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that's from bank of america. and on the back it says 0% intro apr. >> yes, but there is an asterisk or whatever that mark, so i have to now read that footnote. i will have to remove my glasses to read it. it says, "for this, see disclosure summary insert for details." now i have to find a disclosure summary, which is the one here. so, on the outside, it says 0% intro apr; in here, it says that my apr is 11.9%, 15.9%, or 19.9%, right, and "the apr you receive is determined based on your credit worthiness," so i have no idea which one i am going to get when they approve me. >> bergman: so, disclosure, you say, doesn't work? >> i mean, look at how much time it takes for both of us to go through this. >> bergman: yeah, exactly. >> i think that your average consumer is not going to be able to translate what the real pricing is. >> bergman: now, you put out statements like this from providian. >> we did. we did, absolutely. >> bergman: well, the criticism is that it's exploiting the customer, the fact that they don't r
that's from bank of america. and on the back it says 0% intro apr. >> yes, but there is an asterisk or whatever that mark, so i have to now read that footnote. i will have to remove my glasses to read it. it says, "for this, see disclosure summary insert for details." now i have to find a disclosure summary, which is the one here. so, on the outside, it says 0% intro apr; in here, it says that my apr is 11.9%, 15.9%, or 19.9%, right, and "the apr you receive is determined...
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because the banks have problems because under the basel rules which is the banking regulations sovereigns were treated in a very interesting way sovereign debt was regarded as being wait for it risk free so if you are and o.e.c.d. country which a country like greece is no bonds were risk free so the banks loaded up on this date on the balance sheet which is of course now toxic and if they would have mocked to market that debt properly in other words take the write offs because we all know that it's all going to be paid back in full so under those circumstances the banks would have solved the shoes so basically they need to get rid of this this sovereign debt off their balance sheet except of course they come because they need capital to do it and they don't have the capital so the other part of this fascinating equation of the moment is the sovereigns cut issued it and in part they need the dead curiously enough money to rollover their borrowings but to inject money into the banks to recapitalize them to perversely be able to write off the date which they should in the first place so ther
because the banks have problems because under the basel rules which is the banking regulations sovereigns were treated in a very interesting way sovereign debt was regarded as being wait for it risk free so if you are and o.e.c.d. country which a country like greece is no bonds were risk free so the banks loaded up on this date on the balance sheet which is of course now toxic and if they would have mocked to market that debt properly in other words take the write offs because we all know that...
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was also mainly hurting the banks. shanghai up 2.3%. that came despite pretty ordinary numbers from the manufacturing sector in shanghai. take a look at this. this is the pmi, purchasing manufacturers index. any number above 50 means manufacturing is expanding. the latest number coming in -- 49 it's actually contracting. that's the lowest number for 2 1/2 years. it confirms what we heard from hsbc a few days ago showing that there is a problem and there is a contraction. a lot of this obviously is to do with the fact that europe is weak, the u.s. is weak, but the chinese economy is showing weakness in consumer demand as well. investors responding to the loosening of monetary policy rather than the pmi number. that was a big move we saw yesterday. beijing cut the cash the banks have to keep on reserves by 50 basis points. that effectively means they have more money to lend to anyone who wants it, trying to kick start, stimulate a bit of lending, a bit of spending. this is the first cut we've seen since 2008. lit be effe
was also mainly hurting the banks. shanghai up 2.3%. that came despite pretty ordinary numbers from the manufacturing sector in shanghai. take a look at this. this is the pmi, purchasing manufacturers index. any number above 50 means manufacturing is expanding. the latest number coming in -- 49 it's actually contracting. that's the lowest number for 2 1/2 years. it confirms what we heard from hsbc a few days ago showing that there is a problem and there is a contraction. a lot of this obviously...
