A great place to spend your money but the millionaire class in the billionaire class has been exploding to the upside and theyve got a lot of dosh even there we were saying at this hotel near bryant park and just an ordinary hotel with an ordinary room it was a 1000. 00 a night on a saturday night so it was that full manhattan is that full right now so there has been q. 1091. 00 of the things we covered at that time extensively was the greek financial crisis because here we saw the troika enter and impose mass austerity measures and they still by the way have austerity measures out until the i can see that they have to run a primary surplus for example of 3 percent of g. D. P. Which is on heard of in almost all nations theyre maintaining that at the moment but heres a story that is remarkable in light of the fact that consumers are shopping like crazy racking up debt like crazy. Like they actually have jobs that are paying them great incomes heres the same post financial crash from greece one of the most ridiculous charts and financial history greece got paid by investors for issuing debt they sold 3 month debt at record low minus 0. 02 percent and heres your chart of the 3 month yields on greek debt its now negative max all right well loans kind of imply that somewhere in the mix is collateral right so people are putting up collateral to get a loan so in the country of greece the collateral that is the Greek Economy is being used to put up against these short term debt instruments and theyre getting negative rates which implies that whoever is making those loans hasnt really looked at the validity of the collateral which makes sense because no where in the world today are economists or policymakers or or bankers really taking into consideration the value of the collateral the collateral value doesnt make any sense the only thing that has any value is the ability for banks to publish numbers that are then sanctified by their respective governments the suggest that they are liquid that they are solvent when we know that in fact theyre not solvent so the Greek Economy is insolvent but you can still use it as collateral against these short term debt markets because the pope of finance gives it their blessing and they say that its good collateral so the basic function of economics is no longer at play here because you no longer need to prove the value of your collateral in any kind of a loan situation so you have loans on loans on loans the fancy word on it is hypothecation and re hypothecation of course in europe still centered in london they have the notion of infinite rehab. Cation you can lend out the same non liquid security an infinite number of times to garner an infinite number of fees in cash flow and so that would include greece and it doesnt matter if its a centrally or walking dead economy you can still use an infinite collateral situation where theres no accountability and you have the complicity of a Global Cartel of extraordinarily corrupt central bankers well the thing is that most people will look at that and say yeah everythings fixed its all great again we could all just relax right the economy is recovered all the structural problems within our Global Economy are fixed the structural problems within the euro zone are fixed the fact that germany has an undervalued currency for their economy and greece has an overvalued currency for their economy its all fixed because look its negative rates but this is exactly what weve been talking about here in kaiser report in terms of moral hazard so here we have whoever these investors are at this point im sure is probably the e. C. B. Who is throwing money at this thing will lose money but the fact is weve we have the same situation with argentina remember we covered that 100 year bonds which were oversubscribed only a year ago and now obviously theyre bankrupt again and their currency is class by over 50 percent here with greece is this is a sign of disorder and chaos in our Global Financial system that its corrupted to the point where again we are unable to price risk we are able to price anything nobody knows the value of anything nobody knows the duration of anything there is mismatch and all of that sort of stuff and thats why people are out shopping as if there are no tomorrow or maybe there isnt a magic alphabet with various letters and and vowels. And lets say they alphabet starts to transmogrify before your very eyes and instead of having a bunch of different letters and bowels lets say the letter a starts multiplying and pretty soon most of the letters are the same letter the letter a and then every single letter in the south that is the letter then everything written in that alphabet would be completely unintelligible now imagine the economics you have Interest Rates that are different for short term medium term long term you have very securities that are structured in a way that make reference to those Interest Rates and you have investors who are looking for a risk reward based on the risk list rate of return which is a short term treasury market and the whole thing is built on having all different kinds of varieties of maturities and all different kinds of securities and the ability to try to sort your way through that to create the language of finance well now we have a situation where one letter in that our financial alphabet 0 percent Interest Rate has taken over to become the only letter in the alphabet of financial finance everything is now written in the key of 0 percent Interest Rate or the letter of 0 percent Interest Rate and so nothing has any value anymore so if you say that youre going to give a negative Interest Rate to greece you could say that you could equally say that every olive in greece were going to claim according to Goldman Sachs or whoever is worth the same as a as a brick of gold you could make that statement and you could blend against it theres no one to stop you from making that obviously fraudulent statement theres no one stopping anyone from bankers making the obvious lead fraudulent statement that you can have a negative rate increase because there is no variety in any of the characters that make up Global Finance any more