that are giving away the central banks the largest ferry. well you know you mentioned deflation and central bank and ferries and for over twenty years now japan has been in this state of deflationary collapse and now we have a new prime minister in voted in to really end this time to really really really stop it this time and japan's new government to get aggressive incoming prime minister i'll be a valid stimulus lower interest rates japanese voters max on sunday ousted the current government and set the stage for a new prime minister who is valued to adopt a large stimulus cut interest rates and take more measures to revive growth in the world's third biggest economy right i mean look you might want to thank you going on here something to vent by cutting. right they benefited homeowners and mortgage owners by seventy billion pounds at the same time they took from pensioners and savers one hundred forty billion pounds so it's not like they are you know people say oh the pentagon money out of thin air they're printing money at it it's not com

the central banking revolution as the first headline calls it which i don't think a central banking revolution i just think it's outright war on an armed people around the world moody's gets no respect. as bonds fifty six percent of country ratings so the global bond market max disagreed with moody's investor service and standard and poor more often than not this year when the companies told investors that governments were becoming safer or more risky yields on solvent securities moved in the opposite direction from what they said fifty three percent of the time or fifty six percent of the time in the case of moody's so you know experts analysts interviewed in this piece for bloomberg said well governments should stop listening to the bond market because when they introduce a stary they say it's because we don't want to downgrade from moody's. well there you know getting back to the dance of the money fairies and you know the movies in the rain again you see nobody believes them because they were caught cooking the books for these banks and taking bribes for ratings so they are compl

the price mechanism is something we often talk about on this show and the role central banks around the world play in distorting it whether through central bank there are or q e or through private banks manipulating live or without question markets are manipulated and prices distorted our next guest has been making the case for years that the precious metals markets are no exception you know it's a tough one though because there isn't a smoking gun per se of libel or with gold though we may see the queen of england touring the bank of england vaults as we did just recently and you see there what we don't get to see is transparent disclosure of the gold transactions of central banks in terms of their lease things swapping that sort of thing now that we may know of this d.s.t. season investigation into silver market manipulation it's been ongoing for years still with no results but here to discuss some of the latest developments in precious metals in light of what we do know are bill murphy and chris powell of the gold antitrust action committee better known as gap time and they are toget

to basically hire their cousin vinny because the article notes that the u.k. banks have since learned from their american counterparts that in fact the best idea is to hire a former government official h.s.b.c. for example has hired two former senior u.s. treasury officials to run is legal in compliance department this like this you know joe pesci goes and he thinks he's going into a meeting to get made but actually gets whacked so these you can't bankers are going to find a wake up with a bowl of their skull hanging from friers bridge like. from the eighty's polo british bank or hanging from friars branch from the fact you deserved blackfriars bridge max you've had too much. and then finally along this line of having to hire your cousin vinnie. from the new york times journalist in london she tweeted barclays hires x. fine. full services authority c.e.o. hector says to keep an eye on them turner and tucker could use a new job r.b.s. t.v.'s together revolt lindo our ice age a shuttle you know turn him into handbags are our station ever thanks so much for being on th

leader shinzo was elected prime minister of japan yesterday as expected he has got big plans for the bank of japan and let me tell you he wants it to double its inflation target to two percent and he wants unlimited easing to ensue so what may be the results of the nomics we'll talk about it loose change let's get to days capital account. the u.b.s. live or settlement is expected to be announced wednesday according to the financial times others reporting it could come as early as tomorrow hear some more of the details we know from the f.t.'s coverage so the settlement is over alleged rigging of the yen live or interest rate over several years involving deaths from tokyo to london the bank will pay close to one point five billion dollars according to f t others such as bloomberg are saying that number could be slightly higher as much as one point six billion and an aspect of these settlement we don't typically see u.b.s. is japanese subsidiary will reportedly edm it wrongdoing pleading guilty to a criminal charge however the f.t. cite this source saying the bank will not lose its ability t

the central banks and the politicians and the kind profession at the very best. is an observer in a rather group task. development in the financial world he said recently that bank regulation is being used as a tool of foreign policy soon after you said that david cameron is a foreign policy speech to promote exporting city of london fraud lab right on this notion of banking regulation and. deregulation used in this manner the difficulty with the you know the various applications of regulations are that nobody in the system actually trusts anything anymore and they realize everything comes down to personal issues of you know does this guy like you does that company like you are we playing the game correct late son let me let me stop you right there david search because what you just driving is a royal courts of courts and the sec offense that's going back to the middle ages now so everything from the enlightment going forward we're getting rid of no i think we go back to the emperor nero it's come to the point where. there are people in the financial sector who c

