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tv   [untitled]    July 4, 2011 11:30pm-12:00am EDT

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self-sacrifice and heroism of those who understand fully that you have to live a. real life stories from. nineteen forty five go to archie dot com. and again this is the headline. nato and moscow failed to reach any agreement about a missile defense shield for europe during the song to submit the deadlines giving no legal bearing to leave the proposed system but targets russian territory. and an american military base in the north of england tito's stumbles type missile system is the scene of protests by piece oncet says the northernmost speaker of the city was. not it was a gesture from the yugoslav tribunal courtroom in the hague full cross-head
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demanding his opponent choice of a lawyer but in a court appointed one the judge and to the people who don't give to be hostile be accused of a genocide charges and crimes against humanity during the course of the war and in the term. president headlines up next while you bailout cash is to flow again to greece of thirteen bankruptcy in return for a stick austerity cuts the shock waves from the country's huge economic problems could yet reach the u.s. find out why and because the report next. i'm maxed out of this is because reports i'm sure reveal to you the secret of global finance it's not about stuff like the crop was being sold it's about securitizing the crop was so can be traded. all the debt
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held by the bankers will be paid off from trading commissions but before you can do that you have to turn everything into a security i will explain the whole thing anyway stacie ever what's happening well access so over the past week as greece has been. have austerity measures forced on the greeks we have also seen this headline max debt leaving greece finds no buyers and fire sale of national assets so apparently representatives of the greek government while all this protest were going on in the streets of athens they were in london at claridge's hotel looking to sell off fifty billion euros worth of income producing assets up for sale were thirty nine airports eight hundred fifty ports railways motorways sewage works a couple of energy companies banks defense groups thousands of acres of land for development casinos and greece's national lottery apparently they found no buyers
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no they want and anybody but this is the experience of the american indian had with the u.s. army the u.s. army came and crawling across the western plains of america and they gave the american indians exactly nothing for the land and the concept of actually owning the land was completely alien to the indians the idea of owning the grand canyon for example was a concept that was completely alien to their culture similarly in greece the idea of securitizing in trading the acropolis is an alien concept they don't understand it they're being slaughtered by this army of bank stores who are going to securitize everything and all the commissions from trading all of this of course will be done off balance sheet in the in the shadow banking system in the dark pools greeks will get nothing they'll get absolutely nothing. but the other thing
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about this is remember you're dealing with con man banks or seer so are these private equity alleged private equity dealers who met with greek government officials are they just straw man and some sort of con are they acting as like the market makers you know how you often see this in america is that the the market makers don't appear for especially in a commodities market in gold or silver and they let the price collapse in order to then scoop it up at a very good deal for them and then sell it back at a higher price i mean why indian metaphor there the sioux indian and other tribes are still waiting for the u.s. to make good on various treaties that were signed three hundred years ago two hundred years ago one hundred years ago that's not worth anything the paper that these traders are written on if you think you're going to get anything in exchange for your assets from the banks that are rolling across the federal plantations of greece you've got another thought coming from the fed and she's plantations i've
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never seen whether it's a grown up plantation right because i know you're a spender one of the things that was pointed out by one of these private equity bankers is he said there was a lack of transparency again this is caused by goldman sachs has hidden all of the everything assets debt everything off balance sheet nobody knows there is no price discovery possible anymore thanks to goldman sachs and j.p. morgan well there will be once a securitize everything right now the acropolis has a value on a greek books of zero now when dullness actually comes in and they take control of the acropolis and they create a security based on the acropolis to acropolis back securitization program it'll have a value on the global markets but it'll be traded off balance sheet in the dark exchange and greets won't have any access to it but the international bankers will be trading it back and forth and they'll be borrowing against it that's the key thing all these so-called austerity measures are
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a way for go. sucks to securitize greek assets to lay another two three four hundred billion and dead on top of the five hundred billion in bed so you've said many times that after greece and the rest of europe america will come become the next victim of the i.m.f. so now taunting the u.s. the i.m.f. is following the same exact plan that they enacted against europe economic crisis in greece could reach the united states i.m.f. warns so first they're saying the money markets banks may spread the contagion according to officials so if something happens to greece they're saying that it could spread to the usa u.s. taxpayer give us all your money for that i'm off to bail out the greek creditors oh yeah it definitely coming into the u.s. because some countries got wise brazil kicked the i.m.f. out the economy's booming yeah the same situation on egypt they're saying no i.m.f. loans no world bank we don't want the terrorists we don't want the financial
