opens up a manhole cover and scoops out this much slower because she can't she works in the streets at the southern chinese city of shenzhen a foot soldier in china so-called customer oil industry this reminds me of a story we covered here on the kaiser report a couple of weeks ago about these fat birds in the sewers and of london these are enormous concentrations of waste and moistened toilet paper that are clogging up london's sewers so what you're telling me is that in china they dredged that stuff up and they re cook it and ten percent of what they're eating on the street is made from reprocessed toilet paper read in fact bergs that they put into their pork buns and other street food gosh remind me not to book any flights to china any time soon well actually they go on to mention that that woman is just buying a house with all the money she's made over the past ten years pulling out those fat birds from the sewage so perhaps you could do that here as well that might be a way to build the economy well i think what you're saying is that there is an

analogy here between converting the sewer garbage fat slop into reprocessed tidbits available as a combustible or yes on the street with the slump in the financial system so they take credit they take collateral that's better abused and has been sold down and resold hundreds of times and they put it on the balance sheet of the bank of england and the bank of england exchanges fresh slop me in the form of the guilt which is then the collateral upon which the pow's and bubble in london is based and if you were to examine the balance sheet of the bank of england you would find reprocess pork slop and gutter slop and oil and all kinds of dog bark bit in the us like you know a fillin whatever it is you know trying to cut it get into little mandarin there. you know i hear the mandarin you know it's no no no news i'm saying like the bouncin of the bank of england. it is as toxic as that as the reprocessed oil was

being dredged up from the streets in china and the effect is the same it's apology scheme built on crap he yes it is as carcinogenic and toxic as the stuff it does the job it might look like there's liquidity it might look like you're your pork bomb is being cooked in oil but that oil is from the sewage system and you bring up the bank of england and that's in our first headline here bank of england's mark carney places a bet on big finance so he was speaking to the f.t.'s one hundred twenty fifth birthday party and he said he mentioned that since one nine hundred thirteen u.k. banking sector has their assets have grown from forty percent of g.d.p. to four hundred percent of g.d.p. and he thought this is a good thing but that it could be even better he said by twenty fifty u.k. bank's assets could exceed nine times g.d.p. and that is to say nothing of the potential rapid growth of foreign banking

a shadow banking based in london he continued some would react to this prospect with horror he was right says martin wolf of the f t since this would turn the u.k. into the iceland of two thousand and seven times g.d.p. well first of all what wasn't covered the f.t.'s one hundred twenty five your birthday party was mervyn king popping out of a cake. and then his moves were dangling. tony blair was there a backup dancer pole dancing in the background with his moves and then david cameron set out the biggest movie of all if you notice that walrus beach waterspout let's get back to this idea that mark carney thinks the way to stimulate the economy in the u.k. is by expanding his balance sheet from roughly two trillion pounds in debt to what he's saying now nine trillion pounds of debt on a one and

a half trillion dollar economy you're right it would be like iceland right before a collapses but this is exactly what we're talking about be saying to the world bank's give us your toxic debt give missed the flop the junk the collateral that it's worth a penny to zero on the dollar put it on the balance you the bank of england and we'll give you gilt price that one hundred cents of the dollar which then you can use collateral to keep your ponzi schemes going all over the world marconi wants to be basically the hawker of the world i mean he wants to be the hooker of the world he wants every single every single to east he's the two pound hooker of the world he wants to get on with everybody and he'll do it for cheap this guy is shameless he's like the type chinese laundromat of the world he wants all of these foreign banks to put their fraud whether it's market rigging of live or now for x. market rigging that is the investigations are going near those increase your assets of course but like with the gutter oil we find out that it's actually all slop and

toxic and carcinogenic to our financial system no interestingly they also give some shocking numbers here on what those bank assets are as of august twenty thirty nine loans outstanding to u.k. residents from banks were two point four trillion pounds that's one hundred sixty percent of g.d.p. all of this thirty four percent went to financial institutions forty two point seven percent went to households secured on dwellings. and another ten point one percent went to real estate and construction manufacturing received one point four percent of the total u.k. banking is a highly inturn connected machine whose principal activity is leveraging up existing property assets the u.k. economy is essentially a pawn shop next door for house and you've got mark carney who will give you cash to visit the whore house of real estate speculation and he'll take anything in

