what their conclusion was that they're going to go with the safe bet and buy more iou more u.s. bonds more foreign but it's just any type of debt so they decided to invest in it. i for an asset that is no one else's liability asset that has intrinsic value versus somebody saying i'll pay you someday and now kind of the point of going through i guess my final question because we just have a minute is what is the impact of these paper gold products one example of an e.t.f. an exchange traded fund is there enough physical gold to back up these iou well you know you were talking earlier about the jeff christian was stating that gold is leveraged one hundred to one that means there's a hundred people that think that they can lay claim to the same ounce of gold the thing is there's somebody you know this is a giant game of musical chairs and there's ninety nine people dancing around the room and there's one chair and there's already one guy sitting there he's the guy that's got his physical you know really owns it and women music stops everybody thinks that they own that ounce of gold

stated this a couple of weeks ago, is that, because i believe everyone at city hall agrees with these ious, is whether we should codify these values. i believe we should. i have not heard why we should not codify these protections, beyond a philosophical idea that this is under the purview of the police commission. why does a philosophical argument carry more weight than the safety and civil rights of who we represent? if you believe in this legislation, you believe it is redundant, another argument i have heard -- what is the harm in codify in this for the future? another argument i have heard is this is not an issue in san francisco today. but we have evidence released recently. the fbi has been covertly gathering intelligence on individuals and religious leaders in san francisco purely based on their religious beliefs. this is in the tales from the 30's and 70's, where something that happened in new york city and new jersey is happening here today. we want to ensure to date and in the future that our san francisco employees will never engaged in this type of racial profiling, which does

the officer corps was grumbling on not being paid and sent home with an iou and had to bring them back to the loyaltyy and it's one of the dramatic moments of their life. the house you lived in was in the center of downtown newburg that is grim. it's a grim downtown. we were interviewing passers by and people who lived in the neighborhood. that house is where george washington signed the declaration of independence. he never signed the declaration of independence and if he had, he wouldn't have done it in that house. he knew there was a washington section and he was pleased. i will take that and this is a series point. i hate these conservatives that we're going down the toilet and doom, doom, doom. i will work with that. he's got something there. fine. we can supply details. i do think there is a reservoir of good will out there and we center to work with it. >> yes. i think it's essential from the study of great individuals or even a kind o hero worship. i think that's essential for a scholarship. our political science today is occupied with institutions. you can't really know what a

even on california recently went bankrupt people were trading those ious from the state. they kind of worked. but i don't think it's the concern to pooh-pooh it to quickly. that thing said i do think once things are calamitous and the calamity is still enormous, you're probably not going to worried about the medium of exchange. you are going to be fighting for bullets and blankets and shelter like everybody else. the end of the world kind of stuff which is less interesting to me. [inaudible] >> epping counterfeiting in digital currency is a big problem. how do you know if you have coined any spend it on something, the system is engineered to show that you spend it on that so you can't spend can spend it on something else. you relinquish it, but i think that is going to be a problem. i think concern about private, the private sector versus government could be an issue, depending if there's this great flowering of currency and a great flowering of payment devices, so instead of just mastercard, it's 35 companies. that sounds inconvenient and tell you remember your mobile ph

. >> scott, we did see that today, a lot of safe haven buying in government ious. when you look at a chart of that yield of the 10-year benchmark, certainly it popped up in march, an awful year to be an investor. but so far this month, pretty good. what is the message to bond investors, hold on? >> i think for bond investors using strength as an opportunity to sell is a good idea. you know, we are coming into the toth year of a bull market, in bonds, you know, has been a generational run and with rates as low as they are, the up-side is pretty tapped out at this point and i think at some point, when the fed begins to raise rates we're going to see a major correction in bonds. >> earnings season just underway. we'll talk to the ceo of alcoa coming up in a few moment, what do you expect? >> i think we're going to have a pretty good earnings season. it's not going to blow your socks off, but it's going to be enough to support the market. i this i that is going to be a pleasant surprise and probably give the market a lift here in the next few sessions. >> we'll be list

