chairman who has time to go the head of the central bank of cyprus this product called nothing's going to work that's how they go about it goes on amazon it goes not the go to work around here it's all bad it was it he's the head of the central bank of cyprus they have a central bank governor and cyprus and when they got a bunch of squirrels of the hamster cage and that's the reserve well while he was helping decide what to do with cyprus you know bernanke he of course was keeping rates as they are and promising to continue with the quantitative easing i.e. the theft and confiscation of american wealth and global wealth actually because whatever the u.s. federal reserve does impacts the rest of the world well it's a good point in that they're talking about taking people's money out of the bank accounts through wealth confiscation through thieving whereas bernanke he and other central banks have been involved in this already is called quantitative easing where they force interest rates down to zero in financial repression financial pression at zero percent interest rate payers or that's wealth confiscation that's

so that the old will be the big money gets the free cash exactly and you know here's a tweet from the day that ben bernanke he was speaking to the press bernanke he says stock market may be hitting new highs in nominal terms but still far away in real terms so that reminds me of this yes no maybe is this confusion and this opacity to our so-called free markets because one thing that's supposed to happen in free market of course is that everybody is supposed to have the same information and available all the information is supposed to be available to everybody so while all this panic and craziness is going on in cyprus you can be sure that the insiders always had more information always knew for certain what was actually happening while the rest of us out here were uncertain about what was happening right there's a major transition going on away from open free markets based on an open free exchange of information to this kleptocratic market where insiders enjoy the.

reality of what's really going on and everyone else is scrambling and taking the huge risks and making the huge losses and having the wall stone and this is something that is open in a way is that here most normal people believe nominal rates and nominal prices are the real thing and yet he's openly telling you that actually no they're only high in nominal numbers and not high in real numbers and this is the same thing that you've seen happening with cyprus you saw happening back in the time of tarp is they keep on saying yes no maybe and that that's the small print they're covering themselves in all situations and they get to say well i told you so right bernanke is bringing up this concept of nominal versus real so on a nominal basis you have a number that looks higher than the previous number but adjusted for what the dollar is doing adjusted for what bitcoin is doing adjusted for gold and silver have been doing an adjusted for of gold and silver the stock market's making lows adjusted for bitcoin the stock market has crashed adjusted for bitcoin the us

dollar has crashed those are the real rates of return nominally sure there is a number that is bigger than the number from a month ago but at the end of the month when you open your paycheck you're still seeing your wealth being stolen now here's another image and a headline i wanted to look at and this is ronnie biggs appears to be a rude health a partner in crime funeral as you could see he was the great train robber and now we have the great central banking global banking robbery and i think he kind of looks like alan greenspan in this photo with this like crumbs hanging out of his mouth and flipping off the global audience right old school you know rob a train get much respect and i do that right i mean i get my gang signals worked out. well you just robbed of baghdad trade these global banking systems are being robbed and we see right after riot and across nations across europe americans don't seem to care yet they seem to be very happy as long as nominal highs keep being reached well then i'm out. been told that they are in on the robbery and that their

enjoy life style that's tied to america's robbing of natural resources america's u.s. dollar global policy that gives them the ability to buy stuff in dollars and out of the pay for you know slave labor in china america's been told you know you're in on the robbery and to some degree they are the going to be the last just suffer the consequences of this social bank heist so they unfortunately won't be able to act in time to save them you know again back to this yes no maybe thing and the fact that only some insiders know in fact what the real yes is while we're being told yes or no maybe and that is j.p. morgan secretly downgraded by regulators the senate report on j.p. morgan chase's london whale fiasco revealed that federal regulators secretly downgraded the bank's management rating last summer a fact kept from. told last week this was from the office of the comptroller of the

currency and apparently they do this secretly across all the banking sector and they only tell the senior executives at these banks and certain government insiders know whether a bank has been downgraded secretly or not right well the buyers of j.p. morgan stock are computers and algorithmic buyers the insiders are selling and we haven't seen really this amount of insider selling of stocks bonds and banks in the history of the exchange the insiders are taking their money out there leaving the computers in the algorithmic trading to keep it going as if there are real humans buying the stock so j.p. morgan's adjusted price for the stock if you just for that report they just reported on if you just for their liabilities both on the balance sheet off balance sheet the price of the stock is where we saw enron after it collapse world com after it collapse in other words the price of j.p. morgan the stock adjusted for fraud adjusted for thieving adjusted for asymmetric in formation distribution is their own it's a big goose egg it's zero zero zero that's the most dangerous thing to own in the