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i'm talking also about bank of america talk about barclays bank p. parry goldman sachs credit suisse deutsche bank in society general here max oh i got a story about goldman sachs ok well let's say that very next year two thousand and twelve ok if you're not for this what's your story about goldman sachs well they're in trouble because they tried issue they fake sue coupons islamic finance of course of the f. cking goldman sachs's try to fit pawn off a fake bond in islamic finance world they got some shyster moolah to give it the ok even though it didn't. pli was sariah law and they thought they had trouble before forget about movies bunch of s. and p. went to low down roads goldman sachs they could have that fatwa rating that it doesn't look so good for them then why can't they come out the fatwah writing clyde to the debt of all these banks goldman sachs would definitely get a very low while waiting at this time boy oh boy there who is a author that's running around ok well let's move on to these currency wars you know fitch is a french company and
i'm talking also about bank of america talk about barclays bank p. parry goldman sachs credit suisse deutsche bank in society general here max oh i got a story about goldman sachs ok well let's say that very next year two thousand and twelve ok if you're not for this what's your story about goldman sachs well they're in trouble because they tried issue they fake sue coupons islamic finance of course of the f. cking goldman sachs's try to fit pawn off a fake bond in islamic finance world they...
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Dec 1, 2011
12/11
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the sharp rally comes as the federal reserve and other central banks make it easier for european banks to borrow money. >> it's a net positive for the global economy, but it's not going to be a game changer. >> tom: meantime, china makes it easier for its banks to lend money. the global effort to avoid another credit crunch. it's "nightly business report" for wednesday, november 30. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt >> susie: good evening, everyone. up, up and away here on wall street and in stock markets around the world today. a surge of buying powered a massive rally after the federal reserve and five other central banks teamed up to pump money into the global financial system. tom, investors everywhere cheered that united action. >> tom: the buying, susie, was dramatic, coming on the last trading day of november, which has been a tremendously volatile month for investors. stocks rallie
the sharp rally comes as the federal reserve and other central banks make it easier for european banks to borrow money. >> it's a net positive for the global economy, but it's not going to be a game changer. >> tom: meantime, china makes it easier for its banks to lend money. the global effort to avoid another credit crunch. it's "nightly business report" for wednesday, november 30. this is "nightly business report" with susie gharib and tom hudson. "nightly...
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of canada england japan the swiss national bank and the european central banks have joined forces to essentially bail out the euro for now markets look 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 but what does firing off rounds of cheap money do for the global currency war that my next guest argues we are and well let's find out because we have jim rickards in the studio with us if you haven't read 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 you are said to be a 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 the swap lines have been in place for years
of canada england japan the swiss national bank and the european central banks have joined forces to essentially bail out the euro for now markets look 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 but what does firing off rounds of cheap money do for the global currency war that my next guest argues we are and well let's find out because we have jim rickards in the studio with...
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some of the well according to analysts these banks the dow then reading of these banks is going to influence the world financial situation will it influence that the banking situation in russia. depends the they are all of the agencies are quite contrary. controversial contradiction would say let's take this example then they done great the seventh rate of one hundred states it was absolutely zero influence to the markets zero influence so i believe that the little excess and investment bankers they prufrock to make their own analysis or to attract some independent then a little raised who pays the rating agencies. so you have a priest. but of course of course the situation of banks first in the euro zone but also in the united states that bonds in the balance sheets that have a logo which the european both suffer and cup are that and of course that was the point of of dangerous point of notice but and of course it somehow influenced russian banks because as soon as the global markets the are eight or four in stock exchange the rate of financial institutions first of all but is going down it
some of the well according to analysts these banks the dow then reading of these banks is going to influence the world financial situation will it influence that the banking situation in russia. depends the they are all of the agencies are quite contrary. controversial contradiction would say let's take this example then they done great the seventh rate of one hundred states it was absolutely zero influence to the markets zero influence so i believe that the little excess and investment bankers...
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if you lose faith in a bank you know the bank collapses people take care cuts they take losses. perhaps there's some worse consequences but losing faith in a sovereign is something else it's a political catastrophe it's a variety of different consequences that you don't you can't expect and you can't prepare for and that's really the problem so if they need to do something i think the e.c.b. needs to step in and say either we're not going to let. rise past a certain point this is the price investors or the price countries pay to finance their debt or or you need something else you need euro bonds perhaps really they can't let the crisis just kind of collapse at this point because that would send the entire globe into a very very disorderly recession so that that really i don't think is on the table anymore but if we are we were talking about what christine legarde right director the i.m.f. is going around telling everybody right now if there were one step away from a second great depression is that we're at a huge economic juncture that is going to affect the rest of the world e
if you lose faith in a bank you know the bank collapses people take care cuts they take losses. perhaps there's some worse consequences but losing faith in a sovereign is something else it's a political catastrophe it's a variety of different consequences that you don't you can't expect and you can't prepare for and that's really the problem so if they need to do something i think the e.c.b. needs to step in and say either we're not going to let. rise past a certain point this is the price...
