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tv   Keiser Report  RT  August 17, 2013 3:29am-4:01am EDT

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often enough will become true in the minds of millions of people who play the game and that's why you can't back down when it comes to historical phosphoric ation but that's just my opinion. the. economic downturn in the final. days of the old sang night and the rest of life they meet a little bit every week. welcome
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to the kaiser report imax kaiser the great big called of carney says inflation is tame at a mere two point eight percent in northern england this week wherever a pair of armed feeds were involved in a five hour standoff with police after barricading themselves into a cafe in order to steal key. yes this stuff kiddish there is still a cat curry is trapped they know that it's worth next to nothing in this economy they just wanted. the mere existence of kids thieves in the u.k. it's a resoundingly indictment of quantitative easing because while the creepy cult of carney says that inflation the same the headlines and the kids thieves tell us the truth about these times the headlines read. train fares to outstrip inflation to rise four point one percent from the telegraph the headline reads pace
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of rising house prices outstrips inflation with the economist predicting headline house prices growth get hit seven percent energy prices and food prices are also outstripping inflation there are more prices outstripping then a pole dancing globe i mean first of all states ever if prices are outstripping inflation isn't that then the new definition of inflation in other words inflation tracks the stuff you can say it's rising faster than inflation you have to say inflation is real is rapidly rising that's a strong well exactly because inflation of cost of things are rising however prices that were paid our fees our salaries are collapsing they're deflating rapidly and this is what we're going to see in the inflation deflation debate as captured in these headlines today london housing market races ahead house prices in the capital
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rose eight point one percent in the year to june raising fears that the help to buy scheme is fueling a new property bubble i might add that kaiser report where the very first to say this that this was a ponzi scheme will lead to add of control inflation and this is what is happening is eight point one percent rise in house prices here in london across the u.k. however prices are also rising and everybody is blaming the help to buy scheme right well it's important to understand that the government reports two point eight percent as the inflation inflation number this and they say for mitigating and because they look at a basket of stuff and they cherry pick what's in that basket to make it look like there's a low inflation big why because their response bill for paying interest on things like retirement benefits etc so there you have it they're interested in misstating inflation and they do mistake inflation and they don't put stuff in there that is actually right. and price therefore they give
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a completely false picture and this is why people are scratching their head they can't figure out why inflation is so low their standard of living is collapsing is because the government is lying about the numbers they're using statistical so if astri they're not telling the truth they're lying and so house prices have been rising because of the funding for lending scheme last year then since early this year we've had the help to buy scheme the first phase of it now the article points out that the second phase is coming in and the second or controversial phase of the help to buy scheme due to launch in january twenty fourth teen will make taxpayer backed loans available to purchasers of properties worth up to six hundred thousand pounds right well again this is all about the government buying votes there were the people in a hole like i was hearing a story about among women and all that had to turn to prostitution to get enough money to feed their kids i mean that's the result of us born ponzi scheme that's the result of cameron's ponzi scheme and tried to buy votes that are dead in
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a famously in the eighty's she bought votes with turning council flats into speculative vehicles and now cameron is turning the same playbook let's buy votes by goosing the economy keep in mind that the overall debt of this of the u.k. economy is getting a record numbers and i'm predicting within the thirty six months it'll be over four trillion pounds so the taxpayer is providing the loans for these people who cannot afford to buy the homes because the homes are too expensive and their incomes are declining so the taxpayer is providing these loans subsidizing the purchase up to twenty percent of the cost of these homes so what does fit ratings has have to say you can help to buy scheme may aid banks builders margins the second phase of the u.k. government's help to buy scheme will increase margins for homebuilders and may do the same for banks while creating contingent. liabilities for the solver the scheme
