David Harvey fala sobre a crise do capitalismo

Colonization by Bankruptcy: The High-stakes Chess Match for Argentina

abutres

By Ellen Brown

If Argentina were in a high-stakes chess match, the country’s actions this week would be the equivalent of flipping over all the pieces on the board.

David Dayen, Fiscal Times, August 22, 2014

August 27, 2014 “ICH” – Argentina is playing hardball with the vulture funds, which have been trying to force it into an involuntary bankruptcy. The vultures are demanding what amounts to a 600% return on bonds bought for pennies on the dollar, defeating a 2005 settlement in which 92% of creditors agreed to accept a 70% haircut on their bonds. A US court has backed the vulture funds; but last week, Argentina sidestepped its jurisdiction by transferring the trustee for payment from Bank of New York Mellon to its own central bank. That play, if approved by the Argentine Congress, will allow the country to continue making payments under its 2005 settlement, avoiding default on the majority of its bonds.

Argentina is already foreclosed from international capital markets, so it doesn’t have much to lose by thwarting the US court system. Similar bold moves by Ecuador and Iceland have left those countries in substantially better shape than Greece, which went along with the agendas of the international financiers.

The upside for Argentina was captured by President Fernandez in a nationwide speech on August 19th. Struggling to hold back tears, according to Bloomberg, she said:

When it comes to the sovereignty of our country and the conviction that we can no longer be extorted and that we can’t become burdened with debt again, we are emerging as Argentines.

. . . If I signed what they’re trying to make me sign, the bomb wouldn’t explode now but rather there would surely be applause, marvelous headlines in the papers. But we would enter into the infernal cycle of debt which we’ve been subject to for so long.

The Endgame: Patagonia in the Crosshairs

The deeper implications of that infernal debt cycle were explored by Argentine political analyst Adrian Salbuchi in an August 12th article titled “Sovereign Debt for Territory: A New Global Elite Swap Strategy.” Where territories were once captured by military might, he maintains that today they are being annexed by debt. The still-evolving plan is to drive destitute nations into an international bankruptcy court whose decisions would have the force of law throughout the world. The court could then do with whole countries what US bankruptcy courts do with businesses: sell off their assets, including their real estate. Sovereign territories could be acquired as the spoils of bankruptcy without a shot being fired.

Global financiers and interlocking megacorporations are increasingly supplanting governments on the international stage. An international bankruptcy court would be one more institution making that takeover legally binding and enforceable. Governments can say no to the strong-arm tactics of the global bankers’ collection agency, the IMF. An international bankruptcy court would allow creditors to force a nation into bankruptcy, where territories could be involuntarily sold off in the same way that assets of bankrupt corporations are.

For Argentina, says Salbuchi, the likely prize is its very rich Patagonia region, long a favorite settlement target for ex-pats. When Argentina suffered a massive default in 2001, the global press, including Time and The New York Times, went so far as to propose that Patagonia be ceded from the country as a defaulted debt payment mechanism.

The New York Times article followed one published in the Buenos Aires financial newspaper El Cronista Comercial called “Debt for Territory,” which described a proposal by a US consultant to then-president Eduardo Duhalde for swapping public debt for government land. It said:

[T]he idea would be to transform our public debt default into direct equity investment in which creditors can become land owners where they can develop  industrial, agricultural and real estate projects. . . . There could be surprising candidates for this idea: during the Alfonsin Administration, the Japanese studied an investment master plan in Argentine land in order to promote emigration.  The proposal was also considered in Israel.

Salbuchi notes that ceding Patagonia from Argentina was first suggested in 1896 by Theodor Herzl, founder of the Zionist movement, as a second settlement for that movement.

Another article published in 2002 was one by IMF deputy manager Anne Krueger titled “Should Countries Like Argentina Be Able to Declare Themselves Bankrupt?” It was posted on the IMF website and proposed some “new and creative ideas” on what to do about Argentina. Krueger said, “the lesson is clear: we need better incentives to bring debtors and creditors together before manageable problems turn into full-blown crises,” adding that the IMF believes “this could be done by learning from corporate bankruptcy regimes like Chapter 11 in the US”.

