and get them off their back so it was only until he that he successfully got them off their back for two years and the bank then collapsed two years later and almost took down the us economy in the global economy but this is the sort of pattern that we see around the world but no kidding five of the savings and loan crisis very well of course i was working on wall street at the time and here's the most amazing thing about the us the crisis of that period is that in response to that crisis and this was when people were gaming the system of federal deposit insurance to steal money essentially the response by law makers was to make that particular type of crime that was illegal in over fifteen hundred people went to jail bankers went to jail as a result of the inquiry that after the savings and loan crisis they changed the laws so that that type of lawbreaking was made legal and it set the stage for the two thousand and eight subprime crisis sub prime crisis of two thousand and eight was a repeat of the savings and loan crisis people ask how come nobody want to jail because

after the savings and loan crisis from the one nine hundred eighty nine period the laws were changed to make that particular type of fraud legal essentially yes the lincoln savings and loans crisis was one of seven hundred forty seven s n l's that collapsed it cost that in total it cost one hundred sixty point one billion dollars of that one hundred twenty four point six billion was paid by the u.s. taxpayer and then the economy did go into recession in one thousand nine hundred ninety one but here's another phrase another quote that could be straight from what donald trump said when he was just a candidate trump keating was hit with a one point one billion dollar fraud and racketeering action filed against him by the regulators in talking to reporters in april keating said quote one question among many raised in recent weeks had to do with whether my financial support in any way influenced seven. political figures to take up my cause i want to say in

the most forceful way i can i certainly hope so. right another legacy of the s.t.l. crisis was the beginning of the american oligarch class because remember of the hundreds of billions of dollars worth of busted banks those assets were put into the resolution trust corporation and then held by the government over a period of time and sold off sold off for pennies on the dollar to the likes of people like ron perlman who got that all tax free and developed into a billionaire and others who fed at the trough of the s. and l. fraud became the really the basis for the american oligarch class that's still was us today and plundering the economy john mccain was cleared by a senate investigation of course many in the media then said well can you really can you have senators investigate themselves that was all senators being tried most of them were three of them dropped out and no longer were senators after they didn't run in the next election but john mccain so according to the article after

nine hundred ninety nine the only member of the keating five remaining in the us senate was john mccain who had an easier time gaining reelection in one thousand nine hundred two then he anticipated he survived the political scandal in part by becoming friendly with the political press so he became the bag man for wall street and he saw the two thousand and eight subprime crisis most famously you saw the enron collapse and john mccain and his republican cohorts like the bush family and others we're very cozy with ken lay who financed the bush campaigns of the bush presidency and when they got caught committing massive fraud on the same scale as the savings and loan crisis the machinery was already in place thanks to john mccain who's a bag man for wall street for decades yeah to bail those guys out and make them whole at the expense of the democracy slash economy of the united states which is disintegrating but again i want to. repeat that sentence because i really think

it's quite shocking because it was quite shocking after his death the uniform her the like. assessment by the u.s. corporate media that he was this great hero and only a great hero and can't say anything negative about it he survived the political scandal in part by becoming friendly with the political press so he continued that all the way for the next twenty thirty years where he would have the press come to his house and he was a good guy he makes great hotdogs he has a great barbecue how can you possibly think anything negative about him we see the same thing on the financial corporate media here they're good friends with jamie diamond they're good friends with lloyd blankfein how can you be hard on these guys because they're good guys they invite you out to their home in the hamptons they are so charming they're great hosts how can you possibly really go too hard on them like john mccain you should have done that and you could see that in the interviews

that charles that chris hayes gives for eric holder versus our interview with eric holder eric holder was just recently interviewed on chris hayes a show and it was a softball question after softball question he tried to do one or two little hard questions but quickly backed off and eric holder didn't give him a great answer oh i need to know about john mccain is that warren beatty was appalled or ok so here's a guy who is friendly with the press who's a media bore in other words it starts a w. john mccain who at his own funeral is playing hollywood games by having warren beatty as a pall bearer i mean i would have loved to have been the call to warren from his agent like warren we got a job laurie and apparently there they were very very old friends were good friends but sure the other interesting thing was that john mccain's lawyer at the time was john dowd who then became trump's lawyer there all is actually there were a few people that were involved back then and. it's getting all these senators and