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shows you that the derivatives traders principally these banks including bank of america and other banks have seen or claim over you even though you might have a receipt or you might have a segregated account and combine that with a bomb as new laws that are coming into place that give the american government the ability to throw anybody in jail that they don't like the color of the sweater they're working at any particular day and there are no property laws left in the u.s. i mean the u.s. suppose we built on this thing of private property and capitalism well you see the have private property to have capitalism in it if you have capital you have capitalism in america you don't have capital because it's all free up money debt claims a worthless can count the nations of of spiriting out the of the federal reserves back door receipts on future liabilities for a thousand years that are put together in research characterized by corrupt banks that are smoking crack all day and you don't even have private property rights to go with it so you're living in a frickin prison over there you say you
shows you that the derivatives traders principally these banks including bank of america and other banks have seen or claim over you even though you might have a receipt or you might have a segregated account and combine that with a bomb as new laws that are coming into place that give the american government the ability to throw anybody in jail that they don't like the color of the sweater they're working at any particular day and there are no property laws left in the u.s. i mean the u.s....
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morgan goldman sachs citi bank wall street bank of england the rep tilly george bush and tony blair my local police force scumbags david cameron before i run out of space max just finished the mission you were assigned to. baby the maxim nater there should be a film on pirate my film but there does seem one organization in the employ of the max and mater and that's fitch fitch goes on major bank downgrade rampage fitch just cut the viability ratings of eight major banks it downgraded bank of america barclays b.m.p. perry bob goldman sachs credit suisse deutsche bank society general and it affirmed the viability rating of u.b.s. failed to take down j.p. morgan. well they're kind of like a french based outfit and i think this is in response to some peon movies which are more u.s. based so now the rating agencies have got involved in the ratings war now oh. the currency war but what's remarkable to me is that two years ago or three years ago when it would have been valuable to downgrade those banks at that time when their balance sheets were exploding in the shadow banking system and off
morgan goldman sachs citi bank wall street bank of england the rep tilly george bush and tony blair my local police force scumbags david cameron before i run out of space max just finished the mission you were assigned to. baby the maxim nater there should be a film on pirate my film but there does seem one organization in the employ of the max and mater and that's fitch fitch goes on major bank downgrade rampage fitch just cut the viability ratings of eight major banks it downgraded bank of...
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Dec 1, 2011
12/11
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so now, if banks need to borrow from another bank and maybe they can't borrow from another bank. they can go to their own central bank and borrow from that central bank. the rate at which the central bank charged them, that's now cheaper. so it is a measure of trust. the market interest rate between banks is a measure of trust. that indicator has been rising through the summer. and central banks didn't want that indicator to get out of hand. didn't want it to get so expensive for banks to borrow from each other. and so that's why they intervened and arranged for the swap lines between the central banks. >> so given all of that and the lack of trust that you outlined. then you have the president, president obama, meeting with the europeans just this past monday. and i want to play a portion of how he explained the u.s. interests overseas. >> if europe is having difficulties, then it is much more difficult for us to create good jobs here at home because we send so many of our products and services to europe. it is such an important trading partner for us. >> important trading partn
so now, if banks need to borrow from another bank and maybe they can't borrow from another bank. they can go to their own central bank and borrow from that central bank. the rate at which the central bank charged them, that's now cheaper. so it is a measure of trust. the market interest rate between banks is a measure of trust. that indicator has been rising through the summer. and central banks didn't want that indicator to get out of hand. didn't want it to get so expensive for banks to...
