of the darkness and to the day into the light of day a compelling use of dramatic metaphor is new york this is mr spencer yes we do and prime interest last week we called them in through radio when they floated the idea that no one would go into jail over the six billion dollar london will debacle well now the media is following a different story which is to say someone might actually go to jail no not mr diamond or any of his direct underlings just certain mid-level employees what's more mary jo white head of the f.c.c. who regulates taping morgan pass to recuse herself that's because as we pointed out before she represented the too big to fail banks for becoming as the regulator. and speaking of j.p. morgan as we like to do it seems there is a bit on the fire for him about the energy market manipulation to see if d.c. is finally getting involved and quote probing those actually warehouse metals that would be the likes of j.p. morgan and goldman sachs a name so i says to reuters

a state of the commodities regulator is finally investigating big bangs was simply a shuffle pallets of metal across their warehouses to technically comply with metal exchange regulations but the lame deliveries needlessly by up to eighteen mines and only took a few years of planes by coca-cola quote the beer institute license a diamond don't mess with big beer bob hogs energy independence and the stealth bowl in your rainy i'm in just a bit and i dig into the fine print of cross border taxes later on in the show and here's what's in your prime interest.

it's time for prime interest to go nuclear but of oracle of course earlier we spoke with meredith catoosa chief energy investment strategist at casey research now i first asked him about the market for spot uranium and why it's so cheap and why it's so expensive to commit to buying uranium several years out it's not just storage costs so here's what he had to say. the first reason was the catalyst the fukushima disaster that was the first thing so that general selloff because of fukushima and then when japan put all of their nuclear reactors on hold an addition to all of japan's nuclear reactors now offline korea also put their reactors to refurbish and restructure their energy matrix so you not only had japan you also had at the same time korea come off line and on top of that in the u.s. . the main processing facility of uranium you three away is called convert die and

that was also brought down shut down to do its maintenance just like oil refineries did maintenance every couple years the same happens in the uranium market so all of these results lined up in a negative way for the uranium market and hence the spot market to beer down sure but what is very important to understand is the spot market makes up less than ten percent of all the uranium traded globally utilities do not buy the uranium today because they're going to burn today they plan zero five to ten years out so what's important for these utilities is the long term price now the spot price is if you want to buy uranium today and rainouts it makes up about six to seven percent of all the uranium traded globally the long term price is over fifty percent higher than the spot price and that's the price that utilities have to pay for the uranium so let me ask you we have gold that's traded on exchanges such as the comics which

is no owned by the c.m.e. how is your running i'm traded in other words how does one go about trading in the market. sure so it's very different than let's say copper gold uranium is traded there is a spot market which you can actually have traders but it's such a small niche market that there's just a handful of traders that go on and in the price of the spot price of the uranium it's only listed every monday evening so it's not treated daily or minutes these are contracts so you can buy a contract at ten thousand pounds per contract now the long term price is much different it's much more liquid up to twenty five times as liquid as the spot market so that's where the utility street is in the long term markets so can you just explain briefly the difference i know we've talked about the difference between futures and these forward markets but how does one go about actually obtaining uranium if you are an end user. sure well as

a retail person you can also team uranium you do it by setting up an account at convert on which is in the us and you have to go through the registration process and then you can buy it starting at ten thousand pounds of barrel thousand pounds per barrel so that's how you would start and the utilities do it very similar they set up an account to convert and they have traders who do the bid asked price and depending on their time frame of delivery and there's also a holding cost to hold uranium a charger by that is the processes that utilities do they also go to direct where you're going to see a big trend happening because your brain is so stars in the long term markets where the utilities are now starting to go to the actual producers and hedging their production so they can get a long term supply believe it or not a rate now that japanese markets are aggressively trying to buy a long term supply of uranium and they're doing it by a producers yes and so who are the major producers of uranium right now. well in

the the kazakhs and the russians are major producers but in the publicly traded companies cameco is the largest producer of the publicly can eating traded companies you have your email or g. corp is a large producer in the us and they're growing their production a uranium one just got bought by a russian firm so the paladin which was a major producer is having difficulties and their costs rate now are higher than the price of uranium straighted so the sector is becoming so cheap that the producers can even make money at this and that's where the contrarian investment is right now and there is trying to be more production coming on in the u.s. through your and you are energy but it's good to have some time but the production is queuing up it takes time it's costing more than what it treats today so let me ask you who are the owners of all this uranium in the u.s. these iranian mines. well chemical is a large owner producing our assets you have your energy these are publicly traded

