yes. then the biggest yet you know criminal in the news the biggest bang bang are in the news this past few months and fact has been jamie diamond and he's in the next headline uncle sam comes call and ask jamie dimon for another six billion dollars so the federal housing finance agency f.h.a. and f.a.a. is asking for six billion dollars from jamie dimon steeping morgan for defrauding the taxpayer about mortgage backed securities these are put back claims so the f h f a said the bank j.p. morgan falsely claimed that loans back in thirty three billion dollars of mortgage backed securities complied with underwriting guidelines and that it significantly overstated the ability of the borrowers to repay their mortgage loans of course kaiser report covered this years ago with the time to work with saying that that they were only putting aside reserves of one billion dollars for these put back claims from the f.h. f.a.a. and terry buell our guests said that it would be closer to nine billion dollars

here we have six billion dollars j.p. morgan itself is refusing to pay this so it will still be in billions that they have to pay well it could be one billion it could be ten billion it could be one hundred billion it could be a trillion it doesn't matter because they just go over to the fed they print more money and then they will of course debase the currency and to keep the currency from inflating too badly they'll start a war and have a lot of service by going to kill bets the deflationary offset for the inflation that helps jamie diamond sleep at night because he's not happy unless a lot of people are dying and he's defrauding the government the big what in other words here is a marshmallow gun this is what eric holder uses to penalize financial terrorism or a financial terrorist like jamie diamond this is a marshmallow gun jamie diamond is like you know i'll kind of banking and he'll commit a massive back to financial terrorism people will die people are starving and they're cold rolled up there it's like germany i'm going to hit you with my marshmallow guards who. oh got hurt oh oh i can't get there are colder that's so painful

that more slow going you hit the web so and so on so rude. well of course. eric holder the f.c.c. all the various agencies the state attorneys general like in new york keep on finding these guys but it's just emerged that these banks have spent one hundred billion dollars so far on legal fees just a legal fees of course that dorms what they've paid in actual fines because of course we know they're never find very anything but of course the lawyers are corrupt the accounting firms are corrupt the rating agencies are corrupt the hedge funds are corrupt and the banks are corrupt and eric holder is corrupt and barack obama is corrupt they should go after them as a syndicate under rico and put them all in jail because they suck well the biggest market of all i would ask you but i bet you'll know the answer is the currency

markets the foreign exchange market the forex market and that's in this next headline currency spikes at four pm and london provide rigging clues to this four point seven trillion dollars in currency exchange every single day in global markets as the least regulated of all and it's concentrated in just four banks who control about fifty percent of the market number one as deutsche bank they control fifteen percent of the foreign exchange market citibank is just under fifteen percent making it number two and tied for three and four are u.b.s. and barclays each at ten percent of the market now bloomberg talk to some people and vester is an expert and professors and why you looked at this and it looks like they're basically banging the clothes so before we move on to the details tell us about banging the clothes is a banging the clothes like painting that say in other words do you want to what i call price propaganda as i've said on the show many times you want to have a price. that the newspaper one carries

a headline the next day and this will set the tone for the next day and all such you up for manipulation the following day so banging the clothes in this case could mean just dumping a lot of waters in at the close but a coal market a close orders put in a lot of market to close orders and those orders have to be executed at the market and there's a whole rush of them either to buy or sell you're going to create a price movement and if you've got other offsetting trades on the markets they're going to benefit from the price and let's say the stock market and you might make money in the options market you see this on triple witching hour which is the simultaneous expiration of options futures on options and stocks and options on stocks and you have this all happening every quarter so it's a way to essentially just write a check and put it in the pockets of the big banks for doing nothing but being fraudulent yes so bloomberg looked at years of data and they found that in fact there is there was a huge amount of evidence for rigging because basically at the end of the every month there was always a price anomaly half an hour before it trading closed and it was costing investors

pension funds passive fund investors what's remarkable about this is that we've seen over the past few years a move toward what's called big data so the ability for the government and corporations to delve deeper into the transactions and the specific data tick by tick kernel by kernel is extraordinary so the culpability the fraudulent activity is never been clear or there's never been or greater. evidence than now that citibank deutsche bank goldman j.p. morgan the whole lot of them commit strong hourly mini bind minit and yet as simultaneously we never had a weaker justice department never that we had such a limp we need justice department anthony wiener you should run the just department he's got the right equipment to run that the farm and he's all limp about it he can't do a single gosh darn thing. that's a it's a good it's

