do the russian banking sector and the ruble is losing its value all this trouble russia's biggest bank there's a very bad celebrates its anniversary saying it's going to become a transnational company. how is her going to grow. are struggling to survive we're asking all the banks to. russia's banking burbank terms of how this month through the years has become the largest bank in eastern europe about half of all russian citizens retail deficit are banks brand is worth nearly twelve billion dollars which makes it one of the strongest banking brands in the world instead of a birthday party the company has arranged a conference to figure out its future he's aiming to become a trans national financial institution in the next ten years but it's. the. turmoil and financial system. thanks for having us thank you very much for being with us so first of all think it's the one hundred. burbank is the only bank that survived the socialist revolution of nine hundred seventeen then another revolution that no i didn't you were so so so was so it's been there forever yeah it was created by the. addic

to the credit risk from the banking sector however it is important to differentiate the russian banking sector has a very specific structure and it is a bank which is anywhere between three to twenty times bigger than the nearest competitor there's the next back of about ten twenty banks which are feeling pretty strong and there's a one hundred institutions which would probably soften. you saying three to twenty times bigger than compared to say you didn't know the figures no i don't have the figures of your competitors suppose that would you want to say no no no it depends upon upon what you look at if it's by assets then it's three times bigger if it's by branch network we've got eight hundred thousand branches this is too complicated for me. but let me get is leaving here three times bigger than h.s.b.c. globally in terms of number of branches but it's not global yet there is not you know you have plans because you go. international i would say interaction not necessarily global full well let's get back to the problems that we may be facing as you came into the office earlier we talk

could this trigger a banking crisis for banks that have bitten off more of a stake in risky eurozone debt than they can chew and in an era of too big to fail banks this is everyone's problem we know u.s. taxpayers are backing more than fifty trillion dollars of bank of america's derivatives for example who else has taken big bets with your money we'll talk to no need prince and the federal reserve announced it will not do more stimulus for now they cite slightly better economic growth based on last quarter's performance but when you look at the bigger picture this so-called recovery is lagging far behind our let's get to today's capital account. so just about an hour ago at three thirty european leaders were scheduled to be going into an emergency meeting with greece's prime minister ahead of the g twenty and call on sarkozy merkel the head of the i.m.f. a few others and they are supposed to push for athens to implement its bailout deal as the only solution to the crisis the problem is this monday the prime minister called to put this to a vote before the people to put that bailout t

the minister doesn't have access to who owns the banks. you know so there's still no transparency in the in the icelandic banking system even though you are unmercifully financially raped by h.s.b.c. partly as lloyds of london lehmann bear goldman j.p. morgan you were gangbang unmercifully there's still no transparency in iceland incredible isn't it we try to put me in a few of the problem and we're speaking to the arabs and i think we have in mind most politicians or you know people how are it's their puppets for their kindness. and we just have to face it and it is really time that we look beyond the traditional. let's face it our democracies and they are many hats because we the people you cannot have access to decision making want to make sure that they're doing their jobs in favor of our needs and they need some money but only if you are a brigade of drones not there that's all the time we have for banks for being on the kaiser report thank you so much and that's going to do it for this edition of the kaiser report with me max kaiser

under terrorist acts when one of our banks. asked some big name associated to it and yet the terrorist lace alongside with the north korea symbolic way ok let me let me stop you right there so in other words. some global authorities recognize that the icelandic bankers were terrorists and they put them on the terrorist watch list or they they've been hunting them down as terrorists oh no i have heirs to our investing fortunately one of them is still on the list though the richest people in the oil and unfortunately none of the people responsible for the constant scheme in relation to the banks has been persecuted to my understanding though it is very difficult to get these people charts because many of them people that run the banks think oh right the loss so they know which loopholes to use and which grayson's to scale so i'm not sure if the people responsible from dropping the banks from inside where would be held to come. and this is of course not only a problem and i ask them all of the it's hard to believe because they wer