companies but ironically the russians actually own the largest production in the us right now via their acquisition of uranium one interesting let me ask you you know there is a lot of talk about and that's discussion about the safety of nuclear power is it safe. yes nuclear energy is safe it's been here for over fifty years and i we had a weapon our which is available on our website casey research dot com where we have the secretary of energy of the u.s. the canadian energy minister and these are individuals who are sponsible for the energy matrix of their countries and i asked specifically that question and without a doubt all of them said is nuclear is safe and more importantly nuclear is here to stay and nuclear will be rolling in places like china and even saudi arabia where everyone thinks saudi arabia is so rich in oil are there actually have proposed sixteen nuclear reactors in saudi arabia or sure there is a. there's

a lot of nuclear energy that's going on production wise what about the north koreans there is a lot of controversy about selling secrets out what can you say about the north koreans and there are nuclear ambitions. well just like what's going on in iran we don't really know what's going on but i remember with north korea it's more political lip service just to get attention and even with the sun taking over i think it's going to be more of the same it is not going to change the growth of the nuclear industry well we talked of nuclear having a long life in the u.s. i think the half life of you three zero it is something like four and a half billion years what about the storage implications for nuclear waste that's a very contentious point here in the u.s. sure it's a major political issue and it's a great catalyst or. a weapon for protestors use but when you really look at how it's used uranium when it goes through the process it gets also reprocess so it's not like a car tank of gas where you burn it all and it's no worth nothing anymore that's

not true you reprocess the uranium and through the s.w. use the single work units you can get more uranium extract it from a pound of the material that said it is a process that has been improving over the last fifty years and it will continue to improve but that has been an issue for the spent fuel where to store and it does cost a lot of money to store well it seems like energy independence is very important here in the u.s. what about shale oil and fracking what can you say about these topics are we going to be able to be energy independent here in the u.s. in the coming hours well the interesting and the media took that report which was by the i.a.e.a. and stated right well a peer is going to become energy independent by twenty to twenty two media takes these lip service but we actually went into a three hundred eighty page report we went through it we went through all the numbers went through all the assumptions and we wrote a report ironically the report itself. did not say america will be

energy independent it said it will be close to energy independence if all of these assumptions go as planned now one thing you can assure yourself in the resource sector whether it's oil or gas or coal uranium nothing ever goes as planned remember america just seventy years ago is talking become a major net importer of l n g energy and because of the success of the shale fracking is now talking becoming a major global exporter of l. and g. so the game changed and the reality is yes shale oil and shale gas have been again changer yes shale oil and gas have been extremely successful but it's a very high cost of production that's what's important to understand cheap oil is gone and america will not be energy independent according to the timeframe that the media put which was twenty twenty two so no it will not be energy independent by then so unfortunately it looks like we're looking at maybe ten dollars per gallon when we go to the gas station let me ask you about the b.p.

oil spill because there is an interesting regular regulatory implication for this there was a seventy seventy five million dollars dollar regulatory cap on b.p.'s liability for this how does that affect the oil industry's aggressiveness towards drilling and wherever they might be whether it's a caribbean or alaska or wherever. but what's really important here is down the macondo well let's just say that every drop of oil that we see that was in that reservoir was actually extracted it would meet the global demand for less than twelve hours that's really important to understand so even though it was such a costly mistake an error and not disaster ironically what happened it's a drop in the bucket in the big scheme of things and what is happening is production is the creasing for not just the end of season i o c s but they have to replace the oil production the cheap oil with more expensive deeper oil and they have to go to new frontiers of arctic or. in the gulf of mexico so even though the

companies don't want to do this they have no choice but to do so with the permits and the infrastructure being built it will develop even in alaska right now there's a shale formation developing it's a hot story right now and the protesters are trying to protest it but the reality is where are they going to get the oil from so it's going to cost more expensive in the service companies are coming up with technology to tackle these obstacles to produce is a very deep very cost expensive oil so it will happen thank you for joining me this is marin catoosa chief energy investment strategist at casey research thank you so much. coming up area and tells us why americans are heading for the exit door we know it's a u.s. citizen ship that is the trend is up sixty six percent over the last quarter then i do a hard to produce original curios currency as above the wage gap and the ability of

parents to sign away their children freedom of speech. most of these voices the couple of the law for violence. but we drove the window climbed in and tried to start it. we pushed it a little way here we were drunk. and soon boom you're an alcoholic nearly all of them are homeless orphans no money to. buy you may go without me. for a moment but there it felt like i was back with those street interns are going to beat me up at any moment. you know that i turned my back i couldn't help wondering about my safety. isn't a warden he's their father you could say that slava races he makes normal people out of ugly duckling.

