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 our accountant. and why. no actually it was k. p.m.g. . i believe from last year it was peter b c o b w c. i mean why not the law and choose not going to show that in what not to not be the music 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 wrong they're 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 friends of asia by the way this is run by two guys in thomas monaco and andrew haskins thomas monaco is a former new york fed guy and actually 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 it and say this is ok they're looking at it and saying all those assets are overstated by a huge amount but the you coming from to the 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 keep p.m.g. they're worth one hundred cents on the dollar even though other technically worth zero but they became the trash receptacle for the two thousand and eight two thousand and nine period it's in london is 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 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 just 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 eight just to become one of the largest practitioners of capital forbearance globally this 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 of quantitative easing 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 the h.s.b.c. has this capital forbearance that they've had lying extreme earnings lie whether they've been lying about their evidence yes they've been lying about their income they've been lying about their balance sheet they were 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 they would have 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 could 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 threaten 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 take of the old bailey and his defense is if you prosecute me i'm going to go to switzerland that's what h.s.p. you 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. we're going. 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 god it is better proof yes a just b. c. there's nothing except a lie it's traded on the footsie as a lie if you want to buy investment lie buy it. like a duck duck go with the law and it's all right throwing something at someplace or. do you buy that stock your body financial terrorism don't you understand that do you know you don't share your goal or do you want to see them sent to a concentration camp when oh oh. i forgot dancing with the stars on the government . so the equivalent in the u.s. to this mirages the 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 as the house 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 it 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 fine them two billion dollars and a different prosecution agreement for their role in the made off 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 the frauds or 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. who is eric garner 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 the 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 type of 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 that 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 in to do we need to declare economic freedom sovereignty financial freedom and sovereignty from these banks to worry about it 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 anymore right of time stacey we must move on thank you stay away from turtles and heads ok stay tuned for the second half a whole more. united states is a very good example here because in the early years they had a pretty strong genuine democracy that by now i would argue has degenerated into a system where money and power mattered much and did a dead end of the. joran since the founding fathers of the united states would constantly say that they were not trying to instill a democracy that was horrible they want to topple a republic and they purposely designed to be institutions to as they put it exclude the majority from participation.

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welcome back to the kaiser report imax guys are time now to go to the pine ridge in south dakota and speak at biarritz play welcome to the kaiser report. good to be here max all right this is a very exciting story you want to make good point 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 you know educate people resent the word us local people understand what coin is and why they should use. a lot of us getting the merchants on board. which actually is 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 is we're using that to showcase the

security features. pretty much you know it's nowhere to scamper 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 blotching 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 that to put all of those documents and legal documents into the transparent and irreversible block change your thoughts. exactly you're going to a very good point. ironically you know so you mentioned we're already starting to get some blowback from the tribal president's office. federal agents and we had a couple of. big cornrows a weevil i was sure to mount it's not short of numerous news reports so sure that it's not. but if you look at it from the aspect or broken treaties. i can understand why out the photo logo 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 send it's good it's done and of 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 and the indians now here you have bitcoin which is almost a natural resource in itself that is south saw fulfilling prophecy in many ways again you're put your bumping up against a two culture stare but with big coin 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 bit coy 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 differ you're right 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 simply augments the sovereignty now we already have so you have all these treaty obligations out the us you know try to avoid bringing up the fact that we have sovereign rights you know to have our own currency to employ big coin adopted as our sovereign currency. 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 he speak on that a little bit once we started the beach you see or ya initiative we had

a lot of people that came forward wanting to help we had some coin to go that came in and we've put together a all currency of our own and that is called mas a coin. is a coin which unique about it is one of the concerns about big coin 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 coin 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 points on the reservation for him 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's 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 in what they have as 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 omics out of the india is the indian the indian nations are they becoming politically charged again with the presence of cryptocurrency is your thoughts absolutely. true or. is this guy like a tribal spokes person it's a traditional position and our current. chiefs are nice and when i brought this up to him and explained it to him he knew we got on board the media we said he this is something good for people this is something that we can really get behind. same thing with my uncle floyd and.

he saw the potential you know and he told me he said you know this is good for people making happen i mean no one in history i think will finance as the common person has so much ability to get involved in a market like this like i said this is this is this is the third this gives it back to. it's called if chewy cha shoes which means the common man. you mention the. you know they also the look at the 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 lakota 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 make it 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 bitcoin 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 we see pre mine phase that's when things were going to mine out like fifty percent of the clients no we're not it's a very very limited pre mine 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 with this previous century kind of create a reserve currency so if somebody. you know somebody might have like our work for sale you know they could technically mind and take part and get you know be involved by being paid with maza court. for tribal employee who want to say well we want 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 want to be in the shop and 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. well but so there's a real practical need for the pre-buying 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 like to thank our guests are you have if you'd like to get in touch tweet us at kaiser report and i stand by you.

as a new physician i swear to abide by the hippocratic oath. 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 others to do so. i will never do harm to the. doctors of the dogs. i know. tanya the lady well tell me how you are my little grandson.

i don't like i don't like. was 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 that she had to leave it was as though she had lost her mind. you know you she will come back i know it 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 and 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 were 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 them.

the head of the european parliament urges ukraine's president to call an early election while in kiev a brief truce between street rodgers and security forces draws to a close. the un prepares the ground for syria's rival delegations to meet face to face on friday after day one of the long awaited peace talks was. bitter exchanges . and a missile blows what edward snowden is reportedly planning to ask russia for personal protection of the receiving death threats some top stories this hour.