swiss national bank has done swiss national bank owns millions of dollars worth of shares of apple by the way that's part of their portfolio so whether or not the u.s. government could do that without causing hyperinflation i don't think that they could do it like the swiss national bank has done and all of these mad markets whether it's kodak coin or the s. and p. five hundred already hitting near and estimates in the first eight days you know this could be the sort of spiral the vortex the craziness that you know these eight years ago or nine years ago was set in ten years ago back in two thousand and eight when these central banks started going insane is this is finally they're finally getting the inflation that they want but i don't know whether or not it will be out of control well you do have some pressure on the u.s. dollar world reserve currency is trending down if you see that break ninety on the index you know they're going to have a freefall which would be a catastrophic event but look at the swiss national bank you know you have to compare them to let's say nestle corp nes

to lower the swiss franc and so they are shorting swiss francs in a massive way and buying europe's so and i think that's you know that's the risky position stocks is a smaller part of it their currency position is unacceptable to me for the country if you then add to that that the swiss banking system is about between five and six times swiss g.d.p. you then you know so it means that even with this massive balance sheet which is all as a leveraged balance sheet and the swiss national bank has. the banking system is much too big for the country and too big to be saved and so the swiss banking system sadly is. not conservative odds are these days and to leverage and assists national bank could not save them if that was required so that you know this is why i'm always said to people if you want to end up with money the end of this coming crisis don't keep the major part of it in the banks because it's not going to be either the bank is not going to be there or the money that you have in the back is going to be debased to such an extent they'll be worthless right you know it's setting up

if that's the case and look at this next time i'm because this should be a real boon to the economy swiss authorities investigate potential manipulation of three trillion pound currency markets swiss regulators are investing in gating a number of financial firms over the potential manipulation of currency markets where three trillion pounds changes hands every day so this is multiple banks around the world five trillion dollars in manipulation and price rigging and price fixing but if look at the context the global daily forex market is two and a half to three times greater than the entire g.d.p. of britain so the entire g.d.p. of britain turns over in the four x. market to an after three times every single day or so and i said last week that the global economy is going giant hedge fund this is a good example of it if they're manipulating forex which includes all the transactions for the british pound and all the other four x. transactions and all economies and all their currencies around the world and they have hundreds of trillions of dollars of the leverage to do so and their cost of f

voters rejected the vogue elde initiative which would have put the swiss national bank in charge of all money creation pending the banking system so it would have ended basically fractional reserve banking it was something like seventy percent voted against this so it did not succeed at all but we're going to talk a little bit more about that so it's interesting that they would even consider this so they understand that the central bank of switzerland is acting malevolent undercut commercial banks that they've they said the commercial banks should not be able to print money by issuing loans. they create money so they wanted to take that power away from them that said that commercial banks like j.p. morgan deutsche bank goldman sachs that they could not create money they could only lend against their reserves one hundred percent reserves that only the central bank of switzerland was going to be allowed to print money just like in the case of america would be the u.s. federal reserve would be allowed to create money where the treasury ensures yeah exactly so they voted it down but the

national bank has paid a billion dollars in interest on negative interest the swiss banks have so on these negative interest rates after swiss national bank there's no deterrent yet they get rewarded for criminal behavior if i were to shoot somebody in the head right now according i'll greenspan i should get one hundred thousand dollar bonus. so none of it makes sense the swiss banks themselves this large they pull out these little bits of you know that yours to destroy us true so let's go back to alan greenspan because he doesn't mention asset prices including the stock market those will collapse but first he says those aren't in a bubble now based on what the fed rates are so right back let's calm down for a second and let stacey speak for one moment so here's the quote the real problem is that when the bond market bubble collapses long term interest rates will rise greenspan said we are moving into a different phase of the economy to a stagflation not seen since the one nine hundred seventy s. that is not good for asset prices so he sees stagflation obviously many people in our au

beneath the square law enormous vaults housing the gold reserves of the swiss national bank. despite having to register a condition of the parliament building is in the middle of the city and there's no demarcation on the outside is anyone can go right up to the buildings facade this reflex switzerland's openness maintaining this was an important part of the concept of hope and. it was the full necessary to combine two opposing aspects maximum safety for the government and the maximum openness toward its citizens for the invasion for us it was always important for security to be a part of the overall design without it being very visible and that security checks can be carried out for that all requirements can be met technically without necessarily being obvious that when you enter the building you notice you're being surveilled and it's put a you're in a secure area like in an airport but you don't get a funny feeling about it that makes your visit there a negative experience to see the building represents what sort of day the last and one should experience it and that's posi

