and then reprocessing it all and selling it as liquidity or a market making and wealth creation other branded slop inducing nausea from financial mega banks in the city or on wall street oh stacey burger max they got our debt sounds as gross as the gutter oil from china we're going to look at that gutter oil this video of chinese street food made from gutter oil is the most disgusting thing you will see all day and aside from being a downright disgusting it's also contains carcinogens and other toxins let's look at the video here some would be making it it's all in a day's work for this woman she opens up a manhole cover and scoops out as much slow 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 the 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 reprocess to bits available as a combustible or yes on the street with the slump in the financial system so take credit they to. a 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 a guilt which is then the collateral upon which the housing bubble in london is based and if you were to examine the balance sheet of the bank of england you would find reprocessed pork slop and gutter slop and oil and all kinds of dog bar bit in the us like you know still and whatever it is you know trying to cut it get into little mandarin there. you know where the men are no no no no i'm saying like the balance sheet of the bank of england is as toxic as that as the reprocessed oil was being dredged up from the streets in china and the effect is the same with apologies 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 your 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 nine times g.d.p.

all 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. you know 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's worth paying to zero on the dollar put it on the balance of the bank of england and we'll give you gilts priced at one hundred cents on 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 now interestingly they also give some shocking numbers here on what those bank assets are as of august twenty third teen loans outstanding to u.k. residents from banks were two point four trillion pounds that's one hundred sixty

percent of g.d.p. oh 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 in turn 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 won't see silver you want to even see bitcoin 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 bet 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 here 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 look was to be clear about something if mark carney were honest he'd be wearing a dress that mascara full make up 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 pimp full stop and if you open up to the bank of england you'll find nothing but use condoms and a bunch of disgruntled 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 quote here because it gets worse so he said we're we're willing to accept a wider range of assets so-called acid use condoms is what i mean that's euphemism for use condoms extending to raul loads that's you from ism through 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 god or 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 risk asset. asset as sassing you know supreme air 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 when an entire country's economy where there was iceland before blew up or the u.k. today when a big over 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 a forty thousand and then popped and they went through to last decades similarly there sunk 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 old pillow they did measure in an article here that a house where at the size of truth they measure things in terms of stuff that's what ronnie o'sullivan grew snooker player of the history of the world is probably the best economist in the struck 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 got to go thanks ray on the guys report. stay right there a lot more coming your way. well. science technology innovation all the latest developments from around russia we've got the future covered. what this it with these have done invade and occupy another that come through which is their home that we could have taken place without the full consent of the americans and what we've actually seen. americans come up with their own initiative to replace one dictator. to end in a place another that dictate that which is a staunch ally. that is to protect its own back go ahead let's not forget that the

arab spring is a crisis moment in international politics it is the moment in which you can put the genie back in the baltic because the people on the ground in those countries for example in egypt there is a nationalist swing tools. but do we really think that sisi is going to be able to become an old cerium without the people rising up again.

let you go to to. welcome back to the kaiser report i'm nice

keyser time now to turn to demean or flip a sports journalist at the irish examiner but it was also leading a successful campaign for irish debt repudiation as well as managing the blog site bond watch ireland dot blogspot dot eat jam and walk and ties the 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 as a protest against a bondholder of bailout 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 with 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 i'm sharing to bolton and you know lifting the bank that building on this kind of person within hours of the election of a mine days was a nose of the election and i have been to kenya on irish radio and talk you both so

how do you know who he's spoken to. or seems as if we're not going to be able to after all and at the time you know across north africa if you look there are all kinds of real process going on in 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 sources have to go inside yourself to find some common cause what these folks there were seeking in the past because a sect of banks in ireland have occupied the irish people there's occupation going on well not unlike the british occupation from time immemorial this is a financial occupation is the problem or the problem is 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 out right 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 actual bank that potent and we've been one to 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 zero five million or ten million or whatever but i think once you start mentioning billions of homes in people's eyes kind of gives over ok let me ask the question how much was the total balance of these unsecured international bond holders. well so far we have like d.t. to some there was a block for whom it was a brilliant blocks were called namor when your country might have come across a certain what's on nam or wine because i now know wine like of course and olive being the slush fund that all the bad debts are being laundered thrale's 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 line like exactly all one world but he did say he did to the 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 up front and

poured into the banks then the rest of it is money just 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 a street kids it's about seventy five thousand euro per family that has just been put on to this role of the irish people home is on presented in skid has never happened like this before so it's worse than than any occupation and 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've created 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 famine carried only to be visited by another. plague of locusts the banks durst and they looked like they could finish the job the irish soul is at

