occupied by banks because h.s.b.c. face a seventy billion pound capital hole warns hong kong analysts h.s.b.c. could have overstated this assets by more than fifty billion pounds and ultimately need a capital injection of close to seventy billion pounds before the end of this decade according to an incendiary report published by a hong kong based research firm and the research firm is called forensic asia this is seventy billion pounds which equals about one hundred ten billion dollars who is your accountant. why kip m.j. . you know actually it was k. p.m.g. . i believe from last year it was peter b. c o p w c. and i mean why not the law and choose not going to show that you know what not to not be w.c. not all the same it's own big acronym you could just get rid of all those acronyms and replace with f r a you did he throw out there all the same they all collude

they go to battles and they collude and they all work off each other's playbooks and it's fraud the fraud that they found from forensic by the way this is run by two guys named thomas monaco and andrew haskins thomas monaco is a former new york fed guy and actually andrew haskins was an analyst at h.s.b.c. for fifteen years so what they found is they began its coverage of britain's largest banking group with a sell recommendation warning the lender had between sixty three point six billion dollars and ninety two point three billion dollars of questionable assets on its balance sheet ranging from loan loss reserves and accrued interest to deferred tax assets defined benefit pension schemes and opaque level three assets this is the problem that we have with so much fraud built on top of fraud that nobody knows what any of these books look like and they get blessed by the likes of k p m g or p w c or. or aronsen young any of the accounting firms bless and say this is ok they're looking at it and saying all those assets are overstated by

a huge amount but the accounting firms that are left in a member arthur andersen covered enron's books and then they were taken off like this goes back to the crisis of two thousand and eight and the too big to fail banks of course have gotten even bigger because every time there's a crisis they destroy one or two of the banks now during the two thousand and eight two thousand and nine period it was bear stearns and lehman brothers what happened to the bear stearns and lehman brothers businesses they all were sucked up by the remaining banks where there was j.p. morgan and wells fargo took a big piece of those biz. this is and they become too big to fail the way this was engineer is that they're all technically insolvent but they have to put in you know seventy billion pounds worth of of garbage that they have to keep on their books listed officially according to kate p.m.g. they're worth one hundred cents on the dollar even though they're technically worth zero but they became the trash receptacle for the two thousand and eight two thousand and nine period it's in london it's the biggest bank in london london is

the global center of financial fraud so h.s.b.c. bank is like j.p. morgan's balance sheet in america they have trillions of dollars of the toxic debt they share with the fed here h.s.b.c. shares toxic dead with mark carney's bank of england so there are warehousing toxic debt now the forensic people days are saying oh my god that's toxic debt this bank is insolvent technically as it has been for five years technically insolvent if this comes push comes to shove they will have a crash and then a bell out again and the cycle will repeat itself but don't be fooled this is all baked into the cake this is exactly what we predicted was going on it is exactly what i've been saying about h.s.b.c. and now some asian forensic accounting firm is saying yes max kaiser is correct there insolvent they're hiding a black hole of debt but the u.k. may celebrate the fact that they'll go up on heritage and wall street journal's list of economic freedom once they have to bail this bank out now remember during the financial crisis when they were looking around all these governments of the

world to bail out the banking system they needed to raise some revenues as everybody's tatt everybody lost their job and all the tax receipts declined and h.s.b.c. threatened to leave london remember they wanted to go be based themselves in hong kong and whatever sweeteners the u.k. government paid them to stay here they stayed here and now it looks like one hundred ten billion dollars black hole of debt and there could be the british taxpayer may have that they may own r.b.s. and h.s.b.c. to the biggest giant banks in the world of derivatives the proud owners right here . here now the note from friends of asia says in our view h.s.b.c. has not made the necessary adjustments during the quantitative easing reprieve rather it is allowed legacy problems to linger as new ones in emerging markets gather pace the result has been extreme earnings overstatement causing to become one of the largest practitioners of capital forbearance globally this sharod

appears to be ending given how few earning levers remain besides selling off core elements of the franchise and the stringencies of basel three compliance here you have it they're saying that first of all the quantity being easing reprieve. we've all lost economic sovereignty by that regard i mean we are still a number one hong kong number two is singapore economic freedom but we've all globally lost economic sovereignty to this the big banks big business big bureaucrats who've been printing money for the bailouts of these banks but despite all of that printing the hundreds of trillions of dollars of printing by central banks despite all of that they say that h.s.b.c. has this capital forbearance that they've had lying extreme earnings lie they've been lying about their evidence yes they've been lying about their income they've been lying about their balance sheet the lying about their income statement they've been lying about their liabilities they've been lying about their involvement in laundering money for they've been lying about their involvement in laundering money

