and for a moment china bans financial companies from bitcoin transactions so the central banks that the public however was free to transact in them they just wouldn't allow the banks there to transact on this got a lot of attention but at the same time which went completely unnoticed other than by c m b c in this article here because being recognised by germany as private money bitcoin is not classified as imani or foreign currency the finance ministry said in a statement but is rather a financial instrument under german banking rules it is more akin to private money that can be used in multilateral clearing circles the ministry said this is quite remarkable of course because of the importance and significance of germany in europe and we should have competition in the production of money i have long been a proponent of frederick august on high exclaim to denationalize money because our first step in this direction said frank schaffner a member of the german parliament's finance committee who has pushed for a legal classification of bitcoins bitcoin as

a commodity yes that's true that's what we've been saying all along it's a precious number just like gold is a precious metal and you have monetary metals like gold that are used as money and over thousands of years as we enter the next period of our life here on planet earth humans will switch from the monetary metal of gold to the monetary number noumenal is ation of bitcoin which is a precious number there are twenty one million of these precious numbers to be mined in total and they are the monetary new numeric city that will carry us into the twenty first century so china is correct and the chinese people are correct if they ever want to preserve their wealth they have gold silver and bitcoin to do so now back to the story about germany accepting it as private money so c.b.c. went on to interview kathleen brooks a research director at fork's dot com and she told c.m. b c i think it is interesting that germany has gone ahead and given legal status to the bitcoin as it could become an alternative. the euro if the single currency ever

ceased to exist if the euro does go belly up the german authorities could potentially still collect tax if everyone started using bitcoin that's a good example of german forward thinking well the germans appreciate the engineering behind but the germans appreciate that the i.m.f. is bankrupt and that if the euro were ever to encounter some existential crisis the i.m.f. is not going to bail out the euro but bitcoin could potentially bail out the euro and they talk about bitcoin being able to extinguish debt this is generally the terms used by the austrian school of economics that talk about gold as the only debt extinguisher that is worthy of the name and now we have bitcoin so the only thing we don't have is the majority of the austrian economic school adopting or accepting bitcoin for what it is and we are but they will they will fall like dominoes one by one they will all come over to the side of the debate and the citi group also this past week while the world's media was paying attention to the china

story citi group also said that reserve managers may be starting to look at bitcoin as well and that it would be better actually than the s.t.r. for example you know jim rickards theory that will fold over all of the global debts into an s.t.r. well this could be better he said because it's no individual currency is just of the representative nation states is a separate currency on its own like the s.c.r. was originally designed to be a trade currency well he said this citigroup analyst said that it wouldn't be something that reserve managers would move into first but their incentive is not to be the last and if they start looking at bitcoin then it would be put the u.s. dollar in jeopardy you know right it does it will it will kill the u.s. dollar that's without question the question is will it replace the special drawing right term in terms of settling international debt obligations as the currency crisis and currency wars continue i think jim record so you mentioned you wrote.

book currency wars going is not on his radar he does understand that this is actually a superior mechanism for a currency war enabler then the special drawing rights his to his money of the i.m.f. that he talks about as being the go to currency as you have a recalibration of the global currency grid i think he's going to be wrong i think because he's going to be the go to currency the s.t.r. will end up just being another over leveraged pile of junk that is useless and you know i think jim records will also come over to this way of thinking about actually well i think the interesting thing here is not to look at the price it could be one hundred dollars it could be fifty dollars it could be a thousand dollars or could be five thousand dollars the interesting thing is the debate in that discussion happening and this is only less than four years after it was created less than four years after nakamoto has spread this idea out into the world and it's up at the level of federal reserve bank of the people's bank of china these are discussions happening at that level across a banking analyst now looking at ways that this could be used what it actually

means what bitcoin actually means and i'm going to take us through this next headline here this is quite simply the biggest endorsement that big queen has ever received this is according to business insider who are very much against bitcoin previously and now they're big cheerleaders for it david wu f.x. and rates strategist at bank of america merrill lynch said we believe bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers as a medium of exchange bit coin has clear potential for growth and our view and with that he provides this chart which comparison to western union as you see blue is the western union and red is going and if you notice western union income was down twenty percent in the third quarter this year when they had to reduce their rate their transfer fees well they were. a maryland bank of america clue. really copying

