and some bulgarians are here and it was all the headline news across the u.k. of course leading up to january first british bankers are worse than roma beggars says damien draggy chee advisor to romanian prime minister so he is the minister in romania for the roma and he says that the bankers are worse than any of the roma beggars and he says quote the roma begging in the streets are obvious because we see them they ask for one pound or one euro and they bother us yet some of the people in the banks are stealing billions of euros but nobody sees them because they are on the sixtieth floor that's very thorough very true the people who come in or people who work here are just basically begging on the streets it's something that is repeated in the boardrooms in the banks across the nation when they go begging to the central bank for free money free change to bail them out of their losing positions to bail out there's on be banks they're constantly begging the

central bank who for some reason always acquiesces and gives them money i guess because they always threaten to crash the system unless the bank the central bank gives them a few extra bob to cover a bad position well in fact j.p. morgan itself mentions this in the latest chart j.p. morgan presents quote the era of central bank driven equity rallies and if you look at this chart they themselves j.p. morgan points out operation twist then drag the speech then even omics and every single time i say woohoo it drives the stock market higher and who are they doing it for for the likes of j.p. morgan well this brings up a point that we've mentioned before is that in these economies driven by structural banks they don't need workers they don't need taxes from the workers to fund the government or to fund the zombie banks so workers are treated poorly they are socially. cast aside people who have the feeling as though they're being abandoned

because they are being abandoned because these bankers don't need them they don't need their taxes they don't need their wages they just go to the central banks to print money for free so all the policies set around the bankers bankers are king and the american economy and the british economy that's absolutely correct that is run by a beggar class and of course you know going back a hundred years ago this would be called beggar thy neighbor and they would use this on a global basis in terms of trying to debase each other's currencies to get a foothold up on global trade but now they don't even bother trying to pretend as though they're involved in any underlying economic activity that portends to have something to do with supply and demand they simply beg for big city they're just begging for begging sake well so january first all the romanians and bulgarians were expected to arrive you know millions of them according to the likes of the daily mail well so all these journalists and politicians were actually waiting at

the airports for these people to arrive to see what they had to say i don't come to rob your country first romanians to arrive in britain following changes to migrant rules insist they are looking for work after being greeted at the airport by labor m.p. keith vaz so they say they're here not to rob people and steal where bankers show up and that they promise this is what this is how david cameron entices them in we have to lose this regulation in the world you could really hypothecate infinitely here come on down or remember during the height of the great crisis i suggested on this show that if you see a guy in a three piece suit and briefcases arriving in athens these are beggars and that they should be treated as beggars and yet they were lauded as saviors so any any people that show up across this border you know they shoo shoo go way back or or or make them the president or make them the prime minister because that's who gets the all the power now. of the bunch you can beg the most so as i said you know the

bankers are encouraged to come here to the u.k. and they're not told to not bag in fact they're encouraged to bag and to plunder and to steal and one of the sticks is always to throw a ring on the ground and they convince the person oh look i found this gold ring if you give me twenty pounds for i'll let you keep it and of course the greedy person thinks it's worth like one hundred fifty or three hundred pounds and they think they're going to make money on it of course it's a fake well here's their equivalent of a banker gold scam how to keep banks from rigging gold prices authorities around the world are gradually piecing together a shocking picture of how banks have manipulated benchmarks that influence the price of everything from mortgage loans to foreign currencies so all the benchmarks are being rigged essentially begging their front running they're taking from the population they're begging they're they're picking their pockets they're picking the pockets of the population and the bloomberg then goes on to know all of the

evidence about the gold price the gold fix here in london happens twice a day that this is being manipulated they say the price setting mechanism known as the fixing provides an easy vehicle for manipulation twice every business day in london representatives of five banks and some select clients participate in a phone call and which offers to buy and sell gold are put forward these calls determine the morning and afternoon gold fixin's which serves as the benchmark for trillions of dollars in transactions around the world yeah and we know that the price is fixed with every single index is rigged we know this i think finally gold is being discovered to be rigged it was the last the last last market to be talked about in terms of being rigged because it's the one market that is the litmus test to decide whether or not the dollar based markets are being rigged so now we know that yes the gold market is also running well yet. it's

rigged by central banks on the one hand in order to make their currencies look stronger but this is a twenty year chart here from bloomberg and this goes back to the one nine hundred ninety three through twenty twelve and you can see that the spot price of gold tends to drop sharply around the london evening fix which is ten am new york time a similar if less pronounced drop in price occurs around the london morning fixing the same daily declines this can be seen in silver prices from one thousand nine hundred eight through two thousand and twelve so that's twenty years of data every single morning in london in the morning fixing here it drops a little bit but at the evening fix opening in new york it drops precipitously this is over twenty years at the same time now bloomberg says about that for both commodities there were on average no comparable price changes that any other time of the day these patterns are consistent with manipulation and both markets now of course. anybody could have front on this because it was so consistent for the past

