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tv   [untitled]    July 5, 2011 3:30pm-4:00pm EDT

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grown to be closer to. the shore marco resort hotel resort of the same. resort mccall's beverly closer to home riviera the told with cintra who told. you just joined it's a very warm welcome top stories the activists grow more vocal in their opposition to u.s. military sites in northern england and the reagan era star wars project saying they have a right to know what's going on that. the shutters are up in denmark as the country pauses strict new laws on border controls which have already caused anger from its european neighbors who say it might breach agreements on visa free travel. claims it violated the un's libyan arms embargo as gadhafi loyalists say they
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intercepted a shipment of belgian made weapons intended for rebels. max and stacey look at whether the greek economic shock wave is causing a wobble in washington it's a cause a report. i maxed out or this is a part time series. secret of global finance it's not about stuff like the acropolis being sold it's about securitizing the acropolis so it can be traded. all the debt 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 oh we'll explain the whole thing anyway stacey or what's happening well
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max yes so over the past week as i agree says bend have austerity measures forced on the greeks we have also seen this headline max debt leading 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 our 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 no they want when anybody cares this is the experience of the american indian and with the u.s. army the u.s. army came of crawling across the western plains of america and they gave the
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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 banks toure's 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 about this is remember you're dealing with con men banks to use here 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
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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 geez 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 covering the credit she's plantations i've never seen whether there's a grown on the plantation right because you know you raise better one of the things that was pointed out by one of these private equity bankers is he said there is a lack of transparency again this is caused by goldman sachs has hidden all of the
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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 they securitize everything right now the acropolis has a value on the greek books of zero now when bonus x. comes in and they take control of the acropolis and they create a security based on the acropolis and 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 reach will have any access to it but the international bankers will be throwing it back and forth and they'll be borrowing against it that's the key thing all these so-called austerity measures are a way for go. sucks to securitize greek assets to lay another two three four hundred billion in debt on top of the five hundred billion in debt so you've said many times that after greece and the rest of europe america will come become the
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next victim of the i.m.f. 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 u.s. i u.s. taxpayer give us all your money for the i.m.f. to bail out the greek creditors oh yeah 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 terrorists the market fundamentalists the banker jihadi on wall street we don't want them stink and suicide bankers like lloyd blankfein blow themselves up here in egypt but in america sense they are basically idol worshippers
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of pop idol worshippers of lloyd blankfein a merry band of derivatives fraudulent counterfeiters speaking a pop idol there is the populous nation going on of j.p. morgan which is the biggest of the banks her occupiers of 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 a banker so that's the sort of thing to have trying to create the sort of worship being of a lot 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 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 the
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probing antler alfie's and well you know the i.m.f. never has just a one prong attack speaking of the unicorn they go multi-pronged i.m.f. urges us to raise its borrowing limit or risk defaulting on deck 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 but your debt is unsustainable. because the i.m.f. international monetary fund world bank nations they're running the show barack obama is just basically dancing to the i.m.f. tuning well as we see all governments have to remember pop and radio in greece he was elected on a very specific platform of tossing these guys out within days he was you know
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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 with the coastal bank i go contacted from a journalist at harper's or their website in america i gave them 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 in the us you want to be on a are you going to reservation armchair some said many times the i.m.f. is after the us max 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 the debt ceiling or they're in trouble well the s. and p.
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one of the rating agencies who work hand in hand with these international banks there is that managing director john chambers spoke to reuters and he said quote if the u.s. government misses a payment it goes to d. he says this is known as the selective default that paper that is maturing on august fourth will go to dean d d d d that's lower than triple c. yes 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 worth a dig therefore sell your american debt you need a place to put a cast by group that will give you a play all the options all the acropolis ourselves we don't even know if i'm going to play for the dominion still the acropolis mierda you know some of the smaller problem but also noted a default on u.s. 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 all canard
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oh the markets will crumble the world as we know it will and oh it's all over it give us all your money yeah well of course it's part of that too to be learned to put a gun to the head of folks and saying it's a hijacking like hank paulson i mean 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 of every single scene or in every single country it's a guy holding a gun it never stops elling people fear always trumps faith best. 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 across the middle east as you know some big video game sort of film like shock and awe well cost of war iraq afghan wars and your four trillion dollars study so again the cost keep on going up
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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 guide retire at fifty three than to go murder a million people somewhere else but doesn't stand the store isn't the energy and food prices are going up so what do you do about these people didn't 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 bank and he's fled afghanistan is now in washington hiding out and he's saying that so there's a death watch against him and that's why he had to flee but listen to this rats comments come just hours after afghanistan's deputy attorney general said that rat
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and other officials at the central bank faced prosecution for not acting on warnings about widespread corruption at kabul bank so the corrupt central banker gets safe haven in washington d.c. under bernanke is umbrella. banking criminal protection program. and meanwhile back in kabul the american people are killing folks willing really well yes you could say that ben bernanke in the u.s. is to financial terrorists what the. taliban rise to islamic terrorists well said stacy ever thanks for being on it as a reporter. back with much more so stick right there. for the full story we've gone to. the biggest issues get a human voice face to face with the news makers.