france minister doesn't have access to who owns the banks and the rest of the old banks so there's still no transparency in the in the icelandic banking system even though you are on risk of flu financially raped by a just b. c. barclays lloyds of london lehmann bair hallman j.p. morgan who are gangbanger unmercifully there's still no transparency in iceland incredible. me and a few other people in the parliament we are speaking to that yes and i think we have to bear in mind that most politicians who are you know he who are in power it's their preference for repentance. and we just have to price and it's really time that we look beyond the traditional because let's face it i want to nazis they are if you pay to see many hats we. have access to decision making what makes you an interviewee their jobs in favor of our needs and the need some money but only that you. get a jones not there that's all the time we have for thanks for being on the kaiser report thank you so much and that's going to do it for this edition of the kaiser report with me max kaiser and stacey herbert i would like my

on earth then the bank can leverage that money into credit just like any any bank does all banks create credit that's why we want to own our own banks because we want to get that power back from the banks we want to get back their forty percent or their fifty percent and use it locally for own purposes so what the bank or north dakota does is very like what the bank of pennsylvania did even though it doesn't have the power to print some money still a sustainable system because it all goes back to the people through their you know tax money and arguably every day every time they generate loans they're actually increasing the money supply. true but when the loan gets paid off then it on its contract then and we contract and then the states this thing are ok for you here that's the that's the catch the private patient some people argue that this whole debt iris theory is not true the idea that banks only create the principal and they don't create the interest and therefore it's unsustainable as some people say well being but banks bankers you know will spend the interest into the economy l

on the last three doing what they're doing today the money center banks the too big to fail banks if they were being governed by the laws that were in place fifteen years ago they would all be in jail today. however because of all the money they've made stealing buying congressmen buying senators going to supreme court buying the judicial system buying the political process those laws don't exist anymore or they change the law it is rule one point two point five what year two thousand and four regulation one point two five which was relaxed in two thousand and nine further relaxed in two thousand and four two thousand and five yeah well this is what is the example of there's a rule in place a law to keep people from stealing like you see a geek in front of winston's jewelry down here plaza today in paris that gate that armor guard the the bullet proof glass is there for a reason because otherwise people would just take all the jewels so there's rules so here you have in two thousand and two thousand and four two thousand and five every single year the gangsters the criminals the peop

russia's banking flagship her bank turns a hundred seventy this month through the years has become the largest bank in eastern europe to about half of all russian citizens retailed represents our backs brand is worth nearly twelve billion dollars which makes it one of the strongest banking brands in the world instead of a birthday party the company has arranged a conference to figure out its future urban he's aiming to become a trans national financial institution in the next ten years but it's not very easy to go in economic turmoil and financial system. hello and welcome to the show thanks for having us thank you very much for being with us so first of all congratulations it's the one hundred. years that it is. burbank is the only graphic that survives the socialist revolution of writing seventeen in the revolution no i didn't you were so so so so it's it's been there for i was greeted by the. editor of eighteen forty one so it's an institution and it's a. recluse and as burbank is celebrating the anniversary the news of the continuing euro zone crisis well is this crisis are these n

banks fail if you couldn't get the money to save them. and you know that was needed back the crowd actually has turned out to your great blessing on the three banks were actually allowed to fail but one of the differences between iceland and many other countries is that many of the people that had funny in the banks or serious or if you know how on some of these toxic when tiriel and so were not as numbers they were mostly. poor and only they collapse on one of the staple jews but would not be the case was would collapse in france so that was our blessing in disguise that we you know being used as a house. who are foreign traders and some countries might actually want to consider. i think in general what people are calling for now all over the world is that the banks will become smaller now. and will be separate in. more accountable and we should indeed do so it's sort of community based grants for people in the communities and then the people wouldn't run well with their bubbles teams maybe in the city of london well any any economy anyw

