where i've lived you would see the majority of people going into early retirement and not working at all and sort of like how they tell people not to feed the bears at parks because then the bears lose their instincts and will to hunt because getting a sandwich thrown at them is a lot easier i mean why go through the effort of auditing when the sandwich just magically appears handouts often creates law according to reuters some people are proposing a much better law for switzerland limiting executive pay to being twelve times higher than that of the lowest paid employee although this plan isn't making head lice it seems like a much better idea because it doesn't to motivate people to be productive and yet it would create almost utopia like levels of wealthy quality also if the bosses salary is tied to the employees that a lot of people be getting raises very soon this one to twelve pay ratio is much better than the free swiss francs and it gets my seal of approval but that's just my opinion.

welcome to the cars a report on max kaiser you know this past week has been packed with some of the funniest moments of a d.m. recognizing world in america they floated the idea of obama by legal experts consider such the least on going to show only way to avoid a u.s. debt default in the event the jerks and clowns of the senate fail to raise the debt ceiling ha ha ha ha yeah how much more o'leary asli do americanizing going to be than to operate degrees of unconstitutionality and obama's banana republic bones one point zero over in the u.k. the chancellor george osborne has cracked on the funniest jokes of the cabinet about his own poll policy for the road to banana republic them help to buy

a game he said quote hopefully we'll get a little housing boom and everyone will be happy as property values go up ha ha ha ha so funny george osborne the chancellor joe badly misfired with his cabinet colleagues who thought that causing another housing bubble and burst was no frickin laughing matter george ponzi george osborne stacy herbert cavite they have no sense of humor or even the independent here says a funny old week for the british taxpayer yes it appears corporations are ripping them off not paying taxes and of course there was the little matter of the i.p.o. for those of royal mail which lost a lot of money for the government royal mail i.p.o. delivers one point three billion pound blue bar. so the royal mail shares u.k. r m g have been trading for less than a day and already there are a runaway success even so the i.p.o. the previously state owned institution whose history goes back to king henry the

eighth has led to criticism of the u.k. government after just a few minutes of trading the stock jumped almost forty percent indicating the u.k. government could have made an extra one point three billion pounds on the sale but as others. vote from the chancellor and a lot of people who bought into it lot of the punters a lot of the you know the peasants here in the u.k. that participated they flipped it they've already booked their little profits and they've already vomited out on the streets of london manchester burning with sheffield saturday night you can see big pools of vomit that's their victory bomb it we've got three bomb it we made a few bomb selling our prized asset we spread decades building just a private equity shmucks yes they were british they were doing vomiting our way to victory well two thirds of the shares went to bankers and the third went to the normal punter at seven hundred fifty pounds ago but valuation the end of the day in the first day of trading on friday was four point six billion pounds when before

when analysts financial analysts were telling george osborne that they were way underpricing this and that they could get at least four point five billion pounds and he said that's absurd so in fact it was valued at four point six billion pounds right well this is a gift to bankers and they price the s. and p. not pounds just to make that note but this is a gift to bankers another way to make an extraordinarily bailout move to. inveterate liars to serial financial terrorists so i was born just wrote a check to them for billions of pounds they put the money into assets that will never see the light of day ever again shadows in france and other like assets that are not circulating the economy it won't help the g.d.p. whatsoever but it will make the cost of sending in the u.k. a rise just like when they privatized energy prices go up their privatized prices are going to go up and of course the goal all goes around full circle doesn't

because now they're all izing the transportation system they had a real nationalize the banking system they want the real nationalize royal mail soon as the private equity guys extract billions and billions of pounds of labor day it will die that the real nationalize it the cycle goes around that around now on this. underpriced i.p.o. the bankers as i said made quite a lot of money and one of them hedge fund linked to george osborne's best man to make millions from privatization of royal mail after buying a fifty million pound stake so peter davies is a member of the management committee at lansdowne partners which saw the value of his royal mail shares rocket by eighteen million pounds now they there's no suggestion that he was helping out a buddy but these are the sorts that benefitted it's george osborne's friends who benefited from the mispricing that george was born himself and let me let me get in there because it's not mispriced as i've explained on the show many times i worked on wall street and in the case of i.p.o.'s initial public offering you purposefully price it in ways where you get that first day pop and then that becomes currency to