a match made in heaven so let's talk about this banging the clothes in the global four x. mark it happens via london of course but here's bloomberg data they looked at the data and this is what they say found in the space of twenty minutes on the last friday in june the value of the u.s. dollar jumped point five percent against its canadian counterpart the biggest move in a month within an hour two thirds of a gain had melted away the same pattern a sudden surge of minutes before four pm in london on the last trading day of the month followed by a quick reversal occurred thirty one percent of the time across fourteen currency pairs over two years according to data compiled by bloomberg for the most frequent traded peers such as euro dollar it happened about half of the time data showed the recurrent spikes are happening in the w m routers index this is the world markets reuters index indexing is another way to accentuate the fraud because the indexes that have

a basket of these underlying prices and it can manipulate opponents of the index unit going in itself and so much of the market is tied to index the thing with them being the dow jones index and a lot of contracts of products like a spider dow jones exchange traded fund tied to an index that index made up of all the component stocks in the office trying to get the stock to completely manipulated as we know from a bloomberg story concurrently i might add that if you can manipulate for its market every single day then you are by definition also manipulating gold and silver so that's why gold and silver that's a tough time getting through the manipulative ceiling to put the money in the pockets of these terrorists that's a conspiracy theory. syndromes down to syria the terrorists are vero down on broadway and broad street do you have a map there is stupid i have the american public and the u.k. it's a. they put the stupidest idiots in office pulling cameron. democracies tend to get the fools they deserve that's what w. h. meant. what i've said but regarding this story here

a lot of the fools who vote these sort of people in a democracy one thing that they will think is well it's only point five seven percent that this particular exchange the dollar versus the canadian dollar that's only point five percent is tiny tiny tiny tiny i the individual who is just trading one hundred dollars canadian dollars into a hundred us dollars wouldn't have noticed that so they look at this in fact it's a four point seven trillion dollars per day and it adds up to tens of millions of dollars per day that these banks are making off of these trades so they look at this particular trade at the end of last day of june this year and investors seeking to change one billion canadian dollars nine hundred fifty million dollars u.s. dollars into u.s. currency on june twenty eighth would have received five point four million dollars less had the trade been made at the wm reuters rate instead of the spot rate twenty minutes before the four pm window they speak to james kopp green an expert here in

new york who looked at this technical data and what he said regarding this consistent banging the clothes he said funds that consistently trade using the w m reuters fix are basically trading against themselves and their portfolio is taking a hit this is tens of millions of dollars every single month taken from pension funds and passive investors i think james. is right in his analysis of the situation. basically of the cycle model remember and psycho the psychotic is murdering his own mother norman bates so america is in a position where it's an old hag and it's murdering itself thinking it's somehow economic growth so there's america knifing and raping itself in the mirror over and over again ok there's america raping and murdering and so over and over again in the mirror. you know psycho really good so freight

america visit today well. so you know again pension funds and money managers pay their foreign exchange using this rate so they're the ones being self raped by this this bit what you indicate here but i want to you know you talked about bang bang and that the and the justice department is using marshmallows on prosecuting these bankers so i want to close on this final quote here from bloomberg because they receive client orders in advance of the close and some traders discuss orders with counterparts at other firms banks have an insight into the future direction of rates five dealers interviewed in june said that allows them to maximize profits on their clients' orders and sometimes make their own additional bets according to the dealers who asked not to be identified because the practice is controversial so they're making huge amounts of profits this is why you have quarter after quarter after quarter after quarter after quarter after

quarter where banks report no losses on their own trading books all right stacy thanks so much for being on the ca's report thank you max job or good. terrorists. to become suicide bombers. still believe these young men can be saved. oh you've got. some of those won't sleep at night they'll fall into the woods find them and return them to a peaceful life where they killed almost everybody. had been able to take him away from maybe that was by chance. how does it feel to be a terrorist muslim on the. did you have even the slightest chance to come home.

my son takes terrorist on o.t. . mum right on the scene to play the first responders and i predict future. on our reporters twitter. and instagram. to be on the no limit on mom. play games are a. very hard to take a look again look on here there's a plug in there that would make their lives. a little.

bit closer. to. the flame if. the the people. there's a medium leave us so we leave that maybe by the same motion securely play your party there's a ball. players use that no one is asking with the guests that you deserve answers from it's all on politicking only on r t.

