dollar bills. are going to see the federal government have a sound currency there. is a lack of more opinions like that in washington helping turn cash into a rash we'll talk to mike maloney founder of gold silver dot com about the power the us is on and mitt romney we saw defend his record on job creation in private equity he played the capitalism card. i know that people are going to say oh you should only practice it this way or that way and think they know better than the private market my view is capitalism or free enterprise works. but is the mitt model giving capitalism a bad name a millionaire with a fifteen percent tax rate the kind of capitalism causing people to equate it with inequality what about the people fighting for capitalism and true chance at the ones not on that stage just trying to work hard and get ahead we'll talk about them also mega upload the f.b.i. shut it down yesterday one of the world's largest file sharing sites alleged copyright violations now the u.s. worked with o

instead of holding dollars, they'll hold dollars and euros if you want. so it's more or less inevitable, if you ask me. there are 300 million people in the united states, there's seven billion people in the world. and so under or those circumstances things are going to even out a bit more than what they were 60 years ago. >> one of the wonderful things about both these books besides the fact that both these gentlemen are teachers who can really write which is not something you always see in scholars, these are really, really great books to read. these books are almost more than just an op-ed piece about debt and the dollar today, they're histories and really, really interesting histories about things most of us don't know much about. i'm going to put david on the spot oh here. one of the most interesting things you wrote about was talking about debt in the context of the slave trade within africa. it just was an amazing chapter. can you talk a little bit ant that? >> yeah. one of the fascinating things to me, i discovered all sorts of crazy things when i

against do we treat the dollar not in the abstract thing but a dollar against the euro or the dollar against the japanese yen or the dollar against the british pound and so they have sense and so these things that you point out a large budget deficit. large debt levels when you look at these numbers they look bad in absolute terms but when you look at other countries the u.s. data is still much better even though some measure of the deficit is bigger than in germany for example but when you look at what's behind it i think that i think that you'd find that. macro economic data basis the long run in the us is much better than another country i'll give you one statistic that the u.s. has a surplus in and that is the u.s. is the only major industrialized country that has a positive fertility rate that is our population box is slowing it's not slowing as much as say japan which has a shrinking population japan has a two hundred percent debt to g.d.p. you see the u.s. is one hundred percent debt to g.d.p. i think japan is two hundred percent and the japanese yen was actually the strongest

four that the collapse of the dollar if the dollar collapses it's going to have a worldwide effect because the dollar after all is the world's reserve currency and it's is the currency that backs up all of the other paper currencies of the world so. you know as i see it going forward the only safe way to play it is the only tangible asset for your money and that means owning gold or owning silver and taking out one of the really interesting things about gold money it offers a number of services of course but one that we thought was particularly intriguing with your payment system because it's private sort of gold debit account system do you think we'll see the growth of this and do you think that this will force central banks then countries to think about how much gold they need to hold never their. yeah you know i'd like to see the emergence of private currencies you know goods and services problems are solved by the by the free market by private enterprise you know governments stone solve problems they tend to create problems and they don't create wealth all they do is they tax the wealt

people who earned a dollar now have an additional ten dollars in debt that's the difference between a club talk recently and a plutocracy so once again proven to be more of a observer of social phenomenon than francis fukuyama who's an overrated time. i said this is not a plutocracy it's a kleptocracy and who was right me again yes but the biggest story of two thousand and eleven max was re hypothecation it came into the public domain in the collapse of m.f. global but you are predicting that there you are saying that for every dollar that a banker steals from you they actually with ten dollars of debt because of their leveraging up on it well let's look at this for a second because there is a myth out there called fractional reserve banking that a bank will have a dollar of deposits and they'll issue ten dollars in loans that's not the way it's done anymore banks have zero in deposits they've all put their deposits outside of their balance sheet because it's considered too much of a liability and they just make loans and dodginess lee from nowhere and they create a ponzi scheme of

let's move from debt to dollars. greenbacks. >> yes, i wrote about the dollar -- the short answer is i was asked to write the book but the answers to why i said yes is i have been talking about the dollar in the now 20 years. but there's a certain kind of magic involved in that because the piece of paper you pull out of your pocket is not worth a dollar. it might be intrinsically a nickel on. it works something better if you happen to have $100 in your pocket because $5 becomes worth $100. and i regularly ask my students why is this so? what is it that makes this piece of paper worth i don't know five hours of someone's time or five large pizzas or something like that? and we get into the legal background of it and i do a magic trick where i don't very often get to do magic tricks but i do a magic trick. in fact, maybe i can do it now. yeah, here it is. okay. i've got this piece of paper. not very many of you can see it but it's a $5 bill. and if i take it into the cvs or something down the street i can exchange it o

