and good afternoon welcome to prime interest i'm marion blanc and i am bob inglis it seems to me have but it's. a london whale has experienced the prosecutorial in that no excel but j.p. morgan chase trader who earned himself the nickname at variance six billion dollars trading loss last year is off the fishing hook so to speak the recent agreement with the us authorities yesterday so it looks like the mainstream media has successfully floated his freedom but now it seems federal authorities have another fish to fry today they've moved up the food chain charging former boss with wire fraud and a conspiracy to also play records now they've decided not to go after excel so that could crack the case wide open and that's because he will be used as a witness for the prosecution so let's see how far they can swim upstream. and

don't break out your teeth perhaps just to get a sequester squabble could put a damper on the fed's plan to wind down to each according to economists the risk of a government shutdown this october made away any bring moods expression a fed officials are on the fence and if you're in jim rickards camp who believes the fed will taper and september or never then a q eternity may just become a key reality while the talk about the unprecedented expansion and base of money with gold silver might maloney and a bit plus billionaire activist investor carl icahn is at it again this time he is snapping up apple's rather than nutrition supplements now he's taken a position in the tech company and is pressing for a greater return of cash to shareholders that would be ideal and of course so i guess plan is for one hundred fifty billion dollars or actually hundred fifty billion in shares of apple stuff. buybacks however most of the company's cash is

held overseas so remember that little issue looks like apple's ira's tax scheme might not be so tasty to the dietary supplement i profiled the make icon later in the show and here is what's in your prime interest. the history of money and wealth is a tale prone to repetition earlier i spoke with mike maloney founder of gold silver dot com and he recently created a video series the hidden secrets of money and this is all to explain monetary history wealth cycles and the financial crisis so here's

a clip. let's see where we've come from you can get a much clearer understanding of how the seven stages of the empire are playing out right. the thing that amazes me is how history just keeps on repeating and repeating and repeating and we never learn from all of our stupid mistakes. i first talked to michael maloney about why he created the series and here's what he had to say. what stuck out to me was the every thirty to forty years the world has a new monetary system we're coming up to one of these shifts in monetary system right now the dollar standard is actually falling apart rather quickly and my company hidden secrets of money in this series that we are producing has a mission to enlighten the world that maximum prosperity can only be achieved through individual freedom free markets and sound money no. let me get back to this

waves and cycles talk in a minute but first i want to pull up a graph you talk about the unprecedented expansion in base money and we have a graph here of u.s. based money since the one nine hundred sixty s. and since the recession we have seen a massive expansion but it's not just happening in the u.s. if we take a look at other countries for example canada we see the same thing this is true in australia south africa singapore the list goes on so have you seen anything like this on the global scale before we uncharted territory. no before when this has been done there was always some other currency that you could run to there was a neighboring country that wasn't inflating their currency supplies on this suicidal scale this is a global event and you know back in one thousand nine hundred ninety one well let me back up a little bit further short for world war one we had the classical gold standard where treasury would have a certain amount of gold and they would issue that many claim checks on it and they

claim checks were the currency that's what circulated the gold was in the treasuries of all. the combatants in europe went off of the. redemption writes off of that gold standard when world war one broke when world war one ended they cobbled together a very poorly designed monetary system a gold exchange standard that was an intra wars to interwar standard they went until nine hundred forty four and that one wasn't going to work by the end of world war two and so they had an emergency meeting at bretton woods new hampshire and came up with the bretton woods system which was also a poorly designed manmade system that started falling apart in the late sixty's early seventy's and august fifteenth one thousand nine hundred seventy one nixon took us off of that last vestiges of a gold standard and the dollar standard began world wide when he separated severed the tie between gold in the us. he severed the tie unwittingly he began this grand

experiment that has been proven to always fail he put the entire world on the currency system and it has never worked throughout history one of the reasons that this poorly designed system is lasting longer than the rest is simply because you don't have a competing system in a neighboring country you know have an asset backed currency right next door that you can run to when countries start inflating their currency supplies like i said on this scale the u.s. dollar is definitely the reserve currency for now at least and it's also used to price of oil and how does that how does this affect the ability of the u.s. to export our inflation to the rest of the world. well you know the u.s. has that exploiting inflation to the rest of the world that is also a label for a wealth transfer that comes toward us we have been able to tax the rest of the

