twitter blocks over two hundred accounts on the grounds of possible russian involvement in last year's u.s. presidential election and some. of the spanish government over to. independence referendum also. the decisive battle for syria continues with eisold forces now surrounded by both syrian government and kurdish troops. my colleague will be here in about an hour's time with today's top stories of. the report right here on.

i am asking whether this is the kaiser report coming to you from the aspen nexus concert with a lawyer i didn't know. i could fill it is so warm up yourself fantastic so glorious so sunny so melting like and you know i got to thinking of the people i really hate in this world and none more so than jamie diamond who keeps putting his foot as well it came walking into walls he keeps pulling him bumbling in proving himself to be a it's a boy but without the support. stacey speak it's freaking a savant he did ok did that max you know we use of a campaign called crash j.p. morgan bi so where the a ten he had a massive short his fit his bank had

a massive short position on silver and of course it did drive silver from twenty dollars or sixteen dollars up to about fifty dollars now you're starting a campaign crash j.p. morgan by big coin because of chorus and the past few days jamie diamond has called big queen a fraud and we're here at a crypto conference and. ninety nine percent of people i asked says say that he's a jerk but yeah i mean the prez j.p. morgan buys over you know a life masters who was at j.p. morgan at the time she left to join a crypto company in london and they had this huge short position we got the price up to fifty dollars and then of course they could just call the fed and get a loan of unlimited amounts of money they put on their naked short selling futures contracts into the market they're just fredo putting sales order into the market prices are hard to come to hard to mount a rally if for every dollar that's put in on the upside you get fifty dollars of

sellers coming in from j.p. morgan's desk so crypto is something that jamie diamond or lloyd blankfein or any other central banker big deal or banker really cannot stop we are seeing now state actors emerge in the case of china they're trying to stop something from happening that is to say they lose control they lose or all thoughts are in control but the bitcoin has spread now so prodigious lee all over the world that they can do an end run around china if that's what's needed to be if china want to go back to the frick and you know two hundred years ago they want to go back to developing nation they want to leave the twenty first century technological development and revolution so be it go away we don't need you. right right. that's right. who's taken their place japan south korea other asian nations still russia looks like lobby russia all the time on the phone in the kremlin almost every other day. well i may have been. right. maybe it's

me just calling you from the other room i'm helping your conspiracy theories out in a little early you watch too much m s n b c. so i want to talk further about this j.p. morgan jamie dimon calling becoming a fraud because it's interesting that it comes on the heels of all those big banks j.p. morgan goldman sachs trying to develop their own blog chain and i think doing experimenting actually even trying to create your own all quine or anything like that teaches you a lot about how amazing it is. i think that's what happened is like they went through the mechanics and the process of trying to learn how to create their own block chain and they're like. oh my god we are in trouble well year and a half ago jamie dimon was quoted as saying that bitcoin is going to eat our lunch time they they filed something like one hundred seventy patents trying to use

intellectual property to swart this revolution that didn't work now they're out of missiles or out of ammunition they're just trying to bad mouth it and you know amazingly as he was badmouthing bitcoin you know a dealer in northern european territory was buying bitcoin for j.p. morgan clients yes so you know the clients are not going to listen to j.p. morgan now there's an action there's a filing by some european i think i think a swede right banker again saying we don't know for fraudulent badmouthing the securities at the same time that he's effectively dealing securities which is a no no so he can't escape the reality of the immutability of the block chain forever is coming for him it's coming from going to big way you know i knew this day would it would happen you know he's going to face his maker in this case i would be you know. i'm. speaking with janet yellen we're going to go into two stories here stories that you and i have been covering for years and the

