keyser welcome to the three year anniversary edition of the kaiser report for three years because the report has been bringing you markets finance scandal because of us and because of you banks jurors are going the way of the twinkie the homo and the doing dumb stacey i'm. max kaiser they are going out of business banks shrink as job cuts near one hundred sixty thousand major banks have announced about one hundred sixty thousand job cuts since early last year and with more layoffs to come as the industry restructures many will leave the shrinking sector for good as we done so you outpaced new hires by roughly two to one yes we are succeeding in our quest to get rid of all the bank stars it's been

a combination of a few things the crash j.p. morgan by summer campaign has had a lot of bankers out of business the rise of crowdfunding sites like pirate my film and others right here in the u.k. like seeing or reading about today in the f.t. are putting bank stars out of business the problem david cameron and george osborne is now one in ten companies over one hundred sixty thousand and the u.k. or some b.s. they're just being kept alive with free money from the bank of england they're just making interest payments that they can't make enough money to retire debt they're zombies is designed to be apocalypse brought you by david cameron and george osborne but we're doing the hard work we're putting the pictures there's zombies the summer spike there's no hard. and there were others analysis of job cuts max announced by the twenty nine major banks showed that the layoffs were much bigger in europe and then in asia and the us. yes but particularly in the u.k.

they said that is a particular blow to britain where the finance industry makes up roughly ten percent of the economy so now remember max over the years we've interviewed steve keen and he in particular talks about how much the financial sector should make up of your g.d.p. of your economy and that is four percent after that it becomes unstable so is this a bad thing that you know we're losing bankers so we have at least one hundred sixty thousand more to go before we even get anywhere near four percent of the economy here where it should be but as the article knows they are there are still new hires it's just that there's twice as many people being made redundant so let's look at one of the new hires here max lord mandelson wins role as the new ethical banker oh speaking of. lord mandelson. go home and i'm tony blair blair nor mendelson been a real. who's you working for the hope well lord mandelson the former labor cabinet

minister becomes the chairman of an investment bank loans are these are doing don't have a lot of people doesn't hang out with the guy in the i don't want to go on vacation i didn't done you hoes. well max so he's gaining his job but as we say the sector itself is losing jobs and that's something that we've tried for for this whole time the past three years of the kaiser report now i want to look at a comparison and analogy for the finance system and that is the twinkie the hoho and the ding dongs twenty junkies read stores as hostess brands to close so you know hostess brands have gone bankrupt they're laying off eight hundred thousand jobs and they make hostess twinkies wonder bread ding dongs and ho hos and now there are junkies raiding shops to look for the last of the twinkies but it's just like the finest sector ok we've already established that it was obese bloated with cheap. toxic derivatives cheap toxic credit cheap toxic free money from the central

banks and now we have junkies that's what you said the zombies the zombie bankers in town running around looking for any decade of cash free cash from the bank of england to what is obvious live on twinkies i wrestled some twenties away from some sobbing bankers in the city of london over the weekend look at this i found some twenty supply right here this is what this what they live on now they're trading on e bay to try to satisfy their junkie zombie twenty ways in their homes in their ding dongs lore mendelson he's out there queuing up in front of the junk shop to get his ding dong a low now ha that's a lot of medicine look what's in here look at us. this is what it's made out of this is what is the global financial system it's in the bank of england if you open the vault and say what do we have for collateral supporting the economy here in the u.k. it's twinkie. doing good business of course to the economy here in the u.k.

this is all that they've got this one is a mess but to buy it twenty years because if they lose to twenty space race to outer mongolia their entire system rigs out of the bank of england going to have to re daimler collateralized twenty television posen will join the day i don't suppose . you go there. as they say people are reading shops looking for the last twinkies to sell them on to the greater twinkie fool so i want to look at that . point is doing is so let's look at this image this is an image of e-bay and it shows you all the twinkies for sale and as you see the prices skyrocketing twenty five bucks for a box of ten what you want to try to keep if you get back i do it yet it wasn't their job right thousand dollars to do it he was just. another. now i also want to say it looks like in this new modern air all these unemployed bankers are. also

listing themselves on e bay but unlike the twinkie which everybody there are many greater twinkie full of people want their hands on a twinkie and it looks like if you look at this e.-bay page for unemployed bankers as you see nobody wants them they've had to slash their pay from twenty million fifteen million ten million five million and they will work for twinkies nobody's bidding well you know a great news here is that bankers can really purpose their existence and outsource themselves to be the new twinkie filling you just you know like sweeney todd remember the demon barbara fleet street he put the people that came to the shop into the meat i suggest we put bankers as the new filling in the new banks or twinkies i'd be very big buyer of those just me now going back to these twinkies and wonder bread yeah you know first of all they showed nutrition facts on the back pack of between key areas of course they just basically list how much fat is like seven percent fat. kind of like the city of london it's ten percent fat it's over