world from one thousand nine hundred four until today and tax it on an ever increasing level when we dilute our currency supply by printing more units of currency it devalues the existing units of currency and inflation respects no borders it doesn't just devalue the dollars that are inside the united states it devalues the dollars that are outside the united states and we're the only country on the planet where the majority of our currency resides outside of our own borders so when we print excess dollars and do deficit spending it devalues the dollars that other countries are holding transferring purchasing power from them to us and it's one of the reasons that we've been able to live this standard of living that we've enjoyed since world war two and you know some people think that americans are just smarter or hard. we're working our way better than

anybody else and it's where the same as everybody else on the planet we just had this lucky series of accidental events of countries having wars on not having war on our soil and this chain of events that led us to where our current currency was the world's reserve currency sure and then politicians for the past decade or so have treated this privilege of having the world's reserve currency as their birthright and they've abused it to the point where other countries are abandoning it and they're abandoning it at an ever increasing rate the bank of england has made a swap deal with china australia has made a swap deal with china so there's doing direct settlement without. there's first when they do wire transfers. russia and china india and china now there's going to be a brics bank the list just goes on and on and on and every week there is another nail

in the coffin for the global dollar standard and this is what our series of the second episode of your hidden secrets is about you can see these different monetary systems and i believe that it's extremely urgent if anybody wants to preserve or increase their wealth they need to learn about this is quickly as possible all this stuff has happened before but never globally india has actually been buying oil from iran in rupees because they've been shut out of the market by the us but i want to get back to war in the most recent video video you describe the pendulum between the quality of money and the quality of the currency the quantity of the currency so does war always have to play a role in this process. well you know during periods of economic strife what governments usually try and do is take the populations off the ball it's the government that is at fault for creating this economic strife by causing

wealth transfers through things like deficit spending and all of these programs and when things get bad if they can tell the population you've got to be a true patriot and it's those other people's fault the people on the other side of this imaginary line that we've drawn on the globe and and rally the population behind the politicians that are trying to hang on to power and so yeah war is very often something that is there to basically take people's eye off the ball and keep them from seeing what is really happening one of the things we're looking at here as we look at every day is the federal reserve and we talk about ben bernanke he who's going to replace. seems to be almost a false dichotomy between summers and yellen but i wanted to get sure your opinion on goldman if you lation gold in gold leasing or actually a single line item what is this about. well first i want to address bernanke

summers and yellen all of this is just a bunch of noise that takes your eye off the ball i try to ignore all of the short term noise there is a lot of. news media. keeps people from looking further into things now this gold manipulation is one of the examples of looking further into things central banks are accounting for the gold that they supposedly as a single line item sometimes called something like gold and gold loans or swaps where applicable well gold loans and swaps means that they have loaned it out and they're owed gold gold back so that's a receive a bill that's kept. as a single line item that is supposed to be an asset and you can't this is illegal accounting it's morally corrupt but what it does is it provides an opportunity

whether they're doing this or not i i hope that they have done this and they've done it on a massive massive scale simply because that is the reason that gold is so severely undervalued right now and that's a guarantee that one day it's just going to the moon. because they have to reacquire that gold from the open market so that means if it's been leased out and it's out in the open market and they have to reacquire it as part of their. their currency reserves then the price has to go up as they buy that gold back from whoever has it and it looks like germany certainly wants a bit of their gold back from the federal reserve you describe something and i'm just i'm not going to quote you but it's it's a threat of deflation. followed by a helicopter followed by more inflation can you give your outlook for us do we necessarily have to end up with hyperinflation given our current monetary situation . yeah well my book was written from two thousand and five to two thousand and

seven in that i said that ben bernanke he would be our next federal reserve chairman and i had read many of his papers and i read his book the essays on the great depression so i knew his mindset and i said that there would be threats and events that would be the threat of deflation that was the market crash of zero eight to which ben bernanke he would overreact with a helicopter drop that was the bailouts and the kiwis he's doing exactly what i predicted which would cause an inflation which we've seen where we waited the real estate and the stock markets right now then i said that there would be a true deflation a contraction of the currency supply monetary deflation prices follow the you know the austrian definition of inflation or deflation or the milton friedman's definition an expansion or contraction of the currency supply. and that would

just scare him to death and he would overreact well it might be summers or janet yellen it really doesn't matter these people are all cut from the same cloth. that was my interview with michael maloney founder of gold silver dot com and the creator of the hidden secrets of money coming up very in profiles our favorite vulture capitalist that would be carl icahn and he's been described as that anyway but the at the business investment has turned his attention to apple and the investing world awaits his next move with bated breath when i talk to our chief correspondent megan lopez about a recent drone conference were no one was actually allowed to say the word drone. see.