dollars and u.s. that china i mean japan india south korea these countries are all dependent on their their reserves their dollar based reserves. and they're fearful too so they're looking for alternatives they're trying to figure out ways to trade with one another using their own currencies we've had announcements from russia and china and brazil trading in things like oil but settling those accounts in their own currencies rather than the dollar and every time a major announcement comes out. i remember specifically one time i was sitting in a hotel room in dubai and there was a headline story in dubai which is twelve are twelve hours ahead of the markets open in the us where there are. some finance ministers from saudi arabia and the gulf six countries had gotten together and suggested that they might put together one currency back it partially buy gold and then begin selling oil in that in that new dinar i remember it was going to be in the dollar index before the open in new york got whacked for t

dollars that's that's the little bad apples in america get done you know they're only making like one hundred fifty thousand dollars at the reception desk and at goldman sachs so they're the ones that get sent down lloyd blankfein jamie dimon they're making twenty five thirty million dollars a year so that means technically it's impossible if they have a knife in their hand that's all bloodied and and a dozen dead people in front of them they cannot have committed the crime because they are wealthy absolutely right jamie diamond kind of tech a machine gun and murder fifty people at wal-mart and people so you think he's god only god to do that there is another excuse being offered in the us and that is that the government ate my homework this is from michael thomas the big lie wall street has destroyed the wonder that was america michael thomas is a former banker he was at lehman brothers for thirty years he was a partner there and he's saying that now the excuse that bankers use over and over whenever there's a giant crisis is the government's fault somehow regulations forced us to st

will ditch the euro if it fails to secure a second multibillion dollar international bailout the government says talks with foreign monitors until a probe are also decided that the country escapes a disastrous default. in their stories in thirty minutes time before then sky's the reveals how the big this is well done facing justice for its crimes. max kaiser this is because the report is this the year we see bankers burned at the stake or something else stacey robert well max they have a lot of excuses this year for justifying their behavior the first one cor is aion another victim of the alpha male curse this is from william d. cohen of bloomberg and he says for years i have wondered why for some people enough is a never enough for example what could have possibly motivated john core sign a respected former senator governor and wall street big shot with hundreds of millions in the bank to take the top job at m.f. global holdings in the first place it was a thankless task he said but he's an alpha male and that's why he's done what he's done ok so let me get this straight there excusing cou

he's closer to god and i've got the wife of some swiss central banker saying well fifty thousand dollars we make much more that per year so it's not a crime because we have enough money we have more money than god therefore we determine what's legal what is moral and therefore we're innocent that's the first point that should be made the second point that should be made is that if she's a witch. i suspect that she is then i suggest we loaded up with a tome of derivatives contracts and dropper into a lake in switzerland if she dropped to the bottom and drown that means that maybe she wasn't a witch but we're we've gotten rid of one more clip domania but she floats to the top then she is a witch then we burn at the stake and forget the p.m.s. to phones but this could go a very long way towards explaining why in the us no bankers have been found guilty because they are earn far more than nine hundred fifty thousand dollars that's that's the little bad apples in america who get done you know they're only making like nine hundred fifty thousand dollars at the reception desk at goldman sachs s

dollar in the u.s. dollar was pegged to gold so little all currencies were paid to gold through the u.s. dollar nixon severed that and before that it was currencies were a one hundred percent failure rate there is no example in all of history and it's been tried thousands of times doesn't work and then on august fifteenth we decided to try it globally so we can only imagine where that is headed if history repeats itself so let's talk about gold because you're not a gold bug at least you've said you're not a gold bug but you think it's in a well cycle right now can you tell us what that means well a well cycle is basically there are so many different asset classes just a few you know you've got commodities and precious metals you've got real estate you've got paper assets like stocks and investors run from one to the other and they push one into a bubble well it should be drawing currency away from the ones that are out of favor it doesn't because we keep keep on increasing the currency supply we keep on

