flagship of the decisive until which of course, and yet you throw in the probably just a moment that was true. i wish if it was here that was sitting at the as you tab. usually i'm looking at the station forage of placed for me to on the on, on the toner which, which is a little bit it was just pushed. it just won't because we just knew it was still a few school colors. were there any, don't know which these are i know for the don't know, i was, i couldn't resist the but these best opinion finance has come up with the i'm as soon or times the and welcome back to going underground, broadcasting all around the world from dubai. in the u. e,

which has one of the fastest growing economies in the world. but if you're in an asian nation, korean tech, what now for you, given your economic cloud against russian and china is being soundly defeated on the world stage? one of the greatest chroniclers of self destructive anglo saxon capitalism is the author of planet funds the published years before, even the us back to and capital and russia's response, which biased i knew somehow still isn't running the fed all the bank of england joins me now from new york city and i presume it you are not the head of the feds yet because you are speaking to me from new york. you spoke to me in london last time. um. yeah. better check that. yeah. cuz people yeah, absolutely. i'm in new york still not headed the fan. i think that they've got a guy sitting there that is about to explode the global finances. we know it today because janet yellen was promoted after receiving $7000000.00 from the big banks to be inserted into the of treasury secretary where i want to pay the i the are you going to tell me interest rates next month. anyway, let's get straight to the chase here i saw

a tweet from the right to caitlin johnston. has many follows on to the saying the us the right issues, right. the thing uh, the us health care and infrastructure system, you must be watching it in new york. the, let's be phenomenal. spend blowing things up under the weather. she meant the north stream. take us back to planet ponzi and, and how broke is the usa girl. it's incredible, actually the, uh, the system here in new york is breaking down because they have bus loads of people coming, you know, the open borders and in the south. they're busing people in here and there are just tens of thousands of people showing up here every week and every month, so the population is being over run. so it's a bad situation. the debt situation in planet ponzi. welcome to planet ponzi. the book is, is about the credit crisis. i wrote it back in 2012. it's more relevant today than it was back then. it's a historical document. i know that we're trying to destroy a traditional norms values, history, religion, and cast it aside because history begins today. but the fact that the people that i

was advising didn't jail bankers because fraud was committed. and in accordance with what alan greenspan said after the crisis was a former fed german federal reserve, german that caused all these problems by creating the easy money and negative interest rates. so this document will survive everything and what they did is they play prey and delay deny and lie, and keep the can down the road. the systemic banking problems that we see today with silicon valley bank and credit suisse. because there are, there are still a lot of rock out there, but what's happened is we've actually gone wrong in the wrong direction for businesses we've, we've gone work and we've placed high value on identity politics and using your gender identity now rather than america meritocracy based system where what you achieve and what you can produce is a good thing. and that's why i would say that the economy is identity versus cloud

of, uh, growth transfer from the poor to the rich as a good. but i just want you to, if, if some people haven't read your book, just very briefly explained. and remind us who ponzi was. e. m, why all those major banks is analysts. we can watch on all nato nations giving us advice and telling us about that ceilings and whatnot. how they're all bundled. that's right. well that's part, you know, there's groups, think echo, chamber stuff. now my book, you know, is, as i said, it's just as relevant today. if not more relevant today than it was when i wrote it because, you know, basically a ponzi scheme, charles ponzi was trading in postal stands for postal receipts. but he was taking and lots of money and he was guaranteeing returns. but a traditional ponzi scheme or permit scheme, what it does is you pay some of the investors back with new money coming in and you spend away all the money. so there are no real returns. i mean,

bernie made off was probably committed the 2nd largest ponzi side sam bank meant fraud or sand bank and fried, i'm sorry. who is the crypto currency person that actually stole $10000000000.00 and customer funds and, and now he's relaxing at his parents house in california and didn't really pay any bell. but i think because he contributed, or he was the 2nd largest contributor to the democratic parties, 2022 election cycle. that's probably why he's not being prosecuted yet for conducting the largest ponzi scheme in the history of ponzi schemes. so a ponzi scheme is when you, when you just take the money and spend it recklessly. now, what i refer to is planet ponzi is a massive amount of government debt around the world. so they've currencies and $108.00 and, and that the debt can never be repaid. so the debt situation is what you asked me. i would estimate the debt is close to $300.00 trillion dollars in america in the usa right now. um,

