well you like me you want your comedy news with some t want your comedy news to be a bare fisted no holds barred fight to the dad. but the truth vampire fighting into the next of the corporate elite the billionaire freaks well they're going to run and. that's what you get with my new show redacted in night. and. i would rather ask questions to people in positions of power instead of speaking on their behalf and that's why you can find my show larry king now right here on our t.v. question more. and

those are the welcome i marinate this is boom bust and these are some of the stories that we're tracking for you today now first up scandalous behavior begets is shameful and i mean very shameful i was doing for the american apparel c.e.o. we'll bring you the full full frontal details coming right up and disclaimer you know it's explicit content and then free market advocate doug casey believes that it does monetary manipulation it will lead to meltdown he's telling us why exactly and in today's big deal redacted tonight john f. o'donnell is sitting down with me live to discuss that point cousin mr dodge boy you want to miss the moment it all starts right now.

and over there now our lead story today when the provocative goes just a little bit too far american apparel c.e.o. charny how to an abrupt fall from grace this past week after the very company that he founded back in one thousand nine hundred eighty eight decided that enough was enough and that he had to go now worried that mr charney had become a liability the american apparel board ousted him from his role as chairman and c.e.o. during his tenure at american apparel charney was known for his questionable behavior and a centric personality former employees confirmed to the web site gawker which posted this video that you're seeing right now just today that it is indeed mr charney

dancing around naked in front of his employer professional now for years now the forty five year old chinese salacious behavior. has become the stuff of tabloid headlines and founded almost twenty years ago american apparel has pushed the boundaries of sexuality with their provocative clothing and suggestive advertising that's mentioned chinese sexually charged presence both in and out of the office oh and journeys time at american apparel has also been marked by several sexual harassment lawsuits from former employees i want time charney was facing seven seven different sexual harassment cases from female stuff and or models now after the decision to dismiss johnnie was made american apparel's new co-chair alan meyer released the following statement dr cherney created american apparel but the company has grown much larger than one individual and we are confident that its greatest days are still ahead and the decision was not the result of any problems

with the company's operation so clearly chinese behavior made him a liability for the company but with managerial skills also coming into question it was pretty clear that he had to go american apparel shares their share prices plunged more than eighty percent over the last five years alone and according to the new york times financial institutions have started demanding credit card style interest rates of up to twenty percent on loans a development that suggests how an easy creditors feel about the company in general and other financial companies flatly they flatly refused to do any business with american apparel as long as mr charney was at the helm now he still owns twenty seven percent of the company's stock there so he's not totally totally going to miss out on any presidential profits in the future but here's the thing if there are no repercussions for one's actions they're just going to keep employing the same inappropriate behavior like mr charney was so bottom line the board did make the right decision but with that said i do hope that american apparel continues to

sell fantastic ones is which i am a huge fan of and pretty cheap yoga pants. the federal open market committee meeting this week did not lead to any significant changes in policy and that's kind of what we're expecting now the federal reserve will continue to taper its quantitative easing program and have made some adjustments in growth and employment projections but it's still unclear when the fed will decide to hike the federal funds rate so it seems content to just let things as they are but don't casey doug casey believes that the fed's monetary manipulations will lead to a meltdown casey is a staunch free market out because a bestselling author and the chairman of casey research now casey recently released a documentary called meltdown america and i asked him what led to the making of

this film here's what he had to say. my opinion is that. in two thousand and seven we entered a gigantic financial hurricane which pressed it in two thousand and eight two thousand and nine and now we're in the eye of the storm and i believe that by the end of this year or certainly in twenty fifteen we're going to go into the trailing edge of this hurricane but it's going to be much larger much stormier. last much longer than what we won through in two thousand and nine which as you recall was rather scary yes absolutely and made a lot of assertions in this documentary that i want to get to now this story of yugoslavia that was quite interesting to me and before you tell me a bit about the history can you tell me what made you compare the situations in countries like yugoslavia to the u.s. and obviously the u.s. as a country the largest economy in the world we all know that and it's also the world's reserve currency and the largest military in the world which is helpful if you're

