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 sort of 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 you know it's a little bit too late too little too late oh well you know you're getting you're getting. to know cameron talks 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 it's 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 law . rates down so forcing all the 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 we 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 default swaps sold 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 wakely over there at the regulator that he's in charge of f.s.a. instead of being the conduct authority they're both in the same racket of abusing institutionalized institutional level abuse of the system they should both be met with the same consequences settles gone but his own regulators are still alive and

breathing let's go get him. 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 of attila juxtaposed desperation nation may well i was born pursues the asian nation and you've got basically jimmy shergill there's

a lot 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 what he committed he's a great acts of pedophilia but it could bankrupt them simultaneously it's a two fer you keep saying the name speaks 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 it's right up the stuffed in their goal of. 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 burned 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 lee used to describe again sir jimmy savile he wasn't just filling a few boys on the side was a he was engaged in educational 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 my god this is the

lowest. so back to this article in the daily mail since two thousand and one the banks have ruthlessly missed 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 a venture straight to go down eventually 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 palin's work the luke is a down there to corner back at store nice going. smarmy nutjob. well you mention this stealing the luke is a now back to the story it's time to mug a hoody 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 now financial conduct authority that just changes its name any time it gets found out and 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 some sparklies as you just pointed out is committing massive fraud on a massive scale recidivist nature of repeat criminality the 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 because dave give me my money i mean we bought a stationary front thanks so much for being on the report thank you max states

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welcome back to the kaiser report on mass keyser time now to turn to acquire more tang khan servant of member of parliament and co-author of burt county unchained cause i welcome the kaiser report card very good to see and not to be on the show all right causing david cameron says it's time to seek retribution against really offending criminals does that apply to the banks or is down the city as well or just hoodies i think in that particular instance it probably just refers to hoodies but you're right i mean i think there's a feeling that a lot of the activities in the city of london haven't been accounted for. unlike in america where the hope and some high profile trials i think in britain we haven't really gone off if you want the group of 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 and i 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 the rules the misdeeds if you like the relevant people if they've left so that's an issue for the just no no they don't need it for crimes that they've committed to there's only ambiguity their criminal behavior marks that may well be it could be criminal they could have done terrible things but that's what we have a division of powers which you do in america and this is an issue for the courts the prime minister should not be making a speech or a public 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 not it's not an aspiration nation it's an asian 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 bahman sheets. where in a balance sheet recession you have a balance sheet should you suffer the consequences in a capital society wise go to the state get bailed out the state policy will that you should continue to perpetuate these fraudulent the issue is that you've got somebody deposits the people who you couldn't let them go 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 learn the right pulls 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 concentration of banking on the only go police state structure we couldn't let

the just go towards and clearly i think your 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 of 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 old the last eagle america that 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 a creep getting back exactly to where we were with loopholes being exploited what about is that what's hard you've got to you've got to give the proposal some sort of challenge some coom look and say that the thing hasn't worked we're going to

start it as an exam we have to me want to keep making the same mistake over and over again as a definition of insanity right that's true if you're right if you have letting banks run with the ball without any constraints then. they themselves are their own lobbyist but there are a lot of things happening with about to go ball three which is saying that they should be putting more 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 couple you know one capital against only about three so to say that we don't do anything we're lying that sort of casino capitalism 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. a lot of it. 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 the memo on

that cause i'm not going there there is a comment look there is there are no circulated information is that this we have to stop this look the good the attention between two things one you won't deregulation so that people can go about their business and the second you won't 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 in 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 we're going to pull out of these e.u. 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 once 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 and 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 it was a 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 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 wrong was food

so it was a good it's not wrong because no matter what isn't gone could 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 interbank offered rate i agree i was implicated in live or the bank of england ok this is going to institutionalize fraud within the regulators surely and. let me say this is not a big deal to talk about this 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 in the movement of the bill it's not condoning what they said but i am suggesting that if you look at it historically if 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 under the stairs of the church is going to be 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 and the traditional routes that should be much more stringent he said this is known for hundreds of years one hundred years ago dozens of people behavior would be sent to the tower of london. the insider trading ok insider trading was rife in the city that some people made money now we put introduce rules to criminalize and we've tightened that up so we can actually as legislators as politicians as judicial people we can actually introduced rules to tied up 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 a small medium sized. you and yet and yet fraudulently sold interest rate swaps products have caused many of these as a means 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 also had a hand in interest rates here you have the city of london selling yes i mean small and medium enterprises products part of the false all products to hedge against interest rates going down through 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 you're seeing from fraud that is not a racket we see the issue with interest rates is that the biggest from my point of you as 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 in to deliver energy is it enough to go to work at all i mean a medical it's a bankrupt because the bank of england colluded with the city of london that 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 at 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 savings agreed you can't have savings unless you offer people an interest rate to attract their savings it's really a 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 on the start of the deposit on a little bit of a heroine a quantitative easing you know i'm not a fan of you know what do you expect when you get a notice i'm notified of let's get this right i'm going to plan of course to these and i've actually written stuff saying city i am about you written an article saying this quote of easing isn't necessarily going to work but i'm just i'm just i understand the low interest rate environment is very important for people and they

know that all comfortless you see that's a problem the majority of people in this country are in debt as they go up they go household debt and when you were in that sort of position or interest rate is but you know what the debt is coming through things like top up fees for education when really it's coming through the house of that we have the biggest housing bubble in history you know over twenty years people of my own boring to buy houses yeah a lot of those houses probably don't have the same value but the debt still lingers on them and then suddenly have they got that they've got what is called floating interest that is 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 that the interest rate varies as to what the bank rate is going to stand 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 say about two hundred bucks on your mortgage

you can pay three hundred dollars on foot or energy that you lose one hundred bucks but that's why g.d.p. is stagnant causing them. you know it's to go nowhere you're on here and you're. in water and you paddling in you're going nowhere i think inflation point would have been made more strongly last year when we had our 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 people you know had savings but you know it's a political numbers game the majority of people in britain. have moved was ok first of all thanks for coming on the show realise that you know it's not the maybe the friendliest environment in school cause a court thing thanks for being on the kaiser you are very much all right that's going to do it for this edition of the kaiser report me max kaiser and stacy

herbert i want to thank my guest causing quite a tank so i send an e-mail please do so at kaiser report at r t t v dot ru until next time x. guys are saying bio. north almost terrorist attack. hostages blunders into their lives after the tragedy. still gives try to cross over

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