con they onin financial stress. while there's troubled economies appear manageable, the indirect exposure to derivatives, contracts, and other commitments is considerably less clear. the bank estimates the u.s. banking institutions indirect exposure to greece, portugal, italy, and ireland alone could be of other financial spyings institutions like money markets, insurance, pension funds, is completely unknown. in short, we know the problem is bad. we just don't know how bad it is. i hope to get clarity today about the problem and how to address it before it's another american economic crisis. i look forward to having a constructive conversation with the witnesses here today about steps congress might take to address the crisis. i thank the chairman and ranking member, and i yield back. >> i'd like to welcome the witness today, honor charles collyns serving on international finance and is responsible for leading treasury's work on international monetary policy, international financial institutions, coordinating with

which is perry's your place which is the financial center of fairies and this financial center of power is tried to be the link between the financial industry and the uses of finance meaning investors corporate. issuers and in this capacity of yours lee we are following a very. strongly what's happening in this. craze is that started in the u.s. in two thousand and seven and it's clear that is the interests of all our members and all the french citizens and all the european cities and to find an answer to this critical situation it's clear that we are living in a historical time and this time is not just a question of technical issues around finance. is is that this time is more about responsibility responsibility and leadership of. the political authorities of the world so not the responsibility of the financial institutions but the responsibility of politicians in a way. because two reasons first this. crisis has been triggered in two thousand and seven with the surprise and the surprise. obviously as a result of some abuses of the banks it is also the result of political will to deve

up as european financial stability fund this is yet another financially engineer pool of toxic financial junk that they have birth in due existence through masters birth canal to neo liberal claptrap and they're hoping that this is somehow going to wash away their sins but it exacerbates the sins it makes it much worse and the finish parliament shame on you because you were how the right idea at first saying no because you're against financial terrorism but now some somewhere in the parliament somebody took a bribe but actually they had to be quiet they were told they had one guy who spoke up and he was dangerous he said the wrong thing he was put away now all they had to do is raise their hand and be a good little bailout artis that's what they did out artist con artists they're all the same poor finish people terrible let's move on to what is not considered dangerous talk by these financial elites a used perreault so calls on the e.c.b. to do whatever it takes in crisis there he is that little picture of jose manuel barroso the european commission president standing at the podium free

financial markets and global financial markets. the key instrument that is needed is to create imposing firewalls that break the connection between difficult situations like greece with the stronger countries that are closer to the euro zone core. we know europeans are working hard. we've heard about various devices that they are looking for to leverage the resources that they have set aside to build this firewall so that's a very important task in the days ahead to provide a mechanism that will work effectively that will be a america nichl that markets can work to continue to provide adequate fiscal resources that will be adequate financing to meet fiscal needs. >> there are those that believe the reason why focus is not on the united states is because of the problems in europe right now and that we're going to be next. do you believe that the united states has a similar spending problem as europe does and how would you compare europe's problems to our problems? what are similarities and what are main differences? >> the united st

institutions, specifically, how our financial institutions have failed us, especially after getting bailed out in the latter part of 2008, 2009. there is a general feeling that our economy has not been supportive as greatly as they can be by our major financial institutions around the country. specifically, the top four are wells fargo, bank of america, chase, and citigroup, all of whom have $5.40 trillion in assets. compare that to smaller banks around the country which have $1.40 trillion in assets. smaller banks to a much greater job of supporting local economies and have a broader portfolio of loans to small businesses. almost four times the amount of these banks that have $4 trillion in assets. how can we figure out, as a city -- and this is something that is being grappled with at the state level -- how can public entities use their public dollars in a way that will help stimulate the local economy, and greater accountability for our financial institutions? that was the purpose of asking for the report from the legislative analyst. with the feeling out in the street, occupy wa

the and also financial institutions are regulated, and regulators over there are looking over the financial institutions. and one of the most important things that we share with latin america economies is provide cushion. so one thing we learned is prudent use of stimulus. it's very hard to calibrate we know, but overuse of stimulus of what would happen, like real estate bubble. we have real estate bubble in singapore, and china and hong kong. and deflationary pressure and currency depreciation. one of the things that was adopted in a lot of asian market, countered the bubbles is basically use of policies to kind of, you know, to handle some of this, this spiraling up housing prices. i can tell you a star in singapore happened, every time you get a housing market that spirals out of control, if you own a government subsidized property you can't buy another private property, that basically killed the speculators in the market. and also a lot of, 80%, you can load up to 80%. when we do handle the problem, we cut it to 60%. so really, it's unfortunate but overall i think it does help to stem s