talking about a global that is our genuine double edged sword double edged sword yes but the two seem like totally different animals to me why i compare that to well we covered we covered yugoslavia some bob way in argentina where i spent a lot of time as you know because all three of them have had currency all three of them have totally destroyed their currencies and that has a lot to do with the troubles that all three of these countries have gone through because you've got to remember that money is actually congealed life when you work it earn it and save it it represents the hours of your life that you spend doing so and when you the money that you have saved is destroyed. the time that you spent earning that money is destroyed so it makes people very unhappy and absolutely does that you know yugoslavia was indebted and that an economic collapse was just part and parcel of the ethnic tension that was going on there but these foreign debts

were in currency the yugoslavia couldn't create you know there was so i got into it and like weimar john. creating it is not an option and yugoslavia wasn't getting senior it from its reserve currency either so here's the question i'm getting i'm not seen how this has any relevance to the other just totally different kind of connect a little better for me yes it's actually much more serious what the us does to the dollar i mean look when the zimbabwe. government destroyed their dollar the argentine government destroyed the pace you know all these secondary countries regularly destroy their currency is it's very bad news for the people that live in that country yes but on the other hand people from neighboring countries can come in and rebuild with foreign capital but the united states dollar is the world's reserve currency all of the world's central banks primarily hold dollars as their

reserve currency the u.s. dollar is used. as a currency and for countries around the world where they use the dollar as their actual money and in about fifty other countries that's the defacto currency so when the u.s. government destroys the dollar and they are on the road to doing so it's going to be a worldwide catastrophe now that i want to talk about reserve currencies because that truly puzzles me a bunch and you know the chinese want it isn't fully convertible we know about and it has a bunch of other problems and then you also have the euro zone that has tons of big issues right now and lots of drama with u.c.b. from last week and then you know the ruble or the pound me and there are there's issues with all of these by the economic areas that probably aren't big enough to be a world reserve currency and just aren't saying you know you can say these things about different countries but they just might not be large enough so where is the reserve currency situation as a whole headed well is changing rapidly because although the u.s.

dollar has the since the end of world war two when bretton woods especially in the last five years. a lot of countries are trying to not use that they don't like for instance the russians and the chinese when they trade to each other have been using dollars but neither one of them want to use the currency of a third country which has to clear through new york when they're creating with each other not only that but they don't like or trust the u.s. government and why should they at this point quite frankly so lots of countries the iranians in the in the this is a it's the chinese the new zealanders they're all starting to use each other's currencies and increasingly there is a reliance on gold which up until one thousand and thirty three under roosevelt and then actually hundred one thousand nine hundred seventy one under nixon was

actually used as the world's currency. will the one or the ruble take over from the u.s. dollar i suspect what's going to happen is the both of those currencies will be gold backed because both the chinese and the russian governments are buying huge amounts of gold and i think that's on their minds now doug if i issue a bunch of air and i are used to people here at our team you know. if i want to pay those back i just issue more and i are used to do that it becomes a problem when people stop liking aaron i or years and they don't want to use them anymore and they're trying to use another form and i don't know maybe my producer ed starts beating me with all of that now let me play a video clip from peter schiff because it's going to put this into context so let's put this. and by you know partnering up with big pay it makes it very easy because the people with big coins can use their bitcoins to pay but i don't get the big coins i get dollars i see really accepting big quine's pay is accepting big points

and they're turning around and giving me dollars so my customers gets a pay with bitcoin that i get dollars which of course is what i need because i got to pay my rent i got to pay my salaries i got to pay all my other expenses and my taxes so i need dollars when i'm running a business in the united states i don't need because. you know obviously peter claims that he has dollars because it's a transaction currency in the u.s. and obviously he needs to pay his taxes and if he doesn't the government will put him in jail and that's obviously a problem so it sounds like the u.s. government has a pretty captive audience here at the dollar and no yes well they're not calling the u.s. from empire at this point for nothing the problem is this is that for the last thirty or forty years the major export of the united states has been dollars and we've been shipping dollars just paper received salt abroad and it was nice foreigners have been shipping in mercedes and so on these and everything