i think. if. i. told you my language as well but i will only react to situations i haven't read the reports i'm likely to please you know i will leave them to the state department to

comment on your letter play like the muslims say it is six am a car is on the docket. no more weasel words when you have a direct question be prepared for a change when you run should be ready for a. privilege of speaking in a little down the street into costs. more and more americans no longer want to be americans the number of people renouncing u.s. citizenship is growing rapidly according to the u.s. treasury just over eleven hundred people became expatriates this quarter and may not seem like

a lot of people but that number jump to six fold from the same quarter of last year when just one hundred eighty eight people are now in citizenship this number is also over sixty six percent higher from last quarter's numbers the trend of americans giving up their nationality is on an upward trend so why the exodus well it could have something to do with another upward trend this one has to do with the tax on americans living abroad the foreign account tax compliance act better known as fact is president obama's most recent unintended consequence this law is fishing for tax cheats and offshore centers and requires additional reporting requirements for offshore bank accounts intended to raise revenues for an economic stimulus plan the fact that it was designed to combat offshore tax evasion and close loopholes one of the strengths of our economy is the global reach of our business and i want to see your companies remain the most competitive in the world but the way to make sure that happens is not to reward our companies for moving jobs off our shores or

transferring profits to overseas tax. while this may sound like a worthy goal the u.s. is the only country in the developed world that's doing this but with more people renouncing u.s. citizenship some are questioning the effectiveness of fact obama initially sold this provision on the grounds it would raise one hundred billion dollars in tax revenues. year however when the joint committee on taxation reviewed the measure it was only estimated to bring in eight hundred seventy million dollars per year a poultry a game that considering international tax evasion is valued at forty billion dollars per year this law is controversial in the international community as well because it adds compliance claw cost to foreign banks who cater to american customers choir's foreign financial institutions to report to the i.r.s. information about u.s. taxpayers accounts and even require them to withhold funds from americans the

result according to forbes to avoid these complex regulations of potential issues in the future and increasing number of gnawing u.s. financial institutions no longer offer any services to us connected clients additionally foreign banks and foreign nationals can be subject to huge fines and bank account seizures from the i.r.s. if they don't comply these laws also make it difficult for americans to get a mortgage life insurance or other financial services overseas u.s. tax lawyer in zurich estimated that with increased u.s. tax reporting u.s. accounting costs alone or around two thousand dollars per year for u.s. citizen residing abroad this is causing more americans to weigh the cost of being an american living abroad and response the number of expatriates is rising even some of america's favorite entrepreneurs and entertainers are taking off the red

white and blue american music diva tina turner renounce her u.s. citizenship and january of this year she lives in switzerland but declined to comment on whether it was for tax purposes or not she simply said i am very happy in switzerland and i feel home here i can imagine a better place to live apparently she didn't want to fight. i waterside. and the co-founder of facebook relinquished his citizenship after moving to singapore in two thousand and eleven he told the prize it was more practical since he plans to now invest his money in asia however he gave up his citizenship right before things because initial public offering now many speculate this was for tax purposes the us debt clock is quickly approaching seventeen trillion dollars as of today each us citizen share of the debt is about fifty three thousand dollars the government intended to narrow the federal deficit but unintentionally is causing

people to give up on the hope and change promise to america for good as we enter into the debt ceiling debate this fall let's remember the americans lost to these cross border policies if you would like to weigh in please follow me on twitter at perry and d.c. now let's get to the daily deal. joining me is our t.v. producer rachel curtis thank you so much glad to be here you're looking confident and you're sounding confident shall we get to our first story please let's do it all right unfortunately to pennsylvania children will never be allowed to discuss hydraulic fracturing or fracking forever that's according to a settlement reached between their parents and

a large oil and gas company basically the parents signed off on a gag orders for ten and seven year old kids all part of a lawsuit settlement so should parents be able to sign away the freedom of their kids speech freedom of speech for the rest of their lives but what's fascinating about this case bob is that it seems like even the judge was a little circumspect about signing away these kids right she was saying i don't even understand what this means the parents say we want to be able to raise our children in a different place so. that's the seven hundred fifty thousand dollars that they were hoping for so even the parents were unclear what precisely does this mean does this mean when they're minors they won't be able to talk about fracking does this mean they will be able to talk about this particular instead of the word for exactly what if they mean to say something else in the word fracking actually comes out are they allowed to talk about it with their friends and families or just in a public forum which fascinating about this is that a judge signed off on something that even the judge wasn't entirely sure what really troubles me is when judges sign off on these things that they don't really know what they're talking about it's like the justice potter stewart when he said i

