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max kaiser welcome to the kaiser report german people are told you jetting on gold yes it all started back in march seventeenth of two thousand and eight bear stearns of collapse that weekend ben bernanke it celeste rates by seventy five basis points on sunday night and on monday morning i have arrived at the blenders bank to speak to their head of the gold department about gordon brown's body stays he tells the rest of the story. brown's body is not the physical body but the bottom is in the gold price it's like a several hundred year bottom of the price and that's when gordon brown decided to sell off half as gold supply so we went to germany to ask the buddhist bank why

they kept their gold in order to highlight why britain would get rid of their gold little did we know that that weekend the financial crisis would really start in earnest and went down so hard. and what you found was that they were panicked that the financial markets themselves would not survive they said this to you we had it on tape and the other thing you said was well surely you're glad that you have so much gold can i see it and they said no it's all in new york and time there's been a growing movement in germany to try to figure out where the gold is germans are concerned now that the global financial crisis is entering into it and a game of sovereign bond blow off and the only thing left will be gold people in germany want to know what is sixty percent of their gold actually held out of germany are we really that exposed to this downturn sure and it also shows how long these financial and currency wars go on i mean everybody always looks for any media

when like that decisive outcome right then but this is like four years ago that we were there and dad to the gold antitrust action committee has really been pursuing this doggedly but i want to also flashback to a little video we made at that time to just show you how how little understanding there was in germany of actually where their gold supplies were germany german people alan greenspan and ben bernanke why you know you're valuable gold for us treasury bonds and us dollars that are entirely worthless. don't do it german people hold on to your throne. value the u.s. dollar value it's the currency hold on to the german people. so as you saw from that video there was nobody there in the audience in the middle in the heart of frankfurt and today however look at the headline max german court

demands buddhist bank audit sovereign gold holdings so the german court of auditor's the buddhists scoff has demanded that the bundesbank undertake an audit of its gold reserves in an audit the fed stop. effort the court wants to ensure that the nearly three thousand four hundred tons of gold is in fact in existence because stocks have never been checked off then to see or wait that's according to the bundesbank what they told the corps is they've never felt it necessary to actually audit the gold even check that it's there because they trust the bank of england the u.s. federal reserve bank of new york and the bank of france where all their gold is very well the bank of england and the new york fed have been to lending that gold out to support the really high population schemes that created the multi hundred trillion dollar bubble so i think germany will be shocked to find out that their gold doesn't exist any more they're going to buy it in the open market and as they do so they'll spike the prices even higher prices the central banks have been

buying gold now for several years when we started telling them to buy central banks central to buy gold and as a result they're causing their own demise because as they realize they don't have enough gold to survive they have to buy in the open market they're going to force surprise back up to that ten thousand dollars an ounce a level that is our target and now back then in two thousand and eight when you were there in the center frankfurt asking telling the people that they should hang on to their gold of course everybody assumed that they had gold they thought they had the shorts on now in the ocean in the tide has gone out which is the financial crisis and the germans found out that they actually don't have all that gold that they felt so secure holding well just like the german banks got hoodwinked by wall street by selling them junk bonds that moody's and s. and p. had given aaa ratings to that was a scam that was a scheme to defraud german banks the german people however have

a tremendous sense of guilt so they didn't focus on this they didn't want to rekindle the whole sixty years worth of german bashing so they allowed themselves to be sold toxic sludge from wall street wall street of course playing down this. they gave junk bonds aaa rating they ended up in the bundesbank and frankfurt in german banks and european banks now to add insult to injury wall street is saying you know you don't have your gold eye there so germany i know you've been quiet for a number of decades but maybe it's time to think soft preservation. well i think they're putting their toe in the water self-preservation because this story then goes on to say the decision means negotiating with three foreign central banks for a physical verification but anticipation the buddhist bank has begun the process of shipping fifty tons per year from the fed back to germany for the next three years while that means nothing i mean they're going to buy gold on the open market is it

up to disclose hundreds of tons of thousands of tons happily by the open market as ship it off and say oh here it is there's no audit trail there's now standard for accounting there's no bar number gold bar there's nothing is just a hodgepodge of not accountability it's similar to what we've seen in the banking system for the past few years and still accountability there's no chain of ownership it's just gold that they're going to try to open by the open market they'll not buying it from some poor indian people you know india and the indian population has eighteen thousand tons of gold is the biggest gold hoard in the world the indians are set to inherit the earth as soon as the us bubble and bonds and u.k. market implodes even mervyn king today in the paper said that the u.k. bond market is set to implode and there are you know every central bank in the world is buying gold to to hedge themselves against this sovereign bond collapse sovereign bonds are turning a two hundred fifty year high in so bigger