twenty years that any normal person out there could be able to front run this knowing that they could buy right after that morning basically new york time and sell before the following morning that's right i mean i saw a study that said if you were to you know buy in a golden age and sell it in the new york opening you would have annualized rates of like forty percent but you know made more buffett look bad by comparison because it's so predictable and it's so ingrained in the psychology of everyone out there they know that the gold price is fixed but the point is that if you're going to be dissuaded from allowing romanians or burgan or bold garion is in your country because you fear that they're beggars there's ears to duplicitous statement is it because you've got beggars at ages b. c. barclays lloyds and r.b.s. and the bank of england under mark carney and george osborne these are the biggest beggars of all they go with their begging bowl into the into the indexes every single day and they beg for more money and we you know the thing is do you want to

feel there's a big sign of the park don't feed the ducks why because the duck crap is uncontrollable you they can't hire enough people to kick to take care of the duck crap if you feed the ducks too much same thing to george osborne you're just feeding him the ability to manipulate these markets and oz born crap is littering the country and they're showering the country in this kind of irresponsible fiscal policy or faecal policy in this case and the result is advancing poverty and the underwriting of a class of kleptocrats and beggars in this country that have total disregard for human life they don't have any regard for human life that's not the kind of people you want to feed. well this gold raking over twenty years is daily pickpocketing you can't see it as anything other than that so if you don't have a problem banker's doing that then shut up about the roma doing it who cares if it

is that's our society this is what we do for a living here there are very british in fact if that's what we do every day in the london gold fixing welcome this is what we do here but i'm sure that that's from given the idea to come here is that this is the mecca for for rigging markets and begging so why not come here and do what you do best right here except get paid a lot more for it americans wrong side of pay gap run out of means to cope so since we went off the gold standard as we've covered incomes have real incomes have declined drastically for working class americans anybody who's not in the top zero zero point one percent and they've coped with the declining real incomes by the housewives beginning to work through the seventy's and eighty's and ninety's now well that's a peak ousts wife working have a peak women in the workforce and then men were getting two or three jobs that's

also at the peak they can't get any more jobs than that and home equity extraction but we can't do that anymore because of the tightness of credit available to joe baca donuts so now the result has been a downsizing of expectations by almost two to one sixty four percent to thirty three percent americans say the u.s. no longer offers anyone an equal chance to get ahead according to the latest bloomberg national poll and they look at this and bloomberg finds that few of the reasons are the number two top two reasons are government and fed policies as jamie diamond j.p. morgan pointed out with that chart the equities rally is where at the top five percent really have their wealth concentrated now government policy taxes that a lot less than they tax income from labor. and then the fed is actually driving up the price i driving up the wealth of the top percentage right through the squeezed people now to the point where they just can't squeeze anymore the women enter the

workforce madam got multiple jobs and they use the home equity line of credits to extract wealth from their houses that's now finished and then the stock market's trading in a bubble territory so that's kind of run run out of runway so to speak so what's next what trick will what rabbit will be pulled out of the hat to try to keep this debt marathon going well begging that's where living in a beggar economy they have to start begging for get all this stupid thing working him like contributing to the wealth creation start begging taking pickpocketing turn america nation of beggars well i'm sure to come to this very well then we must go thank you. keep begging. all right states you have a second out all lot more.

much of your advice is centered around the negative aspects of american culture sample mindful eating social eating of voiding of snacks how much of an influence do you think these american culture has on the rest of the wall incredible. succeeded two things with. the world the snake. the food they did all the countries worldwide. compared to any other big large nationwide to institution i would say in the bank is almost free from all those mistakes. in the significant number of mistakes happen and we try to rectify it and we try to put a system where you can detect any fault in the any problem that i just in the

system because that does system is computer that just so they do you can check that from your head office what's going on in the remote villages and demoed branches we work could all would bangladesh if a single diligent man with this has access to a bank microcredit program so we have all that around the country we have eight and a half million borrowers ninety seven percent of the women are all connected we don't system. this is the media leave us so we leave the media. by the sea motions to the. party musical. issues that no one is asking with the guests that you deserve answers from it's all on politics only on our t.v. . such was the country fourteen olympics what's this place like the law is is so special

as the russian resort prepares to welcome the world power the games shaping the city's present and future life mall so it will bring you this is the moment they're reporting from a very cold snowy windy mountainous stuff yet beyond the olympics but . today on our team. welcome back to the kaiser report imax guys are time now to turn to james turk he's the author of a new book the money bob dole what to do before it pops james welcome back to the kaiser report thanks max it's always to be

