when nations come together they try to drill each other they day then down fighting each other there you go black hawk. right now that's then. where is why i came forty seven i know my migraine launcher darn it my stinger missile where is my stinger missile or a senator for a stinger missile a chair i needed i needed santa and his bed drilling for oil with a root up and a stricken elves to give some forty seven's to an army of elves that's some scary stuff you know you see them coming over the the snow bank you know a k forty seven armed else and i'm not going to fight santos army rudolph the red nosed reindeer of shining so bright illuminating the night while we kill down are enemies trying to drill for oil that's our right own canada i've got a hockey puck for brain and the macho canadians are going to want this yr. but you know i got to say this guy. has a sense of humor so you program in our d.n.a. the code to become extinct by drilling oil in

a way that will make it impossible for humans to live so as a joker this is how he gets rid of us pests from the universe well as you saw there was a black hawk helicopter that flew overhead just as we mentioned the arctic oil reserves it could just be a coincidence but you know the u.s. has long maintained in their naval assessments if you go back and look on line it's all online i remember reading in two thousand and three that they were already predicting the u.s. navy was predicting conflict with canada if canada dares to think that they have any rights over the north pole or any of the arctic region that is superior to the u.s. claim and recently just a few weeks ago chuck hagel the defense secretary said throughout human history mankind has race to discover the next frontier and time after time discovery has swiftly followed by conflict we cannot erase this history but we can assure that

history does not repeat itself in the arctic well he's saying that we're going to take it we're going to see is that our black hawks are around everywhere it's ours don't want to talk about naval intelligence of course but in this case you're talking about people contemplating their navel you know that's a good you know very self obsessed and delusions of grandeur as if they're going to conquer the north pole and extract all the oil without actually triggering mass extinction across the human race which i got to say at this point is probably not a bad thing so you know everybody right now is convinced that all those people in the middle east are spontaneously evil they're some evil religion they're evil people and yet here we see the origins here we're at an origin all of a future evil people defense officials in washington briefing reporters before this . beach made by chuck hagel said there would likely be a relatively low level military threat in the arctic in coming years but even in the absence of a direct threat growing activity in the prospect of new energy resources could

demand an increased defense presence in the future so there you have it there already saying boil equals military presence and whatever we have to do whatever words we have to make up whether it's rudolph the red nosed reindeer is a commie or a terrorist we're going to convince you that we need to protect our interests from this reindeer you know in your words are the new palestinians and they're going to build a giant apartheid wall made of snow. and they've got a totally right the whole story about the night before christmas and all through the house not a creature was stirring not even the innuit palestinian victim hiding behind a snowbank well you know the other thing about these oil politics and geopolitics is that one of the reasons why america and beads and nation is if they decide to be socialist and impose any sort of taxes are socialists and nationalist and refuse to export oil so there was a shocking revelation in this latest deal with mexico between the mexico and u.s.

over oil reserves in the gulf of mexico oil supply surge brings calls to ease u.s. export ban yes since one nine hundred seventy five there's been a u.s. export ban on exporting any u.s. oil overseas there are exceptions and there's something like one hundred five thousand barrels a day are currently exported from the u.s. but there's a bad since one nine hundred seventy five to export it due to national interest what brought about by the oil embargoes of the seventies so the u.s. could do it nobody else can do it rudolph gets bombed chavez gets bogged. oh i mean the the war in in the arctic in the north pole region i mean this is something that will become a continuing focus of of of of stress and geo political tension because this will be really the last area of major bonanza in oil and gas and the fact that you've got santa claus up there in the way clearly doesn't matter

because they're going to go in there guns blazing and are going to see mrs claus gunned down in the middle of the i like them poor iraqi women who are grabbed that are their huts in the middle of nowhere israel and slaughtered mrs claus is going to be just hacked to death by these by halliburton and exxon is just going to have those videos online it will be like wiki leaks leaked mrs claus being hacked to death by u.s. servicemen to be a big you know black hawk photo down soon to close down so in a closed act acted as rudolph screaming ma'am the ironic thing about this is a lot of the wars that americans rally behind and shriek about is because of socialism so they hate for example hugo chavez they hated him while he was alive because they said he was socialist well the tough part of this you know lifting the export ban is convincing americans that exporting crude oil developed in the united states helps keep the global price down and ultimately helps consumers no no no they don't believe in the markets themselves but you know they force everybody else