my work i mean he's almost quoting me verbatim he's making a reference to solver which i have done already and his price target is thirteen hundred dollars for a bit coin that's my price target was recently raised to fifteen hundred then seven hundred dollars based on ron paul's endorsement big going so merrill lynch is trying to get into the max kaiser business why don't i don't be smirched him for doing so it's a great business to be and that's why so many t.v. shows make this show so many investment banks mimic what we do that's why business insider has not come totally around to do what we do all the time henry blodget now mimics joe wiesenthal mimics us pretty much where the market a bit going around the world and that's the way it should be because our track record our history go back to original currencies ok well we were the first talking about it for two years but let's look at exactly what he says what the quote is from david wu regarding what the valuation of between a why he thinks it should be worth thirteen hundred dollars and why it could be worth more in the future and this is where he references something that you've brought up here on the kaiser report quite a while ago our fair value analysis suggests that to justify the current bitcoin

valuation it will need to want to account for at least ten percent of all global e-commerce b. to c. transactions business to consumers to become one of the top three players in the money transfer industry and three acquire a store of value reputation close to silver so this is where you come in max this is what you were comparing it to silver right now to ten billion dollars valuation silver is at about twenty billion now you know it's a straight rip off of everything i've said everything we've said on the show and the wall street game is to come up with a target thirteen hundred dollars in this case from merrill lynch bank of america they then will raise that target according to their they want to become the x. as it's called on wall street when the top analyst on the street corner the institutional investor or some other you know reputable or reputable you know analysis will look at one or two firms that are the price maker market maker of the merrill lynch was to be the biggest player in this i don't blame them of course ok well you also brought up right. paul so let's talk about what ron paul said

everybody knows that ron paul said ron paul because he could destroy the dollar we know that he said that but there was an interesting point made in the articles talking about him saying this and i want to call upon that even economists who embrace the power central banks like university of michigan professor miles kimball recognize the currencies potential bitcoin really shows governments are behind the curve campbell said it demonstrates there's a demand for an outlet tronic equivalent of cash so here we are in this new era where the people wanted something it was not provided by the too big to fail banks who were merged and connected and wrapped around government they protect each other's monopoly the banks protect the government monopoly the government protects the banks monopoly they were not willing to provide the services that the consumer demanded the people demanded and a globalized world the people themselves came up with this currency which is much

better than anything that the governments themselves have imposed upon us and we see that based on their response that they're actually issuing white papers themselves about what bitcoin is and what it could be it this is the first virtual currency of cryptocurrency that made it through the government gatekeepers keep in mind that this goes back almost twenty years now when virtual currencies were first invented thanks to my technologies so this is the crypto currency has made it through the government gatekeepers but they'll come after like they came after of sharing and napster and eric schwartz and all the the folks who are there to take it down but it will drive especially when bitcoin marries with pirate bay and therefore the m.p.a. the are i going to go finally out of completely out of business and this is really a fight that i've been fighting for twenty years so it's great to see this chapter now is a winning chapter well you know many people argue against that point saying. well

you have to pay your taxes we did see a police chief in kentucky recently start accepting his payment in big coin but first the town is paying his federal and state local taxes and then paying him and the rest that he then doesn't owe us dollar taxes on but finally i want to look at this final bit about this the future of what these digital currencies and crypto currencies hold for us because it is hardly the first attempt at a digital currency that operates outside of state boundaries e-bay is pay pal plans to launch a digital interplanetary payment system there's also growing support for a concept called seasteading floating cities on international waters where business and innovation aren't held back by laws starting as a national application for good calling to create your own sovereign so you can pay tax too if you're so used to it taxes are ok pay whatever you think makes sense but any current government tax demands are ludicrous because they support a military that's out of control and does nothing good for anybody ok well we're

out of time john mcdonogh time a time ago ok well i have to go get some of those intergalactic currency units because i'm heading to andromeda galaxy later and it makes sense to do the second a lot more. cleaner who's in love with a waitress on stage imagine that there's an audience that you should take drugs and drink like of. the police told me about the circus but i was such a punk i was like what circus. are circus of. great times about kids from disadvantaged.

what defines a country's success. faceless figures of economic growth. or a factual standard of living.

welcome back to the kaiser report imax keyser time out of turn to dr krista lott hosts c f o of the university of. cyprus crystal's welcome to the kaiser report thank you very much it's an honor to be in the troop all right fantastic now your university is the first in the world to accept big coin. what tell us about. actually the. educational conglomerate and i would say because at the university of a nigga see it is

a conglomerate it's a calamity because we have apart from the university we have a punishing so just who is you know london. we have a just because of cyprus and now my students eight thousand five hundred students and i look at it we have many computers all over europe and to help us through this here only programs proto words and you're the c.f.o. chief financial officer and you recognise an opportunity in bitcoin is just part of what happened when there was a bell and going back to earlier this year remember there was a huge bell and there was a confiscation of people's bank accounts is this what the bell rang and suddenly bit coin became something to do actually has nothing to do with the bailout and the crises we have in this having requests from all over they were from students enough asia even the medica what the university courses from their own countries and especially for almost a bundy just like there was who wanted to pay us and be coining in

