fact that our c.e.o. mike du made 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 tell 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 from the part of the government tried to do it was the best leave. it might be making things worse. by saying this is not how capitalism works this is our capitalism goes hopelessly disastrously wrong.

the end. of the father which. i am asked as or this is the kaiser report aired fabulous freedom fest in las vegas . in l. . there's a concept we've talked about it it's called moral hazard you let the central bankers and their minions and the big banks get away with little crimes here and

there thinking that well the economy is going to benefit the long run just let us live. well trickle down moral hazard is corrupting every facet of our lives in america says yes max we're continuing with this theme of freedom is not meant for much freedom happening in america not only do we have those of wealth and income gap in the declining life expectancy and all that sort of stuff but we have this gross problem of civil asset forfeiture this is a story that is not getting much attention because the american media is obsessed with him but in the real world that affects the average voter we have the shocking story over the past week and that is just in o.j. new asset forfeiture policy police can seize property from people charged with crime even in states where it's been banned that was a tweet from c.b.s.

here's another tweet from the washington post and they say jeff sessions once police to take more cash from american citizens now remember the republicans had campaigned on a policy of saying we're going to end this sort of grotesque policy because you know the police and america and this is just the federal police and federal officials they take more cash from americans than burglars do right is sanctioned theft by the government jeff sessions is given the green light for this type of highway robbery all across america and this is why different groups that have become quite visible recently are important thinking about black lives matter for example or occupy wall street these are groups that were considered fringe groups or against the ito's of some kind of prevailing american psychology however they are the canaries in the coal mine black

populations trying to be. by the white population or occupy wall street is trying to highlight the fact that jamie diamond is a frequent terrorist this is leading him to sanction attorney general green police absent seizures for the sole purpose of stealing wealth from middle class americans and putting it into the pockets of drug runners drug doers gun runners and drug lords etc etc well ok here in a free to fest justin amash here is here congressman who didn't speak out loudly about this he was trying to call attention to the fact that jeff sessions has is increasing so right now it's only thirteen states and the united states that allow police to seize your assets your cash or your property even if you haven't been

convicted of a crime so only thirteen states allow that jeff sessions is overriding that say all fifty states can't the police can seize any of your stuff just based on suspicion and if their budget is short in places like texas you know something like thirty forty percent of the budgets of many police departments are actually met by seizing assets from the population he says this is what jeff sessions said we hope to issue this week a new directive on asset forfeiture especially for drug traffickers remember the policy started out it was just for drug traffickers now it's especially for drug traffickers that's who we're targeting and yet almost all of the people they seize assets from of the billions and billions of dollars every year billions over six billion just from the federal police so most of that is not actually drug traffickers it's just people ordinary people. many said with care and professionalism we plan to develop policies to increase forfeitures no criminals

should be allowed to keep the proceeds of their crime adopted for futures are appropriate as a sharing with our partners to adopt. forfeitures means that it's now nationwide just in the states are in general is a duplicitous. i mean think about it this way wells fargo. simply stole people money out of their account millions of accounts stolen stolen stolen stole what was just sessions nobody wells fargo bought walk over here what could be a lot of billions from mexican drug cartels thanks to the previous attorney general where is jeff sessions on that why isn't he going after the funding of the of the of the fine of the of the of the drug lords sessions this is a clear a b c. line of thought there's no equivocation here there's no doubt that sessions policy is promoting drug lords well also just chat sessions is famously a racist and has had recent background and

a lot of the research going around by saying of states rights overriding states who don't want you know here's we have thirty seven states we don't want the police to be able to seize your property saying forget that i'm overriding your state's rights and where it's going to impose the will of the federal government and my racist policies my sick policies my twisted policies on you this is also the reason why people are going for things like more narrow i know you're going to be interviewing that the guy behind one arrow in the second half cryptocurrency is to provide you a little bit of safety in these age of x. civil asset forfeiture where they could just take your stuff without any conviction but look sessions is clearly supporting drug trafficking gun running and an apology certainly eric holder to eric holder was an apologist for terrorism under a barack obama they were apologist for terrorism jamie diamond you know i still have a mere this is jamie diamond alien remember the scene an alien going to waver. from

