thousands of tons of gold and you see the queen there posing in front of the gold bars in the bank of england and remind me of only just a few days ago that there was a university of nottingham released this video from professor martin poliakoff and he was allowed entry into the bank of england vault and he's looking at all that gold there and he says this in some ways i think it's quite disappointing to see because the goulds is an exciting and it has interesting chemistry and it's just sitting here doing nothing you know want to shame it's only moved up five hundred percent in the last ten years and will replace all of the fianna currencies as the standard of wealth around the world know the queen is a tough old bird she's down there defending what's left of britain's gold so when these other countries come to repatriate expect a queen oh. and take them out or fire only if the queen doesn't do what monarchs of old used to do you're going to see the likes of this headline the first shop in europe to sell opens in madrid the headline in spanish is. so unnecessary i was already in my did in th

because there isn't a smoking gun per se of libel or with gold though we may see the queen of england touring the bank of england's vaults as we did just recently and you see there what we don't get to see is transparent disclosure of the gold transactions of central banks in terms of their lease things wapping that sort of thing now though we may know of this see if he sees investigation into silver market manipulation it's been ongoing for years still with no result but here to discuss some of the latest developments in precious metals in light of what we do know are bill murphy and chris powell of the gold antitrust action committee better known as gap and they are together at the same desk in our studio which is just so exciting thanks so much for being here gentlemen good to be here alone it's great to have you so let's start with today gold and silver moving down not a lot of big news anything to see here. yeah actually it's been part of a not an ambush attack by what we call the gold cartel for the past month they've been trading and when asian markets are thinly traded just about three weeks a

decided to tell people about it don't know marconi too many parts of the brain damaged me go to the bank of england he wants to get rid of the whole idea what little modicum of responsibility the bank of england has been bracing itself for you know gracefully not disciplining him at all and that's why gold and silver moving up again because this is a money printing fanatic well he said to achieve a better path for the economy over time a central bank may need to commit credibly to maintaining highly accommodative policy even after the economy of potentially inflation picks up if yet further stimulus were required the policy framework itself would likely have to be changed for example adopting a nominal g.d.p. level target could have many respects be more powerful than employing threshold under flexible inflation targeting so max nominal g.d.p. target can't they make that whatever they feel like it is oh yeah well this is the current britain's going to try to debase the currency to improve their g.d.p. to improve their exports and this is something that the global game of economies are participating

out in finance for example the libre rigging there's a headline the libel conspiracy where the bank of england and whitehall in on it because of conversations and e-mails went back and forth that made it look like maybe there was some agreement that there should be going on during the financial crisis between officials at central banks and the banks that were doing this of the people that were doing this but nonetheless we definitely know the bankers were rigging live or the rate together jon stewart actually summed up this whole notion perfectly you know there are all these conspiracy theories about the world's financial system being controlled by six illuminati members in the basement of the vatican. actually just sixteen well into the lunch but it's. and so now that we've had a settlement we just saw u.b.s. settle over live or and possibly will see arrests and dozens are evidently indicted in terms of the settlement or it's only been like so far it's not out not all will we'll see charges but the number of people involved so i just thought this was worth bringing up because actually bill yo

question to whom does this gold belong how many competing claims are there to this gold we know the bank of england has been in the gold leasing business we know the bank for the national settlements is in the gold sales swaps leasing business you talk about conspiracies lauren when the when the board of the bank for international settlements which represents all the western central banks holds its monthly meeting they don't call you and say we're having a meeting would you like to attend when the g ten gold and foreign exchange committee meets so committee of representatives of the treasuries of all the major western countries when they meet they don't post a notice they don't say would you like to attend conspiracies by definition these are secret meetings of of government people in a national government people where they may take action bearing on the gold market in the world economy now why is it so strange to call this a conspiracy when they themselves insist on the secrecy well because i mean it's fair but a lot goes on behind closed doors we don't know what the fat is you know doing necessar