These ideas were developed in greater detail by Ms. Krueger in an IMF essay titled “A New Approach to Debt Restructuring,” and by Harvard professor Richard N. Cooper in a 2002 article titled “Chapter 11 for Countries” published in Foreign Affairs (“mouthpiece of the powerful New York-Based Elite think-tank, Council on Foreign Relations”). Salbuchi writes:

Here, Cooper very matter-of-factly recommends that “only if the debtor nation cannot restore its financial health are its assets liquidated and the proceeds distributed to its creditors – again under the guidance of a (global) court” (!).

In Argentina’s recent tangle with the vulture funds, Ms. Krueger and the mainstream media have come out in apparent defense of Argentina, recommending restraint by the US court. But according to Salbuchi, this does not represent a change in policy. Rather, the concern is that overly heavy-handed treatment may kill the golden goose:

. . . [I] n today’s delicate post-2008 banking system, a new and less controllable sovereign debt crisis could thwart the global elite’s plans for an “orderly transition towards a new global legal architecture” that will allow orderly liquidation of financially-failed states like Argentina. Especially if such debt were to be collateralized by its national territory (what else is left!?)

Breaking Free from the Sovereign Debt Trap

Salbuchi traces Argentina’s debt crisis back to 1955, when President Juan Domingo Perón was ousted in a very bloody US/UK/mega-bank-sponsored military coup:

Perón was hated for his insistence on not indebting Argentina with the mega-bankers: in 1946 he rejected joining the International Monetary Fund (IMF); in 1953 he fully paid off all of Argentina’s sovereign debt. So, once the mega-bankers got rid of him in 1956, they shoved Argentina into the IMF and created the “Paris Club” to engineer decades-worth of sovereign debt for vanquished Argentina, something they’ve been doing until today.

Many countries have been subjected to similar treatment, as John Perkins documents in his blockbuster exposéConfessions of an Economic Hit Man. When the country cannot pay, the IMF sweeps in with refinancing agreements with strings attached, including selling off public assets and slashing public services in order to divert government revenues into foreign debt service.

Even without pressure from economic hit men, however, governments routinely indebt themselves for much more than they can ever hope to repay. Why do they do it? Salbuchi writes:

Here, Western economists, bankers, traders, Ivy League academics and professors, Nobel laureates and the mainstream media have a quick and monolithic reply: because all nations need“investment and investors” if they wish to build highways, power plants, schools, airports, hospitals, raise armies, service infrastructures and a long list of et ceteras . . . .

But more and more people are starting to ask a fundamental common-sense question: why should governments indebt themselves in hard currencies, decades into the future with global mega-bankers, when they could just as well finance these projects and needs far more safely by issuing the proper amounts of their own local sovereign currency instead?

Neoliberal experts shout back that government-created money devalues the currency, inflates the money supply, and destroys economies. But does it? Or is it the debt service on money created privately by banks, along with other forms of “rent” on capital, that create inflation and destroy economies? As Prof. Michael Hudson points out:

These financial claims on wealth – bonds, mortgages and bank loans – are lent out to become somebody else’s debts in an exponentially expanding process.  . . . [E]conomies have been obliged to pay their debts by cutting back new research, development and new physical reinvestment. This is the essence of IMF austerity plans, in which the currency is “stabilized” by further international borrowing on terms that destabilize the economy at large. Such cutbacks in long-term investment also are the product of corporate raids financed by high-interest junk bonds. The debts created by businesses, consumers and national economies cutting back their long-term direct investment leaves these entities even less able to carry their mounting debt burden.

Spiraling debt also results in price inflation, since businesses have to raise their prices to cover the interest and fees on the debt.

