and the dollar that's in the kaiser. max kaiser this is the times the report markets finance and scandals and as we've been reporting on this show for months the global currency wars are heating up forget states forget nations it's all about currencies i mean the currency war let's bring in stays here max they do say that all stare in love and currency wars and you see that in the very first headline max kaiser's investigation into deutsche a buddhist bank's gold farce goes global the germans are about to have sixty six percent of their gold reserves commandeered by the u.s. so this follows a interview that jim rickards gave to eric king at king world news and he was asked by eric king what would happen if the dollar collapsed and tim record says well it's ok because the u.s. could go on to a gold standard because they have eight thousand tons of gold but then listen to the rest of us what he says and in addition to that there is over six thousand. foreign official gold that stored in the united states but we could alway

the odds the dollar it said about a twenty year low against the singapore dollar almost a record low against the i guess the japanese yen it certainly had a record low against goal so it was the people who stampeded into the dollar per they got it wrong and i still don't think they've stampeded for the exit yet i still think that complete dollar collapse is in our future and when that happens you're going to start to see price that rise across the board all right there seth i. it's again for being on the kaiser report opaques you have a great already and that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert and i want to thank my guest peter schiff of europe aciphex capital his new radio show starts tonight if want to send me an e-mail please do so at kaiser report.

experiment and risk trashing the paper dollar because. we could just go back to pretty easily the worst to work can. the u.s. is trying to win the currency war right now by creating tens and tens of tens of trillions of new paper dollars to debase their own currency to try to keep the u.s. competitive somehow versus other other countries to currency are on the way up as a result of the us giving us a self-inflicted gunshot wound to the head of the economy by flooding the world with trillions and trillions of dollars more dollars and so this is plan b. if the u.s. doesn't win the war this way if the rest of the world decides you know what like for example china says and i've talked about this on this show before. if china is the first to monetize their gold supply they would affect be the winner as per the nash equilibrium or game theory because a lot of money would suddenly flood into china they would have a gold backed currency and they could win this gold and currency war if they were the first to move but i'm not sure if china is that a

investments they could make two or three times back the money they lose on their dollar positions this is insurance fraud credit default swaps it's like buying insurance on a house and then torching the house so slowmo says if a bank like goldman sachs would have sold credit default swaps and so prime mortgage products to banks and then sold those banks short and sold those products sure to benefit from their collapse and the things that just sold them wait a minute they didn't do that but also it is kind of seems like a scene between this creditor and debtor whereby you know you often see the police in the u.s. corner a bad guy and the bad guy holds a gun to his head and the police hold a gun to him to kill himself but they often end up killing him so it's like that the u.s. is has a gun to its own head and the chinese predator has a gun to them as well in this currency war this is the thing and the u.s. has got a gun to its own head is committing nation of and of the rest of the world is giving out a collective huge yawn. and saying you know if the us if you want to ki

means to weaken the dollar ok i don't think that the this is really at the top of the. thank you so jan i think the president of the federal reserve in the u.s. is very more focused on the on restart growth and shaping up to develop its the household balance sheets in the u.s. not to weaken the dollar i think the biggest problem that between the g three so that's us japan and europe is that the europeans just can't operate heroes or as did the americans they can't print treasury they can't print dollars and the japanese can't print t.v. is it is they just cannot print deals he is printing sorry the he is already i mean he was. back but between limited extent i mean like thank you but again they're committed to buying them back it's all done through repose and they have to take those euros back at some point whereas the way of the americans and the fed and the b.o.j. they eventually will take those dollars back but it's uncertain one they would do it whereas of the europeans it's certain those are the report agreements that are done so they take the money back i think it

there was sort of a panic move and everybody went to dollars and because the european banks had huge american assets which were all of a sudden no longer as a. they had to refund them they had to get dollars they sold down the euro quite brutally this was actually very good for europe cheapening europe as one of trooping europe was one of the things which will have the europeans to fight their way back now we are back to the trend the euro has been putting on the buy the big figure a day we've gone from a low of one thousand nine hundred to one thirty eight yesterday and i think it's going a lot higher from there and the europeans are going to start to get uncomfortable with this the problem is not everybody can push their currency down at the same time you have to push and that is what everybody's trying to do with everybody that's what they're doing and that's why it is a race to the if i can go back to you mark i mean it's a race to the bottom i mean who wins getting to a winner how do you define a winner and how you define a loser and when you do that. yeah i was just going to er