to believe and it's a fundamentalism but they point out also is that u.s. oil and energy production is up because of fracking this past year so you know you're seeing an increase in production in the u.s. it's cannibalism remember soylent green is people shelter has been on set this is just an energy policy gone whacko so they're going to it doesn't matter that the amount of credit and debt needed to finance all this energy. extraction requires it zero percent interest rates to continue for twenty years which means that the number of people who are going to be thrust into poverty now is epic numbers which will cause such enormous social unrest and cause a climate migrants roaming the globe with no place to live it doesn't matter that this is a socially hole cost brought about by stupid people like chuck for chemical who doesn't do peas and i said to rub together you know. promoting

this war talk about a war on christmas when the fox news is there's a war on christmas that you know they don't mention the fact that santa and mrs claus are going to be hacked to death by exxon i mean that's a real war on christmas so what you talked about whole cost in extinction itself and here in the final headline regarding all of this fracking going on is not only does it need endless amounts of capital in the red to feed the red queen centrum chemicals found in water fracking sites linked to infertility cancer and then thousands of water samples from hydraulic fracturing or fracking sites found the presence of hormone disrupting chemicals the fracking sites quote exhibited more estrogenic anti ester denecke or anti androgenic activities and reference sites with limited nearby drilling operations so there you have it where it's leading to extinction regardless there's an upside to this because the fracking fluids cause new taishan zz but you know if you study darwin's theory of evolution it's really

the freaks and the mutants that set the precedent for the survivors as you have this process of natural selection so the fracking fluid causing freak mutant babies with three arms and seven eyes and all kinds of freaky babies like that that's what's required to make it through this next period of extinction well but finally my point is that this infertility means no babies not even freaking babies so therefore the fact that santa claus is under occupation well maybe people won't notice because they don't have any children to give presents to. because the same money presents goes all the babies are dead fantastic thank you x. on all right stacy thanks merry christmas max whoa whoa whoa. now that's a big no no no. take over the talking to a whole lot no home or. does

the media leave us so we leave the media. push to secure the place your party there's a poll. questions that no one is asking with the guests that you deserve answers from it's all on politics only on our t.v. .

these locals have been consol here braving the elements in order to stand up to us oil giants chevron. this comes after a massive hunger strike that returned the world's attention to the place that some have dubbed the gulag of our times. is an undeclared global battlefield in which yemen is just one of the front lines. because that is a. clear cut.

why is the price of gold so high. demand global demand do you think oldest money. know the value of the only place we have to live of the water that we need to survive it's not compared to bill i mean gold we're not going to eat gold we're not going to bait with gold. we're not going to drink up what clearly what amal is and is in a desperate economic situation absolutely right what we're running to do is say they're for any kind of economic development from the outside is going to be a benefit their only purpose is to extract as much money as possible to feed into the global financial system. with me or part

of the geo political economic system that's extremely exploitative. first of all is a question whether mining should even be carried out altogether can it be done in a way which doesn't destroy people's lives resources environment well you know those are pretty serious questions mining is not a what a moment problem it's happening in asia in africa and south america in central america in mexico and it's even happening in canada and the united states. welcome back to the kaiser report imax keyser time now to turn to former energy market regulator chris cook chris welcome back to the kaiser report. now chris cook

last time we spoke there's been an investigation has been opened up into energy market manipulation relating to brant tell us about. what another one yeah yeah it's not the first we're looking at. alleged i call it micro manipulation which is basically messing around with settlement prices but that's not the first time this is happened i blew the whistle on something like that twelve years ago and as is traditional with whistle blowers that one was a lost everything i had. really and that's what happens so they course also relate to the indexes that track energy there is by having an index of a the common on this show before indexes are very insidious form of manipulation because people quote the index and by manipulating the component parts of the index you manipulate the index itself which is then used as the basis for so many of these derivatives contracts correct well this is

a bit more complex hence it's called the brant complex. that was meant to be a joke and the problem the thread complex of of physical and forward contracts physical forward and it is that price which we're talking about manipulation all here when i blew the whistle a dozen years ago it was about what was going on the market this is what's going on on the o.t.c. market the physical price it's the tail that wags the dog max essentially so we've had now manipulation scandals in the library for ex energy there's an open investigation of silver and gold although that for some reason they haven't cops to that one yet although it looks as though deutsche bank is now involved in the gold market manipulations game this is. it without them in. relation could these markets function at this point in other words the prices are so corrupt that the contracts in the industry is now based in four decades of faulty prices if you would back to us an honest way to price these things is that possible or now or is it like

