrauded and bankrupted their savings depleted because of these missile swaps but according to two sources the government has become increasingly worried that the cost of compensating swap victims could dorf the more than ten billion pounds paid out to victims of payment protection insurance misselling now two things first of all the reason why these victims of this insurance product remember is not just interest rate swaps it was sold to them as an insurance product that this was just a typical insurance policy like flood insurance you buy insurance on the interest

rates the same banks involved in this misselling were also involved in rigging libel rates down so forcing all these small and medium sized enterprises across the u.k. to pay them more as a result of all the interest rate swaps sold to them so it's like here you have let's say the jimmy savile's a pedophile so the government knowing through back channels on the b.b.c. that jimmy savile is a pedophile they give him the keys to a children's hospital. now look at the financial terrorist market here you have libel rating being manipulating interest rates down so that credit fall swaps soul to small medium enterprises are forced to cough up. the extortion penalties put them out of business there's no difference between a jimmy savile pedophile and let's say mark whately over there at the regulator that he's in charge of f.s.a. soon to be the conduct authority they're both in the same racket of abusing institutionalized institutional a level of b.s.

of the system they should both be met with the same consequences settles gone but these other regulators are still alive and breathing let's go get em. no the reason why the government is now currently so concerned is that there is a lawsuit making its way through the courts and that's the guardian care homes and they were defrauded of twelve million pounds they say by barclays regarding these interest rate swaps so according to the article the lawsuit is seen as a test case for the way the courts will treat the issue and the fear is that if the company wins it could open the floodgates to tens of billions of pounds of claims that would have the potential to cripple one or more of britain's high street banks again they're not concerned with the fact that all these small and medium sized enterprises have been crippled by these fraudulent products and we're most people do work for small and medium sized enterprises those are the places that you're likely to find a job not at a high street bank and they're worried about that but right ok which actually book desperation nation may well i was born pursues the asian nation and you've got

basically jimmy savile visualised today they'd be all over by lloyds banking system just so part of the fault. you know hospitals and children's orphanages so not only would he committed gross acts of pedophilia but it could bankrupt them simultaneously it's a two fer you keep saying the name and speak see in association with the tories when i first lived there in ninety four ninety five there were a lot of autoerotic asphyxiation sort of scandals with the tory party. because of the stuffed in their. autos fix them so for the auto erotic leo rouse themselves that's what the tory create is all about auto erotic suicide that's what they're known for so we're going to go a bit back in history to june of two thousand and twelve just a few months ago to look at this this scope of this scandal this mis selling scandal we were betrayed by our trusted adviser twenty eight thousand small firms

fell victim to another cynical bank fiddle now even here the daily mail they're trying to be like hard on the banks but they call it a fiddle is. these were some who do use who had like you said you know burnt down a local shop and these are local shops by the way that were bankrupted by these interest rate swaps yeah that's right phil doesn't even come close to describing the extent of the crime now you keep referring to the analogy of the terrorism that we perpetrated around the world by so-called zealots and extremists i think today in britain given the current scandal you have the word would be misappropriated the use to describe again sir jimmy savile he wasn't just filling a few boys on the side was a he was engaged in its official eyes wholesale rape across the nation hundreds and hundreds of victims so to h.s.b.c. barclays lloyds banking royal bank of scotland who are most of them are owned by

the people themselves the people are financing their own self in a link oh my god this is the lowest. so back to this article in the daily mail since two thousand and one the banks have ruthlessly mis sold complex loan deals to entrepreneurs who did not understand what they were doing that was according to the financial services authority the four banks they named barclays lloyds h.s.b.c. r.b.s. now they go on to say many small businesses who wanted to take out a loan were told they could only get one if they also took out an interest rate agreement right so those four banks they go to the small to medium enterprises they get them to buy into a structured credit product a credit default swap the risk the big risk is of interest rates go down adventurous rates go down then they have a discourse of billions and in many cases go bankrupt simultaneously bank of england mervyn king engages in quantitative easing whose sole purpose is to

