you could indeed view mark carney the new head of the bank of england as a sort of pole dancer enticing you to take would cash remains in your pocket and stuff it in the collective g.-string of the banking system only in this case what the string wearing financial system flushes back to you in exchange for your hard earned cash is a lot be don't be don't believe bottomed and toxic capital market that let's face it isn't really all that appealing to look at no best you close your eyes stacey. yes max you know mark carney we gave him two days before we started talking about him because he started this week at the bank of england and of course the reason why he was brought in is not only because mervyn king was leaving but the sense is that he's going to rescue the financial system that collapsed along with lehman brothers back in two thousand and eight now lehman brothers dick fuld is in the news in a sort of pole dancing kind of way folds tiny stock is

a penny from heaven and this is according to the f.c.c. filings have matrix advisors which he and his wife run he is a part owner of guy eco and go eat go like many a small company was born from the ashes of another penny stocks busted business model in this case boys' toys a san francisco strip club that went public before red dispute led to its collapse so he's running this guy eco penny stock company and it's a former pull dancing company. dick fuld dairy to the wasteland known as the penny stocks and penny stocks it's a good thing. really. metaphor or gives you an idea of where the global economy is going because everything is turned in into

a penny stock basically in terms of the penny stocks are notoriously manipulated and here you have a situation where former. wallowing around in the penny stock wasteland and this is the heart of what a lot of the bank led to the banking system collapse was then the mindset of a pump and dump or scam or penny stock holder they treated their multibillion dollar companies like penny stock companies yeah you know as big come what you fear you know some philosopher once said it lehman brothers was notorious for pushing penny stocks or pushing stocks like penny stocks or pump and dump scams this was a lehman hall mark of lehman brothers and and wall street leading up to the crash of two thousand and eight and dick fuld was he took that penny stock mentality and applied it to mortgage backed securities and that's how you got this mortgage backed security bubble inflated to multi-trillion dollar levels and then collapsing it was enough that they did the same thing in the savings and loan bubble and bust

or the nasdaq bubble and bust they had do this with mortgage backed securities so dick fuld was the ring with the ringleader in that huge mortgage backed security pump and dump penny stock like collapse and it's poetic that he's now losing it sure in the penny stock market now and also for the likes of jamie dimon the late blankfein to look into their future he's this guy is like the ghost of christmas future because he's listed as a key advisor in eco's proxy and owed two hundred thirty thousand dollars for work done in two thousand and eleven fold is also mentioned as a potential liability to the company and its disclosure risks given that he quote might attract negative publicity due to lehman's collapse so this guy who used to run lehman brothers is considered a negative. possible downs. to a penny stock company that is a former pole dancing company. dicks all. live building right no longer they could

make it as a pole dancer because tiny dick fault obviously would not be the guy you want to see pole dancing and as a penny stock operator is a bust as a wall street titan is a bust he joins the pantheon along with bernie made off and. you know that mike milken and all the kind of all star fraudsters in the history of wall street soon to join that group will be jamie diamond and lloyd blankfein they're they're the ghost of christmas future hall of fame fraudsters on wall street and j.p. morgan stock and goldman sachs stock are just penny stocks disguised as something other than penny stocks and they soon will be trading near zero as they all will like a company says it does recycling and but they don't say what he did to warrant to enter the thirty thousand dollars nor is he disclosing it so perhaps he was doing some pole dancing we don't now hold that this is a new waste management for disreputable mafiosos and wall streeters well because of his bank collapsing of course the whole global financial system near

lake collapsed and banks and financial systems around the world were bailed out so in comes this new work carney and we had to go out to the artist taxi driver and find out what he feels about the new incoming that well the new bank of england chairman i mean they look at you you look at moving king you know and you think you saw joe not so i join what you think would you get in the bedroom in. extra moving and he was naked and he was on top of you would you find the size of that. no dust why did it go up makani colonies to end up in the b.b.c. it said. robert redford joan why george clooney he don't shine he's got stop who usually. no not granted he's left. handed out

