merican even care about the story but seventy five percent of the air time on cable news focused on that so the audience doesn't care about it but they are focused on it yet well this is what the great ratings grab is all about twenty seventeen it's all about conspiracy theories that the ideas that trump won because of conspiracy theories so the left the democrats see n.b.c. of the world the rachel maddow of the world they're trying to emulate the michael savages and the alex jones and the rush limbaugh with their own conspiracy theories in an attempt and it's working people are tuning in to rachel maddow not because she's informative but because she's a frickin a lunatic that's more entertaining than watching even more downy from the nineteen seventies one thousand eight hundred martin downey jr and downey jr this woman's become more downey jr with a skirt also while we've been gone over the past few weeks of summer solutions jamie diamond was in the news. i'm jamie diamond. the big

brown our when our last apparently jamie diamond was crying again about how embarrassing it is to be an american overseas not that he's the biggest embarrassment about being an american overseas and his big bailouts there's that but there's no crying here of freedom fest everybody has been talking about bitcoin in fact this has been the biggest topic gold silver and bitcoin. to the this is birth of a financial terrorist coming out of the vest of a wall street banker in the 1940's as jamie diamond spur of. this is mother who didn't have to find. any. jamie diamond i'm a parasite i still people's money every day i want to waste i don't think john and i think there is jenny that. ok now max you do talk to jim rogers. the second half and he's also a good you know investor

a famous investor former partner of jim. soros and big hedge fund guy travels the world he's he's not he's not a big crybaby like jamie dimon but you know while we've been gone as well there was a big story about wall street's diena valuation says digital currencies are replacing gold this is aswell off damage or and he's a professor of finance at n.y.u. stern school of business he is widely regarded as the foremost expert in valuing companies says it is often referred to wall street as dean of valuation and he predicts digital currency is will eventually be as important as the major paper currencies he said cryptocurrency already replaced gold for younger investors quote all currency is based on trust if you don't trust paper currency historically what you've done is you dumped paper currencies and you bought gold he said cryptocurrency have taken the role of gold at least for younger investors because they don't trust paper currencies that was

a big story in the past week while we were doing some are solutions the big important moment well if you look at the timeline that was set up by barry silbert over there in new york's you know silicon alley and leader of the g b t c group he put out a time line a chronology and at some point and right about this time wall street would embrace bitcoin and the world would change fundamentally and this is exactly what's happening now you know my point has been from day one that if you offer billions of people a currency without a flag that's a flag loose currency that as a billet e to be a store of value they're going to reject all of those flags of currencies like dollars yen euro's accent or a that's that's an unstoppable force that will take the price to five thousand ten thousand and fifty thousand one hundred thousand is our longer term projected price for bitcoin and that's happened. in real time the gold the gold people rare freedom

passengers you can't swing a dead cat freedom fest hitting a gold bug i can tell you that right now and they are still hesitant they're kicking the tires they're not sure about bitcoin they need to embrace this bitcoin are going to lose an entire generation they will lose the ability they will lose an entire generational till the gold bugs start getting crypto savvy two things first of all i just felt squishy i have bought one charity just to see what it's like and it is quite a pilot aisle to say you know any what is over the counter it is very volatile just like bitcoin. also we've been here for a few days at freedom fest and i was backstage we were with peter schiff and george gilder maybe many young people might not know who george gilder is but he was in the reagan administration work with paul craig roberts father of reaganomics all that sort of stuff but you know him back from the eighty's all those famous books and and the tech industry during the ninety's and he's actually an older guy but

very very pro bitcoin and i overheard a debate happening between him and peter schiff while we were waiting to go up on stage and i whipped out my i phone and grabbed some of the debates there is a little bit of interference at one point somebody had a mobile phone that made a little bit of interference but let's cut to that clip to see their debate about bitcoin this point is a new. it's currently made by speculation in your career. it's maturing to occur no it's not and never will be a growth we'll look at it ever be a currency the middle is an idea of the moment until it is not the forbes unlimited would be this occurrence use of criminals who don't care about volatility because it's like it's like change to have your money want to spend it with venezuela or they're using you does it hurt i decided how does this leave you when you have your values or you're supposedly a part of the day how do you know what no one price system will be how much actual trans. actions are here we're just talking about the current special. all look i