exchange for that cash to go visit the whorehouse of real estate speculation in the city of london so the bank of england if you open it up the vaults you won't see gold you want to see silver you want to even see big coins what you'll see are mountains and mountains and mountains of garbage and trash and gutter oil and dead bodies and mervyn king's dresses that he used to wear when he was not seen governing the bank of england before and old guys from the old victorian era stacked up like firewood rotting and that's the collateral that is the doctor saying the real estate speculation which has only one inevitable conclusion and that is. last but it's a question of when well as you mentioned he they're willing to expand their balance sheet and this is another thing that the f.t. party conversation turned to he mark carney said the range of assets we will accept in exchange will be

a wider judgment look let's be clear about something if mark carney were honest he'd be wearing a dress that mascara full makeup and parading around in front of the bank of england sashaying around and basically doing his job as a pimp for the real estate speculators here in london that's his job carney is a full stop and if you open up to the bank of england you'll find nothing but use condoms and a bunch of described old customers who spent all their money on two dollar hookers in the real estate speculation steph spit known as the city of london continue on this because it gets worse so he said we're we're willing to accept a wider range of assets so-called acid used condoms there's one way that's euphemism for use condoms extending to raul loads that's you from is number three or some of the things in the kama sutra which you can't describe on the show because it's a family show. it sounds like the gutter oil the gutter with

a gutter oh yeah they do it in the gutter for sure in fact he then goes on to say any asset of which we are capable of assessing the risks asset. asset as sassing you know since the mere but of course we have this got our global economy because nobody can assess the risks of these derivatives this is the key is that when they go to sell these bonds into the market so called tapering. they are making the assumption that the bonds that they have on their balance sheet that they accepted in exchange for the money laundering that they've been doing are worth one hundred cents on the dollar but when they go to sell those bonds they're not worth one hundred times of a dollar they're worth maybe two cents on the dollar so it's just like in any puns the scheme you can't taper a ponzi scheme you can't unwind a ponzi scheme the bodies came only goes one way and one and entire country's

economy where there was iceland before blew up or the u.k. today when a big or japan in one thousand know this is it the city of london today reminds me of tokyo circa one thousand nine hundred eighty nine when one square foot of real estate in the downtown tokyo was worth more than the entire rockefeller center or some a normal of california some incredible metric like that and then you know the nikkei was at forty thousand and then popped and they went through to last decades similarly they're selling plots of real estate in london that are as big as two stucker table for one hundred fifty thousand pounds that's the equivalent of tokyo one thousand nine hundred eighty nine this sucker is good all below they didn't measure in an article here that a house were the size of two super t.v.'s they measure things in terms of tells us what ronnie o'sullivan grew snooker player of the history of the world is probably the best economist to run this record out of the rodeo so all of them should be

running the bank of england not mark carney if you're going to measure your economic growth in terms of super temples. in charge because they don't bust the other player in the world not marconi who were not so i don't throw it out there lolol all right stay here we've got to go thanks for being on the kaiser report. stay right there a lot more coming your way. one of the wonderful drama in washington d.c. let's face.

pleasure to have you with us here on t.v. . to show. what this it with. invade another country which is the home. could have taken place without the full consent of the americans and what we've seen. another dictator which is. about this. go ahead let's not forget that the spring is a crisis moment in politics it is the moment in which. the people on the ground in those countries for example in egypt there is a nationalist swing tools. but do we really think.

the people rising up again. my language as well but i will only react to situations i have read the reports from. the pollution no i will leave them to the state department to comment on your minor point to say to mr kerry you have a car is on the job here. thank you no more we are. when you question me prepared for a change when you should be ready for a. freedom of speech. down to freedom to crush. press and media freedom worth nothing. when it comes to the interests of multinationals we have a media that is corrupted by power mostly by corporate who have corporate ownership

from the top of corporate advertising coming in from the side we have the media this is where advertising and money and corporate influence is really the mother's milk a documentary filmmaker is being sued. for the truth is being told a private investigator sells something to someone taking e-mail reading it happens people buy and sell those kind of services all over the world. hundreds of million dollar industry that needs to protect its reputation a few million being spent on it on a campaign to do just that is probably goods good money wells well spent. so what will be the verdict. big boy is going bananas. the olympic torch is on its epic journey to such a. one hundred twenty three days. through two thousand nine hundred town two cities of russia. relayed by fourteen thousand people or sixty five thousand killing.

