to do it for this edition of the kaiser report with me max keiser and stacy herbert and i guess jim rickards author of currency wars for part one of the interview on the next episode will be talking to jim about currency wars the yen euro and to the dollar system if you'd like to send us an e-mail please do so at kaiser report r.t. t.v. dot or you next time i saw the same bio. sometimes you see a story and it's. part of it and realized every. time our. and if they sell some of. the the consensus get a. chance to defend against that invigorating good. choose the stories get him to. choose access to your office to. play. clue. it is. the. most. not one. of. them really. early stage raids across the u.k. also the gruesome beheading of a british soldier in london both suspects were overweighting known to all sources and one is in the street to be a twenty eight year old muslim called. and analysts warn of more spontaneous at times caused by the rapid spread of radicalism in london's multi-ethnic suburbs all sparked by britain's ministry of foreign as a board. also this soft and smog police stati

welcome back to the kaiser report imax keyser time now to go to new york and speak with jim rickards for part two of our interview he's the author of currency wars jim rickards welcome back to the kaiser report thank you max all right jim rickards wall street loves quantitative easing but in the rest of the world economists and policymakers in emerging economies believe that q.e. eat is an act of currency war that will ultimately lead to a military confrontation your thoughts is a hot war possible well how is possible we may get one without quantitative easing just looking at what's going on in the middle east but coming back to the global situation you write about quantitative easing we are on a currency were a lot of people looked at what the bank of japan did in december two thousand and twelve and now into two thousand and thirteen with their massive you know one point four trillion dollar equivalent quantitative easing says oh my goodness from the currency where we'll know we've been in the currency war since two thousand and ten this is just the latest battle i like to say you

new york and speak with jam records author of currency wars for the first a two part interview jim rickards welcome to the kaiser report. thank you max all right now jim records you were quoted in the new york post this week as saying quote we don't have to worry about a recession we are in a deep pressure to explain well we've been in a depression since two thousand and seven max and a lot of people. you know mainstream economists don't like to use the depression the word depression what i call the d. word the reason economists don't like to talk about depressions is because it's not mathematically defined a recession has a mathematical definition it's two consecutive quarters of declining g.d.p. with rising unemployment depression is a little more amorphous and it doesn't mean that the economy is declining all the time you could have growth in a depression what makes a depression different is that you make a growth but you don't get trend growth you get a sustained long period of below trend growth that's what keys to find and i think that's the right definition for example take the great

author of currency wars for the first of two part interview jim rickards welcome to the kaiser report. thank you max all right now jim records you were quoted in the new york post this week as saying quote we don't have to worry about a recession we are in a deep pressure to explain well we've been in a depression since two thousand and seven max and a lot of people. you know mainstream economists don't like to use the depression the word depression or what i call the d. word the reason economists don't like to talk about depressions is because it's not mathematically defined a recession has a mathematical definition it's two consecutive quarters of declining g.d.p. with rising unemployment depression is a little more amorphous and it doesn't mean that the economy is declining all the time you could have growth in a depression what makes a depression different is that you make a growth but you don't get trend growth you get a sustained long period of below trend growth that's what keynes to find and i think that's the right definition for example take the great depression from one tho

and fifty tonnes i just saw a report recently that they've gotten just under two thousand tonnes jim rickards of course a friend of the show thinks that they're getting close to four thousand tonnes and i've just heard a report saying that they're well over eight thousand tonnes now there's a lot of disparity on this what's the current thinking john. well i think right now it's just like a big game of poker right now it was to show their hand and i think all the official report eight gold reserve holdings are very country i think is grossly wrong so i don't believe the u.s. has eight thousand one hundred thirty three tons of gold they claim i think a lot of what was sold out into the open market during the eighty's to the price of gold down that's gold that's never come back into the vaults of the reserve trading as we know dying for six years out of two thousand and three two thousand and nine they said only has six hundred tonnes but then they came out so they had over thousands on so we know that they have a lot more than what they're say if they haven't already had like survey reported ou

indicates underlying economic heart attack and you know we often mention we're in a financial war jim rickards says we're in a currency war which is part of this financial war and of course when you're in a war nations and groups of nations often you know put all their resources into one area which does gain and in this sort of financial war it's the stock market the stock market benefits from the financial war on the currency devaluations britain is booming questionmark footsie reaches a twelve year high as record looms index rise. as to levels last seen before dot com bubble burst fueled by a relatively calm euro zone q.e. low interest rates and rising confidence in japan obviously that list that caused the rise in the footsie nothing about the underlying economy and now this huge glut of hot money in the global economy is a rat passing through a snake and sometimes that rat through a snake it'll look like stock market and then the stock market will crash and then the rap through the snake will be oh dot com crash oh housing crash oh new stock market bubble oh new housing bubble like george