a bubble then the two look ball bubble it's a bigger bubble than the south sea bubble central banks are buying gold germany's going oh my god oh my our goal and wall street is saying we soldiered junk rated aaa and we told you your gold is safe but it's not germany boy you're getting screwed buddy you did say that the germans are filled with guilt i think when they come to audit their gold supplies here in the u.k. at the bank of england they'll find a safe deposit box filled with guilt. that's right there are placing their guilt with guilt there you go there's a journalism you say you can't get oh by the way the price is crashing oh well here's an iou for worthless paper buys friends and i say good bye to germany clarkson on the way out he's of me a lover of the germans and. was speaking of coming to london to look for their gold

the next headline max more on the german gold reserves controversy where is the gold so this is jesse's cafe american covering the story he's covered some of the stuff we've already looked at but then at the end he talks about the latest from gas gad to has no it is the gold antitrust action committee in america they've noticed that there's been some sales of gold german gold allegedly from london and so the fact that they actually haven't been made an official announcement about this they say means that the lack of announcement of the sale of the german gold in london suggests that the sale was actually part of a gold swap with another central bank like the new york fed of course the u.k. has been selling german gold to offset all of the losses we see in the u.k. banking system the london whale they lost billions of pounds then you had the m.f. global remember jamie diamond j.p. morgan stole a billion dollars directly out of customer accounts how do you make whole on those

stolen signs well let's sell some gold gold has intrinsic value there's always a market price for gold nobody not doesn't accept gold has to been that way for five thousand years now the germans are you know it's really really i think going to be a shock that they're going to really inflame the end and tegan isms from nineteen thirty three nineteen forty but it gets in keeping now with this world war three scenario which is the currency war so with this story about the gold being sold out from london now remember the courts have now ordered the buddhist bank to conduct an on. it so gets a says the powerful implication here is that german gold in london was sold at the behest of the united states and in exchange germany took title to united states gold vaulted in the united states this way the buddhist bank could continue to claim ownership of the same amount of gold without lying at least not technically so again this is that whole read the cation that you talk about in london of course

is a place where they're allowed to reach high profit kate infinitely so in fact german gold held in england even though it's probably smaller in terms of the quantity compared to the us federal reserve bank of new york is probably really profited so much times over well this is why the u.k. economy is at risk of imploding that's why we we do our show in the u.k. we do the show in london too because a lot of front row seat and watched the city of london collapse they have the lowest stock pile of gold as a relative to percentage the g.d.p. of any of the g. twenty nations gordon brown foolishly sold half their gold at a you know one hundred year low and now that the sovereign banks around the world are buying gold and their sovereign bond markets topping out of getting ready to crash then the u.k. is at risk the british pound is already crashed against gold and so for how badly want to crash going forward a lot worse that's why we're here to watch the carnage behind me in london to bring

it to you the viewer around the world germans if you're upset by how badly the u.s. in london as screwed you at least watch this show because we'll try to get some retribution in as david cameron will call it in his speech why he should bashing honey oh damn it you're so bad why did you store your purse with them oh i was so frightened for david cameron is seeking retribution oh so scared go back to some of that you know back style shower pleasure. just be frank about it i mean you know the deal there but that's why they run such. and effective government isn't back to brown's bottom and you know talking about you know here i love to go see a parade of people bicycling with their bottoms flashing out what's pippa middleton the royal heiress contingent person what i want to talk about her borrow what do you prefer whether it's cameron or as little coder and friends know bottoms are fixated on their bottoms you know what country is going into the toilet because it

can stop focusing on their bottoms do you a bottle of bottom and gold has been reached and we're heading to ten thousand dollars an ounce of gold that's the only bought of any don't worry about ok thank you out of your bottom and focus on your economy for a little messed clergymen slime bucket ok british just last they had lain here so when we were there in germany at the booking to spank we did mention a quote from alan greenspan regarding balance bottom i.e. selling half of britain's gold supply he said that it was a basically i'm paraphrasing that it was a stupid idea because in extremis as germany learned during world war two is that the only currency you can use always is gold so it was dumb to get rid of it and this is one of the things why we said all individuals should own gold or silver in this currency war time because i am epic plan to conjure away debt and dethrone bankers so there is a magic wand after all

a revolutionary paper by the international monetary fund claims that one can eliminate the net public debt of the us at a stroke and by implication do the same for britain germany italy or japan the conjuring trick is to replace our system of private bank created money roughly ninety seven percent of the money supply was state created money we returned to the historical norm before charles the second placed control of the money supply in private hands with the english frequented act of sixteen sixty six yeah and if my sister had a brother. all right stay sara thanks for being part thank you stay tuned for the second half speaking with gold. yes that is actually. download. stream quality and

enjoy your favorite. t.v. is no required to watch all its. parts. any time.

