all. welcome to the kaiser report imax kaiser you know karl marx once said the last banker we shall be the one who sold us the roller coaster you say i've just learned there's a roller coaster designed to kill passengers so naturally i thought that sounds a whole lot like wall street up down up down. the amusement park version of this roller coaster designed to kill passengers it's called the euthanasia coaster it reaches i have sixteen hundred feet followed by a steep climb it and then seven consecutive loops in which it suicidal passenger spends upside down while traveling a speed of two hundred twenty three miles per hour the gravitational forces ten g.'s enough to kill

a person by draining the brain of all blood and oxygen cerebral hypoxia yes the financial casino gulag version of the ride is called the flash crash and reg markets ride. on this wall street flash crash every ounce of wealth is drained from your pocket as the gravitational pull of multiple fake trays traveling faster than the speed of light go for enough g.'s to kill your entire portfolio death by financial hypoxia stacy that's right max we did discover this week and this is a story that has come out in the last year there is suicide by rollercoaster of course is a european who's invented this aesthetic death machine he calls it his name is julie jonas or bonus we'll just have honest ok he says it's an elegant and euphoric death the science behind it is pretty simple spin fast enough and hard enough when your brain won't get enough oxygen to keep functioning the vertical rolls of the coaster would essentially create enough centrifugal force on the body that the

blood rushes down into the bomb. he instead of up to the brain the condition is newness cerebral hypoxia as you say right i say the connection to financial a poxy or the way that wall street uses high frequency trading and algorithmic trading to spin the global economy to spin customers around these incredible speeds forcing all their net worth to the extremities and killing the sensor that being the global economy so this is a fantastic way to commit financial suicide well this designer of this says like if the fall doesn't kill you then you'll be dead usually by the first two of the seven spins but there's five more just in case and with the broker you have the high speak frequency trading that fronts everybody but then you have the broker who turns turns turns their client and certainly by the end by the seventh time they churn your wealth it'll be all gone it will be dead well i would say that most of the global g twenty economies are dead right now they are called officially zombie economies japan is a zombie economy britain is

a zombie economy it's already dead but they're keeping it alive by spinning the bond market with quantitative easing and other cotton candy style derivatives to keep this illusion going but it's already dead it's dead to death as already the rigor mortis has set in because they took the financial euthanasia ride and look this is his image his mockup of what the ride would look like as you see it doesn't look particularly fun he thinks it's like more fun it's a fun way to go looks like terror to me and that's exactly what most people look when they see the financial markets they say this doesn't look fun it doesn't look like even a funkenstein you know you get no you get no free drinks even if just they spurring you to death and that's it but he says eventually this experience have taken the ride a company with disorientation anxiety confusion and you crowned with a glock g. force induced loss of consciousness during which the body is completely limp and vivid bizarre dreams a curse such as being in a maze and unable to get out or floating in a white space not knowing who you are why you are here to discuss. britain the

population suffers from glock don't they i mean to carry the head of r.b.s. royal bank of scotland already had a barclays bank they're continuing to perpetuate fraud they're continuing to spin the money ten g.'s they're continuing to steal they're continuing to defraud massively and the population has already been. killed killed all through austerity that today for the for all the glock this is julie jonas our bonus is also emblematic of what we see across the eurozone for solving a crisis here this is a euthanasia machine to sell to places like switzerland and luxembourg and netherlands but instead of just using a simple glock he has to come up with an elaborate for cock the thing which nobody could describe and seems actually more terrifying than just using a glock he comes up with an invention that is sheer terror and that looks like the solution to the economic crisis across europe because banker assisted suicide so

there's a different police assisted suicide or people run out into a hail of bullets hoping to get killed because they have lost all hope here it's banker assisted suicide so you let your bankers perform the glock rollercoaster of financial appox your death machine and with the hope that you won't survive because you'd rather not live in a world where barclays bank runs your government like so many puppets on a string now again go back to this euthanasia rollercoaster you see the image here now juxtapose it to the flash crash of may sixth two thousand and ten looks like the same sort of death machine euthanasia once financial euthanasia one's physical euthanasia markets in search of a fast buck after disrupting the equity markets high speed trading is moving rapidly into bonds currencies and derivatives electronic trading has grown steadily over the past twenty five years by high frequency trading has boomed since turn the

