the next few days oh the ninety five billion and they want the fall thing on there there's more debt a solid the territory incurred this debt willingly. has always been a debt toxic debt dump where wall street dumps you now and this is the story when you have a memphis fire like the u.s. and they picked out all the european countries and latin american countries where they picked on puerto rico you know it's completely asymmetric warfare they dump dead here and people say well we'll take the money i mean why would you say no to money and then they come calling for the interest payments and like oh no we got a default then they say well we're going to come in with austerity measures and take over all your basic services and privatized and then maria hit and said. that's right we're in hurricane alley deal with that wall street well so so max i mean the thing is that what let's talk about why they are so in debt because it is different between ireland between greece between here ireland went bust because of

those banks the golden circle of bankers who lent each other money and it was all basically private debt owned by a bank without even any retail deposits and the european union the e.c.b. forced the irish people to basically bail out this private bank in greece yes they did borrow so much money and that was because of the e.c.b. because of the euro zone and everybody lent money to them cheaper than it should have been you know what happened in puerto rico is that they had since one nine hundred seventeen in the jones act they had the chip exam tax bonds so tell us about that because you sold those on wall street what happened there yes i said it's a toxic debt dump because on wall street you can always sell a puerto rico triple tax free double be rated bond to mr or mrs shorts out on long island for that tax free equivalents you know you say it's taxable equivalent of seven percent on your money dr schwartz dentist in bay city and you you know. those

all day long it's an easy trade to do and they just load this place up with. the conveniences debt from convenience and now they don't pay the interest on the debt they shouldn't pay the interest on the debt they should force it back to wall street where it came from and so take your toxic debt sludge and cram it up your shrinks think is going to pay the interest on this thing because you just manufactured it in your derivatives factory has nothing to do with our economy goal go into most fungo and drop dead well they did eat a lot of mofongo debt they had a lot of debt and that part of that by the way happened. puerto rico's recession remember everybody else in the world in two thousand and eight two thousand and nine actually hit in two thousand and six here and what happened is that was the end of a ten year period set in motion from bill clinton basically every single thing in the world that has gone wrong was because of bill clinton whether it was his commodities futures modernization act which allowed derivatives to be traded not as bets but as actual investments whether he got rid of glass steagall and then caused

all the banks to turn into gambling zones as well but he also in one thousand nine hundred six he basically over turned some tax advantages to us corporations to manufacture here and most of them were in the south of the island we'll get into that how that actually impacts the electrical grid here but by two thousand and six all of the tax advantages to being here were lost and all of them like literally thousands of people lost their jobs overnight and thus set in motion the death spiral well that the death spiral is being reversed thanks to innovation entrepreneurial pierce and the block change we're going to have a reverse of the death spiral toward death reinforcing stairway to heaven and at the top of the heaven is a man named toshi not promote and we get there through the block chain one block at a time every ten minutes a new block is born like a star in the universe in the multiverse and it just says hello i'm here and i love you.

the far right. isn't just on the march it's taking violent. action might take. those organizations which will usually split in two which would be for different names how do you view that. a. complex web of oakland. welcome back to the kaiser report imax keyser time now to turn to john mudd

according to his twitter bio he's an attorney a legal analyst a teller of stories a brit baker and state supporter john a welcome thank you all right so john mudd you are a state good supporter what does that mean in the context of puerto rico well for time immemorial even during the spanish times there was a certain conflict the politicians the few that were allowed to be politicians between being having. tanami being part of spain or being in the pen and nowadays we have the same three things the problem is that down of the territory it was the united states congress can discriminate against the church or whatever way it wants to us laws it's not fundamental rights so therefore you are discriminating in terms of federal funding etc independence of course you have certain of that it has and its advantages and statehood you have it the better it is and certain disadvantage is what's right so you're weighing up all those

advantages and disadvantages and you're kind of falling in the camp of statehood yeah it was just a little bit explore that a little bit more so what would that mean for people living well first of all the first thing that you would do is that i was born in hawaii so i wasn't born in puerto rico my so this ship is protected by the fourteenth amendment what and did i was a bit well. porton case and you know one of the puerto rican citizenship which came in one hundred seventeen is not so but as long as i live here congress can say you can have this you can't have that. once we become a state you will have equal rights but because your state can discriminate sense amendment will prove it second. you would have an end to the endless debate about steps and that. debate of status status and that is consumes enormous amounts of energy in puerto rico and resorts there is a group of elite simpler legal who are opposing statehood simply because they don't