to offer appear to be peer lending schemes but you know the banks will fight it and the banks will fight it just like the hollywood fights the innovations and the content business and the copyright business so for example in hollywood strip protect the monopoly positions of hollywood producers they have. transformed the internet from an interactive to a medium to a one way cable t.v. type model that's their goal so they're destroying this entire potential growth sector of the economy the internet to keep this the old style alive same thing for the banks they have an incredible lobbying presence in the u.k. in the around the world they will do whatever it takes to stop any competition so they will vilify the internet though if they have to they'll have more pedophile scandals to try to make the paint thinner and the bad brush to stop. the internet they'll do anything at any cost to stop competition from rising like them i can predict that with certain things well and you holding told the independent he said quote the model banking culture we have had since the one nine hundred ninety s. i

way that banks work mervyn king said of all the many ways of organizing banking the worst is the one we have today so what characterizes banking we have fee up money money backed by nothing notes and coins are just paper money in token coins. but actually most of the money supply is accounting entries but it doesn't account for anything it's just an accounting entry so that's the first thing we have fractional reserve deposit taking which means that when you put your money in the in your current account it belongs to the bank they're able to use it to fund themselves the taxpayer funded deposit insurance lender of last resort central planning all of these things taken together are hugely destabilizing and actually they're not helping so how would it work the way it would work in free a free banking system you'd have commodity is the basic a commodity is the basis of money normally gold or silver in the past you wouldn't have limited liability for bank directors and again that used to be normal people used to accept partnerships trustee savings banks mutuals inste

the moment the situation is that banks in the state a very very tightly interwoven the idea that banks are free market institutions is faintly ridiculous they're absolutely riven by not only by privileges like tax payer funded deposit insurance and lender of last resort also the whole credit markets are centrally planned by the central banks so politics that they are actually banks themselves are part of an enormous monetary power in the world which is directed by central banks so they're very very tightly coupled also when you look at the revenues from the banking system you can see that the banking system inflationary money is a very important part of funding the welfare state so they're incredibly tight you can called i don't actually think that's very healthy or in anybody's best interests how do you characterize them that relationship between the banks and the state is it a sinister kind of a partnership sinister is kind of the wrong word and with these things i try to stay very close to the literature and to facts because obviously there are people out there will sorts of wild id

and the indeed a number of other supposedly too big to fail banks. because at the end of the day there is yet another inner circle even more protected too big to be to fail banks who benefit from the protection of the i.c.c. the c f.t.c. and other many other institutions which are designed to basically monitor and control what goes on but they also decide who lives and who dies and if you look at u.b.s. his decision to withdraw virtually from the fixed income business because you know banking business i think one of prudence and the other because they realize that that game is not going to work for them very much longer because the powers that be want someone else to be playing that game but you're describing there is a hierarchy that one sees in the mafia so the low level thugs get busted but the captains of the mob continue on and out what about the accounting firms because. of course after the enron scandal arthur andersen was put out of business because their involvement in that scandal but of the remaining big four they don't seem to have learned

government for alleged money laundering already the bank is back in court and the charge this time is predatory lending caused by a significant but caused a sniff an amount of loss of tax revenues for three georgia county do these counties have a fighting chance we'll question more. it's thursday december twenty seventh four pm in washington d.c. i'm meghan lopez and you're watching our team. well we begin this hour in bahrain a country that played a major role in the arab spring uprisings but one that was often overlooked in news coverage while the world watched egypt libya and others topple their dictators the people of bahrain had a different narrative to tell now to give you some background suffering as a small island nation off the coast of saudi arabia in the gulf it's been under the rule of the all khalifa family for more than two hundred years the country is a major headquarters for the u.s. navy earning its leaders the support of both saudi arabia as well as the u.s. so while the u.s. government condemns the actions in syria many allege it's also sending arms to bahrain to qu

that are backstopped by the the western central banks that are basically their masters in the gold market they know they can trade in the gold market as long as they're doing what the central banks want them to and if they ever run short of gold the central banks are there to provide it if this is the case why is this anything to write home about i mean we hear about manipulation by high frequency traders using quote stuffing to make an extra buck we have central banks globally which absolutely. turnabout you made it your mission it's because it's the destruction of markets and it's the manipulation of the value of all capital labor and goods and services in the world what they are doing is is really to seize control of of everything economic in the world and really surreptitiously behind people's backs it's a essentially tyrannical system that's what we're trying to expose and you think that the precious metals is the key to that because why because the central banks themselves say so there was a an academic paper written about thirty years ago by lawrence summers who