a couple of months so we didn't see sure we studied each and we came up with a conclusion that would be excellent payments for the students cheaper less. safe. and that we decided to adopt because each term interim twenty just all of the current. payment. comes ok and you also offer degree is encrypt oh currencies correct in actually said must be a cut and sees how the future kind of says will affect businesses regularly they respond kudos account times lawyers mischance consumers it's not actually a course in could total a fee it's of course about the public at large and the business is not large how we have money every day life this is what we want to study in these must have programs ok now one of the questions people have about using big client in

a practical sense is the large volatility you see price movements from in hundreds of dollars in a day as a c.f.o. a chief financial officer of a major university what are your thoughts there is that a problem or how do you address that yeah actually a bit queen us or other codices can be used by that of us a mutual exchange or a store of value us an investment i say what diversity we would be using that between us if full exchange it's a mix in the form of change the split of value if you dismiss concerns we would not be out there taking any risks that these we would be accepting between as a full payment for them to yourself if they do for example you just heard from kenya was to pay one thousand euros and on the point of payment the two hundred euros two if you quit he would send us over five points and immediately we convert it to one thousand even the rate is five hundred he was going to do to be coins and immediately we could get it to one total you would write your university they might

use a service like bit pay for example and they can convert any currency a using the big point of the transfer mechanism and then into the local car and say you're really in the same transaction you're taking no currency risk whatsoever and that's interesting point now if you have students coming from kenya and countries where the capita per resident is very very low if. are using big coin which is a much cheaper way to send money and use money is it is it is it make a difference in terms of now suddenly there are more people who can get an education because of the cost effectiveness of a big coin in other words is having an effect on the the number of people that can actually seek an education due to the cost savings from a big point yeah actually we are launching this special scholarship program for students in poor countries is called uni cuffy to assume the. front that we would be offering special school shoes to students from poor countries and also

give them the push you need to pay through between which would make their studies even. more attractive right so here's another use of bitcoin which is a far as i know has never been discussed it's lowering the barrier to entry for higher education for millions of people due to its cost efficient efficiencies and this of course will then mean a lot more educational opportunities all over the world and as your university in cyprus i take it would be the first to do this that anywhere in the world but the more would follow i would think yes i. believe that the behind all of these two would be attention is the fact that you have pointed out. that he should have and will make education more attractive to push students all over the world at least twenty four of the truck to advantages point right now let's talk about cyprus because bitcoin was trending higher over a number of years and people were looking at this thing as a curiosity more than anything else and then suddenly there were the huge crisis in

cyprus that price spikes from forty to two sixty and people realized that way this is a really a way for folks that are being abused by the banking system to preserve their wealth to escape the abuse of the banking system you were in cyprus at the time what was the feeling on the street was was was it really because from the outside we have the in price. that it was spread like wildfire something big coin emerges and it was talked about immensely is that true or what was really going on actually at that time back in march and april of this year when we had the bailey and the people. in the streets didn't really know about be coined. anything that was happening i don't be quite of the time or so mainly from the queen or in the community outside cyprus or only a few people knew about doubled between and i believe that. the price increase of

then the cost in the press would be queen when i'm not to cyprus i would say ok so more and more activity really outside of cyprus and then inside cyprus itself but nevertheless it did kickstart a tremendous move from they double digits to the triple digits and now the quadruple digits when you said earlier that it's both a means of payment and also store of value let's talk about the store value for a second because some are estimating that you could look at a big coin as you would a precious stone like a diamond and it could be worth a million dollars per bit going even hugh hendry who's a respected hedge fund manager here in london recently has said that bid going could be worth a million dollars per bitcoin ron paul a famous politician in america has come out recently and said that he thinks that bitcoin is the killer of the u.s. dollar and we'll get to that for in a second but what do you think about this idea that the price could trade up to you know a million dollars per bitcoin can you talk

a little bit about that yeah hit us a university doesn't it usually we want to see the study about because you know about the advantages and so on and so forth and we have decided to accept it doesn't mean change it we are not taking any position as a university about the potential or store of value i have of course my own personal . don't know about but what is your personal opinion about that i believe that the ids. would be queen to become. pope a sort of worth but that's my personal opinion ok let's circle back then to this question about what ron paul was saying recently ron paul i think he's a pretty well known politician around the world really because he's been out front in criticizing the federal reserve bank of america which is analogous to the european central bank and the european central bank of course has a direct impact on what happens in cyprus and other peripheral countries such as