ideological money buying and money printing but they're engaged in outright fraud as we now know with bank of england and of course they are in concert with other central banks i want to ask you though a question because you have often pointed to governments and saying governments are the culprit in all of this and we've had this discussion going on really going back years where i have said we know the banks certainly should share some of this blame now recently we've had a situation where the bank here in the u.k. h.s.b.c. that was caught. financing terrorism laundering money for now. drug cartels and they're involved in the library scandal with all the other banks so isn't it about time peter schiff that you know we start to look specifically at these individual banks and say they're running a criminal enterprise that we they're they're very much a part of this problem peter well i think the problem though emanates from the government and the power and protection it can extend to these banks it's it's like no one to set out this entity that is corrupt and that can peddle its influence to the highes

until we get to six point five percent unemployment mark carney who's coming in to here at the bank of england he says that he's going to start targeting nominal g.d.p. right barry ritholtz as an artist with the charts but yes of course the problem with the global system is that they have the wrong model it's not that the banks stole billions it's not that they mourn or billions and committed massive fraud no doubt the model was wrong we were targeting the wrong thing so we're going to change the my. model and we're going to double down on fraud double down yeah i like that and now money week says that central banking might just work if it was genuinely independent if you had central bankers who are willing to do the whole counter cyclical thing we might have a more stable economy in other words the central banks were willing to raise interest rates to temper booze rather than just slash them to it levy bust then they might do some good river their propaganda is that they can't predict they can't see who they can't see bubbles they can only wipe them up but they say that they're finding deflat

our concern as expressed in our financial policy committee of the bank and -- of england, is that theseels of capital of present are overstated. overstated for three reasons. our banks have not taken adequate account of expected losses on their loan books, particularly in respect of commercial property. second and highly topical, the cost of regulatory redress is higher than what had been expected and our banks need to make greater provisions for the cost of regulatory redressed bread -- whether in the form of financial compensation to customers and the risk weights some of our banks are using are inadequately, insufficiently prudent. we recommended to the fsa they ensure the bank's examine their balance sheets and, with an estimate of how much their current capital is overstated because of these three reasons. and they then either issue new capital or raise contingent capital, or otherwise restructure their exposures without diminishing their lending to the real economy, to assure the have the buffers which the fnc believed to be necessary in order to meet the potential stresses from t

what does the bank of england do? mark carney's coming in. do you expect a major change in their stance? do you expect a continued focus on perhaps using quantitative easing as a way of getting that exchange rate down? >> well, from what i've been saying already, you might gather that i think that even if they were given an entirely different target, it wouldn't make a difference at all. they could have been asked to target putting a man on the moon the last five years, and they would have still done exactly what they have done month by month. so give them a target for nominal gdp. give them an inflation target. and it comes back to constrained discretion. they'll be constrained to say that they are trying to hit that target. but month by month, they will have the discretion to ignore it. >> what that suggests is actually not to expect any major change under mark carney because what they've effectively been doing is kind of what greg yip called the other day a nominal gdp targeteding light. they're basically -- targeting light. they're basical

larry, is there an argument for the bank of especialof england ? >> i think there is, but i doubt that they will. for a couple of reasons. first of all, you've lost your biggest row poe nen biggest proponent of doing more. the balance of votes is much more neutral than before. they'll probably let the funding scheme run a while longer. >> maybe they could be more imagine difference instead of just buying government gilts, whether they could buy other assets that might be more beneficial. there seem to be signs that they're thinking along those lines. >> yeah. central bankers are i think gradually coming to the conclusion a loot of the tools that have been put in place now havedy minute ugs returns. pre-commitments to holding rates lower, asset purchases of an ordinary variety. so they are thinking differently. funding for lending has i think caught on. capture the imagination. ultimately in a small economy, you can certainly think about the currency, although i rather doubt they'll go in that direction. >> seems to be having some impact in mortgage