there's been an investigation and they've cleared the couple because they only made fifty thousand dollars in the month and philip hildebrand makes nine hundred fifty thousand is the head of the swiss national bank so he wouldn't possibly do this because he has so much money and he wouldn't want to jeopardize his career you know this brings up a lot of interesting story wealth equals moral superiority that's an interesting byproduct of this economic system that has engulfed the globe is that the more money you have the more morally virtuous you are and you become a ball vul law that's why people like you run these banks believe that they're above the law they're doing god's work as blankfein would say because he has a lot of wealth therefore he's closer to god and i've got the wife of some swiss central banker saying well if fifty thousand dollars we make much more of that per year so it's not a crime because we have enough money we have more money than god therefore we determine what's legal what is moral and therefore we're innocent that's the first point that should be made the second p

dollar. i don't want zero interest rates for the rest of my lifetime, andy bush. >> yeah, we're just not going to see it, larry. the feds made it very clear this is part of their policy. they're happy to see the dollar decline, and it puts, you know, maybe some upward pressure on inflation, which they want. so you're just not going to see any kind of strong dollar policy from here, larry, unless you know, we saw something really negative out of europe. and it's not a dollar positive then. >> dave goldman, is mike holland right that the u.s. economy is really getting better? because 1.7% growth for 2011, that ain't much. 2.8% in the fourth quarter, but it was the worst 2.8% i've ever seen. today's numbers on spending and income were sort of signalling the first quarter is going to be lower than the fourth quarter. i mean, dave goldman, where are we? and the american economy growing enough to buy shares? >> larry, yes, you should boy shares. the good news is that non -- japan, asia, china and i

right they basically see dollars being printed all they did see dollars being printed by the multiple billion they saw interest rates at zero percent and they thought well we'll buy equities we'll buy gold we'll buy commodities we'll buy food we'll buy anything books dollars and that is what happened that's what led to the bubble inflating that bubble is now becoming is being reversed. and the money has been based in the last three to six months has been flowing out of the market again and back to the dollar back to the u.s. treasury bills and what we're about to see this was a subject of a recent article i wrote. in my view is a collapse of the oil prices exactly as happened in two thousand and eight for exactly the same reasons this inflation hedging money this risk averse money is flowing out of the markets and what we will see within the first six months of this year in my view this is gone on record saying it you know i'm putting my money where my mouth is sort of thing i believe we're going to see a collapse of the price probably as low as fifty five sixty dollars maybe even les

or reaches a six hundred thousand dollars mortgage that the banks just bought for forty thousand dollars and now they're demanding six hundred thousand dollars on so those of you so what's happened is that the people who were debt free before the bank crash they're doing fine they were happy the people who were so. on mortgages people who had bought a mortgage with the last two or three years many of them are kind of hung out to dry and that's caused a bit of a political split here wow that's incredible. yes we have just a minute left here tom i understand that you are not tipping anybody while you're in iceland but there is no it's amazing and there's that eighty four percent unionization here and when i was a cab we have a local producer here for the show and i said what do i tip the guy who says we don't tip here and what it took him to dinner after the show tonight i said how much joy to be said to be you know serious that we are going to put ice on my wife and he said because everybody in this country is paid a living wage and i said is that a lot you have a lot higher minimum wage

dollars per carry-on, and one to 199 dollars for a reserved seat.ket." other money- saving moves - consumer reports sayssdon't skip looking aa airline sites in addition to expedia, kayak, and priceline. and don't assume discount carriers are the cheapest. major carriers can't afford to be morr expensive than low-price operators because that lands them a lower listing in search-engine results. patrice harris fox45 news at ten. boucher says: "that's the last thing we want to promote in our society society legalizing... medical marijuana.../ .áá whyáá some saa .../ it... may actually... save lives.../ áátheáá surprising... new study .../ next.... ...and coming up in just 5 minutes on the late edition... edition...a bad day for a tennis player.why he destroyed four of his racquets and a bear cub trying to beat the odds.why he's under close watch at a chinese animal hospptal. she had man hands. man hands? the hands of a man. it's like a creature out of greek mythology. part horrible beast. new support for medical marijua. marijuana...a.../ new study ../

i've sold it now the hollywood studio pay seven dollars to the manufacturer two dollars to the shipper as an example but they're counting that as nineteen dollars of revenue and when you strip away all of the multiplier effect they put on to their income especially six point one billion of which only four hundred forty six million is in america their actual damages are nonexistent they don't have any damages when you do the actual accounting but yet they are willing to. violate the constitution they're willing to create new laws that are threatening the whole integrity of the internet the whole peer to peer network effect of the internet they have joe lieberman of connecticut want to create an internet kill switch which would have by the way kill google kill facebook kill twitter big to protect a few guys in hollywood who couldn't get laid in new york so he moved to l.a. . a day first a little bit of the stuff that's all they're interested in they like the blonde surfer babes so they're willing to throw america under the bus it's unconscionable cato then looks at some information from