we don't have the same kind of culture in our banks here in the uk as they do in germany. local saving banks which actually see part of their purpose ensuring those access to credits for those small businesses. they don't think they're operating quite the same way here in the uk. for example, local bank managers relationship managers are not given the sap kind of discretion to make lending decisions in respect to businesses in their community that they know that they see every day. so we have to change the culture in our banks. but there is also a market failure in terms of having a financial services sector of small to medium sized businesses and that's why p opposition is arguing strongly for british investment bank. we're alone in not having a state backed investment institution to plug that market failure. and i think the officer of budget responsibility, our independent fiscal council here, has made clear part of what is holding back growth is this credit problem that we have. now, sure of course the eurozone affects the wholesale money markets, but there are things th

this is what i think the central bankers look like is they're jumping into the dark pools in the shadow banking system and don't know what the heck they're doing but this you're having fun having fun i mean i'm still gobsmacked that h.s.b.c. admitted to being a financial terrorist this past week something we've talked about for a while they finally came out and said yeah we laundered money for terrorism and drug monitoring jug drug laundering cartels in mexico and i think it's some of the moment that they come up to being terrorism so let's look at some sane voices looking at these western central banks. running a deranged policy monkeys that don't understand the universe in which we inhabit the central bank backlash first hong kong now australia gets ugly case of two thousand us so first the hong kong monetary authority recently said that it was over borrowing and over leveraging and essentially fraudulent lending that caused the financial collapse so all of the quantitative easing is going to do nothing and now glenn stevens the head of the central bank of australia has spoken in the past wee

it is the second raid on the bank. this may be the tip of the iceberg for germany's biggest bank. >> our chief correspondent is falling this story for us now -- is following this story for us now. possibly that of the iceberg -- the tip of the iceberg. >> this report and then goes back a couple of years. this is one of the biggest raids so far. authorities they have good reason to believe the bank's co- ceo was involved in illegal activity. as your report said come fitschen and the -- said, fitschen and the bank are claiming that the talks documents -- the tax documents were amended in time. it does look like an attempt to play fast and loose with value added tax reporting, and that is a very big public-relations disaster for the bank because it comes on top of a number of other investigations, all of them asking some questions about credibility of the bank. at a time when both ceos had claimed -- ceo's had claimed they were providing more transparency and more responsibility. >> this is germany's biggest financial inst

stocks the economy no one no one has got the silver spike to put the zombie banks out of out of our misery well the fact is maybe snooki is going to be fine it's going to be the scum villages into which all the people are pushed because the bankers are building their own palaces their next door neighbors with baby snooki now he goes on to say and the whole then goes on to say if we are fortunate the cost of the crisis will be paid for by our children more likely it will still be being paid for by our grandchildren there is every reason why the general public ought to be deeply upset by what has happened and angry you see he's saying you're not only are your children but your grandchildren are going to be born in scum villages but this one thing getting you through your day is going to be kate's baby this is going to make you so happy and you know the fact is he saying it's as bad as world war two and it was during world war two that people were put in containers to go live nuisance people that people didn't like certain elites didn't like right well scapegoating it is part of any austerity

of australia has spoken in the past week and he says that the balance sheets of central banks have reached wartime levels and he shows these charts and you can see it's quite dramatic but he says in terms of the policy response there is a discomfort in some quarters that central banks appear to be exercising an unprecedented degree of discretion introducing new policies yielding uncertain benefits and possible costs well what they're talking about i think alluding to here is that the central banks have been expanding their balance sheets to hide the deal leveraging that's had to happen as a result of the criminality of the big banks who committed terrorism and just b.c. has said yes we are a terrorism. a terrorist organization and the central banks to cover up their terrorist activities have to engage in policies that now are running out of their effectiveness now. there needs to be an admission that there will be no growth unless financial terrorists are somehow. this is somehow addressed i don't i don't i just don't understand why this is such a big issue in this country that the