everything is that 00 is is predominant every single conversation that comes out of the mouth of every financial writer in the press and on television is a 0 every 6. Based on 0 and the entire mix of this phantasmagoria of Global Finance is is all blending together into one huge void of worthless. Crud essentially that has no value cry it is a good point to spin into my next headline with crude oil because. What were also seeing is here we have a polish bureau a command and control of the value of money the price of money which no longer time no longer has value with this money in order to bail out certain sectors of the economy certain bondholders certain economy certain banks the command and control situation in that emanated from venezuela is kind of in the story about haiti because haiti is back in the news and you know this is in our hemisphere over here in the u. S. Just off the u. S. You know florida coast out there in haiti we have yet more disaster and it reminds me of course of 20082009 number all those protests in 2010 and 11 as inflation reared up and the price of food staples and things like that roared ahead and oil prices and stuff like that so we saw unrest in various economies all over the world and right now were seeing the same thing by haiti is really having a lot of on arrest here explainer was behind haitis deadly protests and possible outcomes opposition leaders and their supporters in the nation of 11000000 are calling for the resignation of president jovan l. Moyse 51 amid anger over fuel and Food Shortages a steep currency devaluation and corruption allegations this is the longest stretch of demonstrations against noise since they broke out last year at least 17 people have been killed and 189. 00 injured according to haitis National Network for the defense of human rights and where crude plays into this is so theyve raised the price of fuel and why that has happened is that haitians are angry at fuel shortages since the collapse of the Petro Caribe Program under which venezuela for a decade offered aid and cheap financing to several caribbean nations to bias gasoline diesel and other products the cash strapped country has. Struggle to import and off market prices gas stations are regularly out of fuel for days at a time and blackouts increasingly common the shortages plus government attempts to reduce fuel subsidies have caused prices to soar exacerbating an already dire situation half the population lives on less than 2. 4 dollars a day they have market failure in crude you know thats been true for a number of decades now for 2 reasons number one the financing of that industry is been done with ever cheaper money due to the trend that we just talked about the manipulation of rates toward 0 so therefore the crude oil has failed and 2nd of all there is no cost for the extra analyses of the industry the environmental catastrophes that should be borne by the executives of the Energy Companies not just allow the planet to become ecologically failed so those 2 things have contributed on the periphery to a country like haiti then again taking them being the catastrophe from venezuela which is the part of them closer to the catastrophe that is the saudi arabia and the us of the petro dollar that goes back to the seventys in the seventys a petro dollar which introduced the idea that there would be a false artificial market for saudis oil products based in the false artificial market of u. S. Dollars and after 30 years 50 years of this its created a situation of a failed dollar market and a failed trued market which failed venezuela and is now failing haiti but you know in the us you have price discovery based on true supply and demand and you wont have a functioning economy you can have only a failed to manage control economy when they ought never work and either so as long as everyone gathered around the camp fire of 0 try to warm their hands on fake fire which they never seems to work because it doesnt exist that nothing is ever good its only gonna get worse. And the situation is this similar to greece similar to argentina similar to all these ever nonstop disasters is that the petro curry program included a fund for infrastructure and social projects in member countries opposition politicians say no serious projects were ever completed so there are allegations in a report by the superior court of auditors of the embezzlement of billions of dollars that were meant to be for infrastructure spend of course haiti had that massive earthquake a few years ago that killed 300000. 00 people and theyre still trying to recover from that so you know we know the us role in plundering the billions of dollars that were meant for economic recovery after that earthquake so there are certain economies that just are dont have the institutions or the my or the power to stand up to the plunderers right jim politics for decades ive been totally dominated by the Energy Sector and the Energy Sector because its so reliant on capital is reliant on the crop Banking Sector anyway were going to take a break when we come back were going to continue so dont go away. There are no official statistics in india concerning children who have been lost or separated from their parents some to estimate that everything 8 minutes in the country the child goes missing a. Lot of. Money in the last. Minute finally got. The National HumanRights Commission stating that 44000. 