i think that the number that you get the headline number that everybody talks about is the 31 trillion dollar number doesn't include medicare, medicaid, social security. it doesn't include all of the legally binding obligations. the government has to pay and no social security is not a benefit it's. it's what kind of like a pension fund. so i, i feed into that system for my entire working career. so i'm entitled to be paid that money. that's my money. but the governments have spent that money, that money's gone. so they're expecting a lot of new entrance into the market to pay out people, the older, older people leaving the market like myself. so that's what their, their expectation was. so that's a typical pond is the but if you read, they have to publish a report every year and social security. and i reference that in the book there, there in solving pretty much. and i think within the next 5 years, they're going to be in solving i don't know where they're going to get the money. they'll probably print and that's why we have

a record inflation around the world right now. and i, i would say that the less, the, the less, the smaller countries are going to hurt worse from the inflationary numbers. because the bigger economies, the g 7 economies are exporting their relation to other countries. but, you know, we can get into the talk about us dollar had gemini and what's going to happen with that has as, as countries of say, enough is enough. uh give leave. but of course, there are the dangers of like getting a to a grocery shop as business that you did. joe biden immediately liked in the us debts. even just something from family finances because confidence to be able to run funds these games or if you don't agree with the your thesis and say this is just the one does a global capitalism. this is about confidence. would you say, are all important. how important and critical is the media in being able to play that confidence, which is with the minute confidence is lost, according to your book and the i need your ideas into any funds. these game is.

that's it, right? they, they all falls down like as gods. right, well, you know, the best example of that is the, the bank of japan. i mean, you know, and, and i mentioned the bank of japan, the book and i talked about the banker, trad corrode, a son strode a son who just retired. and no new academic has come in. who's it? he said, i've got even more experimental monetary policy corroded during his reign. i think back in 2015 on the front page of the financial times you can find it. and like i say in my book, don't take my word for any of this. the only doing in depth analysis cuz i was sitting at ground 0 in london and one of the biggest funds in europe when i went to the collapse happened. so i detail every aspect of what happened more so than anybody else from an insider's perspective. so getting back to corrode a son, he said at a meeting, he said that he used peter pan as an influence for his monetary policy.

and there's a picture, peter pan, and somebody said, could you elaborate on that? and he said, yes, well, everything is okay when everybody believes that you can fly until they stop believing the here. why are you he actually said that and the meaning of the picture, peter bad. so the problem with the japanese economy and, and why i been warning that the west is turning japanese, i really think so. is that what, what's happening is that, um, you know, vapors per right. what kind of of, per purchased all of the bonds in the bond market, because basically they don't sell their bonds externally. the debt is held by pension funds, which they jam into the department, the postal system that holds most of the pensions in japan and, and make the banks by the, the, the debt there. so the debt is contained there and then they came up with this crazy idea of buying all equity, so equities can go a lot higher. here's, here's the quandary i have in japan. and i think that you really have to watch very carefully what happens with the deterioration of their currency. they can either

save their bond market or they, this is my view. they can either save their bond market where they can save their currency, but they can't say, but, you know, a had a trade. those 2 markets will be very well rewarded because i think that's going to be a signal as to what happens in the west. well, i think, you know, pick you do the 2nd things i might have found the fact that you're rushing by a former atomic bombs like was the g sevens, location, but japan still as the most of us treasury, that $1.00 trillion dollars. you know how carefully china is that to tread with the domestic itself of the us treasury bills in debt, which is your pad dump one trillion dollars worth of death on the market. pant but china has that trying to get because you'll figure 876000000. but it's, it depends. it depends how much, how much you owe somebody makes them either a credit or, or your partner. and when it gets to numbers like that, they're your partner until you can sell it and then you can do whatever you want. that's why fi merge. they have a lot. i mean,

it's interesting that you bring up the hiroshima and you know, i was a bit confused about the seattle works in hiroshima because i didn't, i didn't realize that participating. all those meetings, you had 2 heads of the you. i didn't realize that they were g 7 members of the g 7 meeting. i didn't realize that the was admitted to the g 7. i just thought that it was the heads of 7 countries. so you know, the photo opportunities, the propaganda, i mean, it becomes a little bit nauseating for, for most news consumers because it's curated in accordance with the narrative that they want to put out. so the 1st thing that, you know, i can give you a quick thing. i was at a wedding over the weekend that i went through and there was a person there that absolutely had no idea what they were talking about geo politics or economics it. somebody's wife and they said look, you need to go home here. i'm going to go to tell you, go, go home, go around your house and unplug all visitors and cut off the plugs because obviously you're watching something really bad. and it's giving you woke mind disease because it says that in america,

