that's right max i believe it will and in fact the bank of england did an online hash tag tweet operation where you were allowed to send them questions and apparently somebody something a question about quantitative easing and called it evil well here is the bank of england tweet hash tag ask b. o.e. q e not evil they told me cry man one zero one has helped to support economy and protect jobs so they of course receive some responses to this huey is evil and you are the devil says grumpy old dude and then after that we see life master said no it's help to support a corrupt banking system and push people further into poverty so there you have at the bank of england says q.e. quantitative easing is not evil when. they say over there the bank of england that their timing their monetary policy to jobs but there is no connection really

between these two other than the fact that the quantitative easing is forcing wages down as part of a deflationary crash that the u.k. now finds itself in in by deflation i mean that the bond market in the u.k. is imploding foam from within we see this in the banking sector h.s.b.c. barclays royal bank of scotland lloyds remember they imploded in a deflationary implosion in two thousand and eight just because the bank of england now they say they're saving their economy they're misstating the facts are they are keeping zombie banks afloat even though the rail economy is experiencing a deflation and savings rate of deflation and wages and a crew crunch and purchasing power so the bank of england is lying you could say that they're evil and that they support financial terrorism as i've said before of course we've seen that electric and gas prices are skyrocketing here and last week david cameron the prime minister of the cape told. citizens and well subjects of

the u.k. he's told them to switch from british gas because they raise their prices by nine point two percent well n. power another big energy provider here just raise their gas prices by eleven point one percent and their energy prices by nine point three percent so if you had switched into n. power you'd be shocked to learn that you're about to get a even bigger rise and what british gas is offering but also this headline today frenzied london property market sees house prices jump ten per cent in just a month this is up from two percent per month throughout the summer so that per month that's two percent ten percent per month remember wages in the u.k. are increasing at less than two percent per year so here you see the effects of inflation this is we have inflation deflation and confiscation this is inflation robbing the poor robbing those on the having to work for a living of course if you can extract equity from your home you're doing very well because apparently the average house price in london made about fifty thousand

pounds just this past month well these prices particularly in energy are not the result of inflation per se but the collapse of competition in the u.k. yeah so you have an oligarch bully or do up early and they're colluding the energy companies in this country are colluding to jack prices higher and they're not allowing for free market competition in the case of house prices moving up here yeah those for too big to fail banks colluding to channel money from the bank of england into speculation thirty to forty to forty five percent of ukase economy is real estate speculation another forty percent is financial speculation only thirteen percent is actually small to medium enterprises and if you talk about inflation that would mean wages would be going up that's what inflation includes but wages are going down so it's not inflation in the sense of the classic sense of what inflation means you've got deflation you've got money printing which is fueling. an entrenched kleptocracy an old gompa li which is stealing money from the

public in several ways through monopoly pricing on energy and food by confiscating wealth through balan's and other sorts of government imposed schemes like the help to buy scheme and then you have loss of wages due to the fact that the government is over in china doing deals with the chinese after having stripped all the jobs here and giving all the jobs to china well of course the energy companies are being sold off to china as well so of course what happened was margaret thatcher privatized british gas and now it's all those sort of companies are being sold to national companies whether it's in germany france or china state owned companies that are now by this is the really the ironic bit of it there is that the royal mail was sold off there was privatized a huge buyer of royal mail stock or the public pension funds in germany and other countries from the public welfare sector that will be getting the money that

britain spend on mail and higher and higher and higher and then the public pension funds of these countries will get the benefit of having a utility like royal mail sure a few people made a few private pops on the stock it was up a few percentage points and they made a few quick bucks but within two years the turn over the float will be such with these the british people of vomit out their profits on the street within a year or so having a whoop de do party time but that huge income producing acid will be in the hands of a foreign government who will then be charging british people extra for the luxury of having their mail sorted in delivered at the expense of themselves well actually another big buyer was the sovereign wealth funds of the gulf nations of cutter of kuwait of all the region they were buying up the royal mail so but you know here that tweeter responded to the bank of england and said that they were pushing people further into poverty so i went to look at what quantitative easing has done around the world body. parts for sale by desperate u.s.