dollar as the global reserve currency. are he's pretty shrewd reporting want to be always and you should in your opinion today we're asking you about the e.u. ban on iran's oil if you log on to r.t. top com you can take part in our latest global web poll that's a look at the numbers here they come from our web site so far over half of you believe it will give china all of iran's oil and much much cheaper less than a quarter thinks it will bring you observe corn and lead to a halt around nineteen percent say it will make russia the number one oil supplier to the e u and as we can see here a minority believe it will actually hamper iran's nuclear program to go online have your say while you're there on the web site have a look at some other stories we have for you there right now is such a big trouble for big ben russian developers could be called in to help stop london's iconic parliament buildings from sinking. and learn how some candidates in the south carolina primary have received the support of almost a thousand dead v

and there's no way you go to mom and replace this for eighty thousand dollars it's impossible. to hundred two thousand the fair yes and i don't think i can actually go to my man replies of one hundred two. and i went to all of them to try to find out why and they said well that's just what we're part of that their procedures have been in business for twenty five years they should know what they're doing. live their lives they dealt with the appraisal company cinnabar services out of tolls is doing shoddy work. and the trust is paying them one point eight million dollars to do shoddy work they're rude to the people they have and consistencies and the trust will not hold them accountable. to listen now wait a second i and i listened and want you guys listen. we have people want to say this is not like the first buyout well we did the same things we put something out for bid we hired a contractor we have gone in and and gotten their appraisals and we've had them reviewed i mean and in all honesty the values are higher in this buyout than they were in the first one and what you see

thirty eight point seven six billion expected earnings per share was thirteen eighty seven versus ten dollars and seven cents expected i phone units sold thirty seven point zero four million versus the expected thirty point two million well yes this is amazing because they have one hundred seven hundred billion dollars in cash they have more cash than a lot of countries have their total g.d.p. and over four hundred fifty of the s. and p. five hundred having total market capitalization but here's the thing they got rich by outsourcing jobs to china apple computer if they have those jobs onshore it would add something like sixty bucks per iphone to the current price of many hundreds of dollars it's almost insignificant but they refused to do it because they want to build this huge cash hoard for no apparent reason they don't pay a dividend they just sit on the cast so if they're going to just rip people off their jobs and they're not going to give them the means to buy the products that they themselves manufacture now most of the sales go outside of the u.s. then you have to give them something

billion dollars in tax revenue from corporate activity if they showed a two trillion dollar profit back in two thousand and seven with about that profit level they paid about three hundred sixty billion dollars in profit in taxes and so far this year it's under two hundred billion dollars in taxes it looks like that's what they're going to pay because they've spent the last five years buying themselves loopholes through this process we call lobbying meanwhile every single republican in same lower taxes for corporations but you know the and here's thirty corporations that paid absolutely no taxes whatsoever on one hundred sixty billion dollars in profits not revenue left over money profits so shouldn't it be the opposition corporations pay their fair share if they're demanding that we do well i i think that we need to have comprehensive tax reform i mean we know that there are individuals what is it forty five forty five forty six percent of american citizens no pay income taxes and that true. well and then your very very very top of americans for this if it was either and this is one of

that shift it so that's ten dollars plus eight dollars plus two dollars now it's twenty dollars it's a multiplier it's magic you know but of course you can do that with anything and you can do the other way right and say ok you know someone didn't buy an album so they saved ten dollars so instead they bought it some i believe in a bar. and then the bartender you know what i'm going to haircut and then the wire cutter i mean you can you can play these ridiculous games sort of difficult but you know and you know i mean they're just reporters because what happens is you have the new york times and you have the boston globe reporting on things like this and these are publications that i think they often people read and they're not going to go up out searching for the counter research somewhere in the depths of the internet you know just let's get down to what i think is a very important question is that the heart behind this legislation right is to stop online piracy and protect copyrighted material that something bad about that not does this even address the problem at all. why does it