want to pay federal taxes seventy percent of people in puerto rico because of their income or lack thereof would not pay federal taxes would even even have to file federal income tax returns but the big businesses the few that are local would have to a case on the taxes show you're saying seventy percent of people when they've been qualified to be in a tax bracket and they wouldn't pay tax those who are against stated as such are looking at it purely from that taxes lands are mostly not nice little lou there are people who say because we're different from the gringos we have a different culture etc i was that culture evolves it's not the same thing when i came to puerto rico and november nineteenth sixty three my first cultural shock was in during the holy week in sixty four the whole programming changed i can see my my my. my cartoons because they were religious groups that doesn't happen anymore because culture changes it's only in my lifetime if you look at one hundred years

of course there is a greater changes example nine hundred ninety eight before the americans came there was only catholic church was allowed no protestants were allowed. because there was a long debate that changed abortion gay rights etc have all been determined by american citizens so you're suggesting it's a bit of sentimentality here that there has been enormous change already and so let's talk about some specifics or so since july first the twenty sixteen frederico is effectively run by a. school control board appointed by the u.s. president under what's called from mesa now does this body get to overrule the governor and other elected officials here and how does this even impact the notion of sovereignty when i first heard of this the first thing i thought about was greece and the troika you know greece is having a lot of trouble and the troika being be and another body ruled over greece

is similar what are your thoughts not the same the greeks could have said no we don't want your money we could have gotten out of the union with enormous amounts of difficulty and problems but they could have done that referendum and voted out as a matter of fact about they stoned him out of the asians that's something they're getting and they're in a stand but in puerto rico it's a little bit different going back to the downs where submittable that was a big old congress can give the territories government or take it away and that's exactly what happened here the board when it was imposed took away some of the powers of the of the government puerto rico not all of them actually are the be out by swing as to the appointment of a c.e.o. or have bought and she said no you can't do that well the board or you can't do it that may change when the fiscal plans are approved but that's one of them out all right so just to go into that a little bit more because on the surface it looks like from a sign and the u.s. has absolute control and they are that's

a naive view i think what you're saying that there's more and more nuance to it yes because the problem is that not the u.s. you can say that congress territorial clauses congress made this. and make need for rules for the territories it's not the president of course the president has to sign up on it but right now the board has certain duties and responsibilities and or going to puerto rico on certain things but another state can't. i have to read the opinion by the judge swain i think it was in the limber still mr somewhat to really understand it and maybe you will have a little difficulty but that's the way it is if you mentioned. right so tell us what it is prep and what role have a plan and bankrupting the territory ok. we've got to go back yes let's go back to the one hundred thirty six people nowadays when i understand it but in those days most people thought that capitalism was in the last straits we're talking about the

question and that planned economies so union south and that's you germany were broke this was most of the intellectuals in the world thought that the bulk of the democratic party. was inaugurated or made in one thousand thirty eight in one thousand nine hundred twenty elections in ninety forty one it takes all of the different electrical companies that were in puerto rico nationalizes them and creates but the government is going to take care of the problem is that once you have politicians in charge of something as important to your grid they make political decisions they don't make business sense so they slowly being bankrupting but i bought and right now owes nine billion right now when i worked on wall street we sold what we call bombs all the time you get triple tax exempt it's like b. plus or something like that yeah eating and i was they have been in cumbered with a lot of debt and i think

a lot of that was just convenience of selling debt inventory on wall street debt that was not needed they just became over encumbered with a lot of debt. this is a question i've had for a while what do you think about that you have two. similar but you're saying it's like you're being offered the money so you say ok i'll take a right you have to look at it from another point of view when i was growing up in puerto rico as everywhere in the united states i was offered drugs by people and i said no some of the people i knew said yes and now they're in street life and what are we asking for money. it's similar here you may say that wall street was trying to that were eager to issue bonds but it was those and dying to do that so they could have money the politicians and do whatever they wanted. if you look in two thousand warn all that what do you think was twenty seven billion dollars ok now you've got a new creditor on the same year the way you characterize wall street was a bit of

a predatory relationship there now you've got hedge funds coming in and they are seemingly strong arming the government into paying back loans that maybe should not be paid back accent john paulson for example is a big player in all this is i understand it well i see you shaking your head was he got rid of bonds what he did what paulson did a very smart marlee came in he saw like this whole thing has a lot of potential has a lot of that let me buy typical capitalising buy cheap and then sold their. headphones ok if you buy ten cents of the dollar and i offer you fifty cents on a dollar. you making forty cents on the line sounds good ones usually not always because you have to look at argentina right argentina being an example of maybe hedge funds acting in a more predatory fashion but also a famous. in this case get hedge funds to make deals for example but if the paper

