interviews. you know sometimes you see a story and it seems so for lengthly you think you understand it and then you glimpse something else and you hear or see some other part of it and realized everything you thought you knew you don't know i'm tom harman welcome to the big picture. i would rather ask questions for people in positions of power instead of speaking on their behalf and that's why you can find my show larry king now right here on

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f l m a o ha ha ha ha yes the banks are officially in it for the low and oh i how you chose. their have got the laws banks are is rolling around on the floor laughing their behinds off yes the same from which they are plucking the bailout figures you taxpaying schmucks give and give and give them and when the banks are said they needed seven billion and then you gave it to them and no questions asked they then try outro trone tros you for seventy billion more seven hundred billion seven trillion seventy trillion l l o. yes the banks as we've been saying of course for years i've been trolling us they're having a big laugh and the proof is now in the audio putting inside anglo the secret

recordings these are the hash tag anglo takes max and these are tapes that reveal the lives and deception that led to the bank bailout of anglo irish bank in ireland this is an exclusive from the irish independent they were given the tapes back from during the time when anglo-irish was bailed out and the tapes that you're about to hear is between john breaux a senior executive at anglo irish who had just returned from a meeting with the central bank of ireland and another senior manager peter fitzgerald and peter fitzgerald asks john breaux where did you get the seven billion euro figure that you presented to the central bank that we need immediately and here's his answer. but. you don't. think you could actually be boys. you know you're trying to. get them to try to picture. you want to you know you're you're you're

you're you're. going to be you know. you don't really. want to thank you know if i join. me tonight. well the great thing about being a banker myself next banker is that i talk to these guys all the time and this is what i try to tell people is what they say behind the scenes they're laughing at people they're laughing at the irish people angle irish bankers through friends of friends they would say this to myself and others that they're pulling numbers out of there as they say they're gaming the system they're making a monkey out of the government they are disrespecting the entire rule of law and they're laughing about it and i tell this to people in ireland and a lot of people say yes are upset about it but a lot of people say no we have a contract we have to obey the contract we are subservient to the empire we don't have any self-respect and now it's come out that in fact that they're just being

treated like idiots well as that as dumbo says there had the taxpayer had the government on behalf of the tax there and aware of the full genuine cost of the bailout now as you saw anglo irish bankers knew it was going to be tens of billions of euros more in fact was more than four times the seven billion euros which they asked when they knew the full extent but they said clearly that had the taxpayer been fully aware of the disaster on their hands they might have met made a better choice i still allow the bankruptcy of this bank the collapse of it the wipe out of the bond holders who were paid off in full thanks to the taxpayers now enduring extreme. austerity right angle irish was engaged in a massive housing related ponzi scheme they were committing massive fraud a ponzi scheme blew up they had to get a bailout from the government they picked

a number that they thought the government would go for because if they told the truth about what they knew they disclosed the extent of their losses then the government probably would have had to been faced with an icelandic situation allowed the banks to crash the economy to crash in ireland today would be a sovereign state instead of a vassal of the troika and some of vassal the i.m.f. but no they failed to disclose which again it's illegal to do so and here's the really interesting bit stacy is that the seven billion euro number that they lied about is really much higher the current banks in ireland are sitting on undisclosed debts right now by my contacts thirty billion euros that will worry quire another bailout right now they haven't yet disclosed the extent of the debts today so in two or three years time or here another group of bankers are laughing behind the scenes collecting their bonuses they're not disclosing the debts in ireland today

or greece or the u.s. or anywhere else of these big bankers are are are are centered well as we pointed out several years ago i doubt most bankers revealed that they need one hundred trillion that's the true figure we're only at about fifteen twenty thirty trillion at this point so we still have a lot further to go they've already revealed that to extent of what they think is the black hole is probably double that is probably two hundred trillion now and the county the prime minister of ireland has promised a banking inquiry it was a probe this situation of course as these guys have pulled it out of their bottom it's going to have to be some sort of call and ask me and i thought and i thought that you know the auditors of these banks from now on are going to have to start performing colin oscar piece on these pronouncers all of us to pay i recently had on so i know how to pronounce that. but then john boded mentioned drummer which is short for david drumm who was the c.e.o. at the time of anglo-irish and here is another headline regarding anglo-irish and