revelations about the fraud of the banks we announce it max usually says that's a fraud and this is what's happening the day it happens and then eight nine ten years later then they say yes it was a fraud so here's a story because remember back in the financial crisis and this is my first emerge on the world so shouldn't nakamoto birth it into the world in two thousand and nine after all the bailouts. well at that time i don't know if you recall member that had it on the front page like the times the cover image of him saving the banking system because he had saved. stearns and washington mutual he had absorbed these in order to save the economy well people did ask questions about why well if you are such the good guy here why did you pay that thirteen billion dollar fine and he pretended that the government asked eric holder this is nothing to do with well it

turns out it's jamie diamond's thirteen billion dollar secret revealed this only came out in the past week it didn't get much attention because of all the hurricanes earthquakes disasters unfolding all around the world four years ago j.p. morgan chase reached the then record settlement with the department of justice after among other things the bank received a copy of a u.s. attorney's draft complaint documenting its alleged role in underwriting fraudulent securities in the years leading up to the two thousand and eight financial crisis following the bank's thirteen billion dollars financial agreement the draft complaint was never filed then the bank paid another settlement to prevent a separate legal case from potentially on earth ing it the contents of the draft complaint have long been a financial crisis mystery a great white whale of a document at least until now so this was a complaint written by benjamin b. wagner in the department of justice. jamie diamond went and met with eric holder eric holder showed him this document and jamie diamond agreed on behalf of j.p.

morgan just to pay the thirteen billion dollars fine. the proviso that this is never made public it's now been made public through freedom of information act requests and so you can see some of it and it's just as shocking as those sacks of the you know the member the goldman sachs stuff and when they had to testify in front of carl levin in front of the in front of the senate right so more a buffet said when the time. wearing a bathing suit so in two thousand and eight the tide went out a serious way bernie madoff clearly was caught up and he was in a vicious j.p. morgan client j.p. morgan client and ponzi scheme and he was busted and it also revealed on the balance sheets of these big banks like i could j.p. morgan massive fraudulent behavior that as you've just described there and during that time they were also engaged in numerable instances of fraudulent behavior illegal behavior and as i said what's amazing is that back in the eighty's when i

was working on wall street during the s. and l. crisis the laws that were broken at the time and fifteen hundred bankers went to jail at the time the response from regulators was not too much to reform to make sure that these things didn't happen again the response from regulators thanks to jamie dimon was to change the law to make those things no longer illegal so then the two thousand and eight crisis was a repeat of the s.t.l. crisis it was technically not illegal because they changed the laws to make what was the legal legal and so jamie dimon gets on his high horse and claims the moral high ground even though he's engaged in some of the most vicious acts craven acts of thievery and undermining the u.s. economy u.s. integrity and you know the course is there to provide a check you know the government is there's three branches of government to provide checks and balances there is the fourth estate which is the process to provide

another check and balance crypto coins and because it is now the ultimate check in . ballots go to me time i can spew all the fricken lies all day long twenty four seven the c n b c jamie diamond twenty four hour lying journal everything that comes out of his mouth is bad lie he could lie he can't go to the bathroom without breaking the law this guy is a born into orgy of larceny he is breaking the family and there are all of the folks there celebrating a criminal culture like the junk goddy would celebrate with it or or open arms selling turkeys from there when dealers this is and they're all tied into mother janet yelling who's dishing out the free heroin in terms of free money and the culture of the mainstream media applause these guys as being champions of the free market well you know that's disgusting behavior and this is why the us is in dire straits but you know the us has a chance to get back on its you know in the saddle and compete by embracing crypto

currency and by a lot probably you know eliminating these guys from. you know i just as i've said before that if you have a system of criminal justice without a deterrent you don't have a system of criminal justice if there's no penalty for committing crimes what how why should we expect there to be less crime now you should see this interview we did with eric holder when he was sitting on a flight behind us and we ambushed him afterward and you know he claims that. basically the banks didn't really do anything wrong to give these deferred prosecution agreements and i asked him about all the civil asset forfeiture that he does to american ordinary citizens and he sees seize all their assets and he alleged that these sort of fines are seizing the assets of the banks in order to punish them but it all of this money the thirteen billion dollars was almost entirely paid from the shareholders' money so that went there and the particular