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downgrade rampage fitch just cut the viability ratings of eight major banks a downgrade of bank of america barclays b.m.p. perry goldman sachs credit suisse deutsche bank society general and it affirmed the viability rating of u.b.s. failed to take down j.p. morgan though max well they're kind of like a french braid and i think this is in response to some peon movies which are more u.s. based so now the rating agencies have got involved in the ratings war now oh. the currency war but what's remarkable to me is that two years ago or three years ago when it would have been valuable to downgrade those banks at that time when their balance sheets were exploding in the shadow banking system and off balance sheet toxic liabilities that would've been helpful but now that the world is trying to recover from the realisation of these toxic debts off balance sheet then rumpelstiltskin fitch moody's and s. and p. finally wakes up and applies a negative rating at the worst possible time it's as if they're purposefully trying to destroy the economy which i guess based on everything we're hearing from th
downgrade rampage fitch just cut the viability ratings of eight major banks a downgrade of bank of america barclays b.m.p. perry goldman sachs credit suisse deutsche bank society general and it affirmed the viability rating of u.b.s. failed to take down j.p. morgan though max well they're kind of like a french braid and i think this is in response to some peon movies which are more u.s. based so now the rating agencies have got involved in the ratings war now oh. the currency war but what's...
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whole banking sector is well out there you know to quote william black you know he says that the banks are criminal organizations we're in a situation where they're to rescue the patient to reveal itself you know i think it's a parent's job to put it that the system has nowhere to go and that we really need to think new thoughts oh and do things in a different way but everything that's being done so far is simply trying to revitalize an already corrupt and bankrupt system. and it goes for the bones and it goes for so many other things in our sort there's no way we can continue on that which we had on our young the i.m.f. is claiming that iceland is the poster child for their policies that's clearly a lie but we would expect that from the i.m.f. but other countries like ireland and greece are being subjected to banking terrorist acts or benny any communication between iceland and agrees or in ireland about the experience sharing knowledge and experience about trying to protect yourself against the onslaught of these of these financial terrorists no not that i know of but i know that the
whole banking sector is well out there you know to quote william black you know he says that the banks are criminal organizations we're in a situation where they're to rescue the patient to reveal itself you know i think it's a parent's job to put it that the system has nowhere to go and that we really need to think new thoughts oh and do things in a different way but everything that's being done so far is simply trying to revitalize an already corrupt and bankrupt system. and it goes for the...
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there's no difference between the banking system in the u.k. or in iceland except for the fact that the icelandic system actually went bust because there wasn't a couple didn't have the funds through to prop it up well it's amazing because in the u.k. a couple of months together they were hit with a wave of street riots from looters as they were called by david cameron and yet he does nothing about looters that are looting billions of pounds and he lets these financial terrorists give them safe harbor and the city of london which has become kind of the the then one place where these banking charlatans can get protection from and david cameron now in the united states there been no equivalent investigations into the banking sector and so majority of the population still view is the criminal syndicate running the banking sector as quote wealth creators now in your investigations into banking fried did you find any evidence that these bankers that are committing the frog are creating wealth it's difficult for me to talk about specifics about the i
there's no difference between the banking system in the u.k. or in iceland except for the fact that the icelandic system actually went bust because there wasn't a couple didn't have the funds through to prop it up well it's amazing because in the u.k. a couple of months together they were hit with a wave of street riots from looters as they were called by david cameron and yet he does nothing about looters that are looting billions of pounds and he lets these financial terrorists give them safe...
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banks and european banks where do you see the most major risks. well they made you still photographs put on from there. that were purchased with the system which so basically borrowed too much to buy stuff that's worth you know fractions of what they bought it for that's pushing pressure on the parents because the parents are worthless liquidity is drying up they don't trust each other this is an exact replay of what happened in two thousand and eight because in the lessons were. put in place and basically. down the road and the road is ending is it in here ok it's a dead end maybe but you know we have heard of dollar funding agreement with the central banks so i guess my question to you is you know this money is going to starve european banks more than the funding itself is this a signal that regardless of what's going on with these banks the fed and other central banks all over the world are just simply not going to let a european bank or a u.s. bank for that matter fail. well i'm not sure which choice with letting it fail and there's enough eff
banks and european banks where do you see the most major risks. well they made you still photographs put on from there. that were purchased with the system which so basically borrowed too much to buy stuff that's worth you know fractions of what they bought it for that's pushing pressure on the parents because the parents are worthless liquidity is drying up they don't trust each other this is an exact replay of what happened in two thousand and eight because in the lessons were. put in place...