from mexican drug cartels they've been lying about their involvement in the american mortgage crisis and the dot com crisis and the housing crisis. i would imagine if you asked the chairman and the president and the c.e.o. of h.s.b.c. right now what they had for lunch they would lie they've made my just out of baloney sandwich and they said we just had a turkey sandwich because it's in their culture it's in their d.n.a. they grew up liars they are liars they'll die liars their d.n.a. if you take it to another planet another universe another parallel dimension you can sell on the open market as d.n.a. that's made of pure lies whatever value that has in a parallel universe their lives their d.n.a. is made up of pure lies you know it's funny that they tried to leave the u.k. if they were actually asked to obey the law i mean imagine jimmy savile here's a guy who committed pedophilia with over four hundred children and he's taken to the court taken the old bailey and his defense is if you prosecute me i'm going to go to switzerland that's what they say if you prosecute me and are scads and scores and hundreds of incidents of fraud we threaten to leave the country and the

government says well. cameron your if. it says of their stated capital ratios that they would appear to be nothing more than a mirage so that's what i was going to say it's all a gram of flow it is better for it for years and ages b.c. there's nothing there except a lie it's traded on the footsie as a lie if you want to buy invest and lie buy it like a duck duck go with a lie and it's all right though you know something that's a basic. you buy that stock your body financial terrorism don't you understand that do you value your goal or do you want to see them sent to a concentration camp when oh oh. i forgot dancing with the stars on government.

so the equivalent in the u.s. to this mirage bank here in london is j.p. morgan so we're going to turn to a j.p. morgan headline and their allies and what economic sovereignty really looks like los angeles to consider cutting ties with j.p. morgan a los angeles councilman proposed wednesday that the nation's second largest city consider ending tens of millions of dollars of financial ties with troubled j.p. morgan chase and company a motion introduced by democrat gill said below seeks a review of city business with the nation's largest bank as well innocent malice of legal options to end those contracts this is what real economic sovereignty looks like in fact if this passes they should in a real list by the heritage foundation los angeles should top the list all of that economic freedom remember eric holder said and did when jamie diamond was brought down to washington for committing acts of economic fraud and terrorism. that

we are unable to prosecute jamie dimon and j.p. morgan here at the department of justice this is eric holder the attorney general of the united states saying he is incapable of prosecuting terrorism in america so why don't you just resign because you're sucking up too much oxygen the entire all the u.s. attorney general so the preet bharara he said when he find them two billion dollars and a different prosecution agreement for their role in the made off a ponzi scheme he said he had to think of the collateral consequences if the criminal case were brought i.e. they can't do it because fraud is so endemic to the whole u.s. but here los angeles is saying they could get rid of them but we're going to look at these contracts why do we want to do business with a fraudster if they're committing fraud everywhere else is it likely that we're going to be presumably they're committing fraud against us as well now the mayor of law. santa les who is eric garcetti he said that he hasn't reviewed this motion by

the councilman but he said quote i want to make sure we are putting our money in a bank that does more good than harm so i think it is a little judgment question to ask well why don't they just replace the stars on the american flag with eric holder getting jamie diamond stumm up a strange thing i think that would be a much more accurate depiction of what's going on in that country and you can find another bank to find that's not part of this corrupt system that's rearranging deck chairs on the titanic they're all corrupt because they're all tied to the central bank where there's janet yellen or mark carney who are tied to bank of international settlements and they're all basically corrupt so they're all eating the same toxic stew and they're all part of the same racket it's like if you're going after the mafia you just can't go after one part of the mafia you have to go after the mafia as a racket it's all it's a racketeering well when you mention stew of course it makes me think this mexican drug cartels h.s.b.c. does business with and they would melt people down into

a stew and us doing business with them we've turned ourselves into stew we need to declare economic freedom sovereignty financial freedom and sovereignty from these banks to worry about what i have sitting on a turtle like on that show breaking bad that would be a nice american flag that's a lot more than the stupid stars and stripes i want out of the nobody believes that nonsense any more right a time stacey we must move on thank you stay away from turtles and heads ok stay tuned for the second half a whole lot more. to see good leverage or to curb we was able to build the world's most sophisticated group which owns the league doesn't give a dollar amount anything to mission to teach creation why it should care about you . and. this is why you should care only.