suppose this is the way you do or i'll just begin however they're raising more money for crypto currency as if there is nothing else i guess that substitutes dot com for the dot com. page woes of the value in the stock george it. lets the top five all were part of down let's say listen you actually believe that the cursor didn't work why would people want to be the one to succeed just because this person. actually i'm not saying it's necessarily going to be the. rubin source of all monetary you will always be government money so many yes it could bear mental money yes but. actually it will block change which is the fundamental and but again it's a transfer so you can soak in any other digital currency that anybody wants to

create and will create as long as maybe exists they're going to continue to create a new digital currency every day and sell the most suckers who are alive most of us know there are only really two that matter and that's the core why if so why are they why do they matter more going to the rest are all convertible to eat or when the tokens are all derivatives. and it's it's you know say iceland you know the i.c.a.o. is the major way entrepreneur is the size here is mines these schemes get not george gilder and peter schiff it's a great match up george gilder as you pointed out a tech writer is a giant actually in this field and he wrote microcosm in the ninety's and he's well respected any understands these new technologies and peter is to come back to the arguments for a big point are always based on what has killed or later said during a panel he said this. if you don't know much about what you're talking about do you

peter and peter schiff uses comebacks like well it's a ponzi scheme which is by no definition anything near to a ponzi scheme but that's completely false so i think a plea missed the boat on this is this is a great example of somebody in the gold business that should be embracing this cryptocurrency other going to lose an entire generation also a lot of these ice yellows that have been created they've raised hundreds of millions of dollars they're cashing out of their experience and they're buying three m. gold why why isn't peter schiff there taking those goldwater's hundreds of millions of dollars coin based so putting on hundred thousand you know accounts of three months how many new accounts of the opening over their shift gold per month nowhere near that number these guys are blinded by their own legacy thinking they need to either change the way they think or get out of the business peter we're actually going to have host perhaps a debate between peter schaeffer and rockwell rockwell here in vegas if we can find

them and put them together but i want to also turn back to the father valuation on wall street the damage there and because he also addresses some of these concerns these people the dissing of bitcoin and he defended digital currency use against skeptics who criticized queen mining as a missed allocation of resources such as computing power and electricity and his quote on this is he says if you think about it the printing presses that run paper currencies it's kind of a useless transaction you're just printing paper in a sense all currency creation it's not creating real economic growth by itself the only reason currencies exist is for us to transact if the digital currency can do it more efficiently than paper currency can i think there is going to be a digital currency sooner or later that competes with the major paper currencies whether it is one of the existing current crypto currencies i don't know let me explain something over the past twenty twenty five years the smog. honest people in

the world have left their industries and their disciplines and joined wall street quantitative analysts traders or money managers there is a pool of intelligence in wall street that is unparalleled bitcoin is marching into that pool of intelligence and now what's happening is that all of those really smart people like josh brown the reformed broker who just bought his first bit coy i begged him to buy bitcoin a fifty dollars and under dollars he mocked me him and joe wiesenthal who blocked me and now they're accruing you. know one big queen reach to smother a load of a smart people then all these arguments for bitcoin suddenly become extraordinarily intelligent and they're no longer just cypherpunks saying that while they believe in the god of suppose he did they were unable to articulate the bull case for a fifth of the cypherpunk movement because their coders their geeks are not wall street professionals now when you have watched the professionals pounding the table

bullishly for a bit going that's how you get the five thousand and ten thousand and fifty thousand well in the last thirty seconds here i want to say that you know that that as he mentions there will be a crypto currency that competes with in the world stays as a sovereign currency and we do know lattimer pretend met with. the media here to not cover that but i think it's going to be very significant in the future going forward it's all about man spreading if you can't demand spreading you're going to miss out on the crypto revolution well that's going to for this half stay tuned for the second more coming your way so don't go away. it's all trying to be all. of my.