welcome back to the kaiser report imax keyser time now to turn to dominic tryst me resident gold bug at money week and author of the new book a life after the state dominic welcome to the kaiser report thank you very much max pleasure to be back right down to trust me we're talking about germany now how significant is the german court order demanding that the bundesbank audit germany's gold holdings. we don't know how significant it is because we don't know if the gold holdings will actually be audited but the big suspicion is that there is a double entry on that gold that the gold has been leased out to somebody else and we will never know the truth is that suspicion wanted given this recent history of

the m.f. global scandal where collaterals re i pass a candid where the whole derivatives market where we find that collateral is being alone hundreds of times again why not why wouldn't germany's gold be loaned out a few times exactly why wouldn't it and it would be no surprise if it is. and you know that gold has never been properly audited that's what's so amazing about this revelation it has never been audited and then you go one stage further and then you think the american gold despite repeated claims now america is of course the world's biggest gold holder with two hundred sixty million ounces that gold hasn't been audited in. over fifty years and every time attempts have been made to order to it what always happens is it will go we'll give you a little bit and you can audit that deserter saying that stuff yeah absolutely and you know that's a hell of a lot of gold one hundred million ounces or in the case of america to. and sixty million or ounces that would take a lot of order saying but given the importance of those gold reserves you think you

just think it would happen and all we have at the moment is the assurances of central bankers which are to coin a phrase only worth the paper they're written on right now the gold is becoming hugely important now because there's there's two flights of quality going on in the world today people who are frightened by this financial collapse and the geo political unrest there are moving either into bonds and they're also moving to some degree into gold now bonds are trading at a close to two hundred fifty year high. the government bones is the mother of all book bubbles and there's so much money waiting on the sidelines waiting to pall into a short on gum bones when that one goes belly up you know that's properly you know run to the hills take your tens take your guns and crush only thing and meantime the central banks themselves are buying gold that the same banks are issuing all these bonds even other record supply bonds the bonds are still hanging highs yeah there's gold is a limited supply and we've seen some bold market certainly hasn't yet and has

really reflected the collapse of the bond market well if you look at the ratio of gold to government debt to government balance sheets a gold hasn't been in a bull market at all it's been totally flat it's i mean obviously it's risen in currency terms but the ratio of gold to government debt is flat so i saw as the gold price has been moving up the government seven ensuring more debt so in fact the you could say the bull market in gold rolls at the bond market hasn't even started yet you could said you could say that and historically we know that bull markets go in phases and we're at the maybe a phase one is finished where there's been accumulation if you have three phases to a bull market the stealth face the awareness phase in the blow off stage i would say we are midway through stage two so if you're in front of people as a performer as a writer you know you're ready. yeah dominic so what about the people you say it's not a secret but then again less than two percent of investable as

a listener i went to a conference last week bill born and mark fabio spoke at the conference the how can conference you know it was full of hardcore austrian economists sound money bugs libertarians those kind of people maybe hundred fifty two hundred mark father said to the audience. who here owns gold and i would say three course of the audience put their hands up and then the chad. turned around and said ok who owns who owns more that who has more than five percent of the net worth in gold excluding e.t.a.'s and only twenty percent of the room put their hands up and that was maybe even less than twenty percent and that is hardcore go folks that isn't joe public and so you know go physical go is still on the road ok so explain e.t.f. exchange traded fund it's a proxy for gold it tracks the price of gold some would argue that it's paper gold and in some cases like the one with the g l d ticker symbol in new york it's not

really gold at all whereas the ones in canada or are eric sprott as an e.t.f. which is actual the physical bullion so one must be aware of what's going on but your point is well taken that even amongst the hard core professionals the ownership at more than five percent of the actual stuff not the paper stuff is low now spread across the entire economy and global wealth asters can i interrupt you just want to at least do yeah let's say the germany's goal isn't that yes then suddenly and then you know that it's been leased out to someone else the implications of that are just suddenly germany the second biggest economy with the biggest economy on the planet doesn't have doesn't have gold what value then does its currency have the implications and then what happens between relations between germany and the us i think what you're alluding to here and the old animosities between germany the rest of europe america. seem to be increasing around a theme some call world war three the currency war your thoughts. i don't think