really grumbling on the point of mutiny about not being paid and they were going to be sent home with an iou, and he really had to bring them back to their loyalty and it's one of the dramatic moments of his life and the house that he lived in is now a little park and in it's in the center of downtown newburg, it is awful, it's one of the upstate new york cities, it's grim. it's a grim, grim downtown. we were getting voks pot. we were interview iing passersby and people who lived in the neighborhood, and one man said, yes, yes, that house. that's where george washington signed the declaration of independence. now, you know, he never signed the declaration of independence, and if he had, he wouldn't have done it in that house, but this guy knew there was a washington connection and he was pleased with it. and so i thought, i'll take that. no, but this is a serious point. i mean i hate these conservatives, oh, we're going down the toilet, isn't it awful, you know, doom, doom, doom. i hate that. i'll work with that because he's got something there. so, fine. so we can supply details. but i do t

takes a look at it to hold their nose ious jamie's ten k. again let's hold our nose he sends us a big bag of dog poop again so let's move on to another practice of being cheney diamond j.p. morgan chase says that charged some accounts debit cards twice j.p. morgan chase apparently double charge them debit cards so his actual cash is not credit and they blamed a computer glitch well that's the new repo scam remember lehman brothers recall one of the little pet banks they had on their side from a dick told him that he did the override borrowing from these first three works on his overnight commercial paper repo market so jamie diamond the banker of the individual that people hate he figured out you know what we'll just debit a bunch of credit cards overnight we'll take that as a repro will roll over some commercial credit or other on the floor i should say and then we'll come back tomorrow morning if there was a glitch or we have these their money over and we rolled over some that are but this is a constant crime that j.p. morgan is committing

even on california recently went bankrupt people were trading those ious from the state. they kind of worked. but i don't think it's the concern to pooh-pooh it to quickly. that thing said i do think once things are calamitous and the calamity is still enormous, you're probably not going to worried about the medium of exchange. you are going to be fighting for bullets and blankets and shelter like everybody else. the end of the world kind of stuff which is less interesting to me. [inaudible] >> epping counterfeiting in digital currency is a big problem. how do you know if you have coined any spend it on something, the system is engineered to show that you spend it on that so you can't spend can spend it on something else. you relinquish it, but i think that is going to be a problem. i think concern about private, the private sector versus government could be an issue, depending if there's this great flowering of currency and a great flowering of payment devices, so instead of just mastercard, it's 35 companies. that sounds inconvenient and tell you remember your mobile ph

this is an iou by the provisional government to that municipality to eventually pay them back. look at this receipt. this is just a receipt for a rifle. some of these are very simple. received at san felipe delve austin december the 1st of 1835 of w. joshua fletcher. a rifle gun valued at $22, which i promise to take in the service of the provisional government of texas and return the same upon my return from the army of the people in the government foresaid. that is a really poetic receipt for a gun. it was signed by george b. wilson. what made it bona fide was it was signed by william p. harris, one of the representatives from harrisburg after whom harris county is named, which established that as an obligation that they would make that good just in case that rifle wasn't given back. now, the provisional government needed to raise real money. so they had three commissioners -- stephen f. austin, william h. wharton, and branch t. archer, to a fund-raising mission to new orleans. they left the day after christmas of 1835, arrived there in january of 1836. and they had a meeting

the good what they're doing in the in the central bank is printing money not spending it printing ious printing debt and giving it to the banks so it's a whole give away now they could have printed money and given it to the ninety nine percent but they're saying we're under the constitution of the european union we're only allowed to print money and give it to the one percent to the banks we are not allowed to print to do what the federal reserve in america does or the bank of england does or what central banks are created to do we're not allowed to create money for government spending like america printing its greenbacks in the civil war we're only allowed to print money to give to the banks and to spend in the financial markets to buy bonds to make sure that the banks of europe can borrow from us at one percent and buy high yielding pounds at eight per cent and make a lot of money that's what they call entrepreneurial ism now talked about people making money in capitalism by creative destruction this is destructive destruction and it's a pure giveaway and it's an amazing ripoff and w