francs but swiss the swiss franc in and of itself is a problematic currency i mean one of the largest speculators in u.s. dollar stocks in the planet and they're one of the biggest holders of apple so you know i don't think that position is looking very good for them considering that you know it's down substantially from the peak and. about that for a second so on march twenty ninth there is scheduled for. at the moment there is no plan there was ever never a plan and so what you are betting on that. as a money manager a fiduciary well how do you. know how do you manage your accounts ahead of that aside is going to be a volatile session i would imagine meche oh look i i it's no secret i haven't liked sterling since it was one seventy two the u.s. dollar look at sterling go back to two thousand and eight or seven sterling was trading at two point zero eight to the dollar and it's dropped precipitously it dropped in two thousand and seven two thousand and eight from two point zero eight down to one forty now we're trading at around one twenty eight i still don't like sterling so the big

one of the chief opinion makers at the financial times wrote a piece an opinion piece saying that the swiss should have practice that they should take the power to create money away from commercial banks because commercial banks have proven themselves to be not good at doing what they're supposed to do now i'm only going to read a an opinion piece about martin moss opinion piece because the financial times is behind a paywall and i guess they want to make money off of the financial times i don't want to give them the money so i'm going to read this headline here martin lost a swiss should vote for of all gelled switzerland is trying with the idea of removing the ability of banks to increase money supply in a bow on sovereign money or ball gelled the question we put to a referendum on june tenth and as i said they voted against it max but martin was at the f.t. is with out with an endorsement today i'm curious terms saying that finance needs to change and experiments he says banks have lost the right to be arbiters of money quote the advantage of the vogels proposal is that it is a credible

franc and gold and both were soaring on the same morning that the swiss went all in and pegged their currency to the euro going forward where this massive dump of like fifty thousand contracts in about two in the morning new york time and smashed gold for sixty or seventy dollars and down it went from there and the rest is history and again to now people are trying to conflate that. with the. lost my train of thought they're trying to conflate that to the gold forward rates and then the live or rates and whether there was backwardation in london and whether it was these triggers that response thing yet at all probably had something to do with it when gold was smashed on the heels of silver getting smashed it was definitely a central bank operation to keep gold price in check and to avoid a total loss and faith of global fee got because there was no fee left that deserved to have any faith in it just to keep on the same f. spoofing for a second you know the market has buyers and sellers and a spur for a while show up with a huge selloff it or you know that would cost us both her hundr

in the heart of the swiss alps this is a place probably more secretive than the pentagon momus stereo system the cia and pentagon did the. swiss customs i hear opponents place well all the science is controlled by them and they impose the opening time so it will go up was it was a do you sums up the procedures in place. the strictest in all europe must to pieces by artists like picasso and modigliani camps boards and sold in the side this warehouse that's where the report comes in it covers up deals with jar naturally discreet commercially discreet step but also discreet cigars they concern fraud. some of those paintings are linked to dog secret sq nobody knows how many of these secrets a kept inside the geneva free pool it's such a pleasure that you'll never obtain an inventory of all the works in the freeport who knows how many there are three hundred three thousand three hundred thousand is it a matter of confidentiality only is it the world's black box of the art business. what politicians do. they put themselves on the line and they get accepted or rejected. so when you want to b

this swiss company if they had permission from the government presumably the united states to offer the service. so the us is bullying switzerland about this in the pena corp try to come up with and i say prove email. where you think that the case is going. if you you know if us pushed hard enough they might actually. make it life difficult but this was a very resistant to this kind of stuff when nam in two thousand and ten when the us ordered all the wiki leaks the main to be taken down so that we can extort and far in france was taken down and weak leaks but or it was taken down and in the amazon stuff was the one domain that wasn't taken down was we can still c.h. the swiss i mean this is this is just run by a little foundation out of university of byrne and they got the call as well and they just said sorry your laws don't apply are to switzerland good bye now i don't know if they're still that sort of today. but i think switzerland and germany would probably be two of the countries where you have a good legal framework to do these kinds of services that are resistant to sort of

in the heart of the swiss alps this is a place probably more secretive than the pentagon more mysterious than the cia and better guarded than for knox swiss customs are here permanently all the site is controlled by them and they impose the opening times. opposite it is from his office the procedures in place of the strictest in all europe masterpieces by artists like pecan so and modigliani i can't boards and sold inside this warehouse that's where the report comes in it covers up deals which are naturally discreet commercially discreet felt but also discreet because they concern fraud. some of those paintings are linked to dark secrets nobody knows how many of these secrets a kept inside the geneva freeport system you'll never obtain an inventory of all the works in the freeport who knows how many there are three hundred three thousand three hundred thousand is it a matter of confidentiality only is it the world's black box of the art business. moses. when you don't. see the. most. space. let alone. claiming to know. that. you speak french. continue. to. here's what people have been sa