they offered eighty four years young jackie busy twenty two thousand dollars for her home. it doesn't matter what her home is like or can you move on that. she says gentleman the purpose of this letter is to explain why i do not have a bill of sale when i was twenty one i bought my home in picher oklahoma in the fall of one thousand nine hundred three from doing fields for three hundred seventy five dollars i've lived here for almost sixty three years i'm now almost eighty four years old and have lived in the neighborhood seventy seven years longer as far as i know than anyone now living or dead it is with much regret that i will have to leave my home at this late time in my life but i cannot stay without police protection sewer service utilities and safe neighbors please let me be among the last to go. how do you expect an eighty year old woman who's lived in that house for sixty years who's on a fixed income. how do you expect her to move out of the superfund site on twenty thousand dollars now you know it's easy for outsiders to come and look at nasa oh my gosh a house i

dollar as the global reserve currency. that is pretty shrewd reporting right there where we are always interested here at r.t. about your opinion today we are asking you about the e.u. ban on iran's oil if you just log on to our dot com you can take part in our latest poll and here's how the numbers of stacking out right now about just over half of you believe it will give china all of iran's oil at the same time being cheaper less than a quarter things that will bring europe's economy to a halt around nineteen percent say it will make a rush or the number one oil supplier to the e.u. and as you can see a minority believe it will hamper iran's nuclear program i do go online to our dot com have your say on this international worldwide life paul. today marks one year since the deadly bombing of moscow's domodedovo airport thirty seven were killed in the blast carried out by a suicide bomber at the international arrivals hall investigators later identified the suicide bomber as a twenty year old from russia's republic of chec

dollar as the global reserve currency. well india's been quick to take advantage but what other consequences could be used banned on iranian oil have now that's the question we're asking you today on our web site if you log on to our dot com you can take part in our latest world wide poll this bring up the numbers here and so far more than half of you believe that china will buy all of iran's oil at a cheaper price less than a quarter thinks it's europe's economy that's going to suffer eighteen percent say the embargo will make russia the number one oil supplier to the e.u. and just a minority here say it will hamper iran's nuclear program to go online and participate have your say so you don't call. a vigil is being held at moscow's international dome idea to the airport exactly a year after the deadly bombing in the arrivals hall people are bringing flowers and lighting candles for the victims of the tragedy a suicide bomber blew himself up killing thirty seven people investigators identified the man as a twenty year old

for those dollars is not just you know so it out there you tax people more i'm not suggesting taxes what i'm saying is that public funding is the only other way to pay for campaigns if you don't get it from private donations and at least what i have to tell you shouldn't people can support who they like or you could do like mccain feingold did and limit the amount of the nations just say you know five hundred bucks no independent about it but if you limit list of nations but complete transparency well that's a possibility and i and that might and that might actually work if you could enforce the transparency the problem is you've got like the chamber of commerce where you know even their offshore subsidiaries can can can launder money through them and you never have any idea where it came from i just think that you got a robot modeling money right now he'll say hey it's my money he's got two hundred million bucks but how do you know we're really came from this i'm saying like i think with all the regulation just like with the tax code it's complicated so people hire these fancy boye

stay but to prove that he was working for auto mechanic folks he put together an eighteen million dollar cleanup plan to stand in for a buyout made everyone wait three years while they pulled it together he was going to move all the chat they were in the math on the plan the same day it was released if you're in fifty trucks a day all day they would take forty years just to move the check forty years moving the chair would cost two hundred twenty five million not eighteen but complete by i was estimated at fifty million and everyone knows inhofe not much of a science man could it be that manmade global warming is the greatest hoax ever perpetrated on the american people i believe it is but it turned out he was no math guy either but then came news that not even enough could spin. if you got away from mine. and didn't hear a new noise or thing that was always popping it just said. and i am surprised that pitcher isn't just all fill in. they looked at water and then they looked at land and all the trouble is they forgot to look at subsidence risk which is of course the undermining that goe

and in the same breath out of the thing missy and sammy got a good run five thousand dollars. and where does this leave those who've already worked a lifetime. ok i pay back a chapter eleven and ninety two years old. and i say i did it. jackie bird see and she called me the of the day she's so worried about movement she's that moment she got not neighbors run across the street sell shoes god and she don't know about her house since they offered two hundred two thousand not in it i think because she said tell me so i don't know rush to squander. they offered eighty four years young jackie busy twenty two thousand dollars for her home it doesn't matter what her home is like or can you move on that she says gentleman the purpose of this letter is to explain why i do not have a bill of sale when i was twenty one i bought my home in picher oklahoma in the fall of one thousand nine hundred three from doing fields for three hundred seventy five dollars i've lived here for almost sixty three years i'm now almost eighty four years old and have lived in the neighborhood seventy seven ye