these tapes that has tagged anglo tapes get this money and tapes show drum happy to abuse state guarantee so david john the former chief executive of anglo irish bank laughed at the prospect of abusing the state guarantee the latest revelations from the tapes reveal he said we won't do anything blatant but we have to get the money in get the money and get it in he tells the senior manager of the bank john breaux now this guy david drum where is he he's in boston seeking bankruptcy protection of the u.s. courts because he owes eight point five million euros to anglo irish bank in a dubious order of loan to buy shares i was on the pact and shell last year. in kilkenny and i told pat on his t.v. show that the bankers are laughing at the irish people and they're engaged in failing to disclose big debts essentially telling him breaking this story on the pack any show and i said they have the moral equivalency of pet

a file because there's a big pedophile scandal in ireland with the catholic church and he said to me you can't use the word pedophile in relation to a banker and they threw me off that show now here we are less than a year later pat kenny and you once again i've let down your country r.t.e. the state broadcaster once again as lead down the country i'm telling you right now there's more deaths that have yet to be disclosed but you won't carry that news you want best to get that news and the county by failing to disclose let me point this out that is the definition of tyranny same thing in the u.s. however that's why parliamentarian in the dot to dale the irish parliament doyle the irish parliament stood up and accused barack obama of war crimes because of this type of banking terrorism that's why edward snowden is involved in blowing the whistle on. like booz allen allegedly involved in financial terrorism market regaining forex lie boric cetera it's all connected as i've been saying for years now where you mention edward snowden so i want to relate this story where here you

have david drumm who's l.o.l. ling trolling the irish population the laughing and escaping to boston where he's free from any sort of justice or consequences to his crimes anglo-irish edward snowden out of sight as u.s. asks russia to hand him over so the particular point in this article in the new york times i'd like to focus on is that ricardo patino said ecuador was free to exercise its sovereignty as it saw fit with regard to snowden and added that a decision not to exceed to the wishes of washington would be akin to u.s. refuels rules to extradite bankers convicted of crimes in ecuador so apparently ecuador has asked on several occasions to for the us to extradite back to the ecuador several ecuadorian citizens who are bank stirrers who defrauded the their nation millions of customers in ecuador of banking crimes but the u.s. refuses to extradite them how about the icelandic request extradite bankers from

london back to iceland for crimes of financial terrorism people think that there's no victims and financial terrorism but take a country like america not growing they're bankrupt they employ these consultants and they employ the n.s.a. and the cia just by to get data to manipulate markets to aggregate funds to underwrite their wars because there's no underlying economy to support the war so any serviceman in america that's dead because they went to a foreign country are fighting for booz allen is manipulation they're fighting for goldman sachs market manipulation that's what you're dying for. well you know this lol boat is sailing through wall street as well and into america because these you know these these lulls banks toure's have had their way and now the u.s. is all. these banks are is that they've set loose on the world fed fights back against feral hogs a top u.s. central banker on monday warned the feral hogs of financial markets against trying

to force the federal reserve to shelve plans to slow its bond buying as heels and u.s. treasuries climbed to their highest level since august twenty seventh this is richard fisher the president of the dallas fed and he's warning the feral hogs of wall street from trying to force them through the bond markets to continue with the quantitative easing program right there used to be a thing called the bond vigilantes under the clinton administration which kept the economy on the straight and narrow and without too much debt being accumulated now the farrowing suddenly wall street is trying to force the government to do things that are not directly slumping the feral hawgs you know just throwing money at them because one of. yeah. you know ben bernanke the memory said we're going to pull back on the quantitative easing the market sold off that's nonsense she can't pull back and quantitative easing is back tracked already