yet you all this is all the. same. economic development is all about really important this quarter we are one hundred

six morning. happy. but what do we know about the other figures. that our c.e.o. might do. over twenty million dollars last year more than one thousand times the average wal-mart a says c.n.n. with all due respect i have to say i don't think that's right. just how a free market works. people went from pretty simple financial lives pre nine hundred eighty to the point now where people are. just totally submerged in their financial accounts and they're all in debt and what exactly devoid society. for the government try to do. it might be making things worse. by saying this is some work this is. hopelessly disastrously wrong.

welcome back to the kaiser report i'm max keyser time now to turn to jim rogers of rogers holdings a man who needs little introduction jim welcome i'm delighted to be here max it's been a while exactly so jim you've made your reputation really going back a few years as an international investor i remember back in the early days of the parents roundtable you always came in with these great ideas from countries around the world and this is really where you've looked at the book investment biker actually traveling around the world and looking for value so i want to talk to you about what's happening in the geo political front the world's scene. a headline from bloomberg news around the time of the g twenty read that china and germany step up as u.s. retires from world leadership that's the headline. your thoughts about this is the

u.s. receding and china is sending and is there a relationship between china and germany that is emerging jim first. trumpets first they withdrew from t p p transpacific partnership which immediately threw from the pacific ocean area into china's hands but america basically left everybody had to turn to china and china of course turned to them so yes we're seeing that america is pulling out of the pacific in some ways at the same time america put sanctions on russia for a variety of reasons and that's pushed the chinese and the russians together so many people are getting very involved with it and the persians they have rain ians are also being forced into the arms of the chinese by by america so you have just about everybody on the eurasian continent turning towards the asian that towards

china right now and yes everybody is. the with the u.s. is withdrawing or they're with. drawing from us are both valid i've said i've observed in your thoughts on this that it seems as though germany is being pushed into the arms of russia in can you speak on this a little bit oh no of course they got a trade with somebody and the russians are right there the russians have a lot of natural resources and china the chinese and the germans the german is the second or third largest trading country in the world so it's natural that they're looking for new partners and the russians are right there the russians need the germans the chinese need the germans the germans need them but that's an incredible rebalancing of nato potentially if he said i'm driving at their. max you go back and look at any period of history and you see that when these things start changing it snowballs and a lot of things happen i don't want to get too wordy but before the first war all

sorts of changes started taking place which were revolution here at the time we want to revolutionise we had a big war as a result and we're seeing a lot of changes like that take place again let's hope it's not a war i mean a few years ago you got a lot of press you were telling hedge fund managers to trade in their lamborghinis for tractors and that agriculture would be a huge play certainly in russia that's been correct you want very long russia a few years ago that markets doubled that's been a huge winner and that's where the agricultural play is really blossoming is that still on the tables are still happening big time big time one of the best and i expect bad times to happen in the next few years two or three you're going to get to that with agriculture i am optimistic about agriculture no matter what happens in the world for a variety of reasons but especially in russia we put sanctions on the russians so they had to buy their food from themselves they couldn't sell it to other people so

all this food in russia is now booming i mean agriculture as a hue is had a huge boom in russia which is getting. better but i'm a director of a russian ag fertilizer company it's wonderful for them yeah i look at the russian economy and of course when critics of russia say that it's a gas station posing as a country i mean russia the energy sector something nine percent of g.d.p. . my numbers could be wrong you can correct me but if you look at the u.s. if you look at their health care industry which is sixteen to seventeen percent of g.d.p. i see you nodding your thoughts well i cringe because yeah we're health care in america sixteen percent of net gross national product we don't have the life expectancy in the top twenty five in the world we're spending far far away more on health care than anybody else in the world and we're not getting anything for it that's why i was cringing it's all going to lawyers and bureaucrats and who knows what we did you and i are not getting somebody to subsidizing