grace and these central banks whether it's the bank of england or bank of japan they're all really coordinating under the master central bank the bank of international settlements in switzerland and ron paul has been critical of this entire central bank centralized monetary authority that seems to favor one element society that is those who have access to money at zero percent interest rates for speculation while it penalizing workers and savers but the linchpin of this entire global central bank system is the u.s. dollar as a reserve currency as a c.f.o. of a major university your thoughts on can the u.s. dollar continue this role as world reserve currency. and is it good or is it bad and can bitcoin challenge that role. i believe that it will before. it will do you have outlined right now i believe that. the dollar will continue to

say that all of the cut and lee but it will have to face to face a lot of challenge from b. clinton i kind of sure you ok so basically what i'm getting so far is that you are very happy that bitcoin is unable your university to get more students at a better price and expedite the whole educational process and that's the main emphasis behind supporting because that's true however we have much more. concerns we want through these problems of that we have made to the types governments chukotka cyprus into a hop it was for between trading prophesying and biking and we have made this specific proposal for the government us to how we can achieve that's you know once a country we don't have to look at expo could be this we have to resume of private universities but we don't really export anything however we have a once in

a lifetime opportunity now with bitcoin to convert the she could economy into a help for what trading pay pay and systems banking based on because let me get this straight so you're saying that you are petitioning the government to allow for cyprus to become a global hub bitcoin activity as as and take the lead position so while other countries are thinking about it and trying to examine it like the us or the u.k. they're not sure exactly what it is and there's a lot of lobbying efforts from the banking industry really against it because it's competition cypresses now you're lobbying the government take a position this is a once in a lifetime opportunity we want to be a world leader and we want the business were open for business for a bit going is that the message that seat we want to me it makes i proved this central or went to silence be clean trading process you know but he's got something we have about a minute left can you disk. some of those initiatives. for example the government coming to public statement businesses are very welcome cyprus. being

traded in the. cyprus though the change it will be the first of the big going to be traded on the cyprus stock exchange this is one of hope as well as a proposal yup much of now having what i still would change under the auspices of the government having been a big trading it would have truck trading for a lot of that worked we would have a. related business instead of just being developed we would create thousands of new jobs. put into these great like singapore is the asian for banking and london is certainly a hub in europe for banking cyprus could be a big point for the globe and bitcoin trading and related services that's your that's your hope that's your thought you know the government so far we have about twenty seconds the government so far what has been their response. has been. from what we're trying to say couple of days and he said they are very positive and they

will study and use a very carefully in the next coming days all right fantastic well we wish you luck and i think one country will be the big one or it could be cyprus could be we wanted to be and we make every a fourth well thanks so much for going to guys report thank you very much and that's going to do it for this edition of the kaiser at par with me banks geyser and stacy herbert i'd like to thank our guest dr christos loss of the university of nicosia in cyprus if you like to get in touch tweet us at kaiser report until next time. i was thinking somehow i had to come back because mom was waiting for me. i just

knew that everything would be fine for some reason they were so confident because we were going to get married officially after he came back how could he not come back the mere thought of it never crossed her mind. when the militants decided to try and break through her new guinea screaming grenade. explosion blew them all round his back toward. it was a rule and it was all over all. we know that our comrades on our commander won't leave us no matter how tough it gets we're team. there who are both getting was a senior in his military trio. he knew that if he didn't smother that grenade with his body more of his comrades would die he gave his own life to save his friends.

they look like bounty islands where the locals can enjoy the sun and the ocean. but what was buried here years ago. means these people are suffering the consequences. how much more poison lies on the vis ground. behind this zone there is what we call the callet bank on which there is a deposit of plutonium left by security test which caused the dispersion of radiant you clyde's despite previous cleaning efforts there remains a deposit of a little less than two kilos of plutonium stuck in the rock and the coral reef is about ten meters down you can test

a never ending legacy all nazi. george is on an epic journey to show. one hundred twenty three days. through do you mind the top two cities of russia. relayed by fourteen thousand people or sixty five those who come in. in a record setting trip by land air sea and others face. olympic torch relay. on r t r c dot com. choose your language. we can with. some of that. choose to use the consensus you. choose to tell us that you. choose to stories could impact your life. choose to access to.

police in the ukrainian compas old push on to government protesters and clear some of the barricades set up allowing parts of the city to return to walk after days of paralysis. in while kiev becomes a kind of hold for western diplomats high level representatives of the e.u. as for meetings with the opposition leaders and the president also. the cold hearted thirty year will see right along with thousands of other people may see charges dropped against them as a massive our ministry project is being prepared in russia. the u.k. wools companies again dealing with israeli partners in the occupied territories. stages makes a big.