day if. jamie diamond pops out. and destroys everybody on the ship. ok this is what this guy jeff sessions the racist attorney general should be concerned about not fricken tell of cops to steal people's money jeff wake up so of course this next headline i'm reading in light of the headlines that we've just covered of the civil asset forfeiture the american dream appears to be more attainable in mexico and china and monday of two weeks ago pew research center released a report showing the american middle class is shrinking while thriving in other european countries recent research shows that young homeowners and china and mexico have the u.s. beat report from h.s.b.c. speaking of drug running it's found that seventy percent of millennial is in china

and forty six percent of mexican own a home versus thirty five percent of young adults in the u.s. young people in china are benefiting from wage growth that is projected to outpace the rate of home price appreciation set last year and the u.s. doesn't just fall behind china and france and other european countries so in now it could have something to do with the fact that you know the government here wants to seize your stuff if you even have any money to put down on the positive on the property of the government is out of control and it is becoming very soviet union like in this in this regard whether it's the affordable care act which is a tax which still is thousands of dollars out of people's pockets whether it's the cops that are now been sanctioned sanctioned this still people's money and then ongoing high taxes of course that's always been a an issue in places like mexico where they've been through a huge economic stress on the the new generation the millennial is of mexico

actually a lot freer there can afford houses we were just in mexico city it's like america in the fifty's and sixty's and america is becoming like the soviet union in the one nine hundred fifty s. and sixty's those two ships passing in the night. you got the soviet union mexico these countries or china are now going toward freedom going toward to an enlightened twenty first century and america's going back to retro active right you know going back to reactionary neo con warmongering sylvia like nonsense and and this is why we like going to mexico city not only are the tacos fantastic i wish i were in mexico. course back in the eighty's when i last lived here the early ninety's you know the thing used to be if i don't drive your car across the mexican border don't try it down there because the police there were so corrupt they were just like take your car and just mansell and send you away and arrest you if you complained so. it's now the canadian government for example

warns their own citizens against going to the u.s. because they might they said that if you drive your own car there and you have any cash in your car there's a good chance the police might take that cash from you now australia of course is there's a huge shock there that they're citizen was assassinated by a police officer in minneapolis after she called the police for help and they just shot her dead for no reason like um for bogart a treasure of sierra madre you know and they got all the gold and they get stopped along the way by the banditos bogart's is where your badges is bose's. right this has become america just like route sixty six you've got a route sixty six is bandidos dressed up like american cops are using their money stick in marijuana depositories dr strange frank place is becoming a nightmare and so finally there's a quick headline here a damning new i.m.f. report cold water on the entire agenda so the fact that cutting all this health care i know they see

a. fordable care act and b r c a the other stupid care thing they're both shakedowns for the likes of us having to hand over money that doesn't give us any things. back to the health insurance companies but there was an expansion of medicaid which is free government health care for many millions of americans that would be taken away by echoing the ongoing debate about the death of the american dream of improving living standards the i.m.f. said that prospects for upward mobility are waning in the united states and the poverty rate at thirteen point five percent is one of the highest among advanced economies again but you tune into the cable news here they don't talk about this they're not addressing this these are the issues that matter to american voters you don't ever hear it you have to come to festivals like this or tune into the kaiser report and think mcdonald's to get into the euthanasia business so you go there for a big mac and they'll put you to sleep as well as you all for five not a dime just try kentucky fried chicken doesn't offer euthanasia going to.

take a break but stay right there don't go away much more coming your way. not ones that. lose all. the definitions and i'm back in the. south. pacific and. then you're going to bring. the. beach. in this just means i love just. them tokyo find it

good. good . it is what it was because did a piece of. economic development is all about numbers really or is this quarter we are modern six point . but what do we know about the other figures. when i think about the fact 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 from the part of the government try to do that nicely mr. markham a few things worse. i say this is not work this is. hopelessly disastrously wrong. welcome back to the kaiser report on i'm max keiser time to go to ricardo spanier of the narrow riccardo well thank you also known as fluffy pony yes

ok so little background so narrow is a calling it's all to claim his training twenty fourteen and. tell us a little more about it so what why didn't you create it what is it did it get cleaned doesn't talk a little bit. it wasn't created by me that's a misconception that a lot of people have it was created and launched by a guy called thankful for today we don't know who he really is real identity is and he launched it basically as a relaunch of the protocol and crypto know it's is an alternative protocol to but coins protocol and it has a couple of differences for example. sort of tries to focus very much on privacy and on being a pro privacy project or protocol and it also has a dynamic block size so that speaks a lot to the skating debate that we just had where we're still having. initiated

