seller currency wars the making of the next global crisis we'll bring our guest today resource guru rick rule on shortly but first jim rickards thank you for co-housing capital account with me today had to be here on this is great it is great so let's start with this these comments from sandy weill because it's really interesting you and i have often talked about the problem with these massive banks they can leverage depositors to make these huge outsized trades that you said are flat out gambling as in the case of the whale trade so what do you make of the former c.e.o. and chairman of citi group saying break up the banks and is that the right solution first i applaud what senator wellstone i think was exactly right look we all make mistakes but the only really bad mistakes are the ones we don't admit are that once we don't correct send in a mistake in one thousand nine hundred so a lot of other people phil graham bill clinton john reed lots of people on board the repeal it wasn't just one individual even though he was the driving force given the experience of the last ten years of him back

draghi is or isn't going to say well to answer this i want to bring in our guest today jim it is rick rule he is a natural resource industry guru he is also the chairman of sprott us so we're really pleased to have you mr roy you're joining us from vancouver where you are theodore a financial symposium so thanks for being on the show. it's my pleasure and i'm really curious to know because making a big splash across headlines and markets is mario draghi coming out today and saying we support the euro at the e.c.b. one hundred percent and my point isn't whether or not that happens my question is how do you factor into your analysis or your forecasts what a policy maker might come out and say that everybody gets really excited about. well i think that's a wonderful question i think it's a wonderful question of two points in the first instance given the veracity of the information forward in the past who would really care what they said in the second instance what is it that we that we did they can do. this in circumstances that surrounds the euro are not a set of circumstances i think that g

rick rule is his name. he said something interesting today. been no shortage of cash in the system. but one wonders if this economy is based on lick kwidty whether building an economy on what is, in fact, counterfeiting is very good for the economy in the long term. >> now you know the word. counterfeiting. i'll tell you, it really struck me when i heard rick rule on squawk box today use that word. because on section a8 in the "wall street journal," angela merkel cautious on criticism of greece, she specifically on ard television sunday night in germany talked about this topic with reference to a bavarian conservative politician. liking the bond buying by the ecb to counterfeiting. so i ask you, it is counterintuitive that by printing more of these, we're going to take care of a problem created by printing too many of these. but nonetheless whether it's bund -- there's a lot of people that think the medicine of quantitative easing is addictive and a bit dangerous. just now add counterfeit to that long list. it might feel comfortable to us. but

shares suffer the biggest dive in four years after you rick's court ruled the firm infringed six peyton's for mobile devices a south korean colossus will pay over a billion dollars compensation but it has another hearing upcoming that could lift a sales ban on some of its products in the states. and mcdonald's is expanding into siberia one of the last places on earth you can buy a quarter pounder open the first restaurant in crustily else late next year before rolling out through the region twenty percent growth a year makes russia one of its most profitable force food markets for the last decade paula just six and a lack of suppliers of thought of mcdonald's efforts to open here but look at it you've been called your mcdonald's recently i have been misbehaving as usual. so you say all right in just a moment it's going to be us talking to a leading left wing politician from germany about his stance on syria libya and iran quite a mixed bag we'll see hopefully in just a moment. and . some. of the going down of the sun and good morning we will remember that we will. both started here. who a

joining us now from vancouver is rick rule, chairman of natural resource investment specialist, sprott good to see you, and i love vancouver. i'm not saying i wish i was there but sounds like a good place to be from today. first of all, how much higher do we go in crude and why are we here in the first place? was it qe3 or what? >> i think it partly is qe3, partly it's a function of continued tensions in the middle east which haven't disrupted supplies, but have caused people to be afraid that supplies would be disrupted but probably more importantly the fact that more and more crude oil production on a global basis is controlled by national oil companies and the national oil companies have been diverting a lot of their free cash flow away from sustaining capital investments to politically expedient domestic spending problems so countries like mexico, venezuela, iran, have been diverting more and more sustaining capital from production to domestic spending programs, and we've had a bit of a supply constraint. in the united states in contrast with the new technologies that we've had, we

the tea party movement and others like rick's santorum who have been hit with the rule change. they're not happy. john: i am happy with santorum but i did not like ron paul being squashed. the delegates were their thinking it is part of the game and his son rand paul will carry the banner? >> they have worked so hard. they were upset to try to get him to speak on stage to get him in nomination. it did not work. they were turned away. will they turn to gary johnson or rand paul? it is up to the people. john: they played a tape and afterwards a lot of delegates walked out. did they notice? >> they did. there is discord within the party tried to make it seem in his united but it is not. the fissures have been exposed and if that romney loses the party will dissolve and will have to reinvent itself. john: i'm amazed you can walk and talk with the balloons. [laughter] we will talk about the republicans war on women. gives you a 50% annual bonus. and everyone, but her... likes 50% more cash. but, i have an idea. do you want a princess dress? yes how about some cupcakes? yes lollipop?