From Sovereign Debt to Monetary Sovereignty

For governments to escape this austerity trap, they need to spend not less but more money on the tangible capital formation that increases physical productivity. But where to get the investment money without getting sucked into the debt vortex? Where can Argentina get funding if the country is shut out of international capital markets?

The common-sense response, as Salbuchi observes, is for governments to issue the money they need directly. But “printing money” raises outcries that can be difficult to overcome politically. An alternative that can have virtually the same effect is for nations to borrow money issued by their own publicly-owned banks. Public banks generate credit just as private banks do; but unlike private lenders, they return interest and profits to the economy. Their mandate is to serve the public, and that is where their profits go. Funding through their own government-issued currencies and publicly-owned banks has been successfully pursued by many countries historically, including Australia, New Zealand, Canada, Germany, China, Russia, Korea and Japan. (For more on this, see The Public Bank Solution.)

Countries do need to be able to buy foreign products that they cannot acquire or produce domestically, and for that they need a form of currency or an international credit line that other nations will accept. But countries are increasingly breaking away from the oil- and weapons-backed US dollar as global reserve currency. To resolve the mutually-destructive currency wars will probably take a new Bretton Woods Accord. But that is another subject for a later article.

Ellen Brown is an attorney, founder of the Public Banking Institute, and author of twelve books, including the best-selling Web of Debt. In The Public Bank Solution, her latest book, she explores successful public banking models historically and globally. Her 200+ blog articles are at EllenBrown.com.

Fonte: International Clearing House

1929 The Great Depression Part 1

US Courts Defend Rights of Vulture Funds Over Argentina

 

Michael Hudson and James Henry discuss an approaching July 30 deadline that could see Argentina put in a partial default by American banks and courts -   July 23, 14

PAUL JAY, SENIOR EDITOR, TRNN: Welcome to The Real News Network. I’m Paul Jay.

The U.S. Supreme Court’s refusal to review a case in which vulture funds sued to make the Argentinian government pay them 100 percent of the value of bonds, which they purchased for a fraction of the face value, let stand a lower court ruling requiring the bonds be paid in full. Reuters reports that Aurelius Capital Management, one of the lead holdout creditors seeking to settle with Argentina over sovereign debt payments from its 2002 default, said on Monday the government faces a new crisis on July 30 unless it engages in serious negotiations. Argentine officials and the holdout investors met separately, with a court-appointed mediator on Friday emerging from his offices after five hours of discussions with no resolution and no further talks scheduled. Both sides have ramped up the rhetoric to explain why they are, on one level, equal to eager to negotiate and, on another, at pains to show why the other side is not engaging. Quote:

“‘Absent a deal, Argentina’s next sovereign debt crisis will start on July 30. There is still time to avoid that outcome, but only if the Argentine government commences serious discussions with us immediately,’ Aurelius said in a statement.

“The firm said that together with other holdout creditors, it has offered to meet with the government anytime, anywhere, but has been rebuffed.

‘Argentine officials refuse to meet with us or even negotiate with us directly. Sadly, this approach gambles with the livelihoods and futures of the Argentine people.’

“In 2012, U.S. District Judge Thomas Griesa in New York awarded the holdouts $1.33 billion plus accrued interest in a case based upon the pari passu, or equal treatment, clause used to sell the bonds originally in 1994.

“Without a deal, Latin America’s No. 3 economy risks tumbling into a new default on July 30″.

Now joining us to talk about all of this first of all in Buenos Aires in Argentina is James Henry. James is a leading economist, attorney, investigative journalist. He’s written extensively about global issues. He served as chief economist at the international consultancy firm McKinsey & Company.

And also joining us from New York is Michael Hudson. He is a distinguished research professor of economics at the University of Missouri-Kansas City. His upcoming book is titled Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy.

Thank you both for joining us.

MICHAEL HUDSON, ECONOMICS PROF., UMKC: Good to be here.