usage and you know the fact of the matter is those big banks wells fargo bank of america chase they are systemically dangerous institutions if they fail they could take down the entire economy the smaller banks in the credit unions don't contribute to you know economic harm in that way they they fail all the time now you have to do your research there's a website you can go to called move your money. and there's a tool there that allows you to find a small bank or a credit union that has good finances you know small doesn't always mean better but there are tools out there to help you make a good decision but mark a safe if you know that smaller banks if you know the credit unions fail all the time or fail more frequently why wouldn't you keep your money in a big bank that's too big to fail because the government will constantly bail it out well it you need to find a small bank that's f.d.i.c insured credit union that's f.d.i.c insured and in that case it's i think up to two hundred thousand dollars are protected if you have more money than that than you need to do a little extra diligen

and they want to expand their shadow banking system and according to the president of the e.u. they want to expand it to five trillion euros right away and probably take it up to twenty trillion euros in the next six months but max we are all greeks now or even . greeks set to scream bloody murder as pension fund threatens to recruit eight billion euros in illegally paid out proceeds this is another thing you're going to see going forward and this is something we've talked about a few years ago that we predicted this is they're going to come up with all sorts of oh you illegally paid this to you and you illegally accepted this pension money and therefore you owe it. check out the asymmetry here they're abrogating a contract a pension contract and they're confiscating billions of euros at the same time out of the thought of them out there saying that when we have to honor our debts to sovereign creditors become possible to abrogate a contract that's anti civilization so they speak out of both sides of both countries always to the benefit of the top one percent always to the detr

well looks like there's some bad news coming to us banks bank of america has reportedly been operating under a memorandum of understanding since may of two thousand and nine and that memorandum is public and identify problems that need to be fixed and there are reportedly governance risk and liquidity management and regulators are now warning that the bank's board at the company could force public enforcement action or could be forced to take part in public in person action if the regulators aren't satisfied with the step of the bank has taken to fix their problems you can add to that recent estimate that says the banks might face a loss of one hundred eighty five billion dollars in deposits in the next year to a consumer move towards credit unions and you start to worry what the wrath of the banks would look like don't forget in the month of october alone more than six hundred fifty thousand people close their accounts of big banks and forty thousand more left on november fifth which was transfer day but then could all of this actually be a good sign could be a first step towards a fo

the largest bank in eastern europe about half of all russian citizens retail deposits there are banks brands worth nearly twelve billion dollars which makes it one of the strongest bank branches in the world instead of a birthday party the company has arranged a conference to figure out its future urban he's aiming to become a trans national financial institution in the next ten years but it's not that easy the ongoing economic turmoil and financial. elite. hello and welcome to the show thanks for having us thank you very much for being with us so first of all things graduations it's the one hundred. burbank is the only bank that survived the socialist revolution of nine hundred seventeen then in other. words you were so so so was so it's been there for i was greeted by the. addict of eighteen forty one so it's an institution limits are. reclusive burbank is celebrating the anniversary and the news of the continuing eurozone crisis well is this crisis are these news that we're getting for in europe are they creating any problems any any risks for the russian banking system. directly n

an increase in recapitalization of fraudulent loans from the banks so the banks made money and the total indebtedness went up not down total propaganda well jim rogers concurs there because he says most european countries are increasing their debt rather than decreasing their debt until that changes the problems are going to continue just as they will in the united states jim agrees with me of course as always yes he wears a bow tie like you do occasionally as well i got him into gold i'm the one who got jim rogers into gold yeah right anyway final neighborhood story here iceland passes final hurdle in the eleven point four billion dollar payout so apparently their high court in iceland has accepted the emergency law which essentially allows iceland to shaft the bond holders which include royal bank of scotland b.m.p. perry and deutsche bank and make whole the depositors you know what i think we're going to get into this in the second half hour when i think that who i think you're talking to bring it to you owns dr oh good so we're going to explore this more deeply state server thanks so