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terrorists the market fundamentalists the banker jihadi on wall street we don't want them stink and suicide bankers like lloyd blankfein blow himself up here in egypt but in america sense they are basically idol worshippers of pop idol worshippers of blood blanks liners merry band of derivatives fraudulent counterfeiters speaking a pop idol there is a populous nation going on of j.p. morgan which is the biggest of the banks her occupiers them in the world and they have this former beauty queen who's now a j.p. morgan executive and i see all of the financial blogs posting photos of her and it's actually in the u.k. press as well this this hot babe who is this banker so that's the sort of thing they're trying to create the sort of worship ing of the art lindsay lohan sort of things of the people of the world because look a lot of these celebrities who are worshiped via twitter and the rupert murdoch's
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tabloids. they get away with all sorts of stuff because people worship them so when if j.p. morgan can start creating some lindsay lohan type bankers who people will just they'll forgive all how about lloyd blankfein the male unicorn with is probing antler alfie's and well you know the i.m.f. never has just a one pronged attack speaking of the unicorn they go multi-pronged i.m.f. urges us to raise is borrowing limit or risk defaulting on debt but warns that u.s. debt burden is unsustainable in long term so august fourth you know the u.s. needs to raise this debt ceiling or else it technically defaults and the i.m.f. is saying that you have to raise the debt ceiling put your debt is unsustainable. because the i.m.f. international monetary fund world bank nations they're running the show barack
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obama's just basically saying to the i.m.f. tuning well as we see all governments have to remember pup and rayo in greece he was elected on a very specific platform of tossing these guys out within days he was you know swapping the credit default swaps that were worth tens of billions of dollars he's giving them to buddies and people in secret bankers who know you know speaking of the swap that you just mentioned see his cronies rate the country for twenty billion based on that insider deal credit default swap of the coastal bank i go contracted for a journalist at harper's for their website in america i gave him the facts of the story and they didn't publish it harper's came back to the writer and said this story is too one sided against the u.s. . and this is just a straight up and down depiction of the facts so america you need to open your mind a little bit unless you want to be on the you get on the reservation armchair some
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he said many times the i.m.f. is after the us next s. and p. will slash america from aaa to d. if the treasury misses a payment so this goes exactly within a few minutes of the i.m.f. saying the us better raise this debt ceiling or they're in trouble well the s. and p. one of the rating agencies who work hand in hand with these international banks tourist the managing director john chambers spoke to reuters and he said quote if the u.s. government misses a payment it goes to deed he says this is known as the selective default that paper that is maturing on august fourth will go to di di di di di that's lower than triple c. and that's what they say greece is worth triple saying well why doesn't the greek government come out with a ratings report saying america's that's where the did he therefore so your american debt and you need a place to put that cash by greek that it will give you a play all the options all the acropolis ourselves we don't need a high enough and low point for the sell the acropolis we've got the rest of the solar problem but chambers also noted a default on u.s.
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treasuries a benchmark against which all other debt is measured would dwarf any worries about u.s. credit ratings as global markets would crumble they're pulling out this old canard oh the markets will crumble the world as we know it will and oh it's all over a give us all your money yeah well of course as part of that too the thieves learned to put a gun to the head of folks and saying it's a hijacking like hank paulson how many times can this work is like over and over and over they need to hire somebody from hollywood to get a different scriptwriter because this is boring oh look at every single poster for every single movie that comes out in every single state or in every single country it's a guy holding a gun it never stops elling people fear always trumps faith that's. the way of the world if you can scare somebody into giving you their money it's a lot easier than convincing somebody to invest their money speaking of hollywood though america was americans were sold on these wars and across the middle east as
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you know some big video game sort of film like shock and awe well cost of war in iraq afghan wars in your four trillion dollars study so again the cost keep on going up americans don't apparently understand how much they're paying for it those same americans who are sitting there debating saying oh the i.m.f. is going to be bailing out these greeks who retire at fifty three years old well what about when we have to bail out the americans who can't stop wars and bombing people all over the world is that any better like i'd rather pay some guider of retire at fifty three than to go murder a million people somewhere else. doesn't or stand the store isn't the energy and food prices are going up so what do you do about these people other than put them on reservations and then finally tying this all back to bankers and the afghan war american choice of plundering their future income afghan banker i have evidence of death plot this is abdul qadeer fit rat the former governor of the afghan central
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bank and he's fled afghanistan is now in washington hiding out and he's saying that there's a death squad against him and that's why he had to flee but listen to this fit rats comments come just hours after afghanistan's deputy attorney general said that rat and other officials of the central bank faced prosecution for not acting on warnings about widespread corruption at kabul bank so the corrupt central banker gives safe haven in washington d.c. under bernanke he's umbrella. banking criminal protection program. and meanwhile back and all the american people are killing folks willing really well yes you could say that ben bernanke in the us is to financial terrorists what the. taliban islamic terrorists well said stacy ever thanks for being on the plaza report. back with much more so stick right there.