will the dollar be able to come become up in value. the issue. >> next, after sending billions in stimulus, building ramps and bridges to nowhere. washington now wants to tax drivers by the mile to fix roads and bridges everywhere. brace yourself. this one will rev up your nerves. >>> a new plan to tax you for every mile you drive. what happened to all those billions in stimulus we just spent? stocks jumping this week. >>> first the gas tax. now the mileage tax? as president obama pushes congress to pass another 50 billion dollar in infrastructure spending. a bunch of transportation bosses recommending that each american pay a tax for each mile they drive. rich wants to pull the emergency brake on this one, so do it. what is your reason rich? >> it is dumb ands that dumb to raise taxes of any kind during a recession. politically nasty. blue state democrats sticking the middle class who have to drive longer to work and people who live in smaller states, a/k/a red states that aren't serviced by chief airlines like southwest. >> the gover

government officials usually talk up the dollar. but currency strategist win thin says this time the government is probably pleased with the sell- off. >> i don't think the u.s. policymakers are actively trying to engineer a weaker dollar. you know you hear conspiracy theories from time to time that they want a weaker dollar, i don't think that's true. but they're not exactly unhappy with it either. right now, as i've said, we're getting some of the befits without many of the detriments. >> reporter: the benefits are more competitive exports for american companies. we're seeing that. the detriment usually is inflation. but we've seen none of that. what we are seeing is a major disruption of currency markets. analyst omer esiner says that's because most industrialized countries are keeping their interest rates low. >> all these economies with very, very low interest rates have created a flood of capital to higher return and right now investors are finding higher returns in mostly emerging markets in asia and latin america so we've see

the aussie dollar it said about a twenty year low against the singapore dollar almost a record low against the against the japanese yen it certainly had a record low against goal so it was the people who stampeded of the dollar they got it wrong and i still don't think they've stampeded for the exit yet i still think that complete dollar collapse is in our future and when that happens you're going to start to see price rise across the board all right fair share thanks again for being on the kaiser report oh thanks for having me already and that's going to do it for this edition of the kaiser report with me max kaiser and stacey hammer and i thank my guest peter schiff of europe aciphex capital his new radio show starts tonight if want to send me an email please do this at kaiser report and r t t v that are you and so next on this is max hauser saying. here is that so much of an elite news musician apparently trying to market as the western powers do their best to isolate the islamic republic iran itself has demonstrated it remains a key player in the greater middle east. now again this is

well speaking of this rebalancing of the global economy and dumping of u.s. dollars that you were referring to headline reads swaps show who's in towel bonds approaching treasury yes at a time when governments around the world are facing growing debt china is bonds are becoming almost a safe as the u.s. treasuries and the market for insuring against defaults well those that u.s. treasury bond market looks really weak the global investment community the governments around the world they are trying desperately to get out of their u.s. dollar bomb positions they want to escape the nightmare that has banned post world war two bretton woods u.s. dollar reserve currency stranglehold and as peter schiff our friend peter schiff says often the u.s. is the caboose that's holding the rest of the world economy back and the. the world wants to cut themselves loose of the caboose the u.s. dollar even warren buffett was in europe trying to buy into euro and other denominated assets with nobody wants to sell to him because they realize the dollar is a dire currency actually drone bo

the aussie dollar it said about a twenty year low against the singapore dollar almost a record low against the against the japanese yet it certainly had a record low against all us so it was the people who stampeded out of the dollar they got it wrong and i still don't think they've stampeded for the exit yet i still think that complete dollar collapse is in our future and what happens you're going to start to see price rise across the board all right fair share thanks again for being on the kaiser report thanks for having me already and that's going to do it for this edition of the kaiser report with me max kaiser and stacy ever and i thank my guest peter schiff of europe aciphex capital his new radio show starts tonight if want to send me an email please do this at kaiser report and r t t v are you until next time this is max keiser saying. in thailand i know he's available in the till bankole can see him square moto super to look at your hotels bangkok sign on and then motocycle a memory watergate hotel possum one princess hotel married called john hotel panko by your piece we titled on