crimes he was looking at was from the securitized products group and it was just as blatant the goldman goldman sachs stuff they knew all this stuff was bad they were dumping it into pension funds they were dumping it into the the funds of ordinary citizens and now when you mentioned janet yellen and the crime wave that resulted from her intervention the central banks intervention into the economy i have a quick headline here to wrap this up and that is how the great central bank online could ignite the next financial crisis and you know this well because the low rates have kept all these markets propped up the free money they went through the numbers and they found that fourteen trillion dollars was printed up and given to banks by the central banks and on top of that there was another twenty trillion from fiscal stimulus from governments around the world so there's thirty four trillion dollars that was given to these bankers and now you see this wealth and income gaps as

a result of this right the fourteen trillion dollars of that just discover. oh yeah that's a. b. i asked found that there's still a trillion dollar extra debt these are four x. trades the derivatives aren't as hedging those aren't aren't counted right thing just like. that look at the paper look over fourteen trillion dollars. but the fact is that the crisis is just this they print the money ostensibly to stimulate the economy but the money never leaves the banks because the banks need to roll over their bad debt so they don't make loans to stimulate. economy that's why you have no growth in money velocity money velocity is dead why because jamie diamond killed it what's a suitable penalty for that what is suitable but only in america what it does for carried over the joint. i say.

it would be a lot about t.v. . a crimson tide. up up up oh yeah go go go the next step don't go away much more coming away say right. now we're in. scene over. these birds fish you. asked me would i'm not a small business owner. i could introduce you eat it is to do most drug syndicates. why your girl marry one of tomatoes it's

a good book there's a big good deal of the full grown people at the market. for you nobody wants. to. know. most times the government knows what they do and they do nothing. the modern international order centers on two basic principles the sanctity of sovereign borders and self-determination in this regard the kurdish question is particularly vexing and even dangerous will some thirty million kurds ever.

but. it was. kind of the. seed of. good for him and it's. never really know for sure but this has been.

welcome back to the kaiser report imax keyser time now to turn to roger van or otherwise known as big going jesus roger welcome back always fun to be with you all right now. you're here in aspen having flown straight from non-con big point conference over there quite a few prominent mainland chinese bitcoin executives have been kept away due to threats from the chinese government bobby lee of course is over there as she you know they were so the chinese government is really cracking down a bit going they've actually gone to the point of saying that executives in the bitcoin space they don't want them to leave exciter of what's going on i wish i could tell you more but that you've summed it up pretty well the chinese government asked them not to leave the area and it sounded like it was implied that bad things might happen if the some of them left the area so a number of people were not at the conference in hong kong because they were asked to leave the area and in my opinion if someone asked you not to leave the area

that's probably a pretty good signal that you should leave here he is soon as you possibly can so china is really you know cracking down on bitcoin. why maybe they're starting to figure out that bitcoin empowers the individual to have complete control over their own finances their own life but if you look historically at the things that china has tried to ban they've all turned out to be incredibly good investment so you have you tube twitter facebook google if you invested in those things you do fantastic and i think the same is probably true that bitcoin encrypted currencies so it's a buy signal it's probably a bicycle i do think so well that's another question is you know we're in the three thousand four thousand five thousand range what where do you see things heading over the next couple years cryptocurrency is obviously are incredibly useful and their supply is scarce so the price is going to continue to go up up up just like anything that's useful and scarce roger very definitely your name is associated with bitcoin cash so tell us. fair to do so so you would because

what is it why do you get associated with it and still folks in because the sense the last time you were on we've had this fork and so bring us up to date so there's been lots and lots of internal politics infighting within the calling but if you read the big white paper itself it clearly defines because it is a chain of digital signatures the version of that calling gets rid of those digital signatures so by the very definition given in the document the white paper said big transaction is not a big one transaction so from my point of view because cash is the real bitcoin and so bitcoin cash is on the same roadmap that the original bitcoin from day one was and then just within the last year a bunch of people managed to veered off and intentionally make this a good version a bit calling and they've intentionally made it have high fees they've intentionally made it have long confirmation times they've intentionally made it less useful in business and because the cash is still useful in business has low