workers the bloomberg article about this the same headline in business week they say bodies double as cash machines so this is what's happening in the united states thanks to quantitative easing where they're also saying we're targeting jobs and giving people jobs well in all but two quarter since the beginning of two thousand and eleven hair eggs and kidney have been among the top four autofill results for the google search query i want to sell my dot dot dot so the sale of kidneys however is illegal in the united states that people even explore indicates that there are still a lot of people worried about their financial outlook says nicholas colas a chief market strategist at new york based convert x. who tracks off the grid economic indicators this is very much like he says every other recovery we've ever had because it's not an economic recovery where people are getting jobs and wages are going higher and they're a symbiotic relationship between bankers and workers and other parts of the economy

that aggregate themselves into a working hole you've got one predatory monopolist the banking sector in the energy sector forcing the bank of england to flood the market with cash to the point where individuals to make ends meet have to sell their kidneys i'm sure that they'll be formal kidney exchanges i'm sure that the nymex in new york will be up and running kidney exchange and you can buy and sell kidneys on that exchange will be kidney futures don't be kidding to rivet it will be a huge market for body parts but that's not a healthy sign that's not a good economy if people are selling their body parts to afford heat that's being priced by a monopolist that's being fed by a predatory psychopath mark carney over at the bank of england of course osborne was in china this past week he called the brits secretary and that they should be more like china but of course in china there's a huge body parts market mostly from prisoners that have been executed in the us i said if they did have a formal kidney market and they're suggesting they should. to that it would be the

average kid who would go for fifteen thousand two hundred but they said that people most likely to accept payment for a kidney tend to be younger and healthy coming from modest means which of course is who is being penalized in every sector of the economy whether they're being all these top up fees that became huge fees for college all the ten percent rise in house prices here in one month the london is forcing out the young it's benefiting the old as wealth transfer from the young kids who now have to sell their kidneys to even get on the property ladder but if you're under twenty five years old you're being bred for body parts i mean let's be honest that's your years to society get yourself into so much debt by buying consumer garbage from high tech companies until the you have to use your organs to be transplanted some geriatrics who are making out like bandits being. done deals. god i just saw

a vision well i was just thinking that we used to have these films back in the seventy's about like logan's run where we we we took the body parts of the all the people not the young people now is there why that makes no sense why would you want an old crusty dusty liver of course judge i was born to try to sell the brain in china you couldn't even get a pork bun for it i think five bucks is all anybody wanted for george osborne's brain this scheme of inflation deflation confiscation now we're seeing confiscation here channel four news reports r.b.s. accused of seizing small business assets and selling them at knockdown prices to an r.b.s. subsidiary so because of the misselling of swaps remember r.b.s. is paying for those misselling swaps right now well during that time they also seized the property of customers business customers at knockdown prices they said it was an auction but it was actually to their own subsidiary so they used the case our channel four news found this case of a man who owned a property they bought it for five hundred thousand pound the subsidiary it sold it within a few weeks for a million pounds on the open market r.b.s.

predatory monopolist they were bailed out by the state they were not forced to atone for their financial terrorism so you are feeding them you're saying we like your terrorism now they're going after the small to medium enterprises in the u.k. they're chopping them up they're selling them for parts they're banks that are marauding the landscape they're out of control that there's on the terrorists and the state funds them so again the youth are being raised for body parts and consumption and to get in over their head with loans that they can't possibly for when this real estate market crashes within eighteen months then everyone who is getting on the so-called property ladder they'll be forced to sell it knock down prices the subsidiary is called west register but i want to move on to this final headline here about bitcoin because of course because one is on confiscated will essentially because unless they can crack your brain wallet which they can't then they can't take it so john meton is looking at the dread pirate roberts story of the silk road. confiscation he says if your online wealth cannot be robbed by