they're going to go from eighty five billion on month in mortgage backed security by other interest rate bearing security buys are going to double that triple that they're not going back ever well fisher liken this to the one thousand nine hundred two attack on the bank of england exchange rate mechanism by george soros and he warned that markets should not think the fed would end up propping up the economy indefinitely but as we saw from the top of the show with the anglo irish bank or is their trolling they're laughing their bottoms off as where from where they pull all the figures and they know that they're going to get the fed to pen print whatever they want and they're laughing they are if we could hear the audio tapes now not only would you hear that. but you would hear them laughing hysterically at the same time of course the fed is going to prop up the government indefinitely as the federal the central banker has merged with the central intelligence to create the central american style soviet era central planning that you know this russia has

moved on from that idea that's what america and russia are two ships passing in the night russia is heading away from central planning and the ravages of naziism in the stasi and the us is heading in that direction go figure well i think it's time to give these feral hogs a little cold. well if they're over fifty years old i suggest anyone get a call and. just a point of keeping one's self in good health as i have fought it out over fifty years old i had a colonoscopy and everything is great man though tell step for you so mr fisher did warn finally that i don't want to go from wild turkey to cold turkey overnight so he's already capitulating he's already saying ok we're going to. ease off a little bit because the feral hogs are upset i'm going to pretend to break them but in fact i'm saying i'm not going to go cold turkey from wild turkey so he's easing the way into capitulating to their demands they're laughing he hauling

snorting demands they cause he's drunk on a wild turkey day and is a dead duck all right so yes there were thanks much being on the kaiser report. states of the second half. or. could you take three. three. three. three. three. hold freeboard video for your media project free media r t v dot com.

download the official publication. stream quality and enjoy your favorite. if you're away from your television well it just doesn't matter how would your mobile device so you can watch our t.v. any time anyway. welcome back to the kaiser report imax kaiser dime out at cern to andrew mcgettigan author of the great university gamble money markets and the future of higher

education andrew welcome to the kaiser even more next on so the invitation it's great that you're on the show we saw you the other day we had to come in and mediately because you've got some really interesting stuff here you are responsible for breaking the story regarding this secret report for the coalition government regarding selling off the forty billion pounds in student loans project who are yes hero projects hero. project hero is the code name for a report that was commissioned by the government from a bank. they appointed him sometime around may two thousand and ten and the report run for eighteen months is basically a feasibility study into how to turn the outstanding student loan balances into an investment grade pro to be sold in a kind of a reason not to distribute model right now the student loans of course going back a few years. if i remember correctly they were sold to the public as being top up fees that the government just needed a few bob to cover the cost of education and as we predicted this would escalate

and now it's become multi thousand pounds per student per year and now because the government is in a situation where they are outsourcing so much of what they do to bankers all the time they're trying to package this forty billion pound student loan package out to some investors so here you have we're all child bank there's tank to make this attractive for outside investors we want you directional actively go back break the contracts and raise the interest on these loans correct we were going to do the loans or any available for living costs for maintenance and in the instance when they introduced a top up fee that was a means tested one thousand pounds upfront fee but in two. thousand and six after a lot of shenanigans in parliament the labor government got through a motion to raise that she was the to three thousand pounds but part of the deal was bringing the three thousand pounds she was from the loan into sort of fish tuition fee into the loan package so then from two thousand and six people were taking out loans for maintenance and fees and then obviously last september we have

to new change coming in which fees go up to nine thousand pounds and again there's a loan to cover that and all of this loan is currently backed by the states so you've got people currently graduating with that sort of around seventeen eighteen thousand pounds on average in two thousand and fifteen when this lot of people in the new package graduate they're likely to have to around forty forty thousand pounds and the idea was always that if you developed a nice originate to distribute motile you could issue the loans and then immediately turn it into an investment product and people would buy it and you'd have it on the balance sheet but that's been the that's been the problem but this is a common theme in this and this government both both sides of government the labor and the conservatives say i've gone down the path of these p.p.i. schemes private public initiatives where they go into business with bankers they construct projects where they risk their project on the interest rate side supposedly insulated from the government but we find out because they've been