central banker from canada mark carney somehow he's got to make that go away that the fact of the bank of englandwas involved in a massive fraud so they're able to move the pieces of the global banking cartel in an extraordinary way. as a taste of what's coming your way in a couple of minutes tensions in iran greece's thousands of voice. but the shia led government calling for the country's prime minister to. russia lucian last muffin you know. to take care of myself better last month and my friends are great. people in the big apple what changes there could be in the year ahead after a short break. what do you see when you look at the scroll perhaps you would print future she'll have or maybe you feel sympathy for her because you see she's in a wheelchair but if you're t.s.a. agent then you see hard core terrorist scum finding a small amount of residue from explosives on the girl's hands she was detained for almost an hour and her tears for mercy did not move. ector's to allow her mother to be with her as they took her away for further inspection said to the t.s.a. agents can put two and two tog

cartels who are the ones who ultimately rescued all these banks yet want to put a much of drug cartel leader as the new head of the bank of england forget mark carney that hockey puck to the head brain damaged idiot put a mexican drug cartel leader in charge of bank of england because the economy runs on tokay this one runs the global economy the un has talked about it they mentioned it the bankers know about it on a sporting calendar snorting cocaine all day after strange things because they don't want to make it too obvious or stone not cracked in fat salt and as a result the ass off oh of these fruits and monkeys out there reporting to the regulators when they themselves are just enough fornicating little simians. says. see if fornicating little syrians there's a tweet from robert peston to read the b.b.c. as h.s.b.c. pays one point two billion pounds fines and forfeits for money laundering offenses who do you think pays the bill for banks since max who pays the bill well it's pays to austerity measures don't stare at me that people are suffering the people who are committing suicide in greece they don't suffer h.s.b.c.'s coca

where it's going to lead and incidentally it's connected with the central with with that with the bank of england so you know promoting from within is probably not an option because there's there's a lot of corruption there that's yet to be uncovered i would imagine right connected to this library mess so yeah i mean this is this is sort of it eliot ness situation where you have to bring somebody from outside chicago to clean up the mess in chicago. that's not what it is what it sounds like to me right so you need the untouchables they come in and somehow they're going to reading this all up but i want to ask you we've got about thirty seconds left so this is actually more of a pitch to you is it to consider a story maybe you've already written it but this is how right as the two thousand and eight meltdown was occurring apparently the h s s b drug morn. money laundering scandal and other banks with the cambio attached to mexico they actually there was a moment when the only cash circulating in the entire global system. after the credit freeze was the drug cash from from drug cartels apparently o

ok but when they were going to expose bank of america for fraud to suddenly join us is holed up in the embassy. across town. when mervyn king in the bank of england was implicated and live market reg scandal suddenly he's gone and they parachute in the central banker from canada mark carney to somehow he's going to make that go away that the fact of the bank of england was involved in a massive fraud so they were able to move the pieces in the global banking cartel in an extraordinary way again no competition wall rise that will challenge the entrenched old gaap list of positions of these banks i mean its course still what they can but the benefits will end up it'll be austerity and one way or another well i agree to disagree on there because i really believe no empire on earth in the history of humankind has ever been able to thwart everybody they've never been able to stop the competition from emerging ultimately they might last for one hundred years rome did it for. or hundreds of years they kept anybody from challenging them for hundreds of years america maybe fifty sixty years so far but i think with this this disinter mediation now availabl

well a certain chemistry professor whose name is martin holy a cop visited the gold vault at the bank of england how did he get that i did not accept to find out here's a look. i've never seen so much go in front of the season so much of any elements so we're standing here and each show here it's got a ton of go which is worth thirty five million pounds. so a fifty six million dollars not taking out a lot of space i'm just so impressed that this guy got access to the bank of england when do you think we'll see this in the new york fed well i never know i mean they did have an audit you know ron paul wanted like a real legitimate audit in the parking lot it they might do something like that i know there are a lot of people out there that have. vast his positions about how much gold is in the vaults but i don't think the issue is if the physical gold is is there in the sense that it is a lease and also how many times has many people own or have believe that they own the claim to a certain gold bar with that serial number right how many times have been. right so that's the kind of the question with