else it's been a wonderful trade for the u.s. and it's given us an artificially high standard of living the problem of this is that now there are eight or nine trillion nobody knows for sure dollars outside of the u.s. and for those dollars have value mainly because of the confidence of the people that own them right but they're losing confidence because we're creating more dollars at the rate of about a trillion a year so what are they going to do with them there could be a panic out of dollars and at that point the all flow back to the u.s. where we have to accept them because the europeans are are or japanese don't have to accept dollars and prices are going to skyrocket in the u.s. . and that was chairman of casey research mr casey himself. time now for a very quick break but stick around because when we return we're bringing you the best of the very best from this past week also in today's big deal redacted tonight

john f. o'donnell is giving us his comedic take on cryptocurrency and remember you can see all segments featured in today's show on you tube and you tube dot com but archie and also on hulu and hulu dot com slash. dash and before we go here are a look at summer closing numbers of the bell today so ground. zero you like me you want your comedy news with some t want your comedy news to be a bare fisted no holds barred fight to the dead. like a vampire winding into the necks of the corporate elite billionaire freaks while they're going. well that's what you get with my new show projected

in night. washington well it's a. standard list. there's a. hand. on her seat cover and it is that honestly that doesn't do too much for ad revenue line tech agriculture giant song seventy six year old american farmer in the studio fallout do you think this is going to create for the cia do you think this is what's triggering the race for so long but it's also the largest debtor nation. breaking the set is mostly about alternatives to the status quo i want to give you all. working for the american dream the next they were just trying to survive it's time for americans and lawmakers are forced to wake up and start talking about the real causes of.

the. welcome back to the show now it's the end of the week and that means it's time for our best of the best segment so first up is dr pepper she's taking a closer look at the official inflation numbers and compares them to her real view of the real inflation market hint she doesn't see the numbers out enough exactly then steve hanke he discusses the difference between state money and bank money and how yellen has it all mixed up after that we bring you thomas pollies view on the difference between new kansans and post ken's ians and for our final two clips we take a look at energy with richard heinberg he's weighing in on alternative energy replacing carbon based fuels and course martinson links how energy costs can lead to rising

food costs take a look. so i do think the gap is widening between what the official data points are telling us and what people are experiencing in their everyday life and i think it's typical at the beginning of a higher inflation rate that you get such a gap and then we can argue about the reasons why it's occurring what i don't buy is the argument that some prices are rising but a lot of prices are still falling i don't see evidence of the falling price environment like not like the way we used to have it for example you used to falling prices and clothing and textiles shoes because there was always cheaper stuff coming from bangladesh that is no longer the case of products don't they recently levi strauss said they were going to limit their production in cambodia because the wage demands they're rising because the political environment has lost steve all you know we've seen more and more attacks on production facilities in asia recently in the city there were

a lot of attacks on chinese facilities which has to do with the disputes over the south china seas and china going for oil rigs in other people's territory but the point is it means your safety of your production line it's no longer secure so relatively the us looks a lot more attractive so bottom line is i don't see the downward pressure on prices in the way that it used to exist not even for computers and stuff like that and i pads and i pods so i think people are going to experiencing good to be experiencing higher prices food is a really important thing to keep an eye on we've got record high prices for beef for pork shrimp is up sixty one percent in a single year we're seeing much higher prices for kind of all the core proteins that matter to people and more and more signs that the packaging is shrinking as companies are selling you basically they're making you pay more per weight than you did before and all they is are going to hit the pocket. you know pocketbook every

american so it's not enough to damage the economy but it's enough that we should really be thinking about inflation may have more but hold than that they say money is produced by a central bank and we call it high powered money or monetary base surf you're looking at ams it's m. sub zero that state money and that accounts for about twenty percent of the money supply total money supply broadly measured in the united states the other trunk the they all of the room is bank money that's eighty percent in the united states and that's produced by banks commercial banks produce this element of the total money supply and i'm talking about m sub four as measured by the center for financial stability in new york that's that's a big broad measure of money and so therefore so there so the reason that and the

