hazards and open burn pay registry went online last month where vets can register exposure to burn past in hope the first leaving disability payments or medical help even though the registries only been up a few weeks already about ten thousand that haven't been able to register due to technicalities or system glitches but worse than that the v.a.'s website did not i that exposure to burn pits can cause long term health problems just like they denied agent orange caused health problems in other words the us government's refusal to care for veterans exposed to burn pits mirrors it's for fuel to care for veterans exposed to agent orange and that's why the google search burn pits and agent orange now return so many hits government officials that are in advocates and journalists all around the globe are all starting to see afghan burn pits being president obama's version of agent orange level disregard for his soldiers health

if obama is smart he'll do what he can to right this wrong immediately but chances are he won't learn from history he'll just repeat it tonight let's talk about that by following me on twitter at the rest of them. technology innovation and the developments around. the future severed. well you like me to want your comedy news with some t.v. . comedy news to be a bare fisted no holds barred fight to the dad. like a vampire biting into the necks of the corporate elite billionaire freaks while

they're going. well that's what you get with my new show projected tonight. welcome to the kaiser report max kaiser. this is the economy for now out with the nouns and with the verbs. yes according to our first headline here max why can't make ends meet trumps poverty this week the center for community change released new research that details of the way low income americans think and talk about living on the edge of the language being used by policymakers and others to

describe them is turning off the very people it is supposed to help this is from bill moyers and he spoke to one of these people from this community center for community change what they found is that poor people don't like to be called poor because it's a bad term in america and it means that you failed at the american dream so they prefer verbs instead no that's true in america it's the winner take all mentality the casino if you will be willing to live in a if you have a shot at winning at the big casino the big american dream casino unlike europe which has the tradition of the noble peasant or the impoverished no it wise person it's actually time more to catholicism because of catholicism they convinced a lot of people in europe that to be poor is to worship jesus in america which started out not as a religious theocracy as it has become but it started out as a separation of church and state and it was just manifest destiny grab all you

can go for the gusto we want to be rich and now it's become more like europe it's become more like a religious theocracy is all the world's economies fall into the trap of of fanaticism so that guy bill moyers interviewed said to be poor it's the failed in the pursuit of the american dream and that the poor are reviled so we shouldn't call them that in fact he says that nouns are failing us in this space and we need to move to verbs what i mean is we've traditionally catalog to mobilize people based on shared identity immigrant queer african american woman now we're seeing that since poor. such a reviled category people who arguably belong in that designation don't want to claim that label so we need to engage them with the language they're ready to not just accept but feel empowered to proclaim and that takes verbs so like struggling to make ends meet living on the brink working for family those are terms that he

says are ok which is ironic i think because in fact the top one percent the top zero point one percent they are the opposite they don't want to be known by their verbs that would describe them rigging libel or rigging for x. rigging silver rigging gold defrauding investors manipulating markets they don't want to be known by that they want to be known as nouns like wealth creator entrepreneurs you know job providers you know it's interesting how language fits into all this in the u.k. of course the verb or noun just more adjectives so starting with tony blair became aspirational which is not really either it's because you can't really say it's good to get rich because that would be too american but you can't really celebrate the poor because that would be too chav like or yob like or council state like so that

doesn't work either so you have to be aspirational it's a good old adjective it's not fudge middle that works so well here in the u.k. but in the us now that the action verbs are the best you're well challenged i'm i'm temporarily without my millions. i will soon be with back with my millions you know if bill gates walks into a bar the average of that worth of everyone in that bar is probably higher than a billion dollars you know that's the way they see things well according to google simmons for a poverty stricken penniless moneyless impoverished low income assessed the tests and. cuny s. indigent needy destitute pauperized unable to make ends meet without a sou i like those words like. kenny is a nice has a nice ring to it without a sou of course goes back to france or they everyone is looking for a suit for the proper calf down at the back.