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for the food we've got. the biggest issues get the human voice face to face with the news makers teeth. gritted teeth three. three. three. three. three. four your media projects. are to. welcome back to the kaiser report time now to go to lovely beaches out of athens greece to talk with economists a professor yes vera fake and janice welcome to the kaiser report thank you for
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having me. more austerity measures for greece from the news but it appears the population doesn't like the plan but what about economists like yourself do you like the plan i think this is one of those occasions where the crowds collectively shows more rationality in. the greater good of the european union makers and all the analysts who are supporting what in my estimation is a highly irrational for dealing with this is a sense well you've got two basic approaches to the various crises around the world there is the austerity and tax approach and then there is the let's print money company by bailouts and work programs that we've seen in the u.s. . neither approach seems to work as it well and we're a lot better in the united states and it works in europe even though the united states is so if you know the article words imagine what a situation could be with
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a quantitative easing up and one thing today you know falls somewhere in between the two turnip is difficult for words and the reason is that the user has a particularly nasty problem with the very design of it's i can picture the neither britain noons of the united states. speech or right exactly there's an interesting. historical precedent here with the introduction of the euro which. the greece can't devalue against other currencies because it's locked into the year out and it's basically going head to head economically speaking with germany i see germany as just announced fantastic results with their economy in part because they benefit from the lower year out because are tied to greece so germany is getting a benefit from their troubles and grace in ways that
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a lot of people are talking about why why not why shouldn't germany just leave the euro so that they then are competing with china and america on a on a more paraphrase soup basis instead of dragging greece into the gutter as germany is doing because of germany believes that year the little miracle that you described is going to go up in a puff of smoke within twenty four hours if they were to be considered good smart. marketing by you by fifty sixty one hundred percent and then they would lose their chinese markets and the only thing that keeps germany going on loans at the moment these are chinese market i want to just take the so high level for a second here and pick your brain as an economist because you mentioned comparing the u.s. and europe and why quantitative easing. perhaps was a better way to approach the crisis however in the u.s. it seems like all they did was buy some time they bought maybe two or two and a half years worth of time now s. and p. talking about downgrading u.s. debt to d.
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which would make it even less attractive then the current rating on greek debt of triple c. it is the same as either approach really makes any sense because what we're talking about here is more of a systemic problem the banks have systemically corrupted the system in ways where they make all the money and everyone else suffers all the losses is that a fair characterization absolutely. i have. offered a few photos basing that just like in one thousand nine hundred run socialism. could gust in two thousand and eight and we saw the end of capitalism and somebody took screen good to see used to believe the abuses were exactly what happened we don't really want it happens now and we wanted. to see it's not the same as bankruptcy it's not ruled by banks it's through by bankrupt banks the greater the failure of the ground in two thousand and eight and in europe today i believe its
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power to set the agenda it's a very strange regime under which the fine is the mission of the left versus right arguments of free markets versus. collective action or sense of granting now we have a situation where the more you have failed to do most good thank you your inability to generate profits the new power you have over those who do all right well it's based on that scenario the profits that were being made by the so-called too big to fail banks for years to deregulate or to dismantle free market capitalism and they instituted a command and control financial autocracy in its place so it's a failure once again. command and control that we saw in one nine hundred ninety one as you describe it it's a repeat of ninety nine he want to say it's a failure of the politburo of the federal reserve bank and other central bankers
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but look at greece for a second they of course through a seven year period of history experienced military dictatorship under the hundred it can't is a really much difference between the junta and the troika. it's funny you should ask me this yesterday i was talking to an old man who had thought as a partisan during his distance against the nazis in the one hundred forty s. and he stunned me with a question he said wrote imagine the germans and grown men why would it be different now see the position the people who was with the p.d. that we could gratian and announces he's in and then iris i asked him to to continue along that line of thinking and he said look if so. we would have a commissioner for whom a very handing things in greece i don't want to go as far as he was going but this
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is came from the parties and i have to say that i was stuck her words for at least ten seconds before i could conjure up enough strength to suggest that perhaps life would have been worse. all right imagine nazi occupation during all the arts part of that story of course was the nazis taking much of greece's gold gold in greece now amounts to one hundred eleven tons of galt and i've asked this question to a few people you're an economist you understand you know the history and the economics of greece well what i do have an estimate about how much call germany from greece during that occupation fraid of world war two it's more than just a question of gold you have to remember that during the occupation the german authorities extract at the massively. inadvertent comments from the coffers of the greek banking system although my banking system if you combined the gold we've got
