the record proves that the data proves that in a reality driven world that that's clearly proven if you're in the stocks you're getting a big payout america is being sold out essentially and they cost a bunch of money and people are taking a sack of money america's dead dead dead dead because of this letter and let's talk about the other situation here is that on the one hand you know now the democrats and m.s.m. b. c. source are saying oh damn sampras horrible and these are you know a giveaway to the oligarchs just as we've just said here but the fact is they reduce our taxes mining yours to what we were paying in the united kingdom and the united kingdom has a national health service they have more of a welfare state than here less so than europe as they're getting dismantling it but that raises the question well how progressive were our tax rates and are they because all of our taxes now anyway whether they're forty percent or twenty percent

. or ninety percent or ten percent all of it goes to the military industrial complex sees connected guys to the military none of it goes any way to health care system or. a more equitable distribution or economy it like that protects some of the weakest amongst us so why are they not addressing where the actual taxes go if they want to be progressive you know the democrats are the ones remember just at the in the budget when back in august or september trump had asked for liking it to ten percent increase in the pentagon's budget and they were like no no no fifteen percent you had to take more so they added like billions that trumpet and even asked for so where that's regressive why what where they now saying like virtue signaling the how progressive and liberal and and how they care

about the poor people like what why now and why did they focus all of their media air time on a foreign country over there you know russia they didn't focus on domestic policy nobody even knew about this stuff until it happened look the corporate tax rate in america for this and p. five hundred adjusted for tax tax avoidance and tax loopholes that it last year was roughly five percent yeah post this tax reform will be roughly five percent their taxes are going to exactly be exactly the same they don't pay taxes general electric got a seventy thousand page tax return that they filed and they paved zero tax as a matter of fact they got a tax rebate so the tax rate for corporations will be the same but this idea of lowering taxes is a vote grabber it's propaganda it's well it's probably passed through taxes for small and medium sized enterprises it's not general logic it's not a pass through apple is not a pass through fox corporation news corp are not pastors these are mom and pops

these are like people with one hundred thousand two hundred thousand for. and thousand dollar sort of income there yes but here's the point is made before is that they'll simply raise the obamacare premium dollars set any tax yeah but the words are now you're not going to see that day now you're not going to get in your pocket whatever again we'll have always have to go to lockheed martin and rate the fact that that's what we have here. you also mentioned savings and i wanted to bring this up this is a tweet from the st louis fed a tweet from them this is before christmas but you know i was so busy hypnotizing you say no and you were so reason unburdened of that hundred thousand because that was weighing down on my conscience well this is from the st louis fed i'm talking about savings and and the economy remarkable negative interest rates may seem ludicrous but not if they succeed in pushing people to invest in something more stimulating to the economy thing government bonds so they're floating negative

interest rates and that this may be a good way to get people out of government bonds and into something more stimulating to the economy like what what's more stimulating to the economy at this point more more lockheed martin some more drones surveilling us or what the debt for households in america if you have the national debt the unaccounted for debt like social security medicare medicaid the corporate debt and yet all the debt together i haven't seen the numbers lately but it's something in excess of five hundred thousand dollars per household and because the debt sellers wall street packages that sells that makes money and profits and fees from debt they feel like they need to make even greater profits they have a big fat cattle prod that they stick to everyone's back and they say negative interest rates are good for you go buy more go give us more of your money go into debt go buy a margin go into marjah give us more so this is abusive subtly wall street's been given a cattle prod and a noose and you can take your pick either you get electrocuted dear death or we're

going to kill you and. make america more larcenous thick and more deadly thank you trump. he's the last american president i predict a zero state turn for the second half whole lot more coming your way to sleep. it's the cradle of jazz. there's still a very good we are the field goals does jazz feel. a city of climatic contrast trophies of alligators on the loose of poverty and crime are used by the least twelve members a mile from the polls most heard of street racing in the heat of the night and

this is new orleans itself and many of the best place in the world. about your sudden passing i've only just learned you worry yourself and taken your last wrong turn. up to you as we all knew it would i tell you i'm sorry i could so i write these last words in hopes to put to rest these things that i never got off my chest. i remember when we first met in my life turned on each breath. but then my feeling started to change you talked about war like it was again still some are fond of you those that didn't like to question our arc and i secretly promised to never be like it said one does not leave a funeral in the same as one enters the mind it's consumed with death this one

quite different i speak to you now because there are no other takers. to claim that mainstream media has met its maker. i am welcome back to the kaiser report i'm max kaiser ai or here with michael found out my call how are you i'm doing great thanks for having me back max i should mention you were cunto port star leo penta portfolio strategies penta port your money manager i do you're a gold lover you are kind of hedging your bet during these gold times of flatness to juice the returns a little bit so you're in the market inflation deflation portfolio doesn't just buy