in a record setting trip by land air sea and others face. a limp dick torch relay. on our team dot com. you are to. welcome back to the kaiser report i'm nice keyser time now to turn to diminish lead a sports journalist at the irish examiner but was also leading a successful campaign for irish debt repudiation as well as managing the blogsite bond watched ireland dot blogspot dot the german walk in the kaiser report thank you very much max chris to be here all right now you're heading into the one hundred and forty s. this week other protests against a bondholder of bail out in ireland tell us about the campaign we stuck to the sixt

two thousand and eleven which was the weekend after the last general election and i see in color was a lot of irish people i had voted for a change of government because they had made all the right noises we tossed in terms of you know sharing to bolton and you know lifting the bank that boat and all this kind of stuff because within hours of the direction of the mine days within hours of the election and i had been to kenya on irish radio and talk you both so hard to know who is spoken to. or seems as we're not going to be able to ensure after all and at the time you know across north africa and europe there are all kinds of real process going on i mean dangerous process people taking delays in their hands you know in iraq and in libya for a long time they aren't going to do it and they so this is happening around the same services have to go inside yourself to find some common cause what these folks there were seeking in the past because an effect of banks in ireland have occupied the irish people there's an occupation going on well not unlike the british

occupation from time immemorial this is a financial occupation is the problem one of problems that people don't understand that when you have a financial occupation like you do with the banks the terrorist banks in ireland that because it's not outright land grabbing but using financial instruments that it's hard to communicate that yes from morris it was just as effective probably far more effective as well because and that seventy billion. is the actually banked at both ends and we've been under six and i'm seven billion and people are just not a religious and you know i think the scale of it as when it gets people i mean if you talk about you know it was five million or ten million or whatever but i think once you start mentioning billions of homes in people's eyes kind of is or was ok let me ask the question how much was the total balance of these unsecured international bond holders. where so far we have. to some there was a block for whom it was a brilliant blocks were called namor when your country might have come across a sudden loss on namor winding as a number one like of course dollars being the slush fund that all the bad debts are

being laundered through and it's similar to the wine lake and france where they had subsidies by the government to keep the wine industry going so there's a government subsidy reference to you know market lying like exactly all one world but he did say he did it in numbers on this and sixty nine point seven billion that's really put into so for some of that money is money just that has been taken from us like we had the pension reserve fund where we had savings you know it was twenty point seven billion dollars actually taken from that pensioners are front and poured into the banks then the rest of it is money this is actually no to europe so between those who would have to go sixty nine point seven billion and you know if it works or support fifteen toes in europe plus not good if they can ever time you have to have those three kids it's about seventy five thousand euro per family that that debt has just been put on to the shoulders of the irish people home is on presented in skid has never happened like this before so it's worse than then any occupation in the history of ireland he could say and that the it would be

more like they'd have to compare to the salmon because what in fact what you've done here is you create a manmade famine of credit so that you're starving people to death in a way using financial instruments and sell here you've escaped the whole troubles period and the sanitary only to be visited by another. plague of locusts the bank's thirst and they look like they could finish the job the irish soul is at stake here because not even your local media and ireland refuses to cover the fact that irish people are being terrorized by pankhurst what's wrong with this irish media are they just are they just corrupt are they stupid well it's actually there's another parallel as well because like you talk about the famine there was no famine in holland i mean this is going into the lexicon this is now going into the jungle except it's in the same as there was no big people talk about the famine in arlington or talk about to be in a circus like it was a talk about the second they're still there was no human life there was