fees fast confirmation times it just doesn't have as much infrastructure built up on it but i'm really really bullish on because cash i've been selling a portion of my. for more because of cash right so it's a great time to china of course china was until recently kind of the biggest area for mining main which is they manufacture chips as well as they're also mining they seem to be supportive of this bid going cash move is that a conflict of interest i think it seems really clear that the vast majority of people that are actually using big calling in commerce prefer because cash to be claimed said that the vast majority of people whose background is in business or in economics prefer big cash to become segment and i fall squarely in that camp i can't count how many big client transactions i do both myself personally and for my company every single day and because cash is much more useful for that than because it's a good at this point so the question is you put out the value proposition for paid

quite as in. in this business in this industry in this world you need miners to support it and will we see miners what will be the incentive for miners to kind of jump ship if you will or jump camps from the big coin or you're calling it's a good bit coy to a bit coin cash environment. because there doesn't at the moment there doesn't seem to be a huge interest in that but so where do you see that going i think the miners are always going to mine whatever coin is the most profitable for them to mine so our big one dot com mining pool the users can click one button and it will automatically point their hash it whichever version of bitcoin is the most profitable to mine and in probably within the next week it will automatically set it up so they get paid in whichever version of bitcoin they want to be paid and so they don't mind which everyone is most profitable and they'll get paid in whichever one is most useful and i think that's what everybody wants out of life they want to earn the most money and they want the least amount of work ok so you mentioned

earlier that businesses like this because in cash businesses would be included folks like pay i believe is one of the earliest one of the biggest businesses and a few others out there who have an interest in crypto currency and him to coin which differs from let's call it the cypherpunk movement or the cipher so i don't think that's really fair so i consider myself a cypherpunk i've been interested in all these things since i was a teenager and reading books in the you know all sorts of things on that and i so i think that there's people that could use the cypherpunk name that are on both sides of this you it's you but i think the ones with the stronger economic background prefer big cash and the ones with the more computer science background maybe prefer . bitcoin segment but there's people on both sides of this camp on every issue from every background if you mention the economics there there's a concept out there called hyper bitcoin zation i think the nakamoto institute one of the guys over there came up with this idea basically that. bitcoin each the

world or something the equivalent of a coin each the world to a currency goes the way of all dinosaurs. what's your thought on that i think crypto currency is going to take over the world i think previously it would've been possible that bitcoin could really just take over and really have the lion's share but because first mover advantage has really been damaged by these people that have intentionally made because they have high fees and slow confirmation times and that's the version of bitcoin said at this point that's why i like the current cash let's talk about november because apparently there's another for coming in november so can you set it up a little bit like where is this for coming from and then talk a little bit about what you see that developing sure so like something in the high ninety plus percent of the miners and the businesses involved in be calling all came together and agreed on a compromise of a coin with two x. including myself and dot com so all of our existing infrastructure. dot com on that day will follow the two x.

chain for this new york agreement a number of people on the internet think it's the end of the world if that happens and they're saying that you could never ever increase the block size from one megabyte to two megabyte but that's a another example of central planning like it's one megabyte for the block size is pretty much guaranteed to be wrong because we don't know what the right sized amount of block space is but it's almost for sure not one megabyte it's either half a megabyte or three quarters of a megabyte or a thousand megabytes we don't know what it is but it's guaranteed not to be one megabyte dad if having big blocks seems to favor kind of the mining community over the developing community that's always positioned in the in circles of the crypto circles and that mining concentration would seem to go against the idea of of a distribution a distributed network comment on that that's the way that one small group of developers are trying to position this but there's a whole bunch of other developers that don't see it that way and it's also worth pointing out that the miners are some of the big clean users with the most skin in the game the miners all of their income is in big calling all of those because if

