crackdown widens as more bank accounts said frozen apparently there's about thirty three billion dollars at the time we're recording this seized and held by m.b.a.'s as the new crown prince some say is going to seize absolute control he has seized thirty three billion dollars worth of assets. all will lead been to lao had about seventeen billion dollars and so i don't know how much of those are frozen or allegedly frozen a.f.p. news agency at the time over the weekend when the. arrests and asset seizures happened saudi say bank accounts of those arrested in corruption crackdown to be frozen so their bank accounts are frozen. chaos seems to be happening is funny in a way but on the other hand it's not funny because it looks like there could be some sort of you know world war three about to erupt in the middle east. this guy is a putz ok he said big clients does good because they're still central government there's

no central bank and then a week later the central bank of the central government rips out all of us that worth if we add a bit coy he would have a problem he's like a poster child for why you should buy bitcoins anyone is thinking about should i buy a bit go and look at this poor idiot sleeping on a mattress in the ritz hotel or house arrest because he didn't listen to me ok furthermore he's overrated as a money manager wealthy dude he's just a warren buffett wannabe he got bailed out in two thousand and eight two thousand and nine just like all those other crooks on wall street he's got no accutane whatsoever he's got a bunch of oil wealth he buys strategic positions of big companies big fricken bail but he talks like an idiot and now he's paying the price for to six the toshi well beyond that actually i think it's quite interesting because we've been here in washington d.c. and we don't usually watch the nightly news but we have because we've been in a hotel and turned it on and it's not even on the news here none of this is on the

news which seems remarkable but the fact that like dozens of these princes and royal family members are under house arrest under it's arrest. at least two princes have been killed in bizarre one a helicopter crash the other in some sort of shootout with the police they say i mean all of this is allegedly but it's so bizarre that is not being covered on the nightly news even though it's allegedly such a close ally of america and quite important to not only the oil markets but the entire middle east. then we have the situation where the likes of the guardian in the u.k. are bizarrely pushing all these weird things that this is somehow the great reformist the new crown prince is arresting all these people and throwing people out of helicopters and having gun fights with other princes because of some sort of anti-corruption drive which seems really bizarre to witness the absolute

shut down in the media of covering this i don't know why but they are choosing not to cover it love if you're a saudi prince and you buy the top seven floors of the dorchester every year for you and your entourage of fifty or sixty or so then you're a reformist when you're out there you know killing folks and doing a massive power grab and mucking about in the world markets if however you're just emerging economy that's trying to make good on trade deals and grow from two hundred billion to one and a half trillion to five trillion dollars out there in eurasia good relations with europe good relations with china good relations the red you know you have cyrillic in your alphabet and you've got a good hockey playing leader then somehow you're a bad guy because you're not down you know by seven floors the dorchester on a weekend for your whole entourage of fifty flying with a helicopter and spending maharani time money you know it's a total duplicitous nightmare and this is an overrated puts ok well let's go back

to him because this is this is when i was looking at some of the coverage of prince all you've been tell all so he's the one of the grandsons the many dozens and dozens of grandsons and like five thousand princes he's a grandson again on condoms over there was so wrong with these people the founder of saudi arabia so here's a headline i read over the weekend and it comes to this paragraph which is so shocking and yet the fact is shocking in that what is an acceptable author are terry and what is an acceptable dictator. or was an acceptable sort of way to rule a country to some segments of the press here and yet not to others so listen to this paragraph about who this guy is who is a lead been told all the absurdly rich prince at the center of the saudi corruption purge as i said he was born in one thousand fifty five grandson of the first king of saudi arabia his holdings in twitter lift your disney and twentieth century fox

luxury hotels across the world a tower under construction in saudi arabia that will soon be the world's tallest building or his opulent palace where business insider once reported the prince kept a quote group of dancing laughing joking dwarfs and his entourage occasionally tossing them around a sport like human shop puts. this like what like he goes on all the media here and is hailed as some like warren buffett he's just a fiddle wing fiddle player sort of the cute guy from saudi arabia he's a warren buffett of saudi arabia and apparently they can also say he's like has this he. these are door yeah these are dwarf which is not politically correct well you know it goes back to the financial crisis of two thousand and nine remember people were searching for ways to grow their economy and it was in florida that they made legal again dwarf tossing it had been illegal yes

probably where he got the idea yet i don't now far too much on this point the point is that you know the duplicity of the sort of principles apply to certain countries if depends on who is flowing the cash to you here saudi arabia you know they've they've suffered dearly under the price of oil collapsing they have a very hungry population because they don't get to you know they have seven thousand princes to support tens of millions of ordinary citizens to support as well they did have to borrow something like one hundred billion dollars last year on the international bond markets yes thirty three billion dollars could pay off a third of it at least also on this article about prince ali they also do say because here's a guy who took on president trump a lot of the conspiracy theorists from like the likes of m s n b c in new york times here in the united states what they're saying is that somehow donald trump had something to do with the arrest of princess will lead them to law because he had insulted the president on twitter and here they say in the article talking to