JAMES S. HENRY, SENIOR ECONOMIST, TAX JUSTICE NETWORK: You’re very welcome.

JAY: So, Michael, don’t you feel better about the whole debt crisis, knowing that Aurelius is so concerned about the fate of the Argentine people?

HUDSON: Well, this has really divided the world into two halves. The ruling that’s under judge Griesa’s judgment today basically prevents not only Argentina but any country that’s issued bonds in the New York market from ever writing down or renegotiating the debt. Seventy percent of the sovereign bonds of governments throughout the world are issued in New York (about 22 percent are in London). And for those 70 percent, you’re going to have countries like Greece and others, Latin America in the 1980s, that have to write down the debts. If you don’t write down the debts to something that can reasonably be paid, they’re going to have to end up looking like Ireland or Greece. They’re going to be imposing a decade of austerity on themselves. And no country is going to commit financial suicide. So Judge Griesa has apparently told the Argentines, come to New York to negotiate under the rules that I’ve said, which are different from all the other countries’ rules. And there is no possible way that Argentina can obey his orders without essentially committing suicide for the economy.

JAY: Right. Okay. James, let me see if I just have the basic fact base correct. On July 30, Argentina was supposed to pay interest payments to the 90 percent of bondholders that agreed to the restructured debt, which I think was something like about $0.30 on the dollar. But about 10 percent of the bondholders refused to restructure. These vulture funds then bought these bonds at a fraction of the face value, but then sued to get paid the entire amount. And the judge has actually said they should get the entire amount. Now, on July 30, the judge says they can’t make their payments to the restructured bondholders until they pay off this $1.8 billion or something to the vulture funds. Is that–do I have it right?

HENRY: Yeah. Essentially, the vulture funds like Elliott, which is a Cayman Island-based fund, in 2008 they bought whatever Argentine bonds, restructured bonds they own or $48 million. And today they’re claiming not only the $1.3 billion that Griesa awarded them, but, beyond that, interest that’s accumulated since then. So the total for Elliott and the immediate parties, holdouts, is something like $1.65 billion–quite a profit compared with the $48 million they invested five years ago.

In addition to that, Argentina has another $15 billion of holdouts that it believes would come in if this kind of behavior holds up. And those people are already beginning to file suit.

On the other hand, since they have on the order of $140 billion of debt that they have restructured, including $80 billion that was restructured 2005 and 2010 at a 40 percent discount, if they have to now go back and put themselves back in essentially deeply in debt to pay these vultures, it just stands on the head.

Basically, we have no mechanism for handling country debt the way we do for private sector bankruptcy. And the IMF tried to suggest a system back in the early 2000s. The world just didn’t go for it. As a result, we have this cockamamie system where a New York judge is making rulings based on sort of 19th century concepts of contract law. And he only has jurisdiction in this case because Argentina is one of four Latin American countries–unlike Brazil–that has decided to choose the Southern District of New York, one of the Wall Street safe havens in terms of the federal judiciary, as the location for ruling on all of these cases with respect to Argentine foreign debt.

It has a history of ruling against debtor countries. It’s totally repealed the doctrine of champerty, which is a doctrine of the law that says that you can’t go out and buy somebody’s debts up and then just take them to court and sue just because you’ve become a creditor. But the judges in the Southern District of New York tossed that out in the late ’90s. And this is one of a series of vulture cases where companies like Elliott have been going around the world, countries like Panama and Nicaragua and Peru, and basically leveraging the fact that they have friendly judges in the Southern District of New York like Judge Griesa.

JAY: James, do we know how much interest these bonds–in ’94 when they were first issued, how much interest they were paying?

HENRY: Well, the bonds have paid variable interest depending on the time of the year. In 2001 they got up to 15 percent interest.