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twenty years ago this country. was how did. you get your. where did it take. a lot of back to the kaiser report time now to go to lovely beaches outside of athens greece to top of the economist a professor yes vera fake yanis welcome to the kaiser report thank you for having
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me. more austerity measures for greece from the news but as 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 crowd's collective shows more rationality in. the greater good of the european union the producing makers and all the analysts who are supporting what in my estimation is a highly irrational policing for dealing with this is going to grind since well. two basic approaches to the various crises around the world there's the austerity and tax approach and then there's the let's print money company by bell outs and work programs that we've seen in the u.s. . neither approach seems to work as it well it will look better in the united states and even worse in europe even though the united states is certainly not
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article woods imagine what the situation would have been with a quantitative easing opened today europe falls somewhere in between the two alternatives difficult forwards and the reason is that the user has a particularly nasty problem with the very design of its i can picture the neither britain noons of the united states. 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 is 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 power for 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 a good smart. go to market to buy you by fifty sixty one hundred percent and then they would lose their chinese markets and the only thing that keeps germany going alone swimmingly at the moment is the 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 us it seems like all they did was buy some time they bought maybe two or two and
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a half years worth of time and now s. and p. talking about downgrading u.s. debt to d. which would make it even less attractive then the current rating on greek debt of triple c. it doesn't seem as though 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. enough of 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 sounds of people stream but had to seriously believe that pieces were exactly what happened we don't leave when it happens now and we wonder jean can i go bankrupt the currency it's all the same as bankruptcy is not ruled by banks through by bankrupt banks the greater the failure of the ground in two thousand and eight and in europe
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today. its power to set the agenda and it's a very strange. which defies the traditional left versus right arguments of free markets versus. collective action or sense of running now we have a situation where the more you have failed to the most good thank you your inability to generate profits the more 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 commanding 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 poet bureau 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 hunter can 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 fought as a participant during his distance against the nazis in the 1940's and he stunned me with a question he said wrote imagine the germans and then why would it be different now . the position that he drew was not with was with the period that we can gratian under the nazis he said and then and i asked i asked him to continue along that line of thinking and he said look if we're so great we would have a commissioner for whom i'm very lean and handing things in greece i don't want to
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go as far as he was going but this is came from the parties and i have to say that i was stuck with words for at least ten seconds before i could conjure up enough strength to suggest that perhaps life would have been worse. or a mansion 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 gall and i've asked this question if you pay paul you're an economist you are just you know the history and the economics of grace well what i do have an estimate about how much call germany from grace during that occupation trade 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. it comes from the coffers of the greek a banking system i'll keep my banking system if you combine the gold we've got.
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and you will come to figure which in today's prices is more than five hundred sixty billion years. of course the question is look it's all me is these legally enforceable now ok well let me let me just interject there for a 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 chargeback address 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 critics call to greece as golf as part of the debts that they have opposed to embrace this is same deal as you just described to me that the nazis did they think they loaded greece of the bunch of debt then they they they raped greece now the i.m.f. is loaded with of all a lot of debt and they're going to economically rape greece they're going to take the gold they're going to securitize it monetize and trade all the security so how
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is this different and why should they were why why not why respect this memorandum this memorandum as was cooked up by perpetrators and and under we could only describe it as treasonous i do you know i would never expect and i'm going to be i had a choice of not respecting and it is quite one thing to say i do not respect i do not accept the decks that you're going to support me it's quite another to go to germany and to go to stay here in london for this for that you need quite might beyond. them saying that there is in sense in having this conversation on this on this matter but let me let me try to in my view we're going to be i am its position and the european union station recently critics i wish that i could agree with you that this is a conspiracy to loot greeks it is not and i said. was it where conspiracy didn't mean that it would be some ryan and some reasons and some logic behind whether you be in the be an evergreen grace you see i don't believe there is an
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object and it will believe there is a plan and i don't think there is any overarching objective i think what is happening is there's a huge a system was hit particularly hard by the gay financial crisis of the tradecraft of two thousand and eight and it started under our getting our european leaders are at a loss to know what to do what to do with it so they don't the only thing they know and that is to apply sticky tape in order to keep together. and then to face and i can picture which is disintegrating this today it 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 to explain why these loans i think increase and these are grown scum in the form of public asset sales and bread of a station they're not doing it because they want to get something out of greece and they're doing it in a state of panic and in a way that ensures minimum resistance to beas huge loans to greece in the
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parliament and why these huge loans the basic simply because they bay much. moment in the french banks which we need to be explosion of the spanish that situation and then do a complete collapse of the euro and then radical solution of the dutch market will introduce a huge new recession in germany now are great politicians right london recently trying to sell brake assets far knock down prices how does selling off income producing assets restore the logjam economic viability of grace it doesn't at all i mean don't you just really a very great example take the state lottery the national lottery of greece 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 urgent on the creaming of the navy. since but so what are they doing it with first because they're being told to do it and then it will cause the guys gray eyed to be total total terror because mrs merkel wants to throw some
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bones to her members of parliament saying look they did exist are reading shooting themselves in themselves in the foot they can be killing them let's extend those terms but in reality it was only mrs merkel it's doing she's misleading her parliament in precisely the same way that mrs bush on that is 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 her well finally of course we're talking here you're actually sitting 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 and today's global economy morals don't trade on any exchange there for morals down exist so it's just a start everyone's got their price and today's global eyes economy so out there is it that when when you're a little less passionate 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 and they said to me off today 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 question but you mentioned and they do not want to be involved in assets whose legitimacy the growth of the rights and the transfer of and will be questioned by a passionate people who will not allow islands and profit and coastlines to be traded in a change of rocks in exchange of bones that will be had for going into default anyway the other possibility is that they're seeking a cheaper price all right that's going to do it yes vera faintness 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 nice guys or in stacy herbert i want to thank my guest yanis therof a constituent to send me an e-mail placed at kaiser report at r t t v are you going
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