it's too big diabetes rates soar in us as eighteen states see cases double the number of people living with diabetes is soaring in the us as eighteen states had at least a doubling in those with the illness in one nine hundred ninety five a government survey found diabetics now make up six percent of the population in all fifty states in two thousand and ten that's compared to just three states plus d.c. in puerto rico in one thousand nine hundred five diabetics make up six percent of the population of each state however they compose twenty percent of the g.d.p. of america remember without diabetics the american economy would crash when i was selling arms to reckless just pots the american economy would crash it's all about twinkies and guns in fact in some states we're is exactly the city of london across much of the south. so mississippi tennessee texas in fact there's ten percent of

the population have diabetes now the cost of this is astronomic and remember for most citizens and taxpayers cost are bad for the health industrial complex is great this is where their profits are diabetes cost top one hundred seventy four billion dollars in two thousand and seven the most recent numbers available with about one dollar of every ten spent on health care going toward the disease again this magic number of ten percent is always spent on the over bloated diabetic sector whether it's the finance sector the military industrial sector or the or the junk food sector but so the jumpsuit the high from high fructose corn syrup is like quantitative easing so they injected in all those to cause diabetes and it's killing the populations it's high fructose corn syrup genocide in the banking sector they use quantitative easing to keep the zombies a lot whether in the u.k. or america with high frequency corn syrup quantitative easing programs that are

doing nothing but causing massive. misallocation and all kinds of economic distortions but what if you took away the diabetes and you took away the quantitative easing and you took away the twinkies you know what i've i agree is morally wrong part of the famous nieces institute. austrian economists give the entire america back to the indians give it back to the red man intends to begin with the white man screwed it up give it back to the red men because we totally ruined it now let's compare this highly subsidized chemical products toxic derivative laden products is the derivative of food they even put nutrition facts on the back as if there is any nutrition in their marx would have been proud of bankers this is the editorial an opinion piece in the financial times on friday and of course it's done the rounds everybody's shocked at this piece if karl marx had been alive in two thousand. thousand and seven he would have been working for

a bank banks had reached a state of calm in this perfection the workers took home everything the capital holders were left with nothing now this also relates to the twinkie story because this is like a hedge fund that is the major owner of hostess and they're claiming that the workers are the greedy the eight hundred thousand workers of the greedy people and if it weren't for these greedy people we would still be making these toxic twinkie hoho dingdong wonder bread things and the same argument goes for the city look oh feel bad for us we've had to lay off one hundred sixty thousand and four for you stupid people out there demanding an end to quantitative easing and an end to our financial fraud then we would have all these toxic derivatives we selling to you that's right the city of london and wall street is a marxist workers' paradise the workers take almost the money as phone operators of private equity group the bonus laden bankers at the top wall street firms in the city of london the workers take home all the money the capital which is owned by the savers the pensioners and the insurance companies they've had all their capital

stolen and shifted to the workers it is a marxist leninist on us workers in paradise we need to get back to something resembling democracy and capitalism that would put out even more bankers out of business and by the way you know a lot of these products were delivered by truck drivers and that is the third year anniversary of the show and i want to give a big shout out to all the people out there in the audience who have been helping us with sending links all sorts of information making crash j.p. morgan videos making global insurrection against banker occupation videos and there's tony baloney he's on twitter he follows his us and he says that he watches r t and kaiser poor all the time at love's truck stop off exit thirty three an interstate seventy five in charleston tenn apparently r.t. is always on on their television their loves truck stuff. good bone check in. to them to accuse us of the motion of the domes and gold medals themselves you need

the whole eighteen wheeler truck loaded ding dongs to take care of his own needs. that's a fetching outfit you have on there darling thank you it's our special for the three year anniversary and i want to make a few more notes here's jasmine she's a big fan of kai's report as you see you know the truth appeals to babies and dogs credit dogs they they see we're speaking the truth they know we know no fear like one of those angels in that movie the wings of desire i'm only seen by children dogs and truth seekers and chihuahuas. thanks so much for being on the kaiser report thank you max stay tuned for the second half we'll be talking to the renegade economist ross about the four horsemen of the economic apocalypse.