but the cure for financial. tonio is you've got a caucus bought it and you've got to go to the doctor or whatever and you go take care of your financial herpes i realize it's embarrassing and he should've been fornicating with the i.m.f. they gave you the financial herpes now you're a pariah so of course max the finns never talk they're very famously quiet and low and behold finished parliament approves stronger f.s.f. oh what is that as european financial stability fund this is yet another financially engineer pool of toxic financial junk that they have birth in do existence through the life masters birth canal to neo liberal claptrap and they're hoping that this is somehow going to wash away their sins but it exacerbates the sins it makes it much worse and the finish parliament shame on you because you are have the right idea at first by saying no because you're against financial terrorism but now some somewhere in the parliament somebody took a bribe but actually they had to be quiet they were told they had o

arena to bring about financial literacy and social investment. social irresponsible investment or ethical investing describes the strategy which seeks to maximize both financial return and social good. in general, social responsibility investors favor corporate practices that promote environmental stewardship, a consumer protection, human rights, and diversity. finally, as an example of what pico was doing throughout the state, our affiliate organization in san jose, one of the san francisco sister organizations, has led a movement of churches and individuals or divesting their resources from bank of america. [bell rings] more than $3 million thus far has been removed from the bank for damaging our communities. we are saying that the city is going to have a relationship with these institutions, there needs to be some sort of social responsibility investment. supervisor avalos: thank you very much. next speaker. william, mary, mark, cynthia, josh. >> good afternoon, supervisors. my name is william peter i am is san francisco native and small busin

and stacey discuss how banks all around the globe trampling on ordinary people as a result of the financial crisis. max kaiser this is the kaiser report so mervyn king governor of the bank of england says that we're facing the worst financial crisis in history had he been watching the show he would have known that this has been the case for many many months he also goes on to say that he does watch the kaiser report but he doesn't have enough financial literacy to understand what we're saying on the show we're making step aside bring in stacy urban who should be running the bank of england. i would bury the first day always running at even neglected to mention of course why we are in the worst financial catastrophe of all time and that's because of the central bank of england and america and the rest of the world and the top one percent that they represent and you know there is this building or this global insurrection against banker occupation the ninety nine percent against the one percent so here's the one percent responding headline reads chicago board of trade taunts occupy chicago we

a potential financial problems there in ukraine but also in the country of the rising sun of their financial work these they are two. of us to find out why the world's third largest economy may be teetering on the brink of collapse. germany is seeing a rise in. voters' eyes are eagerly turning towards hardline right wing parties after decades of a multicultural policy proved ineffective communities of the country have only grown further apart and as tom part reports the worry is that the cultural divide will only deepen. what do these two very different pieces of music have in common. they're both before and in germany and they increasingly represent clashing forms of society here we want. immigrants in germany just the illegal ones yes and after the other day i was told that's the view of the national democratic party or n.p. d. here in germany they've supported many concerts attended by right wing supporters but their opponents argue they promote hatred they achieved that in some regions in east germany there are no immigrants. it's not because of economy queens but it's because nobody wan

during this last year, we produced both the five-year financial plan, then a five-year financial forecasts, and under separate cover, we produced the joint report, a three-year projection. this would allow us to meet the three-year planning requirement within the context of the five- year financial plan. lastly, there is a host of other cleanup of administrative language and other process seized in the code that we conformed to car practice here. those are explained in the report. the fourth piece of legislation is a resolution whereby the board would establish for the coming cycle, the coming fiscal year and the fiscal year after, allow the free enterprise departments that had been piloting the last two cycles on a rowling basis, and it would allow those addressed departments to prepare a two- year budgets. a two-year appropriation would be adopted by the board of supervisors, with the process in place to drew up the second year of the budget. this is to reduce the administrative burden, and it frees up policymaker time for the bigger picture conversation about the goals and strategies th

dollars in a way that will help stimulate the local economy, and greater accountability for our financial institutions? that was the purpose of asking for the report from the legislative analyst. with the feeling out in the street, occupy wall street, occupy sf, oakland, all the other cities around the country where this is going on, we do not feel like we have been bailed out. main street has not had its bailout. fillmore has not had its bailout. mission street had not had its bailout. how can we create the conditions to support small property owners and local business owners here in san francisco with public dollars? in the southern part of san francisco, including my district, district 10, to some extent, district 4, we have high rates of foreclosures. last week i saw a map for a look at the number of foreclosures and it was densely populated in the southern part of the city. that was something that alarmed me. when we say all these defaults and foreclosures, these are household that are losing wealth. especially for working-class and middle-class families, our wealth is in our propert

the world's top financial story.