But if you go back to the sordid history of the Argentine debt, that’s the other thing that’s really quite disturbing here. As of 1976, Argentina had a total foreign debt of $18 million, 17 percent of GDP. The military came in in ’76 with U.S. government support, established a junta. By 1983, the debt had soared to $48 billion–by a factor of seven. And no one has ever audited that debt. There’s–and, interestingly, there’s a U.S. legal doctrine called odious debt which says that if you have a debt that’s contracted by a military dictatorship, it doesn’t necessarily have to be honored. We invoked it with respect to Cuba in 1898. It had acquired a lot of loans from Spain, and nobody could account for where they were. But this odious debt doctrine had never been applied to Argentina.

Interestingly, the other thing is that this choice of jurisdiction was originally chosen by this military junta back in 1976. Martínez de Hoz, the finance minister at that point in time, a very conservative guy, decided that Argentina would waive its sovereign immunity for purposes of all this debt that it was beginning to accumulate and allow the United States and the Southern District of New York to be the [siphus (?)] for all of these cases. So those two very fundamental changes made by, essentially, a military government, first of all blowing up the debt out of proportion, and then relocating the judiciary outside of Argentina, is very important for what we’re seeing all the way forward to 2014.

JAY: Right. Michael, it seems to me a little ironic or something. You know, you pay, you earn 10, 12, 15 percent. I mean, the reason you’re earning those kinds of money on government bonds is ’cause you’re acknowledging risk. If there’s no, ever, a risk of default, then why should you be paying? You could /ˈpeɪbi/ inflation, but not any more. So, I mean, the judge is saying there should be bonds that can pay high rates of interest, but there should be no risk.

HUDSON: That’s–there should not be any suffering as a result of risk. In other words, anybody can buy a discounted bond, and you have Third World countries always paying a premium over what the United States government has to pay, just like you have companies paying high for junk bonds. Essentially, Argentina was like a junk-bond country.

The history that was just said is very important. You had the U.S.-backed military dictatorship that ran the debt up into 1983, but then, in 1989, you had another neoliberal takeover with the Washington Consensus, and they adopted the U.S. dollar as their basic monetary reserves and tied their money supply to the dollar. That essentially drove the country into debt because it brought on an economic collapse by 2002. That’s why the government was voted out and why the Kirchners came in. So you have a destructive neoliberal government coming in, driving the country into debt, ’cause that’s what neoliberals do.

And then, 2002 (and it was just mentioned), the IMF said, look, we’re going to need something like the Bank for International Settlements was set out to do in 1929, to settle German reparations (obviously, Germany couldn’t pay the reparations that it had to). We have to have some international forum to decide how much a country can pay without imposing austerity and depression on its population, ’cause every country’s sovereign. That’s why they call it sovereign debt.

Well, the United States at that time, in 2002, blocked this and said, wait a minute, other countries want an international forum, but we’re going to block the IMF from doing that, because if they do that, they’ll write down the debt, and most of the bondholders are Wall Street, and we want to get every penny these guys want, and we don’t want.

Well, ironically, after Judge Griesa’s ruling threatened to throw the whole international bond issue into anarchy, the U.S. Treasury and the government and the French government and the IMF all filed amicus brief cases with the Supreme Court, saying, if you follow Judge Griesa’s ruling, it’s so wrong it treats Argentina as if it’s a family restaurant that’s just gone broke, and now let’s carve up all the little pieces and pay off. If you treat countries like you’d treat a family restaurant, then no country is going to ever again say, we’re going to agree, if there is a dispute, to settle the rules under the laws of New York, because if you settle the laws under New York bankruptcy, you’re going to have a nutcase like Judge Griesa saying, I don’t like Argentina, Argentina doesn’t pay its debts, I’m going to make it pay all the 100 percent money it owes as if there were no risk, and all of the interest, the 15 percent, you said, compounded year after year, and all of the legal fees that–the hedge fund has gone after 900 attempts to grab Argentine property, including their Naval training vessel, ARA Libertad, and now it’s trying to grab the shale oil in Argentina, and I’m going to give you a penalties because I don’t like Argentina. So when the judge says, Argentina, send up your people to negotiate on my terms or I’ll find you in contempt of court, Argentina says, no country could possibly negotiate on your terms. We overthrew the military dictatorship. You are not going to do to us what the military dictatorship did, Judge Griesa.