reason i said that schizophrenia is that most people say oh the monetary policy has been very loose in a sense lehmann collapsed in two thousand and eight the federal reserves increased the state money by about three hundred percent. so it's loose it is loose but it's a small portion of the total bank money part has actually declined by about fourteen percent since lehman collapsed and the reason that it's declined is that we have all these new bank regulations all these new capital requirements coming out of the ball so in switzerland these are international regulations and leverage ratio liquidity ratio. for the ratios you know you name the ratio it's getting tighter and tighter the noose around banks and so banks haven't been lending much of what i want to get across is that it makes a big difference of the stories you tell in

a way economic theory is storytelling and you can't tell any story it has to be kind of consistent with what we have out there but still it's a story and the type of stories you tell impact the type of policies you have and the political discussion you have and that's what serious about the new keynesians because they occupy the space that should be a more vibrant real keynesianism which is a different story about how market economies work keynes basically said that capitalist economies work pretty well but they occasionally have big cups and that's when you need certain types of public policies that will get you to full employment and they won't get the full employment by themselves and that's what we're seeing a new cane tell a different story firstly say that the problem is to do with this we judy issue and then they also say that we actually do eventually go back to full employment and if you'd asked him for five years ago i remember back in two thousand and seven having a discussion with brad belong in the u.k.

and in it. in california at berkeley and it was very dismissive of the arguments right now instead of going back to full employment in one to three years it's one to five years to know be one to seven years so there's something wrong with the theory and in the. meantime. they are crowding out space for other discussions and you see that and i'll probably do all the calculations that you know it really doesn't look all that good for solar and wind as complete substitutes for fossil fuels in some ways you could think of them as fossil fuel extenders because while solar home full sunlight and wind are free and abundant and renewable the the technologies that we use for capturing them the wind turbines and the solar panels are not renewable they're made out of nonrenewable mineral natural materials and and mining those materials transporting them and transforming them takes fossil

fuels so it's a system that is in the sense piggybacking on our current energy system that's dominated by coal oil natural gas is tightly clara lated and causative associations we have in the data series as between the price of oil and the price of food and we know that this isn't just a simple erroneous correlation that there's causation involved and that it's high oil prices cause high food prices not the other way round and the reason for that simple on the supply side when you're growing food obviously you need diesel fuel to plow you need fertilizer you have all your chemical inputs so you have all of those cost components on the supply side on the demand side as the price of oil goes up you find people converting farmland to fuel based production and be it for palm oil or corn based ethanol or things like that so for both reasons we can very easily say that the high food prices we've been seeing over the last several years are directly related to high oil prices. it was the best of our very best from our

recent show time now for today's big deal. hell no you know it is big deal time with our newest addition john f. o'donnell he joins the redacted tonight team with camp wonderfully every friday at eight pm and he's going to be sitting with me today to talk about bitcoin all coins and other prepared comments in general now basically i want to start off here and quickly ask you at the gate you know we talk a lot about a point on the show it's one of our favorite topics so what do you think about the quote in general good bad yeah in a thoughtful concerns. i'm doing it and i like it. it's different it's read it's open source as in everybody can see the code and stuff like that it's not connected with any sort of centralized bank of federal governments and things like

that and we've been screwed over so many times by entities like that that it's nice to have something else and i think that's why people are so excited about things like write an alternative because you know there's a lot of skepticism around around everything that the government does now i want to get into the coin in general and like you know just just your thoughts of the use of it because it's starting to spread it's getting bigger and bigger and big names are starting to accept it quite as well you know the winklevoss twins their early adopters of the cryptocurrency overstock dot com except them for online purchases peter schiff. for his precious metals business that's his online trading platform so there's a lot of buzz around big clients and big money is starting to get interested in this in a very big way now what do you make of big money now getting involved in big points well i'll tell you it doesn't bother me because the creation of this currency this is the thing about it yeah i think there's i have kind of two schools of thought about it bothers me and it doesn't bother me. it bothers me from. the fact is this was created by these sort of like open sores super computer nerd ninjas who created