the war to bretton woods u.s. dollar reserve currency strangle hold and as peter schiff our friend peter schiff says often the u.s. is the caboose that's holding the rest of the world economy back and the the world wants to cut themselves loose of the caboose the u.s. dollar even warren buffett was in europe trying to buy into euro and other denominated assets but nobody wants to sell to him because they realize the dollar is a dying currency actually drone head of research ashmore investment management in london in this article in bloomberg says chinese policymakers want to be seen as a stabilizing factor they want to become a reserve currency and they will become a reserve currency so this is the one story that you and i have been talking about since the beginning of this fear is that something to look for for two thousand and ten is the currency war that's right that was a major theme we identified had the beginning of the year currency wars as the global economy has shifted out of manufacturing and away from. export

morning following the yen's sharp decline against the dollar. the nikkei gained nearly 100 points at one time. however, the stock average ended the morning session at 9,400 on the dot, up 0.2%, or 19 ticks almost up. exporters -- electronics and auto issues. here's a look at the latest long-term interest rates. this is the yield on the benchmark 10-year japanese government bond. in other asian markets, hong kong's hang seng is now up 0.4%. the shanghai key index for major blue chips is down 0.7%. and in shenzhen the sse composite is slightly up, 0.3%. back to the main news with catherine. >> thanks very much, ines. >>> the heavy rains that have been pounding the amami islands in kagoshima, southwestern japan, have killed two people and left one other missing. the islands are bracing for further downpours through thursday night. the meteorological agency says some parts of the island have received 900 millimeters of rain since tuesday. the area has already had about three times its normal rainfall for october. two female residents of a nursing hom

my god the u.s. dollar is puking up its guts right now and it looks trading lower than they poop i never heard of that but speaking of the cup winning there is this headline super rich investors buy gold by ton so this is according to u.b.s. executive joseph the world's wealthiest people are responding to economic worries by buying. thousands of ounces of gold and sometimes by the ton including stayed there from u.b.s. said we had a clear example of a couple buying over a ton of gold and carrying it to another place at today's prices that shipment would be worth over forty two million dollars well dear i don't want to say anything but when you come back i have a ton of gold waiting for you it's only about this big actually a ton of gold that's about seventeen square cubic inches remarkably you know it's pretty bright actually next to the refrigerator nicely and you know you talked about jerome kerviel and i was here in new york in my hotel room last night the news was talking about this long shore men were

the i.m.f. are facing a four trillion dollars. refinancing hurdle in the coming twenty four months and may still need to recapitalize particularly they say in spain germany and the u.s. yeah well that's true that's right you know because all these national governments are deferring now to the i.m.f. and the world bank so you are having the emergence of a post this is what a boils down to it's post america world people can say what is this new world order it just means that america is no longer the force that it was they were moving into a post america world you know configuration of economics and politics and that's the new world order to post america and you know america has done anything to distinguish itself in the past twenty or thirty years to keep the whole of the reins of power they've done everything to let go of the reins of power and the people inside the united states especially after nine eleven you saw basically the rich just confiscate all the wealth that they possibly could knowing that the end was not the rich have

policymakers like timothy geithner to trash the dollar because of course they gain their american citizenloses but they gain no well look it's still a question of you know this is the dynamic you have to keep in mind you know why is there no actual inflation on the ground so to speak because the gaping hole in these economies particularly in the u.s. we're talking about a multi hundred trillion dollar derivatives black hole they keep printing money but they're not able to actually benefit from the inflation of the money supply all they're doing is inflating the ability of china and the rest of the world to successfully battle the u.s. in this global currency war and china says you know you were there to build or what does that mean you're digging your own grave ok the u.s. is locked into digging its own grave and what's the big criticism of geithner here all the time geithner you're in you're in a hole stop digging but they for some reason there are suicide bankers as we point out on the show all the time they seem incapable of stopping themselves from going down the path of market fundam