a federal court has ruled a courthouse in texas discriminated against people of color in its redrawing of maps before congressional districts. the head of the election, rick perry signed off on the redistricting maps, but on tuesday, a three-judge panel ruled the move violated the voting rights act and disenfranchise people of color with a discriminatory purpose. texas plans to appeal. this is democracy now!, democracynow.org, the war and peace report. breaking with convention. we are in tampa, fla. covering the republican national convention. >> welcome to our listeners and viewers around the country and around the world. this is breaking with convention. war, peace, and the presidency. tuesday night, republicans officially nominated mitt romney for president after 15 months of campaigning and more than five years since he declared his first bid for the white house in 2007. his nomination was briefly disrupted by supporters of ron paul, the only republican primary opponent who stayed in the race. but at just past 5:40 p.m., delegates from new jersey put romney over the top. house speaker john boehner announced the results. >> i am pleased to announce the

rick taking. i think the new. as a nation and rules an attitude that they have, and even possibly management in the financial-services industry today, although that i am not quite sure about. there are capital rules. rules around risk-management. supervision around risk management. joe, you mentioned -- is risk adverse. maybe risk at terseness of a kind is going to be given the capital rules, the liquidity rules -- maybe those are going to be the kinds of breaks that people -- that are going to diminish the kind of risk taking that took us where we were a couple of years ago. there are a number of different speed bonds, or what ever you want to call them, and shock absorbers that you can put into place to try to achieve what he was describing before the fact. now, whether that ultimately substitutes for someone's judgment, that is a more difficult question. i do not know that is the case. pande, can you -- what is it about compensation that you can do? the legislation addresses some of that in the form of callbacks for instances when a

source of contention among pakistanis and as she can rick's planes it sees actions that are fueling the insurgency. the u.s. prides itself on the rule of law but on a number of issues the line between what's legal and what's not has kind of blurred in the last decade or so is wiretapping legal no but in the name of national security yes there are attempts right now in congress to legalize big brother on the web by making it legal for providers to funnel all private correspondence to national security agencies the law in the u.s. protects free speech but never before has there been such a hunt for whistleblowers that's in america but as far as u.s. actions abroad the issue of what's legal and what's not even murkier washington has expanded its target assassinations program in different countries essentially putting itself above the law now i'm joined by john feffer author and co-director of the institute for policy studies he has an interesting theory of u.s. foreign policy he compares it to dexter the t.v. show dexter is a fictional character who is a good citizen by day and a serial killer by night but he only kills bad guys for wh

. >> stephanie: rick santorum last night. >> president obama rules like he's above the law. [ applauserepublic. >> it is funny santorum didn't give any speeches like that when bush did the exact same thing a billion times. >> stephanie: a billion statements huh? >> i love this hear ye, hear ye, listen now or forever hold your peace in this town square. the king has no clothes. [ ♪ "world news tonight" ♪ ] >> stephanie: this may be one of my favorite quotes. romney pollster said we won't let our campaign be dictated by fact checkers. what? called out for the thousandth time by everyone about this completely false welfare ad. politifact rated it pants on fire. romney pollster saying we're not going to let our campaign be affected by fact checkers. [ cuckoo clock chimes ] a in french. romney political director rich beesen laughed chuckled about the voracity of the ad stating reasonable people can have a disagreement about whether the ads are false. [ buzzer ] >> no, two plus two does not equal seven and a half. >> i will agree with him 50%. people can have a disagreement. reasonable no. >