JAY: Right. Right. James, why doesn’t Argentina raise the concept of odious debt? Didn’t Correa in Ecuador do that in 2008 and actually use that to restructure some of the debt there?

HENRY: Yes, they did. I mean, Raúl Alfonsín, who came to power in 1984, raised the issue of odious debt for 21 days, and then, at the end of that 21 day period, he reversed himself. That’s the last time we ever had a serious discussion of auditing the Argentine debt. So President Alfonsín must have gotten the message from international banks, who have long treated Argentina as a huge source not only of lousy lending but also capital flight, something like $300 billion of offshore private capital outside of the country.

The irony is, as Michael just said: I think this has actually been one of the most successful examples of debt restructuring that we’ve ever seen. Argentine economy performed extremely well from 2005 until 2009 after it restructured the debt, growing at 5 to 7 percent a year. It’s had some difficulties in the last three years, but nothing like what was it going through in 2000 and 2001, when you had 40 percent of the people below the poverty line, you had 18 percent unemployment, you had the neoliberal, my classmate, Domingo Cavallo, running the economy, and he blew the debt up from about $90 billion in 1999 to $144 billion by the time he left office.

JAY: James, it should also be added that it’s not just the dictators. It was the dictatorship, you could say, of the IMF and the whole restructuring that took place that preceded this default, was it not?

HENRY: Well, I think it was kind of that plus the militant neoliberal [crosstalk]

JAY: Yeah, that’s what I’m talking about. Yeah.

HENRY: –was really, you know, convertibility. Convertibility of the dollar into the peso became an iron law. If you basically say that you can’t devalue your exchange rate in order to grow the economy and you’re running budget deficits and you can’t borrow, you’ve taken away all of the levers except cutting spending, and there just wasn’t that much spending to cut.

JAY: James, just quickly (we’re getting near the end of this), July 30 is just a few days away. What do you think’s actually going to happen?

HENRY: Well, Argentina doesn’t really have a plan B. My guess is that–this is quite a complicated story. Default doesn’t automatically occur. It takes 25 percent of the creditors, in this case those who would be entitled to the $140 billion, to actually declare Argentina in default. Furthermore, many of the payments that Argentina’s making are to bondholders who are in Europe or have peso debt. About 60 percent of these bonds are actually owned by Argentinians, and they’re accepting pesos, and those have been cleared through the custodial banks that are handling those payments. It’s basically the 29 percent of the bonds that are owned by U.S. that are being paid in dollars–they’re dollar denominated–that are really the subject of a possible sort of partial default here.

I think Argentina actually has quite a bit of–it can try this notion that’s been bandied about of inviting bondholders to come in and accept payment outside of the United States in other currencies, or even in dollars in Argentina. And if it did that carefully, the value of those bonds would of course plummet, but Argentina could do what Ecuador did, which is to buy up some of the bonds at a discounted value. Maybe that would cost them less than they would have to pay to these holdouts, who have maybe $15 billion in debt.

So I think there’s not going to be a cliff here. It’s going to be a messy process, but I doubt that you’re going to see these vultures at the end of the day able to get Argentina to pay them. Now, they may well have sold–the smart money says that these guys have already essentially insured themselves, they bought credit default swaps, CDSs. And so whether or not those CDSs come due at the date of July 30 is an interesting legal question. But it may be that these vultures are really mainly interested in collecting on those credit default swaps. We’ll just have to see.

But the big picture is that Argentina is not about to go back into $140 billion in debt in order to simply satisfy people who bought their bonds for $48 million in 2000.

JAY: Michael, just a quick final word. What message does this all send to other countries around the world about how they might deal with vulture funds?

