shrieky cable news which is pushing hoax after hoax after hoax about very are social issues whereas the empire is being divided out and cut and chopped all the wealth stolen around the world in the openly in the pages of the financial press no of course the east india company was a colossal failure and bubble the first could be the south sea bubble as well that the so am i confusing the middle i am a little bit but it isn't a company was very very successful and. i think it was successful and what was it was always a success this is a show about modern day and i'm just comparing erik prince that he is modeling this on a imperial previous empire how the east india company helped with their private armies to expand the british empire the british empire for sure has collapsed that is gone you can say that for sure that you got that right here we have an american empire on the verge of collapse and here we have

a guy erik prince who's connected to the political powers that be who wants to expand well who plunder the rest of the nation while the u.s. still ok ok so so in the us either the british empire in east india company versus the american empire america princes yes neo east india company whatever he's calling it is there any east company yes yes he wants to do it through his chinese registered company as you do. because he knows which is the next them fire this is him transitioning to the next empire i think i don't know if he's even allowed to set foot here but one surprising element is the commercial promises prince of visions that the u.s. will get access to afghanistan's rich deposits of mineral such as lithium used in batteries uranium magna site and where earth elements critical metals use some high tech from defense electronics one slide estimates the value of mineral deposits and helmand province alone one trillion dollars he doesn't mention actually even though he's doing it through he's proposing this anyway through his chinese register company. is that the chinese may feel

a the rare earth elements market so that giving out is right the u.s. as well i mean there's a lot of rare earths on asteroids one up but eric present a rocket strapped to their rocket and blast off and outer space you know see i think it would be ok we've got to get out of the break don't go away much more coming your way. when you all know is coming through and spoke to if somebody would have been told me that i'm going to spend my life for two point computers are out to destroy a person with so it was clear to. every night we were attacked by the arabs we will attacking them and we will extremely short. saying that's not possible oh make those moves into such scenes

and then the soldiers and myself from the. host with all the pools of over to go over they all. believe much sick and close citizens in the. most liked and i think in my head that there is noone to be able to live together without. welcome back to the guy's report on nice guys are time now to turn to marshall all back is the research associate at the levy institute martial law come back next thanks for having me again all right listen before we get into this deep you know

ideological stuff i got to ask you about a tweet talking about the carolina hurricanes and the national hockey league oh yes or thoughts on this they should relocate to quebec city story all you hockey fans in raleigh i know there's not many very many of you but that's my team now i know all of them when you're talking about reloading them to quebec i mean i'm just going into the hurricanes you and maybe five thousand other judging from the attendance levels at the games so while this is part of an expansion of the n.h.l. well no the whole reason why this came up is because seattle agreed to spend money were renovating its old arena so gary bettman came out last night in effect all but promised them an expansion franchise for a cool six hundred fifty million dollars so if you like the stanley cup this year why go through with the leafs limit on a medal and of course you know that's my team is there take us there you're all right so we know you're all right let's talk about you know we're on recently and people started to ask about and say they're really into m.m.t.

they want to know more about m.m.t. you're one of the preeminent m.m.t. people tell us about it would describe myself more as a popularizer and probably again to regard to modern monitor theory that the people really behind it who have done all the heavy lifting or scholars like bill mitchell of the university of newcastle in australia stephanie kelton randy rae young cradle and of course war and most lawyer who's also got a prominent following on in the twitter sphere so tell us a little bit about it just give us a primer on it i'm just going to sit back and let you talk a little bit about it as a people have a real interest in this there's a lot of different aspects to it but the main point that modern monetary theorists always make is that there is no inherent financing constraint when you. are a sovereign in your own currency and by that means you are the issue of your own currency you are not operating on an exchange rate standard a gold standard you're free to create as much money as is required to consistent with broader public purpose that which is not to say as dick cheney did