common bandits or government officials then the world truly has additional money worth paying attention to now the reason why i bring this up is why it's so important that it can't be confiscated is we saw in china the announcement that by do the largest internet company would be accepting big coin and we also saw on friday world's third largest chinese big corn exchange hit by one hundred gigabyte perception attack and experts looked at it and said whoever did this was using didn't care how much money they were losing because they were spending a lot of money to do this attack and it reminds me of the attacks on gold and silver that somebody who doesn't care about losing money somebody who could drop six hundred fifty million dollars on gold. or solve the big going because it's unconscious capable as you point out the price that was being set in china where the price of bitcoin has doubled in the last few few weeks post silk road and it's going to as i say my interim target is three hundred fifty dollars now my longer

term target of course is one hundred thousand dollars per bit going so this year with thanks much bailey has a report thank you reds stay just for the second half oh hold. you don't know if you don't pick or. everyone in my life that i cared about their government and then. came to skin. i was a national champion in track and field and also i was able to go in qualify for the olympic games. you know nine hundred eighty eight i started to experiment with other drugs i had lost all the financial means that i. was really on the street.

black market can. get a great. interest. live .

cross talk rules in effect get into can jump in anytime you want. the torch is on its journey to such. one hundred twenty three days. through two thousand nine hundred towns and cities of russia. by fourteen thousand people or sixty five thousand killings. in a record setting trip by land air. space. torch relay. m r t r g dot com. welcome back to the kaiser report imax cadger time now to go to dublin and speak

with professor constantine good b.m. welcome back to the kaiser report constantine delighted to be with you mox all right person to you tweeted that greece is on the verge of bell out three point zero the german finance minister denies this who is right well i mean unfortunately it's all german finance minister course right and it's not me who is right reality is troika has left greece currently is sitting back waiting for the greek authorities to come back with a credible plan to block the deficit the deficit is estimated between three point eight b.n. to four point four billion for the next year eleven point to get in over the next two years it depends whom you trust will you trust them and was usually a bit more on the money or you've got the european authorities i don't way there's certainly it got there and it has to be plugged is it more likely that what we're seeing grace will be ballons like we saw in cyprus and what would a bail in look like in the context of grace from the very beginning of the great crisis it was very clear that either the country will have to go through financial

repression both include include malins of the depositors' and the bondholders and the likes of the private sector or they're always being a very much easier weight cheaper solution which would have involved some sort of the what is known as official sector participation when other words other lenders such as this you see i.m.f. and the rest of them taken a hit but of course we know that the official sector is that if you isn't the participate and below. and there's a lot of doubt where hurtling that erupted there was a station where the ordinary depositors let alone large scale depositors will be bailed then most likely i suspect that in the next few years we're going to see that anyways materialize and denise whether this bailout is going to be unveiled a lot because it's quite clear that the country faces hundred one. that seventy five percent that would be in terms of government debt alone when the private sector that's a must when the banks are reliant on government in terms of this is this is they in

on balance sheets when the banks are going to the e.c.b. all of the time to bordeaux it's very clear that sooner or later they bail insubordinate because theirs will come in i mean you talk about the official sector and how they are never asked to take any kind of a haircut or any kind of a lot lost but constantine isn't it the case where the official sector has more alas caused the problem as a way to fund themselves in other words five or six years ago the i.m.f. was almost bankrupt it wasn't until the greece problem came around irish problem came around that suddenly the i.m.f. found itself back in play but the i.m.f. fund itself on the wholesale debt market in ways that are not available to greece so you have a very asymmetric relationship where the i.m.f. and the official sector as you call it is basically picking andre's picking on ireland picking off assets in a predatory nature they're not there to help these countries they're here to ransack these countries or am i wrong to some extent you are right in the sense