know it when i see it of course he was talking about a yeah. yeah you know he's racking when i see it i mean it's the same sort of thing but i think what's really troubling about this i mean ok so the question that you asked is yes do peer can parents essentially circular got to go yet so we believe the parents should at least have their children's best you know best intentions in heart until the age of eighteen and the ideas that they're supposed to expand the choices available to their children increase their life opportunities so the question here is whether the parents actually did that by getting that money signing off on that on that settlement and they don't. like the kind of like the automobile automakers vote when they're doing these calculations and they're trying to say ok are we going to do a recall right like in fight club when they say you know i was going to bring the boys on the i guess it's exactly like that i think that that's the interesting question here is if the parents are actually acting in their kids' best interest by saying ok maybe they can't talk about fracking but they'll be going to

a better school their backyard won't have you know all of this fracking going on and will be able to drink out of our drinking water there without it without a bursting into flames so that's an open question is whether they're and whether the drinking water is going to burst into open flame that's one question ok let's move on to our second topic here and let's talk about the wage gap at this time with respect to the gender recently john stossel said quote normal women make a different choice and that's why women are paid less when it's the same. they're paid about the same however in two thousand and thirteen gender pay gap report the american association of university women found that women were paid eighty two percent of what men were paid just one year out of call of so what does that mean what is your women's intuition say about this topic yeah well i hope my women's intuition is being paid handily it but here's the take it compensated into it. the question the first question is you normal women i don't know who john stossel i don't hear those kind of weird but yeah that's getting beyond that i think that the wage gap is in ok so the big claim that people make regarding the wage gap that men

and women just have different jobs right and men that are taking jobs that are more money for instance you know a man becomes a doctor or as a woman becomes a nurse and that's what accounts for the wage gap that's born out to women also going through women get pregnant that's another thought is that women have to leave the some women get pregnant women have to leave the workforce in order to take care not only of children but of elderly people as well they deal with a disproportionate amount of the family rearing and stuff like that even though we should note in the united states that there is no you know paid maternity leave just as there's no paper turn if you leave things like that or there is no legal obligation for this pays off brands it is voluntary like that maybe google sure we get it oh yeah and google has sushi for its employees too but i mean yes totally sweet but i think that in terms of the gender gap i don't think that it's that it's something where it's just men and women are picking different jobs because statistics bear out even when men and women are in the same job women still make less money than men on average so what are we going to look forward for you daryn

lies and statistics ok that's for what statistics can reveal different. statistics can reveal different things in fact women right out of college in terms of what i read the reports that i read actually make more than men well there are women going to college right there more women going to college there are more women getting degrees was a move in getting a master's degree master's degrees and things of that nature somewhere in between women getting these higher education degrees and you know. the rest of their lives . the money is disappearing so in that with other people you know it will be this is or isn't this is what's interesting so sheryl sandberg says you know it's because women aren't leaning in and she puts the onus on women themselves that women are deciding for instance not to be as aggressive when they're asking for a raise or promotion so women are abusive are you when you're asking for motion or is you should ask our boss pretty aggressive. you know but i think that the other question here is whether women are seen still even though a lot of women are the main breadwinners you know that's recently come out women are the main breadwinners still in bosses minds women's wages are often seen as

supplementary for the family right like their less yes that's definitely true it takes it takes a village now to produce an income for an entire family it seems like you've got to have the and if you agree jobs you know what we're going to you know you've got to have that because i look we are we going to see a return to child labor i have certainly hope not i think that the best way for children to labors in school so that they can get these higher degrees and then ultimately make more money later on is that that would be my take on it ok but what about taking on student loan that i know we're kind of touching on another subject with about fifteen seconds to go but is college really the option college is certainly an option i think we need to work out how exactly that student loan debt is going to be organized but i think that college is still certainly worth the bang for its buck very good thank you so much for joining me if you want to weigh in on today's show be sure to like us on facebook at facebook dot com slash prime interest you can follow rachel here a curious underscore occurs and you can follow me. thank you so much for joining me on today's dollars.

it was a day of the rat zero problem interest the state of new york talented who would do or not prime interest. little and yes they actually used the words wild west wild bill heck cogdill would himself been very proud of mary jo white as she conveniently recuses purcell from investigating to you morgan tate and yes the unfortunately short arm of the law is finally looking into the london whale law as over a year after the incident and surrender your passport voluntarily that is because the ira says he's staying after americans abroad for meager tax revenues but not us

as we dutifully revise history for you and the real time right here on r.t. so thanks for tuning and today will be back tomorrow from everyone at prime interest i'm sorry and boring have a great night. defines a country's success the faceless figures of economic growth. for a factual standard of living legend.

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only. another spike in violence and. throw rocks at supporters of president mohamed morsi trying to the interior ministry in cairo while police used tear gas to break up crowds. of execution by a young child he was being questioned by the f.b.i. his father. in the courts to bring the agency. stuck out. the top u.s. diplomat just picking his words carefully as he heads to. coming face to face with the very government it revealed as one of the key targets of. between a trouble.