isis for saying the bank will not lose its ability to conduct business in japan in addition about three dozen bankers and senior managers will be implicated in the alleged rigging now all of these folks will not reportedly face criminal or civil charges but we have seen a few arrests others have been notified they are being investigated so here to talk about how exactly to see this expected deal is neil barofsky really the best person to talk to his former special special inspector general of tarp an author of the book you see right here bailout which was just an amazing account of the wall street bailouts during the financial crisis and brought ski's role in trying to police the entities doling out that cash so first of all professor proxy thanks so much for being here this is i was so excited we had you booked today when more details are coming out of this expected deal so thanks so much both usually these days it's a pretty good bet or you pick any single day you're probably going to have one banking scandal or another erupted this is a very fair point but nonetheless. we have you he

banking? >> one half of my brainn is realistic and the other is banking. i think y disagree -- squeezed the risk out as much as possible when you are passionate about what you are doing. it does not mean you will be the best but it means you will be successful. i truly believe that anybody in business has some levevel of risk taking, whether you are chairman the banca or listed or investment company. there is some level of risk. anything you do in light has a level of risk. it is really a matter -- matter of managing the risk. >> you talk abou how banking is changing and the customer is changing and how they use banks. what will the next decade's banker look like that will be different than that kind of banker when you first went into thee business? >> a great questions. i think you will continue to see the personal business side of community banking. like many industries you will have the gll sized banks and community banks. i think the in betweens will disappear because they cannot find the right place. i think community bank -- technology will take a big

this settlement is for the swiss bank the u.s. bank and in japan and they cite for example that there was a broker in japan who was apparently open in admitting his crimes anyway in his emails on september eighteenth two thousand and eight he explained to a broker who was submitting the libeler bid he said quote if you keep sixes i.e. the six month japanese libel rate unchanged today i will do one humongous deal with you like a fifty thousand buck deal whatever i need you to keep it as low as possible if you do that i'll pay you you know fifty thousand dollars one hundred thousand dollars or whatever you want them out of my word so illicit fees of more than one hundred thousand pounds were paid to this particular broker. well yeah and suitcases full of cash they're in and i was working on wall street you know that suitcase full of castor used extensively to bribe sales managers and regional managers in the i.p.o. market and talked about it before so they are involved dozens of people in in a mafia criminal racket for fifty thousand

have any plans of going after the big kahuna the banks the holy the big four in this country the big four money center banks that are the scourge of this country any plans to do anything or maybe don't want to tip your hand your thoughts so i mean another thing to say is that you can practice it's a network so it's up to activists where they have to take action and where ideas and tactics and targets and we have national days actual people come together there was like twenty eleven around the time where more information was coming out about not only like barclays for example their tax strategies for tax avoidance but also you know more information was coming out about how much we subsidize the banks still despite the fact they crashed the economy they were being held responsible and the government's regulations are very we can not effective so we did do a kind of sins in occupations in parts of barclays and h.s.b.c. and b.s. because obviously they've kind of. taken they've had their own kind of welfare whilst welfare for the majority of people is being cut by as a gang obviously mass

barclays lloyds the other of the big four banks them u.k. paper apocalypse that's the whole of there's no laws against it wide open to drown up debts makes me think why don't i go after these terrorists no of course done because without the terrorism we wouldn't have enough money to supply the b.b.c. so they don't report on it well of course other than the austerity measures here you also have tens of thousands of now headless mexicans they've lost their heads decapitated was everybody just b.c. you open an account there and you get in the mexican head you know it used to give away toasters now you get a dead mexicans head every time you open a carry just b.c. well also we were across america but now also in the u.k. there are private prisons and they have contracts with the government that guarantee. bodies in the jail cells so because of that we have because the real criminals are dancing around in their piles of cocaine the the simian bankers they're not in jail so there are spaces empty so they have to create fake crimes that normal human

the price mechanism is something we often talk about on this show and the role central banks around the world play in distorting it whether through central banks or q we or through private banks manipulating live or without question markets are manipulated and prices distorted our next guest has been making the case for years that the precious metals markets are no exception you know it's a tough one though because there isn't the smoke d.f.t. sees investigation into silver market manipulation it's been ongoing for years still with no result but here to discuss some of the latest developments in precious metals in light of what we do know are bill murphy and chris powell of the gold antitrust action committee better known as gap and they are together at the same desk in our studio which is just so exciting thanks so much for being here gentlemen good to be here alone it's great to have you so let's start with today gold and silver moving down not a lot of big news anything to see here. yeah actually it's been part of an an ambush attack by what we call the gold cartel for the past month