world because you're going to lose one hundred percent so that o.c.c. issues supervisory ratings called camels on banks after conducting exams the acronym camel stands for capital adequacy asset quality management earnings and liquidity ratings for each category assigned on a scale of one to five so banks with a three to five rating exhibit moderate to extreme concerns we don't know what j.p. morgan says this information was only revealed in that senate report from carl levin that it had been downgraded we know that because of the london whale because of the chief investment office here in london well you know jesus christ said jamie dimon got as much chance of reaching haven't as a lot of wise debt obligation as in passing through this fingering of a camel. so the article then goes on to ask why are camels. still secret as the san francisco fed economist noted there is

a fear that banks would be less willing to provide supervisors with complete and accurate information if they feared that the outcome of the bank exams would be made public so here again that asymmetric information because they might not tell the truth if we force them to openly tell the truth or they fear the truth the truth is that these banks are insolvent and there are going out of their way to create a potemkin village of fraud to make it appear as though there isn't the reality that these banks are insolvent h.s.b.c. barclays lloyds bank here in the u.k. they're insolvent. goldman sachs and j.p. morgan are insolvent the central banks whether it's the fed the e.c.b. or the foot caught the bank of cyprus they're completely insolvent they've got nothing in there but hamster poop there's nothing there and that's why gold silver and bitcoin continue to make new highs but here again you know so only a certain class of people

a few regulators and the bankers ever have any of this information about what the true state of the banking system is and that's why we see the pigs and the camels now in america is that you know these sudden panics emerge out of nowhere and it's yes no maybe possibly we may be bankrupt but we're not allowed to tell you because they're secret because if we tell you then well bankers may not show up for the day and there might be a bank if everybody knew what was in this camels and these pigs well you know i mean this is exactly what happened over in the catholic church once one of the priests started settling minors it people hear the truth and now it becomes an endemic it's the same thing with watergate nixon you know the post watergate era of hiding the truth became worse than the actual crime itself the current situation of bankers hiding their crime through misreporting information through obvious cation through buying a. political influence by distorting the news through c n b c and other propaganda

outlets has become much worse than the the original crime which is that the economy went into a slowdown so what economy slowdown the fact that you're trying to pretend that it didn't go into a slowdown is making the situation much much worse you are putting at risk the entire global economy and that's because of all these councils out there that there are all these secret you know losses on these books that only the regulators are allowed to know the command and control that we see devastating economies around the world now and causing panic and that's why panic close is a perfect guy to be in charge of the central banking system as all these and secret information came out and now you know we guarding this this all the secret information alexis goldstein on her tweet pointed out a very interesting referred back to two thousand and twelve february thirteenth and this is a note from j.p. morgan on the volcker rule that they submitted to the senate why they shouldn't have the volcker rule they said quote the proposed rule appears to presume that

banking entities will camouflage prohibited proprietary trading to evade the rule and that extraordinary efforts are necessary to prevent this behavior while they there feel jamie dimon feels that he is to the law doesn't apply to him but that's the kind of hubris you have market tops or the tops of empires where the either whether it's the the empire or the god like jamie diamond believes that he is in touch with the divine inspiration of god that he has a god complex and he's throwing the entire american country under the bus he is he is the greatest threat to america's sovereignty ever in the history of america much he makes not eleven look like a picnic this guy what he's going to do to the american economy he's the most dangerous financial terrorist that's ever walked the face of the earth so here he is saying how dare you santa think we will possibly high. that were illegally proprietary trading and then of course just

a few weeks later it words that in fact that's what they were doing here in the city of london with the london whale that's why they've lost at least six point something billion dollars again it's yes no maybe we don't know if it's six billion we don't know if it's ten billion or twelve billion or eighteen billion of twenty five billion but they've lost some money here but here's a guy who is presented with irrefutable facts that he's lying but he can't see what's directly in front of his face here's a guy with ninety trillion dollars of unsecured derivatives off the balance sheet of j.p. morgan several times bigger than the entire g.d.p. of the country and he's so fricken in denial and stupid that he can't even see something six inches in front of his face it's like giving a razor blade to a baby how do you think that's going to end up you know the ben bernanke the and and the new treasury secretary you've given as a psychotic a grenade and you're going to suffer the consequences and we're going to be laughing all right stacy herbert thanks so much being on the kaiser reporting q.x.

stay tuned for the second half from my interview with leah mcgrath goodman who i had a chance to talk to when i was in new york city last week. when their country turned off for the living loving mothers sometimes have to leave their children behind. i don't like to want to just depend. the dream of millions of migrants the children might choose their mother what. i want my children to wendover in moscow. russia has become this. migrants working hard to find a way. when you have nowhere to live.

when you don't have a family. when you have no one to ask for help you can always count on. this man is respected by criminals and also it is a like fields out it's convicts anonymous people like he used to be. for the homeless no no it's a. choose your language. call it make you know if they sell some. of the the consensus you can. choose the opinions that you think are a couple of mine. choose the stories that imply life choose the access to your office. three cretaceous three sports three. three.