i think people are just addicted to television and they just watch and believe anything that they say this is i asked them for a reasonable explanation of where they got the, the data and facts behind what they were telling me, they couldn't tell me. i said, well, you know, if you, if we do a, this is what is going to happen be, is going to happen. and this is a bad outcome. so we've got to look at where we are right now and how we can move forward. and unfortunately, the media is absolutely dishonest and what they are political activist and they, they are practicing journalistic activism rather than reporting both sides of the story and letting people on task decide what they want to do. they're telling people what to think, and that's the same thing with this crazy bbc, verify an off. com, the whole shooting, match our ministries of truth, which is a danger. it's the biggest extra central threat to democracy in our lifetime. what's going on right now, mitch, i'll stop you that more from the 2019 you can it breaks it by the candidate. no to this mess. what happens next?

have to save yourself after this break the the, the finally, the, let's see the degree higher already from the neighboring down woods. you know, right? because i big down ships having chucked up the trees, but didn't type got in the name of development, and he's our 1st to become a skeptical like a single. we are all going for our covering all degrees with the phone. so when you distract nature, it takes every range of the

plato, so peculiar organization. it claims to be defensive military lines. but at the same time, claims it must constantly expand, has to this the alliance is quite projects, stability. in reality, it projects instability and security. and made rushing its primary head of the welcome back to going out of the garden. i'm still with me try to sign for my hedge fund manager autoplanet ponds in 2019 u. k. breck supply, the candidate bbc verify, which is a new initiative, apparently by alleged a british intelligence as it linked to a circle, joined list of a to verify the truth. we on like you recommend people watching television outside the or be in union because this is globally broad costs. but as you say, the nature of propaganda is useful in uh, in all of this. um, what about uh,

how uh able you populations, british populations, united soap with the levels of degradation of infrastructure at home. and the high, coupled with high inflation. we're not seeing the kind of civil unrest we saw during the voucher reagan years with inflation was up the bus 25 percent. so i mean, why, why is, or is that related to the prop again, the model of your outlier, you that we've got a couple, couple issues there that i can address, the highest of the highest inflation rate ever in the history of america, i think was 23 percent in the 19 twenty's. um, well i think we're probably close to 20 percent on the real inflation rate rate. but the way that they calculated today, obviously they retrospectively create those numbers. why are we not seeing civil unrest yet? i think we will see civil interest. i think it's a gigantic problem that nobody has dealt with. the separate issue is what we have is stakeholders. i'm, i don't know if you know what i mean by both of those,

but i'm happy to explain that if you give me a minute, go ahead and choose a. okay, well, what we have is, it's like a harvard business school case study. it's, it's of the ideological war that's going on right now between the 2 of them and, and the, the, the thing is if we use bud light as an example and alyssa, hi should hyphen shelled who, who did a video of that are available and given them i'm in the middle east. no, no alcoholic was due. but she said, i'm a business woman and she was dripping and arrogance and entitlement and had that you know, big rainbow in the unicorn behind her. and she said, you know, i'm a warton graduate and a harvard graduate. and this is a woman that put dylan laney, the trends the influence are on to say, well, we want to be an inclusive brand. and we're going to shift the tone because this is a bunch of out of touch, frat boy, humor. and now this cost and highs are bush $10000000000.00 and market cap. she destroyed $10000000000.00 and market capitalization with her work. s. right. and

then she's saying, well, no, it was not really the leading brands, it was the leading brand. and the reason why the brand declined was because of that at the advent of different entrance into the market. you have a record number of micro breweries in the united states, so there's competition but, but the light was always the biggest brand. and the reason why it lost some of it headspace is because other participants to compete with them. so it was more of a capitalism thing then. oh it's, it's all bunch of advertise trapped boys now who is really out of touch. you have somebody that graduated from harvard that's never been wrong and graduated from wharton. it's never been wrong that actually blew it up. she's still in fire, but i think that what we need to learn is boycotts actually work and how powerful the consumers are. you see, i know ralph nader said this, i'm more successful in some ways. and as regards consumer blankets, the coca cola are uh, we know it was uh, alleged to be operating all sorts of fairies practices in the developing well it,