a pleasure to be with you all right let's talk about the money bubble talk a little bit about what it's about you know in two thousand and four john rubino and i wrote the coming collapse of the dollar and we had two basic themes in the book one was that housing was in a bubble and it was going to collapse and secondly he wanted to buy gold because it was undervalued going to go much higher. what happened in two thousand and eight we thought was going to bring the ultimate collapse of the dollar but it didn't it's been postponed by this unprecedented amount of money printing by central banks around the world so earlier this year is gold started to slide you know john and i started thinking well maybe we should write a follow up explain why gold is still good value why it's going to go much higher and the bigger issue that what's created as a result of the two thousand and eight collapse and government response to it which is the money bubble in currency is going to be that is the bubble and that's what's going to pop you know as we talk about the outcome that many expected after the two thousand and eight crash one was

a massive money printing which we got. inflation which we didn't get in the way we thought we would get it we got it in asset price inflation and we got it and some price inflation the c.p.i. cetera but not to the point where the mainstream media was reporting like they were back in the one nine hundred seventy s. oh my god there's that inflation ramping up there's no way to inflation wages have been stagnant so it seems to me and we've finding out more about this that the inflation one of the key inflation metrics that we've seen that people haven't talked about and i think it plays into this money bubble idea is the inflation in in manipulation and fraud and index manipulation so many of these indexes are being manipulated we're finding out there that energy index libel or four x. the gold market so there is there that the problems are there but they're masked to some degree is that correct yeah that's absolutely correct this is one of the things we cover in the book that a lot of false reporting that is being done by governments you know the consumer

price index doesn't really truly report anymore the cost of living john williams of shadowstats come to an alternative inflation calculation using the same one the government did back in one nine hundred eighty without all of the modifications that they've made in subsequent years to make inflation look less than it really is and today inflation is running about nine percent but you know you can see it in other ways max and you know inflation takes a while for for it to build and right now it's it's been building in terms of you know people who are rich look what's happening to collectibles look what's happening to real estate in places like here in london that these are just going through the roof you know smart people understand that you know holding dollars in a bank account doesn't make sense anymore holding euro's in a bank account doesn't make sense anymore you know you want to acquire tangible assets of all sorts because we're in a money bubble and these currencies are going to pop nice of the money bubble we see it already in terms of london real estate prices are the art market striving extraordinarily high collectibles rise collectibles we don't even go. all that has

turned out that gold that manipulation and gold is sites where the price is as a price that all it would take something away from the masking of what's really going on so it's very carefully managed by the central planners of the central bankers exactly but it's only it can only go on to the extent that central banks are willing to empty their wallets completely and when those votes are a completely up to then the price is going to become a little bit about that emptying of the vaults in other words from what i understand the gold the banks the bully on banks that have a relationship with the central banks of the of the world they are allowing folks to sell futures contracts the sensually they could and then they make good on those contracts at some point by taking money out of the vaults of the central banks and this gold is going east it's going to china it's going to bangkok and so talk a little bit about that gold is flowing from west to east and it's been a trend that's been underway for several years but it's really accelerated over the

past twelve months and it's flowing from west to east because in the west we generally don't understand gold's utility whereas in east they understand you know gold usefulness the chinese character for gold and money are in fact the same thing so they intuitively understand gold's utility and its usefulness as as money and as long as wealth is being created in that part of the world which it is called is going to flow from west to east and unfortunately it's a replay of what happened in the one nine hundred sixty s. with the cartel called the london gold pool tried to keep gold at thirty five dollars an ounce eventually there was ten thousand tons of gold to sort of from fort knox during the one nine hundred sixty s. to try to maintain this price but ultimately the market knew that gold was worth more than thirty five dollars an ounce today the circumstances are slightly different because it's harder to actually see the gold coming out of central bank vaults because again the the false reporting that we're seeing and the misleading accounting but we can see it in terms of the flows so you know the gold is going

out of the vaults and eventually. we're going to see a ratcheting up of the gold price just like happened after the london gold pool collapsed in one thousand nine hundred sixty eight i want to talk about paul krugman for a second is over there the new york times and you can't have a big guy in a state sponsored manipulation without a propagandist and paul krugman is there ostensibly economics writer although he doesn't seem to know much about economics has made a couple of remarkable statements recently one is that the u.s. dollar is backed by guns there's no intrinsic value that we understand but if you don't take it we're going to shoot you essentially that's the statement your thoughts well you know that's not the way markets work you know markets work on voluntary cooperation between individuals and it's markets that chose gold and silver as money in the first place what governments have done is they've used guns to supplant the free flowing of gold and silver as currency in money throughout the world but what they've created is this third tarion environment in which governments and individuals the power balance is no longer balanced the way it