there's going to be whole between germany and america but you know economic crises usually ended a war of some kind and the biggest fear is going to be between china and the states is it going to be between the muslim world in the crate you know could be any of a lot of the treasury in the u.k. when germany comes for the gold gives them instead a bunch of gilts iou and say well you know the gold but here are some bonds let me in germany i mean ok i mean that they're they're not websites well i imagine the reaction of central banks in that case would be immediately to take those gilt sell them and buy gold only in the market that's going to dramatically push the gold price up montreal where the guilts actually means gold. interesting ironic tragic to be the judge all right so another big player in the gold market is china. sensibly according to the latest reports a thousand tons or so they built up from five hundred tons in

a pretty rapid amount of time they're also the biggest miner of gold they keep all the mind mystically rumor is then you have heard some inside scoop on this that they're out there around the world secretly hoarding gold to make another surprise announcement that they've taken that one thousand ton position to two or even higher thousand tons or what here. it's certainly china is the world's biggest go producer i had dinner about a year or two ago with the head of gold at h.s.b.c. and one of the things that he described most of the world's gold goes through h.s.b.c. at some stage and one of the things he described looking at the gold in his vocals is he despite the fact that china is the biggest producer he never sees borrows with chinese stamps on it in other words china is holding all their own gold they do not export any of it and you know the implications of that you know every few years china makes an announcement. how much gold it has and i think the next time they make that announcement is going to be considerably higher than the amount they have now i also hearing rumors about african barrick having trouble with their

mines in. africa or in the chinese making plays on african barrick huge go produce . american barracks african subsidiary. have been very goat spun out its african assets into a separate company which is african. canadian or american. canadian ok so well this is an interesting situation because you have as i said at the top of the interview people who are frightened by the g.o.p. politics of our era who are frightened by the financial crisis are running to two places and to some degree gold but these are two diametrically opposite investments in a lot of why they are so somebody is going to be the huge loser and somebody is going to be an enormous winner i think what we can clearly see why is are people so. they soon that bonds let me ask this question assume that bonds are safe they don't understand that bonds are as risky as anything else why did you write for money

make money make this kind of you know goes to the mid-market right it's not meant as a professional experience on the prairie but yeah it is it is aimed at the people who have money but don't necessarily work in finance ok so these people even even of that caliber of sophistication which is above the average yeah they still don't get this idea for the most part that bonds are as risky as anything else given fluctuations in interest rates well i mean you know the good thing about money week is it does try to put all the different points of view across and there are some writers who write for money week james ferguson has been very pro-government bones and there are other writers myself included who have said avoid the now up to now james folks and schools been right amman's be wrong but i still maintain that when this market out i think it's an artificial market central banks printing money to buy their own government bonds the u.k. the bank of england makes up now something that fits. the percent of the buyers of u.k. bonds now that's an artificial market the bank of england has become the market and

if there was an actual genuine market for government bonds then yields would be considerably higher and that this artificial market has created a situation where governments don't have to make the cuts that they have to make instead because they're able to sell their debt cheap. so governments of continue to expand when they should be cutting and the market can stay irrational longer than you can stay solvent to misquote keynes but the point is when this goes i just think you know hide it down i trust me you are so written a book tells about it yes i have got a book out i'm finding it with a new publisher called unbound it's a book calling very much for change i try to explain the economic crisis and the drivers of the economic crisis but i found alternative explanations ike i place the entire blame for this economic crisis and the bloated financial sector in the bloated government sector i see it is entirely a consequence of our flawed system of money and so i i try to explain the economic

crisis in these terms i'm trying to do what. malcolm gladwell who wrote outliers did for his subjects i'm trying to do a similar thing about economics and about this financial crisis and so and i offer solutions now i should say a the book explaining the economic crisis are no but my background as a comedian and when you when you're on stage as a comic if you say things that people don't understand they don't laugh so it makes you obsessed with clarity and one of the problems i think the financial sector as a whole has is this use of language that people just don't understand and so i've taken great pains to write this in a totally comprehensible way and you know every time i write something for money week i try and write something that i think. even my mother would understand she's my kind of target if you like so one of the great efforts of this book has been to

to put it all in a language that people can follow there's a mom a bookmaker at ladbrokes. knows she's a gold bug down the treasury thanks so much for being on the kaiser report my pleasure max thank you all right and that's going to do it for this edition of the kaiser it for with me max kaiser and stacy herbert i thank my guests dominick friends beat if you want i mean email please do so at kaiser report at r t t v dot ru intellects timex casual saying. 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 realize everything you thought you knew you don't know i'm tom harpur welcome to the big picture.

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