00 minors go missing every year while the police quoted. The United NationsChildrens Fund has described the situation as genocide and various sources suggest that in india there are several 1000000 missing women and children. Is youll be via reflection of reality. In a world transformed. What will make you feel safe. Isolation community. Are you going the right way or are you being led. Away. What is true what is faith. In the world corrupted you need to descend. To join us in the depths. Or remain in the shallows. Welcome back to cause a report special edition back to the station a part to new day see what it well we ended the 1st half on talking about haiti and whats going on in haiti because there are many protests on the news doesnt cover that of course because there are other more i mean you only have so much time on the cable news to cover it and you want to talk about your geo political enemies and stuff like that and in haiti there have been billions of dollars have gone missing and i want to compare that to what we have the situation in america because we have this farce on the cable news of everybody pointing their fingers at each other its kind of like you know Quentin Tarantino film theyre all pointing fingers at each other of whos the most corrupt but theyre all corrupt i mean theyre all working. In a corrupt situation all the children of the sons and daughters of politicians the nieces and nephews of politicians and in haiti there was a quote from economist emil who said that the days of lockdown have paralyzed Economic Activity and made it worse but at the end the main concern is that the government is not able to give an appropriate response the country is out of control so i want to follow up on this the absence of an appropriate response like we see that here in the united sates we see the Democratic Party has no appropriate response to the humiliation the utter utter and deep you really ation that hillary suffered at the hands of donald trump and 2016 they have no appropriate response they cant look at their own economic policies and look at themselves and say what did we do wrong what was like what were their perceptions of corruption with my own family and my own fund and were we any less or more corrupt than trump and all of his sleazy stuff absence of an appropriate response this is what they say in haiti and this is the problem in the u. S. They say it was the u. S. Like haiti and then you read a piece like we just read from Rolling Stone who is suggesting that in fact the u. S. Is undergoing a position or a transition right now where theyre not going to wait for the next election and certainly look who is a permanent coup and so we see this in countries that are in permanent chaos and haiti would qualify as a country of this type so the u. S. Is now entering into a permanent chaos permanent coup and no appropriate response should be given to the democrats democrats dont seem to understand that there is a ballot box that happens every 4 years and thats the way its set up and unless you want to change the constitution you know theres nothing else you can do so they just theyve opted for what you see. The end countries like haiti are better as well or myriad other countries we can mention panama or you know theres dozens of them usually protectorates of the us you know they undergo coups right so the us is now in permanent coup and this is the kind of language your people are using to describe the us we cover that a few months ago talking about the Yellow Vests Movement in france there was a philosopher and author who wrote about the fact that the elite whether in paris or london or los angeles or hong kong theyre in a bubble where they they are on able to come up with appropriate responses to the needs of the people because they themselves are so divorced from not only their economy and politics but they theyre close to the Printing Press theyre getting the free money their house prices are going up and they dont know how to respond they are like Marie Antoinette they dont know what these people want and they only solution they have a scythe throw them conspiracy theories you know brioche well whats quite unnerving and subversive is that the worst things get the cheaper money gets you know the solution to all problems is cheaper money and used to be 50 years ago 100 years ago there were other institutions in the in america there was the church there was the Education System there and there was so miserable as there were communities there were civil actions in bankers were just one of many institutions that were part of the community but sense the rise of monetization and the rise of neo liberalism under reagan and thatcher in that period we have only one solution to every single problem and that is to print more money and that of course means exactly what were talking about here is that the worse it gets those who are caught the arsonists are getting paid more and more to be arsonists the more rapid these liberal elites in america burn the constitution the ground the more money they make. And the worse it gets at the bottom thats really important to this next article and its from Huffington Post the glass floor is keeping americas richest idiots at the top elites are finding more ways to ensure that their children never run out of chances to fail they talked to Richard Reeves a Brookings Institution researcher and author of dream hoarders how the american upper middle class is leaving everyone else in the dust why that is a problem and what to do about it and a lot of it is because its its getting more panics because it is way more horrible in the bottom 95 percent now than it was back in 1970 and especially since weve gone off the gold senators since neoliberalism since since all our jobs were outsourced there are fewer and fewer well paying jobs and therefore its you have to fight tooth and nail no matter how dirty to make sure your children never go down the economic ladder so there is a viciousness coming into it these researchers and economists looking at all the data show its actually becoming we hard or even during the eightys during reagan that it was Something Like 90 percent of children earned more than their parents did could be expected to earn more now by 2000 it was like 5050. 00 chance so its continues to decline but its like the raj system. The British Empire used to rule india so the elites of the ivy league and the bankers on wall street are put in place by the potentates of the Central Banks and their only job is to commit arson against all institutions except the Central Banks so that they can be flooded with the quantitative easing money that they then are able to pass down to their children if youre not on board you go through the trap door you know the glass floor has a trap door you go through that trap door and you end up as an untouchable or as hillary. Clinton its a deplorable demise of that system is inherent to it because you do have the least qualified ruling you do have the least qualified running businesses there the shocking number of c. E. O. s that are actually appointed because theyre friends of a friend the likes of of Chelsea Clinton who are paid 600000. 