that deficits don't matter what it does mean is that the focus remains on the constraint of real resources so that if the government keeps spending willy nilly resources codified qualify that well i mean like if you've got a tight labor market you've got tight commodity markets and you keep spending money then of course you can get inflation that's your constraint but there's no necessary constraint on say you know the european union has this ability and growth pact with prodi rightly called the stupidity and growth pact with they say you can't run budget deficits more than three percent of g.d.p. or some grace was entered into the euro goldman sachs help them cook the books to get around that yeah but that all that there is no concrete there's no empirical basis at any level per say ok what the government the function of this would fall to the treasury right that's correct that's not this well the look the central banking treasury effectively have a unified function what happens is that you know the treasury spends the money into

existence and the federal reserve as the central bank effectively acts as the scorekeeper and you know the guy the is the entity that actually punches in the the the digits on the keyboard you know the creates the money in the first place does the obviate the need for the central bank well it is. because i think your bank loans the money to the treasury effectively right wrist and that's where you end up with a problem because you've got to print money to pay the interest and we end up with a kind of explosion well but it's like saying you know you have your mother and your father you know they both take on the parenting function they just take on different roles so it's a central bank is privately owned and the federal well i've heard that on them before but it is a creature of congress it was created by congress could be revoked was not a wholesome be. just doesn't like to operate that is a different interest of all. privately held bank that is lending money at interest that is not. i well i wouldn't disagree with you and frankly one of the reasons america staged the revolution was to get rid of the i way from the bank of england

the bag of england and the course limited the bank the united states at one point as well but but look even if you go over to the federal reserve to more replaced with something else that you're not going to eliminate corruption looks like you know in congress is in theory a public institution supporting acting in broader public purpose but i wouldn't say that what you've seen out of congress certainly in regards to this tax bill is ok you're saying that they would be proactive in in increasing or decreasing availability of money depending on restraints and constraints and taking the temperature of the economy whereas in the central bank of quezon they seem to only see one possible outcome and that is to keep rates as low as possible seemingly to kowtow to folks that are benefiting from these low rates like the leveraged buyout people buying back their own shares people involved in all kinds of nefarious games that require low interest rates and they don't raise rates even though the signs are there to raise rates i would question whether there actually are signs that you

know raising rates i mean i think there's signs of deterioration in the credit market because there are signs of. a slowdown than in a lot of different areas so i'm not sure i would agree with that but the point is actually. am in tears would argue that the natural rate of interest is the euro because what happens is what when you flood the system full of reserves and eggs are really that pushes. prices down to interest rates down to zero and it's only if you have an active agent on the other side whether that be the central bank actually raising the discount rate or raising interest rates on their own reserves or you actually can raise your talk about money velocity ok this is. the rate at which money goes from bank to bank to bank to bank to bank and in an expanding economy of course you have a high money velocity and in a contract economy you see low money philosophy now since the two thousand and eight crisis we see the central bank printing records amount of cash and it being

hoarded on the balance sheets of banks that are technically insolvent they're not lending it out the money is more a bond it's dead because there are bad actors enabled by the central bank keeping the zombie banks afloat marshall you know that's a problem and so what it will have to do with that ok well let me just raise let me just finish on the interest rates are low now because there's no demand for credit it's like saying there's millions of small businesses in america and they don't want to grow they don't want to hire people there's no a-q. nomic growth and they do what they want to borrow money but they're not being able to borrow money because the banks are hoarding it on their sheets to keep there is it all the balance sheets afloat well first of all they don't lend the reserves i mean reserves are there for settlement purposes with in the interbank market and also with the the oath in place but but look lending itself is to a contract between lender and board so you want to have a board or who's actually rising income and this. is gainfully employed but it

takes one to know it was a bank step and then a limit reserves but their balance sheets are backed by reserves in other words they lend money but they don't. risk so they're playing games with through the primary dealers with a central bank. exposure to these loans to zero they don't take any fricken risks so they have a celestion sure but the what the central bank they're they're not directly loaning out reserves but they have a direct action to the banks and that's a dead system they're keeping the zombie banks alive and tears have. things to say about that as well generally speaking if you read the works of people like bill mitchell for example he he argues that the best thing would be to have a. narrow banking model where you fixedly preserve the usual. yeah it's not it's not out there making bets like that reserve is leverage sixty to one yes that's going to zero percent interest rates for an m.m.j. treasury function is just trading getting back to this idea of money as utility they're just what they're going to get out there is zero percent because they're