just thought of this as a favorite launch. open reno inch of the crypt our protocol wasn't as special except for being first out the gate and thankful for today ended up being a gigantic douche bag which. really was terrible i didn't lie when i qualify that ok so there was a sort of fairly large community of the formed around there right at the beginning yeah and thankful for today wanted to play the role of being a dictator and the community pushed back and said no thank you she didn't like that he wasn't. then run with his ideas that the community rejected and myself and six other people for a way from him and we became stewards of an old point that we didn't go into that we didn't want that's for king crazy i know right but you're talking a lot of a lot of stuff there let's back up to the truck here for

a second so the launch as you said it's crypto and it's a fairer distribution upon launch yeah. so this is this is gets addresses the issue with bitcoin the early adopters afford it huge stashes of bitcoin and then the later commerce fell. off right so how does it address that well i mean there were a couple of ways for example he pre-announced us and gave people thank you time to spin up my nose and also there was not a sick mind then so does all just mobile c.p.u. mining so anyone with a computer on day one could mind i spun up like a bunch of. lies as a mind on that and i know people don't mind computers and computers mosul's so this initial distribution was markedly different because it was in the community that was already hyped up about old coins and it was to a technical community that knew how to mind and you know sort of having this one

c.p.u. one mining engineer made things a lot easier there was no pulling. the arms race that came with bitcoin has been avoided yeah and so now you have the the miners and big point they've become very powerful you know they've been a lot eventually this history of the of the role of the founder trying to veering towards dictatorship in law ways i mean we see this in the mining community in bitcoin they're taking on a role that some characterize as being and and and and to seem to the spirit of the decentralization of. the different the. conditions city avoid that i mean avoiding minus into those asian is a hard problem agenda in the office. one that we're constantly trying to tackle and for go our way around but at least at the beginning there was no mind how many people are working on development so we've had over two hundred forty contributors to the mirror project over all over the past three years and we have an active contributor base of about fifty people. and that's growing on

a monthly basis and as a scaling i mean i think that any scaling issues so we've had scathing issues. may never actually scales worse in the court. because actions are physically larger but because you've got the stomach block limits it means that we don't have to go about increasing the block size or anything like that but at the same time we're critically aware of the fact that scaling is worse so the block limits what kind of like a rolling protocol that takes into account the supply and demand and expands of tracks accordingly and your friends you know my patents but i'm going to see it now unfortunately it's not an owner anymore but yeah otherwise i've been a dictator to rise you're doing of course some an arrow is to get to the heart of the matter here is the purpose of it is to be more privacy oriented correct and you do compete with z. cash i believe as your primary kind of competitor i was i would say so you know ok so can you comment on the need for that what role does not play and what's the cash

i compare i think competition in general is good and consumer choice is good. this thing was a privacy appropriate as the project or approach. is that it has to tend towards a monopoly because you want to as a user get lost in a sea of transactions and there's a sea of transactions are small then you're not getting lost in anything so naturally there is a tendency for users to pick what i think the privacy korean that is has the largest user base which currently is mirrored. apart from the sort of difference in size of the user base in the country the base i think one of the biggest things is that c. cash is. it was started in this county operated by a company and to me that's the antithesis of what you want when you speaking about a decent tries to project or decent transportable you don't want an attacker to have a single point that they can attack the corporate entity provides

a vulnerability i think das is also they've also veered towards that there it is a more of a corporate structure which is sad because i think it points to a lack of familiarity with open source open source projects have developed this in this unstructured. crazy like misstep way over the past whatever today give me a quick tench yeah i mean stephen baldwin in an r.v. traveling around america visiting under serviced communities from the mainstream media to talk to them get their views on what's happening in america and to preach cryptocurrency is the narrow are you on board is a sponsor. it's an open source project we have no money so what we can cover here is the yes. we have a crowd funding system yeah i mean we could gladly crowd fund and if the community thought it was beneficial they would buy the towards it we have dave tax pretty

mind anything like that that we could use as a single into these do so i guess i have to go crowdfunding with the absolutely right ilse get back to the the matter in hand so. we showed a clip of peter schiff in which he argued that crypto currencies are a scam because an infinite number of coins and tokens can be traded your thoughts i mean that infinite number of folks and projects can be graded but i mean there's an insurance money to go around and i don't think it's fair to categorize them and say oh because an infinite number of projects and be created and each of them individually could create a certain number of koreans that by definition they're a scab i mean it's the very nature of open source projects and you can focus and so one could argue that linus is a scam because an infinite number of vice distributions could be created doesn't. purport to be money no you're right ok sunyata is again let me answer him and give you my answer any thought on this ok he's