everybody absolve the powerful people who did not go to prison at that time they had these lawyers that are still in power now but also the other legacy of john mccain is he was he was a war hawk despite what the media might have said they call it heroism and a great patriot and many people in the world might consider it a war hawk ism so i went to see like it does work obviously america is very powerful they have a huge army and our dollar since one nine hundred seventy three by the way when the you know john mccain returned to america from a prisoner of war camp which was a horrific experience and he was horribly tortured but he returned in march of one nine hundred seventy three right about the time that. basically we had the petrodollar beginning of the petrodollar so we after forty years we have a lot of hubris and a lot of war hawks and neo cons demand that we use that as a weapon so the dollar has been weaponized and that's the likes of john mccain and

all the neo cons around him that we lead to this headline here from c n b c that anti dollar awakening could be ruder and sooner than most economists predict the united states is currently waging economic warfare against one tenth of the world's countries with cumulative population of nearly two billion people a combined gross domestic product of more than fifteen trillion dollars these include russia iran venezuela cuba sudan zimbabwe man maher the democratic republic of congo north korea and others on which washington has imposed sanctions over the years but also countries like china pakistan and turkey which are not under full sanctions but rather targets of other punitive economic measures. right the dollar is an instrument of war it's a been weaponized and weaponized and the empire that is the us is expanded and controlled through the world's dependence on dollars to survive and that's to post

world war two order that's to the legacy of the bretton woods agreement and this is what countries are now fighting to to get out of this constraint out of this choke hold of the dollar but it's a classic set up a first they came for the communist and i didn't say anything because blah blah blah so here they first they came for cuba and i didn't say anything because i wasn't communist to our our country wasn't communist then they came for venezuela then they came for iran and then they started to use that weapon that power that hubris the emperor the empire gets less and less happy that you might betray them in any way so this is what we're at the point now where you know the u.s. has decided again to impose sanctions on iran and europe you better abide or we're going to sanction you and like you know those big icebergs break away from the arctic or the antarctic and they float away it's like the rest the world is

breaking away from the u.s. dollar it's been frozen under the yoke of u.s. dollar germany and now it's breaking up we're going into and i have coined this phrase neo mercantilist you know i was the first to call this and he would just like i was the first to measure because in twenty eleven i'm the first to mention the american to listen in twenty seventeen and twenty eighteen we're going back to nineteenth century global economies again so i want to say that this is the sort of neo con hubris stick sort of what is called patriotism by some after john mccain stephan all the bits where he's for him but some could say it's called imperialism from the outside they might see it as very aggressive a neo con like and and are we here in christ report have warning to this. this is c.n.n. b.b.c. saying it and we've never even put that into context of just how much of the world economy is under sanctions by the us because from a us perspective each one of the economic entities is targeted for good reason be

it human rights violations terrorism crime nuclear trade corruption are in the case of china unfair trade practices and intellectual property theft but in recent months it seems that america's unwavering commitment to fight all of the world's scorches has brought all of those governments and the wealthy individuals who support them to a critical mass joining forces to create a parallel financial system which would be out of reach of america's long arm should they succeed the impact on america's global posture would be transformational. absolutely but this is what they were on the cusp of a post u.s. dollar that germany world and this is in transition right now and this is makes these very exciting days that's what i'm saying is like john mccain yes he was a patriot is a great patriot fight fight yeah we're actually sizing our power but you can only exercise your power responsibly although wise it comes back to john mccain lit the fuse yeah on the death of the dollar yes especially and now his passing is

coincidental with the dollars passing essentially in the same twenty four month period john mccain and the u.s. dollar will both die in there because he could only exercise that power once or twice our guest jim records has said this as soon as they sanctions people and cut them off swift that us had the ultimate authority to do that and as soon as they pulled the trigger they set in motion an alternative to it because the soon as you do that you have to have an alternative boom to take a break don't go away and be right back. let out that one other than how can other learn to love go the other not out of the

mouth of somebody there when i'm at a lecture. this was a good time to. try to move there i'm doudna mom. no not the loud loud loud loud enough why not check gender against our son or x. chanting in the hall people we believe just a little bit here. all of my kids i don't want them up aside johnny volare of the moment i thought of motherhood a little accuser there were a lot of them are i'm a little work you might be old enough to know the things i don't want to put out they are the most hardy or the little the mother brother. when i was a child seemed wrong why don't we all just don't all. the world yet

to shape our disdain comes to the ticket and in detroit because betrayal. when so many find themselves worlds apart we choose to look for common ground. four men are sitting in a car when the fifth gets shot in the head. all four have different versions of what happened one of them is on the death row there's no way he could have done it there's no possible way because the oldest did not shoot around a corner. welcome