this sort of thing for an idealistic kind of peer to peer equitable sort of system like that right and it's been co-opted by these super rich freak shows and then that kind of bothers me because they can see themselves sort of cornering the market making a lot of money on it and things like that like the winklevoss twins i think apparently they own over like one percent of the market which is probably well over fifty million dollars and true story they are using their big coins to pay for their trip to outer space aboard richard branson virgin galactic space shuttle i guess true branson is accepting because they paid two hundred fifty thousand dollars each. a dollar's worth of big points for an order to go and that's ridiculous and is totally throwing in a face all of the computer nerds who probably watch star wars like eight point one million times and counting you know so that is one of the reasons that i don't feel good about a number of them going all the tangency and stuff like that and i got sort of a deal but i want to ask you it's my understand i could be wrong it's my understand of the one cost as well one of the initial adapters before it was trading at you

know roughly six hundred dollars a coin that they got in there when it was trading really really have the men like nine dollars right so that's the question is it is it a problem with you know while they have the means to purchase it today at six hundred they got in really early when other people are balking out of me like one of these kids doing now they failed at starting facebook and now they're going to be quite so early but it turned out to be a pretty solid investment is that is that bad on their part and i think it's smart on their part i mean the people that really know money have a lot of money and the people that you know and they also have these analysts around them who are financial geniuses as well so they can figure out these trends they can figure out how to do and then they could also realize that because of the amount of money they have if they're investing in it that brings value to it for other people be interested in it i've got some mainstream press with the new york times and stuff like that so then it shot through the roof and then and then when i think well over nine hundred maybe something into the thousands that it did back down to four fifteen or braise freaking out saying it's volatile and stuff like that but the thing is that a lot of people think that's actually just the market. rising itself that it was there was just

a run on it and that's what made it goes awry and then it went back down that's just the paying of the birthing pains of a new currency right now i want to quickly get to this because i durst cry and i'm mispronouncing. this is your baby we were running on time but please tell me what is the point of how to live your own is amazing i'm all about it it's a it's an all script a currency they're all about being they can follow on and helpful and stuff like that like they're very new but they've already been associated with so many charities it's great there's like those for autism there's dollars for water there's dollars for homeless there's dollars for war for warriors which is about veterans that are coming home and are dealing with mental illness and p.t.s.d. and stuff like that so let's say like bitcoin is legitimizing themselves by people being angry at the establishment right dogecoin is that we had by doing humanistic things and trying to make the world better so basically like everybody says you know at at at primitive it's pretty rad a great way to trade through twitter to the moon and i thank you for your time there you are john thank you so much author of an hour after i know have you back

on talk radio that's all the time we have for now but i wear our way there are have a great we can talk about facebook facebook dot com. chad. a genuine appeal for peace negotiations or a gambit to intensify the conflict these are only some of the questions surrounding the ukrainian president's call for a cease fire pushing those options are narrowing. or. mis. using the media and it. really doesn't do much for. culture giant seventy six year old american student. do you think this is

going to the create for the cia do you think this is what's triggering the break because the largest economy in the world it's also the largest debtor nation in the history of breaking the set is mostly about alternatives to the status quo but what might be real alternatives to the point still not working toward the american dream the next they were just trying to survive it's time for americans and lawmakers are forced to wake up and start talking about the real causes for a. little under a little more than a lot of these policies i consider my. pleasure

to have you with us here on our team today on roller sushi. coming up on our tell you the crisis in iraq leaves the nation divided as the militants continue to gain ground while washington struggles for a way to end the crisis so is there a solution more on that ahead. and the pentagon is researching the cause of global on rast and movement groups but critics fear this could help the military stifle and control protest movements braun that coming right up. it's friday june twentieth five pm.