allison the looking glass we have to now live in this fanciful through the looking glass world i think it is possible to come up with a market mechanism but those come up with a genuine market price you can price against i mean they don't call it the london gold fix for nothing you know but it's not as fixed as it sounds maybe but hold on in golf exist also being a question about some of the players and their manipulating the london gold fix as well but my point is that in the a lot of commentators have made this remark recently that they no longer look at markets as a basis for information at all because you know markets used to be the old saying used to be price before it is that markets discounted future events that markets are sensitive to economies around the world and you could get a feeling for what was happening in the in the world by looking at these markets but that that's been disconnected there's so much manipulation out the ability for

markets to reflect that reality is seems to be now permanently severed well i'm not so that's a very astute comment but the way i see it is the producers have an interest in stable high prices consumers have an interest in stable low prices but middlemen have an interest vested interest in instability and volatility and if there isn't any max they go out and cause it and because the middlemen own the market and run the market which way do you think the market's going to go that's why we've seen the boss those in years the middle man have taken over own run and completely act against the public interest is like a roulette wheel max with about sixteen zeros on it ok that's the way best way of characterizing these casino. markets which we now have of course if you are playing roulette and you bet on zero or double zero double zero in particular pays out extraordinarily well i had the experience and in monte carlo i played double zero with a spot on that in a one when i went immediately to the beach but. it seems as though the average

punter does not when they throw the roulette ball into the roulette wheel in last year an insider cooking the books you're a guaranteed not to land on any of those zeros well i don't think i do think that it's basically if you have a roulette wheel with one zero and then another one the american woman double zero the odds are even more weight twice is weighted against the punter in the u.s. as they are here i mean so what's new if you had sixteen zeroes then the olds would be that much more yes no you can bet on zero but the point is are you betting on red or black then the more zeros there are all the more you know lose that's that was my analogy that right ok i get it for free aficionados. play that back you'll know how to play roulette and get a sense for the how these markets are essentially no longer telegraphing any underlying economic realities become all about all about the gamble the punt really more than anything else that i'm leasing market maker let me jump back in for it's

a market maker that of course in the case of lloyd blankfein over goldman sachs every time there goldman sachs or j.p. morgan is caught rigging markets or manipulating markets could be the london whale here in the u.k. they fall into this defense well we're the market maker and they and they and the regulators say oh well that's ok now what's wrong with that defense talk about a little bit well a market maker has a perfectly valid function it's like the house in the casino has a perfectly valid function but you only let them have so much you know that at the moment that they taking far more than they are due from the market i'm not saying the markets have completely lost touch with reality it's just that the casino this casino is rigged what i do say in the oil market and over. we were talking about he was what i call micro on the day manipulation you know my views the oil markets on a macro scale over many years have been way higher than they should have been because there are people part this is the oil market in particular because there

are people participating in it who are essentially lending money to produces talked about this on your show broadcasting back in iceland to stand big trouble because a tory government lent them money to day and then turn jacked up the price of the stock which they then used as collateral make loans which and then went and took it cut or to make more speculation becomes a day just chain or pyramid scheme but i want to change gears here for a second talk about iran because you really have some great expertise here and the pair we've talked about in the past your advisor on the oil bourse of kiddush. tell us what you think the latest deal with iran is it means well i'll be there again in fabry on the un in march we been going the sub in the seven times now and in my view it's all change over there this new government literally means business the new government the head of the government is on twitter is that the biggest change president rouhani absolutely and he's brought in a lot of experts people who know precisely what they're doing and who are

completely shocked the what's happened in the last eight years in terms of the number of people who've come in who frankly i'm afraid just don't know what they're doing so that they are completely set on ending sanctions in my view there is nothing they won't do to rectify matters and become. further details are popping like crazy and they're rather i mean my contacts tell me that the moment the sanctions name hit the dust the oil companies are on the jets within thirty minutes and they've landed in there you better believe it as they have contracts are flying of course the big loser potentially in all this would be saudi arabia two questions about saudi arabia number one. the oil in saudi arabia is as overstated as some have told me that is the say that galois field is forty percent depleted. hugely more depleted then the saudis are saying that is and number two with iran

now getting all touchy feely and on twitter does that put saudi arabia and their buddy israel kind of on the sidelines. yes sad for first of all because of the saudis i do think their reserves are overstated and have been for a long by that dramatic a number not hugely bertie's no no no when they're in the comfort zone they talk about every energy importers in the next decade or so and well that's because their consumption is so vast you know they burn millions of barrels a day in high summer just so they can pump you know water to riyadh i mean it since it's quite insane the waste of energy research but they know that you know they do know that. ok and israel saudi arabia question because saudi arabia and for decades since one thousand seven hundred had their petro dollar which is took over when america defaulted on their bond market one nine hundred seventy one by closing the gold window that was a huge default by nixon on u.s. treasury bonds and we entered into the petrodollar era saudi america america