back to the kaiser report imax guys are time now to turn to allison macleod of gold money dot com full disclosure maks us a c.e.o. and shares a gold mining alister welcome back to the kaiser report hello max all right so let's talk about trump the markets are responding incredibly well moving up new all time highs is it a melt up is there a what's going on here we're going to see a meltdown what's your what is what are your thoughts alister. looks like a bit of a bell start really it was so interesting in this max is that everybody's been so bearish about everything ever since the lehman crisis this is still trying to talk the market down how did the market goes up and open up this to me is as irrational as the run in the u.s. stock market between one hundred twenty eight nine hundred twenty nine but it was

still going up in my view all right let's talk a little bit about the difference of pain stocks and bonds here for a second because interest rates are going up and as a result bonds are going down and however in that kind of environment usually say stocks also go down is it how much is driven by the stock buybacks alister i mean if got like the swiss national bank buying apple stock you've got apple buying its own stock i've got all these major corporations buying back their own stock adjusted for all the stock buyback stocks are trading at thirty thirty five times earnings which would be all time highs is that a big factor well i think we almost ignore that i mean the fact is there is so much money to run. so much money was printed in the wake of the lehman crisis not only in america but also also in europe as you go to school is cash running around i mean you've got so much money on deposit it's going to try and find

a home to get some sort of return and i could almost if you go to you to say. one percent on. a ten year job and bought. you know u.s. treasuries look attractive could go to that little bit of a digression air so just of us now in germany of course they have negative interest rates and now the big german banks are starting to charge customers fees for holding their cash as a way to offset what they're being charged by the central banks are negative interest rates are now hitting deposit accounts i would think this would be an actual environment for gold alison mccleod else thought about gold first like a ninety thousand contracts are short gold futures shorts over ninety thousand contract put this into context for us and what does it mean well if you're bullish about the dollar and i would argue that everybody nearly everybody has been buying the dollar recently and you sell everything including your own grandmother in order

to buy it and that's basically what they've been doing they've been selling cars or they've been selling car and since they've been selling gold they've been selling so i literally every thing they can possibly find to sell they sell in order to buy dollars and that is why. the go price gone down and as you say the net short position amongst the hedge funds is not precedented ninety thousand contracts we have never seen anything like this before so you know will it correct course it will because this is the dollar stocks going up and go stocks going done and you then get a better squeeze and already we have seen bonds in the price go from around about sixty currently is trading about twelve ten so you know we're getting this technical squeeze and i think that that squeeze can only get so far more vicious against us right you know you've got same situation over and total global output of silver or something like seven hundred fifty million ounces and yet the short

position with naked shorts these are on collateralized sure. positions as printed by wall street to make free money is in excess of a billion yes got actually more short contracts than the annual production of some are very similar in gold you've got more short in the market then there are actually being ounces produced by the world on an annual basis that's not economics ouster what do you call that i mean i mean one were to be fraud but is it just pure fraud or is there a any economic or financial justification at all there's no economic no financial justification is just crazy i mean first scary word i could use people are so bullish about the dollar and that's that's what's driving it and sooner or later that's going to reverse because there is actually no real reason to be bullish about the dollar goes into haps as a bet you debatable on u.s.

treasuries and there are gay sequence sokol riskless investments in other currencies such as japanese bought government bonds and german government bonds but that's about anything i mean we've got a trade deficit which is running at around about seven or eight hundred billion dollars a year. other currencies like the yen and the major cost like the end of the euro trade surpluses so they run a play actually is going against the dollar and i suspect a little later on once these trade tariffs start to affect prices in america the fed's going to have a huge great problem because can it really raise rates to do with a rising race of price inflation driven in part by tariffs and i think they've got a real problem coming up on this and it's likely to be destabilizing i think rather than announcing in terms of the dollar. or talk about trade a second by just looking on the us dollar idea for a moment with

a snake and shorts and shorting in the marketplace and our right what i would. senator to be a fraud you have a situation where investors come to a fork in the road and they can choose is to go down the path of buying dollars or they can choose to buy gold but there at the gate of the gold road is a naked short gun pointed to their skull right a blow their brains out this is not symmetric market making this is not priceless gover a this is ridiculous they're there they're not buying dollars because they're crazy they're buying dollars because the path to gold is being guarded by the equivalent of a man with a gun as paul krugman likes to say when describing american style capitalism he says it's basically just men with guns thank you paul krugman ellis close to over to the curve so we hear about a flattening yield curve and we'll talk about trade a second but i want to talk about the old curve what does this indicate alister

should anyone be worried well under normal circumstances a flat you normally would indicate there's a recession in the offing or a very at least very strong chance of a recession in the offing but we've never seen this situation before i mean the idea that it flat you please into recession basically comes about because nobody is borrowing money with long maturities simply because you know let's say that the economy is no longer following through whatever whatever. but this time it's not quite like the u.s. economy is in just concentration that is actually going like a train as you know powerless reisa on this the problem really is there's just so much money rob the idea that you can compare a situation where there is a limited quantity of capital in the system is a situation where there is over one hundred percent of deposit money in