not trying to scam on the rate spread they're just making it either available or not available right and the way they also would argue that the optimal way to control demand is why fiscal policy rather than through interest rates because interest rates are a you know i always say it's like using a meat cleaver to conduct surgery you know interest rates have a variable effect because for every person that's hurt by rising interest rates there's a saver who might be helped by it so it doesn't have the same exactly why steal from savers speculators so for example when you had this housing bubble in the in the in the early two thousand well actually it started well below that before that but if you actually introduced you know real estate taxes that could slow down and you wouldn't need to use the interest rate weapon that's just one example ok who determines whether the economy should be injected with cash or not you're looking at a matrix of data you talked about wages talking about inflation all those parameters have been bastardized and distorted over the years because the government wants one recognize inflation so they do have donek adjustments to the c.p.i. and other you know here is to make it look like there is no inflation because i

don't want to pay out any and it kind of cost of living adjustments and these other inflows i already what who in government would actually get to be in charge of the data in a real way then the national data services who are you know but you know the actual data there are many ways to measure the data on you and in the broader you get on the employment measures for example the more accurate gauge you get for the economy you're obviously basing your remarks on on certain data points you have seen prevail out of the labor just as right garbage no i think actually the b.l.s. . they produced very very good work you know they can employ rates going down but the number of people that apply keeps going up is like ninety five million people well jubal and you know well employment that are not working and a high number and that statistic is. or employment is a big problem and of course what you're talking about is the the number of people that are actually employed you know so so yeah you're right but that's again based on data that's out there for people to see so it's it's you know it's really hardly any pick the garbage data well the government doesn't want to do that well because

it's disingenuous of course they are but you're asking me to you're not going to imply that the theory is responsible for the cherry picking of the garbage you know that's that's what you know that's like no i think this that. there is fine in terms of let's look at the money supply and let's treat it as a utility and let's keep interest rates at zero and before the central bank in america before nine hundred thirteen is not the way kind of the way but you're right what you were on a gold standard then as well and the gold standard ok so the gold standard let's talk about that because that is not in the m.m.t. world they don't like the gold standard right they do not like any constraint which impinges on the ability of the government to act in a sovereign capacity is the way they would they would phrase it ok and the gold standard does no and allow you to deal with the you know exhaustion of extreme shocks to demand that you have had to say throughout the night he said your like you also heard about the constraint of a gold standard versus the artificial constraints that you're putting together their academic world saying all data that we're looking at which could be nonsense

we're going to that's one of the academic results that's that's political today's age where they come from the us the academics and the think tanks and the first and how well they infiltrate into the government they push their you are really you are correct. because if you think i'm correct well i'm not because you want to back way back you're wrong about the carolina hurricanes you know this is a pattern marshall well we don't we'll will disagree on that but on the on the other points yeah you're right economists often have a political agenda ok. and economics is a social science and many of the biases that people have in regard to polls the outcomes they want are informed by their politics which is why you have the often cherry picking at data. or using discredited economic theories because you know like someone like greg mankiw has still has books to say to two women gold as gold is it is so much gold here's the gold here's the constraint now we have to work underneath that constraint why not just go with the real constraint instead of relying us on to come up with an artificial construct is exactly what m. and t.

want and it tears want to do work on rule work on the basis of conducting policy on the basis of real constraints rather than artificial gold is like a real constraint you know why do you want to do it on gold because it doesn't work for and for one hundred years. in what way did it work you had five depressions in the nineteenth century you had the great depression the one nine hundred thirty s. and what weighted gold i gather is all globalization was built on the gold standard and the gold. of. the policies between intercountry policies on the gold standard you had one hundred years of growth but all night up until the early twentieth century you had five depressions in the nineteen how long were they that of the day but you know even oppression you know it's like well i mean it wasn't without oppression is like a false isn't without help i mean you're going to have a kid the national poll back that's the way capitalism works you want free market capitalism or you want like diapers social. well look i don't disagree that you can have you're going to have depressions or recessions the question is do you want to have optimal policy tools to mitigate the impact of that that's what you really