gold and short stocks all the time not a stopped clock here we do this so i have dividend stocks yeah i think the market has a few more months of fumes to run on or run over the cliff before falling a wiley coyote before they drop for cry actually craters let's talk a little bit about that so the market is defying expectations by continuing to trade higher what's driving it i mean what's rival take a guess and spell cat we're going no it's fifteen trillion dollars of artificial little money printing from the federal reserve yet from the from the c b j from the b.o.j. and you know the t.b.o. see you have silly you know let's just talk about how overvalued this this market is the market cap of stocks as a relationship to the economy is now a hundred and forty two percent maxwell one hundred forty two and that has never happened outside of the very tail end of one nine hundred ninety nine and just

before march of two thousand yeah ok so we are about as overvalued as we've ever been in the history of the market the average of that ratio was fifty percent so we're stream we dangerous here and it doesn't have much longer to go before absolutely craters in my opinion ok so i always away so right so silver peaks you really should be hedged right now if you just if you're a buyer and hold situation be hedged i got a question for you speaking about central banks stanley cup miller. who was thirty percent annualized rate of returns george soros as money manager considered to be one of the best you know of all time he was on t.v. recently and he said that the fed should stop their engineer deflation and engineer deflation and they because all they're doing is causing i suppose engineer deflation other words by keeping interest rates low right they are engineering the deflation in that they are keeping the zombie banks alive if the zombie banks were to collapse that oh it would collapse then the bond market would

collapse and interest rates would go to a more normal four percent five percent on the on the treasury bond well i tell you what the fed did do along with the other c.v.s. they destroyed the entire free market worldwide there is no more free market when they did that by per million dollars taking interest rates to zero percent y. so you and i can borrow a lot more money you know because the spent the savings rate on consumers now has plummeted to three point two percent used to be ten percent for decade after decade but people are not buying mind the velocity of money is that the savings rate is three point two percent its bad acts max we've we've powered on as a nation eleven trillion dollars of debts since two thousand and eight were part were loaded with debt and for every one percent increase in interest rates mr druckenmiller says ok let's let interest rates rise which is what would happen if central banks that the way the german boom is thirty basis points what the hell is

it doing at thirty basis points should be four percent look at nominal g.d.p. that's where the ten year should be the ten years thirty beeps one third of one percent should be four or five hundred basis point right ok for every one hundred basis point one percent move up in interest rates we pay an extra two hundred billion dollars in interest expense ok consumers paid seven point four billion dollars in credit. card interest just because the fed raises raise rates four times ok we cannot tolerate real interest rates because this overvalued bloated stock market would come cratering down i advocate i defend mr druckenmiller we need to get back to reality in the stock market let the markets dictate where interest rates should go right but don't be fooled we would have a deflationary depression that would pervade across the globe and i'm all for it because that's the only were we to get back to a sustainable viable economy in the world i'm a little bit worked up a little bit upset because of this because people are being. they're crying over

their crowded into these bubbles which are extent all over the globe and they're going to get crushed and the sooner they burst and they will burst it's inevitable the sooner they burst the less people get injured well but it's beyond that because and merry christmas but yes and when joy our figgy pudding. but it's too late you know because there's not going to be a gradual all rural ization of interest rates are going to be in a horrific crash because if ever they bailed out the creditors in two thousand and eight and they just gave more money to build more leveraged ponzi schemes in the sky with v.m. money and fractional reserve banking and multiples and stock buybacks in a stock buybacks to be illegal on the other legal and so this one falls off again it'll be catastrophic that we already have so i mean i understand you're positioning yourself you know you're hedging yourself you're ready to go short you think gold is something to go to in rational rationalization of of markets

right. now though we have all about ten percent of the portfolios in gold because gold is not like rising real interest rates so right now you know we have mr mr powell coming on to the fed genuineness less stand is going to be today she will today which is a recorded interview but she was going to raise rates again today december thirteenth that we recorded interview she was supposedly going to raise rates three or four more times in two thousand and eighteen mr powell will be the one doing that not janet yellen and that means nominal rates or will be rising real interest rates will be rising and that's not very good for gold which is one the reason why bitcoin is outperforming gold because because you heard a big point that being i was there i was trying to get your nice and not bring up it going but you brought it up i did you know nose under the tent. now we're not.

i mean. well i mean it's good for you congratulations oh come plenty great job only because i've been i've been asked about big coin for two years now yeah over two years i've been dead wrong ok but bitcoin is not gold two point zero it's not gold zero point two big coin if you understand a little bit technology behind it i think you have a prior. vicky you got a public key what are they it's just about sixty four numbers in letters numbers and letters are endurable numbers and letters aren't rare numbers and letters aren't money unless they're backed by the taxing authority of a government or the or the us is military might. do you think about if it is another's if these numbers and letters were backed by gold or oil which some private blog chains do then they have money but they're certainly not rare there's a thousand plus of these currencies out there and if i was you i'm going to give you my early christmas present take some profits ok that that's your thought. logic

on one couple of points so one aspect about because it gains a lot of attention people like about it is that they can divorce themselves from the financial system they don't need to be associated with a bank they don't need to have anything to do with the banking system they're completely outside of the banking system things are that's extremely appealing for a lot of i understand completely ok and we all know that you know that the value of something is what someone's going to pay for it absolutely and the price to get out of the banking system and into big coing is that currently what the price is number one the centralised it in the digital did they didn't feel as asian speaks to the security of bitcoin he said that there's nothing particularly sacred about the numeric alphanumeric keys etc but it is an encrypted protocol that is secured by network of nodes that audited every ten minutes that give it.