the dollar spike also hit commodities that have been rallying on the shoulders of the weak dollar. oil fell more than 4%, down below $80 a barrel. gold dropped 2.5%. it was at a record high last friday. and copper fell 2.5%. if china is successful at slowing its economy, it may mean less demand for commodities. before the market learned of bank of america in the crosshairs of mortgage bondholders, b-of-a released its earnings. they were better than expected, but the bank took a $10.4 billion accounting charge against these profits. it wrote down the value of its credit card business, thanks to new federal regulations over fees. despite the new rules, credit suisse analyst mosha orenbach thinks b-of-a still has an advantage. >> the credit card business has gotten substantially more competitive. the advantage that b-of-a has is that it has the largest consumer deposit base against which it can market to get additional customers for its card base. and relatively few banks actually have that advantage. >> tom: b-of-a stock was the worst performing dow component on the heels of mortgage

trying to deflate the us the us must win since it has infinite ammunition there is no limit to the dollarsthe federal reserve can create what needs to be discussed is the terms of the world surrender no because china russia iran to name three figured out that with all the extra dollars in their bank accounts all they need to do to totally screw up the us economy is keep buying gold and as gold keeps going higher the us is not very well prepared to deal with that contingency and they can print all the money they want it's only going to what was the chinese phrase they say there are two builders well that's my next ten i got so tell the people to the people us as a currency war is to make or chinese economist says so this is in the people's daily and lee says in a front page commentary the dollar's depreciation may appear to be market driven in reality it is a depreciation colored by very strong deliberate actions and then he goes on to say if the global financial crisis was about nationalizing private debt then in the post crisis period there urgent need of the united states is to internati

the dollar keeps flipping, and a christmas gift for the miners from chile. your early morning business headlines are straight ahead. >>> even after his death, the gloved one enjoys stunning success. >>> the giants crush tony roam romo. could brett favre's career finally be over? >>> you're watching "early today." >>> good morning, and welcome back to "early today." i'm lynn berry. here are some of your top headlines this morning. tariq aziz, one of iraqi dictator saddam hussein's deputies sentenced today to death by hanging for political party issues during saddam's reign. >>> and a strangler, more time needed to consider the safety of the scarce lethal injection drug from an unidentified source. >>> investors are moving ahead with plans to build the largest solar power point in california. after getting final approval from the federal government yesterday. meanwhile, government officials are xpegtded to announce this week they're expecting to distribute $2.5 billion for a high-speed rail across the country. >>> police in washington. the state says the high

the one thing that many good. is that over a guess or on dollars. that the political causes of that of the crash in china in the u.k. and europe and other creditors is is very very bad and so the way the system works i come back in two thousand and six at all the nutrition the destruction that's essentially the dynamic of our global monetary system that there that everyone is motivated to not what that happen because it will be a political disaster for everyone so they're trying to work out a process of decommissioning the dollar as the primary reserve currency and that's what we're seeing today is a lot of pushing and shoving because the obvious big loser is going to be the united states anyway ok tell us about the other side of this catastrophe what you call the g.c.i. economy transportation energy communication and infrastructure what the f.s.s. energy the backlog for all that it is that we're going to have a second energy crisis and the first one was in two thousand eight. hundred forty seven dollars a call the peak oil cycle so i don't know the

to them but if they default then it's worth the nine million dollars ecause the nature of the credit so they actually had a motive to seche in really bad pieces of real estate because they wanted it to default they had a certain certain threshold level if x. like eight percent or whatever if some percentage went into default then they get paid on their credit well they'd rather have that than have the property so the whole thing is a huge scam a huge racket a fraud on the investors and a fraud arm the homeowners the homeowners they've just been years they're in their properties they're just been years this. you know pieces in and this big casino these foreclosures are to a legitimate transaction what a chicken mcnutt get is to a chicken yeah. and there are the reason i say this is because the mortgages answer this whirlwind this mirza system and it becomes a something of a blender and a processor and they process and they continue to sell and resell and repose and lead layer and layer of toxicity and resa characterization and what comes out the other si