want to know and that's a good question but i've got to go we got to go to the we got to go we got elise actually on the concert it's my pleasure i was going to leave yeah i think the maple leafs are going to win that's that's the point of this conversation so the toronto maple leafs are going to win the stanley cup and there's something called m.m. take. to catch us on twitter at kaiser report until next time. all see we have a great team we need to strengthen before the free world cold and your bets have been a legend to keep it so it's at the back. in one thousand nine hundred two that must qualify for the european championships at the very last moment no one believed in us but we won and i'm hoping to bring some of that waiting spirit to the r.c.c.

. recently i've had a lot of practice so i can guarantee you that peter schmeichel will be on the best fall since my last will call on that story as well as three. thousand zero zero zero zero he didn't. lie strike. left left left more or less ok stuff that's really good. when they hit a car on the city day. in them we took. it on from a cliff in from the minute up on the us as i look at them they were going at us and if you think it's the end. of those.

set up. i thought that the ample. gold because bristol only forty a day play a short tournament. i'm a chasse you all your life by beautiful out of the olympics. if you once saw my. wife whatever somehow six times well it's a little stupid story. that . was on the. wrong. end of the war not a bunch of those little. girls who get. a good lunch meat. loaf.

at least four palestinians are killed and many injured in clashes between protesters and israeli police tensions remain high following the u.s. recognition of jerusalem as israel's come. america's top diplomat now tells north korea it must earn its way to talks and threatens a military option in a tense exchange at the u.n. security council which was supposed to take the heat out of the crisis. francis had to pull the plug on people's using their phones in school in a row over where the children spend too much time on the. whys of the need to. talk to each of our people have young kids the stuff for the arts of conversation i

just simply not true be about oh you know we cope well with our mobile phones yes of course we did well with the internet well about because we cope well with our houses if you go for backing off but the reality is that the society is moving forward. by the two pm saturday afternoon here in moscow one is kevin oh and thanks for watching on t.v. this weekend i mean with the latest thirty minute news update starting with this a tense day than of unrest as seen at least four palestinians killed many more injured it comes as the fallout continues over donald trump's decision to recognize jerusalem as the capital of israel. was. i was i was was one of those little.

check out this video was filmed on the israeli gaza border it shows one protest in a wheelchair since believed he lost both his legs several years ago during these really is strikes he was hit by israeli gum farm friday and died one of the protesters tried to carl say school local officials say israeli soldiers suspected he was wearing a bomb belt local journalist in code three reports from the scene. the . night he always the freezone and tensions are increasing their israeli army are throwing tear gas bombs as you can see it actually raids of tear gas but they're also telling lies bullets. as you can see. sponsors are fanning the flames people are running. the ambulance is here taking

danger enough i don't know what was it was. sent the mining there were lots of protests and demonstrations on the over gaza strip there was a million marks the palestinian faction. palestinian leaders come out their supporters and the palestinian citizens to come to the confrontations to convent with the israelis against to express their anger against the traps this is jen pro palestinian demonstrations are being held across the middle east in jordan crowds protested outside the u.s. embassy after friday prayers while in beirut in lebanon hundreds gathered outside the u.n. building waving palestinian flags at the scandal over trumps move on jerusalem's left one key muslim country in a really tricky position as jacqueline who good explains. the power landscape in the middle east has seen saudi arabia and israel gravitate towards each other over

a mutual dislike of beer and it's very clear we israel and saudi arabia are practically on the same side all sunni countries are against iran and while both countries and i having any official diplomatic channels whispers are growing behind the scenes about the extent of their cooperation last month an israeli military chief of staff was quoted as saying he was on the exact same page with the saudis when it concerns eram i was sitting there listening to the remarks of a saudi general feeling like it could have been me saying the exact same thing it was like he was reading my own overview of the situation so a definite psychic bond building there that was until trump threw a wrench in the works by recognizing jerusalem as israel's capital therefore i have determined. that it is time to officially recognize jerusalem as the capital of israel saudi arabia joined to the muslim world's chorus of condemnation saying east jerusalem should be recognized as the palestinian capital