buy favors to stop people that are suing you for malfeasance let's say there's a huge amount of toward the city of london and their criminal behavior so when you have the currency of a hot i.p.o. you can call people up lawyers you can call up people that are suing you you can call up politicians who are thinking about taking you to task in public and you can say look i've got this i.p.o. it's up twenty percent or what have you are going to put it in your account right now it's a barrage it's a it's a currency of bribes and that's the way i.p.o.'s are price that's why they're priced in that way that's why you see those first day pops in their currency for hours bored to fuel his bribery and graft in the city of london and his political ambitions this is use again i repeat as political graft currency by george chancellor i was born so you talk about pricing in this first morning pop but there's been a pattern also in terms of market mispricing in gold in the past few months we've

seen an occasional right before the market opens in new york somebody comes in with a massive order and decides they want the worst price possible for a crash the market will. this also happened on friday while the mispriced royal mail i.p.o. is floating gold's plunge blamed on one massive sell order so gold fell by twenty five dollars in two minutes on friday at eight forty two am it appears to have been in order to sell five thousand gold futures contracts at market about two thousand seven hundred went off and tripped the stop logic halting gold futures for ten seconds while liquidity replenished with enough liquidity returned after ten seconds the balance of about twenty three hundred completed said eric at. the fair market price for gold given trends of money supply is about twenty one twenty two hundred dollars an ounce the fact that it's at thirteen hundred dollars or below shows a clear case of an amputation the people who are laughing about this are the chinese

because they will announce soon that they don't have one thousand or fifteen hundred tons of gold they've got five or six thousand tons of gold at which point and they've already made that clear stacie either of you saw the news or not but china got something on this. first we're going to finish up on this gold story but we're going to go to that china story in a moment because it's relevant to this gold story because. rich a founder at trader said that five thousand lots is huge we don't know if it's a mistake or not so he's suggesting it's so out of the ordinary that this could have been a mistake going that you had andrew maguire on there you know who was a whistleblower at the l.b. i'm a big part children by the head and say look bar here's where the going to manipulate so reprises at this price at this time in these lots and he was a smoking gun proven bard chilton the see you have to see who is they for our fossil of regulators who like to parade around in a bikini and do absolutely nothing said i don't see anything i'm i'm mentally

stupid i can't possibly see what you're saying but they have the smoking gun evidence ok so here you have this guy who looks at the markets all the time he sees them day in day out for years and he says this is an out of the ordinary. event it's so huge it must be a mistake art cashen who has also been a trader for decades he's the director of floor operations at u.b.s. he says the question there is why would you suddenly dump a large amount of gold why what do you try to piecemeal it out over the course of the day so if that happens once it could be an accident of technology or could be a simple error but what happens five times over a period of months it does raise questions is it being done purposefully is somebody trying to send a message is somebody trying to influence the market and i say that you just brought up the final headline here about china who wants a d. americanize the world and they want to get rid of the dollar is the u.s. reserve currency as the world's reserve currency you know it could not just be america who wants to restore faith in the dollar it could be china looking to get

a better deal well that's the other side of the coin is that who's who's who's jumping on the big boost who's flooding the market with the waters i think are cashen who's a senior floor kind of administrator if you will on the floor of the new york stock exchange who works at u.b.s. now of course he was before that is a pain webber when i wasn't paying webber so i've been following our passion for thirty years he's considered to be one of the clarion a voice on wall street totally respected he's hinting at manipulation there and i think he's saying what a lot of people already know but you're right it could be china it's no banging on that big working with people to get the cheapest possible price because simultaneously when they say they want to d.m. merican eyes the world there's a there's a country that has huge exposure to exports to america is the basis for their mercantile this rise of the twenty first century why would they be cutting the nose off to spite their face unless they're ready to come out and say we've got enough gold at this time to cut the dollar loose so it's