locals in saudi arabia will lead is the donald trump of saudi arabia an expert on the saudi royal household forbes last year he may be a symbol of success for some saudis but many others view him as being way to god so well he's a vulgar little garin like the trump ask. but you know trump is a kind of a hard scrabble guy from queens who took on the establishment in manhattan and he had to fight his way up sometimes getting penalized two or three shots on the back nine it was just a country club to make his billions this guy was born with a silver camel in his mouth and he grew up to be even more outrageously. overly priced as part of the petro dollar arrangement from one nine hundred seventy one where america decided to annoy the saudi people with hundreds of billions trillions of dollars worth of money in exchange for the oil that was the quid pro quo that is

now the architecture of the global economy and gave us as a corollary to this one hobby ism that was the that was the trade off to say we'll do the dollar oil petrodollar but you've got to accept wahabi ism and then when things start afresh a they said a little hello no to loved zero nine eleven saying remember us we're your partners and they've been keeping america out of their boot and now trump comes in and says you know what this is really do things a little bit here and he said he greenlit this could do in saudi arabia's actually and now the whole thing's being re architected as it should be yeah because he did donald trump did tweet right before this all happened that he would like the saudi aramco i.p.o. . they touched your soul the photo they touched your that was the green light to let the coup go well so he was pitching for businesses all business at the end of the day because remember the united kingdom was also selling vast quantities of cider fighter jets and weapons to saudi arabia that they were dropping on yemen and

hoping in exchange that they would get the i.p.o. the business for saudi aramco. and now apparently the united states has thrown their hat in the ring so it's all business at the end of the day but it's interesting to watch again the fact that the mainstream media here doesn't seem to know how to cover it yet because they're just not covering it. they don't know how to cover it yet because it distorts their parallax view of the world centers around the in tractable evilness of russia look there is a third rail in the region that if anyone puts their foot on to the third rail they're going to be fried quicker than you can say you know harvey weinstein in the bathroom and that would be a rant if anyone decides to actually pick a fight with iran you know prepared to meet i make or there's been waiting for war for twenty years they've been they think they've got an incredible ability to take on these joe out of the middle east you know that that would be the absolute suicide mission well it is shia and the sunni is decide hey let's go at it toto ok

if trump brings out on that and he if he was sick well it would bring a lot more saudi arabia has way more advanced military so it's you know we have they have all the best weapons from the united kingdom and the united states however who are however allies however it doesn't you know i don't i'm not picking a side or anything like that that's beyond it but the fact is that the media has been pushing for a war they want to war and maybe they're going to get the war that they don't want because we still are you know we're still we're still in afghanistan we can't even control afghanistan and all they had were sticks and stones they don't have any weapons and we still can't control that country we still can't control iraq we can still we still like libya is a disaster zone so why we went on up another disaster zone i don't know but that seems to be what is happening and it looks like now saudi arabia this new crown prince is now the largest shareholder of twitter but it'll be good for the oil market yes exactly a well oiled oils are already telegraphing this huge move oh well go oil prices

though those rolls a blast well stay tuned for the second half a lot more. think a sure new to the game this is how it works now the economy is built around corporations corporations run washington washington controls the media the media control over the voters elected to businessman to run this country business equals power you must it's not business as usual it's business like it's never been done before. they all.

get to almost all the. manufactured. public wealth. when the ruling classes protect themselves. with the crime.

nor middle of the room sick. already howdy welcome back to the kaiser part time to continue our discussion with dr michael hudson author all around nice guy he's i mean would you consider yourself a new yorker dr michael hansen absolutely not i've never felt comfortable in new york i was born in minneapolis and my father got out of jail we moved to chicago and i grew up there well oh whoa whoa whoa when your father got out of jail what he

was one of the minneapolis seventeen sent up the day before pearl harbor for advocating the advocacy of the overthrow the government by force and violence which meant that he was organizing the teamsters union and the roosevelt administration made a deal with dan toben to turn the teamsters union over to the mob and apparently there was a deal with the russians that if they get the government would throw the minneapolis trotskyist in jail and minneapolis was the only city in the world where being a draft guest was a career advancement opportunity that they promised not to have strikes during world war two so that the stalinist sort calling for the death penalty again to smith effect that later was used against them after world war i world war two so any right my father was one of the minneapolis seventeen and then we moved to chicago i love chicago i still think of that is my basic city and when i think of which direction i am i mean i still act as if the hudson river is like michigan