a shot that there was a failure of one food i know but it was a staple food of the people a staple food have to keep the pleasure but it was you know it was we were exporting beef and kong and order never hears from ireland at the time of the so-called famine offended me that there was absolutely no food we were exporting food there was a decision taken by did government at the time which is the british government just let the people die you know know what you have here you talk of debate over and there was no beethoven and there was a baby and we didn't get a cent to best write them but the so called beta not one cent of test right don't just mean these are secured and secure because we have a secure is based upon all or just all the rest. of the risk yet but now we have it and this is the part we got was dead piled on debts we've got additional debt and the so-called data was always bit off when they tried to delete it to teddy to try to come into member of a memorandum of understanding like if the i.m.f. came into any country one of the first people hit but the one told us they took

a hit when the i when the i.m.f. came into ireland there were companies by the e.u. and the e.c.b. and the one thing to t.c.b. had in mind when they came in was to bail out the banks and to be able to europe it wasn't a battle it out and that's what they got and now we're hearing that we're going to exit this bailout as i said to many times people in the i.m.f. when they try to leave they would be leaving with a smile on their faces because every. that they came to achieve they would have achieved everything that they've come to achieve different shaped they'll be leaving here and we have a legacy that we have no debt slaves in and for the next forty years just on the producer notes that we're going to support her focusing on oh we have a major move using the technical group and on the technical group and it all is based on what the technical group to. the end of the aisle it all saying that parliament doesn't actually have these are independent group they go from the extreme left to the extreme right but they come together as a technical group just to get themselves voting rights and speaking rights and opinions because there is no democracy and you know have been so different

difficult to get to for the first time ever behind one of the proposed that we have for back this relief and i meant to force which is the ending of the promise or no it's i surely hope that the producer who expects it to so it's a couple things are first of all you're leaning into this idea that you've having some success here but i wanted before we get into that just point out about the debt itself and this idea of exiting the ballot which is the one that bell and as you more accurately describe it as this is the headline in the financial times in the financial press and the german press you're not see overlords have said that oh ireland is exiting the bell end but and this is really just so for straight it's if you're playing with words because it just hurts they just says for the debts over to another creditor it's like the mafia selling the debt deal another mafia can't tend. to get out of some favors correctly i would without that interesting time like the police or norse for example i was taught the one billion you're interested

in twenty ten thirty one billion euro and you think of the scale of the actually kind of the g.n.p. and there she got to be one hundred top people in parent something one billion to below two insolvent banks using the emergency liquidity assistance fund which specifically states that can't be used to beat off insolvent banks but they did it because they were afraid of contagion across europe they were afraid of you excited to see it did moses i know. first i do assure you that if i have been trying to start a retail bank we're going to have the process just the banks set up your finest speculation is a question for us it was would have to mean rotten bank sheaffer that cannot and so it was not done for the benefit of the irish people thought they were billion euro they had nothing to back this just as tacit in jail yet. were shouting i mean these are soaring iras i was looking at the tower trust through their director here at london and we badly need something like that and i don't know just it was the short people into because the medieval decided simple yet energia these days it was in china he would have been beheaded already because in ireland i would be a free area but that's just another charge of legal precedence that unfortunately

china seems to be more up to speed other stuff but now you're having success well what we're witnessing i managed to get this group together i mean you know in a way i suppose it's a microcosm of what we've been trying to do because we've gotten every branch of the of political toss united behind us one thing because for greece that was a very big and here is this is a european problem this is not an irish problem it was forced on us you know it was the launch of europe which was totally incomplete combs it should never have been launched the way it was launched you know it was daft it was mad it was crazy and when the you know the proverbial hit the fan we were to foster night and we would need to take this as you had even the chief economist with city city back up in the city cop a city bank lately saying ireland is over thirty six billion sixty billion euro by europe but their combined emotion that we're putting don't it on because enda kenny and michael owen have stated over and over again that they have never asked for a bank that's right up front that never even asked for it max max think about this now they never even asked for us they're going to europe is open negotiations and

they haven't even asked so we're putting down a motion of that they detected group on our behalf putting our motion in the door asking to go of this government to ask e.c.b. for permission to bargain their meaning for missing or bonds doesn't know had in the absence of bank to permission or has money that we were borrowing your three years to buy we're building every year to destroy. the payback does you know these notes but knew when to put a stroke and fabric noonan knew the news they defined his mysteries the current is still finance minister yet but he put a stroke i mean it was not a four stroke he has put it since he became a politician bush and he put the stroke whereby you know he's told our people we've paid off the bonds are gone the bombs are you know nothing at all they said oh yeah he's saying he lied to media paul he lied the media law goodlife have to hold a string of half truths of how they called him past sure because he is intensely because this is a liar. and a little flavor you are on this drug route what he has said is you know the