. of the century as technology cost and communication networks improve it has also been associated with hair raising glitches most notably the unexplained flash crash of two thousand and ten that some believe has her confidence and driven small investors from the us equity market it's killing people off and it's making wild profits for the banks that are engaged in this sort of taking a high frequency trading which is nothing to the economy it just steals money pilfer from the economy it's a financial death machine and they going to roll it out for bonds are going to roll it up for financial products for a currency product because they just can't get enough of this death cult that is the city of london that is barclays it is r.b.s. lloyds. is just a cult of death is like jim jones remember him in the kool-aid that it was all about it's a death cult but again you know how we have the euthanasia coaster and the designer says that there are seven loops most will be dead by the second loop but they have the five there just for security to make sure the person is dead by the end this is

the same thing here they're saying that small investors have left the equity markets as if they did it willingly they were killed ok by being turned in churned and then frequent high frequency flash crashed now because there's nobody in the equity markets to pilfer from. because the trading profits have gone from four billion dollars in two thousand and nine down to one billion dollars last year so they're now looking for the next victims and now they want to go high frequency trading bonds currencies as if the currency markets aren't already killing enough people globally there's already five join in the day and four x. trades in the currency market so they want to speed that up they want to do fifteen twenty fifty dollars and currency transactions a day of course this is key to manipulating price levels of the fia currencies around the world to hide the fact that you've got a smelly stinking corpse called the u.k. economy where the pound is crashing where the bond markets are about to crash where

mark carney the hockey. after they had brain damage a new central banker from canada is going to fly in to print money like it's coming out of a death machine death death a roller coaster now article also points out from the financial times that large swings in prices another critical condition for high frequency traders to prosper have also lessened so they've already killed all of the clients all the people who went on the financial rollercoaster are dead a lot of the small investors a lot of the middle class investors there's only a few giant traders whales killing each other or attempting to scalp each other slaughter each other and now they're saying that they need the large swings in prices and this is one of the things that this is the disaster capitalism the disaster financial ism that we've talked about they thrive on chaotic conditions they need them in order to make a profit the volatility has been sucked out of the system you see this with the volatility index the vix index which is trading near all time lows because it's

tracking the vibrancy of a market composed entirely of to davers. so you've got people dead people who are trading through artificial life simulation machines on death row or coasters and euthanasia projects attempt and you create an economy to replace something that was viable at some point before the machines run by kleptocratic larsen ists in the city of london and wall street moved in and destroyed the globe and of course markets are hitting all time highs again and of course the financial media the mainstream media even the b.b.c. in time for news are all trying to tell you to come back into the markets because look they're hitting all time highs but again the whole argument here right there quick point if i took that to the tallest building in the world in the middle east there the birds tower and i took a corpse up to the top floor i would say this is the highest corpse in the world it doesn't change the fact that it's a corpse i mean this rally of the stock market is based entirely on spinning dead

corpses around a money. in a major well that off a canadian or something i just invented the very fact that this article then goes on to quote many firms say that a multi-year collapse in equity trading levels which have declined as investors pull the funds out of the stock market after the financial crisis is squeezing opportunities for rapid fire trades so there's no genuine real liquidity there's no real activity in there because it is a spinning churning machine that has wiped out and killed every single one of the. passengers on this financial roller coaster yet but now they have they've killed everybody so they have to look at back to the beginning and it's just corpses going around this eternal financial euthanasia machine and but they get a profit on the speed at which they can spin the corpses around the financial euthanasia machine and those profits are turned into bonuses and the bonuses are paid for muslims who are these profit sharing war criminals at goldman sachs and j.p. morgan and barclays bank and bury themselves after they've murdered the entire global

population so that all they're doing is they're gaming the system. to build better muslims for themselves and their families as dead beat dead corpse vampire crooks. monuments to their thievery their larceny their transgressions their lawbreaking their fraud so much karl marx is right the bankers have sold us the rollercoaster that will kill which is the high frequency trading algorithms right marks some good things to say i'm unfortunately you can't really compare to the current system because we are in a post capitalist system we're in a something other than a capitalist system it's run by zombies and corpses and vampires who are trading transfusions of blood and volatility to each other to make make it seem as though they have a pulse when they're actually just mummies and zombies and corpses and cadavers what he did predict the ultimate end would be hyper financialization hyper financialization is the equivalent of the seven spins is turning turning turning

for turning sake just creating contacts and derivatives and contacts and derivatives and contacts and derivatives and spinning spinning spinning spinning honestly and i'll be dead don't kid yourself i mean because right now goldman sachs are thinking well the person is dead on the second spend we've got spins number three through seven to consider we can collateralized those spans we can monetize those spins we can sell forward the value of the corpses are spinning through the death spins and sell that forward to other clients who are hedging against the fact that they might be dead or alive or partially dead or alive at any given moment time and then sell that to a bank as a hedge against their position owning some kind of collateralized debt obligation based on another corpse or dead people that they murdered by with outdated mortgages and basic clumped ocracy and they're going to make another fee on this so they always make money all right stacy ever thanks so much for being on the kaiser report thank you ira stay tuned for the second half i'll be speaking to economist constantine.