and except that that's on the west instead of the east so i'm always talking we were just in minneapolis and i did a little reading up on the city so it is on the top of the the the the river there they mississippi river is at the very top and it made his bones on processing mill milling flower it off and they created bleached flower which then they ran into trouble with the bleach flower they were that it was determined scientifically that bleach flower was no good for you and that people came in with a full nd. did the flower with the full. not the whole grain the whole grain flour and. so what was the labor conditions like at the time because obviously that story plays into right to mean minneapolis was the center of labor history in the one nine hundred thirty s. ok you had a general strike there and one hundred thirty four one hundred thirty six there's a book about that charles rumford walker's american city that describes that you

had the whole general strike and that was that became as i said the only trotskyist city in the world so this isn't a depression it's actually yes and he had a blow up in the twenty nine crash and you quickly entered into the depression and trotskyists and communists and other forms of governments and economics other than capitalism were in the ascent because it was considered they wall street was a collapse of the capitalist ideal so you had these competing. schools suddenly in america and it gave rise to art an anti-communist we saw mccarthy in the fifty's as really a holdover from that period correct and we saw. you know reagan was also out of that school of fighting the communists you know he built a huge political career out of it from the from there is where. you have the and then this labor. was was there much of all morgan i's labor in america before

then of course in the night late nineteenth century and eugene debs the socialists you had at the center of labor organization was in the midwest because that's where the manufacturing was it happened in minneapolis because that not very populated the truckers were the big industry there there was a lot of violence you had floyd b. olson who was the governor who said he hoped the capital system goes right to hell and so he was reelected as governor it was all destroyed when the right. kamen led by hubert humphrey on the far right right that's exactly right now is his task to the presidency i guess right to show that he was a good double cross or he was sort of an early obama type speak left and then slammed down very hard on the right right so this is fascinating piece of american history so so many apple asus is an under told story i would say people are familiar with chicago and what happened in the thirty's obviously organized crime

people are know the history of organized labor and the new york and the longshoremen and of course as long as labor then became corrupt in a big it was infiltrated by the mafia essentially that was largely roosevelt stilling and it was done because of his fight against the teamsters in minneapolis right he wanted it the only alternative to having the socialists organize the libyans was to have the mafia organize a labor unions by saying if you're you're the head of the labor unions you get to say who's hired you get the kickbacks you get everything that fitch wrote about in his study of the labor movement so it's very much like in japan when america back. against the socialist japan had a very strong socialist movement mcarthur came in backed all of the most right wing japanese militarists japanese and the gangs the gangs the fight against socialists and that's why you have japan in the story state that it ended

a when it comes to industrial on the state and the steel mills. so it's an interesting areas of focus you know the thirty's and seemingly in minneapolis i mean there's organized labor before but then it became a threat in a big way because the capital system was collapsing i mean i guess before that it was more of an adjunct to the overall economy where ok we're going to organize labor labor you know they invented the weekend for example organized labor without their organized labor we'd have no weekend right and we have no hollywood. and the entertainment industry had no theme parks you know had no vacations you know they it's a huge part of the economy america was invented in effect by labor and then when the thirty's post crash you know it really became it became more politicized in that sense so did did the organ labor organize at that point were they always referring back to. a leninist marxist reference no no not at any point

remember minneapolis is very largely scandinavian so you had a lot of scandinavians there. in new york you'd have basically central europeans and truth or going i think. the garment trades and the labor unions but in minneapolis and you had a completely different ethnicity with a different national background and they had a kind of scandinavian sense of fair play my father said that who graduated from the university of minnesota with an m.b.a. he said it was the rover boys stories that gave him a sense of fair play and you know that the rover boy being the american boy stories of the early one nine hundred seventy s. your algeria that place and that is our second later on the know that all at that same idea of everybody being fair and kind of how little kids would play with the german rock while depiction of america stalinist so well you know was a stalinist yes. yes i didn't know that that he was one of their funders. that's

the only learning things here today that are shocking what so anyway to get back to the narrative here. it is thirty so what was there an individual a person where labor in america suddenly did start to overly reference marxist leninist doctrine. not really except to your dad you know when i was even my father when i was a little kid i would my father would take me over to the houses of a lot of leaders including people who were on the central committee of the common turn when lenin was in power and being a little out of maybe eight or nine years old that always look at the library and they always had a marxist capital in the library and i'd always go and look at you know open it up and nobody had ever read a single they'd never been opened before especially volumes two and three had ever been opened volume one maybe but not volumes two and three so the fact is they had

them on the shelves but they didn't rate it so now you know your career took you through wall street you were a credit analyst for chase manhattan bank just about all of who else was going to be an economist on wall street except a marxist i'll tell me more law would you say such as you know that it's all about exploitation and if you go to a business school and you think everything's fair and you don't understand that it's an exploitation and crooks and you know how the system works the marxist being outsiders we could look at the system and of course we were the forward planners in the futurist because we were looking at how society would change and the business schools would tell people is not going to be any change everything's going to go just the way it is that's what we call equilibrium and we marxists are always looking at this equilibrium so we could of course forecast all of us have credit in terms of how effectively it could be extractive i was saying how much could be extracted and at what point will the break come and that certainly all volume three