as well way to describe it but it's not something that's going to last in america it's just temporary before the big jackpot is hit and you have that amazing catapult into the zillionaire status that is guaranteed by birth by simply having your zygote consummated within the shores of america by your mom and her because you know girl you've got the birthright to be like donald trump terrible hair and build golf courses in places you shouldn't well i looked at urban dictionary dot com as well because those people are right all the time and the first one i'm going to look at is reminds me of me when i was a student and that is to be poor is to be tired of eating top ramen for every meal of the day. and then the next one is when you have too much month at the end of

your money and they use an example of how this would be used in conversation so person one you want to go eat at that new restaurant person to no man i'm broke i've been eating government cheese all week maybe next month when i receive my paycheck person one oh i didn't realize you were poor next month sounds good. and nothing going on but the rent and all the rent is too damn high it ran it through them that you know in the urban setting in america of course it's not taboo to speak of being indigent it's mass effect called blues you get the blues in the eagle flies on friday. you know until then i'm out a soup i got no soup a boy named sue bring in some johnny cash i don't think he was referring to a french unit of currency that well. you know as i said the rich like to be called by nouns rather than verbs so there wealth creators rather than one

stealing only your wealth and there's another lawsuit there are several lawsuits there's a silver rigging lawsuit going on right now but here's another lawsuit in the news regarding the verb like people who want to be called nouns the wealth creators lawsuits thunder half a futures trades in chicago are illegal watch trades so here is a new lawsuit against the c m e the chicago mercantile exchange and they say that that fifty percent of all of their trades are wall street wash trades are practiced by wall street pool operators that rigged the late one nine hundred twenty stock market leading to the great stock market crash nine hundred twenty nine thousand nine hundred thirty two and the great depression wash trades occur when the same beneficial owner is both the buyer and the seller washouts are banned under united states laws because they can falsely suggest volume price movement well we've talked about it on the show many times the watch trade is you're putting a buy in

a sell in simultaneously to move the price why would you do that because you've got something cooking on another exchange particularly in the options market multiple listings of options and on one options exchange you throw in a wash tray to move the price up or down to cash in on the same contract on a parallel exchange so this is why when people say oh you know for every buyer there's a seller for every seller there's a buyer there's no way to manipulate these futures markets the answer is no there is it's called the wash trade and as you've just pointed out fifty percent of all the trades are washed trades i know i've done many myself when i worked on wall street many many times thousands hundreds of. thousands of options contracts i was one of the biggest options producers on wall street the one nine hundred eighty s. i can tell you how to manipulate option prices to affect a price movement in the stock market but that's not a big trick today using the derivatives market they can change the entire fortunes of country that's how come greece went under instead of just some broker on wall

street moving the price of some high tech over the counter stocks five percent using washed trades on an options market you've got hank paulson john paulson excuse me working with the government of greece working with goldman sachs and lloyd blankfein to throw an entire country under the bus that's where we've been through twenty years that's been the progression of derivatives trading is that now they've got the ability not just to move the price of a stock but to move the price of a country in the case of greece other countries or ukraine what's america doing in ukraine they want the gas assets let's throw it under the bus let's use every frickin derivative trick we can out of the book let's bring in geopolitical tricks let's bring it all in to watch because we want the cheap gas and of course remember greece is not bankrupt or broke it's struggling to make some payments for current world challenged at the moment they're without sue they're in the cuny and they're all going to be the only heirs to billionaires soon the but they don't think like americans you know they think like europeans so they blame themselves because

that's their catholicism kicking in by the way this lawsuit against the c.m.e. is regarding the s. and p. five hundred futures so it's not just the little silver market for example it's against the big one of the biggest markets in the world that asin p. five hundred on the silver market's been great for years as we where on the show these watch trades and before i get a lot of hate mail i think actually in greece it's the orthodox christian is predominant not catholicism so i doubt it's a guy's with those interesting hats i see in the airport so excuse me for that photo paul as i attempt to really engineer an answer based on your and curious wording that's bereft of action. taishan that i can go on to which is a fancy way to say i'm completely lost. well ok so finally because the poor don't want to be known by the noun that is poor. that they are they want to be known as verbs and the verb like people who are real rigging and manipulating and stealing from the markets want to be known as the nouns of wealth creator because of all of