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will probably push up house prices but the likely impact on the number of new homes built is less clear so you know they claim that the aim is to encourage more home building so that there will be more supply for the increasing demand of a growing population however there's no sign of that actually happening it's just increasing margins increasing profits for a few select people who also by the way donate to the conservative party and it's the sort of person that votes for them by buying cash from the banks but when i say contingent liabilities for the sovereign was i mean what i just said i just said that the debt of the u.k. is going to go up that these by the let's games and the this reinflating of the housing bubble will increase the debt now two things one the house bubble will burst again as i've said on the show then twenty four months but what it bursts the debt will still be a record so they go on to say this is fitch and they say the guarantees under the
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second phase estimated that twelve billion pounds by the treasury along with direct equity loans for homebuyers under the first phase three point five billion pounds allocated to the two thousand and thirteen budget are open ended and could potentially lead to higher contingent liabilities over the medium term so this is twelve billion pounds of taxpayer money the treasury has set aside to subsidize subsidize those who speculate in housing twelve billion pounds that's an important number to look at for the next phase of our stories the real costs of benefits squeeze one thousand six hundred pounds per family devastating research finds only one in eight households facing cuts will be able to find work so the social security forms introduced and this is the cuts to housing benefits a cap on them well it's going to save taxpayers eleven point eight billion pounds so here you have. point eight billion pounds being taken from one section of the
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taxpayer funds and transferred over to the other side those who speculate and housing for the first five years through quantitative easing interest rates are taken here in the u.k. and that money was transferred from savers to speculators now they can't raise late rates any lower than they've already lowered them i'm sure they can lower rates any more than they've already lowered them and mark carney has said we're going to go with forward guidance which is going to keep rates low so there's no more savings to steal so they're going into the benefits pool they're going into what you just said eleven billion twelve billion pounds and they're cutting those benefits from people from others like the mother of all those down the streets you know doing sex to keep food on the table they're taking money from her and they're putting it into real estate speculators yes and now first of all the propaganda to the middle class who are in the upper middle class and those people who are speculating in property
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the propaganda fed to them by the tabloids and the mainstream media and the politicians and in parliament they say that it's all we're just getting people to stop scrounging off the state these are people who just sit on the dole all day now this is what george osborne had to say in june about why they were cutting money from the housing benefit welfare reform is about much more than saving money vital though that is it is about reducing dependency and changing people's lives for the better where is the fairness in condemning people to a life on benefits because the system will not help them to get back into work now look at the twelve billion pounds he's taken from them and shifted to those who speculate in the housing market many of those people do that and that's it they extract equity from their homes they don't actually work it's not it's not in any way that he's not taking it from. an unproductive sector and adding it to a productive sector speculating and housing is not a does not lead to innovation growth
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a developing economy real jobs it's unproductive. that's right the people on the you care the poor people are being scapegoated then you're right it is propaganda you know they the government is engaging in propagandizing poor people in this country and saying that they're the rats they're the burman we need to take everything they've got to give it to our friends the speculators who are going to give us money to go for reelection and this is an extraordinary development in the u.k. because they they have completely forsaken anything better resembles any kind of a free market or democratic state well in fact so they take the twelve billion pounds and shift to go from one productive sector to another and they haven't actually done anything towards it's a sink pool these flipping houses it takes cash savings capital out of the economy and it becomes unproductive which should instead be used to encourage development
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of businesses new ideas hyperloop who knows why or hyperloop and things like that why are these ideas not coming out of the economy because people are more obsessed with flipping a house to some other greater fool well again i come back to the same areas that the debt of the u.k. continues to go higher and by borrowing more money from the bank of england to channel it through the banks to give to speculators to create a housing bubble just for the sake of an election does not reduce that debt the debt is continuing to increase and therefore the austerity measures will need to be increased and the scapegoating will need to be increased these poor people are there in danger that woman in the hole that i mentioned who's joining the prostitution she says she's in danger for her life because the states coming after her and they're not going to stop well so she's literally able to outstrip inflation and that's what she's doing up there in whole but others around the u.k.
