but i've explained this many times before a board of directors of any s. and p. five hundred company america today wants to see implicated in some crime committing malfeasance committing fraud subpoenaed or in jail because the shows initiative they want to push the edge they want to go that extra mile they want to break the law and then they want to throw it to the justice department. eric holder can't catches. them if they do get caught they change the law they modify the law they rewrite the law and that's what it's all about breaking the law for law and order bring back the draft. bring it. then the biggest you know criminal in the news the biggest bang bang are in the news this past few months and fax 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 cries report cover this years ago where at the time to mark was 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 to badly they'll start a war and have a lot of servicemen going to kill that's the deflationary offset of 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 way 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 so jamie diamond is like you know the isle of banking and he'll commit a massive back to financial terrorism people will die people are starving and eric holder will go up there it's like germany i'm going to hit you with my marshmallow guard. over that hurt oh oh i can't take you there are colder that's so painful that marshmallow going to hit you with i'm so and so on so rich. 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 in legal fees of course that door was what they paid in actual fines because of course we know they're never find very anything right 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 four x. 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 them. number one

is a bank they control fifteen percent of the foreign exchange market citibank is just under fifteen percent making it number two and tied for three in four are u.b.s. and barclays each and ten percent of the market now bloomberg talk to some people and vester is an expert and professors at n.y.u. who looked at this and it looks like they're basically banging the clothes so before we move on to the details tell us what banging the clothes is banging the clothes is like painting the tape 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 with and carries the 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 water in at the close but a coal market a close order to 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 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 the years of data and they found that in fact that 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 and 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 of 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 fraud hourly minute by minute and yet as simultaneously we've never had a weaker justice department never that we have such a limp we need justice department anthony wiener you should run the just the carbon he's got the right equipment to run that the parliament these all limp about it he can't do a single gosh darn thing that's it it's a good it's a match made in heaven so let's talk about this banging that closed in the global four x. market happens via london of course but here's bloomberg data they looked at the data and this is what they sound 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 that 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 pair's 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 as another way to accentuate the fraud because indexes that have a basket of these online prices and it can manipulate components of the index you read it in itself and so much the market is tied to index the famous one 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 the bloomberg story concurrently i. but it can really

be good 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. the terrorists are vero down on broadway and broad street do you have a map there stupid the american public and the u.k. it's a cut costs they put the stupidest idiots in office cameron. doing democracies tend to get the fools they deserve that's what w. h. mencken would have said but regarding the 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 why the individual who is just trading one hundred dollars canadian dollars into one 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 copying an expert here in new york who looked at the 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 and basically is the psycho model remember and psycho the psychotic is at the end of 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 achieving economic growth so there's america knifing and raping itself in the mirror over and over again ok there's america raping and murdering itself over and over again in the mirror. psycho they're really good at self rape america visit today. 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 is what you indicate here but i want to you know

you talked about bang bang and that the and the justice department is usually marshmallows from prosecuting these bankers so 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 kaiser report thank you max no more burden.

they're hunted down as terrorists they hide in the woods and prepared to become suicide bombers. still believe these young men can be saved. gotten so fen. the mothers won't sleep at night they'll follow their sons into the woods find them and return them to a peaceful life they killed almost everybody. had been able to take him away from them maybe that was by chance. how does it feel to be a terrorist mother on assad if you have even the slightest chance to come home. my son terrorist on o.t. . but i will only react to situations i have read the reports to. the know i will leave them to the state

department to comment on your latter point i come on to say it. because i. know god. no more weasel words when you have a direct question be prepared for a chase when you throw a punch be ready for a battle freedom of speech and a little down to freedom to cost. science technology innovation all the latest developments from around russia we've got the future covered. ok. dave across it welcome you to take. it a little while in the middle of the chesapeake bay on the virginia. county. rampage here all in the chesapeake bay from one of the best areas in the country

fred. this is an old picture of tangier island before the channel was. oh here. they are. as you go. right here are some of the headstones from graves it for you this is a fruit. that's what we don't want to happen to change your all and we want to get some protection to make sure that we don't go into the chesapeake bay like uppers did in other communities. welcome back to the kaiser report imax kaiser time now 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 since one thousand 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 nosing of refining and finding gold so the move actually reflects school being transferred to london to be prepared for shipment to switzerland so what you're 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 only as to some schools actually studying in switzerland i think most of it is from way. to the far east to her own song to

to india in session or to satisfy demand that region 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 ballet not only add they leased out their gold for other countries but they're shipping it to switzerland and is going to be shipped out to china and india so what happens when they have to make good on these claims when this country 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 somme a gold market they have it. yes i think that's the case knew what was it what is happening at the moment i don't know sitting starting to trend global gold plan to grass roots close to the physical market he said and he's seen a lot of siskel gold coming here but in large quantities and the buyers of it

aren't large institutions central banks and big banks to satisfy their requirements and ultimately is or is going to be. a breakdown and a single market although at the moment it looks yellow gold while being tight does not actually appear to be completely run out but we should see new sources of potential for for gold anyway if you look at what's happening in india now talking about leasing gold when this will be most intriguing because what is going to happen there is a look at least knows that sent 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 only single people in the certain knowledge that the future gold price can only go up when scarcity actually really completely hits and there's nothing left in warehouses and i would lose out on the outside of the about in 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 a go forward rates in gold lease markets trading at inverted prices that also suggest that there is now a physical gold around and it's funny this india story because just a few years ago right they bought a 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. 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 goal that they just bought walk us through exactly the insanity going on in india right now david smith. well i mean india is in critical