a good term to use here that's stop logic events when the markets shut because it couldn't deal with the logic of such a large order that that is how i like to see it but this is the way you can look at many of these policies whether it's helped by the royal mail i.p.o. there's no law. logic involved other than the logic of the decaying empire and that's this final headline debt ceiling trying to calls for the world to be de americanised china's official news agency has called for the creation of a d americanised world saying the destinies of people should not be left in the hands of a hypocritical nation with a dysfunctional government heaping criticism and caustic ridicule on washington the news agency called the us a civilian slayer prisoner torture and meddler and others affairs and said the pax americana was a failure on all fronts well i mean china should walk the walk instead of just talking the dogs kicked out mcdonald's kicked out kentucky fried chicken kick out coca-cola they're making their citizens obese and they're getting diabetes so you know they talk the talk but will try to walk the walk while the china to be

aggressive in buying gold to point where they are just said they were just interviewed their work suggests they have up to six thousand tons of gold we know that in the first eight months of this year one thousand tons of gold left the west went to china we know that just the e.t.f. g.l.d. discords two hundred four hundred tons of gold so we're discoursing it this is happened many times in history where gold has flowed from one region of the world to another every single time that's happened whoever got the gold became the new superpower this could be the one time in world history where it doesn't happen and the cumulation of dollars in riches america but i doubt it will have everyone thought about a stopwatch event let's look at two markets ok we mentioned gold the demand for gold has never in history been higher and the price has never been relatively speaking softer that's the entire gold market is stop logic let's look at the bond

market a sovereign bond market in particular the u.s. sovereign bond market the supply of u.s. debt of sovereign debt has never been higher in two hundred forty years of american history and yet price the. bases are trading near two hundred forty year highs that is a stop logic event so you have to stop logic markets the u.s. bond market and the gold market who are actually mutually exclusive in many ways of that you cannot have a bull market in both one that is a paper empire run by jamie diamond ben bernanke and janet yellen who turned the world into a peasant class to feed their neil futile ambitions the other is real money has been for five thousand years that gives real purchasing power which is the basis of the american revolution to begin with so who do you think's going to win this battle at least china's got some sets are i say here we're thankful israel because report think you meant state's evidence i could have a whole lot more. it

looks like. we're going to go digital the price is the only industry specifically mentioned in the constitution and. that's because a free and open process is critical to our democracy albus. in fact the single biggest threat facing our nation today is the corporate takeover of our government and across several we've been hijacked why a handful of transnational corporations will profit by destroying what our founding fathers once told us about 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 to try to fix rational debate and a real discussion critical issues facing up to five different job ready to join the

movement then walk a little bit. player . play. a. little. cross talk rules and if they're going to you can jump in anytime you want. the limpid torch is on

a big journey. one hundred twenty three days. through two hundred cities. really fourteen thousand people. or sixty thousand. in a record setting trip. there. are numbers. a little torch relay. on our. welcome back to the kaiser report i'm max kaiser time now to turn to rowan for a day he's a former fraud squad detective and now a blogger and matters relating to fraud in the city of london and welcome back to the kaiser report it's great to be vibrant all right rohan thanks to edward snowden it's been revealed that

a vast surveillance state is collecting data on us allegedly to protect us from a remote chance of harm by religious terrorists and yet all around us is the very real and present danger of financial harm by banks and the state does nothing your thoughts on this double standard but i think it goes back to something the american sociologist said in as far back as nine hundred forty you know i mean. he was the man that coined the phrase white collar crime. he wrote this amazing book in which he he pointed out that it was as he put it a consistent bias in society but it's we. who commit seeds certain kinds of if you like. wrongdoing that's the states

who wish to prohibit and those who are engaged in money and the manipulation of money what he called the op associate cannot make losses the fancy phrase but what he what he was talking about was the business costs and what he said was that society judges regulates is always going to people he said they have. they have an empathy with with bankers and with lawyers and with accountants and he said the they fail to be able to understand they simply cannot see them in the space of criminality so consequently he said they always. are willing to bend over backwards to support business because they failed to put business into the same category as they put organized crime ok so the language and the law does not support prosecution of white collar criminals because it does