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are facing deflation and there is no way to outrun that as we see. in this headline u.k. wages fall among sharpest in e.u. figures show real wage value is falling five point five percent since two thousand and ten more than in euro zone crisis countries such as spain and cyprus wages used to provide the capital that field a capitalist economy but send the capital so-called that's fueling the speculation is borrowed money you don't need the wage earners anymore you don't need people working because you don't need their taxes it's a prayer for us in this economy you don't need that money because you can borrow from the bank of england for zero percent you don't need workers just like saudi arabia they don't need the people because they just sell the oil so there's a oligarchies there's a royalty there's five thousand princes then everyone else lives in abject poverty same thing in the u.k. you've got the bank of england which is a gusher of free money we don't need anyone else we don't need their wages we don't need their taxes so they can all just die and that's the message from cameron wake
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up and die. that's david cameron's matches to you the united kingdom good luck with that all right stacy ever thanks for thank you max states for the second half of a whole lot more. we speak your language i mean some of the well or not at the end. these programs documentaries and spanish what matters to you. a little tune in to bangalore stories. here. the spanish. visit i too am a dud. exactly
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what happened that day i don't know but a woman i killed. piers later is when i got arrested for. for
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a crime i did not do. we have numerous cases where police officers lie about polygraph results. innocent people to confess to police officers don't beat people anymore i mean it just doesn't happen really. in the course of interrogation why because there's been this is like meant no because the psychological techniques are more effective in obtaining confessions than physical abuse and they were off taking they could get what they wanted they can say what they wanted and there was no evidence of what they did or what they said. welcome back to the guy's report i'm max kaiser time now to turn to simon rose of
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save our savers kono dot co you can go dot your k. that's right all right simon rose welcome back to the kind of person i saw was good to be here and i saw you on newsnight yes i was always a discussion about savings on the b.b.c. flagship discussion programme quite extraordinary now i was struck by one of the guest francis coppola who made an extraordinary statement she said putting money in the bank is not a good use for a bank. yes what of course if it will save us did what the banking wanted and take the money out of the bank what would happen then to interest rates i wonder if i could sign it i would spy munro's capitalism is based on capital thank you happen all comes from the earnings of workers to put their savings in the banks it is necessary capital for capitals and that's why should those or this woman francis coppola saying don't put your money in the bank so therefore all money for consumption all money for investment and all money for corporate expenditures is essentially borrowed from the bank of england that's why the bank of england has
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little largest balance sheet in its history it's over three trillion pounds that's why the u.k. economy is at the biggest debt load in its history you know that and so i know those are two trillion pounds of this rate the u.k. well four trillion pounds of debt because this woman francisco plot says that you should put money in the back of the last place she plays like it but she she's in tune with almost everybody else to go to new central bank here mark carney. we might expect you to have a different view have a deals but no the idea is to know we can't get the recovery in any other way so they just keep borrowing beyond our means and all the push the economy ahead of this crazy base not use real savings playing the clip of this woman francisco bull in a remarkable statement i don't think myself that bites left it's a particularly good strategy for us to use if you. risk simply because we shouldn't forget example the in the crash in two thousand a bad pathogen being we actually fails because of some fall out of the winds let
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market it happen before and it can happen again and i think this looks a little bit like an overheating bubble to me so it needs some care but people should not be expecting just large amounts of money in a bank account leave it there by way of long term savings that's not a good use of bank account so i was making that up. i don't know where she thinks money comes from. but they all of they all they all don't seem them as i mean when he was in opposition always been understood that you needed a strong saving sector because savings actually provide the investment that will enable us to become wealthy and to grow the economy and once you're in government that's just think of in it you're the biggest debtor of all they're still boring one hundred twenty billion pounds every year we've got a national debt of something like one point three trillion well he's not going to say that anymore you know you think back to minus seventy six when everybody was ashamed in this country because the i.m.f. bailed us out you remember how much that bailout was two point three billion pounds that's a fiftieth of our annual deficit at his one five hundred so our national debt it's chickenfeed started about that scoundrel mark it's got