banks got bailed out. we got sold out. >> the group marched at five bank branchs and called on executives to reduce the interest rates to competitive rates as well as modify loans by reducing principle in some cases. >> right now my mom is losing her home to foreclosure. she has been dealing with it for two years. we are protesting so that the banks can help us with the foreclosures with modifications to change their policies. so that they can help not only our individual case but the whole community. >> by the way, the excelsior district has the highest foreclosure rate in the city and the group targeted city bank chase and u.s. bank. >>> in the south bay a 14-year-old girl was shot to death and three friends were injured last night. it happened in a drive by shooting and the girls were just in the wrong place at the wrong time. we have more including information on arrests in this case. >> reporter: morgan hill police are investigating the shooting but believe they have all the suspects in custody. that

it's like at harvest food bank. we can provide 20 meals with $10 so every little bit counts and we really have faith that the broader community will reach out and support organizations like ours. >> one in six people in alameda county and sacred hard say once in seven people in santa clara county. it's embarrassing, up acceptable. and that's why there's organizations like yous. if there's a need, there's a gimp. >> absolutely. one of the things that i do really well is make sure they cover every nook and cranny that they can through the county. sacred heart addressing the need, obviously in san jose. addressing the need in gilroy and south county. that's the truth. the need is everywhere. >> put a face on that? >> there's the working poor. >> absolutely. you hit the nail on the head. it's the working poor. most of the families coming to us for services are the working poor. they have jobs or hat jobs but aren't making a suitable living wage so they need assistance. it's not just the assistance they might get through

who owns the banks that have been resurrected. so there's still no transparency in the in the icelandic banking system even though you are unsure of lee financially raped by a just b.c. barclays lloyds of london lehmann bair goldman j.p. morgan who are gangbanger mercifully there is still no transparency in iceland right of ways and. me and a few other people have a problem and but we won't be speaking to the arabs and i think we have to appear in mind that most politicians or you know people who are in power are it's their parents who are punished. and we just have to face it and it isn't really time that look beyond the traditional problem because let's face it balance is not pristine they are the thank you ninety hats we the people we do not have access to decision making we want to make sure of them you know doing their jobs in favor of our needs and they need some ninety but only the few brigade of drones don't care that's all the time we have for thanks for being on the kaiser report thank you so much and that's going to do

banks. many provisions are provisions that were enacted in the wake of financial accounting scandals, such as enron, and in the wake of certainly the worst economic crisis in my lifetime. provisions such as the sarbanes exemption increase, the shareholder threshold for banks that trigger sec registration, the sec cost benefit provision, and the reviews standard provision are all things the financial services committee is examining separately in separate bills. i certainly would oppose, as i have on the floor and in this committee previously, the provision that would lower the threshold to the tell the consumer protection financial board rule. the consumer financial protection board is the only entity whose rules are subject to review in this matter, and the threshold should be high for the review. i am also concerned, as is the fdic, about sections to 05, and 2 06, both of which would have the effect of allowing smaller institutions to hold up capital and delay the ability of the fdic to wor

to fails whipple a banks again sealevel i think is a us question there was a. change just like in the closet in st the are still just programs increase the total economy. i welcome back to the kaiser report imax kaiser so i've got to go to iceland and speak with brigade jones don't care if he's a member of parliament in iceland brigade to welcome back to the kaiser report well thank you very much sam happy to be back again last week the icelandic government and the i.m.f. co-host of the conference iceland's recovery lessons and challenges before we discussed the conference give the audience a brief outline of the collapse in iceland oh wow so in two thousand and eight you know third. down in the history of humankind. we were the most developed nation in the un two thousand and seven. two thousand and eight we were. under terrorist acts when one of our banks. big name associated with you went on there. alongside the north. where ok let me let me stop you right there are some other words. some global authorities recognize that the icelandic bankers were terrorist

protestors marched around oakland's downtown targeting bank after bank. at one wells fargo windows were broken. [ chanting ] >> reporter: this chase branch paid for it by demonstrators blocking doors, shutting it down. >> they are getting richer and richer. the bank presidents are getting giant bonuses while the people are losing their homes and losing their jobs. these are the criminals, not the workers. the ceos and the top people. >> there's got to be at least 1,000 people here in front of the bank of america loud but peaceful. but i haven't seen a police officer here or anywhere all day. >> reporter: a few banks closed including this small one pacific coast branch. several of the other bigger banks either never opened or were shut down by demonstrators like this chase branch on 20th. >> the bank's relationship to people to my families, my parents, has caused foreclosures and people losing their jobs which in turn makes it more difficult to teach. >> in principle, i'm all for it. but they shouldn't impede people's going to the bank and that sort of thi