care it's a choice in the moment it's had a. no use in you know it's a great deal of foreign investment into developing markets and you know since our market the last few years that's been slowing down you sincerity of foreign central and the cancer rate which is absolutely dramatic it's greatly squeezing of you know putting pressure on domestic carson's and so on. there is capital flight from india obviously it was interesting the currents 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 pick up very correctly on is a fact that in rupee terms. gold is being perceived as as a very good investment because it is it is rising as a trance is collapsing gold is rising in rupee terms which is exactly was going to

happen ultimately in dollar terms or styling terms arc or euro tyrants imagine a notch they do will be oppressors and the gold price try and try and push it down so. i am very happy to see the little house lies in india by herself finance gold or whatever because after all there are there's a lot listen over a billion there's a culture of gold being stored value of and currency so as it is these very small purchasers and indexing keep on going days i don't they were all back it will be dramatic and they'll have a interesting thing missing at the moment it is just how porous the borders are between india and their neighbors when it comes to smuggling gold into the country it's almost as chorus 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 comebacks 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 gold 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 corrective it's red. as 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 to just keep on doing the sensing again are all the definition of insanity but yes i

mean it is made small buyer and in developing countries very scared off probably the kind of middle class semi absolute arson who will die and they wriggle and got smashed and 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 develop and if you're looking at saturn collapse faults or 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 j.p. morgan will not able to put 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 as in the end is on the horizon now whether it's going to come in a week or a month where there's a tangle this all with a comment suddenly start settling in in favor of dollars and cents as gold 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 salute 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 in managing the wealth of high net worth individuals etc and i imagine a do us dollar earlier and some people are buying dollars as they get out of its 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 but the the reality of the world is a very wealthy people who are correctly advice and are stocking gold and automotive guy ruth you know a decent salary and who stayed off as markets but people in substantial assets are allocating already considerable amounts of money into gold as a long term resource. what is going to happen whether there's going to be an inflation and deflation or depression goodness only knows it depends a lot of mr bernanke he does with his tapering hands donz and all the rest of it. rest rest assured the wealth and powerful are still in bank vaults to the point where the banks are actually having to do you vote you storage capacity to store the gold which there are plants want to hold and most people realize that sooner or

later the dollars demise is inevitable but because it's once was a currency it's going to last less currency i think to sink i let's move on to greece for a second a perth agrees is on the verge of requiring another very significant belle out should a greek extract 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 it most recently but shortly 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 it's doing quite a lot to sell off assets to basically the united striker to buy the chinese and

multinational companies etc. but if there's a hole left at the end of it and present to of course assume the money from would also cers so as you know as a model legislations being put in place globally. by the central banks and implementing this sooner or titian sentence. today and were wherever you go so this is this is an inevitability in many countries not just try to have a spread we'll have about thirty seconds left i'm hearing rumors about deutsche bank as being the next lehman brothers that's what i'm hearing i realize that's a bit of a interesting rumor circulating but i understand you've been hearing some rumblings about data bank what do you hear. well as a bank it is definitely on the ropes it's a dynamic which is financed by. international money not by depositors money it's true leverage is probably around sixty times its assets as a base and it has a latest and religious position in the world at something that's

a five trillion and i would not like to see what's happened to the derivatives as look at last it is from us in interest rates rising because a low exposure to derivatives in the u.s. in particular where it and your use which will eventually very often are soaring and doubling in the last few weeks all right any threat. to bank leverage sixty to one which is about where lehman was before it employed we added thanks so much for being on the kaiser report. pleasure to be here all. right that's going to do it for this edition of the kaiser report with me max geyser and the lovely stacy herbert i'd like to thank our guest david geneva business insider blogspot dot com if you have get in touch tweet us the kaiser reported to next time acts that are saying you know.

says many times the gold is the father of all. these children. he can't abandon the child he knows that they wouldn't. dream. in just a few russia and the world was no wolf and we don't want any children to wake up in orphanages firmly believe the parents out there every child speedo.

ok. did you know the price is the only industry specifically mentioned in the constitution and. that's because a free and open press is critical to our democracy like ours. will. in fact the single biggest threat facing our nation today is the corporate takeover of our government and our craft semi-colons we've been hijacked lying handful of transnational corporations that will profit by destroying what our founding fathers once all just my job market and on this show we reveal the big picture of what's actually going on in the world we go beyond identifying the problem trucks rational debate and a real discussion of critical issues facing or not to find them or don't ready to join the movement then walk away from the big picture.

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washington races to round up allies for its controversial intention to attack syria key world leaders slam the plan this russia accuses the syrian rebels of trying to provoke military intervention. it's decision day as millions of this strange choose their next parliament fugitive whistle blow during the songs are among those after a seat in the senate. at this point we are toothless and i want to give us some bite. each justice on rights commissioner wants to strike it n.s.a. surveillance supernational legislation after the latest edward snowden leaks suggests it's no longer a pretty safe online.