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dot com. imax kaiser welcome back to the kaiser report time now to turn to ross ashcroft he's the writer and director of the award winning documentary for horsemen ross also runs the website running economist at. ross welcome to the kaiser report thank you very much like i would first of all want to play out people that if they buy this d.v.d. which i'm holding up the camera now you know this my face is on the right sleeve this this kind of creature have banker have force so that's one reason to buy the d.v.d. right there we put you on that because we knew cells would go through the roof right i have to balance out noam chomsky no more when designing for hours and hours and hours and then i punctuate with some pithy one liners thinking balance it out of it down a list of what the four horsemen that what are the four horsemen first of all telephone book of revelation what we want to do is hang the story on a big story that's kind of impressed on the common consciousness in the comic which

is so fools from today's fool who replaces financial system escalating organized violence because terrorism is too narrowly defined. not true resources being to. the to pollution of us natural capital and poverty for the bottom billions which is famine and they're converging those mega trends are converging at a time this never happened before in human history and as they converge we have to head them off so what we do in the film is look at why the converging explain why that's happening and then it's not a message of known hope it's a message full of hope because we for the first time ever have the ability and the favorable conditions to be able to hinge if you like the usual end of a civilization well i don't know i'm not hopeful now you know you talk about it is a convergence of these four themes yes ok now you are including on top of the let's say the economic crisis you also are including the environmental crisis the poverty

crisis and lack of law and order lack of justice however you want to talk about it but most people do not equate the economic crisis with the environmental crisis they don't they they go at great to great pains to separate us to as if as if exxon mobil all the externalities that come from doing their business the toxins that they spew has no cost it has no there is no cancer that they cannot think happens there's no connection and that that's hard coded in the wiring of the average british person an american person here trying to bring it together as up and successful well the point is that everybody talks about the crisis in the soil or so the filmmaker has to come along and put an overarching theme over the top of all these saw elos and ask the question i mean my curiosity is why didn't people see it coming and the razor one of the reasons is that so specialised on one very very narrowly defined area that nothing else matters so what we need to do is look at

root causes and the root cause is. neoclassical economics so if you start chasing bankers around the city and so you know you're chasing you know people who. trashing of i was so you know but we know that so why don't we get to the root cause because then what's with that and we understand the lives that are being pressed to drive us towards this unnatural behavior then we can start doing something about it as opposed to just saying to people you about all the time because they know if you we need to give people who are options you have a situation in the economy that's being dominated by parasites and i've made that point before that you know there are good parasites and bad parasites you know the average human in their gut as parasites and bacteria you know that are necessary and necessary for proper functioning of the human body but when those parasites dominate or or the cancer spreads to the body or you know it kills the host a minute when the parasites kill the host it's all gone and we live in a in

a world today where the parasites the jamie diamond's of the world the the lloyd blankfein the bob diamond's the leaders and h.s.b.c. and barclays bank they're held up by david cameron as as heroes that he was a fan the city of london he wants to export the city of london you know he wants to export parasitical behavior he wants to export financial cancer it's so entrenched at the highest levels of government that and the people believe it the b.b.c. repeats it how do you how do you change this parasitical relationship it's full of hope because it's it's now. time for independent filmmakers programs like this to start changing what gillian tett in the phone calls the cognitive map the way we think now when we talk about the cause as much it's not about what we debate on the b.b.c. or on this program it's what is being left unsaid and debated so in force what we do is we put the argument across the of a lot of the thinking and

a lot of the ideas that haven't been debated for a long time unless we reengage there then you're right all is lost but i do think that with every how to time that debate. can florida can flourish in a better way because we've got internet mass communication and we've got the ability provided not to shout. the ability to actually reason and get to a different place but we can't do it as you say boy. just repeating the old mantras who's being shouted. so talk about the cognitive map i mean what was your experience with distribution let's say in the us that the devil's lair well really it's off because an independent feature documentary of this nature not truly goes against all the audiology a lot of for instance the american public have been brought up to believe now that isn't to say that there isn't a huge market in america for this film there is and that's growing because that market has been it's

a free of good food it's hasn't been nourished in the right way to allow that discourse to take place so this frustrating thing for the filmmaker is the market is out there but the gatekeepers don't want to put this message across so that's when you have to reinvent the system and that's when the independent filmmaker has to become an independent distributor but like an example of the floods in new york city hurricane sandy nobody mention the fact that it was caused primarily by manmade global warming and that was predicted years ago that this is exactly what happened maps from geological meteorological centers around the world said in five years time this is what's going to happen they predicted it just like a lot of people predicted the financial crash but what happened to the exact degree and for the reasons it didn't happen they were ignored so that people are totally ignoring this but even now that people have suffered fifty billion sixty billion in damages they're not going to put up any kind of flood barriers they're not going to recognize the fact that this is down here to stay this is the new normal because this cognitive map is cognitive dissonance they're being dumbed down they're being