tanya. well tell me how you are my little grandson. i know. i don't like. being cut off. except as an ecovillage that the spiritual side is destructive. i tried to convince her to try to preach that it was a sect but it's dangerous and she had to leave it was a story she had lost her mind. you know you she will come back i know it was and i will wait even if it means i must wait until my dying day.

on june sixteenth one thousand forty one we had a graduation party at school and the war broke out. the shops were always full of goods. in september leningrad was blocked. one day mom went to europe saw that all the shelves were empty. in november they bombed the warehouses it was the main storage place for all the food in the city people eating the earth because it had small traces of sugar in it i tried to eat it as well but i couldn't. move it was incredibly heavy bombing. it was

a direct hit on that very shelter and everyone was buried underneath. all of the wood dead. after three years of. the death toll of over one hundred thousand. lomas see and common sense come together with one. war is not the answer. does chance. welcome back to the kaiser report i'm max keiser time now to go to the pine ridge

in south dakota and speak of pi you harris play welcome to the kaiser report. good to be here max all right this is a very exciting story you want to make bitcoin the sovereign currency of your indian nation tell us about the plan we should plan is pretty comprehensive knocks on am pretty simple it's simple we. educate people reserve the word is local so people understand what coin is and why it is used. to getting the merchants on board and on what's actually helping is some of the big department stores oh you're in the united states had a major breach of security so we're doing we're using that to showcase the security features. pretty much you know it's no where this campaign of course when i first heard about this it seemed remarkably. appropriate for the indigenous people of america to embrace bitcoin because

one of the features of the block chain of big going is that all the contracts are embedded in the block chain and there's no ability to go back and change the block saying so people cannot claim that what was on the block chain was not there to begin with and i think what's going to a lot of people's minds is that the history of the american army and the indians is one of busted treaties treaties get broken all the time this is the history that we've grown up knowing so bitcoin is really in effect a way to put all of those documents and legal documents into the transparent and irreversible block change your thoughts. exactly you bring a very good point. ironically you know so you've mentioned we're already starting to get some blowback from the tribal president's office. federal

agents and we had a couple of. agents toward the corn was a we will. be sure to mount us now and i'm sure one of numerous news reports are sure that it's not. but if you look at it from the aspect of broken treaties. i can understand why at the federal local there is this campaign to disrupt this program because exactly like you say you can't camp or what. so you can't promise something and then not deliver you know once you send it it sent is good it's done a new story again going back into indian history there was not a concept going back a couple hundred years of let's say private property as such there was the communal property there was the the natural property of the earth that was shared communally

and the idea of having a monopolist come in or financial fraudsters arrive to disrupt the natural ecosystem was not really part of the d.n.a. of the of the culture of india now here at the indians i hear you have bitcoin which is almost a natural resource in itself that is south saw fulfilling prophecy in many ways again your put your bumping up against a two culture stare but with bitcoin on the side of the indian culture it seems like the balance of power can tip i would i wouldn't i mean to me it seems like this is a beautiful marriage bitcoin in india and this seems like the perfect a match made in heaven for so many reasons both current and historical your thoughts. jeffrey your debt free ride on which i mean we're talking about a major paradigm shift for native american tribes. not the least

being the fact by having our own independent currency that's simply augments the sovereignty that we already have so you have all these treaty obligations that the u.s. you know try to avoid. bringing up the fact that we have sovereign rights you know to have our own currency to employ a big coin adopted as our sovereign truancy. really showcases the treaty obligations of the us. and their lack of follow follow through. so they're scared i mean i guess they remember my grade school history books there was a concept called manifest destiny that gave the u.s. army the right to roll over the planes because it was their divine right and it's

almost like there was a story in the f.t. this week that talked about the divine right of bankers so the indian plight over these many decades and hundred years is the same plight that we all share because the same arab ends the same bankers now with financial treaties of collateralized mortgage obligations and other dubious contracts are rolling over the plains again so there is there's a common cause we all have within now to move on to the fact that you're looking at some all coins which would be part and parcel of the bitcoin story can you speak on that a little bit once we started the beach you see or yahtzee initiative we had a lot of people that came forward wanting to help we had some coin to go came in and we've put together a all currency of our own and that is called maza coin no maza coin which unique about it is one of the concerns about bitcoin is. there is the potential

for the federal government to make a position of well you didn't start coin and you adopted it so it's not really yours so by implementing our own crypto currency that's based off the on it's actual hard for it flows that are current but it's still. six based point we do have a currency that we are developing ourselves our development team is working very hard on finishing now we hope to have it launched by march however we are still going to have you know as part of the crypt or currency environment i do like to welcome all of the crypto currencies out there and have a voice on the reservation form you know maybe you know having our entire economic ecosystem if you will based off crypto currency you know yeah you know in this