three. three. three balls video for your media project st medio don carty dot com. welcome back to the kaiser report imax keyser time now to go to liam a grass goodman author of the asylum inside the rise and ruin of the global oil market lia welcome back to the kaiser report thank you for having me you're out with an updated version of your book the asylum in this updated edition you present definitive proof that manipulation of the price of oil two hundred dollars for the first time ever two thousand and eight tell us about it yeah well we did not get to find out about the details until years later because our government's really good and apprehending things when they actually happen. this is new material in the book . but it is and what happened was in two thousand and eight the day after new years

there were a group of teenagers who decided that they were going to try to get oil up to one hundred dollars a barrel and what they did was plan it for about three months in advance it was a company involved with con agra foods trading. trading and they worked with traders that kind of as well as on the trading floor and. they were going to be mad and then they traded it out. they actually jumped the price the price was lower it was forty cents lower and they pushed it up two hundred dollars they were caught and told to stop so they went back and they bought everything they could all the way for two hundred dollars they could keep the price print and that was what the transcripts the phone transcripts that were later released by the government indicated now when the traders are caught manipulating markets rather jamie diamond in the silver marc. whether it's kind of aggro in the oil market their defense is always that well we're adding liquidity we're making

a market and we're doing something important and laws don't apply to us it's not ever going to change i think in this case for bragging in an email you know one of them said some people are prints we could price print so they didn't have a defense in this case. there but do they need a defense when you have the regulators and the government officials paying tribute to these guys as doing heroic work by breaking laws acting outside of the law manipulating markets they're lauded as heroes they don't need defense. i guess. that's so far no right because what we're seeing is the regulators know what's happening in this case the traders were not buying they were not punished can aggregate twelve million dollars but that's pocket lint to them while they commit relate markets to pay the fine so there's a a just b.c. barclays bank of america j.p. morgan and jamie diamond if they caught breaking the law like they are repeatedly

they just nip relate more to pay the fines so it's really a nonevent matter fact without that manipulation the u.s. economy would crash now which government officials learn of this how did they learn of the manipulation and what was their response just break that down well there was a lot of complaining on the trading for that day by traders who actually wanted to to buy or sell it at a lower price price so when they investigated it there's a agency with the u.s. government called the commodity futures trading commission that is in charge of the energy and the commissioner's got together and they decided they were going to call it a non bonafide trade so instead of trying manipulation they said it was a non bot if i trade and interestingly it was a republican commissioner scott o'malley who said i don't agree with. a very well thought out dissenting opinion saying it's extraordinary that market is vital is the oil market were clear manipulation is taking place and yet we call it a non bonafide train let everybody go back to where the gary gensler. the c.f.c. see former goldman sachs guy he didn't prosecute the manipulators of the silver

market he's not prosecuting manipulators in the oil market and you know at the time of course to the con agra was a major player in agriculture products you had a rise in food prices as well which set off the arab spring and set off revolution around the world how what's the future going forward in the price of oil you track oil quite closely is the trend higher your thoughts on the where and we just celebrated the five five year anniversary one hundred dollars oil right there the reason why this particular manipulation mattered with oil had never been a hundred dollars and then it hit one hundred and it kept going and that was the year we got almost two hundred fifty dollars and got paid twenty four dollars so it's important because there's you know as the technical analysts say this is the key resistance point once you go through it the sky's the limit and that's what top so i think the biggest problem is there's nothing pushing down the price anymore where it can kind of go where it wants to go and that's what we're seeing and if you look way down the curve right now look at twenty eighteen oil supposedly

trading around eighty five dollars now that would mean traders are hopeful for the future that we're going to get an awful oil it's going to be cheap i don't know if i can agree with that but that's what the prices are telling us right now it's like we live in a financial apartheid because there were no oil oil is at one hundred one hundred fifty players with the capital and the ability to break the laws of impunity simply print money to pay for that oil at that level but everyone who doesn't have the political influence is dealing with the higher prices for real so we're all living in that ghetto now and it doesn't seem to be any reporting of this it's a mainstream media new york times for example which i can see the building is not far from here they don't really seem to care that the bankers have created an apartheid situation a permanent ghetto state for those who are not corrupt or not jamie diamond if you're not breaking the laws daily you live in a. in a ghetto they don't seem to care so our crops are making too much money and they're