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a new theory. g.d.p. a. little hockey puck brain over time with this what else about it seemed revolution when he was actually saying it to actually look at what it is basically they're saying we're not going to really think about even discussing whether we'd raise interest rates until unemployment rate gets down below seven percent it's currently seven point eight percent in this country but there are few caveats of course is if for instance there would be some sort of financial crisis where we'd rethink it thank goodness if inflation shoots ahead where would we think it if only eighteen to twenty four months projection we think inflation will be above two point five percent well then we rethink it the thing is the bank of england's forecasts are always wrong they always overestimate growth they always underestimate inflation often by. as much as one percentage point so if they think inflation surprise surprise in their forecasts eighty three four months what is going to be about two point five percent so if they think it's two point five
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percent they're as ours where we can be three and a half percent that c.p.i. inflation or r.p.i. which is what most people look at because includes most living costs we saw inflation getting on towards five percent and our new government is happy with that not only that but our chancellor seems to be happy with that now as carney said the primary remit of the money committee is the banking and is. maintaining price stability and only subject to that to supporting me can only policy of the government for growth and employment the last remit said the inflation target should be two percent and this applies at all times and yet somehow the chancellor of sent a letter to carney saying yeah like your new policy is falling you've chosen two point five percent of two percent well that's fine i don't really mind what what is going on here they clearly do not mind if inflation goes up they think somehow a bit of inflation is somehow good for growth but most people are now suffering really really severely from the rise in prices being so much higher than the wages
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of the moment it's not the start of the growth we're talking about or they want a rise in g.d.p. so that the debt looks smaller by comparison yeah because the debt for the desert percentage of g.d.p. in the u.k. is what ninety percent of g.d.p. something along those lines it depends how you measure the measure yeah now it when it gets to sort of ninety percent or one hundred percent of course alarm bells ring so that instead they're going to print a lot of money we're going to stoke a real estate bubble they're going to pump up g.d.p. based on speculation and borrowing so they're borrowing record amounts of money to create a g.d.p. number that they'll say is greater as a percentage of the debt so it's not about growth it's not about nominal growth it's about relative growth to debt which of course most of the debt is not even counted in the official government statistics itself off balance sheet like an enron for example so there you have a problem number one problem or two is that you can create a lot of jobs but wages on average are going down so you get temporary workers part time workers or workers who are not making the wages or are are the increase that
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less than one percent are very similar to the picture in the united states. some of the picture is new here if you look over the last five years wages have gone up a nominal terms of about ten percent but if you look not of the r.p.i. the c.p.i. but the essential index the doctor to morgan is doing which is the the eight things that people have to spend money. because it affects the the in what pete pace ate essential things food food energy transport that sort of thing. oh no no no hold same as the one the government wants to use it's not the same as c.p.i. over the five years from two thousand it actually doesn't tell us of history. no this is actually trying to put to take an index that reflects what people actually experience not what the government actually do you have the to morgan essential index which is the one where you like losers emerged in morgan was chief economist at the pre-born who is you know world he's now set up on his own he's a wonderful economist but he says that over the over five years from two thousand
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and seven two thousand and twelve when. wages went up by ten percent the prices of essentials went up by thirty three percent so the people are really getting squeezed especially at the low end not most of the people in the city they are enough not to remember this how much food costs but we had retail prices out this week inflation didn't look as it was terribly severe but if you look at food prices they're rising a double level of pay so you have for instance potatoes up thirty percent on the sausage the eleven percent apples are up thirty six percent on the year these are things people have to buy unless somehow george osborne things people need to we must have to scan all placing horsemeat the beef that was part of it i see for example honey has been now being sold without pollen so now if you want to have the same reconstituted i only have to buy the pollen stuff which their price of me would be double or triple you talk about soft street but that we're living in a world of seriousness alice in wonderland where you use the word obviously
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correctly you're saying i use it in court no i'm saying i'm in grand with you because you're gone do you think you have some mastery of the english language i mean american is the proper way to say stop being but that but that you know when you look at his presentation everybody fell for it almost immediately somehow there's this weird cult that connie can do something magical i mean there was a you know he doesn't go off and what's going to go off to pop festivals with his family. it was he was lauded for taking the tuxedo sort of a chew to work on for as they not using his so i'm surprised you didn't walk to work on the waters of the thames right but it does repeat some of the salient points here the fact is that forward guidance on interest rates as he's talking about increase malinvestment it penalizes savers of roughly two hundred billion pounds of savings has been stolen and given to speculators more more figures all in the time since march two thousand and knowing when base rate went up from that point five percent we reckon the loss of interest and effects of inflation of
