WEBVTT 00:01.060 --> 00:08.560 Okay, this one ladies and gents is truly unbelievable. I really think that they 00:08.560 --> 00:15.380 are laughing at us now and I tell you what has been announced today. I don't 00:15.380 --> 00:21.080 even think some of you are going to even believe this. So let me start with a 00:21.080 --> 00:24.860 little bit of context otherwise I don't want to ruin the surprise right away. Let 00:24.860 --> 00:28.560 me give you some context before I tell you what has just been announced 00:28.560 --> 00:36.900 because craziness. Okay so do you remember when Christine Lagarde was convicted 00:36.900 --> 00:44.720 and I don't mean accused I mean convicted by a court and she didn't she got 00:44.720 --> 00:50.500 away with it basically so she was the IMF chief back then so she got away with 00:50.500 --> 00:56.040 it. Here we go. The French court convicted the head of the IMF the 00:56.040 --> 01:01.740 National Monetary Fund and she was a former government minister who faced a 01:01.740 --> 01:07.960 15,000 euro fine and up to a year in prison but it decided she should not be 01:07.960 --> 01:12.900 punished and that the conviction would not even constitute a criminal record and 01:13.380 --> 01:20.700 the IMF gave her its full support. Yes so nothing actually happened I mean this 01:20.700 --> 01:29.020 was back in 2016 here so she kept the job convicted but kept her job massive 01:29.020 --> 01:35.900 massive payment for her her work so this was all the headlines you know she was 01:35.900 --> 01:41.020 supposed to get a year in jail and a big fine but didn't get any punishment. 01:41.880 --> 01:48.300 Okay so there you go a little bit of context there then well let's go over 01:48.300 --> 01:55.480 and see what's just happened. Lagarde in hot water over additional salary so she 01:55.480 --> 02:01.540 has broken the law yet again and there's even more I don't want to ruin all of 02:01.540 --> 02:05.800 this but there's even more to this story as well so let's have a look at this 02:05.800 --> 02:14.160 then. Well the ECB president so she was IMF now ECB is facing backlash after 02:14.160 --> 02:20.760 disclosing she earns over 140,000 euros a year as a board member for the BIS Bank 02:20.760 --> 02:25.600 for International Settlements. It's like musical chairs it really is with these 02:25.600 --> 02:31.880 finance circles so the policy bans regular staff from accepting third 02:31.880 --> 02:36.520 party payments and it's actually said by one of her staffers that she was 02:36.520 --> 02:42.440 aware of this and well she just didn't care so she knew they reminded her she 02:42.440 --> 02:46.900 couldn't take these payments but she's been taking them anyway so she received 02:46.900 --> 02:57.140 142,700 euros from the BIS last year and hold on we've got some more so they've 02:57.140 --> 03:03.380 the ECB workers have called out the dishonesty of this double salary one 03:03.380 --> 03:09.860 employee bluntly posted preach water drink wine yes indeed I think we all 03:09.860 --> 03:14.880 know this anyway so I stated in the rulebook if regular employees are offered 03:14.880 --> 03:20.580 outside compensation for their duties that money has to be handed over must be 03:20.580 --> 03:25.800 handed over to the ECB. The chairman of the Federal Reserve and the governor of 03:25.800 --> 03:32.180 the Bank of England both do not claim the BIS salary but of course Lagarde 03:32.180 --> 03:36.360 does. I thought this was interesting with her combined income streams 03:36.360 --> 03:42.300 Lagarde is currently the highest paid official in the European Union taking 03:42.300 --> 03:51.100 home three quarters of a million million euros in say now we I had a quick look 03:51.100 --> 03:55.900 at her net worth it's anywhere from 10 to 12 million dollars as high as 15 03:55.900 --> 04:05.680 million dollars not bad not bad at all for a person that is a civil civil 04:05.680 --> 04:11.240 servant in effect a servant of the people of course and just a quick one if 04:11.240 --> 04:16.280 you're not subscribed to the channel here please do that really easy