stake here because 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 arctic 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 ireland i mean this is going into the lexicon this is now going into the the general acceptance in the same way that 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 not even what there was a shot at 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 place or but that was so it was we were exporting beef and kong and order never hears from ireland at the time of the so-called famine and famine means 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 billion we didn't get

a cent of debts right up but the so called be you know not one cent of death right don't just mean these are secured and secure because we have a securest based upon dollar to all the rest. of the risk yet but now we have it and his departure was death piled on desks we got additional debt and the so-called bagels on his beard off when that tries to delete it to teddy to try to come in the member of a memorandum of understanding that if the i.m.f. came into any country one of the first people his 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. if 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 because we have no debts leaves and for the next forty years just on the producer notes that want to disappear focusing on no we've a major move from europe using the technical group and on the technical group and it was because of the work of the technical group technical group and then of the aisle of it all saying that parliament doesn't actually have these an 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 a for the first time ever behind one of the proposed that we have for back this relief and i want to force one which is the ending of the promise or no it's i surely hope that the producer who expects to so it's a couple of things or first of all you're leading into this idea that you're having some success here but i wanted before we get into that just point out about the the debt itself and this idea of exiting the ballot which is based on the belt and as you more accurately describe it because this is the headline in the financial times

in the financial press and in the german press your nazi overlords have said that ireland is exiting the ballin but this is really just sofa straight said you're playing with words because it just hurts they just stands 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 something it was correct you know without it interesting time like the police or norse for example it was thirty one billion you were interested in twenty ten thirty one billion euro and you think of the scale of the actually kind of the g.n.p. you know she got to be one of the top people in parent something one billion to be able to 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 are afraid of you and so i did it to see if he did moses i know. her strength was surely to fight really trying to push not to reach out back and look at the process not just the bank set up your science speculations occasionally for skinner it was would have to mean rotten bank

she for that could not and so it was not done for the benefit of the irish people thought they were in billion euro they had nothing to back this just as tacit in jail yet they were shouting and these are soaring irish i was looking at the tower trust through the river here and we badly need something like that and i don't know just enough to short people into because although many will decide it's simple yet energia these days if it was in china he would have been beheaded erratic because he's a naturally i would mean the 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 three sets of the very beginning 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 the foster night and we would need to take this as you had even the chief economist with city city back up in the city caucuses your bank lately saying islanders over thirty six billion sixty billion euro by europe post 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're never even asked for us they're going to europe 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 headed in the absence of bank to commission offers money that we were borrowing every year to buy would be never a year to destroy. the pay back does you know these notes but knew when to put a stroke and fabric noonan knew the news they define as 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 publishing books and he put the stroke whereby you know he's told us people we've paid off the bonds are gone the bombs are you know nothing about hold a stroke doesn't matter he's saying he lied media ball he lied the media law is a good life have to hold a strong half truths of how they called him past sure that he is intensely because it is a very it was just a bit flaky you are on this drug route you know 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 they're suffering bongs i don't know sitting in the central bank twenty five billion bought assumes their sword on they have been issued as soon as they're sold on the twenty five billion dollars it's taken and it's also destroyed and almost there seemed like there's the promise you know it's we're going to as a candidate from what you see its banks a little you see here the city of london h.s.b.c. barclays lies r.b.s. they commit same kind of accounting fraud every day citibank j.p. morgan goldman sachs same kind of accounting fraud ariadne ireland disguised noon

in the finance minister shyster banks are no good next and then enda kenny the current. the chain shock where you say that word to shock teach shock which is prime minister you know it's a leader it's actually tries he has transitions the leader you know it was a leader last he said it's translators into leach but what kind of name is end it is that where you think i mean i think it's kind of weird yes. and you know but what i've sat there and you have no you know what the side and the and and i like what an independent and put it in the end and 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 pass represents and him 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 mouse china support again before does well it came as never said you know that was a punk rock group you know everybody else and that daughter i called the nodding heads that just you know and i d's 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 there were no longer like if you have the banks the banks have had your obese for direct line to these for the people nothing that got the policy statement in their hands in their school oh yes we're going to be in kilkenny for the couple omics best of all next week myself david mcwilliams a constant theme to our guest you know our friend clucky those are the top of timeless in the world right now you know a lot of the actual county occulted omics next week maybe we'll see you there but

thanks so much for being on the kaiser report. thank you very much max. yes. all right that's going to do it for this edition of the kaiser a par with me max kaiser and stacy herbert i'd like to thank our guests dear little flip if you like to get in touch tweet us at kaiser report it's all next time by. the deepest lake in the world. usually then no more than fifteen thousand years old this one dates back twenty five min. of. spirits and buddhist dogs live in. the pure clear water in the lake is helping scientists unravel the mysteries of the

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