law firm is trying to save and the hearings are happening right behind these doors swiss lawyers are saying that the grounds for the lawsuits are the nontransparent nature of the criteria plus the on lawful nature of the verdict itself and most importantly discrimination on basis of citizenship and remember that some of the people whose fate is being protected here are reigning olympic champions. movement does not consider me an athlete who deserves to be a part of it without even providing an explanation i've never given a reason to doubt my honesty and my integrity. the games in korea were to be the first in my career together with my partner we've been working towards these olympics for many years it was my cherished dream. i was shocked to lympics my dream and i was working towards this goal throughout my entire sports career i've given no reasons to doubt that i'm clean. so to put it very mildly cass in the i.o.c. don't see eye to why the court clears a group of russian athletes but the olympic officials can't be bothered this situation put the two organizations almost on a brin

word anymore for number 10 talent to resume a husqvarna getting away from it all hiking in the swiss alps spent 3 years trying to deliver to the referendum something we are definitely clear on bricks it means bricks it bricks it needs threats it wrecks it means bricks it and we're going to make a success of it but parliament had other ideas patchy shouting had out even what have her key points had her reaching for her water then she found that brussels wasn't very happy about how to bit old blighty and wouldn't budge on key points like the irish backstop to maintain a seamless border on the emerald isle they managed to thrash out a deal though and may tried 3 times to push it through parliament no luck so she shared a tear and left i do so with no ill will but with enormous and enduring gratitude to have had to the opportunity to serve the country i love. and to boris johnson ardent bricks a tear and leave come figurehead johnson promised to take the u.k. out of the european union by how do we do you don't know and that's really riled so where are we now well just 2 months from b. da

there wasn't a very much a year end to end game a high energy that a lot of commitment from from the swiss as well because they were pushovers can you and well see right six in the wild wouldn't be so very much time is a game as we predicted of course back in sweden that goal sent fans into a frenzy as that country edge towards the quarterfinals of the last times in twenty four years this was the mood back home. was i. was. there we have all to gregorio with us now a consultant to the full fee for communications director who was actually at the game and play with us in some petersburg times for joining us what was the atmosphere like there today what was first of all no outstanding stadium fantastic fans there was the most picture perfect. the result was not good for sorts of course. there was really a fantastic event i don't think it was a top top game. but you know a lot of pressure from both. switzerland hope finally to go to the extent shown that they have to wear them over for years to come what do you think of the tournament so far it was as you said perhaps a very tight game not the

clock like a swiss watch if you want because what happened was the point of this whole thing now of this whole emergency rescue system is to kind of ejects as you've rightly said the capsule and push it as far away from the makes it illegal because we were talking about this ballistic what was the term used it's called the ballistic descent you know what i mean i will get to that so the capsule the capsule is jets from the rocket it detaches and so the urgency you rescue system kind of drives it pushes it as far away from the failing rocket and. it does does have a does is it does have its own engines it's like a small small rocket in itself and that's the thing we're seeing on the screens in our this is not all of that over there rather over there i should say we are seeing the the the capsule itself. which landed on earth so after the after detaching from the rocket the capsule goes into as you've rightly said the ballistic descent mode so it means it kind of goes down. with a parachute and they kind of. know what we see on the screen this is exactly about this is the the module t

dollars an ounce over the london cash price said frederic pena global head of marketing sales at the swiss space bullion refiner that compares with about fifty cents before the route pen is he also chief executive officer of and k.s. precious metals said in an interview from dubai so you see the premiums are jumping this is just like prior to the crash we saw a backwardation these are the real physical signals that there's a problem in the attic should. market the paper market that there's a shortage there's a tightness of supply and here the premiums jumping many fold over showing that this is hard to get the supply side to solar is five bucks over the paper price right now five got twenty percent more to buy actual physical silver than was quoted by the paper pushers and that premium is expanding tremendously there's a whole new market developing for the physical prices over these paper bugs whether it's wiesenthal or blodgett they're drinking the ink that they print onto the paper dollars you know there see them with that big bottle of like ink triple x. guzzling it down in the gutter a