country there is a there is a debate between what's considered the public domain and the private demming and you see this played out in the area of intellectual property the m.p.a. in california believes that the public domain includes all works of art and work creative works going back from the beginning of time and for the rest of time and what they have is their perpetual copyright scheme so they have no concept of a public domain whatsoever whereas the indian culture it's almost the diametric opposite they they only think they think in terms of the public domain that's their their basis of their spiritual wellbeing is to preserve the public well domain so to see this adoption of crypto currencies and the bitcoin nation. as it evolves could you could your politics extend beyond just the politics of defending the land that's been stolen into other areas of political concern. like

i just mentioned the intellectual property we're all mixed out of the india is the indian the indian nations are they becoming politically charged again with the presence of cryptocurrency as your thoughts absolutely. true or. is this kind of like a tribal spokes person it's a traditional position and our current is chiefs are nice and when i brought this up to him and explained it to him he got on board the media we said he this is something good for people this is something that we can really get behind. the same thing with my uncle floyd and. he saw the potential you know he told me he said you know this is good for people make it happen i mean no one in history i think a finance as the common person has so much ability to get involved in

a market like this i guess this is this is this is the third this gives it back to . it's called if chewy which i should which means the common man. only ligaments in the coat does you know they also the look lot of people had a silver coin at one point that's a very popular mind silver coin with the idea being that it's a sovereign representation of the. nation and but of course silver prices and gold prices as we've now know and another report in germany detailing how these prices are manipulated and again the white mat i hate to bring it down to this level but i mean this is a this is historically the way these things have been debated you know uses. bad paper or bad treaties in the form of naked starts else to destroy gold and silver prices look at a nation and everyone else gets screwed so here you have a have a currency the pickle in or europe let's talk about the models a coin for

a second because. it is it falls into the category of pre mind now there's a bit of a debate about pretty mind coins of course this would be mentioned the inner geek or the nerd revenge this is getting down even to another level of nerd them but the pre mind coins why did you choose to go down that path versus currency let's say but going itself or the mining goes on for another fifty sixty seventy years your thoughts. very good point now i mean you know when we see prima in phase that's when things were going to mine out like fifty percent of the clients know we're not it's a very very limited pretty mind and what does four is not do one on the reservation how does the equipment actually get into mine and not everyone have or not everybody has. so we're going to do is this pretty much century kind of create a reserve currency so if somebody. you know so it might have like our work for

sale you know they could technique we mind and are to get you know be involved by being paid with maza court. if a tribal employee wanted to say well we won our payroll maza coin you know it basically gives the tribe. an already to go up resource to use immediately now we are you know in talks with the tribes economic development and ministration . about setting up. you know a mining operation but those that were knows those are those who really really expensive if you're going to be in the shop and so we've only got about fifteen seconds left if i got this correct and other words everything can be swapped for the maza coin whether it's you know art work or home home craft etc so you're saying basically to avoid the problem of having hardware in place that is not

really that's a you know it's not a valid. but so there's a real practical need for the pre mining which i think i can understand why you are out of time thanks so much for being on have you back on again soon. thank you max 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 guests are you harris if you'd like to get in touch tweet us at kaiser report intellects on bio. as a new physician. to avoid by the program to go. to the best of my ability and judgment. i will prescribe for the good of my patients. i will not give deadly doses to anybody.

or advise of those to do so. i will never do harm to. doctors of the dogs. to. the united states is a very good example here because in earlier years the baby had a pretty strong genuine democracy a bad by now i would argue it has degenerated into a system where money and power mattered much more than britain did the deputy of the majority of the founding fathers of the united states would constantly say that they were not trying to instill democracy that taught them obviously was horrible they wanted tops wieners thank you. and they purposely designed the institutions to as they put it exclude the majority of from participation.

please. don't come in the future. is here so we fix the roads focus on new technology. on this moon show parties complete with school shootings. and we learn about the next in still stupid evolution this has the potential to save lives. the future.

opposition leaders in kiev protesters against violence as their cities split by burning barricades with. killed in the. rival positions clash of the geneva two conference on syria even before the warring sides of the conflict sit down for direct talks. and n.s.a. whistleblower edward snowden reportedly asking russian authorities for more protection amid mounting death threats. the world's top headlines for this hour live on oxy international i'm rule re sushi i thank you for join.