should be which is why you see these various. risings or disruptions in different parts of the world most recently in italy with the pitchfork movement that's going on down there so. we're heading off in the wrong direction and i saw terry ism is in the us you don't expect it but clearly if the new york times is calling for authoritarianism and sang take our money i will kill you that that's not a free market that's that's not a condition of supply and demand that's not what you'd expect to read in the pages of wealth of nations by adam smith i mean this is this is a an empire that's collapsing that's relying on manipulation of propaganda now i want to touch on something we talked about in london a couple of years ago i brought your attention and at that time you were very curious about it but now it seems as if you've gone full fledged you know supporter this is very interesting because of the gold crowd seems split some are for it some

are not talk about it the talk of of course. about bitcoin paul krugman recently came out and said bitcoin is evil all so if he hates it we know that's probably a good thing. and i start i saw the financial times said that bitcoins going to be under fifty dollars sometime in the near future which obviously is in my view it's not going to happen yeah you're absolutely right i was a little bit skeptical about bitcoin in the beginning but i'm actually a believer in it now and i do own some bitcoin and the reason why on it is i think it's a technological investment and it accomplishes what we tried to do to a certain extent with gold the difference of course is that gold is something that governments want to control and regulate whereas bitcoin is beyond government regulation and that's really one of its beauties and i think that's one of the reasons why an authoritarian like kruger you know lover of government hates bitcoin so the fact that you can't regulate it is one of its attributes except it is regulated it's not regulated by government it's regulated by the market it's

regulated by everybody who studied it in analyzed and sees that yes this thing has utility and it has usefulness that's the best form of regulation i mean government regulation fails all the time look at two thousand and eight every one of those institutions that failed was heavily regulated what the complex that didn't accomplish that regulation didn't accomplish anything but when you're regulated by the market and people can pick and choose what's good and what not what's not good that's the best form of regulation that's what shim peter called the creative destruction of capitalism you know the best survive because they make a profit and they stay in business they don't get government subsidies or government handouts to continue them operating is it money that's the question because we know from aerosols definition money has four basic attributes it's portable it's fungible it's desirable and there's an intrinsic value case for gold yes that's the one area that people are tripped up on d.c. and intrinsic value or what is your intrinsic value for big coin if you can speak

on that well i like to discern. distinguish between money on the one hand and currency on the other you know money is this mental tool that we use for economic calculation and you know it but we then use a form of currency that represents this the actual money money is a tangible asset though in the sense that we humans advance because goods and services pay for goods and services if for example your shopkeeper and i say i'm going to pay for this loaf of bread next week that bread that transaction has not been completed you've accepted credit if i pay for that with the currency you've accepted credit you've got a risk a payment risk until you actually take that the currency or convert that promise into some good or service because it's goods and services that enable us to raise or lower standards of living it's not financial assets it's not promises there are forms of financial wealth as opposed to forms of tangible wealth and it's ultimately tangible wealth which creates higher stands of headstands is less of

what you're saying if you give me a pound for goods and services that bad really has no value until i convert it back into good service exactly what do you people say big going well you know it has no value because it's conversion it is it is a risk of owning it or holding it well that's paper money has a similar risk it has of value and so you put it into something exactly right but the thing is that bitcoin has this value because of its utility as a form of currency and that is the unique attributes that it brings to the table and i think bitcoin is going to have a profound influence on global. economics global trade you know the global economy as we move forward from here when i talk about bitcoin i should say that i mean crypto currencies because you know you feel remember you know back in one nine hundred seventy nine i bought my first spreadsheet was called visit calc it was replaced by one two three it was replaced by microsoft excel there may be other crypto currencies that come along the road at a future date that might be better than bitcoin but the concept of crypto

currencies itself is. really the technological innovation and bitcoin is the prominent one at the moment as being the first mover can you one say that the way that gold is a precious metal that in case of bitcoin you could consider it a precious number because the mining that goes on you know you're finding these these numbers that are only possible through the rave hundreds of thousands or tens of thousands of computers they exist in cyberspace somewhere but they have to be mined they are precious numbers so can you say that this represents precious numbers the way that gold is a precious metal yes i think that's a very good way of comparing the two there is one slight difference between the tangible in the sense that there is a computer code and everything backing it but it's not comport real like gold you can't put it in your hand but you can actually take a bitcoin and put it on a piece of paper and use that is a form of currency as well you know this is going to real. this other argument flushed. one thing to add is that you know we've been studying bitcoin for the past

year gold money and we've recently opened a small subsidiary in the u.k. called an attack any t h e o and what we're doing initially is storing offering storage for that kind but ultimately we're going to move further and further into the bitcoin economy that's all the time we have james our thanks for being on the kaiser report thanks max and that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert i want to thank my guest james turk of gold money but he's got this new book out the money bubble it's on amazon as an e-book on a kindle and then it'll be called and you can hold it while you're mining for bitcoin so next time. he survived all atrocities. to make

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