by. yeah well that's true the housing bubble in canada is about to crash and so. these are member china and these are the kind of the three economies that are left people who are running into kind of keep the bubble mentality going now those bubbles are burst things and yes of course mark carney would make an excellent pole dancer and of course people are going to stuff twenty pound notes into his g. string while the flash is pastries priam mark carney got him going in the opposite direction that's what that's what makes him a good bank of england governor is that what he's doing pole dancing the pastries on his nipples will spin in the opposite direction that takes talent so here he is his first week on the job and here are some of the headlines relating to the housing market in the savings market and the capital markets to which he is supposed to oversee and hopefully make better well nationwide cuts reached across

multiple savings accounts savings rates across the market continued to drop as banks and building societies spurring private depositors so. slashed we can save his account because it appears the banks don't actually need any deposits in the old system of the capitalist economic system they need to attract depositors in order that they can lend out but it appears that the government is giving them so much free money free money that they don't actually need to attract depositors' well this is the amazing story of our ages that in america there's one point eight trillion dollars on a positive banks that was printed by the fed and then they just simply give it up put on the positive the fed and they get interest on that money so they don't make money lending it out they make money getting the free money from the fed and then putting it back on the fed's balance sheet and getting interest on that money same thing in the u.k. u.k. is hundreds of billions of pounds on the balance sheet of the bank of england that they get paid on but they're not. lending it out the big the biggest joke here in

the u.k. of course is that in the case of two banks one is a majority owned by the public through a kind of nationalization of the bank of the other one is partially owned by the public so you have publicly owned banks that are taking free money from the bank of england and stead of lending it out there putting it on the positive at the bank of england and getting a free rate of interest on that money and the debt pile by the way is increasing exponentially so the need to print more money and to continue this farce continues best why i say something many would consider a radical lowering interest rates and keeping interest rates low causes deflation it doesn't ovoid deflation because that is not in the skull mark carney the pole dancing hockey puck braindamaged idiot who's now running the bank of england respect more of the same so they also not only cut rates on their savings but they also cut across the bond all their fixed rate bonds other cuts applied to fixed rate bonds last week a four year bond paid two point three percent across all of nationwide brands falling this week for new savers to one point nine percent the change represents

a twenty one percent cut in returns and it's causing deflation the veriest mark carney i predict will get up and they'll say look we've got to expand quantitative easing because of the problem of deflation that's a lie because his quantitative easing in mervyn case quantitative easing calls deflation is actually medically wrong he's a financial t word well the article blames and many analysts blame the government's funding for lending policy which was launched last summer so we're going to turn to a headline regarding this and explaining why exactly this funding from london policy is destroying the lives of savers bank of england policy is transferring wealth from say verse to fund the banks how funding for lending and q.e. continue to erode rates banks are being offered cheap money by the government. under the scheme so there is less incentive to offer high interest rates to attract

deposits and has recently committed to continue the scheme so the government is giving these banks free money and they're telling them they could do whatever they want with it is below the bank rate so they're able to use the discount in any way they want the government doesn't tell them what to do most of it has gone into property speculation they've given given it to property developers and people to buy mortgages and flip mortgages which is why the of course the housing market here is booming again but you have asset bubbles but you have deflation and you have austerity and you have wages are that are stagnant at less than one percent growth because of the quantitative easing because of these bank gimmicks that osborne and carney are involved with yes concurrently you have a housing bubble that's unsustainable like the canadian housing bubble will burst and cause misery like other housing bubbles and the bond market is bursting and causing misery as we predicted it would is now doing it but that's not the same as economic growth a bubble it's not growth. well but before the funding for lending scheme banks had

to. raise their rates in order to make it attractive for savers to deposit their funds in there because remember we have all sorts of capital ratio requirements and all this sort of stuff but you know when the when the central bank is creating this money when the government is creating money it wasn't earned it was just created out of thin air so all these banks so-called bank deposits are just loaned into existence money from the central bank to this funding for lending scheme it's not actual real capital so we really genuinely whatever we have it's not capitalism it's closer to what the soviet union was a few days before they collapsed well they destroyed competition in the banking sector before these programs went into place after two thousand and eight banks to compete to attract deposits would keep rates as high as possible and still able to make money on the yield curve that allowed them to be profitable as banks but they