in existence. america compared with the private sector g.d.p. i mean small dollars in g.d.p. in the private sector this is a this is unprecedented situation and i do think that you can really look at. indicators such as the u.k. . has been reliable as being a rival indication of what's going on but what we do know in the american economy is that skill shortages are beginning to impact labor markets. anybody who's a global in america basically is you know it's a good joke so the economy is i think in a pretty advanced stage credit cycle i don't think we can really i mean you keep talking about all this money sloshing around the system and the fact that we have failure of price discovery at the same time you can't really call that money money historically is a store of value or a means of exchange but we're talking about family by the central bank that's used

for political favoritism and for political outcomes that's not money that those are coupons that are printed by a centralized autocracy to further their power structure but it's not quote money as we understand that term and the everything you're saying is kind of buttresses that point the flattening ailed curve is an economic indicator that would help you determine oh are bonds expensive or are they is a market but again we're not talking about money are we were talking at about a private coupon issued by a club takhar say for the benefit of a plutocracy at the detriment of a democracy and they were all and result is a lot of more polysyllabic words strung together and fricken awesome sentence i have to repeat that i replied all right so see n.b.c. is worrying that the anti dollar awakening could be ruder and sooner than most economists predict in other words the world is not

a food old by this funny coupon money that's not really money. in the world are three checking the dollar. do you think that the increasing deployment of sanctions embargoes and cutting off nations from swift were result in total rejection of the dollar and if i had a lot or alister well time i think yes because really you don't weaponize that currency and deploys in that fashion like if you do that basically you just read mistrust and we're seeing this with. the russians who. got rid of their fuel their treasury salut not quite a while but they've reduced it to a pretty low level i guess will it be buying instead of being buying goat i think they've actually got the right idea and i says i suspect is the dollar gets into trouble the russian if you like the raising folks for the russian economy is likely to improve quite significantly i think they know what they're doing it doesn't make

sense i mean precisely as you say max the pay the money the surat is just that is just a bear is just currency. it does not retain it is value and death toll in the long run it's of no use i mean people just don't seem to understand that since the nixon crisis would show all the way to the end if they ended the bretton woods arrangement the dollar against goat is lost ninety seven and a half percent of this actually now that means this is literally any two now percent of the one hundred seventy one dollars left measured in goat and i would say the most at the goads that expensive so we're not exactly taking a you know the worst moment to value the dollar right alice are looking at the holiday our first second segment to pick their brain some more if that's ok that's my pleasure and that's going to do it for this edition of the kaiser par with me

max kaiser and stacey herbert like to thank our extra special guest for all blighting. from a cloud of gold money if you want to catch us on twitter it's kaiser report until next time. i've been saying the numbers mean something they matter the u.s. has over one trillion dollars in debt more than ten thousand dollars fine tamping each day. eighty five percent of global wealth you longs to be old for rich eight point six percent market saw thirty percent the highest one is two years some with

four hundred to five hundred three per second per second and bitcoin rose to twenty thousand dollars. china is building a two point one billion dollar a i industrial park but don't let the numbers overwhelm. the only number you need to remember is one one business shows you can't afford to miss the one and only. you know world a big part of the new lot and conspiracy it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the back and shouting past each other it's time for critical thinking it's time to fight for the middle for the truth the time is now for watching closely watching the hawks.

a parting of ways european leaders talk of a future without the u.s. what is in store for the transatlantic alliance and much much more on this edition of crossfire. doesn't help us get out of my pocket i want to. ask but i. get. this. which as you know. i'm not anybody. but the best honest about it that is failure. so i says you know. but i was you know. you know just i mean what almost. immediately i mean i was. given up as i must. get out. of this but i was

just part of this i'm with. my father in with us it just but that's already yes it will be and he thought of getting up there with you. know when he or i installed it was a few of you first thank you for them sometimes there's some you have you have you thought you i am .

feel new revelations on a controversial murder case and that sparked chaos in the german city of chemists as a prison guard admits he leaked the arrest warrant of a migrant suspect. but. ten days ahead of sweden's of general election anger flares ad a rally worried parliamentary candidate claims that he was attacked by my prince. philip. hour of dialogue washington d.c. classic five hours of secret conversations between former u.s. and russian presidents bill clinton and. a full news update to with my colleague bray at the top of the hour but right now the experts on crosstalk.