missed all derivatives are the big missed salt these projects from bankers that explode in the face of the government and the taxpayer always ends up having to foot the bill so here once again you've got an escalation of the fees that are required now by students as the whole idea of the welfare state in britain collapses under the foot and or jack boot of these banks who are continually. kind of taking over the function of what you expect government to work but once again i want to return to this idea that the interest rates on these loans they're wrong quarter the rothschild report they want to go back and retroactively raise them right. you know it's a kind of complicated to set up but basically there was a protection and probably the just lation that determined that these were would be low interest rate loans and there would be a cap and the cap was you would pay the higher of either r.p.i. or bank base rate plus one currently bank base but plus one is one point five but r.p.i. is three point six and the r.p.i.

they'll be using for the next year will be three point four but bank base rates are for a while so at the moment is a two point one percentage point spread between those two different potential interest rates and that's what investors don't like they don't want to take on a product which is potentially delivering returns under inflation over the next twenty thirty years these are these are loans are long life times the loans they're proposing to sell. in the end there is a right of cool was that if you have an outstanding balance when you retire that outstanding balance is written off with people who graduated in two thousand and one potentially they're not looking at your tomlinson to twenty forty's so the people who are potentially buying this is looking at taking on something for a long time and this involves central bank games interest rate games statistical games and gaming the public because you're saying that is the lesser of two rates based rater r.p.i. you know first of all r.p.i. don't even quote me more because it's higher on and on the on the website would be on even as of the moment that's right so let's just it's just a cool game so it's higher than c.p.i. which doubt they use because r.p.i.

which is the old figure was tracking a little bit higher than the new c.p.i. number which is a false accounting of the inflationary trends in this country they just did for the actual cost of stuff people buy on a daily basis the true rate of inflation in those countries between five and a half and six percent that's been now proven statistically by folks who track this stuff who are mirroring the shadowstats. work as done in the united states and here you have the idea that inflation is something that an investor has to worry about but something that the ordinary citizen doesn't have to worry about because of what the base rate the base rate just kept art of was reflecting the graduates are firstly low which is creating this ponzi scheme in the u.k. and giving birth to george osborne's help the bicycle ponzi scheme and now this time to some law student loans forty billion pounds of this little deal on the

settlements that entails along some of those government i mean you know the pricing this day sixty three p. in the pound of outstanding balance now also report is from november two thousand and eleven and that's on the government thought it was the value of keeping the loans on books with seventy in the pound so there's a seven piece spread there you shift shift these loans off the book brings down the public sector and that for. and you get a bit of cash from now but in the long run in the long term of these loans you know you've gone an income stream with your lot of the moment you're locking in a loss yeah so what for decades in some senses you have to question the economic numerously of a decision like this where the government has an even lower rate of borrowing than the potential purchases but in order to sell it then has to offer officially reproduce and that's that same interest rate for the bias and therefore takes on the loss itself because the government and the consultants who work with the government think all in the next to the next quarter yes or three or four major with all of these and short termism which is killing the economy so they're selling

the cow to buy the milk and it's the u.k. the other houses in the room in the post office all these things there's all these sort of subsidies written in the. big losses and no way to pay him back because economies are growing well the other option they were last to get the economy be expected to grow if this class of students graduating right now is graduating out of the owners of huge debts that they are being told that they'll never have to pay off for you have to ask how much i could get demands being taken out of the system by that nine percent over fifteen thousand sixteen thousand pounds repayment threshold for all graduates a tremendous amount of aggregate demand because we know that all the interest on people in all of these games right adds up to the double almost two point seven times the amount of money being saved by these artificially low interest rates on the other side of the ledger book from the mortgage owners. one of the things is there were two options on the table one was to go and change the interest rates full bore was and so the individual boards would stay in the system for longer because it took them longer to erode their outstanding balances so they would make