eat eat eat eat eat eat eat eat eat. your food. to to. see. potentially deadly blizzard taking aim for the northeast it's expected to hit

starting in a few hours from new york to maine we have team coverage of the storm. but what we're watching is the very heavy snow moving into boston proper earlier today it was very sticky you can see it start to become much more patrie down the line there's still a lot of snow out here a good place for snowball fight. jason it is going to pretty incredible day there and even record snowfall throughout much of it might still be so long to be driving lessons some emergency vehicles are exceptions.

welcome back to the kaiser report imax keyser time now to turn to economist constantine gav our guest was in fact meant to be a xan quinn formally the richest man and ireland now bankrupt like the nation itself but like the nation going same as i've been hijacked by evil leprechauns their last spotted running make it across a field of four leaf clovers trading contracts for difference on pots of tungsten gold concent saying welcome to the kaiser report thank you mox delighted to be with you guys all right cosseting tell us about i b r c a the bank formally known as anglo irish which is down having its debts magically converted to sovereign debt or i b r c is that the or if you want over the collapse of the irish economy and both the legal implications of that bank and implications of that and i can only complete cations of that well when back i b r c started as the bank which absorbed

as a bad bank which absorbed together the assets of liabilities or do most insolvent institutions in our bank lauder's bank which was the third largest bank at the time when the crisis struck and also audition nationwide building society which was a smallish smaller size bank which also had the same problems as i see so it has a lot of other problems or careless loans being the issue during the peak of the boom in large volumes and large want it is poor he's got sassaman on the line london in a sense that it was alone in the property development but over the investment and property markets in general and as a result of that the collapse of the property markets yesterday the collapse of those two institutions as well so those back i b r c was the. tool or the vehicle for unwind and do insolvent banks now weeks ago we've got the new legislation which

is creating and not the structure to unwind the r.c. so in many ways the government is now shutting down the bank that it was designed to shut down the other thing it seems a little bit like argentina and that the debts that were incurred by speculators are now being and situationally passed on to the taxpayer the senate's and who is going to have to deal with this for several decades right india that there's a shell game or that they're running the anglo irish bank and from our huge nationwide building society that was transferred to i b r c was still on the shoulders of the audition exchequer in a sense that what they did in order to fund day b.r.c. is that they should be for music or notes or his or notes counted as government debt officially as well and as a result of that because they counted as government debt and because they were fully guaranteed by the government they were eligible collateral no they welch will collateral not that the e.c.b. they were eligible at the central bank of ireland the central bank of ireland

opened the emergence of the needed systems line in order to fund a b.r.c. on the food that the logic of that so there is thirty four billion which was our region the issues of those won't some of them have been repaid now there's about twenty eight billion outstanding and there was a schedule there on the wrist and difficult schedule to meet in terms of any payments of those over the years which was around into twenty thirty one and the government was unhappy with the cash flow which it entailed you know it required the government or when every year three point one billion in the markets roll in all over that that in effectively repayment of the musical notes and a consolation of the way the e.c.b. was unhappy about that as well because there was that initial security on the foot of that as well and therefore both the c.b.i. nitish government had an incentive to somehow be structured to do different things than the four sided government had much more. when incentive and again about two weeks ago the structure and was announced that the structure of now if either is to

be achieved without the direct and sample b. c. b. and the c.b.s. the examining the means by we started arming as you structure them with i mean i wasn't saying they area have a situation where private speculators gambled they lost they have engineer the debt transference of the public and away we saw in argentina and elsewhere michael noonan the finance minister is refusing to open up the books on audited books he doesn't want to have anyone look at these books what kind of outrageous nonsense is this that the taxpayer is asked to pay for these debts but they're not allowed to actually look at the books at all and michael noonan of course reviled character in ireland hated by most as being a charlatan and somebody who is very loose with the facts the truth an accounting measures your thoughts first of all i would flow back a little bit in terms of your assessment of michael noonan michael norman's in the very difficult position as the minister for announced he's clearly actually that

pop from the previous minister of finance he is he has some ability and he certainly shown some ability to problem with the cons and his refusal to disclose those of nonsense as an executive order that oh i just probably could expect that they could forty year deal in conversion over that their misery no it's over there would be or see into the government bonds which are forty year borns on food all know accounts since the media year to well want to have those accounts and they're only partially counts to begin with and also at the same time we have to do so with no projections by the government estimate cost of that we have to remember that that is government has reduced absolutely and no estimates in terms of what are the cost and benefits are beyond twenty fifteen now i keep reminding you this is a forty year deal and want to have projections for three years now the reason why my current. and it was if you listen and this here i'm speculating of course this is going to if you want to educate and yes why michael newman is that if you are

