tv [untitled] August 31, 2012 11:07pm-11:37pm EDT
then you look at india oh india that was booming like crazy well there economy just grew a little over five percent down from nine percent a year ago look at brazil now the government is saying this central bank that this is going to be the first time since zero nine that the brazilian economy declines and put it all together europe is china's biggest importer of product u.s. number two we're in a slump if the united states and europe don't buy china india indonesia vietnam they don't make if they're not making brazil. chill way bolivia all the natural resource countries they don't export this is a global crisis that's remember we're talking about greece today what's greece two percent of the eurozone and now tomorrow it's going to be spain next week it's going to be italy a couple weeks later the u.s.
say go back to last story remember they downgraded the dead here yeah absolutely. and we're coming up to another debt ceiling debate so you're pointing to this cascading effect if it's not greece it's just going to be someone bigger tomorrow to steal the headlines with the same problem on top of that we have this global slowdown that you're talking about plenty of bad news to be worried about i mean in terms of the euro zone spain on monday will request formally its bailout now there's discussion again of directly bailing out the banks so that it doesn't go through spain so that spanish borrowing costs don't become unsustainable so it's just one thing after another kicking the can down the road to use a total cliche but but it does summarize what's happening so what is someone to do to protect themselves from an investment standpoint i know you're still bullish on gold. you know again i don't give investment advice i keep buying gold a friend of mine has a great strategy he buys gold every month gold and so. everybody's
a little every month that equals out why would anybody get into the dollar what's so great about the dollars i look at it as i say you know getting out of the euro it into the dollar is like jumping out of the lusitania to save take save board boards on the titanic no this thing is going down it's a global crisis look at the numbers again you go through this week's data it whether it's housing whether it's employment you name the numbers they're terrible there's no way out and they gave it their best shot you know the numbers what do they dump in the say that the numbers are like why twenty something trillion since two thousand and eight and the best they've been able to do is is to make it not a lot worse there's no way out is i keep saying we're talking about the banking crisis we're talking about europe we're talking about you know composite purchasing managers index let's talk about what's going on with the people remember them you
know the twenty five percent didn't spend it don't have any work the fifty percent unemployment rate among the youth to twenty three percent unemployment rate in greece the over ten percent unemployment rate in italy you're going to see social unrest at levels we have never seen in our lifetime and to that note something like that of greece or or something like that that could bring the kind of social unrest that we haven't seen yet i know you think we could see social unrest in the u.s. two one quick note on gold because you mentioned last august with the debt ceiling debate and a downgrade also last august we saw gold hitting some record numbers and trading at some record prices i'm curious if you think as we've seen gold come back down to the level that it was trading at about this time last year do you think we'll see it rise as we did last summer into fall and maybe then hit that two thousand dollar an ounce mark it could very well here's why i don't believe this is a gold bubble that's burst. i began buying gold in one nine hundred seventy eight
before you were born barely. the it was a different world back then china was behind the bamboo curtain russia was when everything east of berlin was behind the iron curtain there was no global trade it was only the united states basically boy gold now you have the whole world boy gold you had bank runs in europe who in their right mind would be holding on to paper as i see it so this is not a bubble it's very different you have an entire world that's worried about the finances of what's going on so i believe by the way the summer is a very important so i'm as a trend forecaster because people are in a vacation state of mind and they miss the nuances of what's going on and i remember one summer when gold skyrocketed back in the late seventy's we could have that kind of scenario again because this thing is unfolding and let's face it they
don't have the answers they don't know what to do because if they did they would have done it a long time ago they can fix it and i believe gold prices are going to continue to escalate and i'm of the camp that says two thousand and above all right well when we come back and we'll leave our audience with that prediction we do want to talk a little bit about the people that are trying to be elected to protect and maybe in your view to fix the problems that you say can't be fixed i want to talk politics when we get back so we'll have more with gerald celente founder of trans research institute and publisher of the trends journal in just a minute and still ahead you've responded now all answer check out if your comment caught my eye this week and viewer feedback you won't want to miss it but first their closing market numbers.