additional repayments at the end the other proposal ross trouble making was what they're calling a synthetic hedge and this would be where the government would artificially replicate that change by it providing those cash streams rather than the individual board was and again because the long life times is loans with the government it today is effectively saying is we will sign a contract with the purchaser but whoever whoever is in government in twenty five. thirty years time they'll be the ones who pick up those cash flows and paid into it so again it kicks the can down the road in a different way whether it's taxpayer or individual borrow and some of these people are going to be graduates and taxpayers so they may even be going twice over and that is tom i think we should just mention that although this is you know sounds like the u.k. england specific problem and it's an extent in america where you have a different problem student that they are looking to this scheme we have in england that's the kind of solution to the student debt crisis you have over there well in america they have sallie mae which is effectively the g.-man are the fannie mae freddie mac. of the student loan market and they're bankrupt as well they're seeking

a massive bail out everything goes back out of the central bank's balance sheet whether it's the bank of england's balance sheet went from eight hundred billion pound losses to over three trillion under mervyn king the federal reserve bank in the united states is interrogate now something upwards of five trillion dollars worth of new debt in the last i think what twenty five twenty four months or so so this all comes back to the same kind of accounting fraud that we're see endemic throughout the world now. what's the current default rate on the forty billion pounds of student loans and what's the state of just what's the default rate because that's the one way that will judge a loan book well this is why the different loans you can actually default on them because their income contingent you pain it's like a tax you pay nine thousand over an earnings threshold in repayments then them dischargeable in bankruptcy you can enter into individual voluntary arrangements to get out of them and a certain sense it's only death or disability. you know has the balance is written off or this long term rights of policy for people with the earliest loans when they

reach for tom and for the last iteration twenty five years into this current generation who because we're in forty thousand there that's a thirty year writes off now that's why the government estimates at the moment for the new loans is going to lose thirty five p. for every pound it lands so this is not a you know this is not a commercial operation they only think they can get seventy feet five p. back over thirty plus years so people. in this september there write offs are going to occur in twenty forty six and the current official valuations is that seventy five p. for the pound will come back and also different didn't venture servitude well you have the policy right off so it's not what you were indentured to is nine percent over in earnings threshold so the earnings earnings are collapsing because banks are from yesterday during the economy the report that came out yesterday from the student loan company which relates to tax year two thousand and twelve suggested that there are eight hundred thousand borrowers who are below the earnings threshold of sixteen thousand pounds roughly or four hundred thousand pounds of him

or see has how much he's revenue and customs has no record of them in employment now total borrower's is about. four hundred million sorry four million and a million of them are still in the systems that are. in the four hundred thousand have already paid back what they borrowed here we've got eight hundred thousand people who aren't paying back anything because the economy is tanking and picking those people who graduated in two thousand and nine two thousand and ten two thousand and eleven and what we can see on their debts is their increasing despite this low this low interest rate cap because they're just not lending enough to buy back. all right was in georgia going to apply for a little at some point five percent a claim that somehow good for the economy all right a time thanks much being on the kaiser board and you get again thank you very much . all right that's all the time we have for this episode of guys a report with me max kaiser and stacy herbert i'd like to thank our guest andrew mcgettigan if you'd like to get in touch. tries to report until next time after

saying. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realize that everything you thought you knew you don't know i'm sorry is a big. a little worse for the. white house.

if you live on one hundred thirty three bucks a month for food i should try it because you know how fabulous i got so many i mean . i know that i'm seeing the same thing really messed up. and we're all very so personally apologize and. worse you're going to fly down superman a radio guy in fort lauderdale minutes from a quick profit i want to watch closely are about to give you never seen anything like this and i'm telling. everyone i'm abby martin and this is breaking a sad well it's been a little over one week since the tragic death.