and very well now can see you you're watching us it's not. the half the expectation that when we lifted people out of poverty when we became rich then we'd become. and i think vanities what a lot of people struggling with now they expected that once they reached a certain level of income then they would be happy. and yet we create new size we create new things we want and i think sometimes we run out of explanations for why we feel unhappy.

they're going to do this is it done on a. summer's solution here. it's summertime on cars the record everything is sunning. states actually you and i are going to be on vacation while everybody in the world is looking at the solutions that we offer to all the stories that we cover on kaiser report we talked to the likes of no reprints steve kean michael hudson we look for solutions to the problems of the world and in fact this 1st segment we're introducing this notion of our summer solutions for 2019 is i want to say like i want to solution to the kaiser report the kaiser report exists only because of all of the financial economic and monetary skullduggery out there in the world and if that didn't exist then we wouldn't need kaiser report it's like james grant the interest rate observer said about the head

of the federal reserve bank their 1st act if he was to take over would be to fire himself they don't need a central bank central bank is an impediment to everything that we cherish in our lives and kaiser report is here to tell everybody about how messed up everything is and if everything was all messed up there would be no need for us and we would be on permanent summer vacation you know we have read feel compelled to keep doing this show even though it's completely basically you know on a away that i don't know how to even to finish the sentence i had an idea but i'm retracting that sentence no solution for that sentence well well like michael corleone we keep on being dragged into more financial skulls that's doggery and i want to. look at this headline about joe biden because i think joe biden is not the solution to what ails the democratic. r.t. or america the americans voted for donald trump because he promised to make america

great again the platform that joe biden and to be fair he has not really spoken to anybody but billionaires and closed door sessions raising money but from what we can tell what his solution on offer. is more of the same that has basically brought this country to where it is biden tells rich donors not to worry nothing would fundamentally change if he won you know it is that everybody in the u.k. that supports brags that their number one reason for braggs it is to return to the 1950 s. because that's when things were great and we need to go back to the 1950 s. joe biden the saying to the american population that you know we need to go back to the 1950 s. where men were men and women knew their place in the home and american corporations were the greatest and the minority populations of various ethnic group and races groups were not a problem you know and it's such

a reactionary claptrap for billionaire nonsense it's hard to imagine he's going to be in the race another 2 or 3 months i agree with that i'm actually not certain that his campaign is actually illegitimate i'm not sure if he's actually running i think it might be in order to distract the media from bernie sanders who the elite in the democratic party don't want they still hate him for it 2016 because of course remember 2016 is not hillary's fault nothing about it is hilarious fault is everybody's fault but hers anyway on this biden thing though the mindset i think he is sending out is the d.n.c. is the elite of this party which is supposed to be was founded on the notion that it was for the workers and the working class remember we used to have a working class in this country people want america to be great again meaning

forget all that race the stuff of the past they want a job they want a meaning to their life they want to get up in the morning and not just take opioids and watched daytime television they want to actually go to a job and make something and produce wealth and say i built that i i made that this is this is this is what i do they want to add wealth to the. me biden tells only donors he doesn't want to demonize the rich what they think is happening is that they are the victims they're being demonized not that they have been the recipients of a rigged system as donald trump said when he ran in 2016 which he stole from bernie sanders by the way bernie sanders that is a rigged system elizabeth warren believes it's a rigged system and. joe biden wants to convince wall street he's going to wall street and telling them no we're going to continue as normal we're going to keep on giving you free money we're going to let you rack up all these debts in the name of the population we're going to continue financial izing the economy we're

going to continue all the policies that have caused the deplorable as hillary clinton called it's not about the rich it's about the repair monopolist class yes ok something wrong with being rich and being rich is nothing wrong with it people work hard they make a lot of money and for a lot of people that's very satisfying but when you become a replacement monopolist and you are heading up like in the pharmaceutical industry one or 2 or 3 major kleptocrats and collusion colluding monopolist an oligopoly pricing that's not rich that's time radical there's a time there's a tie around ical nature to this group of folks in america that joe biden is talking to directly is very comfortable in a room full of saudi princes an american couple kratz because they're both equal in a lot of ways al capone was very rich what did people have against him. he broke a few legs and you know these people broke and economy global economy this is the

most important thing of that speech where he said nothing is going to change no hope no change nothing needs to change we're going to continue the same policies that have created this economy that have allowed china to eat our lunch that have decimated the industrial heartland that has loaded the next generation the millennial generation z. with all of this debt on payable that did you know decimated household formation and destroyed their futures who was in the audience. but robert rubin. that is the most shocking thing that the democrat elite keep on going to this guy bill clinton barack obama and now by it and if he were to be president would use robert rubin robert rubin is very responsible for that repeal of glass steagall and you can talk about that moment because you had to know glass steagall and he also introduced the commodity futures modernization act in 2000 so let go of the so