there they are being let me ask you this and i get your thoughts on this it seems to me that the. the solution by those who are doing the most damage on wall street the city of london is to push people on to basically reservations and to just keep there's fifty million people in america on food stamps that's if there's one hundred million families you're saying that every single family in america is is on a food stamp of salt how's it different than the wounded knee reservation in the dakotas the point is that. necessity is the greatest motivator and unfortunately we human beings don't really take a lot of action until it gets so so bad that we have to the beauty is the now we've got the ability to communicate with each other globally and have and i did transfer the knowledge transfer to be able to create organizations cooperatives etc that allow us to get out of this death spiral so i know understand that you're not

hopeful i understand that there's an incredible amount of destruction going on and the thing that the absolutely kills me daily is that the you know those who can afford it least the force when running roughshod all over right so it takes the guys who maybe have a little more knowledge or have a move middle more ability to do something about it to pick up the gold and say we've got to we've now got to up but it seems that the path of least resistance or some type of better future would be to let it just crash and let let the chips fall where they may in the economy and the u.k. one in ten companies one hundred sixty thousand companies are zombie economy there are no pendants the interest on the capital that's it they can't they can't retire the debt they're just paying interest on the debt and that's a growing problem design the apocalypse is upon us speaking of the zombie apocalypse gillian tett of course assistant editor at the f t always a fantastic read in the f.t.

sheep this past week he published a piece claiming that is he were alive today karl marx would be a banker because the workers take home everything and the capital people who create the. capital the savers and the insurance industry are getting financially raped so it's a workers' paradise and a marxist point of view your thoughts oh it's a go and you know the what he think probably realize is that you don't ask the question what is the perfect antidote to predatory capitalism well really it's the co-operative you know and there are brilliant examples all over the world where rent seekers can get in and get their hands on the spoils. because would have to lend a reasonable sustainable way because there are so many because in a democratic organization technocrats who want to go to the top and then there are balances and checks that allow that kind of safety not around the wealth of the organization you know bankers understand you know as soon as value was the sticking the funnel into it is that the vampire squid idea of wherever you see value go and

suck it up there let me give it to my two samples tell me anything about one is this rolling jubilee campaign where activists here in the u.k. are buying out distressed debt and getting rich getting rid of it is like a reverse vulture capitalism the second idea is in the f.t. today that a good story on crowdfunding and a site here in the u.k. called seeder where people are bypassing the traditional ways of raising money even bypassing the nontraditional ways like the dragon's den t.v. show and they're going directly to this crowd funding peer to peer networking but first on the debt jubilee concept your thoughts the one of the solutions in four horsemen is a debt jubilee on the simple premise i get a lot this phone call will force i think i'm in it and apparently i say very good things and not just the wages on as usual. jones has been the one of the solutions is the deputy and because it's

a simple simple logic but colby paid one so we've got to get rid of all those fictitious or no i want argentina there now the said that the rule. that has made it now viable for vulture capitalists to claim full payment on debt represents only seven percent of the entire default going back ten years is eligible to be repaid argentina said no they gave the big two fingers and said we're not going to honor that at all so there's a debt is becoming now more of a military militarization and there's a hedge fund out there who is owed money that is seized and shipped from the label so how do you head this off in the future you still going pits you start understanding to say the centralized power and the vacuum of moral authority under it is exactly that and then what you still doing still talking to one another and i come back to the co-operative idea. and people getting together in tribes and putting their money together and using it using their capital and their labor to

work that they get paid properly for so yeah all these come back to the communication devices we call in the film is internet because suddenly the gate keepers are losing their ability to monopolize those markets and they understand it my view is the the finance or the far sector generally fire insurance and real estate for insurance real estate will have the kind of disruption the music industry has had the film industry is about to experience over the next ten years the disruptive. innovators in that space within a decade will have changed the city of london and wall street for good all right great tatiana finally and it was a pleasure working with you making this film ross and that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert and i thank my guests ross ashcroft and the name of the film again in case you missed it it's called four horsemen going to send an email please do so at kaiser report it r t t

v dot ru until next time x. guys are saying file. the. machine would be soo much brighter if you knew about some you from phones to pressure these. nice friends don't talk t. don't comb. your mobile before war lords locate him a note so we have a lot of the only groups of the callers who sued sluices also abusing the rights in the first my marriage was like many at that marriage it wasn't just the

smadi when i was fifteen years old you can liberate other when they certainly can't do it through the barrel of a gun only effect of social changes can be the afghans themselves afghan men and women we believe going to spawn cannot truly cross paths without the participation of its chemical position and that a construction of that stuff people in the obama administration talking about how much they care about the women of afghanistan it's not true they don't care about the women of afghanistan.