biggest banks failed iceland g.d.p. that year was one point five trillion more the big controversy between iceland netherlands and britain of course revolving around save the savings account which involved these artificially high interest rates with that were created to suck capital into the country which they used to collateralize ten times the value in debt to buy a lot of ridiculously overpriced assets in the u.k. like the west ham football club i don't know that west ham had a football club and why is iceland buying it well max there is one man who's who's warning everybody in iceland don't let the carry trade happen again his name oscar johnson. that sounds awfully familiar i ask her johnson this is this the guy we talked to the year before iceland collapsed and warned him against the carry trade now he's warning exactly max keiser you made a film called money geyser and you went to iceland you spoke to us johnson he appetising was the chief research or an economist for thing bank which has since collapsed he at th

just like cheney iceland revived carry trade on lower risk so iceland raised it it was a pay. what. yes you know the carry trade that destroyed iceland yes of course well apparently it's coming back because iceland resists main interest rate by a quarter point on august seventeenth to four point five percent this is the first time in three years since the banking system collapsed because of the carry trade that's ok so now they've raised rates again and they're also removing capital controls which they brought in in two thousand and eight once their currency started to collapse so this four point three billion traps in the country from prior to the collapse but because they're opening that they're expecting actually more money to come in because of the carry trade you know just to review here people would borrow money in japan or from switzerland the ultra low rates deposit it in iceland pick up some extra interest rate on the posit as an interest rate arbitrage this is attracted a lot of capital which of course the country used to flow ten times the country's g.d.p. in debt and thi

minister wanted to repay all the bank that making iceland bankrupt for fifty years turning iceland into what ireland they came the president who only has the function of signing off said if you're going to bankrupt the come country for fifty years there should be a vote ninety percent of the people of opposed what the social democratic government is doing because they didn't want to all be plunged into the bankruptcy that you've just described she tried to do it all over again and again was rejected now. this is in a nutshell what happens with the a central bank because you're told in europe the big lie that a central independent central bank is the hallmark of democracy where the independents bank nobody votes for him it's controlled by the only it means drop you democracy let's have an oligarchy that's what an independent central bank means in the long as he were of a central bank run by right wing bankers who would say we want to bring in an anti labor economist like the lady in france who said of the math. and we want to be anti-democratic anti-labor and you say that's the hallmark

the bank that making iceland bankrupt for fifty years turning iceland into what ireland became the president who only has a function of signing off said if you're going to bankrupt the come country for fifty years there should be a vote ninety percent of the people opposed what the social democratic government is doing because they didn't want to all be plunged into the bankruptcy that you've just described she tried to do it all over again and again was rejected now this is in a nutshell what happens with the a central bank because you're told.

in iceland according to a new report out of the university of iceland a majority of icelanders believe in elves sixty two percent of respondents believe that either possibly likely or definitely exist also seventy two percent of icelanders it was same way about ghosts iceland has always been a tourist for its citizens believe in supernatural forces more than most other nations across here america were notorious for believing in fox so-called news myths like president obama not being born in the united states one point fifty one percent of republicans believe president obama was born in a different country or has a donald trump as immediately dispatched as a crackpot team of a crack team of private investigators iceland if i doubt once and for all if else really do exist. coming up thousands of protesters united this weekend on wall street demanding a new deal for main street residents chronicled by reading banks toure's their peaceful demonstrations bringing real justice in america where the banks are so rich and powerful that the untouchable. drives the world the fear mongering used b

is absolutely correct look at the situation with the social democratic government of iceland the prime minister wanted to repay all the bank that making i think i'm bankrupt for fifty years turning iceland into what ireland became a president who only.

iceland so there's so much money we can't possibly play sue us we're not going to push ourselves into feudalism in order to help you become our new masters we fought off your dollars and so while europe take the icelandic route or the irish route. the fight now is suffering defeat to the new political decisions these days and it looks so far as if the peons first of all want to save the banks rather the jobs the standard of living do you agree the european people probably do not want the united states seventy four percent of them obviously don't think things are the politicians who are they going to follow the voters or their campaign contributors they they the campaign contributors financial interests make sure that the people who run for president are what in america we call us. it's people who really believe that they have to come first there's that mr obama is there for mrs merkel it's and it's a tragedy because of the debts and not be paid and there is a basic principle in economics a debt that can't be paid won't be so we know that that's what we paid and trying to pay and that