what did those 2 acts together the repeal of the glass steagall act in the introduction the commodities futures modernization act do to create the problems that need changing and solutions well robert rubin is a financial engineer and we live in an era post drop of the gold standard in the $171.00 financial engineering was back in the currency more than something like gold and those who can successfully financially engineer became hugely powerful at goldman sachs and other wall street banks and robert rubin is a very successful financial engineer if they were able for example to print lots of money but engineer it so that it never went to workers they did this by bringing china in at the same time as they deregulated wall street so that the jobs could go to china and people in the u.s. on wall street could get fabulously wealthy and leaving the entire working class out that financial engineering and so by repealing glass steagall which was put in

place after the crash of $29.00 to separate utility banks and speculative banks or by bringing in the commodity futures modernization act which reclassified derivatives as no longer gambling instruments but suitable investments for institutions and you have financially engineer the system in ways that favor money printing price manipulation price fixing. and every. thing that we come to understand are the worst tendencies of an economy with nothing backing it other than these engineers who are. no law is that something a robber ruben has been very successful and is removing all legal restrictions for fraud and counterfeiting on wall street the commodity futures modernization act which by the way we don't have time to go into here but just google it look on youtube brooksley born really fought against allowing this these derivatives to be

packaged remember in 2008 the c.e.o.'s and all those derivative packages we don't into pension funds so this was the beginning of the privatization of their extreme wealth and all the profits and everything that is good about what is built in america or anywhere around the world and the transfer of all the risk to unsuspecting. remember back in the early in a scene in the eighty's you had the beginning of listed options in chicago and this was in the options volatility formula which was the moment in finance you could separate risk from reward up until then these 2 were bound together like matter and energy were bound together in a nice time figured out how to split them and you had the atomic age so the options volatility formula split risk from reward and you could trade risk separately from reward and then financial engineers like robert rubin figured out how to put all

the risk into the public domain and keep all the reward on their books on their balance sheet and then the billionaire class skyrocketed and then those who are not billionaires it's not because they're not smart it's because they've been saddled with all the nucular waste of risk on to their lives it's like the noble of risk is being felt by the vast population you have that separation of risk and reward which joe biden by the way as senator for delaware is very crucial to this he's helping all these financial wall street sort of you know firms through through there and he was also instrumental joe biden in the 2005 bankruptcy act which was called the bankruptcy abuse prevention and consumer protection act again like when a loan is made when a credit which is the credit card you have a creditor and a debtor so what. they did to individuals the retail consumer not

wall street because of course they never have to pay their debts when they when their bets go wrong as we saw the fed bails them out for the ordinary american consumer joe biden was instrumental in helping make sure that they could never escape their debts making a very difficult up until 2005 you could declare chapter 7 bankruptcy all your debts are wiped off all your debts are wiped off and you could start again oh ok now you can only do chapter 13 is very difficult to get chapter 7 actually point and then also in 2008 which he was instrumental with barack obama in bailing out the creditors yes and not the debtors yes for the same reason the banks can make unsecured loans with no risk because if that goes belly up they get bailed out if you're on the receiving end of that unsecured loan and you can't pay it back you have to lose your house you have to declare bankruptcy so if ghana's total asymmetry between those who are making these loans risk closely without any fear

any penalty whatsoever and those who are taking loans who bring all the risk and we see this replayed over and over and over and throughout the economy and the result is a tie radical kleptocratic billionaire class that's preying on the vast majority of the population in a neo feudal manner that in the past has led toward revolutions and that the scent of revolution the is in the air we can feel it it's happening all over we're going to take a break and by the time we get back another 1000000 or so people will be on the streets revolting don't go away. the new foreign policy thing to business challenging foreign policy orthodoxies it is called the quincy institute for responsible see this is not. ordinary think it

is funded by charles koch and george shore ost among others talk about strange bedfellows can these establishment believe their stake on the foreign policy. as we speak large organize care of our own the march to the united states. in a player coming out for not getting. this is a virtual invasion of our country. but i'm going to get our file and you know. in the form of. you know it's going to be. nice. if you can do is you know you're going to be

a more little girls you know to. welcome back to the cause a report just the akron smell of revolution and your gases in the air concert report was there nothing kaiser report was there in cairo kaiser reports been all over the world covering the global insurrection against banker occupation for 10 years now as it comes to head people are not accepting this model of we take all the reward you take all the risk. yes again where in