that we have this final brief headline here the typical household now worth a third less the inflation adjusted net worth for the typical household was eighty seven thousand nine hundred ninety two and two thousand and three ten years later it was only fifty six thousand three hundred thirty five or a thirty six percent decline according to a study financed by the russell sage foundation. household the median point in that wealth distribution the level at which there are equal number of households whose worth is higher and lower but during the same period the net worth of wealthy households increased substantially and increased by fourteen percent for the top five percent right because of using things like wash trades i mean give an example of you know when i was working on wall street i had a wealthy client and you know i would do various market regen to put profitable trades in their account and for a kickback but i didn't i never knew a stockbroker on wall street that never worked in this matter and i've known

thousands of them they took that but the profitable trades and wealthy clients accounts for kickbacks they put the losing trades and corporations accounts so they can take the tax loss how do you think it ends up at general electric had a zero tax bill last year is it because of they've got some geniuses on their cashflow desk now they have corrupt brokers who are throwing them losing trades all day long to offset their gains every single quarter that's how the game is played the profitable trade you stick in your wealthy clients accounts and oh my god i got a free round at the bel-air country club and have to pay for part of that up and well in fact you know the reason why technically theoretically it's against the law to use wash trades in america is that it creates the illusion of volume and price movement and the same could be said of why high frequency trading is high frequency wash trading exactly and same with q.e. in urban search and this is why i think that it's basically washing the crimes the

verbs that are committed by the top one percent in order to be called the noun that they are wealth creators not ethnic cleansing but verb washing could be first and so we got to. stay tuned for the second half a whole lot more verbs and nouns which. it's a bit of a problem it was

a problem very hard to take on a problem to get along here a lot that has sat with. no legs let's play a. little i'm playing. well i'm. a.

welcome back to the kaiser report imax keyser time out of turn to journalist lame allegan author of this week's cover story on the spectator the next crash still available on newsstands we could be on the brink of another financial crisis what lame how can welcome back of the kaiser report to max fantasy are let's talk about this george osborne says the economy is recover so why do you say we're on the brink of another financial crisis which of course we have seen or it's. g.d.p. and it's pretty lame unlevel here in the u.k. it's taken the best part of seven years it's been the slowest recovery in british history the slows recovery in the chief seven a lot of the recoveries built on more debt of course q e all right so the g.d.p. numbers are on the on a surface they look like things are recovering we know that g.d.p. is a very imprecise sloppy all inclusive not very interesting number because for example

if you understate the actual inflation number it makes the g.d.p. look a lot greater and we know that they this government in the us is constantly understating their true inflation number for things that are really necessities i'd say the main inflation metrics are understatements of reality and i think most people in business and indeed running household budgets would result is actually back on a number any as a deflator against the g.d.p. the nominal number you end up with a real g.d.p. that's a lot less robust but you know and even in the u.k. we have g.d.p. per capita is still less than pretty lame of course because the population's increase in the normal g.d.p. is just go back to where it was also to make the g.d.p. number bigger did they just recently include drugs and prostitution yeah those changes a coming in that's a kind of cross g seven phenomenon that will give g.d.p. numbers around the western world a boost so what i'm arguing in the spectators is a disconnect now we also. saying some return to growth in the western world but financial markets are in a euphoric states we just had

a really important speech from the bank of international settlements followed by following their annual report where they pointed to a fundamental disconnect that's a quote between western economic performance in europe and in the u.s. as well of course g.d.p. in the u.s. on analyze posts in the first quarter contracted and yet we have the s. and p. five hundred repeatedly hitting all time highs it's hit an all time high about twenty five times so far this year is ratchet up and up and up even though the u.s. has files to stage a particularly impressive and decisive sustainable recovery a my my problem with the situation we're in is max that a lot of these asset price a lot of these asset prices have built on momentum that builds on printed money rather than fundamental improvements in business and commerce across the western world and we're in a slightly different position from pre lehmann of course because after the lehmann