manipulate interest rates down zero who is mervyn king work for those four horsemen of the banking apocalypse is a conspiracy he had damn right it's a conspiracy this was somebody people are dying and yet what's cameron saying oh retribution for the hoodie that stole two pounds worth a look is a down there at the corner back at store nice going for. smarmy nutjob. well you mention this stealing the luke is a now back to the story it's time to mug a hoodie cameron is introducing fines for prison bosses who fail to stop criminals re offending after release and a new paid by results system so let's put that into context of the financial services authority previously film bro now financial conduct authority that just changes its name any time it gets found out in complicity in fraud so the quote reads it marks another black day for the banking industry particularly barclays

over the past eighteen months barclays has been exposed for ripping off the elderly avoiding five hundred million pounds in tax mis selling payment protection insurance to the tune of one point five billion pounds manipulating crucial interest rates and now misselling loans to small firms so where are the fines for the people who allow barclays to do all of this stuff we just that's just a list within eighteen months max yeah well according to cameron he's going to pay out a bonus or a bounty to people who stop or turn in or help to rejuvenate the mind of the criminal therefore sparklies as you just pointed out is committing massive fraud on a massive scale recidivist nature of repeat criminality that anyone who hopes to remove barclays from the equation will get from david cameron a check for how many ten billion pounds of i mean as i said that would help the

economy well just make a check out to max kaiser for ten billion euros dave gimme my money in a border station heard thanks so much for being on the report thank you man states are coming in the second. it won't come to the. prettiest solar powered this month to moon is the center of our universe the tides are forever while the sun's rays can be fickle innovative construction methods last cost as well as environmental damage brand new turbines boost efficiency with a simplified design and who needs batteries lake's can store energy discover a new era of clean power driven by the moon technology update here on chief we've got the future covered.

mission to teach me.

to. welcome back to the. servant of member of parliament and co-author of. all right. david cameron says it's time retribution against re-offending does that apply to the banks as well. i think in that particular instance.

but you're right i mean i think there's a feeling that the activities in the city of. trials. the the people who may or may not have committed crimes this seems to be a remarkable disconnect between the words of the prime minister and the reality on the ground eventually gave a speech at the conservative conference in birmingham anything about aspiration nation and he's people should play by the rules and he wants people to enjoy all of the benefits of privilege but each doesn't mention anything against you know barclays for example they keep going over and over and over again in crime after crime after crime but what i'm not sure about the issue with your particular issue with buckley's you have the misdeeds if you like the relevant people if they've left out so that's an issue for the just know that they don't need to do it for

crimes that they've committed to if there's only ambiguity their criminal behavior may well be it could be criminal they could have done terrible things but that's as we have a division of powers as you do in america and this is an issue for the courts the prime minister should not be making a speech or a party conference about barclays that's not what the party conference is for but the economy is contingent tiredly on the city of london they contribute ten percent of g.d.p. but if you look at how that filters through the economy a large it's a much bigger footprint in the economy they are that it's not an aspiration nation as a. nation because this city of london is choking you relevant they're choking this vomit it's not just about the city it's about it's about banks throughout the country with very poor bomb and sheets. where in the balance sheet recession you have a bad balance each and you suffer the consequences in a capital society wise go to the state get bailed out the state policy will be you should continue to perpetuate these fraudulent but the issue is that you've got somebody deposits the people who couldn't get the move going to the wall and that's

why we've insured deposits and we're trying to solve what we're up to fifty thousand pounds the government will underwrite the polls that's when we come up with the issue with the banks as we will very few number of banks we will food banks essentially and with a constant. of banking it's the only go ballistic structure we couldn't let the just go to war and clearly i think good point about the asphyxiation economy is a well made one because the just isn't enough the new engines of growth in this economy and we need to start creating them so the issue ring fencing which is the response now to these banks that are using deposits to speculate with they when they make bad bad they go to the government for balance so they say you know what we need to go back to let's say it was the gold the last eagle america but oppression now there's some idea to separate the deposits from the rest to you know their response here is a kind of a ring fencing but not a direct separation of the two paul volcker former chairman of federal reserve