just takes 04:16.280 --> 04:23.380 a second completely free I bring you finance geopolitical news on a regular 04:23.380 --> 04:30.220 basis so the other thing I wanted to talk about them oh and also just real 04:30.220 --> 04:34.460 quick before we go on to the next the big story the breaking news of 04:34.460 --> 04:39.580 today which I thought was very interesting another quick one if you 04:39.580 --> 04:45.900 haven't got the free guide that I've made for you on gold and silver you can 04:45.900 --> 04:51.220 download that you'll find the link in the description completely free PDF 04:51.220 --> 04:56.960 download so you can grab that as well okay so now let's talk about the 04:56.960 --> 05:03.560 breaking news then where is it okay actually there's two pieces there's 05:03.560 --> 05:07.800 two piece of big news I've got to give you so the first one is out of the FT 05:07.800 --> 05:12.420 we'll get on to the massages I think is the best way to describe it in a minute 05:12.420 --> 05:16.740 and now everyone's like oh I was about to click off I won't I want to hear about 05:16.740 --> 05:23.900 these massages so let me tell you the news out of the FT financial times so 05:23.900 --> 05:29.740 even though she was convicted and she has just had you know this whole 05:29.740 --> 05:37.920 situation take place she's now broken the law again well the next thing is she's 05:37.920 --> 05:43.960 now looking to be moved to run the World Economic Forum this is not a joke 05:43.960 --> 05:50.980 this is absolutely true they have got her lined up to run the W E F it's 05:50.980 --> 05:56.300 between her and Larry think so they've said it's not a foregone conclusion 05:56.300 --> 06:01.480 but everyone is saying it's going to happen basically so she's going to be 06:01.480 --> 06:07.540 stepping down early as the ECB president and she's currently a member of its 06:07.540 --> 06:13.760 governing board the W E F I was not aware of that that was not made public 06:13.760 --> 06:19.960 that she was also a board member at the W E F so there's more to this as well 06:19.960 --> 06:26.920 so there's I mean how do you even begin to impact this story that is so much going 06:26.920 --> 06:32.540 on here so she's head she's on all of these boards right throughout the world 06:32.540 --> 06:41.360 IMF BIS ECB and now she's got and W E F this is a little bit suspicious don't 06:41.360 --> 06:46.180 you think so it now sort of we now understand why there was a she was 06:46.180 --> 06:53.960 convicted but didn't it makes no sense convicted but nothing at all happened 06:53.960 --> 07:00.480 it's absolutely bizarre and baffling so what else does it say then Larry 07:00.480 --> 07:08.180 think the black rock chief is saying that he's also looking to take on this 07:08.180 --> 07:12.840 position so it's between her and him at the moment the timing of the 07:12.840 --> 07:19.680 transition is uncertain while she is set to stand down very soon from the ECB 07:21.440 --> 07:26.620 Lagarde met Schwab in Frankfurt in April now this is interesting last year and 07:26.620 --> 07:33.880 discuss cutting her ECB term short to facilitate a move to the W E F and I 07:33.880 --> 07:37.840 was wondering about that and I was thinking about that and then days after 07:37.840 --> 07:42.020 the Frankfurt meeting what a surprise they asked her to come in for this 07:42.020 --> 07:46.140 meeting and just days later what happened well 07:47.200 --> 07:53.720 Klaus stood down over these allegations and that's where the massage has come in 07:53.720 --> 07:57.600 but we'll come to that in a moment but I thought this was interesting when I was 07:57.600 --> 08:01.940 reading through all the documentation it said an investigation concluded 08:01.940 --> 08:07.820 it concluded in August and found no material wrongdoing by the Davos 08:07.820 --> 08:13.600 founder well of course there's going to be no wrongdoing found why on earth would an 08:13.600 --> 08:22.080 internal investigation of the founder find anything of value it really wouldn't 08:22.080 --> 08:27.840 of course of course it's like who guards the guards