the little. place. looks pretty much in the field that you won't find it here if you're looking for

relevant stories unique perspectives on top class tends to start. on tuesday investor i call it in the car i call and it took a one to have a billion dollar bite out of our whole enquiring about one percent of the shares they sort of five percent within a day of the announcement for the billionaire investor who prides himself on making handshake deal making car i'd call. is one of wall street's most famous and successful investors it's fun icon enterprises has outperformed the s. and p. five hundred index for the past four years with returns averaging over twenty five

percent he's estimated to be worth twenty billion dollars putting him twenty six and four of the billionaires list he gave as well through a series of proxy battles and hostile takeovers that won him the title of a vulture capitalist carl icahn is famous for buying large positions in public companies and demanding changes to operations of management and ousting c.e.o. one of his first investments was in trans world atlanta he bought twenty percent of america its iconic airline stock in one thousand nine hundred five at the time the airline industry was facing financial troubles and with deregulation of the airline industry it was the perfect time for icahn to step in he took the company private a few years later and made a hefty four hundred million dollars on the deal while at the same time he saddled the company with five hundred million dollars of debt he also implemented a series of assets sell offs cuts in for loans to make the company more profitable

but he made the mistake of selling off the company's prized london grounds to its competitor american airlines weakening the business jeff tarnow t.w.a. pilot said it became more and more that carl was not interested in growing the airline but in using t.w.a. as a financial vehicle to acquire wealth for himself. under icon's watch as chairman in one thousand nine hundred two t.w.a. declared bankruptcy in a desperate attempt to push icahn out of the company icahn resigned but under the agreement he could sell discounted tickets in return for the assets he had invested in the company lucky him because he found an internet loophole that allowed him to sell way more tickets than intended he sold so many discounted tickets t.w.a. this kind of t.w.a. ticket online that it affected the price of all flights american airlines later

estimated that his discounted ticket sales cost t.w.a. one hundred million dollars a year and drove the company back into bankruptcy although t.w.a. suffered severe financial trouble icahn made out what they have to profit to invest and take over a series of others he spent time on the board of yahoo after purchasing fifty million shares he resigned once it was clear he would never accomplish its goal of selling the company to microsoft one of his recent investment debacle is with the computer maker day he is the number two investor on the company of the company and he holds about nine percent of it shares icon is currently suing a broader attempt to stop c.e.o. michael dell from buying the company outright dell told the wall street journal i'm ready to fight and i'm committed to doing what i believe is right for the company. some investors are saying icahn is going to derail the company with his investment

tactics carl icahn is telling the courts michael is not acting in the best interest of the shareholders. are icahn also gone to a very public debate with a hedge fund manager ackman over herbalife investments ackerman told c m b c this is not an honest guy not a guy who keeps his word and he takes advantage of a little. despite burning a few bridges along the way carl icahn is viewed on wall street as one of the most effective and astute investors true to form he starts out small but as the nipples on the apple we can be assured the board of directors is watching him like a hawk. or

two correspondent megan lopez welcome to the daily drone thing here finally going to do we do a bit we're going to talk about drones because you recently went to a conference and what did you find out there i found out that the economy for for you a visa is not just growing it's booming in a major way and you have you would be a man dominated vehicles so that's the nice way of saying it and people actually at the conference told me not to say drone it was there and learned there was an editor you know i know it and it was it was hammered into our head so much that they set up a media wireless network for us to be able to do our work and the password to get into that was don't say drones so it just shows you how negative that term has become in terms of these vehicles or it certainly when we think of drone we think of killing people but there are actually some other uses for them could you talk about that we found a lot of different industries talking about some of the things that they do and some of the big industries are real. focusing on the pros that being farming that

being agriculture is being reconnaissance missions in terms of reminding people it's pretty interesting so how are drones being used for agriculture and will it what it can do is one that one person in particular gets a very specific example so it can actually take samples of the soil from way high up and actually monitor what's in them to tell them you don't need to add this anymore you don't need to add the certain pesticide at a certain herbicide in order to spread the proper amount and get the the crop that you want or it sounds like that would be a very valuable piece of information also as i understand both groups so if you have these and satellites can actually take pictures of crops and determine the crop yield and whatnot in these reports are sold very expensively by the way to people who invest in futures and people who want to speculate in the commodities market so let me ask you like oh big of an impact economic impact are drones having . in our economy and what are the projections for that bob you would have gotten in trouble if you went to this conference on selling you know they would have had to lock you up in terms of economic impacts the a u.b.s.