going to disclose those accounts it's very simple in the i.d.r. sebille twenty thirty in the legislation which established the shot down by the r. c. and the conversion over there i see you insert with distribution of b r c assets and liabilities there is an article thirteen in the bill which pretty clearly gives the minister why our twelve unama which is a unique power in this case and never was extended before in any case at all it gives minister the power to come hell or direct nama can purchase certain any assets out of the idea or see at valuations directed by the minister so in other words that makes the cons sense it commercially sensitive information because you can give a material information as to the price and that not only spain relative to the value of the book in the garbage i think is trying to hold back on that simply so that people like myself and other analysts don't look at it and say hold on

a second you're clearly overpaid for their assets yeah let me jump and you know clearly there are some obvious cation there and i'm sticking with my assessment of michael noonan going back a couple errors i got a journalist financial journalism award from the university of limerick which is a hassle the university about because he's against transparency he's against anyone telling the truth about the what i call the financial terrorism in ireland that he's a part of and the rest of them let's talk about financial terrorism let me talk about shock when for a second he was ireland's richest man he went bankrupt gambling on contracts for difference on anglo-irish explain what these contracts for difference are and what role did the failed bet play in the downfall of anglo if any one thinks what difference a very simple instrument which is a leveraged farai even into their right to only share at the fixed price but you don't actually hold. to share your own need to have the right to buy out that share at a fixed price. difficulty there with that instrument is that eight is

a duty but if it can be fairly complex in terms of least price and it can be very complex in terms of price and overall and in addition juror during the peak years there was a very significant leverage which was a botched by those who were writing the wonders for the friends so for example people like show we would have probably availed well in excess of them times leveraging on those throw that in other words when the shares started fall in the value they got the whole margin call for junk when in fact heavily forward against the insurance company that he owned at the time when insurance and as a result of that you breached when insurance was found to be in breach of a number of regulations that in terms of capital adequacy and things like that we do provisions and as a result of bad when insurance was effectively nick with a unsold onto the liberty mutual so i take it like shockwave as like the irish warren buffett if form a profit or a gamble all that kind of crack at i would say that the that that because the

connection would be very tenuous warren buffett is that a fundamentals investor he is an investor who is basing his decisions on the active management of the shortfall there and there's a result of that and also on boxers and the fundamentals analysis of the firms shown queen was probably earlier in his early years when he was the jewel interpret our he was like that and probably in the last moment of his interpreting are all if you want spirit was the creation of the green insurance since then since probably around say two thousand to two thousand and three junk we unlike the rest of the country got caught up in the deal and within the deal and in property markets and of course he always had a dream to have a bank in just portfolio anglo irish bank but he sent through the forms for the occurrence people's resented that would target we have to remember. one thing is for difference allow you to purchase anonymously the law of the sense so you do not

have to disclose the shareholding you know because human effect don't you only share you just copyright or just that your guy took an enormous bet that he lost and. why are we crying about this guy he made of the enormous bet he lost and now he wants the state like everyone else to to bail him out but now he is part of this golden circle what is their role and how come the golden circle is not in jail yet. well the golden circle there are several of these articles in art and junk women many ways was a newcomer when she just started in but then she comes back from the area of what's known as border counties border counties have always been one to develop both in the republic of ireland and north of the border in northern ireland and they always wore considered kind of if you want a very difficult place to do business. by building a very successful at the time business empire shanklin was a poster boy effectively for both his prose as but also for the development of the

northern ireland and the republic of ireland for accounts as you provided you know this employment in those areas and he's do you regard it somewhat as a hero in those areas as well his disaster is bets on c. and d. as for the anglo he is kind of if you want or a decision to use the bonds from the insurance company in order to convert some of those transactions those are really emblematic of the overall state of the nation a giant speculative activity was very high everyone was caught up in that bubble and shanklin in many ways was just like any flexion of the nation on the ground the scale no golden circle will circle really is it starts with the maples that maple stand is a bit out of the investors who together by a law firm in order to try to rescue the anglo irish bank when this young queen disaster started to unfold and the rise of the shares started fall and they were in

effect offered loans by the anglo irish bank in order to purchase those shares themselves shanklin wasn't a part of that obviously but shanklin is a part of that the golden circle the are the circle of those who rule are the ron farland who are embedded into the corporate structure that is governance constant a right of time thanks so much your bank kaiser report your box anytime all right that's all the time we have. for this edition of the kaiser at par with me max kaiser and stacy herbert i like to thank our guest constantine garg professor of economics at trinity college dublin you can find his work at shore economics dot blogspot dot com if you'd like us to contact us you can e-mail us at kaiser reported r t t v dot are you are tweet us a kaiser report so next time ask guys are saying by oh.

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