a lot of people yet we are going full boat i'm not on medicaid you know and i'm playing the full obamacare rate and it's quite steep and getting higher top twenty four percent a year they say there's no inflation jim but a little house a possible if these prices are up twenty four percent a year. not just health care entertainment education if you tried to go to college these days oh my goodness you can't believe how much college cost now why are those numbers so misstate it is a because the fed is trying to keep interest rates low to keep the bonds rolling on those insolvent banks max you believe governments what's happened to you. know you get your investment advice from the government oh my goodness poor guy what is after and you were going to raise you mentioned it's kind of tough times ahead for markets and i guess that the u.s. and you know eve we've talked many times at the dollar and the fate of the dollar it's it looks like a great short but it has been resilient are we now on the cusp do you think of more

of a dollar a week this and kind of this new world. water emerging and market turmoil well i expect market turmoil in the next couple of years but one result of market turmoil is the dollar is going to go higher because people are going to look for a safe haven now they think the u.s. dollar is a safe haven for historic reasons and because there's not much else these days so i own a lot of u.s. dollars expecting the turmoil to drive the dollar higher i hope what i plan is when the dollar gets overpriced it may turn into a bubble a penny will have bad the turmoil is and people flee to go somewhere my plan is to sell it and buy something else you see how easy it is to get rich just made your risk right there living it for thirty years and you're responsible for my first million i think back to my goodness i think you're ready when they say i didn't get any of it yet and i try to buy again about bitcoin when it was five dollars if you recall. this i wish i were smart enough to buy it because i was trying to return

the favor you wish i'd been or dumb enough to buy it because it wouldn't matter it's gone up a great deal well let's let's talk about china for a second of course you live in singapore you're in asia your daughter is an award winning. prize winning accomplished speaker in mandarin it's fantastic congratulations on that your thoughts on this chinese one belt one road policy the seems like they're investing in infrastructure while in america and then york the train system is falling apart there's no investment there your thoughts you fly into j.f.k. airport in new york you're a meeting in a third world airport and you get in a third world taxi and you're on a third world highway to a third world five star hotel it's not often the geography changes max and when the spanish and portuguese started sailing around the world geography changed the railroad two hundred years ago changed geography well the chinese are now changing

geography this is an unbelievably important and exciting thing some people are going to make bass fortunes some are going to disappear. yes ready you see it ok the one by one road it's a student for structure play you are the macro guy what do you when you drill down and it's like ok i want to be a i want to be a part of this elam i'm working here how do you approach what do you look at give people a look at insight into your process well i own some obviously people who build railroads and have trains are going to do well because it's all most of it's going to be on the railroad that's one way to play on some chinese railway companies but you look at a map if it's going to go to kazakhstan for something's going to change in kazakhstan all the places where the trains are going to go are going to change dramatically you've heard of denver colorado denver wouldn't exist if geography had changed and they had put in the railroad that's going to happen throughout your asian is going to have gigantic changes where las vegas i was fast it's

a learn that las vegas grew up in part because of the atomic bomb testing home that took place there by any come to vegas to watch the mushroom cloud that was part of the entertainment oh really guess how i didn't. move in the analog so you have been vocal recently that you are looking for market turbulence and some. every four to eight years through since the beginning of the republic we've had problems in the u.s. economy it always has happened i don't know why does it matter it always happens and it always will now janet yellen the head of the federal reserve an american says it's not going to happen anymore everything is now but if you take your advice from her you'll think i'm wrong but my view is this been over eight years since we had our last turmoil in america it's coming again there are many reasons it's coming here and then next time is going to be worse than anything in my lifetime because in two thousand and eight we had a problem because of too much debt max since two thousand and eight that debt has