side which is that the organization that held this huge conference says that it could have a major impact so we're talking eighty two point one billion dollars between two thousand and fifteen and twenty twenty five of that thirteen point six billion dollars would be coming in an integration of these in the first three years alone it is also a huge drop creator i mean there we're talking thirty four thousand jobs in manufacturing alone in the first three years you're talking seven hundred thousand other jobs texas eighty two hundred jobs florida forty eight hundred of those what these projections are always over ten years that's kind of like oh the cvo periods too well and if you really think about it you know one hundred thousand jobs isn't really that much the difference between these jobs and some of the other jobs that we've really seen coming into the economy is that these are high paid jobs you're talking forty thousand dollars out of the gate so they don't have anywhere to go to mcdonald's minimum wage strikes with this industry no i absolutely don't think so in this industry is changing so much that there's going to be a lot of. a lot of competition coming in so you know as i understand

a lot of states are actually advertising advertising for the use of these views why is that is because they understand financial impacts of all of the things going on so the top states right now they're projected to have a tie a piece that pie of the eighty two point one billion dollars is california washington texas florida and arizona those weren't some of the states that i saw i saw a bunch of other states at the conference we're talking utah arizona we're talking oklahoma ohio i spoke to so many different people in every single one of them had the same thing and that is that first of all they want to be the people to have the f.a.a. test site in their state and second of all they want to attract to these really high booming technology industries to come into their state and to produce and to hire their people certainly and it seems like it could be a tremendous economic boost in that sense but were there anybody at the concert was there anybody at the conference who was just a little bit afraid of any negative. consequences of using all these drones inside the u.s. borders or was it just

a moot topic it was very much of the talk but i can tell you i have interviews with boeing with lockheed martin short grumman a lot of different big big name companies and every single one of them kind of turned the conversation they didn't want to but i mean you're on the you're on the air just about every few days no you must talk with other people who have concerns about domestic drone use what are their concerns mostly privacy they don't want the idea of sending these things up that can see just about anything now when i spoke to a little bit up on steroids it really is and that's exactly what some of the people were that were at this conference saying is that it's just centrally google maps if you have a google car driving around why can't you have a vehicle in the air or flying around traveling this but you know one of the people that i spoke to was from northrop grumman and he says you know what we don't sell privacy or we sell the things and whatever the government or these private entities want to do with them that's their business that's interesting because i believe the c.e.o. of the company is actually on the board of director of helpful which is. in the news so let me just ask you what was like the strangest or most interesting thing

that you saw at this conference anything stand a lot of different things i don't know obviously there was huge technology it took up the entire washington convention center or some of the things that really stood out to me there is something called there's a company that just started up two years ago it's called titan aerospace and they made a solar powered satellite that can be strapped with a camera cylinder meets drones i love it exactly so what it does is this thing can hover or fly and it doesn't need batteries for five years well that's what they're projecting they say that they can have it just kind of go around a certain area they say will mostly be used because they'll be flying so high up that it will mostly be used for agriculture for crops for weather patterns and things like that but they did say that you can also from a camera see it yeah that's interesting we're going to have that end here thank you so much if you want to weigh in today's show be sure to like us on facebook at facebook dot com slash prime interest and you can follow me going to here and meghan underscore lopez you can follow me of course at the english thank you for joining in on today's daily do thank you.

it was a delicious day here at prime interest we watched carl icahn sink his teeth into an apple buyback hopefully that keeps the proxy war away and excel moved down the prosecutorial food chain so his boss seems to be in the sights of the federal shark in the parasitical said it caught the taper off but the sequester seems to have quelled its appetite to finally wind down. a lonely how the all to say about that and our favorite. icon how well it's hopefully it won't be necessary thanks for tuning in and come back tomorrow from everyone and prime interest. carry on boring have a great. place. wealthy

british style the sun. is not on the right. markets why not it's going to. find out what's really happening to the global

economy with mike stronger for a no holds barred look at the global financial headlines tune into kinds a report on. the worst journalists a long white house to give it to the radio guy for the tale minestrone click off that i want you to watch quote for a particular good you've never seen anything like this on cold. mornings today violence is once again flared up the from these are the images the world has been seeing from the streets of canada. giant corporations are on the day

. look. coming up on r t the sentencing trial for bradley manning nears an end the army whistleblower himself made a statement in court just a short time ago we'll have updates on that from fort meade straight ahead. and in egypt clashes have erupted between security forces and pro morsy protesters the crackdown has so far left dozens dead so what's next for the divided nation the latest updates on this chaotic situation coming up. and last night newark mayor cory booker won the democratic primary for the new jersey senate but one of his opponents ran on an anti surveillance state platform how did this effect the vote find out later on in the show.