of capital that credit. mark pointed out interest bearing debt grows exponentially but the economy only grows on the next curve and tapers off so every economy creates debt faster than the ability to pay and that's through the break so i've seen our says as a quintessential critic of capitalism yes it out of our study very call this book capital right so and so as a philosophy it's not really presenting a political construct although many have chosen to use it as such he looked at the laws of motion so it's not a construct is a single building it's the law of motion that's the reason we're out of the flow out of communist countries gone wrong because you know they've people have tried to adopt the systems i were the entity says of capitalism or of the different capitalism so far we haven't seen much success many succeed what's what's going wrong there well right after when and stalin killed everybody who'd read marx oh ok

so that was and i think you know since the one thousand twenty's russia has known nothing knew nothing about marxism and it was the. all over the world has been tried in london especially in other countries other hemispheres in other places marxism in a way. really think so i mean certainly. socialism is a step towards that and there are i mean everybody thinking wrong another was my question is what would if you were starting a country today what or convert america to a different system because obviously the system now is attractive it's compound of the debt ad infinitum and it's causing huge wealth and income gaps and it's not working in many different ways and so if you were to come back and you're a marxist scholar effectively you know what would what would be a couple of the points to that would build a sustainable economy that what is stifling the economy today is finance and it's the growth of debt and it's the inability of debt to pay that is leading to a huge transfer of property which would. let's say the m.g.m.

siri modern terry thing monetary siri yes which is that there's a list in your book yes but i go beyond most of the empty years because i divide the private sector into the fire sector the finance insurance and real estate is opposed to the industrial so we've got just describe m.m.j. . and that's a lot of the school in kansas city is you find the m.m.t. people like yourself bill black i think is there yet marshall auerbach marshall all marxists and he set the bar. low on it let me into this i was talking about it stephanie stephanie kelton she's in this all so in thirty seconds kind of break it down for us what it is that banks or the government create money simply electronically it's not a thing money is debt and the way that you create money in the economy is create depth by one party to another if the government spends money into the economy it's

been that directly on infrastructure and hiring goods and services hiring labor to produce something that i know mcchrystal may not like a central bank that lends it to the government it could. be the treasury which is essentially the treasury used to be the central bank the federal reserve broke the treasury off to put money creation in the hands of wall syria or that. put the treasury in control once again right the treasury would issue money but if you leave money creation to the banks and dodginess money and steve kean who you often have said the banks lend money only then when money to spend on goods and services they spend money for corporate takeovers to inflate real estate prices so government money creation is different purpose for from private bank money is going to leave it there dr michael hudson thank you. alan us an idea for this edition of the kaiser report with me max kaiser stacy i would like to thank our guest dr michael hudson if you want to reach us on twitter it's kaiser report and next time

. we all willingly accepted the risk of being shot wounded taken prisoner but noone signed up to the flag and poisoned by our own people of seeing stuff that was nuclear biological and chemical products the said do not truck tires all types of styrofoam all polystyrene these batteries trucks there was a complete denial i think at all levels of government that there was any connection between berm pits and what these brave soldiers were suffering from to compensate every soldier marine airman and sailor that was on the ground that are complaining about illnesses from their exposure from the berm pits would really literally send a be a broker and they don't want to pay it so they're waiting decades

a lot of those soldiers will die in time and they will have to pay and. called relevant to the middle finger to be used to model is. delayed and known to. drive to medication is widespread on the us market and a frequent cause of death at that point in my life like everything with ash and my family was literally coming unglued i had actually planned. to commit some sight watch all who has made antidepressants so commonly used we were doing what the doctors told us to do we were being responsible and what the real side effects why i. was terminally ill to it when i did was done on a cocktail of legal drugs. just because something's legal doesn't mean it's. i don't think i did it's the

people are. suffering always is stuck in the detention center the libya he's one that he did thirty percent of the responsibilities of coming from one country the seventy one or the seventy percent is coming from another i think that we have to see that we have to discuss how to improve our capacity to alleviate the suffering of the human being to. be a. lot

of it putin says the u.s. is attempting to create problems around next year's presidential election in russia comes in response to moskos perceived meddling last year. the u.s. justice department demands are registered as a foreign agent before monday the channel's bank accounts could be ferguson if it doesn't comply. saudi arabia or does this citizens out of lebanon and mediately after the resignation of the saudi fonts lebanese prime minister he made his announcement. and prosecutors reveal the true extent of a u.s. navy scandal with hundreds of officers and admirals accused of trading military secrets to sex money and alcohol being charged.