it to, it doesn't work, does it? well, i think i think it has the denies anything wrong by the way. well no i, i what i think that a lot of these companies are doing the wrong things and a lot of countries, and i think they big farm is doing a lot of things wrong in these countries. but i think the combination of people being lied to and, and having politics jammed down there through. yeah. but they have power and you outline in your book around the, the fact that the politicians in washington and the politicians in european union countries are largely have. they would all deny that basically board might as well be bought. just we have to move on just say a bit quicker, all right, to, to war and how you, how you see the war in europe and whether lobbying by a multinational companies, a game is to the, for their, against the interest of the peoples of your and the united states,

i mean in terms of what's going on in ukraine and the conflict? well, i look think that, you know, once again the media is a 100 percent to blame for 90 percent of this. i think i think this 4 should have never happened, and i've done a lot of interview since the beginning. and doris johnson scuppered the peace talks in turkey in march 2022 and had no security been assured, it wouldn't be 400000 dead ukrainian soldiers pay them and make the money out of this war. well that's, that's the point. the point is that the military industrial complex sells trillions of dollars in weapons of war throughout europe to restock the stuff that blows up. and it doesn't matter who dies and your dwight, david eisenhower on when he left office warned about the military industrial complex standing too much power. and you know, you've got a guy in the form of lloyd austin, is the secretary of defense. you need a dispensation to get into that job who is a raise? young lobbyist. so he was making a nice chunk of change from raytheon. now,

how much do you think he's going to get paid when he leaves? what, what's it in his interest financially with lingering on that? so every patriot and it's not a bad thing that we see being blown up. lloyd austin, the boss of the pentagon, is money for why don't i don't know if he does, but when he gets out, i'm sure that he'll get favorable treatment of the job. right? because it's the same thing with the $5000000.00 the $5000000.00 in fees. and boris johnson got so i, you know, i still don't know how he got paid in months since leaving office number 10. he got paid $5000000.00 is public record. you can look it up that he got. i feel like we haven't rich brand actually to do with the digging companies and he denies a little wrong doing obviously, how don't say it's one thing we will know. we were mentioning confidence. so sanctions, obviously haven't worked but how much money has been stolen from russia, venezuela? by the bank of england. and what confidence does that mean across the global sounds about being able to deposit funds in the european union?

britain knows the united states, which presumably is a cool element. i mean, you know, since we're talking about confidence all through this interview at one, what is it done to damage confidence uh, sang cuz you've got a legit theft. but you've gotta, you've gotta, you've got a whole host of issues there that you've got to unpack one by one. now, you know, you have the issues with the rushing central bank where the money receives. no central banking was always sacrosanct and, and they were immune from any kind of sanctions, prosecute seizures of funds so that obviously you know, out of some dictate but somebody made they decide to freeze those funds and takes them. so what does that mean? that's the same thing that happened with the certain banks where they have sanctioned deposit confiscation. so how does that play out? i mean, it doesn't play out well for the property markets for foreign investors in any of the countries that were willing to undertake those draconian methods to seize assets from people that were not directly attached to this war. i mean, johnny was seized and you know, the best not right in any,

any part of the world or, and it's not going to instill investors or give them confidence in him as investing in those countries that said, you know, if we go back to 2019 uh, end of the year i did several interviews and, and people are asking me what i thought the next decade would hold. and what my biggest prediction would be. i think that the next decade we will see the end of us dollar gemini. so as the reserve currency usually runs in cycles with a 100 years, the us became the reserved currency in america. 1913 when the federal reserve incidentally opened up. and i said, you know, if you look at the decline in the value of that currency, it's probably 98 percent since since it's onset and it's eroded away to almost nothing. so i think that there's structural problems that we have been seeing this for more than just during the ukraine. russian war which is in, in, in effect a product in russia and nato is insignificant. knew it was really a segment of people's imagination. they don't have any real troops. so, you know,