. >> go to cash, the bank account. they go into fixed income instruments. >> and what were the hot commodity plays are they kind of winding down? >> no, they're still hanging in there pretty good. but when people have fear, they usually go to gold and they go to u.s. treasuries and you're seeing that. the yield curve of the united states treasuries is flat and down quite a bit lately. >> we need some clarity and you say we're not going to be getting it soon and now you've got protests in rome and could see more protests in greece. and so what do investors do, sit tight? >> i think they will sit tight and i think that lehman is still fresh in everybody's minds and that's what the fear is with greece. >>en 0 lehman brothers, we just fold our tent and go away? >> you wind up with the direct impact, what you can see. the issue is the secondary and tertiary impacts that you can't see and if you lose confidence, i think what is starting to happen in greece and perhaps in italy. the confidence there, you basically have an iss

to let the banks fail who just couldn't get the money to save them. and you know everybody thought that that was needed back but actually has turned out to be a lasting settlement for the three banks were actually i love to fail but one of the differences between iceland and many other countries is that many of the people that had money in the banks or serious or in you know on some of these toxic material and so were not as members they were mostly poor. poor and only some don't . want to sleep around jews that would not be the case for some would collapse in france so that was a blessing in disguise that we have been used. so how it's. who or what this and some countries might actually want to consider the plants i think in general what people are calling for now all of it well at least not the banks will become smaller now and then will be separate and more help more accountable and we should indeed use tariffs so the community parents for the people in the communities and then run while their bubbles do the piece when you see your london oh any an

that sort of credit union banking is potentially the biggest threat to the major banks there is six or seven. thousand of these banks in the united states some of them are five and ten branches large some of them are one or two they're all insured by the f.b.i. see so your money is safe there it hasn't been enough to affect their quarterly earnings yet put if that were to happen i think you would really start getting people's attention i cry we've been watching these banks commit massive fraud not not the community banks the credit unions as you were just mentioning but the the too big to fail banks the big wall street banks they're in violation of the minimum capital rules without a doubt they're violating the law every day we've been watching this grow over the past few years but recently just this past week i think we're setting a new standard for criminality with this with the mask lobel scandal it seems that they're just reaching right into people's accounts and taking their money directly what's very talk to me is just a new chapter in in the fraud max what do you think it's y

banks in august september the august banks largest banks bought more than three billion worth of the government bonds of ireland and this is all who would govern the government bonds government bonds went up in price the government turned around and immediately started presenting that as the case of the bill is a sham that it's all this is not working that there isn't this come in handy in gold with real the decline of the boards in the whole ponzi scheme continues to roll in over both in terms of that if you want to check on the government with its claims to be and the banks pretend that they healthy and the government in return pretending that the banks are healthy because that helps them to pretend that they are themselves helping isn't this a form of propaganda of course it is a propaganda now people absolute associate propaganda with political propaganda with scapegoating ethnic groups or religious groups and propaganda and terms of jingoism and and patriotism but this is a different form of propaganda it's a financial propaganda where the government and the banks colluding toge

and union bank. >> union bank has put its global expertise to work for a wide range of companies. what can we do for you? >> and now, "bbc world news america." >> this is "bbc world news america." to go home now -- the british government expels all iranian diplomats one day after its embassy was stormed in tehran. >> the idea of the iranian authorities could not have protected our embassy, or that this is all could have taken place without some degree of regime consent is laughable. >> occupied britain -- the government cut sparked the biggest strike in a generation. is the year of protests. and hitting a high note with young students -- can classical music change lives? a new program is certainly giving it a try. >> welcome to our viewers on pbs in america and around the globe. it's a diplomatic dustup on a dangerous scale. today, britain ordered the immediate closure of the iranian embassy in london and said all of grandpa's diplomats must be out of the u.k. within 48 hours. the move comes one day after students stormed the british diplomatic compound in tehran. now relations ar