would be competing for funds but if the government is giving them funds and they don't have to compete they become what are called zombie banks like the big four banks here in the u.k. are all zombie banks all right stacy ever thanks so much for being on the kaiser report thank you max stated for the second half a whole lot more. sacred lumbered sure to mccurry was able to build the world's most sophisticated robot which on fortunately doesn't give a darn about anything to mission to teach creation why you should care about humans and. this is why you should want your only on the orgy dot com. when the great space blind to what is happening in their country. the american

dream is disappearing. the houses with gardens are. the poor are left hopeless the streets are full of angry crowds fighting against. the stole the american dream the lead. up to.

the sea. the first trip. and i think the true. foreigners. and instead. of being the. odd. welcome back to the kaiser report imax keyser time out of charge of paul somervell the c.e.o. of somerville advisory market welcome to the kaiser report i'm max all right paul somervell let's talk about hashtags anglo tapes which have been sweeping twitter now first we've got

a major reveal coming because you've done some investigative work on this but first let's remind the audience of the story thus far sure it's supposed to start off with the the story but i know irish bank it's not a story by one rogue bank it's basically the story of cronyism in art and so what we need to say is that i know as bank lost a lot of money through the property crash we all know that so did many of the other banks one thing that before we start would be that the irish economy was very fragile no matter about these losses in the banks so they lost about thirty billion so far other banks lost another thirty four billion so the total around sixty four billion for the irish banks you know the r.'s economy is a very small economy so that it's a huge numbers forty five percent of g.d.p. right when you mention crony capitalism of course what you're talking to about is the collusion between bankers and regulators to inflate an enormous bubble well that's exactly it so these tapes that have come out recently are actually helping the establishment because what they're trying to say is it was a couple of rogue bankers are going to change state one if they come out so what

the tapes were tapes in two thousand and eight two thousand and nine but they've just been revealed by a major newspaper in our lead in the last week or so so these you know they have millions of tapes we've only heard some hours of these tapes but most of the tapes so far between two thousand and eight two thousand and nine and they are from the treasury function in the bank and what the traders were saying to the c.e.o. and what the c.e.o. was saying to them it's quite important that the c.e.o.'s phone was not taped but so you only hear the conversations when it's the dealing room or the treasury department talking to him or they're talking back and forth but again i'd like to stress that. the our economy was fragile no matter what and secondly that bank yes it did lose your money and was a rogue bank but the establishment wants us to think that it's just rogue bankers but i wasn't sure but i guess there's tremendous collusion between the banking sector and the government that's why you have a collapse of the irish economy the collapse of the greek economy and the collapse of the economies around the world is that there's a neo fascism in place and you see it certainly in ireland as one of the most

corrupt governments in europe historically than any other government and that's also part of the mix here is that the crony capitalism in ireland is one of the most severe problems any european country but the tapes themselves and you can hear the tapes you've got actual voices on these tapes and they're threatening essentially give us the money we're going in with arms swinging they're threatening violence it's a stick up isn't it isn't that what's the difference between this and a hold up well there are you know basically what they're doing is they're trying to they're planning to go to the government and understates the amount of money they need to rope in the government to so because they believe the government at times over some money but they have what they say skin in the game and the government will have to continue to give over money so that's exactly but unless you know the history of endorsed bank it goes back a little bit before then because if you just listen to takes two thousand and two thousand and nine yet you could say it's a point of bankers they're ripping off the government and that's the end of the story but it really isn't because when you go back to how the banks were the bank