free. free card. welcome back before the break we were talking about europe let's talk about responses to europe from u.s. presidential candidates or their proxies mitt romney's economic adviser recently wrote an op ed in a german newspaper applauding germany's austerity measures advising germany not to bail out greece and on the other side larry summers who worked for the obama administration was one of obama's advisors in that his presidency early on in response are not exactly a response but in similar timing in the washington post wrote his own op ed proposing of course the opposite
a bailout and massive spending plan for europe so is this at the end of the day just political election year strategy disguised as economic analysis and economic advice and what does that do for the presidential hopefuls we're going to talk about it also while we're on them we know that mitt romney is a little weird we know that maybe americans have a hard time relating to him for evidence just look at his saturday night live version of his sons let's watch that. well we connect with the younger voters are over thirty six war median age is thirty five we like the same things as young people such as sport. do. you. whether or not they're just like you america you can
decide but there has been an argument that when it comes to candidates on either side of the aisle they are just like each other and that at the end of the day they're both bought by corporate interests but my question for our guest is mitt romney has got a lot more wall street cash this time around so why would we have a different kind of presidency with mitt romney versus an obama second term so gerald celente is going to weigh and he is transformed caster extraordinary and gerald let's talk politics because this is more your forte than mine so i want to know to start off with these op eds on both sides democrats and republicans you know at the end of the day is this just politics because if europe tanks that's bad for obama good for romney if you're a prevails that is good for obama could be bad for romney is that behind these. well you know you know the american people could care less about any presidential candidate blaming the problems that home on europe they're minute it's not europe
is much bigger than that as i said and i love it every time you know why why does anybody listen to larry summers you look back at his track record when he was running you know the economic division when he was with the obama administration and to virtually everything he said has not come to pass all his policies of failed but excuse me every time i say larry summers i have to put brilliant either before during or after you say his name because after all that's what the press that toots called him the brilliant larry summers as for romney talking about was staring measures and telling the germans this brilliant and that is great shot at a was it if the u.s. scary he measures now not to high inflation the u.s. scary the measures imposed upon the germans following the inflation that brought inhaler brilliant strategy and probably very apropos for romney so no this is just
a lot of political job and i would for the record i'm a political atheist i don't believe in anybody's political gods and to me it's a two headed one party system whoever wins. we lose ok and i know that you are a political atheist and you've said that many times before that this is a two headed whatever you just that much but i too added monster with one body or something not a fact but along those lines we have seen mitt romney get a lot more wall street cash this time around then then we saw president obama get last time obama gotten a lot of campaign cash from wall street in two thousand and eight when he was campaigning so my question to you when we see a different president with or are with regards to finance depending on who's elected not at all because look what's happened on the obama on the obama administration since the panic of oh wait you know watered down dodd frank
nothing's really changed you know look at the deals that they gave the banks with fixing that you know that mortgage crisis or you remember robo signers like a robot did it look at look at what laurie tell me want to head the world on wall street since the obama administration's been in all the the justice department has been joe in school you have people like roger clegg. has seen john cause be brought up on charges if the bringing down m.f. global hey couldn't be because he was a big bundler for obama now it's just a little different again it's all the same yeah i agree obama's been wimpy on wall street but i guess what i'm asking is would it be worth with mitt romney i don't think so i think you'll be just as bad and you know that if it's because you have congress and they're all in it together it's not going to change much what could become much worse how much worse could romney make it than obama in terms of
helping out his wall street bodies is he going to give them more money yet just like obama would if we have another financial crisis you'll see the fed dump more dough into it so i don't think it will be much of a difference and you mentioned congress i have to ask you because. tween the last time i spoke with you and now we've seen jamie dimon on the hill twice and if you want to get have any kind of evidence that would make you feel like no one has a political will to go after wall street just watch politicians pretty much like lining up to praise jamie diamond so i'm just wondering if you have any thoughts there about if we're ever going to see any justice when you watch the kind of political theater we saw there know the word justice is being misspelled every american that said any minor infraction knows it's j. us t. us just us oh now they've been rolling out that guy lloyd of do we god's word blankfein and i saw that morning joe guys suck up to say how wonderful lee was oh
yeah they're just great love the bankers oh yeah and so no it's all one club that's what i'm trying to say it's like a it's like aleck thing it's like electing the president of the country club in two thousand and twelve really builds swimming pools or will we expand the tennis courts. i think they will probably judging the spending habits of washington and wall street want to do both i appreciate you being on the show gerald to level with everyone and thanks again that's a founder and trans research institute and publisher of the trends journal have a great weekend you you thank.