had a deal whereby a fifteen twenty percent at the end it was a twenty percent haircut on. the board said no to a four to three. but that's what happened and the government was all in favor of it but the warts and sort of going to go through so what to be fair to say your view would be like hedge funds in themselves are not the problem they're just pure capitalist entities the management of those times trying this could be a problem in that they're not being directed in a way that would be beneficial. you have to understand one thing. and before any business is run for your stock. for the benefit of your stock not for the benefit of people who are equal that's supposed to be the government the same government that took all these loans. to keep funding their never ending appetite for giving things to people so they would vote for them and

that it hasn't worked for the last four or five elections that's the way it goes right ok well i mean that there could be an argument that the on the fun side there is a bit of duplicitous there but let's let's move on to let me put it that is their purpose is to make a buck the purpose is not a public purpose right that's what there's purpose is to make a buck but the idea of an anarchic capitalism let's say government run by an arc of capitalist is not a favorable outcome i will lose in our national capital while you're saying that the market would have the ultimate discretion in determining what's best for the i no no no no no no i'm not going to the market politicians as opposed but they're not because they're deferring to the has no bearing because what they're doing is your default position your fault there's any. you make the decision to take out a very point five billion dollar loan like the previous government. are you going to pay no the taxpayers what are you going to pay if not you so you get the benefit

because i spend the money and people only favors right but i don't mean in the past are some of the politicians being funded by in fact the same financier's do it ultimately benefit by the arrangement that is not necessarily great for folks but i just want to ask you about the hurricane that's coming along and you know maria two hundred thousand left the island sensory chain maria the storm has caused tens of billions in damages and so what's happening to the economy from that point of view the big population drain where where we're at now. obviously there's been enormous amounts of damage at the same time there is still money coming in from thema couple a billion lease has come in already and being spent. there is going to be more money from insurance there's going to be more money from the federal government. interestingly enough the economy has just shrunk by about five percent and the income the government gets from the economy shrunk only by five percent which is

really good considering the enormous amount of that which the hurricane calls for example i live in a. border towns so i want to know which are fairly good. well run places and i was eighty two days. so there was a lot of that much and if you consider that there's only a five percent decrease that's pretty good i think there and the commie will will rebound because of what i tell you after hurricane hugo five hundred years of resilience well in the first instance and fluttering in spirit john i got to go ok and a price for being on the show. i would that's going to do it for this edition of the kaiser report with may max keiser and stacy armored like to thank our guest john if you want to reach us on twitter it's kaiser report and so next time.

it would appear the more the political left and their allies in the corporate media kept donald trump the more we learn about the corrupt behavior of the deep state the firing of andrew mccabe at the f.b.i. is a case in point is this the beginning of a perch. desperate for a single purpose. they have a super. they start training very young. eight months of intensive schooling. their reps. and they save lives.

in. the far right than britain isn't just on the march it's taking violent. action. and the on nazi group called national action applauded the mother and the mother of a young woman member of the british parliament just before one o'clock today joe cops and painful but in spending was the toughest in knocking question. and now very soft touch with all its. citizens for instance. other alleged members are charged with planning the brutal killing of another woman m.p. . and two british soldiers said to be from the same nazi group face serious terrorism charges. fascism and far right extremism street

violence and confrontation isn't new in britain it dates back to at least the one nine hundred thirty s. when oswald mosley is black shock has struck at two major city. today's encounter nations i'm no less deadly. this is the story of how it began how it developed revealing the major players and exposing the secret past the leader of the latest street movement. last year the young woman labor m.p. joel cox was cruelly mobbed out in the course of her public duties in burstall west the mother of two young children was stabbed and shot to death by a man called thomas maier whose name needn't detain us for long.