really wasn't a bank even calling it a bank it was really a toxic cage formed of a property hedge fund really highly leveraged and they were handing over money left right and center to a small group of property developers maybe twenty five thirty property developers so now we're the only concentrated property there are concentrated in these twenty five or thirty individuals and these guys were going out free will buying up everything in sight yet let me jump in here because you say it's not really a bank well it's not really a bank to the degree that it has reach out customer exact it only has speculating property developing customers. so again why the government would bail out just developers is another question because it was not essential to the day to day banking and for structure of the aisle economy is just simply it's a sham company set up to foist sham loans to sham developers to create a sham economic. in with a bubble that was one hundred percent guaranteed to burst well all i would agree

was a hundred percent going to both burst but you know it was run basically by a bunch of sort of spoofers charlatans who became bankers and that was the main thrust of what they were trying to do so that's quite it's quite important arland is a very small country so they had very well connected you know for example to c.e.o. up to two thousand and five was very best friends with the minister for finance about time which was charlie mccreevy who brought in loads of incentives for the property markets so right once again this theme of crony capitalism and a corrupt government working hand in glove with shysters and what i call financial terrorists who are destroying you know the problem is i've got austerity so people are suffering tremendously in ireland as a result of this heist that took place when by angle irish in cooperation with this corrupt government i mean you've got half a million nearly half a million people unemployed you've got a lot of young people immigrating you've got people committing suicide left right and center you know the hardship around our land is absolutely horrendous but yes

people in our land aren't really sure who to blame so when these tapes come out obviously their anger is focused totally on the bankers now i'm not absolving these bankers but what i'm strong to suggest is that the regulatory system the politicians were involved every the media colluded totally through this whole crisis you know property prices tripled in our land between two thousand and two thousand and six this liquidity floated in from the german banks which led to these banks and was floated into our system and that is basically what happened but i think it's quite important to get it when we get to the taste is to try and see who the main players were in this. let me jump in your architecture is the tapes prove that senior executives clearly understood that the true cost of balance would be unacceptable to the taxpayer and so they lied presumably it is against the law in ireland to defraud the taxpayer but will any criminal charges now follow paul summerville well you see different for the court cases maybe people come to you say they lied but actually these bankers are going to their defense is going to be that

they are in collusion with the financial regulator is what they did so they are size of these and they have no defense because everything either did was legal including the pogroms and the incineration of millions those totally illegal so the title of separation the irish economy is totally legal so the irish people should say it's great it's legal that i'm suffering austerity my baby can't survive it i'm dying it's great because it's legal well maybe so but don't forget there was collusion but in the regulator and the well this is yet to be proven but between the politicians and the regulators a very important thing so i just go back to say two thousand and five because i think it's quite important the c.e.o. of bank. stepped down he was very well connected politically and stepped down in two thousand and five and became the chairman now so far the bank was doing very well obviously the property market was booming and things were fine but he started borrowing money from the bank himself and this is where it's this wasn't a regular bank collapse he sort of bar but barney barred by one hundred thirty

million quid euros off the bank subsequently now this is where it gets interesting because when the bank was coming to the stock exchange to to say the results whatever they decided that they didn't want to show these loans as director loans so what they did was you would know this term bed and breakfast the loans so what they did was the directors the chairman's loans what they did was they sent them out to another bank the day before the results brought them back in the following to wake up pick a blue counting yes lehman brothers was a day of this as well they shift loans off and back and forth on balance sheets. the banks they collude again with cooperation of the government now let's talk about germany for a second because i mean i try musing that the irish people find themselves being. you know violated in a most egregious manner by banking charlatans and their suffering and dying i mean a lot of people would find that amusing apparently the irish and in fact don't give a flying you know about their own people and after care about them ok that's

ireland but germany which is a sound country with a with a sound government and sound people running it it's infecting their banking system what right does ireland hagel infect germany's banking system when you're you're dancing around and playing like you give a flying hoot about about yourselves i mean if you don't want to save yourselves well i don't doubt you're right is committing suicide why why why break germany and do it germany is a fine country with fine why are you bringing them into it i don't agree with that at all and one of the biggest banking collapses of all time was actually different bank which was based in our lives the german banks so i think you've got your family and it didn't suffer in germany didn't suffer as a result of an irish people are there to be to be abused that's their role in the eurozone while you're there to be abused by your slaves yeah they withdraw started a slave they continue to be slaves they're now dead slaves and they're happy to be dead slaves or they've got a point to our people are very don't they they realize that someone has inserted something alien you know in the right to stop for a second because we've got breaking news all right obviously being a bit hard here in this interview paul summerville because we i think you and i are

