money printing what we got. inflation which we didn't get in the way we thought we would get it we got it in asset price inflation and we got it and some price inflation the c.p.i. cetera but not to the point where the mainstream media was reporting like they were back in the one nine hundred seventy s. oh my god there's that inflation ramping up there's no way to inflation wages have been stagnant so it seems to me and we've finding out more about this that the inflation worth taking place in metrics that we've seen that people haven't talked about and i think it plays into this money bubble idea is the inflation in and manipulation and fraud and index manipulation so many of these indexes are being manipulated we're finding out there that energy index libel are four x. the gold market so there's there that the problems are there but they're masked to some degree is that correct yeah that's absolutely correct this is one of the things we cover in the book that a lot of false reporting that is being done by governments you know the consumer

price index doesn't really truly report any more the cost of living john williams of shot of stats to come to an alternative inflation calculation using the same one the government did back in one nine hundred eighty without all the modifications that they've made in subsequent years to make inflation look less than it really is and today inflation is running about nine percent but you know you can see it in other ways max and you know inflation takes a while for for it to build and right now it's it's been building in terms of you know people who are rich look what's happening to collectibles look what's happening to real estate in places like here in london these are just going through the roof you know smart people understand that you know holding dollars in a bank account doesn't make sense anymore holding euro's in a bank account doesn't make sense anymore you know you want to acquire tangible assets of all sorts because we're in a money bubble and these currencies are going to pop rise of the money bubble we see it already in terms of london real estate prices are the art market striving extraordinarily high collectibles rise collectibles we don't even go. all that has

turned out that gold that manipulation and gold is sites where the price is as a price that all it would take something away from the masking of what's really going on so it's very carefully managed by the central planners of the central bankers exactly but it's only it can only go on to the extent that central banks are willing to empty their wallets completely and when those votes are completely up to then the price is going to become a little bit about that emptying of all the other words from what i understand the gold the banks the bully on the banks of a relationship with the central banks of the of the world they are allowing folks to sell futures contracts essentially they could and then they make good on those contracts at some point by taking money out of the vaults of the central banks and this gold is going east it's going to china it's going to bangkok and so talk a little bit about that it's the gold is flowing from west to east and it's been a trend that's been underway for several years but it's really accelerated over the past twelve months and it's flowing from west to east because in the west we

generally don't understand gold's utility wares in east they understand you know gold usefulness the chinese character for gold and money are in fact the same thing so they intuitively understand gold utility and its usefulness as as money and as long as wealth is being created in that part of the world which it is gold is going to flow from west to east and unfortunately it's a replay of what happened in the one nine hundred sixty s. with the cartel called the london gold pool tried to keep gold at thirty five dollars an ounce eventually there was ten thousand tons of gold to sort of from fort knox during the one nine hundred sixty s. to try to maintain this price but ultimately the market knew that gold was worth more than thirty five dollars an ounce today the circumstances are slightly different because it's harder to actually see the gold coming out of central bank vaults because again the the false reporting that we're seeing and the misleading accounting but we can see it in terms of the flows so you know the gold is going

out of the vaults and eventually. we're going to see a ratcheting up of the gold price just like happened after the london gold pool collapsed in one thousand nine hundred sixty eight i want to talk about paul krugman for a second is over there the new york times and you can't have a big got a state sponsored manipulation without a propagandist and paul krugman is their ostensibly economics writer although he doesn't seem to know much about economics has made a couple of remarkable statements recently one is that the u.s. dollar is backed by guns there's no intrinsic value that we understand but if you don't take it we're going to shoot you essentially that's the statement your thought well you know that's not the way markets work you know markets work on voluntary cooperation between individuals and it's markets that chose gold and silver as money in the first place what governments have done is they've used guns to supplant the free flowing of gold and silver as currency in money throughout the world but what they've created is this third tarion environment in which governments and individuals the power balance is no longer balanced the way it

should be which is why you see these various. risings or disruptions in different parts of the world most recently in italy with the pitchfork movement that's going on down there so. we're heading off in the wrong direction and i saw thoughts i mean ism is in the us you don't expect it but clearly if the new york times is calling for authoritarianism and sang take our money i will kill you that that's not a free market that's that's not a condition of supply and demand that's not what you'd expect to read in the pages of wealth of nations by adam smith i mean this is this is a an empire that's collapsing that's relying on manipulation of propaganda now i want to touch on something we talked about in london a couple of years ago i brought your attention and at that time you were very curious about it but now it seems as if you've gone full fledged you know supporter this is very interesting because of the gold crowd seems split some are for it some are not talk about it the talk of of course. about bitcoin paul krugman recently

came out and said bitcoin is evil all so if he hates it we know that's probably a good thing. and they start i saw the financial times said that going to be under fifty dollars sometime in the near future which obviously is in my view it's not going to happen yeah you're absolutely right i was a little bit skeptical about bitcoin in the beginning but i'm actually a believer in it now and i do own some bitcoin and the reason why on it is i think it's the technological investment and it accomplishes what we tried to do to a certain extent with gold the difference of course is that gold is something that governments want to control and regulate whereas bitcoin is beyond government regulation and that's really one of its beauties and i think that's one of the reasons why an authoritarian like kruger you know lover of government hates bitcoin so the fact that you can't regulate it is one of its attributes except it is regulated it's not regulated by government it's regulated by the market it's