that i'm after certain expanded dramatically it's monday and it's lending in the in recent years part of this is driven by the crisis part of that is driven by the fact that america has already pushed before the crisis for expansion with lending money if and when the capacity so what gardenia of iron is that happened three years ago is an i.m.f. expounded the basis of which they can lend by increasing the country's contributions to the i.m.f. fun and as a result of that our land which was going into the bailout was obliged to pay in several billion euros into the bit into the i.m.f. fund to fund it the same with greece so we have the big build out countries which actually contribute something of capital buffers if you want but yes and general it's less so prevailing in the case of the i.m.f. more prevent in the case of the european authorities whereby the balian so. have fun for the quantum is themselves like the very for the quantum is over ireland portugal spain greece and to some extent italy where the billions are competent

through the lens and through this over and in order to recover if you want some of the assets in the private sector most pronounced case was of course in cyprus and in ireland and in our the united states with literally paid off the bond holders in ideas banks using the money borrowed by the exchequer from the troika so in a sense you know and now we are trying to exit the bailout so that the same lenders whom we bailed out in the first place are going to lend us again so they've really inflated all the. the moral hazard as it's called has been re financed for another round of predatory behavior so let's talk about ireland for a second we're told it's going to as you mentioned are going to exit the bailout soon when and how and well where will they regain their economic sovereignty will they regain their economic sovereignty as the government is claiming can you speak on this a bit of course yes let's let's take it in stages first of all that the government has promised that by december fifteenth ireland will so-called exit the bailout

what they mean by exit from the bailout than thirty different from the exit from the bailout that iceland has achieved when arnold exits the bailout comes me december this year it basically means that we have run out of the road warrant from the troika there isn't any money left to borro in the troika fought and as it is out of that are going to simply exit and by not asking for a not a bailout not going from that right there you can see the problem with a deal with this is that we will regain our independence is going dependence first of all are and as a part of the fiscal compact we're not defied the treaty would pass that she is that of the referendum and there's also that arlen is on the what's known those that do packages of legislation the u.s. just lation which affects the very significant and strange and oversight. the budget that is not mix in fiscal dynamics in the member states and this is the so-called poc and six part legislation in particular under the talkback legislation

any country that still owes money to the troika and has not paid at least seventy five percent of the boring strumpet troika will because subject to that in a hound's oversight by the by not troika anymore but by european authorities so in a sense ireland has regained its independence from troika by going what the russians would call void in other words instead of three parties oversee in its performance there will be two parties overseeing the reform of the european union and the c b i when you look at the composition of the troika throughout the whole crisis since the beginning of the bailout and the longer term even before the bailout during the beginning of the banking crisis in ireland the i.m.f. played the most benign role in the entire combination of lenders in the sense of time have for example was willing to delay some of the justice and give irish authorities some breathing space to sustain some growth and they quote to me i am have also was focusing more on longer term structural reforms while the e.c.b. and the european commission of focusing on that it quick that's the exit deficit

problems alone without the structural reforms that such so as a result of in a sense arlan going in out of the bailout will just throw it overboard the only support it has in troika all right quick question what percentage of able bodied view over the past five years in ireland has left. well we have a name of gratian i would don't know exactly the breakdown in terms of the youth themselves who do know is that the immigration has accelerated throsby and net he c.p.m. of immigrants the arlon in two thousand and six two thousand and seven and before that so before the crisis we will bring in people in at a higher rate than we were shipped in the moloch since the onset of the crisis we have dramatic rise in terms of net immigration there was eighty thousand people who emigrated last year out of the country with four point that need a book listen that's a significant amount what's more troubling now is that even the early years of the crisis majority of immigrants would he turn in migrants from the sessions they such

as poland for example slovakia baltic states and so forth who were who lost their jobs in ireland who would return and back to their home countries or move in somewhere else in europe about thirty years ago this which occurred whereby a now the dominant share of people emigrate and on that other people themselves in addition put it in the last two years where tribe can pay significant outflows of younger people who are highly educated and sometimes even have jobs who live in ireland simply because they see no opportunity for their future the bronfman their future careers their future growth authorities saying that this is a lifestyle choice in a sense yes it is as we usually joke here in ireland the lifestyle choice they choose they'll have a lifestyle rather than not with whatsoever in the future all right gustin while on a train visit to china the ad chancellor here george osborne call the u.k. a second rate nation where the people have to start working like the chinese do you