not being held accountable which is why we're talking about this lack of accountability today and if you're making so much money you're not being held accountable what are you going to do with continue making money and those who suffer americans to pay too much for gas too much for oil. they're the ones who are stuff like this that it's got to you've got some follow up that you've been in touch with traders etc tell us what the latest is yes so a number of oil traders from the training had been in touch and made sense the asylum first came out and many of them have actually decided that they don't want to live this life anymore and that they actually don't really respect the way they were making money and i had one trader in particular who had actually vacated to the island of kuai. and he took his family with them and he wrote me and he wrote me that he said i read your book and i am list myself to you because everything you said is true and then he said for twenty seven years i lived a life of slavery in a prison called this is the new york mercantile exchange where oil straight and i have liberated myself i imagine imagine my surprise when i discovered the last i

have the happier i am i used to wake up pick out clothes to wear from a closet that is glutinous to say the least get in a car that costs way too much money with shining emblems on either side to show that i was wealthier than everyone else. i would go and screw the world over by buying and selling oil i have never seen to other people who screw people over and so on just so we could get rich and buy stuff we don't need ok let me just cut in for a second so it will continue to this with this letter but let me get this straight there is a an energy trader who is corrupt as the day is long swinging futures contracts like a crack dealer in the ghetto forcing people in north africa to revolt causing women and babies to starve to death now you know why he's repenting he's god he doesn't want to live the life no more and he's writing to you all through this book saying you opened my eyes. i don't want to be a crook anymore let me tell who this guy is it doesn't matter how many letters

you're right you're going to help body you're going to run for tardy because you're a crackhead just like the guy next to you learned. all right continue. to buy stuff we don't need to get and and i'd have less time to spend with my kids congratulations i was the slave in my own happy life me people richer i can just see him now in a rich history of the devil being spun over a period of open fire. anyway so how does it make you feel though i am very fond of an imax theater because they never lied to me they were always truthful even about their lying but they were truthful about their lying yeah they were doing they didn't have a gun how does that work i'm going to be truthful about your line what's your next frat going about it what's your next where are you going what's your next project man x project actually you guys cause quite a stir with the last discussion of an x. project i know you know the kaiser report the cutting edge news program in the

world yes i'm looking at a tax shelter called the channel islands right which has had some rule of law and deficits and democracy issues rule of law and deficits in democracy issues tell us more what's happening in jersey right now the legislators are looking to try to appeal to great britain because they feel there's been a breakdown in the rule of law and as you know if you're hedge fund and you want to find a good tax shelter to keep your money in a bad legal system is not where you want to be keeping your money so the island is obviously very worried about its image getting from here and so they're circling the wagons and doing their very safe. to banking laws but there's something else going on there too isn't there there's this story ripples into other areas just bank there's issues of crime on the islands in the banking that go beyond banking banking but include banking so you're going to be returning there after a period where you're not allowed to go now you're. to go back to jersey yeah you'll be following up on your investigative work i well i just i just got off the

phone this morning with a man who he would gag he actually he actually complained about having money stolen from him by people on the island bank charter this is one of them bankers alike to get gagged and beat this is how this is this is another type of gag they're ok with gag against as well and the only way that i love to say that there's never any crime on the island but that's because when they make a settlement they guy whoever they thought it was and this man was one of them standard chartered robbed him of over a hundred thousand dollars and they gagged him in the family so he will never get to tell his story so standard charter's that's a name we don't hear often they're more u.k. but now more asia active in asia so now there's another name to throw into the h.s.b.c. barclays lloyds royal bank of scotland bank of america jamie diamond goldman sachs now throw in standard chartered. well let's talk about another offshore location banking going through some crisis here cyprus tell us what your take is on the

current situation in cyprus post a press has long been a national island also used as a tax shelter just like jersey and so i think probably what's going on there is probably a harbinger of possible things to come i think it's pretty mad world when people have to posit i mean threatened with having their deposits taken away from even if they are rushing in if they might have more money than other people doesn't seem that that's going to happen the banking system it's either this is usual or we're stealing your money there's a problem that's the only choices we have or there's two kinds of layers here there's the institutional layer of fraud where banks are really ripping each other off and they see this in the futures market the commodities market a lot more but now we're entering a new era where retail deposits are being confiscated to pay off the bets of the bondholders of these guys so this is the first time throughout the whole five years of this crisis people would say what's the. no it's a victimless crime you hear this phrase all the time that those plants at the new

york times it's a victimless crime but now they're having their deposits confiscated the payoff for these criminals so we finally had a states now the mcgrath goodman where the public starts to wake up to this to this soul for devil worshipping gangsters. is there a change in consciousness finally john corazon isn't in jail for m.f. global taking retail deposit. we already know that it's allowed now so i guess it's allowed. me money but. i lay mcgrath goodman thanks for being on the kaiser report thanks for having me 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 leah mcgrath goodman author of the asylum inside the rise and ruin of the global oil market going to send me an e-mail at kaiser reported r t t v dot ru so next time ask.

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