regulated by everybody who studied it in analyzed and sees that yes this thing has utility and it has usefulness that's the best form of regulation i mean government regulation fails all of the time look at two thousand and eight every one of those institutions that failed was heavily regulated what the complex that didn't accomplish that regulation didn't accomplish anything but when you're regulated by the market and people can pick and choose what's good and what not what's not good that's the best form of regulation that's what shim peter called the creative destruction of capitalism you know the best survive because they make a profit and they stay in business they don't get government subsidies or government handouts to continue them operating is it money that's the question because we know from ourselves definition money has four basic attributes as portable it's fungible it's desirable and there's an intrinsic value case for gold yes that's the one area that people are tripped up on d.c. and intrinsic value or what is your intrinsic value for big point if you can speak

on that well i like to discern. distinguish between money on the one hand and currency on the other you know money is this mental tool that we use for economic calculation and you know it but we then use a form of currency that represents this the actual money money is a tangible asset though in the sense that we humans advance because goods and services pay for goods and services if for example your shopkeeper and i say i'm going to pay for this loaf of bread next week that bread that transaction has not been completed you've accepted credit if i pay for that with the currency you've accepted credit you've got a risk a payment risk until you actually take that the currency or convert that promise into some good or service because it's goods and services that enable us to raise or lower standards of living it's not financial assets it's not promises they're forms of financial wealth as opposed to forms of tangible wealth and it's ultimately tangible wealth which creates a higher standard of headstands is less of what you're saying if you give me

a pound for goods and services that pat really has no value and so like to divert it back into good to service exactly where you people is a big coin well you know it has a value because it's conversion it is it is a risk of owning it or holding it well that's paper money has a similar risk it has a value and so you've put it into something exactly right but the thing is that bitcoin has this value because of its utility as a form of currency and that is the unique attribute that it brings to the table and i think bitcoin is going to have a profound influence on global. economics global trade you know the global economy as we move forward from here when i talk about bitcoin i should say that i mean cryptocurrency s. because you know you feel remember you know back in one nine hundred seventy nine i bought my first spreadsheet was called visit kuk it was replaced by one two three it was replaced by microsoft excel there may be other cryptocurrency to come along the road at a future date that might be better than bitcoin but the concept of crypto

currencies itself is. really the technological innovation and bitcoin is the prominent one at the moment as being the first mover anyone to say that the way that gold is a precious metal that in case of big coin you could consider it a precious number because the mining that goes on you know you're finding these numbers that are only possible through the rave hundreds of thousands or tens of thousands of computers they exist in cyberspace somewhere but they have to be mined they are precious numbers so can he say that this represents precious numbers the way that gold is a precious metal yes i think that's a very good way of comparing the two there is one slight difference between this tangible in the sense that there is a computer code and everything backing it but it's not comport real like gold you can't put it in your hand but you can actually take a bitcoin and put it on a piece of paper and you said is a form of currency as well you know this go for real. and yeah it's not there you've been flushed. one thing to add is that you know we've been studying bitcoin

for the past year gold money and we've recently opened a small subsidiary in the u.k. called natasha and he. and what we're doing initially is storing offering storage for bit kind but ultimately we're going to move further and further into the bitcoin economy that's all the time we have james our thanks for being on the kaiser report thanks max and that's going to do it for this edition of the kaiser report with me max kaiser and stacey herbert i want to thank my guest james turk of gold money but he's got this new book out the money bubble it's on amazon as a block on a kindle and then it'll be called portal and you can hold it while you're mining for bitcoin so next time. if you. did you know the price is the only end. specifically mention the

constitution and. that's because a free and open process is critical to our democracy albus. in fact the single biggest threat facing our nation today is the corporate takeover of our government and across we've been hijacked lying handful of transnational corporations that will profit by destroying what our founding fathers one. i'm job market and on this show we reveal the big picture of what's actually going on in the world we go beyond identifying the problem try rational debate real discussion critical issues facing america to find ready to join the movement then walk a bit. compared to any other big large nationwide to an institution i would see in the bank is

almost free from all those mistakes. in the significant number of mistakes happen and you try to rectify it we try to put a system where you can detect any fault in the any problem that arises in the system because that does system is computer that just so to do you can check that from your head office what's going on in the remote villages and demoed branches we work could all would benefit if the single village of my living has excess to get me back microcredit program so we have all around the country we have eight and a half million voters ninety seven percent of the women that are all connected to the system. millions around the globe struggle with hunger each good. what if someone offers a lifetime food supply no charge. they carry subdeacon the very strong position against g.m.o.

and we. i think that. the genetically modified products are pretty sure to rule out there is no. evidence to this any problem with genetic engineering when you make a deal. or is free cheese always in the most tract i don't believe that the distro for and the free. enterprise is profit not. just these golden rice monarchy. choose your language. cool if we could with no inferential conversational some other. treatments good use good consensus yet you. choose the opinions that immigrate to. choose the stories that imply. truth be access to.

the stories that dominated the week on archie volgograd pays its last respects to the victims of two terror attacks while medics labor to save the lives of sixty five others including a three month old baby girl. six terry and slaughter in the central african republic proved too much for foreign troops to handle with reports of beheaded breaded children raising alarm at the un. a low blow new york residents have a new reason to be wary on the streets as a potentially deadly game of violence spreads fear across the city. and as the rules relax making it easier for internal migration the british get wary over a possible wave of unskilled workers.