gone through the roof all over the world so the next time we have a problem and we're good. to have and the she believes it's going to be very very bad it's going as literally serve bank it's mostly the lender of last resort not the buyer first order right they buy stuff they buy stuff and they have said they can buy anything they can buy go and buy stocks they can do whatever they want that's if i lick the stores who knows what they'll do to save us but that's a repudiation of their mandate in the strongest sense they're there become a rogue element in the economy they're undermining the economy they're dangerous jim you just notice that things are going wrong in washington d.c. max why don't you watch your show we're going to say. things are going wrong in washington d.c. in many ways well let's talk about jamie dimon for a second over there j.p. morgan you know he said recently he's a shame to be american. because the current administration and what's going on in

america you're a world traveler he says when he travels this is a sentiment people have is this a common theme out there what do you think of his comments we love the bass jamie on the show because we think he's a charlatan and a crowd that's i don't know if i would tell you that everywhere i go people are very perplexed i've told you that america is pushing the chinese and the russians together and pushing the iranians and the chinese together everybody sits and says what are they doing why are they hurting themselves washington may not know they're already and so but everybody sees what's happening what's going on and everybody's perplexed i'm perplexed and i'm an american i don't particularly like you they're pushing the russians and the chinese and the persians together that's not going to help us that's going to hurt us and recently mr trump threw missiles at syria people went said why do you do that the reason he gave turned out not to be illegitimate he dropped a huge bomb in afghanistan the b.b.c.

went over there afterwards and said what he said didn't happen you know they they sent their own reporters to check recently who went to so. and he said you can cut cat talk if you want to he did know that america's largest base in the middle east is in tatters so we're going to have americans fighting americans over things that are happening i mean this this is all happening over to you like saying as an investor you look at the risk reward profile you would say the risks of something going wrong are pretty high. i told the we're going to have very very serious problems in the world the next couple of years you should be worried you should watch t.v. all right jen rogers i got to watch more of myself actually being on the kaiser report thank you thank you i was going to do it for this edition of the kaiser at par with a max kaiser and stacy herbert i want to thank our guest jim rogers of a rogers holdings if you want to catch us on twitter it's kaiser report until next time while.

they're not ones out. on the flu shot down one might have snakes out the definitions and i'm by any. means south. taking the city. yesterday but. we think i'm. just dealing with one means i left just not enough. to face them tokyo find it.

what was because did it because it didn't seem quite a cultural thing i told the friends. it's a very rough terrain of sorts of climates and you have to fight to be able to flank . it was gunshots on top of them and so many friends ok what happened and there may have been even not. don't let me back up. you know i don't want. to see a better body in the trouble in the city to participate in the good. old two new books wouldn't. you don't think about this if this old coat on no you've got three teeth like any other and other patients.

here's what people have been saying about rejected in the us exactly just pull along awesome the only show i go out of my way to launch you know what it is that really packs a punch at least yampa is the john oliver of r t america is doing the same we are apparently better than food let's see some people you've never heard of love redacted tonight not the president of the world bank though patzers doesn't write me seriously he sent us an e-mail slur used to be a professional hockey player want to become a moment ago he was living the dream but he had a dark side. time i was fourteen to sixteen i was raped one hundred fifty times by

a coal mine i was mawson in daraa. groom and so you know every time i close my eyes like from sleep after many years of silence he speaks up and unites with other victims so you are going from toronto to ottawa walking from now or walking to the victor walk just to create awareness and promote healing around the subject of child sexual abuse this type of behavior is absolutely acceptable because of the sentences that are handed down through the justice system.

this lunchtime for mosco animosity and over the hole in the white house donald trump places his chief of stuff for the current secretary of homeland security to look back in the next thirty minutes of the infighting the current us administration aside so far. coming up to life living in a hell they say human rights watch said police are abusing migrants in the french port city of cali while authorities are saying they're struggling to cope with the new influx of people crew go the. opposition protesters clashed with police in venezuela huge weekend ahead of a crucial vote on who will be involved in rewriting the country's comes to change him.