all right it's friday so let's wrap up with your feedback let's take it from wednesday jim rickards was on the show he was talking about pretty much everything operation twist the fed gold fort knox jamie diamond europe and who he calls the institutionalized direct seekers who have attached themselves like parasites to democrats and to the republican party respectively to listen to rent seekers someone who figures out a way to manipulate the system to a shark well for themselves but they give very little back or give nothing back so they actually destroy well for society. so he identified public sector unions as the rent seekers for democrats and wall street as the rent seekers for republicans original prisoner x. said on you tube if people believe what almost all that is all economists left right and in between understand that wages have either stagnated or decreased for
the past thirty years then how is it that union workers are making too much money and besides unions only account for eleven percent of the total workforce in the country and let's get it straight trade unions and government unions are not the same thing trade unions contain competitive entities government unions have no competition internally different not the same well that touches on an important point that i want to make sure people are clear on when they think of this workers interview because workers was talking specifically about public sector unions and in two thousand and eleven union public sector workers had a membership rate of thirty seven percent so much greater than the private sector five times higher in fact which comes in at six point nine percent that are members of unions according to government figures and the connection that he draws to wall street between unions and wall street to clarify is this something that in fact you touch on original prisoner x. which is that both public sector unions and wall street banks thrive on government subsidies and lack of competition so i just wanted to make sure that was all clear
and on that note balderdash one wrote i'd be very interested to hear what the difference in the amounts of money that public sector unions are taking out of the economy compared to wall street not even close to the same ballpark i'll bet well it's hard to know what's being extracted but if you want to look at the top five contributors in public employee unions and finance which is together with insurance and real estate from open secrets which is the center for responsive politics you can see there how they compare so when you're looking at the top five you're looking at not a huge difference in terms of the dollar amounts but what you will see when you get more into big picture of the lobbying contributions to packed. it does look from my assessment like wall street spends a lot more but i encourage you to go to open secrets and check it out for yourself because the numbers are all there and yesterday we compared central bankers united in the liquidity attack to wall tron that i guess is a comic book guy or cartoon from some time past we called the defender of inflation
and john lane wrote to tell us a point of clarification was a force for good thank you we would never want to defame bull tron in that way in our use he is a defender of bad but we we are setting the record straight he was a good guy according to our viewer and now a few notes on the ongoing saga of me and often shannon versus dimitri and loose change here is just one example from this week byrd local capital washington has the highest lifestyle for the intelligence level because people here are religious . but they're not alone. so they get here and you have to do your dimitry i'm here but i'm sure your home does this mean that your intellect is subpar compared to the rest of the country no i don't think shorts are gomer down the middle oh all right we'll leave the audience to decide. well an earlier episode prompted mark
maleng to tweet to cover in delta that's dimitri that you need to toughen up lauren eats your lunch at the end of every show arc thank you for calling it like it is in my opinion dimitri though don't you worry some viewers do have your back remember i asked him to weigh and i ask you guys to weigh in about dmitri intellectual assessment at the end of the show i just sat and high and wired said only intelligent people say they are right down the middle so we'll give dimitri that and we will give you our wishes for a wonderful weekend that is our show that's all we have time for thanks so much for watching and be sure to come back next week and in the meantime you know you can always follow me on twitter at lauren lister and give us feedback on the show and had any you missed you tube dot com flash capital account and you can see is an h.d. on hulu at hulu dot com slash capital dhaka countermeasure right here thanks for watching have a great. download