iceland so there's so much money we can't possibly pay sue us we're not going to push ourselves into feudalism in order to help you become our no masters we fought off your dollars and so while europe take the icelandic route or the irish route. that's the fight now to the miracle is suffering one defeat or two in the new political divisions these days and it looks so far as if the here appearance first of all once to save the banks rather than jobs is the standard of living do you agree the european people probably do not want people in the united states seventy four percent of the motor's they don't save the banks but the politicians who are they going to follow the voters or their campaign contributors they the campaign contributors financial interests make sure that the people who run for president are what in america we call useful idiots people who really believe that the banks have to come first that's what mr obama is that's what mrs merkel is and it's a tragedy because of the debts cannot be paid and there's a basic principle in economics that can't be paid won't be so. no t

she made designer clothes specifically tailored clothing and then she would during the crisis in iceland she suddenly woke up and found out she was bankrupt and she didn't do anything wrong. all she did everything that she was told to do what i'm getting at here is that they're understanding this crisis and how it is how we've got to do it because i think what michael's getting right here is that it's more like baking fascism here but it's taken completely out of the economy we don't this is not an economic crisis it is a banking crisis it's a financial crisis and how we the european currency the euro fits into. so i disagree with his perspective here but i think you want to feed these people if you had you know the financial crash after you guys are there you have the credit crunch and all that all that stuff which was a global problem and then you have the euro which kind of came along soon afterwards about two thousand and nine because they happen to happen at the same time people sort of think that the same problem but they're not really i think i think the goddess of whether you hav

iceland so there's so much money we can't possibly play sue us we're not going to push ourselves into feudalism in order to help you.

way to get that across in the people increasingly starting to call in them in a minute we have left iceland just twice now has voted not to pay off their banks or is that the kind of thing is right. exactly and they're doing great i mean ireland decided to pay everything and they're in terrible shape iceland said no and they're doing fine and so we could say to the banks. our bankers are worth the i.m.f. and everybody else you know sorry it just ain't gonna happen that's it's yeah you just picked them out load the east asia latin america they kicked out the i.m.f. i mean we could do it yeah and argentina after around two thousand and one is or its variants are doing quite well right now indeed dr david graber thank you so much for being with us tonight. my pleasure to watch this conversation again as well as other conversations with great minds go to our website conversations with great minds. coming up it's been one heck of a week in washington even though technically the city's big players are still on vacation i'll debate some of the biggest topics of my panel of guests in tonight's big

and they're doing great i mean ireland decided to pay everything and they're going terrible for it iceland said no and they're going on and so we could say to the banks there's no our bankers are the i.m.f. and everybody else you know i'm sorry it just ain't gonna happen let's say you did kick them out of east asia latin america they kicked out the i.m.f. i mean we could do it yeah and argentina have to run two thousand one is very well it's various are doing quite well right now indeed dr david graber thank you so much for being with us tonight. my pleasure to watch this conversation again as well as other conversations with great minds go to our website conversations of great minds doug. coming up it's been one heck of a week in washington even though technically the city's big players are still on vacation some of the biggest topics are by battling just in tonight's big picture wrong. that drives the world the fear mongering used by politicians who made decisions it's. through to be made who can you trust no one who has you view with global machinery see where are we heading state contr

we are not like read or portugal or iceland. this deal is entirely different. no one uses the keyword, trillion in lisbon or dublin. that word is unique to washington. when a multi-trillion dollar catastrophe slides off the cliff it lands with a much bigger threat than iceland or portugal did. one of the saddest aspects of the presence debate is the assumption that american decline will be as comfortable for americans as british decline was for britain when the pax britannica yield to the tax americana after the second world war. dream on. that was the smoothest transfer of global dominance in history. and it isn't going to go that smoothly next time round, next time round already underway. by 2016 according to the imf, the world's leading economy will be a communistic dictatorship. that's in five years time. think about that. if the imf is right, a guy you elected next november will be the last president of the united states to preside over the world's leading economy. and instead the preeminent economic power would be a one party state, the time is euro resid