they were seed. they didn't have to spend to have all this hall capital you know devoted to the running all this money equipment so the big point miners are some of the strongest big news around the world so i don't think it's fair to try and demonize because miners because miners are some of the most devoted decline users in the world ok fair enough now that you had a phrase there at the end the conference in aspen which i hadn't heard before which is really something you know people say you have to bank the unbanked and you're opposed to this was we were going to try to unbanked the banks in other words are trying to take down the jamie diamond of the world talked about that a little bit and specifically what jamie dimon and j.p. morgan they are really got to be in their bonnet they they've this sense of existential crisis with this big coin thing your thoughts so to be fair i borrowed that phrase from thomas over to me say go but i thought it was such a fantastic thing and that's what we're trying to do we're trying to make it so that we can bank the banks the people don't even need banks anymore they could be

one hundred percent in charge of their own money and jamie diamond wouldn't be all upset and you know riled up about this if it wasn't a big threat if it didn't make it so people don't need banks anymore if you if bitcoin was stupid in the scheme in a ponzi scam he wouldn't worry about it one bit at all but instead he's really worried about it because he knows this is something big this is a fundamental shift in the way in which the world works i have a theory of why your thoughts about it brought it up at this conference just cooked us up the last few days that we could see we're entering into like a new space race where remember the sputnik went up and the russians and the u.s. entered the space race and later a man on the moon if bitcoin is seen as a strategic reserve and something equal or better than gold and countries start accumulating it as such would countries get into this game theory big coin environment on the geo political level and it could be played out on a much bigger scale what we see for the last few years kind of on the smaller scale

. maybe her i think any smart politician should be paying attention to this so the country that adopts bitcoin encrypted currencies first has this giant first mover advantage it would be incredibly short sighted for any politician to try and shun crypto currency and push them out of the country any smart politician or government person would be invited to become in as quick as they possibly can because there's going to be this giant transfer of wealth to cryptocurrency some are seeing that happen right before our eyes so you should want that to happen in your own country if you're a politician yet the conference chair you launch pretty much a new initiative and i think pushing the envelope in this space certainly roger vera from the very beginning i think has been associated one of the two or three people has always been associated with bitcoin encrypt and you have a rest on your laurels always pushing things forward and so tell us. to speech but from what i gather you're starting a country or other what's going on yes i think actually we're starting in one country is that idea so we've already raised more than one hundred million dollars

from private investors we're exploring ways in which we can allow the public to produce paid as well but the idea is that i think will raise somewhere between a half a billion and a billion dollars and we're going to go around to different governments around the world and say sell us a piece of land and grant us sovereignty with that land and within that land with an auction it off and then anybody can basically will be the world's first free society where you won't have this parasitic class boss and everybody around and demanding that they pay rent in the form of taxes on what they're doing and i think it'll be a fantastic experiment so if you're already a libertarian of course you love our project if you're not a libertarian you think libertarians are stupid you should love our project because you have a place you can point to say look at all those stupid libertarians and how bad they screw things up so no matter what your political viewpoint is you should support our project right and apparently there's some deals available in the. in the path of hurricane irma just as things are for sale down there yes we've been in touch with actually quite a few governments already and it's been a actually really really pleasantly surprising just how interested they are when

these government people hear money money they pay. here's perk right up there i think i think the chairman of the virgin group branson i think you might but necker island up for sales thing got all the scrapes you got to move right in there ready to go maybe that could be on our short list of potential locations this is. as always illuminating or is your next stop on his good the great roger tour where he headed next headed to silicon valley next excellent thanks be on the show thank you max all right with us going to do for this edition of the kaiser report with me max kaiser and stacy i would like to thank our guest roger they're going to catch us on twitter it's kind of report it's a nice time. the war zone you on the idea that dropping bombs brings to the chicken hawks forcing you to fight the battle.