welcome back to the kaiser report imax keyser time out to go to geneva and speak with david smith of geneva business insider blogspot dot com david welcome back to the kaiser report pleasure to be with you max all right david the flow of gold from london to switzerland in the first half of twenty thirteen stands at seven hundred and ninety eight metric tons the highest amount sense in one nine hundred eighty eight what's going on well it's a very interesting trend but what you have to remember is that such wonders one of the major centers for no zero refining and finding gold so the move actually reflects school being transported to london to be prepared for shipment to switzerland so what you are seeing is that these refineries are now running more or

less. sometimes in twenty four hour shifts in order just through process and wanted to see google this coming year but to do earliest of some schools actually starting in switzerland is probably using. the chinese to own the song too. to india in session or to satisfy demand. well as part of the effort to keep the price of gold down bank of england has been leasing gold and they've been leasing gold of countries that they should have as held as custodians and we just found out recently that they're missing about fifteen hundred tons of gold because studying gold so apparently not only are they leased out they're gold for other countries but they're shipping it to switzerland and is going to be shipped off to china and india so what happens when they have to make good on these claims when these countries start like germany wants three hundred tons from new york and new york saying no you can't have your gold i was setting this up for

a run on the gold on the sovereign gold market they have it. yes i think that's the case and what well what is happening at the moment inspiring to a friend global gold claire new grass is close to the physical market you sing he's seen a lot of cisco gold coming here but it is large quantities and the buyers of it aren't large institutions central banks and big banks to set aside their requirements and ultimately is or is going to. break down into sickle market although at the moment it will go gold while being tight does not actually appear to be completely run out but we should see new sources of potential for foreign gold anyway if you look at what's happening in india now talking about leasing gold when this is the most intriguing because what is going to happen there is a look at least it knows that somewhere else and no doubt when they ask for the goal that do little and little well you probably have to send yours as well so if i

were. in the indian central bank lessing i would do it's really single people in the certain knowledge of the future going price can only go up when scarcity actually really completely hits and there's something left in the warehouses and i would lose out on the upside of the value of gold at that point right you say that it's there is some supply of gold on the market however we do say backwardation in the futures market and we which implies that there is no supply of gold there are so we also see go forward rates in gold at least markets. inverted prices that also suggest that there is now physical gold around and it's funny this india story because just a few years ago right they bought quote unquote two hundred times for me international monetary fund of course that gold was never delivered to india it's just an accounting entry now they want to turn a better turn around and because of the crisis in india because of the collapse of the repay and i note that gold is only within ten percent of trading at our all

time high against the end it. this could be another all time high against another currency coming up for gold as we enter a cycle of gold trading at an all time highs against all major currencies but what so they want to lease the gold that they just bought to walk us through exactly the insanity going on in india right now david smith. well i mean india is in critical areas situation in the moment it's had. no use in you know it was a great deal of foreign investment into developing markets and it was since up market the last few years that's been slowing down using sort of foreign central and the cancer rate which is absolutely dramatic it's greatly squeezing of you know putting pressure on the domestic costs and so on. there is capital flight from india obviously it was interesting occurrence it which is collapsing you want to get out and believe it or not many people are actually getting out of the security of the u.s. dollar which is yet once again one of the world's biggest jokes so what you're

having you take a very correctly on is a fact that in ruby terms. gold is being perceived as as a very good investment because it is it is rising as a currency is collapsing gold is rising in rupee terms which is exactly what's going to happen ultimately in dollar terms or startling terms arc or euro tyrants not on the edge they do will be oppressors and the gold price try and try and push it down so. i am very happy to see it a little as last in india by herself finance gold or whatever because after all there are there's a population of over a billion there's a culture of gold being stored value of and currency so this it is these very small purchasers and indexing keep on going to his i don't they were all back it will be dramatic and the other ventures same thing we're seeing at the moment is just how porous the borders are really two in india and their neighbors when it

comes to smuggling gold into the country it's almost as course as a border between the u.s. and mexico for cocaine so i can only encourage those people to keep in the golden forget the cooking yeah it seems that about the black my. getting gold now is the biggest black market in india people buying gold and silver too and this is the been the big surprise david smith during the last three or four months the cartel or the london bullion markets association in conjunction with the come backs and bankers like j.p. morgan and h.s.b.c. have flooded the market with hundreds of thousands of paper claims against gold that they've basically have counterfeited on these various features exchanges hoping that people would dump their galled and get discouraged about owning gold but the exact opposite happened cues out the door all over asia china people clamoring to buy gold they completely misjudged this market correct. i think it's

the biggest central planning blunder in a very long time but like so many others under planning blunders once it's made they just keep on doing the same thing again are all the definition of insanity but yes i mean it is made small buyer and in developing countries very keen and it scared off probably the kind of middle class semi absolute arson who will die and every girl who got smashed in it is so but it stimulated enormously the physical market and what is going to bring an end to all the corrupt manipulations which are going on in gold is only when the physical amounts of gold sister the available and if you're looking at saturn call next vaults or you know be any or j.p. morgan vaults you know they're not quite running on empty but they're getting close to it now i'm not imagining that. morgan will not be able to pull its hands on