crash the emerging markets tended to act as a bull wark a source of stability on the quiet a lot of big emerging markets help with the western payouts we didn't like to admit it but they did but this time again because of q.e. you've got debt markets in emerging markets that are pumped up as well bubble like tendencies the so-called fragile five but it goes goes beyond that cross the big emerging markets so the emerging markets themselves could be a source of systemic instability as we have in the western world a little let me describe the last few years and tell me if this is a good description two thousand and eight you had credit seizures around the world credit dried up you know banks were at threat of going bust and in response to central banks engage in quantitative easing and you had very loose monetary policy here in the u.k. the debt under i was born roughly double the national debt more more than. now so about one one point two five trillion pounds he added roughly six hundred billion

pounds debt so it will be about one point six by twenty eight c. nineteen on treasury numbers one point six trillion pounds so the credit card was cut off in two thousand and eight especially when banks credit for us that and instead of attacking the systemic problems the central banks came in and they figured out a way to open up the credit levers again and in this country they simply doubled the amount of debt that they've gone into there are much more debt historically maybe of the highest debt that they've benoît a lot of that debt of course bought by our own bank of england just as in the states but particularly the u.k. we've had circular financing of government that it's it's ok actually unprecedented in peacetime in this country so there's that part of the systemic crisis that you see kind of falling apart in the in the in the near future absolutely obviously we had big government bailouts of all large banks post lehmann this time around governments are in a much much weaker position even on the basic metrics western governments now on average have debt to g.d.p.

ratios of about two hundred seventy five percent according to the bank for international settlements it's not the official numbers it's all the other stuff they had in liabilities that i know you talk about a great deal compared to two hundred fifty percent pretty lame and plus we've got the situation where sovereign debt markets particularly of the u.s. and the u.k. increasingly the euro zone to basically rate pops up by prince of money that of course is a little he'll make instability in the u.s. g.d.p. is falling sharply short in the first quarter there are signs it will recover a bit in the second quarter we don't know the figures yet but was interesting to me max and i'm sure you as well is when the really bad g.d.p. numbers came out in the first quarter the markets loved it because bad news is good news that meant the fed was more likely to take its foot off the off the off the gas in terms of tapering if you like to take any doll funny money dollars even. more so bad news is good news what a situation we've got in the markets rally when there's bad news because it's more

likely the biggest central bank on earth will print more virtual money so that's why stock markets in my view a rate there are a lot of mom and pop investors out there trying to invest their nest eggs trying to get their history college who want where of these things all the finance ministry are talking about it even though they know and what have tried to say in the spectator outscored is that mainstream publication is look at the metrics of things like volumes trading volumes are very very low valuations are very very high that's classic time crash territory and also you've got margin debt being taken off the table rapidly now so the big and sophisticated investors who borrow to invest that deal leveraging themselves because they know this is a story that is looking increasingly implausible even though people are still banging the drum and telling everybody you have to buy into this market ok if your head thing at this becoming more of a global crisis because unlike in the two thousand and eight where the asian or the emerging economies kind of picked up the slack they did they now are in a similar situation and so now we answer into

a similar crash pretty crass an area where the banks capital is highly questionable where the collateral is highly questionable the bank of international settlements that you reference that's the central bank of central banks you know they are warning about what's happening in being dissed by the central banks themselves just as they were in two thousand and six two thousand and seven but there's some things i'm hearing all that in emerging markets i don't think you've got the markets pumped up i still think a lot of emerging market was the markets are undervalued but the markets are pumped up largely because money's been extended from western finance is q.e. money some of it in a desperate search for yield given. and so on very very low interest rates in the western world and when you look at the global picture of the global banks the global such a banks there is now understand a lot of collusion that goes on between all these banks for example. atic ellen talked about tapering we know that the e.c.b.