not adequately characterize or defined their behavior in terms of criminality and i bring this up because our friend luke saw ca has an attorney and former banker in paris has been working to introduce language into french legislature that would equate what jamie diamond has or what bob diamond has or what george osborne does when he's acting for the bankers as the equivalent of financial rape or financial pedophilia so in other words what the french are saying is if we change the language of the law and we a kid is. jamie diamond or bob diamond a financial rape then the public will get it and they're not as our friend the artist taxidriver would say that what's going on here is serious not just some minor paper shuffling without a victim but is the equivalent of pedophilia and if you don't support pedophilia

then you would not support bob diamond or the former head of r.b.s. or what george osborne does how would you what about the surprise about changing the language in the law itself or are i personally have no problem with i mean i r m i so said many years ago the crime crime is actually what you call it and we should look we should be addressing what's going on inside the banking sector and cooling it by its real name but the really only applied so it's. only an artist and surprise crime well that would be a racket a criminal something if it was when i said to the value that is the evidence i gave to the banking commission i that's a loser of the racket a syndicate i want to say i sent them evidence i used the definitions organized crime used by the u.s. the u.k. europe and australia and i took this for definitions and i applied them to what was

going on at buckley is the nature. i just b.c. had all these other people and i said there is absolutely no distinction between what the what the matthew does by these definitions and what the brit book the u.k. banking sector is now in the us to by the way max yes but they suppress my evidence they did not but they refused to accept it meaning what but also the. that how did that work exactly you're a former cop or ok you gave evidence you pointed out to an organized criminal activity a racket i sent them the reports. subsequently lost it did they say it was in the twin towers went to blow i don't know yet how can they justify that they lost it that's that's what they did and eventually because i kept pressing and pressing and pressing but i eventually got a letter from the chairman of the committee mr tare in which he admitted to

me that actually response was we did not want to move to receive your report we were out somebody showed it to deletes to do certain things with it but we did get your report i mean it was going to be i could be the only person that gave evidence of that committee and the law in the u.k. is different in the us and that you have committees they look at stuff they have an opinion but it's not like you've got activist district attorneys you know who can really like a jewel rudy giuliani in new york that's the one after the mob show that is a political move because in america there is a much. it's a much stronger emphasis for young prosecutor young lawyer forces to to go out there and really go off to the big talkers because it helps them immensely if they have political ambitions judio he's a classic case giuliani brought down they have the pizza connection and suddenly you know he's he's you know he's a little bit but he's only in

a way to justice system which is set up is that this no room for enterprising young lawyer to go after mobsters or in this case baxter's as a political ambitious move is just not set up like nobody's going to know young lawyer or prosecutor he's going to have much of a career if he or she says he's he's. on a series of senior banks this and goes off to them because it would be very quickly made to him ok let me ask you this that in the case of the london whale from j.p. morgan in the case of in the case of bernie made up and the case that the lehman collapsed in the case of the library scandal in the case of the newly revealed four x. trading scandal it all all of the major scandals out there nexus in the city of london and people characterize the city as where bankers go to outsource their fraud for a couple of reasons they have the least regulated financial markets in the world

and that apparently what you're saying is that other elements here there's no way that you can adequately prosecute financial terrorism in this city but there is no incentive for the regulator and there is no incentive because he would soon be no incentive for the the serious fraud office to go in and to go after these people aggressively and dynamically i'm not talking about. doing things they shouldn't do what about this situation where the serious fraud office was investigating a slush fund between prince bandar of saudi arabia and tony blair regarding the british aerospace slush fund this is covered in the financial times and apparently bandar threatened blared by saying if you don't call off the slush fund best again i can't guarantee there won't be another seven seven terrorist act in the city of london whereupon blair folded like a cheap tent were you shocked by that i was shocked by the fact to the s.f.o. who were forced to back off i wasn't aware by the way but there was