a summer solutions episode of kaiser report we're looking for a solution to the kaiser report because if there were no global insurrection well if there were no global occupation by banks toure's then we wouldn't need this show but there is and i wanted to follow up on what we talked about in the 1st half of joe biden bringing in robert rubin or basically promising robert rubin kissing is a ring saying we're not going to change anything we're going to keep the system that you robert rubin put in place this you know the repeal of glass steagall the introduction of commodity futures modernization act in the separation of risk and reward where we socialize all the risk on to the chump taxpayer and robert rubin deputy was of course larry summers and larry summers as soon as he was brought in to the obama administration just after obama won them we knew what was going to follow we knew the disaster that would unfold and we knew kaiser report would be

needed for the entire 8 years of his administration now i want to look at the summers memo to put into context to set up this story for the 2nd half and that's about toxic waste because this is the sort of we don't want to change anything about what we have how we have run the world summers memo has its own wiki pedia page the summers memo was 1991 memo on trade liberalization that was written by lant pritchett's and signed by lawrence summers who was then chief economist of the world bank and it included a section that both summers and pritchett say was sarcastic that suggested dumping toxic waste and 3rd world countries for perceived economic benefits i'll read you some of this memo dirty industries just between you and me larry summers signed shouldn't the world bank be encouraging more migration of the dirty industries to the l d c's least developed countries i could think of 3 reasons one the

measurements of the cost of health impairing pollution. depends on the foregone earnings from increased morbidity and mortality from this point of view a given amount of health impairing pollution should be done in the country with the lowest costs will be the country with the lowest wages i think the economic logic be dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to that at this idea that he mentions this passage as being sarcastic i've been reading larry summers for 30 years and he is always very much in people's face and his style of writing is very much consistent with this type of commentary that is blatantly anti human or anti democratic or thai radical this is not the only time he's done this almost any time he sees editorial in the financial times or any of his writings is replete with these types of passages which are disgusting and and horror and but then he always takes a position or i was just joking and he's

a brilliant writer and he's a very intelligent man but so are some of the worst dictators in the history of the world and some of the worst scoundrels and serial killers in the world have had this gene of intelligence as well it doesn't mean they're anything less than a serial killer 2020 when trump wins again don't come looking at us like you were the ones presenting the democratic party was the one presenting this same continuation of these sort of policies now that notion of dumping toxic waste leads to this headline here where does your plastic go global investigation reveals america's dirty secret a guardian investigation has found that hundreds of thousands of tons of u.s. plastic are being shipped every year to poorly regulated developing countries around the globe for the dirty labor intensive process of recycling the consequences for public health and the environment are grim we covered this year in the report that china has said enough and that's because

a lot of our plastics that make us feel very good about ourselves that we're so progressive and so virtue signalling that in fact it's not properly prepared it has all sorts of food in there and it's not. able to be recycled then so we've been sending it to china which is then just dumps it basically into a dump there so we don't have to look at it here we don't have to we could feel like we've absolved ourselves of any of the sins of this pollution that is now destroying the oceans for example but when china blocked it and so what the u.s. has done they've had all these ships all over the place sailing around the world looking for a new haven to dump it and they've been dumping in vietnam cambodia malaysia and indonesia right these are economic externalities that's the economic term for costs that are generated by a country in this case the united states or a company that are either not being accounted for by the company on their bottom

line or they are being accounted for so whether it's a energy company that is let's say fracking and then the fracking well becomes no longer viable and they abandon it and they don't pick up the tab for the environmental cost that's a network that's an externality that has to be picked up by the public it could be a country like america they have an enormous amount of garbage and for a long time the only export america had to china was garbage so they would bring in the t.v. screens they would bring in the manufactured goods the clothes everything would come into wal-mart if you can buy wal-mart and then we would send them our trash our garbage and that was the quid pro quo for a long time or a bank on wall street or a central bank their extra nowaday that they are dumping into the economy or is the fia money money is a toxic. economic extra knowledge that's being dumped in polluting the global economy and the effects are obviously economic dislocation and hardship i want to

actually i have this written down what i wanted to draw that analogy is in the 1st half we talked about joe biden this like last gasp of the neo liberal boomer generation that wants to continue this policy. of always basically since 1971 they've what they've done is they take all that toxic debt and keep repackaging it rolling it up into a tighter ball of this toxic plastic and this analogy and what they do here in the plastic world they send it to you know a poor nation what they've done in the financial world is they send into the future where. the baby is not even born yet the worker the future person that's going to get stuck with that bad debt isn't even born yet well that future is now here so we're 40 years into the future from 1971 and this is what this is the problem we're