reciprocal result lation ship will buy or oil you buy or about bonds but now is that era over there i think so i think my take is we're going to move from the year of the dollar economy and dollar politics to energy economics and energy corp we're hearing this from zangana from iran he talks about energy diplomacy amounts he means it you know he certainly means it and there's one thing that's neutral i mean if you look back through the go through the cold war the russians were reliably pumping oil and gas into the west never stopped ok through also if you look back at the early days of hominy for fourteen years what did they do they sell the oil to israel far more rich it. was only once the private sector go involved. with things called the difficult what a difference of opinion oil natural dollar and you're saying of energy your oil back currency was a different sound of the same thing well no the actual currency itself would

instead of a piece of paper that's redeemable against another piece of paper you might have a piece of paper or a token or gascoyne i just point out of bitcoin reference you've got it against going why don't you know redeemable in payment for gas ok so energy a then because you've had a lot as a form regulator there are also somebody who's gone to these countries and set up exchanges and set up trading systems you're saying that looking forward you see the time when unit units of energy themselves would operate completely outside of the dollar standard and people just be essentially trading in an energy oil gas and send itself. to cut deals essential absolutely well as a scarce resource you know it has a lot of properties like gold certainly is how do you how does this work talked about well i think that we're going to see and i talk about it as a transition through gas at the moment we're seeing oil is priced against the

dollar and then gas has been priced against oil but that right that is my breaking down i'm saying in the future we're going to actually see oil and the dollar price against gas because gas is gas is gas is gas well oh gas is gas it went meaning what there's a lot of gas everyone's got gas is homogenously it's the same own was pretty much where are you all oil you have different grades of oil execs taxes since the media area you've got the sweet sweet and sour you get the sour it's you have buried you have gas is essentially homogenized doesn't put next episode of the gutter it's usually gas in russia oh yeah there's a lot of people gas yeah but those are the two biggies right. iran and iran and russia got maybe sixty percent of global reserves between them but cutting and cutting. it has a hell of a lot but you know to me gas is finite the future in my view is about renewable on the one hand but the big trade of the twenty first century mice one of them is the exchange of knowledge should know how for oil and gas saved when i tell them this i

don't mine and prospect for oil and gas mining prospect for oil and gas savings because that's the cheapest fuel you got you're wasting it like it's going out of fashion and they all i'm saying put you prices up to the global market price and they say if we do that we'll be hanging from the lampposts and they probably would be i'm saying then compensate your population of course and then say that in iran and not speaking metaphorically with like pretty tough cookies that tough cookies over them to mess with them they've got to travel i say saying gas on like oil can be a reserve currency yes a little as a reserve currency transition is i got jim rickards who says the s.t.r. the special drawing rights of the i.m.f. is going to be the reserve i'm saying pick going is going to be there was another side to long i'm just saying it big gascoyne you're saying gas gas is the way to go is going to be the ultimate reserve currency you know right a time unfortunately we don't like to have it on for another twenty or thirty minutes but first we gotta go thanks for being on the kaiser about this applies

there always are and 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 guest chris cook the gas man and if you'd like to get in touch with us tweet us at kaiser report until next time. if you. got no opportunity. to start to construct your own. no little bit

give don't want to be gangstas you don't want to be drug dealers they don't want to blow a window of time with a kid came be we can see. you just made zero zero zero zero zero zero zero zero zero zero zero zero zero zero problems in the hood and with a very good thirty round clip. but it felt like. i said. i don't want to die i just really do not want to die young young age. if you leave the economic ups and downs in the final months they belong to the deal and the rest because it's going to take a little bit it briefly on. the

. cross talk rules in effect that means you can jump in anytime you want. plus.

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is midnight here in moscow this is r t international this morning a palestinian girl is killed and troops and tanks are deployed into gaza as israel escalates its retaliation over the shooting of one of its citizens. friends or foes stereotypes of the nato and the e.u. are outdated approach to other countries russia's top diplomat comments on the years foreign policy trench area visit to a. deadly bombing at a police headquarters in egypt adds to the country's political crisis as the interim government blames the muslim brotherhood for the attack rather to get a terrorist organization. and protests against all corporations aiming for easy cash watch our continuing series on the events that defined twenty thirty.