agree no i disagree if you look at what's happening in china as majority of china's movement towards wark unlike the runts the quantum is are but out and cry volatile they're out by haven't skills and rely on skills and in the vacation chinese accord to me is changing dramatically right now internally it's not visible to us from the outside as much. well what's happening there is you can see the economy is the brakes economy is the general shift in the way from this commode it dies a lot of what we call an economics widgets genetic stock basically cheap they do bears for the western markets and then the production of the indigenous the design develop high value out of the goods take manufacturers' let you know for example in china that's a great example of that look at out the motive sector in china which has gone over the nest in the day kate from being able to produce only substandard quality cars higher and higher quality cars and so forth so it is very. ironic that the

chancellor is talking about starting to resemble china has what he is a reference and more so is the youth as ethics of war or place and in some ways yes in social democracies around the world we have learnt quite often how to work hard would have a cracks because asians but that is very much over generalization as well because if you look at for example the quantum is like they can't really tell an economist affect this leap into three parts you have an administrative center in a center with a leader on their own lots of region you have a kind of more are going to have a cultural value out of the great cultural and wants the market culture on the ground inside out in the south but when you look at the northern italy it is as efficient. as efficient as southern germany and austria so there is a bit higher level of productivity high level of activity high up to two high quality aptitude and very significant human capital accumulated there the same for the u.k. if you look at the areas of southern england for example it is around lager and so

forth which sustain the u.k. cornmeal are all they contrast of by the what we would call welfare dependent art of england such as for example northern ireland and wales where there is a bit high level of transfers from the rest of the u.k. into the budget that i mix into the fiscal side in order to says they some sort of growth right so i was born if you want to date. the value added sector to expand he way to try to improve the education standards by not having things like top up fees to get the education quotient higher and therefore increase that higher up on the food chain in terms of value added so it's got a completely backwards as one would expect from george osborne now we've got about thirty seconds left i want to ask you about a new phrase that's been introduced to the world by china the americanization what does that mean what are your thoughts on this we've got about thirty seconds it has been a very long standing dream around the wall to have some sort of an alternative emergent to the us dominance in terms of the investment flows and in terms of the trade

flows as well as the human capital flows around the wall i think this is unlikely to develop on the side of the china for obree expulsion for but so no later american influence around the world is going to continue to decline and will decline to the point where america's going to be if you want not the second power as such but there are there are a local share in that are without the centers around the world most likely regional center such as asia pacific. thanks so much for being on the kaiser report. and that's all the time we have for this edition of the kaiser report with me max kaiser i'd like to thank our guests constantine go again if you'd like to get in touch with us tweet us at kaiser report until next time i started saying by all.

right. first for you and i think. we're going to. be in them. i am. a one term i save money to hire a hitman to shoot me dead from the next building or through the open window. i search through the internet typing things like i'm looking for you i'm waiting for you before i wrote i'm waiting for you i'm looking for you i didn't care at all what this man would be a lie deprived disabled a real. job with you know you want the battery is thrown out. i love everything about him i have grown to love every here everyone just

fingertips him actually be healthier than other guys who drink beer in a bench i've always promised that if she ever realizes it's too much for her and she decides to leave me i will accept her decision without criticism because it's her choice. to the. show thirty four could spend over billion euros it says so each one hundred fifty million degrees with the. north to sell something peaceful to france the trouble in search of a song. we've got the future. russia

mourns the victims of a suicide bus bombing in the tunnel but took the lives of six people with the witnesses describing a scene of carnage the report from volgograd on they also not a career jihad is the center of it all. and also the deaths from the skies. the u.s. must explain why these people have been killed. on the scene to national slams america's drawn war in pakistan condemning the regular civilian casualties as nothing short of new crimes. in one of the richest countries of the world are living in a type of war zone the u.k.'s most vulnerable are in danger of being left out in big.