in places like the bell and so the money will simply be confiscated secondarily i would look to the swiss national bank and see what they've done recently and that would be applied to such a banks all over the world they actually buy stocks so warren buffett who's a billionaire who's very friendly with wall street encouraged merica to bail him out and all of his banking buddies in two thousand and eight if in fact his net worth is threatened he couldn't encourage the central banks to buy berkshire hathaway stock in the open market all the component parts of berkshire hathaway stock so that warren would never have to have a down day i believe you're right about that but the swiss national bank is a tiny central bank i think they inspired the bank of japan to also try that the bank of japan is but by and buying up e.t.f. but when the u.s. federal reserve and the e.c.b. start doing at. you're going to have hyper inflation in the stock market something like we haven't seen for you know hundred years i think twenty nineteen will see that it's corporate debt to twenty nineteen is what subprime

than the cia and better guarded than for knox swiss customs are here permanently all the science is controlled by them monday imposed the opening time so i've got the opposite the possibilities from stop us the procedures in place of the strictest in all europe must to pieces by artists like they can so and modigliani i can. boards and sold inside this warehouse that's where the report comes in it covers a. naturally discreet commercially discreet strip but also discreet cigars they concern fraud of some of those paintings a link to dark secrets nobody knows how many of these secrets a kept inside the geneva freeport surplus you'll never obtain an inventory of all the works in the freeport who knows how many there are three hundred three thousand three hundred thousand is it a matter of confidentiality only or is it the world like the our business. and i don't mean to tell you one thing. the wrong lard. israel's prime minister tries to convince the world that iran is not to be trusted just days before donald trump says he intends to scrap the historic nuclear deal also to become the

financial times i don't want to give them the money so i'm going to read this headline here martin wants to swiss should vote for of all gelled switzerland is trying with the idea of removing the ability of banks to increase money supply in a bow on sovereign money or ball gelled the question will be put to a referendum on june tenth and as i said they voted against it max but martin wolf at the f.t. is with out with an endorsement today i'm curious terms saying that finance needs to change and experiments he says banks have lost the right to be arbiters of money quote the advantage of the vogels proposal is that it is a credible experiment in the direction of separating the safety rightly demanded of money from the risk bearing expected of private banks with money and ambiguously safe it would be far easier to let risk taking institutions bear the full consequences of their failure to write well in america there is the glass steagall act that was came in after the crash of one nine hundred twenty nine and the resulting in the depression and the securities act of thirty three and thirty four were

the gold market the gold market is a funding currency what it was i mean like the japanese end of the swiss franc you borrow against gold to go put on profitable trade somewhere else it's the gold is used as they funding currency nobody buys gold because they think it's going to go up people sell gold for the proceeds and then use that money that they get from selling the gold to go buy something that will go. ok that's what's called that's called a funding currency and this is the problem with the gold bug community is that they are creating an insatiable demand for gold i mean moment is not going to buy gold indian people buy gold by the tons one hundreds of tons people buy gold gold gold buy gold there's always people buying gold and the professional marketeers understand this and when the gold price goes to a certain level they've bang it down with short sales they're selling the gold naked or they're just selling it they're just doing short sales are not losing money they're just selling the gold short and then when it gets down to a certain level they can cover those shorts at a profi

dollars in cash swiss prosecutors are investigating why two people tried to shove about one hundred twenty thousand dollars worth of five hundred euro notes down the toilet around geneva the bills were found in toilets at three geneva restaurants and an office of the fine. national company u.b.s. and may it's apparently two spanish women it's not against the law to destroy money there so they just did it for laughs. the toilet paper in switzerland is rough. that is true you know we are at a crypto conference and one thing that a lot of people will say where about bitcoin are gold as well you can't eat gold you can't eat because i mean. but with fat you can apparently and as i try to use case has practically yes absolutely well look feel money i think the average lifespan of all feel money going back under severe is twenty seven years they don't last a long time they have none of none of ever lasted they've never endured they've never been around for any length of time that's that makes any any impression on history whatsoever and once at all what gold is money gold in there for five

stock so that warren would never have to have a down day i believe you're right about that but the swiss national bank is a tiny central bank i think they inspired the bank of japan to also try that that the bank of japan is but by and buying up. but when the u.s. federal reserve and the e.c.b. start doing at. you're going to have hyper inflation and the stock market something like we haven't seen for you know hundred years i think twenty nineteen will see that it's corporate debt to twenty nineteen is what subprime debt was to two thousand and eight because i think you're going to see that edifice collapse and there is a whole bunch of c.l.o. collateralized loan obligations there's a lot of borrowing in the corporate sector most of it was to take the stock markets private and pay themselves huge fees and salaries and stock options via stock buybacks but i think basically the entire edifice will collapse the stock market because of all these that the corporate debt what we've seen one of these before with a corporate debt collapse in one thousand nine hundred seven after the mike milken