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the private banks have always managed to issue sort of money substitutes you know bank deposits bank notes because the banks issued them and claimed that the whole. us of these bank notes and bank deposits could we deem them for gold you know instantly because of that policy the public accepted these money substitutes if you like in place of gold you used them as media of exchange in the economy and by doing this the banks actually allowed the money supply to expand and this caused exactly the problems that i just explained but of course you know the banks enjoyed the privilege of printing these money substitutes and the politicians also liked it so the idea of having a further reason for having like a government backstop was designed so that when the credit boom would lead into a credit bust as it must as i just explained when the credit contraction sets in the federal reserve would provide extra money to the banks what that course in fact was that the credit boom was extended even further and we all know after the fed was founded in one nine hundred thirteen this encouraged very mu
the private banks have always managed to issue sort of money substitutes you know bank deposits bank notes because the banks issued them and claimed that the whole. us of these bank notes and bank deposits could we deem them for gold you know instantly because of that policy the public accepted these money substitutes if you like in place of gold you used them as media of exchange in the economy and by doing this the banks actually allowed the money supply to expand and this caused exactly the...
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central bank with. all the details wall street people don't want you to hear coming up next the report. welcome to the kaiser report not only are structural banks counterfeiting fear out currencies around the world to impose austerity measures and all manner of financial repression and depression but gaming companies are also involved in counterfeiting virtual currencies and this is reverberating throughout the global economy stays the overt yes max kaiser as we have talked about many times here is about to go public and there in the headline max zingo gets pretty i.p.o. boost from gaming grossed thirty rock star alec baldwin and apparently alec baldwin was on an american airlines flight on the runway in l.a.x. waiting to go to new york and he was playing scrabble like game words with friends that is. and he got kicked off for this and he tweeted out baldwin tweeted flight attendant on american reamed me out for playing words with friends while we sat at the gate not moving l.a. based tech analyst micha
central bank with. all the details wall street people don't want you to hear coming up next the report. welcome to the kaiser report not only are structural banks counterfeiting fear out currencies around the world to impose austerity measures and all manner of financial repression and depression but gaming companies are also involved in counterfeiting virtual currencies and this is reverberating throughout the global economy stays the overt yes max kaiser as we have talked about many times...
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Dec 9, 2011
12/11
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other banks now considered undercapitalized include the dz bank. the german banks now must come up with a plan to raise more capital in the coming and have it on their books by next summer. >> as can be expected, stress test results did not go down well on the trading floor. >> the big banks within the german stock index 10 deeply in the red in afternoon trading. after the stress tests, the bank will try to sell assets at a large scale in order to meet the new stricter capital requirements. but many pessimists predict that the banks will find it very difficult to get the prices they want. that they will have to settle for fire sale prices. what also scared off some investors this thursday was mario draghi's clear rejection of an enlarged bond buyback program. the generous financial assistance that the ecb president did announce were not enough for some investors. >> let's get a closer look at we begin in frankfurt with germany's blue-chip dax ended across the atlantic, dow jones industrials also trading in negative territory. on currency markets, t
other banks now considered undercapitalized include the dz bank. the german banks now must come up with a plan to raise more capital in the coming and have it on their books by next summer. >> as can be expected, stress test results did not go down well on the trading floor. >> the big banks within the german stock index 10 deeply in the red in afternoon trading. after the stress tests, the bank will try to sell assets at a large scale in order to meet the new stricter capital...
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of america and they had bought four hundred thirty nine u r l's like bank of america sucks dot com bank of america blows that brian moynihan sucks dot com and blows dot com in order to avoid any activists or global insurrection against banker occupation targeted man on line here's your response to that so let me get this straight the bank of america to avoid a public relations problem went out and bought a bra and morning and sucks. the c.e.o. of bank of america brian moynihan sucks brian moynihan blows dot com to avoid a public relations problem and also of course in this propaganda war you want to cover up your crimes of financial terrorism as best as you can and the people on the internet who sussed this stuff out quick you try to divert attention from them because god forbid bank of america should be transparent or obey the law in any way shape or form no no no want to blow themselves up and everyone around them because brian moynihan stock stock um what else to go up now brian wanted us still there. their share price. and down below six touch five dollars recently so that's a form
of america and they had bought four hundred thirty nine u r l's like bank of america sucks dot com bank of america blows that brian moynihan sucks dot com and blows dot com in order to avoid any activists or global insurrection against banker occupation targeted man on line here's your response to that so let me get this straight the bank of america to avoid a public relations problem went out and bought a bra and morning and sucks. the c.e.o. of bank of america brian moynihan sucks brian...