our radar this morning, campaign wise, texas redistricting mats are being ruled as discriminatory and is the white house in rickre? but first, if it's wednesday, that means election results. arizona congressman ben quayle lost to fellow republican member of congress david swikart in a member versus member primary. he defeated quayle by seven. also in arizona, representative jeff blake won to senator jon kyl's seat. he will face off against the democratic nominee. >>> federal court has flown out the texas redistricting maps. the court suggested the maps were a product of, quote, discriminatory intent, unquote, after the census texas gain for seats, northeastern 90% are hispanic, african-american or asian but none of the seats will allow minorities to elect their chosen candidate. it could take years to get the map right. and speaking of texas, could the lone start be home to another vice president? i spoke with the governor last night at the convention. listen to this, folks. >> would you ever do this again? >> absolutely. >> you would run again? >> there's a long time until 2016, and a lot of good things can ha

eric holder says the ruling reaffirms and protects the right for every american to vote. rickd it another victory for fraud. in april, 70% of respondents found voter i.d. laws are necessary. fox all-stars are next. what can we expect from mitt romney tonight? >> this is the vip section. this is where the family zils. you will see the romneys in these chairs watching the speech. maybe not all the romneys. you couldn't if it all the romneys there. aren't enough chairs here. this is where you will see ann romney and many romney watching the speech tonight. you see the view they have from these seats as they watch the man they have seen run for president for months on end deliver the speech to seal it up. "special report" continues after the break. [ angela ] endless shrimp is our most popular promotion at d lobster. there's so many choices. the guests come in and they're like yeah i want to try this shrimp and i want to try this kind. th wait for this all year long. [ male nouncer ] red lobster's endless shrimp is back, but only for a limited time, for just $14.99. try as much as

hypocrites. [ ♪ "jeopardy theme" ♪ ] >> stephanie: eight days after they ruled the federal government cannot repeal medicaid, rick money. >> he's a big fat hypocrite like most people on the far right. >> stephanie: i didn't say that, you did. >> i did and it's true. >> stephanie: what is that wacky alan west up to again? funny you should ask. >> he's pulling pranks. >> stephanie: he offended the entire congressional black caucus when he delivered chick-fil-a chicken and biscuits. >> at least it wasn't godfather's pizza. >> stephanie: that would have been even worse. let's get to, by the by, james holmes psychiatrist, did you read this story? his psychiatrist contacted the police weeks before the theater shooting. there are so many things we haven't gotten to in terms of mental illness. a lot of experts are saying she would have had really serious concerns to break patient confidentiality which is the basis of psychiatry. i don't know--i guess we'll find out what happened after that. jared lee loughner pled guilty so there will not an trial. that means he will not get the death penalty but he will get life in pris

texas governor rick perry yesterday afternoon that's exactly what happened marvin wilson was executed he was sentenced you know i'm sorry he was executed despite the supreme court ruling a decade ago that executing the mentally disabled violated the eighth amendment against cruel and unusual punishment curiously the same supreme court that ruled such executions are unconstitutional denied a last minute appeal by wilson's attorneys in one final bid to save their client's life as we talked about on monday rather than employing science and medicine to determine if in his mentally disabled the state of texas uses john steinbeck's novel of mice and men basically using lenny from the novel as a benchmark for mental retardation marvin wilson did meet the criteria and now he's dead and he's governor perry will have another applause line at the republican debate she decided to run for president again. state of texas has a. very thoughtful very clear. process in place you will face the ultimate justice in the state of texas and that is you will be executed when you make yourself. coming up conservatives have always tried their best to move america backwards while siding with th

fifth inmate executed under governor rick perry and the entire story was largely ignored by the mainstream media now back in two thousand and two the u.s. supreme court ruled in our kids v virginia that mentally disabled people could not be executed so what was different this time i asked independent journalist ron your colleague who's been following the story take a look. that actually would have a lot of illegal color shot in fact that yesterday the supreme court wouldn't grant a stay of execution for martin wilson even though he had been diagnosed by a court appointed. neuropsychologist as being mentally retarded and on i.q. of sixty one which is very much below the competency threshold of seventy so you know it's kind of shocking because in two thousand you like you said the supreme court ruled that it was unconstitutional so it came as a shock to his lawyers and it really came as a shock to a lot of people they were expecting the supreme court to side with the ruling i know right now you wrote a piece for salon in which you talked about a set of standards it seems to me some very nonscientific ones inspired by lenny in the book of mice and men to dete