has increased our quantitative easing so there's a lot of you know to be in no doubt even though they don't like to talk about it because the german public i was mad because of its historic inflation aversion for good reason the balance sheet has doubled in the last three years even though they haven't had q.e. they've had q.e. mario draghi is now pushing for q.e. precisely to try and be america in the u.k. sun came by debasing visibly device in the euro in a sop to eurozone exports so two thousand and eight the global debt to g.d.p. was around three hundred ten percent today it stands at close to three hundred twenty percent that the g.d.p. so despite all this talk of austerity despite all this talk of cleaning sub the situation the debt is actually higher now you quote in this article in the spectator then get a good look at a run up to the newsstand right now make andrew neil happy i think he's one of the publishers of the answer is the publishers picked yanto see we're helping. you say

you quote professor michael dempster of cambridge who's he says that the rivet is. the glue that ties all these global banks together this is my pick this is my my my my question i will eat up i'm writing a right you say you say derivatives are now all about creating confusion to hide losses sounds like fraud so this is my big question of this interview all everything we've said up until now global banks crash is coming again there was no reform george osborne just doubled the debt he didn't did jack ok and it's all tied to these derivatives global the rent is hiding it's just about hiding losses talk about that well. in theory throughout history inside. farmers have used to resist for centuries it's the way you just mentally hedge risk but according to michael dempster many many of the. as many regulates as when they're off the record derivatives are increasingly used in order to obfuscate to create

a lack of clarity across bank balance sheets about for every every every dollar of oil that trades in the physical oil market there's sixty thousand dollars show where the derivatives trading just goes painting the price of oil that's not for oil producer head i think that's rank speculation on an enormous scale i don't think anybody serious would disagree if being honest that of course an awful lot of what happens in the financial services industry has very little to do with actually providing services financial services to the broader world so lame a strategy to say that if you're looking for a global crash that it would basically be a popping of history of a bubble and if so where would that pop happen where is that once part of vulnerability if you can identify that. of course if i knew that i would be seeing him x. what i would say though is that the total volume of outstanding derivatives across the world according to michael dempster many other expert service is now bigger

than it was pretty lame and i'm also saying that the amount of subprime loans that are being extended are bigger than pretty lame and i'm saying government debt is bigger than it was pre lyme and i'm saying that western as the markets are very very overvalued on historic criteria and also emerging market debt prices are very overvalued but there are bubbles everywhere any one of which could cause to be the spark that causes a systemic issue and below. the avalanche coming you just know which which stuff like a superstar. and i don't what it's happened i'm not willing it's happened i'm just saying the we're not putting near enough attention on the fact that it could happen and then sitting underneath all this lurking in the undergrowth if you like of the too big to fail banks science we think that's the really strong part of what professor michael dempster and also professor and that massey of stanford university was saying in my spectator article they were saying the too big to fail

banks have not been reformed very little has been done to actually lessen the systemic risk that they pose the combined balance sheets of the big six biggest western investment banks are bigger than they were pretty lame and a lot of the reforms that are coming in a week and don't come in for many years anyway so the banks still pose a big systemic risk even though the politicians are telling us that too big for it to file has been solved it has not been kind of fairly helga thanks so much for being once again on the kaiser report thank you all right that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert and i thank our guests liam halligan author of this brilliant cover story and this we're expecting and i got it the next crash every live going to times twitter is a kaiser report and i stand by.

the for. patients are forcing at. least. six nations and at the finish line of the boston marathon. bombing during the month. your friend posts a photo from a vacation you can't afford. and different. the boss repeats the same old joke of course you like. your ex-girlfriend still tends to

rejection poetry keep. ignore it. we post only what really matters at r.t. to your facebook news feed. what's happening guys i'm abby martin and this is breaking the set so earlier this month i reported the isis in iraq seized over fifty american made artillery weapons from the iraqi army which cost half a million dollars each and with this disaster out of the pentagon's belt you would think it would make sure it doesn't lose any more of its arms in the middle east except a new report by the special inspector general for afghanistan reconstruction or seeger shows it's done exactly that according to the report the pentagon has lost track of more than forty percent of the firearms it's delivered to afghan security forces.