confronting that needs a solution is we have all these toxic debts that the boomer generation just by the sheer fact that they were alive at 971 at the right age 1920 years old starting their life they've benefited from it but really the externality of their bad debt the fact that they've shipped all our jobs overseas that we weren't wealth creating that there was no hard currency backing anything it was just them consuming 203040 years into the future role of bringing forward all of that consumption and now we're at that point where is all this toxic debt and joe biden wants to stay and that's he wants that to continue that's what they that's what the boomers obviously want because nobody wants to pay for all those 40 years of free living but the boom but zoomer and the money and generation the toxic waste has polluted their financial system well let's talk about repackaging debt and what does that mean if you're repackaging garbage you could kind of imagine how that works you put it on

a ship and ship it off to china and they try to dump in they want to take and that's one of the vietnam it goes around how do you repackage debt well it's done by extending and pretending it's done by you take all that government debt and by the way the government that's that. over 20 trillion dollars and you simply. extend the maturity date 102030 years or in a case of argentina they went to 100 years and you lower the coupon or the interest rate and the only and that's how you repackage toxic debt over and over again and the only way that scam works is if the central banks around the world collude to make sure that interest rates are constantly going down if rates start to go up of course at some point they will all that toxic debt floats to the surface like dead bodies on the east river of new york city and are visible by the world as insolvent bank balance sheets on the bank's balance sheets so that's why we have

a low interest rates to recycle toxic debt but somebody out there is pay for this is the front yard of a woman who lives in cambodia this she lives on the bay which she was a poor woman living on the ocean front property cambodia look at all of that garbage those are wal-mart bags those are right 8 bags these are all these u.s. companies their shopping bags are there and that's in her front lawn that's her the whole day the guardian journalist there said is just so thick with plastic bags and bottles this woman was ignorant of where it came from she didn't know where that this was us washing of their sins of their arc over consumption i son seen in front of everyone's yard everywhere in the world is a similar stinky pile of on the scene feet up money. that has caused enabled the cost and the corporations that exude this extra now of the this poisonous toxic

externality of their operations are enabled by having access to 0 percent interest rates if you want to get rid of of that kind of pollution you have to make the cost of committing those environmental crimes sufficient to dissuade corporations from committing those crimes that means you must increase the cost of borrowing or you're committing suicide the cost of borrowing is one thing but i think a solution that you and i have talked about over the past 10 years on kaiser report has been a restoration of our money something if you had if we had a gold standard not only is war very difficult if we had a big point standard war would be impossible if we had a hard money standard this sort of waste would not be so easy to do to send all your toxic garbage not only to your toxic financial debt products on to future

generations but this is to generations right now on the other side of the world and you know then we can march around the world and say if only you become more like america and like it's just because you were disadvantaged by dumping thousands of pounds of toxic garbage in your front yard and the again biden wants to continue that and i want to turn again to a headline from what is our future and are now boom the implied probability of a july federal reserve rate cut is now 100 percent so that means it's now officially price then rates are going back down to 0 they may go negative what they're trying to do is extend and pretend and continue this exact model that we're showing you is that the huge costs like all going to a gold standard or would increase your cost of borrowing because you won't have a or. robert ruben financially engineering a way towards 0 percent interest rates by avoiding the fact that you are on

a hard my standard if we had a gold standard robber ruin would be out of a job and that's exactly what we want we want to disenfranchise the financial engineers that have experimented on our economy like dr frankenstein and resulted in a monstrosity of economic incentives that only favor the worst we've become a caca stock r.c. rule by the worst amongst us sadly well we've got to go and that's going to do it for this opening up a start of summer solutions with may mask isarn states there will have more of these summer solutions coming your way in the very near future don't leave your house is too much garbage out there anyway stay indoors and only watch television until next time by all. my 7 years doing drugs my nephew was still in drugs my system just with doing drugs

it was like an epidemic of drug abuse america's public enemy number one in the united states is drug abuse is sort of going after the users in the prison population who are we started treating sick people people who are addicted to these drugs like criminals while i was on the hill. when the ready war on drugs was on the. number of people who are in prison for. sins for whom our own are minor offenders in the drug trade it's a lot watching your children grow up in issue in waves and say by day as you're walking out of the business it's just it doesn't get easier. join me every thursday. alex salmond sure i'll be speaking to us from the world of politics. i'm sure business i'll see you then.

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