america was here in london last week and said that the current system as iterated would be insufficient and lead to creep getting back exactly to where we were with loopholes being exploited what about is that so hard you've got to you've got to give the proposal some sort of home some cool look and say that the thing hasn't worked we're going to start as the next we have to meet want to keep making the same mistake over and over again that's the definition of insanity right that's true if you that's right if you have letting banks run with the ball without any constraints and they themselves are their own lobbyist there are a lot of things happening with about to go ball three which is saying that they should be putting new capital against that loans which is restrictive i mean that's something that is going to be restricting their activity if you have to put up with a leader to one couple against only obama so to say that we don't do anything we're lying that so because he makes up with them to continue i think is wrong what about the charge that in the race for the laxity the lympics of fraud london is the clear

gold winner because you've got aging bernie made up m.f. global the london there were. some of the london. it's come to london they were based in america and they do all the fraud in london they america outsources it's a banking fraud to the city of london well i don't mean did you get. a memo on that cause i'm not going there there was a comment look there is there are no circulated information is that this we have to stop this look the could be a tension between two things one you want deregulation so that people can go about their business and the second you want controls and undoubtedly in the last period we probably went too far down the other way but to suggest that we're going to sort of put in capital controls and we're going to start over again london that would be death to london the city of london is the most successful economic phenomenon in this country let and to regulate it to tax it to try and kill it would be madness for any government but you know understand that is germany and they're saying you know what maybe frankfurt could be a big financial center in europe and they playing david cameron for chump by

basically getting him to make the untenable position of we need we want to defend the city of london and we're going to pull out of these evil reform package is and to me like saying defend the city not in your defending gangster movie in the running for i think i think i think we can we can exaggerate what happened to the city of london has been the center of the british economy for hundreds of years and it's always been a big. asset to the british economy people have been saying that frankfurt will dominate for the last twenty years i'm old enough to remember when the euro when we didn't join the euro one of the only ones for britain joining the euro was that the other if we didn't join the euro frankfurt is going to take over that didn't happen the city was very successful now i'm not saying that everything in the city worked but i'm not saying that it was it was the best possible outcome for us but we can't kill the golden goose is no point trying to slip the golden goose is throat when you go you know you've got to you go to preserve it so that they can lay golden eggs this reminds me of a woody allen jet because the doctor says dr my brother thinks he's a chicken and the doctor says take these pills little kara the guy says no no you

don't understand we need we need the eggs we do you know say ok you need the eggs a fraud that brought a little. food i mean to denounce the whole yet there were food and things that were buying things that happened but to say that the whole thing was well. it's wrong as fools like you it's not wrong because no matter what isn't going good you make it sound like don't call it what is on the industry sit on interest rates and money what is the biggest determinant of interest rate live or didn't answer back from the right i agree it is implicated in libel or the bank of england going to institutionalize fraud within the regulators surely and. let's say that's not a big deal to talk about this that's in the real world the govern the bank of england about one hundred years has always had some interest but pun intended in the interest rates i mean if you if you understand the history if you look at how the bank operated the bank used to go around the banks and so where do you see the interest rate in the movement of the bill it's not condoning what they said but i

am suggesting that if you look at it historically this sort of behavior has has happened before now we need to clean it up but to try and just pretend the whole thing is bankrupt and we need to close the whole thing down and just sort of sell it all off as other it is there's a deterrent it's going to use a small civil five biggest lap and i agree i agree i think we're talking about i think i think we could tighten that up i think we could in terms of the the sentences of the traditional routes that should be much more stringent you say this is for hundreds of years one hundred years ago this time it's been all behavior it would be sent to the tower of london i mean the insider trading ok insider trading was rife in the city that some people made money now we put introduce rules to criminalize that and we tighten that up so we can actually as legislators as politicians as judicial people we can actually introduce rules to tie develop but to say that the whole thing is corrupt and bankrupt and should be shut down i think isn't very helpful we're saying that that elements that are exhibiting recidivist tendencies to commit crime over and over again their career criminals it doesn't