two thousand and eleven is a provision and financial services and requires a license providing financial services without a license is a criminal offense. m m m twenty eleven already has one point five million investors and counting. again convinced it is a road to riches try telling that to the many millions of victims left with nothing and still reeling from his previous ponzi. scheme see reporting from here in ukraine. from kiev to japan in the country of the rising sun there are also financial worries there. too with us to find out why the world's third largest economy may be teetering on the brink of collapse. germany is seeing a rise in neo nazi ism as voters eyes are eagerly turning towards hardline right wing parties after decades of multicultural policy proved an effect of the ethnic communities of the country have only grown further apart and as tom barton reports the worry is that the cultural divide will. what do these two very different pieces of music have in common they're both performed in germany and they increasingly represent clashing forms of society here we want. imm

in the financial markets. fear and the general risk aversion would also be a very big effect, even between institutions that were not interconnected in that sense that you're talking about. >> so the concern is almost more psychological or as much psychological as purely economic? >> it's psychological but also in the sense that when there are losses occurring and in a panic, people will not know what's stafe, -- safe, what's not safe, and their general reaction is to pull back from everything. >> ok. switching back to housing again, you mentioned about people being able to finance or refinance who were currently under water and in their houses. one of the issues with that, of course, is the regulatory system, that financial institutions have to deal with. do you have any thoughts or suggestions along that line of how you could do that and still maintain compliance with the international regulatory system? >> yes. i think that could be done. if i'm mistaken, i'd be happy to look at it. the key here is if you'r

morgan and other banks and other companies that are committing financial fraud and financial terrorism the. that's all dynamic of the global market shifts away from the people getting a b. is that they then become the rulers against the class of people that are doing the abusing state sara thanks so much for being on the kaiser report thank you max don't go away my for coming away so stay right there. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else and you hear or see some other part of it and realize everything you thought you knew you don't i'm sorry welcome to the big picture. if. i welcome back to the kaiser report i'm max keyser time out of london and speak with professor steve keen steve is the author of deep on economics which is just been rereleased as the bone king economics to the naked emperor dethrone steve keen welcome to the kaiser report thank you max good to be here and good to be holding the line you addition to be bucking economics all right steve king you've been in europe for the past week while extr

morgan and other banks and other companies that are committing financial fraud and financial terrorism the. that's all dynamic of the global market shifts away from the people getting of view they then become the rulers against the class of people that are doing the abusing stays here with thanks so much for being on the kaiser report thank you max don't go away much more coming your way so stay right there. even the crux of this country the secret. is the choice. whether it is a buddhist. or a shamanistic which. crossroads of religion. say strong security is hard. and discover its buzy to. communicate with the want to. test yourself and become free. see what the nature can give you. i welcome back to the kaiser report i'm max kaiser time now to go to london and speak with professor steve keen steve is the author of the bonking economics which has just been rereleased as the bonking economics to the naked emperor the throne steve keen welcome to the kaiser report came out it's going to be here i'm going to be holding. my new edition of the barking economics all right steve can you ben

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financial system are moving to strengthen their financial stp and financial resilience. we want the largest institutions to manage their businesses so they have the ability to with stand future economic environments that are much more challenging without -- and the regulators will gradually phase in over a period of several years a much tougher standard for liquidity and capital. second, the council recommends reforms to strengthen a number of of the markets that were a critical vulnerability. and the triparty repowe and money markets funds and the essence of the council's funds in these areas so make the trimarket funds less tie no, ma'am i can -- dynamic than the ones you saw. we've made substantial progress towards this objective. third the council recommends reform to the housing finance system and recognizes the importance of much closer coordination and cooperation and the implementation of the financial reform here in the united states and around the world. this is important, because if he allow large gaps to emerge as we did in the years before the crisis, risk w