anti-censorship qualities no government no i look at your about income in there as you can and muck about i love that number two ok number three yeah there are other cryptocurrency is but nothing at this particular configuration of all the elements that make up the technology just like gold is number seventy nine on the periodic table. it is used as money not you know you don't use you know. plutonium as money for reasons because it doesn't have the physical qualities you would want in money use gold and silver and same thing with these other crypto currencies there they're out there but then again with gold you have other silver plating and platinum you know it's little i know that they're not making new elements every day. but but somebody i know it's essential as when somebody decided hey let's work this thing and let's make good coin gold because and then you have a theory and i like pointed out biggest in the market right well i know the whole thing is three because three hundred billion dollars one third the size of apple

inc inc is a very small market and it was an n.b.c. has a much lower it's big going week this week oh it's you know everybody has an opinion about because bitcoin there's no here but a commentator said fifty trillion money printed yeah there's a bail out banks that are out what value did that money have in physical reality if you were to stick it all into a room and you were to examine it in terms of its intrinsic value based on the printing on the paper we comparing them to currency would bitcoin if t. idling of worthless junk it's disgusting it's big if you have all sorts of that the parent the defending for currencies if you need them to pay taxes and they're backed by the military of the country here's my problem and the biggest problem with crypto currency is this and i'm going to ask you a question as i might i want your opinion on this if the government wanted to shut down currencies i believe they could do it very easily now and let me explain i

know they couldn't shut down the entire network but could they been bitcoin exchanges if they did so which they could do coin base and all these and they could do it very easily liquidity evaporates over night. then they could make it illegal conduct commerce in big point you need an application to use your big point very public application if if i could see it the government can see it so much going to risk fines or imprisonment why is the government and i another conspiracy theory person max but why is the government allowing so much rope for cryptic currencies to hang themselves with i believe the government understands that we're going through another recession slash depression like we've never seen before in the globe and they're going to need to abolish physical currency and they want the public to get used to using digital currencies we're going to get something called the fed coins in the near future which will allow them to impose negative nominal

interest rates in the banking system and that's the reason why they're letting this crypto currency craze get so out of hand you bring up some great points and if done some ratings that's the last time you're on the show well you know i just starting to thank you michel martin but i'm almost up to your no not really to unpack some of the points that you're making first of all i would agree that the exchanges are a point of vulnerability because the on ramp from fee out to crypto these exchanges the exchanges are vulnerable in two ways dumber one that as you point out they could be outlawed in some way or shut down by the government number one number two we have a lot of banks out there that have been seeking and have been granted various patents and under patent protection and patent law they could claim that these exchanges have to be shut down under intellectual property rights and i know having bans myself in this area how that could happen absolutely the other point in terms of migrating everyone off into digital coin or those digital coins that fed coin

would be would be a coin that has a time element to it like either you or your you get money but your money expires like a coupon and that's one way to get people to spend to get out of doors or to. negative internet made interesting right so that's a built in to that the need to have an interest in this now what about philosophy for the loss of the of money skyrocketing yet where inflation well it would because you're going to find something like that max max well i agree versal base again come. nerve oh oh oh out there a minute we gotta go can we pick this up at a certain excitement this is a real cliffhanger oh wow they're right there. don't go away oh no they've got good bye good bye for now thank you michael pancho thank you for being on the show this is by the kaiser reporter can catch us on twitter a cause a report and. by a. small

room good bridge to come in your stupid twenty. thousand. east oklahoma. into. the

saw in the poor old polish coast so in some american cities the police have built to cling to reputation people who walk on the street to be united states who are at risk from the very people who are supposed to protect that were people are no more afraid of the police than. you can see something happening he says like i don't want to call the cops let that happen rather than call the cops. those young black men lose their lives chasing the uninformed with that thing goes on the trigger you never know better safe than sorry i don't know that someone else is going to pull a gun so. unfortunately around around here we end up going our guns off the death toll from so much because she was whisked through.

what politicians to do something to. put themselves on the line to get accepted or rejected. so when you want to be president or injury. or somehow want to be. the two going to be press this is what will before three in the morning can't be good but. i'm interested always in the waters in the house. question. at least. be a little. bit want to be the bubble it will be on those lovely. lovely.

little. buddy made pollution confirms an explosion at a supermarket in the russian city of st petersburg was a terrorist attack the identity of the attacker is still unknown and. we speak with former islamic state slaves from a kurdish minority in iraq or escaped terrorist captivity but hoffer those abducted remain missing. i was pregnant but i was so tired for the last my child my husband and my family were captured i was left alone with mother so we took the boys and i decided it was better to die. on facebook reveals it has a unit to assist politicians in their campaign as boasting that it helped the scottish national party and its a landslide victory in twenty fifteen.