both shocked that this level of possibility that permeates the country is i mean. i'm not shocked at all and that's the reason why i'm here because there's so many people in norman that need this corrupt system to keep going but the positions of power and that's in the media and everywhere else so i'm not president of a kleptocracy you know we've got a just a few minutes left i want to talk now you you came here today and you you believe you have some information that would the whistle blower who put these tapes out in the public domain you think you've got some leads on that well yeah i don't know. definitively but i've a fairly can make a very educated guess that's the biggest debtor of anglo irish bank is taking court case against bank at the moment and the government because they believe that they were given the loans fortunately this man is a man called sean quinn he was in the forbes two hundred list of the most wealthy two hundred people around the world in two thousand and eight now he has he is

bringing a case against the irish government and i go to say that when they were lending him money because basically what was happening was they were lending the money he was treating derivatives in the shares of bank and he was propping up the shares for you know it all went horribly wrong obviously lost two point four billion but his argument and again i think he's got another strong case is that anger was actually lending him money when they knew that the bank was it was bust so it wasn't a problem but they also believe he also believes that the anglo in cahoots with the regulator and they are a state knew all this when they were lend him money so his defense is going to be that they were lent the money and i think he's got a fair case but i was shocked but i would just have to state i'm not one hundred percent that he leaked the tapes but i would say that someone close to him and dissociates of sean quinn are trying to get the population on their side so they have leaked the tapes into the domain you know so anyone who believes we he's

a friend of the people not i would say from the body we are in contact we met them i cannot last year we now people with john quinn he was going to be on our show he's going to come and talk to our show we know that there's a good angle irish story there he has cases that anglo lent him money to buy shares fraudulently because they knew at the time that they were already bought and these tapes support that argument a different support argument you know the other thing about sean quintus he's a self-made man he you know he left school when he was fourteen he created a lot of jobs in the northern part of the so the southern part of our land so you know he's very well liked and he had said open. any business now we had his problems he set up an insurance company and he used some of the money from an insurance company to. bring in for his derivative so you know he is in trouble over that he got kicked off the board for that so you know he's no white no he's but you know if you know he would say himself that you know he was a gambler he did take a lot of risks into the derivatives market and on wall street we refer to him as he is the leper with the most fingers well i have

a leper colony of bankers i would call that doing anything different than j.p. morgan or goldman sachs does or h.s.b.c. or barclays they all commit similar to what allegedly what sean quinn is being committed except he had the misfortune of being wrapped up and tied up in this angle irish case which was a spectacular very public blow up and so he got pulled in all right paul summerville right a time i got to go but thanks so much for coming to studio today to be on the kaiser report thanks mark it's a pleasure and i'm going to do it for this edition of the kaiser report with me max kaiser and stacy herbert i think our guest paul somerville if you like to get in touch please tweet us at kaiser report until next time ask either side by a. little

. more news today is once again flared up. these are the images cold world has been seeing from the streets of canada. trying to corporations are all day.

well. the speed. will. be misleading. i don't know me very little.

because i can. see you flags burned after the bolivian president's jet is diverted grounded and searched an act dubbed by latin american leaders as a kidnapping and a humiliation for the continent. the opinion does seem to do the bidding of the united states of america which infringes on national t.v. and does leave the country to be a colony of the great of the cool days after europe expresses anger over america's surveillance scene allegedly complies with washington's orders to divert able morales's flight. changing of the guard terrier celebrates the former egyptian leader his fall from grace and are arrested as a stand off between islam as any army results in new clashes. right now this is live video from tahrir square in cairo where the a poll.