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playing football in the scorching july sun of the iberian peninsula is senseless torture for some of these men others see it as a simple warm up before more difficult contest on dry land they see their rivals face to face but at sea competitors are nothing more than a blip on a radar screen. the wind and waves of the only tangible evidence of their determination to win. the crew of the russian three masts sailing ship mir has little time to prepare ahead of the second phase of the two thousand and twelve tall ships race nevertheless a fine five minutes for a brief meeting ceremony thank you i would like to congratulate you today
as we begin our voyage out to sea i hope will have a good start this time too i urge you all to do your best like it was. the crew success is a matter of honor for the captain and instructor of mir he will soon be celebrating his seventy fifth birthday and has devoted a third of his life to the world's fastest sailing boat victory would be the perfect gift the crew will need to give it their all in the first phase of the two thousand and twelve tall ships race ended with a discouraging result from ear. of the killer actually we were the first to come in after the first lap but after time update we turned out to be third in our class of ships jersey and frederic chopin polish sailboats where head of us our sister ship from poland will be our main rival both ships have similar designs and sails according to the time correction will last about thirty minutes during the first
phase i do. think again a thirty to ninety minutes will be enough for us to win here to give a long blast campaign. a. long one by. by noon more than thirty sail boats have left the port of lisbon the second part of the race is short little more than two hundred nautical miles they will need to make up for the time she lost in the first place before she reaches the spanish port of kiss the crew unfurls mears sails all three thousand square metres all. over all of the boats in this prestigious class of ships near has the greatest claim to victory her rivals pale in comparison to the number of wins she has racked up over the years she also boasts a skilful crew. strictly speaking these races are
a side project from there the russian ship is primarily for training purposes cadets of them a car of academy a would be captains of the russian merchant fleet if they learn how to set sail climb the rigging and timing knots although in the age of nuclear vessels such skills seem as useful as speaking latin. your best out there show them where you. will get your any seaman must have practiced as well as theory besides they need to have certain character traits epaulets as well as sailors are sent to other sail boats because these people need to make the right decision in the nick of time the sail boat offers the best schooling and character training. day pharrell of canada knows what the person of his mainsail wants him to do their commands and not translated into english after spending several months on may he's
used to the routine and what's. expected of him indeed sometimes he copes with his assignments better than his russian comrades this is not my first time on the starboard vessel i still aboard a vessel called the picture house or on the around the world voyage and doing this made me realize i want to sail on the tall ships a for a living and so i went to school to be a navigator and this was an odd one of the opportunities for work term was to come on the show that. there were about twenty trainees like dave on the ship like the sailors they keep watch and they also share courses with the crew there's only one thing that sets them apart they have to pay for the privilege is a floating democracy even the old superstition about women on board being a bad omen is ignored right you know twenty young female cadets some trainees are taking part in the race. my name's liane i'm from hamburg germany and yeah this is my second time on the air i would say that the big guys help us
but we try to do our best like pulling the ropes and so on it's not difficult but it hard labor like physically hard right now i'm fighting the position in the atlantic ocean on route events and that's i plotted every half an hour i feel great about it we all work together as a team and we help each other through it also makes it ok. the portuguese pilot steering me and leaves the bay at two pm there is less than an hour to go before the race starts tomorrow to butts form a starting line none of the participants in the race is allowed to cross it until a certain moment the most difficult task is to make a careful assessment of the ship speed and direction so that she enters the start corrido exactly on time it takes some complicated arithmetic to add up speeds and subtract minutes. to really see what are they doing well you know. still lingering
on the top gallant sails your. little. game we need twelve knots ok that's what we've got right now sail setting aborted three minutes to go what's the distance. finally they need to shut off the engines to help the ship navigate out of port. always fail in these competition is otherwise they would be pointless. because why only the engines to shut down five minutes before the start that's the rules. so with us from central control the mechanic that's the way the brain writes now u.k. . shows the lights is about to go on that the engine is shut down the good man is now under sail we'll talk about bottles and.