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in return, he would have ious, which pile up in his coffers. on the other hand, you have a gentleman who only sells for cash. look at him. a cigar in hand, the flower, and his book is filled with money and possibly sushi. [laughter] >> i want you to look at this picture, not for the fashion, of course, but to understand the inversion, the mayor image of what we think today. it is the opposite logic. now, when you borrow money from the skinny man, you would write your name in a ledger. he had to lend. he had to lend to his customers to keep them coming back. it was a competition. but he would not make money doing it. he might have charged them a little extra, a credit price. but it wasn't profitable. it wasn't something that he wanted to do. it was something he had to do. it was a bad business decision. because it was his money out there. the money that was lens came out of his own pocket or even his own ball. no bank would lend him money. they couldn't resell the debt to someone else. loans were not commodities bought and sold like they are tod

official told me that what china can offer iran is an iou for a veto at the u.n.shepard: the pentagon has its own spy agency. word is that the officers will be shifting focus away from the war zones to places like china. the military has spies gathering information around the world, working out of cia stations in u.s. embassies, and the new defense clandestine service aims to keep the agents from leaving the pentagon to join the cia. a california congressman claims secretary of state hillary clinton personally urged him not to travel to afghanistan. this is congressman dana ror -- rohrabacher. the congressman has been a vocal critic of the afghan president karzai and recently called him a corrupt prima donna -- which he actually is. we called john edwards -- he called john edwards his best friend and says he helped the one-time darling of the democratic party cover up his affair. but today, that one-time aide testified against john edwards as his criminal trial got underway. prosecutors say john edwards, a former senator and presidential candidate used almost $1 m

look, gbviously conservative communists in all theyydo, but on ious when they do say, you polstated.s] e-trade was founded on the simple belief that bringing you better technology helps make you a better investor. with our revolutionary new e-trade 360 dashboard you see exactly where your money is and what it's doing live. our e-trade pro platform offers powerful functionality that's still so usable you'll actually use it. and our mobile apps are the ultimate in wherever whenever investing. no matter what kind of investor you are, you'll find the technology to help you become a better one at e-trade. ♪ >> hi, we're back on "the young turks." so mike and ike is a candy that no one eats, so they decided to do a $15 million ad campaign to reintroduce themselves, make sense and they did it in a fun way. they decided that mike and ike were going to break up. they didn't say what kind of break up. business partnership relationship. tony perkins from the family research council decided it was a gay divorce. here's what he had to speak out against this terribly gay candy. >> these days you ca

. >> in an iou in tin box. >> bill: with the actual money that they receive, they spend it on other thingssocial security. >> exactly. >> bill: i want to wrap up here. instead of me not paying my fair share, all right? >> right. >> bill: you say o'reilly is paying too much. >> i'm saying you are paying too much. i'm saying the top 5% of earners in this country paying 60% of federal income taxes are paying too much. it's about time people got their heads around that reality. and our government is spending far too much and our federal government is far too large trying to do far too much. >> bill: all right. i have got to say i don't mind paying the taxes i have. >> guys like you and me. >> bill: i growz. i don't want it wasted. >> my mother used to say if you have got a tax problem and it's your only problem you haven't got a problem at all. >> bill: did you see the $4 shrimp thing last night. >> i did. >> bill: it drives me crazy. i'm writing a newspaper column ton it will be out tomorrow. miller on tonight. oprah overexposed celebrities and yoga. can't wait. right back with miller. >> bil