happened and all these banks were insolvent rather than do what was necessary which is what the icelanders deterrence which is right up the banks and right up yet people use the american and european bureaucrats side to kick the can down the road and there are these banks to to fail and bail them out you know hundreds of billions of dollars and you know how that story runs it was very unfortunate story and very i'm talking about the problem now is that those banks are far larger than they were and wants me so it's going to be a bigger bailout it's more expensive and more painful and the political reality is that there is no political will to let the free market june which job of creative destruction and wipe out these from points so we're going to have bailouts it's as simple as that up well i think it may also take haven't taken account of fact that there are a lot of people who are struggling right now from the. mishal financial crash and you have more than forty six million people in america living in poverty and so the prospects of trying to go through this let's just start over bottom

how important is the middle class america i mean one of the things that you're going to find in iceland one of the things that i found in denmark one of the things you find in most of the northern european countries is that the middle class is most of the population here in the united states we've seen fully a third of the people who used to be middle class now becoming the working and i think it's one hundred thirty years how important is it to opt out i mean i government be deciding the rules of the economic game in a way that guarantees of middle class i don't think it should be i don't think the government should be that involved to guarantee because there is a safety net and i'm not advocating it began as either a policy in social security but i'm going to study and that's what i want to say to you i'm talking about the middle but look at that one study that cited one third have fallen out it pointed to reasons they felt some of it was drug use that lead to bad behavior leads to falling out some of it was recorded for some of the population that was but they don't target related ar

hey, did you guys know that in iceland they bury shark for a year and then they dig it up and force people from norway to eat it? (cheers and applause) that's the next iron chef. look, as you know, this season is the most controversial season of dancing with the the stars they've ever done. oh, you know what would be a great idea for that show? a celebrity version. (laughter) anyway... the reason the reason for all this controversy, of course, is the presence of one chaz bono. >> chaz bono, who is transgender, is a contestant and it's a controversy. >> outraged outcry online from the american family association. >> accusing the network of pushing a homosexual agenda. >> it's possible that if someone is celebrated and lifted to heroic proportions like that of a civil rights leader that somebody who is somewhat uncomfortable with his or her gender might say, you know what? i'm going down that road. (audience reacts) >> jon: and while it's not possible, it is possible. (laughter) so i had a choice as a parent-- miss the only show that makes me feel young... (laughter) or spend a month prepari

and, three, iceland's harvests are not likely to be brought under i.w.c. management and control at sustainable levels through million multilateral efforts at the i.w.c. i concur with the secretary of commerce's recommendation to pursue the use of nontrade measures and that the actions outlined above are the appropriate course of action to address this issue. accordingly i am not directing the secretary of the treasury to impose trade measures on icelandic products for the wail waling activities. however, to ensure that this issue continues to receive the highest level of attention, i am directing the departments of state and commerce to continue to keep the situation under review and continue to urge iceland to cease its commercial waling activities. further, within six months or immediately upon the resumption of fin whaling i have directed relevant agencies to report to me on their actions. i believe these actions hold the promise distribute most promise of effecting a reduction in iceland's commercial whaling activities. signed, barack obama, the white

now moving on to the icelandic consonantal hockey league now where it's not won moscow defeated crossing to rivals spartak two one registering that second victory in four games and on course or if watched the capital dobby. the nominal host the now most stores in the two months eleven season with a win and two last. this with the latest two day old feeds coming by the hands of today's opponents sparks aka moscow it's no wonder that were not only motivated by garnering quick revenge as it was also the club's first home game however it was the visitors hoping to score on a power play eleven minutes into the first period through on a totally new concept i the beginning of the second period so both teams increased speeds consequently creating chances on either side of the rink but it was deny most leo comaroff a capsulized and one of a multitude of opportunities to level matters in this match i so i mirrored result in the second period and left the score at one hole going to the final twenty minutes it's safe to say that it was a goalkeepers game a dot point with nerves of steel band to win

shoulder eichel injuries but that is all russian quarterfinal meanwhile ended with euro zone re over icelandeoccur like six three six three how it ended up. next for the fourth seed. the other semifinal meanwhile will see stormy and can never be taken i discovered one front of. their moto g.p. season is heating up casey stoner will be aiming to all but secure this year's pride in japan with four races school history in will face some stiff competition in the guise of the only man who can yet catch him reeling champion jorge lorenzo and of course the third most successful motorcyclist ever valentino rossi. maybe. tried to do with him in the time but anyway four races still to be. a lot of points one hundred points to play so you know you must keep. the motivation that everything is possible. for sure fight for the win in the race we have to understand exactly the condition of the track because after. a lot of work and then you see some part of the season so we have to understand that then the world looks really good and then understand what potential the russian boxing fans are in for a treat