a threat of terrorist activity more was covered the f.d.a. bandar and it he repeated it recently he threatened ok russia with terrorist activity in russia if he didn't get if there if the it's russia didn't go saudi's way in the syria conflict so once again prince bandar threatened tears well there aren't i believe it's just that i wasn't aware of it i mean much my understanding was that the threat was that if you carry on with this investigation you know. super duper good the contracts which you might otherwise when you were one of the regular shows he made reference to seven seven terrorist i mean and that's part of the public record ok but whatever the would end the catalyst were shocked me was that first of all the serious reviews are new they are new the director the then director of the series for gophers who was a who is a hell of a good man i mean it shocked me. but not done a good regulator a good man by a crap regulator he was doing what he was doing what he could do under the

constraints that are a ploy to british prosecutors and regulates us and they will if you if you like get back to the original question rohan which is that here you have the state which we now from the end snowden revelations operating a vast illegal surveillance operation in many times on the bet to be asked of corporations as part of corporate a. an insider trading to get an edge in their heads fun activity having naturally nothing to do with protection or defense these are the same people that make the case that they need to make these incredible invasive machinations to completely destroy any sense of civil rights or human rights in this country so where do they get off making this huge double standard in other words what were they get off saying that on one hand everyone is a terrorist until proven innocent when it relates to non bankers but over

a list of bankers they're all innocent forever and for more because we are too lily livered and cowardice to do anything about it or we have to look at is the role of the. it's relationship with the u.k. repealed. i used to believe that i used to believe that the city was merely. supports the sport so it was for the economic support of the country in the same way as policemen were there to enforce the rule the teachers with education all mines and doctors with as a hopeless maintain our health that was a very naive belief because i realize it's something i realized more recently is that i see the city is a complete long to itself ok i take some time to stand around but less and less make clear what the stakes are there propagating terrorism they finance terrorism h.s.b.c. finance terrorism directly that's the stake their mexicans that are decapitated are thanks to h.s.b.c.

full stop that is the stakes in the government this government doesn't give a flying crap about it and that's unconscionable but let's talk about the more interesting aspects of u.k. law they've got these new ip and injunctions to prevent nuisance an annoyance this is on top of the as above that they get people who reason people who are hard working people that the cops go in and harass them for a nickel and dimed like a shakedown operation some third world country they've got now in the u.k. can we what's this all about is this just more you know nickel and dime in the population is just another shakedown by the government to make impoverished people even more in poverty only about twenty seconds more i mean i think when you when you when you come to look at these. these new these new penalties what we have is we have a government that is obsessed bomb. crime in the money crime on the streets crime but influences and impacts upon the average joe in the street

he's called being broken into his house being shot as he went to the daily mail makes it look like they're tough on crime well let the terrorist go free wheeling rats i'm unfortunately roland i got to cut you off. you know arrest me. you have cops on you know with. that even the pink for a tight no i mean moon ok that's all the time we got to cut it off there we have you on back soon roland thanks so much again for being on the kaiser report as always makes use of joy and that's going to do it for this edition of the kaiser report with me max kaiser and stacy everett i'd like to thank our guest rowan boswell davies a former fraud squad detective if you'd like to get in touch with us tweet us at kaiser report until next time. some may disagree. but i believe america is exceptional.

just. as we can't. real damage and complexity of this oil spill was not something you can grasp just by looking at dirty birds we have between four to five million people in this directly affected area of the coast and it's pretty clear why it's not being reported because b.p. can't afford to have a reported all along the gulf coast are clean they are safe and they're open for

business if b.p. is the single largest oil contributor to the pentagon the us war machine is heavily reliant upon b.p. and their oil this is a huge step backwards for the marker see it's a step forward oligarchy carex it is toxic as it looked like spraying in vietnam it was and it was not a picture that either the government or b.p. really wanted to have out there i don't want dispersants to be the agent on. this. severing the server is major firms and governments make moves to get their data beyond the reach of the n.s.a. turning to localise connections to ensure greater privacy. while.