this is a war between america and in russia. and i think that it's, it should be settled. i think that, you know, nobody benefits from or accept the military industrial complex and the politicians showing their pockets. we had an obama, especially, we had an obama special advisory council on foreign relations man. professor got jobs group. jenny said 2016 before this d dollarization dream. if the global south is going to look how carefully does china and japan as of us have to st. and britain that 655000000 have to start removing belgium. lux, unplug island came, and these are the top ones shot, removing their us treasury bills. so they don't destroy themselves. and how, what time scale do you have a 2060 before people start putting things in countries other than the 60 like i don't think 2060, i think i think it's, it's before the end of this decade. 25 on that but but no, no, 28 again. i mean we, we saw credit suisse as you mentioned at the beginning. i mean, i,

it is quite amazing how the circle, mainstream corporate media. i've tried to make that population ignore someone in history. this. yeah, of how many more banks are going to go bus this year, then that alone to the dollar eyes ation, which will create your own nation for banking in the global south. yeah. is that what they're doing? they're telling you it's a super model. so i mean, has that ever worked in history? no, it hasn't. how many banks? i have a list with 225 likely candidates to go boss. and i think that i think that a few 100 is a is a good number. now, what does that mean? does it mean you should run to the bank today? probably not, but, you know, i, i know that they're not, they're gonna have to create more money anyway. you look at this, this is going to be highly inflationary. and going to have ramifications on the us dollar. so this is a huge problem, but nobody, there are no adults in the room anymore. that's the problem. and you can't trust any information source you're getting, you know, the new you have to, i've been doing for my 40 plus year career. and i'm,

i'm pretty negative on the banks because you know, the valley bank, the real reason behind that is a lack of leadership and a lack. i said this on an interview in the u. k. in london. the day that silicon valley bank went down, i said that the problem, the cause of this failure is a lack of leadership and a lack of enforcement of existing regulations. and i think leadership issue and the lack of enforcement of existing regulations. so, you know, i can see what's going on, we do business with that bank. i pulled everything out of that bank in 2017, after meeting with their top people several times. and i, i said these are the most, they have the absolutely clueless. so the federal reserve is the big problem and this is what i got at the top except that those in the, in the, sorry to enjoy, but running out of time, those in those are leads, will have read your book. not as a warning, maybe as a manual. and just finally about commodity price manipulation. surely those and what's to stop them from increase. i'm not talking about traffic. where would you

deny any kind of judges, according to the o. j, of doing what you would generally about commodities, which is so crucial to everyone's daily bread and milk and busted. uh huh. how, how do you expect them to use your book to modify a new way to realize the necessity as regards inflation? as regard civil unrest in terms of manipulating the price of commodities. well i look i, i think what they need to do is obviously if somethings broken, it needs to be fixed. and this has been broken for quite a while and what they're doing is repeating the same cycles. they're going to the same people who broke it for a solution. the people who are in those jobs are, are not getting paid enough. and it makes it susceptible to taking back handers it and it makes them have very bad ideas. and what we're doing now with what i've seen in society and said the mass censorship and the determine what you see when you see it or what you don't see and hiding what they don't like. like i'm censored, i disappeared from linkedin, i'm on some stacks. so if you want to read my stuff,

go there, but i mean it's, it's a difficult place when things are massively censored to try to get a word out to people. they need to get better experts in and they need to, we need change. we need to have our freedoms restored, and we need to have stop, have having our will and a free speech and thought suppressed. because the only way a society can move forward in advanced is if we can have a civil society that has reasonable this course. and debates open debates with alternative view points, but that's not allowed anymore. if you have an alternative view points, if somebody doesn't like you hurt my feelings, i'm going to get you cancelled. so you know, you can't have what's gonna happen to society. it's, it's more of a do tutorial a tyranny. i mean, is this toby and how that we're headed towards at a rapid pace. and i think that we need drastic change to do this to, to get out of where we are today. on that happy note. i guess commodity prices,

they might go down. i don't know, we'll have to come back again and tell us thank you so much for going back on the show. thanks for having me. and that's it for the show. remember, we're bringing you new episodes every saturday and monday, but until then you can give it to us by or less, which will meet you if it's not sensitive your country and had to have channel going on. the tv on mobile dot com to watch new and old episodes of going underground. so you see the the, [000:00:00;00] the at the end of the 18. so in britain began the illegal opium,

afraid in china. this hard drug causing addiction and literally destroying the human body became a gold mine, or businessman from the foggy l. b. a. however, the ruling chinese gene dynasty tried to resist and to stop the illegal trade, which provoked the wrath of the london business community. in 1840 without