their course that their own 08:27.840 --> 08:32.100 investigation is going to find nothing at all and I know I look tired I'm 08:32.100 --> 08:36.320 absolutely jet lagged I've just got back to the island by the way ladies and 08:36.320 --> 08:43.100 gents if you're you're wondering I am back on the island indeed right the next 08:43.100 --> 08:47.540 one then this was the big news this has only come out in the last few hours 08:47.540 --> 08:54.120 there so the W E F he's the boss he's the CEO and the president that took over 08:54.120 --> 09:00.740 remember he's now quit after a review of these links you can't even say this 09:00.740 --> 09:08.660 word on YouTube or you'll be demonetized so I've gotta sort of use keywords here as 09:08.660 --> 09:13.240 it were so they've said they've done a review into his links and found there 09:13.240 --> 09:18.900 were no concerns at all so they've done again an internal review or what a 09:18.900 --> 09:25.140 what a surprise an internal review found absolutely nothing isn't that a 09:25.980 --> 09:31.500 coincidence that their internal review they said that now I actually did my own 09:31.500 --> 09:37.800 investigation of course using grok and grok told me all sorts of things that this 09:37.800 --> 09:44.980 BBC article seems to gloss over what a surprise BBC didn't tell you the full 09:44.980 --> 09:50.860 details here so they said that he was just named in the files there's no 09:51.420 --> 09:56.460 you know there's nothing to indicate any wrongdoing he's not been accused of any 09:56.460 --> 10:03.060 wrongdoing etc well if you look on grok it actually says that he attended some 10:03.060 --> 10:10.200 meetings not just one meeting but three meetings so what it sort of tells you 10:10.200 --> 10:14.280 when they say there was no wrongdoing there was just I don't even know why 10:14.280 --> 10:18.220 he was mentioned well there's a reason he was mentioned he met with the 10:18.860 --> 10:23.820 man in question three times had meetings and things like that so why would you 10:23.820 --> 10:29.580 just resign it doesn't make any sense why would you just resign for no reason so 10:29.580 --> 10:33.160 I think there's where the smoke this fire now that I thought this was 10:33.160 --> 10:39.600 interesting just to remind you what happened before so Clash was actually 10:39.600 --> 10:45.340 kicked out basically and they didn't their own I think basically what 10:45.340 --> 10:52.760 happened was he was kicked out of his own forum because if it's your like if he's 10:52.760 --> 10:56.800 your forum you established it you've been running it and doing it all for years 10:57.600 --> 11:03.020 why out of nowhere would they just be this this coup basically it didn't 11:03.020 --> 11:06.780 really make sense and then when you dig into it properly you can see what 11:06.780 --> 11:10.660 was actually happening so there's a lot of stuff going on with him and his 11:10.660 --> 11:14.540 wife really controlling the forum and I think there was probably just an 11:14.540 --> 11:19.220 internal coup someone else wanted to get him out so again I was reading through 11:19.220 --> 11:25.320 the articles about what he did or what he didn't do and it's very very clear that 11:25.320 --> 11:29.600 certain things but the one thing that made me laugh when I was reading it let 11:29.600 --> 11:34.820 me pull this up where was it I think it might be on this article here let's 11:34.820 --> 11:41.580 find it okay here it is there were massages so they launched an 11:41.580 --> 11:47.940 another internal investigation of course so he was manipulating research well no 11:47.940 --> 11:53.560 surprise there I think we know that using company funds to pay for massages 11:53.560 --> 11:58.840 okay I won't read too much into that and asking junior staff to withdraw 11:58.840 --> 12:04.260 thousands of dollars on his behalf now this was the other interesting thing so 12:04.260 --> 12:09.420 this was a property that was owned by the forum wasn't owned by Clash and 12:09.420 --> 12:16.060 his wife was actually owned by the forum but it said that they kept