it's all bad it wasn't he's the head of the central bank of cyprus they have a central bank down there and cyprus when they got a bunch of squirrels on the hamster cage and that's the reserve well while he was helping decide what to do with cyprus you know bernanke 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 their bank accounts through wealth confiscation through thieving whereas bernanke he and other such a banks have been involved in this already is called quantitative easing where they force interest rates down to zero in financial repression financial pressure and at zero percent interest rate gers or that's a wealth confiscation that's so that the old will be the big money gets to free cash exactly and you know here's a tweet from the day that ben bernanke 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 a 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 the 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 their wall stone and this is something that. 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 and nominal numbers are 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 that's the small print they're covering themselves in all situations and they get to say well i told you so right he is bringing up this concept 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 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 can 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 like 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 america has 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. . 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 no 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 it's 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. reading last summer a fact kept from investors and the public and told last week access 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 when 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 has adjusted price for the stock if you just for that report they just reported on if you just for their liabilities both on balance sheet off balance sheet the price of the stock is where we saw enron after it collapse world com after it collapsed in other words a price of j b 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 he 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 diamond got as much chance of reaching heaven as a lot of wise debt obligation as in passing through this strange thing of a camel. so the article then goes on to ask why are camel 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 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 cock the bank of cyprus are 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 it's 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 camels 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 post 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 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 diamond feels that he's just the law doesn't apply to him but that's the kind of hubris you have a 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 sovereignty ever in the history of america much he makes nine eleven look like a picnic this guy what he's going to do to the american economy these the most dangerous financial terrorists that ever walked the face of the earth so here you. is saying how do you argue senate think we will possibly hide that we're 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 i 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 ha ha all right stacy herbert thanks so much for being on the kaiser reporting he racks stay to have a second half for my interview with leah mcgrath goodman who i had a chance to talk to when i was in new york city last week.

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device you can watch on t.v. anytime anywhere. welcome back to the kaiser report imax keyser time now to go to lay a mcgrath goodman author of the asylum inside the rise and ruin of the global oil market leo 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 drove the price of oil to one hundred dollars for the first time ever in two thousand and eight tell us about it yeah well we did not get to find out about the details until years later because. government's really good at apprehending things when they actually happen. this new material on the books should've been knew about it and what happened was in two thousand and eight the day after new years there were a group of terrorists who decided that they were going to try to get oil up to one hundred dollars a barrel and what they did with planet for about three months in advance. the

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 that. 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 two hundred dollars they could keep the price print and that was what the transcripts the phone transcripts that were released by the government indicating now when the traders were caught manipulating markets rather jamie diamond in the silver market or whether it's got 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 we were bragging in an email you know one

of them said some people are friends 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 doing heroic work by breaking laws acting outside of the law manipulating markets they're lauded as heroes they don't need a defense. i guess. so far no right because what we're seeing is the regulators know what's happening in this case the traders were not fine they were not punished paid twelve million dollars but that's pocket lint to them while they commit relate markets to pay the fine so they're saying a just b. c. the. barclays bank of america j.p. morgan and jamie diamond if they caught breaking the law like they are repeatedly they just more to pay the fine so it's really a nonevent a matter of fact without that manipulation the u.s. economy would crash now which government officials learned 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. when they investigated it but there is a agency within the u.s. government called the commodity futures trading commission that is in charge of the energy and the commissioners got together and they decided they were going to call it a non bonafide trade so instead of calling manipulation they said it was a non modified trade and interesting lee 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 you know 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 who's 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've tried 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 so the reason why this particular manipulation mattered was 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 gas prices went to four dollars so it's important because there's you know as a technical analyst say this is the key resistance point once you go through it the sky's the limit and that's what's happened so i think the biggest problem is there's nothing pushing down the price any more. or where it can kind of go where it wants to go and that's what we're seeing and if you look away down the curve right now you look at twenty eight seen oil supposedly trading around eighty five dollars now that would mean traders are hopeful for the future that we're going to get enough oil that 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 we live in a financial part because of an oil oil that 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 a higher prices for real so we're all living in the ghetto now and it doesn't seem to be any reporting of this same 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 they're not jamie diamond if you're not breaking the laws daily you live in a ghetto they don't seem to care so our craft 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

stuck like you said it's got 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 that oil traders from the training had been in touch with me since 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. the 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 can 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 whose swing in 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 he's in a why he's replanting he found 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 to this i don't want to be a crook anymore let me tell you this guy is it doesn't matter how many letters you're right you're going to help body you're going to hurt for tardy because you're a crackhead just like the guy that still around here got up. and i

continue. to buy stuff we don't need and who's that and i'd have less time to spend with my kids congratulations i was a 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 that 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 lie and yeah they were you know when they didn't have a gun how does that work i'm going to be truthful about your line but your next president about it was your next where are you going what's your next project man x. project. actually you guys caused 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 rule of law and deficits and democracy issues rule of law and deficits and 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 head spun 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 smeared so they're circling the wagons and doing their very best to say. to banking laws but there's something else going on there too isn't there there's this story ripples into other areas and just bank there's issues of crime on the islands bank that go beyond betting banking but include banking so you're going to be returning there after a period where you were not allowed to go now you're allowed to go back to jersey and you'll be following up on your investigative work and i just i just got off the phone this morning with a man who he was gagged 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 this is this is another type of gag they're ok with gag against as well and the only way the island loves to say that there's never any crime on the island but that's because when they make a settlement they guy whoever they settle this now with one of them standard chartered robbed him of over a hundred thousand dollars and the guy 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. all right 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 it with buying on there is

probably a harbinger of possible things to come i think it's pretty mad world when people have to posit are being 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 we see this in the futures market the commodities market a lot more but now we're entering a new era where the 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 big deal 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 to pay off for these criminals so when we finally had a state's now the mcgrath goodman where the public starts to wake up to this to

this soul for of devil worshipping gangsters. is there a change in consciousness finally john course that 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. our limit graph given thanks for being on the kaiser report thanks for having and that's going to do it for this edition of the kaiser before with me max kaiser and stacy herbert i thank my guests liam a graft goodman author of the asylum inside the rise and ruin of the global oil market drawn to send me an email police cars are reported r t t v dot. are you saying they are. when their own country trying to offer them a living even loving mothers sometimes have to leave their children behind. i don't

like to wonder just depends longa. is the dream of millions of migrants that their children might choose their own mother land. i was in. the room is. i want my children to win over moscow. russia has become this step mother land. migrants working hard to find a way home. listen .

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