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course britain save us two hundred eighty five billion if colonies right we've got another three years of this if unemployment doesn't go down below some percent until two thousand and sixty near the end then we'll talk about a total amount stolen getting on for five hundred billion four hundred ninety two billion pounds. to transfer of wealth the average person in your case is ok i'm willing to accept the fact that my savings accounts are being stolen my neighbor's savings accounts are being stolen because i'm getting i'm paying less on my mortgage because the tracker rate and for years now the rates have come down some people in truck and now we just are now in the last mark carney arrived in london that interest rate of the ten year note is going higher oh yeah it's entered a secular market so here you have a situation where two or three years' time there's a real estate crash i'm predicting people are back into negative equity and they've had there's saving stolen so it's the worst of all possible worlds you don't have the equity in your house and you guys are saving stone by some you know mark carney
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a madman a wanna be poser from canada who left that economy in a shambles yeah they could have they've got real housing problems and yes completely god is just the right you can't fault him for timing he left canada just like toy he's a scrounger these are global scrounger you only holiday around the world and he's just scrounging from the suckers now he's in the u.k. saying give me that triple go. dubai housing is why you can't find a house you know for what twenty thousand pounds a month or something or there's nothing to find a love that might kill one but i gave them an extra quarter million pounds a year living expenses because i was in the little scrounger carty eight hundred seventy thousand pounds or so then george osborne of course is working with him now because he'll say well actually george osborne to be running the show is it because he's going to have the finger on the bells of the employment numbers being being being and then they're going to adjust the interest rates based on this employment number that i was going to cooking up is that you guys you could argue of course is the biggest debtor of all because of the government debt one point three trillion right so if unemployment actually goes below some percent income he's thinking
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about raising interest rates that's actually a disincentive for osborne to want to reduce unemployment although he felt his house prices to go up before the next election are going to election looming only one and a half years away as long as everybody feels good because of rising house prices the calculation is he'll get back to tom and judy show these guys are playing punch and judy show word where i was born says this carissa something else they cancel each other out as you said is this is a set of lies to get that number down because it would then. all kinds of economic mayhem so that means that if either you were saying interest rates on the variable mortgage have gone down but if you actually borrowing on an overdraft to a bank if you're actually borrowing on a credit called the rates are still virtually the same as they were before the crisis started the only real benefits being to you know large bore was like the government. companies that are affected be zombified that really should have gone out of business being kept alive depriving other companies the money and the people in variable rate mortgages and that's been at the expense of almost everyone it isn't just savers and pensioners who are being hit not everybody now is
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appreciating that our money is to all the time they understand they are getting poorer communities even the conservatives over there at the telegraph and city am are saying we're already in i was born of stock the housing bubble and all bubbles eventually burst and then all you'll be left with negative equity but all that debt while there's still many areas of the country that still isn't. if we're going to be then let's figure that out what country well he got to mexico canada strike out of it with the u.k. just a fly by night scrounger carney it means carnival that our coast guard is yeah you know it's right there is the can't say that oh i didn't like i didn't tell you i was a show in a corner. all right well let's come back and discuss this again. oh it's only rose from save our sabers dot co dot u.k. thanks once again for being on the couch. and that's going to do it for this edition of the kaiser report with me max kaiser and stacey everett i'd like to thank our guest simon rose of save our saviour's dot co dot you know if you'd like
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to get in touch tweet us at kaiser report and so next time i.
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told you my language as well but i will over react to situations i have read the reports. and no i will leave them to the state department to comment on your. car is on the job. thank you no more weasel words. when you made a direct question he prepared for a change would you. be ready for a. pretty speech. down to to freedom. right to see. first street. and i think the true. on our reporters with the. instrument.
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to be in the. undersea fifteen hundred people are trapped inside a mosque in cairo which is surrounded by security forces this follows another day of deadly clashes in which nearly one hundred people were killed. above the law since two thousand and eight leaked documents indicate that's how long the us national security agency has been playing by its own rules look into this latest revelation by whistleblower edward snowden. and russian punk band pussy riot received their prison sentences a year ago today we talked to the one member who was freed and examined how their controversial performance affected society.

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