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. you we've come to figure which intraday surprises is more than five hundred sixty billion years. of course the question is look it's all me can use these legally enforceable ok well let me let me just interject there first second because you're saying ok the agreements between that were made have been abrogated they don't exist anymore but here you have a george pappa dress government signing off on the memorandum what the i.m.f. of foreign banking institution giving them rights above and beyond the greek constitution they are going to take create skull decreases golf as part of the debts that they have a post on grace it's the same deal as you just described to me that the nazis did they think they loaded greece of the budget debt then they they they raped greece now the i.m.f. is loaded with a lot a lot of debt and they're going to economically rape greece they're going to take the gold they're going to securitize and monetize and trade all the security so how is this different and why should they were why why not why respect this memorandum
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this memorandum as was cooked up by pap address in it and under that we could only describe it as treasonous i do you know what i would never expect and what on the right had the choice of not inspecting things it is quite one thing to say i do not respect i cannot accept the debts that you have imposed upon me it's quite another to go to germany and go into state united for this for that you need right my dion and i don't think that there is in the sense in having this conversation on this on this matter but let me let me try to imprint my view regarding the ins and the european union's position because every critics i wish that i would agree with you that this is a conspiracy which to lupe's greeks it is not and i said. because if it were conspiracy it would mean that it would be somewhere i mean some reasons and some logic behind where you'll be in the me i am never doing in greece you see i don't believe there isn't and i don't believe there is a plan and i don't think there is any overarching objective i think what is
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happening is this they you know system was hit particularly hard by the gay financial crisis of a trade groups of two thousand and eight it started under ogling our european leaders are at a loss to know what to do what to do with it so they they do that on their own don't you think they know and that is to apply sticky tape in order to keep together. and then to face and i can picture which is a place in the dating this ticket is very expensive it comes in the form of its loans the loans come to greece they have to to throw some bones to their own parliaments in berlin for instance and it looks plain right these loans are going to greece and these are groups come in the form of public asset sales and record a station they're not doing it because they want to get something out of getting so they're doing it in a state of panic and in a way that ensures minimum resistance to these huge loans to greece in the early
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budget and why these huge loans to greece and simply because they bay much we're human moment in the french banks which we need to the explosion of the spanish that situation and then do a complete collapse of the euro and then that he considers and of adults market will introduce a huge new recession in germany now are great politicians run london recently trying to celebrate assets far knock down prices how does selling off income producing assets or start a large army anomic liability of grace it doesn't at all i mean don't you just give you a very bad example take the state lottery you're not in a lot of grace it produces four hundred million euros of dividends a year for the greek state and they're now going to try to sell for nine hundred million and this is purging on the screen in a nigga. since but so why are they doing well firstly because they're being told to do it and then the question of course goes right out of the total total there because mrs merkel wants to throw some bones to her members of parliament saying
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look they did x. . shooting themselves in themselves in the foot they can peel them let's extend those lines but in reality it was only mrs merkel is doing she's misleading her parliament in precisely the same way that greece is going on that it was misleading these problems because this money is not for greece this money is for the french and german banks and for saving the banking system not saving but preventing another collapse of the banking system all right well finally of course we're talking here you're actually saying on a greek island how much do you want for it how much do you want for your children. yes well that sounds very impassioned but as we know it is more all sad no place than today's global economy morals don't trade out any exchange there for morals down exist so it's just a start everyone's got their price and today's economy so out there is there that one twenty or a little less passion that maybe next week but let me answer this question in
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a discussion that way i was talking to investors from switzerland and germany who really want to get their hands on going to gas us and they said to me off to the goings on the last few days that they will withdraw from the from the competition to get these assets and they will be strong because they can sense the caution that you mentioned and it's not want to be involved in assets whose legitimacy the probity rights and across the isle of man would be questioned by a passionate people we not allow our islands and profit and coastlines to be traded in exchange of rocks in exchange of bones that would be had for going into default anyway they are a possibility is that they're seeking a cheaper price all right that's going to do it yes vera fake us thanks so much for being on the kaiser report. thank you and that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert and i thank my guests yanis vera fake and if you want to send me an e-mail at kaiser report at r t t v are you
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until next time this the next guys are saying right off.
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