physical gold. by sarah means or foul either by squeezing it out of the yes or client accounts or doing whatever they usually do to send their own skin before everyone else's but that has to come down to this and i think their end is on the horizon now whether it's going to come in a week or a month where there's a tendency to fall with a comment suddenly start settling in in favor of dollars and cents as google although i really have no idea but the certainty is there that the demand for gold is going to overwhelm the central counters and a manipulator of paper over markets and i saw david's right there there in switzerland surrounded by lots and lots are rich people you yourself have a career managing a wealth of high net worth individuals etc and imagine a do u.s. dollar earlier and some people are buying dollars as they get out of it currencies

like the indian or a bank but my question is the wealthy. in switzerland and around the world if given a choice are they going to any by the dollar thinking that the world is heading into a deflationary depression or b. they're going to buy gold thinking that we're heading into more of an inflationary depression your thoughts is this is a difficult question though the the reality of the world is that the very wealthy people are correctly advice and are stocking gold and automotive guy route you know are decent salary and who stayed off as markets but people in substantial assets are allocating already considerable amounts of money to gold as a long term resource. what is going to happen whether there's going to be an inflation and inflation or depression goodness only knows it depends a lot of mr bernanke he does with his tutoring understands that all the rest of it

but rest rest assured wealth and powerful are still in bank vaults to the point where the banks are actually having to do new vaults and new storage capacity to store the gold which there are the clients want to hold and most people realize that sooner or later the dollar's demise is inevitable but because us once was a currency it's going to last last year and say i think to sink or let's move on to greece for a second a perth agrees on the verge of requiring another very significant bell outside the greek explore act to be cyprus this time in other words will it be a bell and this time will it be confiscation from bank accounts this time david smith. well i think the answer is definitely yes if you look at merkel's position on this and that mission recently by sharply only strewn over dylan there are those great results. in germany about this which has political

consequences but as you if you look at the solutions greece will never ever be able to generate enough tax revenues to pay off debts is doing quite a lot to sell off assets to basically they're being assets triggered by the chinese and multinational companies cetera. but if there's a hole left at the end of it and present to of course assume the money from the depositors so as you know at the moment legislations being put in place globally. by the central banks and implementing this route at all it isn't science. today alone where wherever you go so this is this is an inevitability in many countries not just at least try to have a spread we'll have about thirty seconds left i'm hearing rumors about diets or bank as being the next lehman brothers that's what i'm hearing i realize that's a bit of a interesting rumor flocculation but i understand you have been hearing some rumblings about data bank what do you hear. well as deutsche bank is definitely on

the ropes it's a drain which is financed by. international money not by depositors money it's truly religious probably around sixty times its assets as a base and it is the latest a derivative of the world at something that's sixty five trillion and i would not like to see what's happened to the last few days for receiving interest rates rising because it will always are two to reduce in the u.s. in particular words and your use which was a benchmark very often are soaring and doubling in the last few weeks all right david smith. bank levered sixty to one which is about where lehman was before it imploded we're out of time thanks so much for being on the kaiser report pleasure to be here on c.n.n. thanks a lot right that's going to do it for this edition of the kaiser report with me max kaiser and the lovely stacy herbert i like to thank our guest david smith of geneva

business insider blogspot dot com if you have get in touch tweet us the kaiser reported to next time acts that are saying. ok. dave a crock of welcome you to take your oliver. it's a little while in the middle of the chesapeake bay on the virginia. county. page here all of the chesapeake bay probably one of the best areas and. there's an old picture of ten deer island before the channel which cut through oh here we go way up there. as goal. right here are some of the headstones from the graves that for here this is a fruits that's what we don't want happen to taint your all and we want to get some

protection and make sure that we don't go into the chesapeake bay like albert did in other communities. more news today violence is once again fled. these are the images that i'm seeing from the streets of canada. china operations are the day.

i. i know c.n.n. the m.s.m. b.c. fox news have taken some not slightly but the fact is i admire their commitment to

cover all sides of the story just in case one of them happens to be accurate. that was funny but it's close in for the truth and might think. it's because when full attention and the mainstream media works side by side the joke is actually on here. and our teen years we have a different right. ok because the news of the world just is not this funny i'm not laughing dammit i'm not god. i'm. sure you guys stick to the jokes well handled it makes sense that i'm.

sean that the summit america's call for unity lateral strike on syria gets the cold shoulder from q world leaders as russia accuses the syrian rebels of trying to provoke military intervention. it's decision day down and as millions of australians are choose their next column mental with fugitive whistleblower julian assange among those off the seat in the senate. this point we all want to see this and i want to give us some bart. justice and rights commission now wants to strike at n.s.a. surveillance with the super national legislation after the latest edward snowden leaks suggests there's no longer any data previously online.