promissory notes are gone and that's true but he hasn't told the rest of the truth which is that their discipline bongs i don't know sitting in the central bank twenty five billion bucks assumes data so we're done they're pretty sure that as soon as they're sold on to twenty five billion dollars it's taken and it's also destroyed and almost too seemed like that the promise you know if we're going to execute it from what you see it banks literally see here the city of london h.s.b.c. barclays lies r.b.s. and commit same kind of accounting fraud every day citibank j.p. morgan goldman sachs same kind of accounting fraud area have an ireland disguised noon in the finance minister shyster banks are no good next and then enda kenny the current. change shock. i say that word to shock teach shock which is prime minister yeah it's a leader it's actually times he has to say she was the leader you know it was a leader rather he said it said as leaders into leach but what kind of name is end it is that where you think i was kind of weird yes. and you know but what i'm i've sat there and you have no you know what the hashtag and the and and i like what an

independent and put it into and then i put it into into place so here's a guy who's mostly representing his people yes but he's represents shysters banks there's a terrorist financial terrorist oh how did that happen you know. what i think actually you know there is no democracy not to move you have a gang of four who actually make hard decisions they're independent becoming a four would be and the county michael noonan patch represents and in getting more and some of these are very good traffic and to be eighty years of experience in the private sector zero qualifications teaches this like mao's china support again before this whole it came as it never said you know that was a punk rock group everybody else and that daughter i called the nodding heads that just you know ideas for guys coming to come into the cabin as possible with their ideas no a lot of those stick to your ideas would have been dictated by the troika but a lot of the internal decisions on how they're going to you know impose all these cuts and how they're going to raise all these taxes are decisions taken by

themselves and all of these decisions they favor the banks right along the line if you have the banks the banks have had your absence for direct line to these for the people that got the policy statement in their hands or their squillo yes we're going to be in kilkenny for the kill comics' best of all next week myself david mcwilliams a constant sink or gas you know our friend plucky those are the top of timeless in the world right now you know we're all going to be until comical to comics next week maybe we'll see you there but thanks so much for being on the kaiser report jim and also listen thank you very much max. yes. all right that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert i'd like to thank our guests dear little flu if you'd like to get in touch tweet us at kaiser report and so next time.

do you think your argument about turn came bang that prodigious example of a muslim democracy that was able to separate but it's really turned from an economy still can be applied to these day that's a fair point what i spoke about in the book was how ways gokey had done some being accompanied by skip gates and make it go away with hyperinflation and very valid diagonal with a tide so achieved so much economic success and i think that was great but the problem there is of course they do one day it is and to do it has changed he now has become much more to talk to. us dollar range of any criticism and more bad annoyed. zesty what happened there i don't know but a woman killed. piers later is when i got arrested. for a crime or did not do. we have numerous cases where police officers lie about

polygraph results. and people to try to the police officers don't beat people anymore and it just doesn't happen really. in the course of interrogation because there's been this is like no because the psychological techniques are more effective in obtaining confessions than physical abuse and they were often they could do what they wanted they can say what they wanted and there was no evidence of what they did or what they said. a. it was terrible they come up very hard to make up the second longer a plug in that had sex with the target their number. one.

lifts the submissive lists. a little. lists plug a. current cycle to an octave camera at one time in the air pollution are. i'm out on the first right never turned the world's attention to the police and then some jobs gulag of our times.

official data says october was the bloodiest month in iraq since two thousand and eight all the country's pm asked for u.s. assistance to battle the insurgency. the peace process in pakistan gets the u.s. drone treatment a man strike killed leader of the pakistani taliban who was prepared to negotiate. it is almost like a symbolic overwatch of the populace that makes you paranoid. as a vast new n.s.a. complex in utah is besieged by protesters critics brand a new senate bill just signed two took curtailed snooping as a way to actually legalize the both data collection of millions of americans.