where is it 12:16.060 --> 12:23.060 here so his wife who used to work at the forum said that they had token meetings 12:23.060 --> 12:29.840 using WEF money to justify luxury travel at the forums expense and also that she 12:29.840 --> 12:36.200 may she maintained tight control over the use of Villa Monday a grand property 12:36.200 --> 12:42.180 overlooking Lake Geneva and that the building was reserved for the private the 12:42.180 --> 12:50.100 family's private access or residents I guess you could say so there's a lot going 12:50.100 --> 12:53.880 on here but this is what I thought was also interesting that's just been 12:53.880 --> 13:00.460 announced so after all of this so you've got this chap off he's resigned now 13:00.460 --> 13:04.920 he's you know didn't do anything wrong according to BBC but he thought it's 13:04.920 --> 13:11.740 best that he resigns yeah sure okay you've got a legardium in hot water but 13:11.740 --> 13:17.040 yeah no big deal it seems as though she's gonna be the next head of the WEF her 13:17.040 --> 13:21.860 or Larry Fink but then this was a curveball that was thrown at me today 13:21.860 --> 13:30.440 here we go the WEF co-president wants Klaus Schwab to return in 2027 so now 13:30.440 --> 13:36.880 that he's been cleared of everything they say they he's looking to return again in 13:38.620 --> 13:43.960 2027 ladies and gents you can't make this stuff up you really can't I'd love to 13:43.960 --> 13:48.880 know in the comments please leave me a comment what you think of all of this 13:48.880 --> 13:55.920 today but I genuinely think that we are in the twilight zone now where it 13:55.920 --> 14:00.620 doesn't if you are a politician or you're one of these people in this very small 14:00.620 --> 14:06.940 elite circle the rules don't apply to you you know you can you look at all the 14:06.940 --> 14:11.500 politicians and their net worth at the moment some of these people go into 14:11.500 --> 14:16.740 politics with with zero and they're leaving with you know tens of millions 14:16.740 --> 14:22.180 of pounds there's I'm looking into Angela Rainer this evening I'll be looking 14:22.180 --> 14:26.060 into that at the moment there's allegations now she's worth 30 million 14:26.060 --> 14:32.100 pounds when you if you don't know who she is you know she was grew up on a 14:32.100 --> 14:36.040 council estate and all this got into politics how on earth if this is true 14:36.040 --> 14:41.100 has she got 30 million pounds in the last few years I mean there's a lot of 14:41.100 --> 14:44.420 questions to be asked with all of these politicians they're getting into 14:44.420 --> 14:50.640 politics obviously to rinse people of all of their money or this tax money 14:50.640 --> 14:55.180 which never think of it as tax money by the way think of it as people's private 14:55.180 --> 15:02.040 money it's my money it's your money we pay our taxes and then you just see all 15:02.040 --> 15:08.000 this corruption and you see these politicians who are just the worst the 15:08.000 --> 15:13.040 absolute worst and look what's happening to the people getting poorer and poorer 15:13.040 --> 15:18.720 every day terrible how they're treating the people and it nothing's 15:18.720 --> 15:23.920 happening so let's see how this ends because history tells us how these things 15:23.920 --> 15:28.920 tend to end up it doesn't end up well for the politicians usually ends up well 15:28.920 --> 15:33.920 for the people in the long run it doesn't end up well for them I guess they 15:33.920 --> 15:39.100 haven't read their history so we'll we'll see how long all of this continues 15:39.100 --> 15:45.120 on for thanks for being a subscriber here appreciate you watching the videos 15:45.120 --> 15:49.260 as always take care God bless I'll see you tomorrow hopefully for the walk and 15:49.260 --> 15:54.680 talk the weather is crazy I've just come from 30 degrees Celsius down to what what 15:54.680 --> 15:59.740 is it five to five degrees Celsius to ten degrees Celsius it's gonna be a fun 15:59.740 --> 16:03.180 walk and talk tomorrow all right take care God bless guys