jive with the prime minister's attack on let me one of the biggest engines for job creation of small and medium sized enterprises lately you and yet and yet they sold interest rate swaps products have caused many. yes i mean to go bankrupt in the u.k. you know ok so to getting back to appoint a moment ago in terms of the bank of england has always been interested in interest rates and all that ahead of interest rates here you have the city of london selling yes i mean small and medium enterprises products part of the false wall products to hedge against interest rates going down traill simultaneously you've got the bank of england engaging quantitative easing which is pretty much does what putting the interest rate keeps the interest rates down really creates money that if you are you're seeing from fraud that is not a racket we see the issue with interest rates is that the biggest from my point is a politician the biggest exposure to interest rate movements of people's houses. and so low interest rate environment on the whole look in my constituents is

a much better environment to be a designer just because they're going to go to work at all i mean a medal but it's a banquet because the bank of england colluded with the city of london not just fraud let's let's let's let's put it the other way let's just put the interest rate the bank rate double was two percent now that would be cool. to people to my constituents the people who are paying floating rate mortgages on their houses that is the case today where the interest rates are very low let me explain something to my capitalism. you can't have capitalism without capital i mean can't have capital without a thing so i really can't have savings unless you offer people an interest rate to attract their savings that's where the bank of england raised to two percent interest rates today it would be the best possible thing for this economy yes the housing market was tougher yesterday be a short term collapse let's say almost in the system but then you'd be building on sure footing i noticed a lot of it it was on a little bit of a heroine a quantitative easing you know i'm not a fan of giving you this back when you get

a notice but i'm notified of course the let's get this right i'm going to fly out of course to these and i've actually written stuff saying city i am about you written an article saying this quote of easing is and that's going to work but i'm just on this i understand that the low interest rate environment is very important for. people and they know the not comfortless you see that's a problem the majority of people in this country are in debt they go out they go household and when you were in the sort of position a low interest rate is but yeah but the debt is coming through things like top up fees for education when really it's coming through house of the we have the biggest housing bubble in history over twenty years people have maxed out on boring to buy houses yeah a lot of those houses probably don't have the same value but the debt still lingers and then you have they got debt they've got what is called floating interest as you know it's not fixed we went into a system in this country where people bought houses on floating rate notes if you like. so the interest rate varies as to what the bank rate is they're just in the

deal to double that's being made here because sure the interest rates of the home you're trying to manage to keep the constituents happy meanwhile food and energy prices are slaughter killing any incremental gains from interest rates bart officially being suppressed sure you save about two hundred bucks on your mortgage you can pay three hundred dollars on food or energy that you lose one hundred bucks but that's why g.d.p. is stagnant. there because you know it's to go nowhere you're here and you're in the water and you're paddling in you're going nowhere i think inflation point would have been made more strongly last year when we had higher inflation and inflation rates in britain anyway have come down in the last year so i don't think that you in terms of the cost of living i don't think your case is a strong as it was would have been a year ago but i get the general point look we're in a difficult situation there's no doubt about that i think people are exposed to too much debt and as i say i wish that more people you know had savings but you know

it's a political numbers game the vast majority of people in britain. was ok first of all thanks for coming on the show realise that you know maybe the foundation environment is cool cause a core tank thank for being on the kaiser thing are very much that's going to do it for this edition of. kaiser report me max kaiser and stacy herbert i want to thank my guess cause a quiet day for us i mean email please do so at kaiser report at r t t v dot are you and so likes i'm back either saying by zero. emission free cretaceous and free transport charges free a range of months free risk free. free. download free broadcast quality video for your media projects and

a free video don to 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 and you hear or see some other part of it and realized everything you thought you knew you don't know i'm tom harpur welcome to the big picture. over a decade north of almost a terrorist attack. hostages blunder so into their lives and after the tragedy. still gives try to cross over the past. because their future. be written.

more news today is once again flared up. these are the images the world has been seeing from the streets of canada. trying to corporations are only day. nuclear file full of hides inside. radioactive fallout all government betrayal a government blog entry law died and claude and claude how can the truth be

revealed if there's no official evidence there was indeed a very great danger to the servicemen concerned who were given no problem protection and to the people of this country generally because of radio like before . the secrets of the u.k.'s nuclear tests expose.

than than. i.