banks fail because couldn't get the money to save them. and then you know that was needed back of actually has turned out to be a cli lasting settlement between banks were actually allowed to fail but one of the differences between us. in many other countries and many people who have had no money in the bank for serious or immuno on some of the toxic. were not thousands they were mostly. poor and only some who they. want to stay home to use that would not be the case was collapsing in france so that was a blessing in disguise you know being used as a house. we were for in trainers now and some countries might actually want to consider it to let the banks fail i think in general what people are calling for not all over the world is that the banks will become smaller now. and we can separate more help more accountable and we should indeed do so it's sort of community based parents for people in the communities and then people wouldn't run well with their bubbles in peace now you see you know one thing well any any economy anywhere thrives on

i will probably be moving some of my money out of bank of america to a smaller bank. i feel bad that i cannot help other people because i cannot understand the fees myself. host: where do you think you will move to? caller: i have my 401k with bank of america. they've got maryland doing it now. they sent me notice is constantly -- but that merrill lynch doing it now. they sent me notice is constantly. -- they send me notice is constantly -- notices consulate. their investment people do not know anything. i have to inform myself which is kind of sad. i just look for the boys and girls clubs. -- i just work for the boys and girls clubs. i don't know anything about this. host: on bank transfer day, a moment where there are folks on line and across the nation asking folks to transfer out of their larger banks into smaller community banks and credit unions because of issues over fees and that kind of things, we are asking if you are planning on switching your bank because of the same kind of ideals are maybe you are not planning to do so. you can register your thoughts on

of canada england japan this was national bank and the european central banks have joined forces to essentially bail out the euro for now markets are pretty happy about it today as for what the central banks are doing they are lowering dollar swap rates now this is european banks cheap emergency access to dollars one aspiring off of cheap money due for the global currency war that my next guest argues we are in while let's find out because we have jim rickards in the studio with us if you have it right his book i recommend you go out and buy it and do it now it's right there it's currency wars the making of the next global crisis and he's here in studio we are so glad to have you thank you for being on the show where you are supposed to be here great well let's just get right to this so what do you think in your view is this the federal reserve bailing out the euro well what they're saying is this is a masterpiece of sort of perception of reality what they're saying is they will do whatever it takes and substance this wasn't the big deal this was plans have been in place for years t

banks pretending that they healthy and the government in return pretending that the banks are healthy because that helps them to pretend that they are themselves healthy isn't this a form of propaganda of course it is propaganda now people absolutely associate propaganda with political propaganda with scapegoating ethnic groups or religious groups and propaganda in terms of jingoism and and patriotism but this is a different form of propaganda it's a financial propaganda where if the government and the banks colluding together can create the illusion of a trend that then they can come out and say that things are getting quote unquote better but at the same time forcing through more draconian us steady measures right european governments through these systems of corporatism that have existed here for decades this is the governance mode in europe over the economic policy and politics as well corporatism governance by consensus of interest groups and how they were chosen different than fascism because people say fascism the connection between i would be controversial here and you know i

to iranian banks.t paid 50 million in fines and fore pit if tour -- forfeitures. they said they have settleled all investigations and continue running our business with the highest integrity. >>> they agree to bay penalties. >> they took over pledging to continue the investigations into iran. to the tune of $298 million of fines and forfeitures. in a letter they wrote we believe the settlement speaks for itself. acknowledged and accepted responsibility for the conduct. total of 1 billion for banks for doing shady business to iran. more banks are on the way. they have illegal activity to help iran. >> these iranian banks are going to keep substantial deposits with the banks at all times. it is a huge source of net assets for the banks. >> stopping any illegal trade. ship ins related to weapons of mass destruction. >> lee fong wei carlie who also goes by at least 5 other names. a citizen of china he is a wanted man in new york accused of inviting iran with materials that could be used. >> mr. lee and his