a big old proponent gold is money there's only one gold but there's also silver platinum rhodium and then there's also diamonds rubies and emeralds there's also. the audience because of it and it scares a lot of scare stuff that people value in the hundreds of billions of trillions of dollars in bitcoin there is the mother currency bitcoin it's part of a sixty seventy eighty ninety trillion sorry billion dollar currency market against a multi hundred trillion dollar pool of derivatives that are worthless so this even if there's five hundred. and you know it's against five hundred trillion dollars it's a nonsense so there's room for all that just like the room in the gold and all these other assets that there are scarce assets it is argument doesn't hold any water whatsoever it's nonsense as he would say yeah well i mean i would i would also argue what happens if we discover

a comet that we can all asteroid that we can extract gold from and also gold mining last year was off and crypto mining a big one is down because it's it's the protocol diminishes the coin release over time gold mining is actually up yeah so his argument is is fallacious the days are place we're not going to discover new big questions we're going to suddenly go we discovered ten million you because in nevada right all right you're a smart guy so we got to keep you on the smart topics or not go down my digressions the dark net site alpha beta shut down recently the guy who allegedly ran it committed suicide in thailand. the us feds were seeking his extradition were unable to determine how much. he held ok this is i'm an arrow touches on america's story what's going on there buddy i know yeah i know yeah i mean obviously it's kind of interesting because they never came to us as a community community and said oh hey we want to go to overbet i woke up one day and they were like we're reading manila to overbet you know the nonsense and we

were like ok so so we haven't really we never really interacted with him i once interacted with one of the supports often office that's on the never you said john they've already got them so right i mean we asked jeff sessions you know he's cracking down on that he's allowing for illegal asset forfeiture in america but does nothing about wells fargo stealing people's money yeah right i mean it's crypto is denied facilitate anything that fia money is not already facilitating it's a completely correct argument only thing it does it provides a level of privacy that as americans here train them fast you would think that would be of paramount. lawrence yeah what's the future from an era what's going on in an aside from you doing your crowd funding for my next t.v. project what was happening in the narrow the next you know going forward what's your role in the narrow what do you what do you i'm i'm the lead so basically the community said to me we've reviewed these pull requests i go review them myself as

well and then i merge pull requests i do like how to serve all. over and on it like that i'm if i'm the lawn and because i'm that sort of role. so yeah i mean mike what's really nice and what your background ok so i'm my background is i worked as a developer for many many years eventually started my own company and discovered but coined in twenty eleven when that company from watching my show what fortune in office what sorry slashdot article what about the pre-interview what's going on oh we were running out of time. we have a three minutes so moving right along. we talked about the kryptonite proof of work algorithm which is an ordinary c.p.u. you know i am fascinated that in countries like russia for example people are mining on their home computers and making fifteen hundred dollars a month with us double the national average doesn't what we should the savage huge impact on people's standard of living all over the world as it should the problem is i think it's a lack of awareness and education there's

a ciphering company i met with a little while ago they are installing solar panels of companies and to offset the cost of installing a solar panel they use the service in the evening when it's not doing any work so my narrowed and then they sell them in there and that's sort of the cost of of the hobbit they've been sold of the physical panels and so companies are starting to love this but there's a lack of awareness and i guess when that awareness kicks in eventually it will become. a common thing yeah. i think that's a very interesting point is that the integration of some of these hardware projects like a solar project with a crypto current say with a mobile phone that people have and you're creating. we're reinventing the global economy to his way you look at gutenberg press you know it killed the catholic church more or less and it looks like the currency is going to kill the nation state as we know it it's a flag currency so narrow. it's it's a coin it's an old coin the whole universe is expanding its i think you have to

take a portfolio approach of owning the top ten currencies in the space to get good exposure but anyway thanks me on the kaiser report thank you so much all right. well that's going to do it for this edition of the times report with me max kaiser and stacy herbert like to thank our guest ricardo spun yeah narrow field to reach us on twitter it's kaiser report until next time. here's what people have been saying about rejected in the us is it actually just pull along on the only show i go out of my way to find you know what we want to do is that really packs a punch oh yeah it is the john oliver of mark t. america is doing the same we are apparently better than blue. you see people you've never heard of love redacted tonight president of the world bank very.

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