supreme court ruled that michigan's public act for also known as the financial managers law will be put on the ballot for repeal this november and that law gives republican governor rick snyder the unprecedented powers to take over cities that he deems are in financial crisis and then appoint a crony to fire all the elected officials all the local elected officials and then get to work breaking union contracts slashing public spending and selling off parts of the commons to corporate interests already sever. cities including flint benton harbor and pontiac are under the control of these so-called financial managers and there these people are living in cities that have reduced police forces street lights gone dark and brand new corporate factories that were once public parks and despite getting more than enough signatures to put public act four on the ballot the effort to repeal the law hit a snag earlier this year when the state canvassing board on which lobbyists supporting the law sat rejected the ballot petition over the font size that's right they tried to void tens of thousands of signatures to protect the law by arguing the font size on the petition was incorrec

florida last year governor rick scott signed sweeping voting reform, and a provision which a panel of federal judges knocked down yesterday. in the decision the judges ruledhat itruled, quote that we find the minority voters will be disportion positiver lay effected by because they use disproportionately voting. here to joins us with the naacp legal defense education fund, thank you for coming in. >> thank you for having me. >> eliot: this is one victory is that in itself significant and where does it lead us to the overall effort. >> it's absolutely a development. they look to scale back their voting by half. it's a substantial impediment for many vote necessary florida. african-americans used the early voting channel as a way to participate meaningfully in the voting process. in 200828% 2008, 28% of african-americans voted early. they found that it was an important pathway of partition by african-americans. >> eliot: i hate to be a gnarly lawyer, but in order to win that case, did you and the litigators on behalf of right to vote, did you establish that the law tend tended to turkey african-american voters mother than other voters. >> because florida ha

but rick scott's state has five counties that get this special scrutiny under the voting rights act. a few days ago, a federal court ruledflorida may not cut early voting in those five special counties. check this out. if you look at the specifics here, you'll understand what the giant drama is going on in florida. the court ruled if those five counties under special supervision agreed to hold longer voting hours on weekdays then maybe, maybe the state could get away with cutting out the weekend voting that has been so popular, in particular with african-american voters. rick scott considered that idea, thought maybe he could work with it a little. maybe he can get what he wanted after all in time for the november election. rick scott's republican administration in florida began approaching the elections clerks in these five counties. they asked the clerks to please, please, please go along. please tell the courts that they like rick scott's ideas for cutting out weekend voting and for just making the weekday voting longer instead. and as of yesterday, of the five election supervisors, four of them said, sure, we'll do w

rules. >> let's get outside to rick reichmuth for weather.ou are not. >> jeah. >> it's raining out here. rain across parts of the coastal areas of the northeast to start your day. take a look at the tropics though right now. that is tropical storm helene right off the coast of mexico it's going to continue to pull off towards the north over the next couple of days. not a big threat to anybody at all. winds are kind of calm it will bring moisture across parts of south texas over the next 3 to 4 days as it lingers right in that area. here is your forecast for the day across the east. there is a cold front moving through and kind of a cold front behind it. it is going to be much cooler, cooler temps across the interior sections and cooler temps by this evening across total areas as well. down to the southeast, that's where most of the rain and thunderstorms are going to be. of course in, some of them could be heavy. we could see a little bit of flooding at times across parts of louisiana and beneficial raincross areas of texas and oklahoma. into

the platform, the rules, and then in the evening, i will be kicking things off with the speaker and governor rick scott for the evening session, so it is a busy week, and it is a huge teams. >> years ago, the conventions would be in july and august, and now they are back-to-back for the second campaign cycle. in terms of scheduling in terms of the calendar, what impact does this have for you? >> generally, this has been happening over the last several conventions, cramming some things in before and during labor day. i think there is an idea that things start when the kids go back to school. it kicks off, and then you lose all of the momentum coming out of the convention. the flag is down. we are going to be off to the races. the monday night session, what were your thoughts about that? >> we are sort of used to the mainstream media snubbing us. we would have made it work. i think the other networks, c- span and the others, they do a great job. i think most people in america are pretty used to going to cable. >> there is some speculation that if there is a mitt romney's/paul ryan win, you could ru