HUDSON: Well, the ruling of Judge Griesa now is a precedent for any country that tries to renegotiate its debt like Greece negotiated its debt downward. And the problem is that, as the United States argued against Greece’s ruling, saying, wait a minute, this means that no country that issues bonds in New York or has a new bank as a paying agent–and if they pay in dollars, it has to go through some New York bank–no country can write down the debt anywhere in the world.

So this goes way beyond Argentina. This is only–you have a case of the tail wagging the dog. And that’s why everybody from the U.S. government to Europe was insisting that the Supreme Court overruled Judge Griesa’s ruling. And the Supreme Court said, wait a minute, since the ruling is only local New York State bankruptcy contract law, it’s not a national law and a constitutional law, so we don’t have any ground to review it. And the other people said, wait a minute. It may be, of course, it’s local law, but we’re dealing with an entire country and international relations, and the international relations means that other countries will now shun the New York and the dollar market for bonds, and there goes Wall Street.

And the other aspect of Wall Street, as you just mentioned: many people have been speculating over how much credit default swaps have Singer’s vulture funds bought? And the idea is, okay, this is like John Paulson buying junk mortgage default swaps and making $1 billion off–believing that the junk mortgages would go bust. Well, the problem with these credit default swaps and Argentina is who’s on the other side. And the belief is that–. Who is on the other side of credit default swaps? It’s the ten largest New York banks. So Citibank, Chase Manhattan, Bank of America, they’re on the other side of these credit default swaps, and they’ll take a huge loss if indeed there is a default. So everything is just up into a potentially explosive situation.

HENRY: Paul, let me just make one more content.

JAY: Yeah, go ahead, James.

HENRY: I could say, just to end a positive note, last week not only did Argentina almost win the World Cup, but the Chinese premier came to Argentina with 200 business executives, and he is setting up a $7.5 billion project lending facility plus at $11 million currency swap facility. Chinese companies are looking seriously at investing in farms, farmland, grain production, and in the shale oil deposits that Argentina has, which are larger than the United States’, potentially.

So this country has great future, and I think it’s disappointing for the United States not to be able to behave in a more professional way toward Argentina, one that values this long-term relationship.

Keiser Report: Vietnam of Financial Fraud (E605)

Vídeo

Publicado em 24/05/2014
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss Max’s personal Vietnam called ‘HSBC Now’ and he is going up the Thames River of financial fraud to meet George Osborne who is sitting on a pile of skulls of the victims of austerity. They discuss the wishes and knishes and misallocation of capital. In the second half, Max interviews Andrew ‘Weev’ Auernheimer about a hedge fund called TRO LLC and a StartJOIN crowdfunding campaign to raise money to register the fund. They also discuss Weev’s lawsuit against the US government seeking compensation for wrongful imprisonment and he will only accept bitcoin as the US Federal Reserve note is backed by fraud and violence.

Keiser Report: China Kicks US Buck (E596)

Vídeo

Publicado em 03/05/2014
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the $1 trillion humanitarian budget in America and the Roman precedent for it. They also discuss the new World Bank purchasing power parity estimates which see China’s economy surpassing America’s later this year, knocking the US economy off the top where it has been since 1872. In the second half, Max interviews Nafeez Ahmed about Tony ‘Blood for Oil’ Blair and the real reason for the American ‘humanitarian’ military missions to Europe, Asia and beyond

Keiser Report: Hot Tips from Losers (E593)

Vídeo

Publicado em 26/04/2014
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss Americans as the big globalisation losers, though they refuse to admit it because they’ve bought Hot Tips from Losers. Meanwhile, in China, the middle class recognize the equally corrupt oligarchic system there also makes them losers, or, in their own words, male pubic hair. In the second half, Max interviews international businessman and RBS claimant, Neil Mitchell, about the latest in his high-profile battle against GRG and RBS. He suggests the public move their funds from RBS and Max suggests that British law = government hack writes report, then they hold an enquiry, then they write another report.