00 a year to work at m. And b. C. Hunter biden who is paid 1500000000. 00 by the chinese to run a fund and lord knows how much by the ukrainians to run on natural gas same with trumps children they are handed money his is more typical because theyre working for the Trump Organization and its Something Like 90 percent of the top one percent the children of the top not one percent work for the family firm so there is a sort of rotten thing thats happened throughout history youve seen it through reading the history books of what happens to the french empire the British Empire and its just a raw festering of the dumbest people in society the least able who begin to run it but there is of course nothing special about human beings showing favoritism to their friends and relatives but according to Joseph Fishkin a university of texas at austin professor and author of bottlenecks a new theory of equal opportunity the rise of inequality has created a vicious cycle the harder life gets for people at the bottom of the Income Distribution the more desperate elites become to preserve their status for their children quote the greater the inequality the greater the impact on opportunity he said theres a self fulfilling class anxiety among the middle and upper middle class because they sense that spaces are scarce now there are fewer secure jobs and the scarcer they are the more valuable they are now as you point out this is human nature and in america there was all was the renegade an entrepreneur who would buck the system take some risk create huge multibillion dollar industry as you know the medicines or the. World the steve jobs of the world you know entrepreneurs chuck yeager breaking the sound barrier men landing on the moon so americans would go against the grain in this respect and toll in my view 911911 was the the event that destroyed the american character and introduced this reality where the rich said i am going to not going to play anymore game time is over america is finished and they went to this protectionist system of just keeping it all in the family and that is that now 20 years later we see the results and its only going to get worse 911. 00 also happened to just come after the quantities futures modernization act and the glass steagall so it was kind of the beginning of the end that weve had total plunder since its kind of almost them handing off as well right after 911. 00 of course china entered the World Trade Organization so there are a whole bunch of factors that came in at the same time but in this article they point out that again the least qualified are kept from failing so there they maintain positions of power and hog capital more and more scarce real capital that does not circulate into they economy now because its being hogged by people who dont know how to how it is saying that there was a time when americans were much more splashing the capital about because they were kind of having fun with it all lets create a new industry lets create hollywood lets get a lets build stadiums lets create a sport you know they were the that has gone there is also the question of diversity of social mobility continues to fall americas ruling class will become increasingly insular considering almost exclusively the perspectives of wealthy heiress and elite College Graduates already 90 percent of families that earn over 118000. 00 per year are white of the 102. 00 new senators and representatives elected and 21000. 00 more than half attended the most selective colleges in the country 8 of the 9 Supreme Court justices graduated. Just to law schools right well you know the u. S. Was a breakaway from the British Empire british angolan from england you know the the monarchy in 1014 right they brought in the Federal Reserve bank that was the beginning really of the reminder carters zation if thats even a word of the american system now in 2020 almost i think were just completely back to having interest aristocracy run the country and what we used to equate to america. Alger bootstrapping kind of rise to the top in social mobility which lasted 550 years or so is finished ok well thats going to do it for this edition of the kaiser report on im max keiser Stacey Herbert thanks for watching if you want to catch some twitter its kaiser reports a lifetime by. Facebook and google started with a great idea and great ideals unfortunately it was also a very dark so. They are constructing a profile of you and that profile is real its detailed and it never goes away turns out that google is manipulating your opinions from the very 1st character that you type into the search bar it will always be one dog food over another one comparative Shopping Service over another and one candidate over another they can suppress certain types of results deiced on what they think you should be see if they have this kind of power then democracy is an illusion the free and Fair Election doesnt exist the more road we give them the sooner were all. So what weve got to do is identify the threats that we have its crazy. Let it be an arms race. Spearing Dramatic Development only personally im going to resist i dont see how that strategy will be successful very critical time to sit down and talk. Is it this is a stick from the water bottle phone in the stomach of the fish the brand is part of the Cocacola Company which sells millions of bottles of soda every day the idea was that lets tell consumers there are the bad ones there are the litter bugs are throwing us away industry should be blamed for all this waste the company has promised to reuse the plastic. Thats. A special project funded. On the disease. But for now the mountains of moist only grow. Turkeys present in russia to hold talks with president putin on syria as a 5 day pause in the Turkish Military operation against Kurdish Forces on tuesday. Also this hour. Another night of unrest as Pro Independence demonstrators target police with violence although others do their best to show their peaceful