a thought backed by its arch rivals in tehran we condemn the us decision on jerusalem because of its great bias against the historical and permanent rights of the palestinian people jerusalem yet as i have made it all every possible step must be taken sick prevent the implementation of this illegal action by the u.s. administration however there is one question that sticks out here which is what's factors and never once made it possible for the u.s. president's trip there to take such an outrageous i was a saudi arabia got cozy with israel and balanced ties with regional muslim allies turkey jumped in with present aired on gathering muslim nations and istanbul to condemn terms colander islam and it was there that saudi arabia reversed back to being on the same side with the ram and against israel. with the majority if you're fed up states actually. establishing a certain alliance between them and is that in the pretext of facing the iranian

threat this alliance is pushed forward by the united states of america as part of its good and strategy. is supposed to donald trump's move because they want to do so old and get that all of the palestinian cause and as as an obstacle towards establishing an alliance with israel however they cannot be open in that of a position because this would embarrass them throughout the islamic world and now the region is again left on a precipice where sides will eventually need to be taken israel is attempting to calm the waters by saying they're ready to settle the issue with palestine and have invited riyadh into the peace process i suggest that saudi arabia as the leader of the arab world take upon itself this initiative in goats. the palestinians and offer their patronage they all too weak they need someone to help them king solomon should come give patronage to and lead to peace initiative with the palestinians and the u.s. meanwhile the saudi foreign minister says the kingdom has

a road map to establish full diplomatic ties with tel of eve should there be a peace agreement with the palestinians but the question remains will saudi arabia find a way to keep everyone happy and if not who will be left out one cold this time. there's been a tense exchange in the u.n. security council as the u.s. and north korea traded more accusations this tell america's top diplomat rex tillerson appeared to but track on a previous offer to start talks with pyongyang without preconditions to end the ongoing crisis we will monitor except a nuclear north korea north career has been escalating it's outrageous acts of provocations the deep it's a disposable. ok it's a brave global threat those korea also threatens to shatter the foundation of international nonproliferation regimes will further isolate north korea politically and economically they will not come to the u.s.

with hunting to open the city and the other companies cutting off or forts on lawful nuclear missile programs it is impossible to solve your problem on the korean it's not just the sanctions the pressure on north korea must earn its way back to the table. the pressure campaign will continue all of this makes you wonder whether the west wants to find peaceful ways of resolving the crisis the meeting is our john. well also at that meeting the u.s. secretary of state accuse china and russia of undermining peace efforts saying they need to put more pressure on that's despite moscow and beijing having proposed one plan already which could defuse the situation an idea that secretary tell us and rebuff from the offset it was a so-called double freeze plan that would see north korea cecil nuclear tests in exchange for the u.s. and south korea and then their military exercises on pyongyang's doorstep you heard

others here called for freeze for freeze we do not accept a freeze for freeze as a precondition to talks i think president trump is demonstrating real ignorance about negotiating and how that works the reason you have to sit down is to avoid these kind of problems not set preconditions international community needs to do more to put pressure on the parties to sit down to demand that the parties sit down unconditionally i mean you have to remember the united states has. south korea and japan and just a few countries have never even recognize the right of north korea to exist has not has not recognized them as a nation has no diplomatic relations so consequently who you talk to how you relate to them is always a little unclear no one's holding the united states feet to the fire to unconditionally sit down until there's

a resolution to this issue so that we can work toward a nonproliferation in demilitarisation of the korean peninsula. in other news this weekend former f.b.i. director james komi heavily edited statements on hillary clinton's misuse of a private e-mail server for official business revelation comes from a release of f.b.i. documents they even showed draft statement clearing clinton of any wrongdoing two months prior to the official results of the case the statement says the former f.b.i. director repeatedly edited documents to reduce the impact of a potential mishandling of secret information he also made edits apparently in order to downgrade the intelligence community's role in the issue and the likelihood that a hostile act is penetrated the e-mail server as colum open reports next this seems to be a common theme than running through probes a wash.