. >> in an iou in tin box. >> bill: with the actual money that they receive, they spend it on other thingsy. >> exactly. >> bill: i want to wrap up here. instead of me not paying my fair share, all right? >> right. >> bill: you say o'reilly is paying too much. >> i'm saying you are paying too much. i'm saying the top 5% of earners in this country paying 60% of federal income taxes are paying too much. it's about time people got their heads around that reality. and our government is spending far too much and our federal government is far too large trying to do far too much. >> bill: all right. i have got to say i don't mind paying the taxes i have. >> guys like you and me. >> bill: i growz. i don't want it wasted. >> my mother used to say if you have got a tax problem and it's your only problem you haven't got a problem at all. >> bill: did you see the $4 shrimp thing last night. >> i did. >> bill: it drives me crazy. i'm writing a newspaper column ton it will be out tomorrow. miller on tonight. oprah overexposed celebrities and yoga. can't wait. right back with miller. [ male announcer ] a

to be paid back in the future to his customers of the grocery store and in return would have these iou's that pile up. on the other hand, you have a gentleman that only sells for cash. and look at him, the flower filled with money and possibly sushi. i want you to look at this picture not just for the fashion of course, but to understand the mirror image of what we thought today the office logic. the skinny man would write your name on the ledger and he had to land. she had to lend to his customers to keep them coming back but he wouldn't make the money doing it. he might have charged a little extra of a credit crisis but it wasn't profitable. it wasn't something that he wanted to do it was something that he had to do. it was a bad business decision because a was his money out there. the money that cannot his own pocket no bank would lend him money. he couldn't resell the debt to someone else. loans were not commodities bought and sold as they are today businesses did not think that was a good investment. try to think that that way. that is exactly but it is for those that own it. there

same as germany's iou.eyond that what will happen to the eurozone is nothing. it will look like it does now five years from now. greek will be there. europe is the high cost of everything. you don't have a lot of business there's but it's not falling off the end of the world and spaghetti is the best in europe. >> what about asia? >> asia is the long term winner in this game but highly volatile and a difficult place to invest. >> eddie would you invest in anything? >> we do -- most of our investments are in the united states. but, you know, i think back 20 years when investing outside of the united states, the accounting standards were unclear. the idea of actually creating shareholder value was less pervasive and i think the accounting is much more transparent and the attitudes have changed. but i think that we're sort of going in the wrong direction from a regulation standpoint. a lot of the rest of the world is actually more regulated but moving in that right direction. that will unleash a lot of potenti

caller: what happened to the forlions of dollars in iou's money that was borrowed by our government and then taken away from the social security fund and medicare fund? guest: a good question. we talk about these trust funds like they are real trust funds. it is not really true. they are kind of an accounting tool. we count how much money we are paying in and pay it out. we know that there have been reserves in the past that will pay for the shortfalls in the next few years. the truth is, all this money is in the budget. the government spend money that's coming in, or they have to raise more or borrow to make up the difference in the future. in the universe we are in now, money is coming from other places to pay for social security and medicare. host: the money goes into the general treasury? guest: as a practical matter, it the money gets shifted around, as long as there is this separate accounting. host: by calling it a trust fund, it is legally binding that this money has to be paid out. guest: exactly. host: democratic caller in new york. caller: good morning. medicare is really gre

. >> caller: my question is what happened to the millions of dollars in ious or money the was borderedvernment and taken away from the social security funds and medicare funds. >> guest: that's a really good question. we talked about the trust funds like they are real bank accounts and the money's been stocked with all these years and we are paying out of it. it's not true. they're kind of just like an accounting tool so we can't tell much money has been paid in and how much we are paying out and we know there are some reserve will pay for the shortfall the next few years and the truth is all the money is in the budget and then the there have to raise more or borrow to make up the difference in the future and in the universe we are in now, money is coming from other places to pay for social security and medicare. >> host: said the money goes to the general treasury? >> guest: it goes into the special trust fund but as a practical matter the money gets shifted around as long as there is a kind of separate accounting for what medicare is entitled to and social security is entitled to. >>