the nomination, the platform, the rules -- in the evening i will be taking things off, along with speaker boehner and the governor, rick, for the evening session. it will be a great week. it is a huge team. you can look around you. >> years ago, the conventions would be in july and august. now they are back to back. in terms of scheduling, the political calendar, what impact does this have for you, the party, the country? >> this has been happening over the last several conventions, cramming everything in it right during labor day. there is sort of a belief that everything starts, kids go back to school on labor day. back then, i think it is understood that there was this sort of gap between june and july, dead space in august, then it kicks off. you lose all the momentum coming out of the convention. that is what you see it lined up with labor day. both parties assume, the green flag is down, we will have our convention, we will be off to the races. >> in the point cut is -- because there is no monday session, but some network opted out of monday night. what were your thoughts? >> we are used to the mainstream media's

rick santorum candidacy excitement months ago. but then they had kind of laid off the birth control fight for a while, until today. today, as the new birth control access ruleoes into effect, as women are seeing the benefits of greater access to contraception, republicans are back. back to talking about birth control access as a threat to democracy, as an act of war against america. >> one is december 7th. that's pearl harbor day. the other is september 11th, and that's the day of the terrorist attack. i want you to remember august the 1st, 2012, the attack on our religious freedom. that is a date that will live in infamy along with those other dates. >> the obama coercion starts today. >> as mike said, august the 1st is a day that we, as americans will look at it as the largest assault on our first amendment rights. >> goodness gracious. the land of the free, home of the brave. we're no longer free in this country. >> so in new mexico, we're proud to stand arm in arm with the catholics and say, we'll fight with you to the death. >> jobs, jobs, jobs. be hold the republican agenda for 2012. refight to the end for rebellion against birth control access. jobs,

rick gorka. because i have been shouted at so many times and i appreciate it. >> you were the reporter in that segment say we never get to ask him any questions. number one rule. if you don't feed the beast, you know this. the beast feeds you. >> jennifer: absolutely. >> this is exactly what's happening. the frustration is too great. three questions unacceptable, wimp factor. >> jennifer: listen to -- take a listen to what he said, mitt romney was saying about how the media was treating him. take a listen to this sound byte. >> i realize that there will be some in the fourth estate or whichever estate who are far more interested in finding something to write about that is unrelated to the economy to geo politics, to the threat of war to the reality of conflict in afghanistan today, to a nuclearization of iran, they'll instead try to find anything else to divert from the fact that these last four years have been tough years for our country, years of tumult in the world and we need to see a better direction taken. >> jennifer: the bottom line is he thinks that the news media is out to get him. are you out to get him? >> wah! i'm sorry. look you're running from

republican figures, sarah palin, rick santorum, all taking their kids to chick-fil-a to show their support. it's very political and increasingly so. >>> team u.s.a. continues to rule the pool at the london games and, boy, tonight we have a giant showdown between two teammates. we're going to go live to london coming up. tap... pinch... andoom... in your car. introducing the all-new cadillac xts with cue. ♪ don't worry. we haven't forgotten, you still like things to push. [ engine revs ] the all-new cadillac xts has arrived, and it's bringing the future forward. it's hard to see opportunity in today's challenging environment. unless you have the right perspective. bny mellon wealth management has the vision and experience to look beyond the obvious. we'll uncover opportunities, find hidden sk, and make success a reality. bny mellon wealth management [ female announcer ] letting her home be turned into a training facility? ♪ this olympian's mom has been doing it for years. she's got bounty. in this lab demo, one sheet of new bounty leaves this surface cleaner than two sheets of the leading ordinary brand. bounty has trap and lock technology to soak up big spills and

president obama rules like he is above the law. >> rick santorum speaking just moments ago, hammeringty line on welfare this year. that president obama has separated welfare from work, that president obama has somehow gutted the work requirements in welfare. that message has also been carried by mitt romney, of course, who not incidentally, needs a very large majority of white voters in order to have a chance of winning. the romney campaign has put out a series of ads, five in the last two and a half weeks, saying the president has made welfare easier to get. it's made welfare easier to get specifically for lazy people and that is unfair to you working white person. an allegation is absolutely not true. ezra klein joins us now for more on that. ezra, how's life in the wonk box? >> it is incredibly wonky, rachel. we are hearing a weird amount about welfare. not just the convention, but in the election more generally. it is really weird that it's come up, like a strategy from 1992 went into a worm hole and popped up this year. welfare after '96, the reforms became the temporary assistan