at the time the mainstream media narrative was the mayor was the lone wolf well in a rabid wolf he surely was but he was not alone thomas maier was connected enmeshed in the complex web of. you know we the blood downed horror of the. brought british fascism full circle back to where in a sense it all began. so oswald mosley was a middle british artist who married to the daughter of the viceroy of

india log cars a. long moment. he was a conservative m.p. then a labor m.p. a left wing labor m.p. sometimes as a future our labor prime minister but as the skies darkened the walls. and widespread. oswald mosley turned to fascism. there's been a fifty year disputes over what fascism actually is one of the most influential definitions was by griffin who argued that it was a palin genetic form of nationalism and that's a fancy way of saying it's a cross class revolutionary brand of nationalism that believes in the renewal of the nation and a new man and in a way that's what people are separated fascism from conservatism the conservatives

look back at. status quo whereas fascists were very much about looking forward to creating an ethnically pure all new man. you can see a sense of victimhood that somehow the nation state which it which they identify has been somehow a victim of of others of evil forces of stabbed in the back undermined in various ways whether it's by the international jurist conspiracy. by liberals who are trying who are responsible for the degeneration in the decadence the one thing that seems to me to bring together all fascists is the belief in an absolute leader whose word is law and who cannot be wrong and certainly hitler thought he could not be wrong in this country mostly thought he could not be wrong which is as good a definition of madness as i know but also the only definition that i can see of

fascism. here in cable street in the east end of london on the fourth of october one thousand nine hundred thirty six britain's first fascist leader came across. as the leader of the british union of fascists he would have been if he could have been britain's. the purpose of his march was to whip up hatred in much the same way as his eye dog did in germany. the people of these ten didn't did people from all over london came on to oppose him a quarter of a million londoners stood in cable street proclaiming. they shall not pass and when most of his black shirt jackbooted. nazis

came a marching the people stood firm. there was trouble all right but the fascists were rotten and had to call off the mark. racial tension was already simmering here in the long hot summer of one thousand nine hundred fifty eight here on friday august the twenty ninth outside lots of more road underground station the spark was lit. three days of war infamously became known as the notting hill race riots over the long weekend hundreds of white youths rampaged around this area carrying weapons brandishing racist slogans the daily mail and it's an image of old style joined in asking should we let them keep coming in today notting hill is expensive one of britain's

most exclusive on cleaves here the rich the famous and the fashionable live eat and shop. at the time of the notting hill race riots it couldn't have been more different this area was one of grimy crumbling tournaments owned by a slum landlord charging the rock rents. council cochrane the young carpenter who was stabbed to death right here in golborne road in notting hill was obviously not britain's first victim of racially motivated murder but he was the force to address national attention. the first the big boy would never know it a symbol of resistance to race. at the time notting hill was

a hotbed of white nationalism oswald mosley is union movement and cullen jordan's white defense league had this seeding with a racial tension. we feel that you cannot have colored immigration on the scale in which you're having it today without sooner or later having breeding that must lead ultimately to a britain we feel that if we have elected population in the future that must mean the downfall of the civilization and culture of our country which we hold so dear if you look at the early history of fascism it was completely different to what we today associate as being fascist as well mostly was himself from the establishment was from the labor party had connections across the elites if you like he also had fairly developed ideas about what he wanted to do with the states in the economy. to say the national front in the seventy's or the british national party in the early two thousand. and two very crude simply out would be. conspiratorial

anti semitic but they didn't have that sort of deeper level of thought about how to reorganize the state and the economy. and so really a lot of the far right in britain in the post-war period really became dominated by white supremacists by crew. and really since then hasn't escaped that legacy in. twenty years time a black man will have the whip hand over the white. in the late one nine hundred sixty s. in our poll a conservative party grandee made a note notorious speech. like the roman he could see the tiber forming with much blood it was a prediction of a britain or riven by a race riots even a racial war it caused the disparate strands of britain's fod right

to rapidly coalesce the vehicle they founded was called the national front the end therefore had a joint leadership the think and all have to are drawn to end all and the iron man of action martin web stuff i don't believe that the british people will allow themselves to be mongrelized out of existence we've got to fight. if it's right to save the whale which all of the lift who are otherwise waiting and. if it's right to save the whales why shouldn't the british the five. why have we got to submit to being exterminated by race mixing while we protect the survival of the minke whale the blue whale or whatever the logic of the left just doesn't best scrutiny. the national front brought chaos

to the streets of britain in the seventy's and eighty's that struck turner in the black of the asian communities anyway to skin the snow white. and at hyde day symbolism had a reputation that really struck fear into the hearts of many in our black communities to take a beating from national from the skin it was to face the most horrendous violence vicious violent richard briefly violence that black people could face and you could literally lose your life over in cal some call crane did just that. the end there was a coalition of small extreme right wing groups on the fringes of british politics it specialized in provocative marches in immigrant areas only whites were allowed to join britain is know whether you like it or not i happen to like it.