they're suffering a big debt hanging over oh as stays yes of course it's an orthodox christmas today and that's why you look like a christmas present there. if you take the hat off. because that is not a new shank and i want to bring that up because moscow today while we record this thirty six degrees raleigh where we are is twenty three degrees and this isn't fahrenheit and this should not be the case we should not be having a polar vortex is or more to seas or whatever however you plural are tat yeah the vortex when we should have that is we don't have because here we're not allowed to show that big for the wear in moscow if there is warm yeah brain cogitating this is great flipping the moscow munchen who have been you know moscow has become a tropical new york to become in moscow and then it's freezing up there it's warm over there is part of this vortex in new age you mentioned flipping of course that

is a term that has been used in the cryptocurrency community everybody is waiting for ether or a theory and the other currencies to overtake bitcoin over the christmas and new year holidays. did as a share of the percentage of the overall cryptocurrency market fall to an all time low and that was on the news that a theory was working on the crypto rubel so this was one of the things that drove a theory i'm quite high crypto rule is coming and there will be a flipping but it will probably be ripped all ripple is the anti a bit coin it's everything that bitcoin isn't it's rip all it's the friend of jamie diamond coin it's a friend of big business coin it's centralization vs decentralization meanwhile over there in russia let me opposed and his team at the kremlin are thinking about taking the syrian block going to hard for it and doing the ruble calling is this important of course it is because they're going to bypass sanctions and therefore

all attempts by the centralization of the american government and the u.s. dollar is for naught. but you get too much sun and little of it. anyway so of course over the christmas break everybody purchased a lot of goods for gifts that they actually couldn't afford so these headlines do together and it tells an interesting story for twenty eight teens paying down christmas debt how long will it take this is for michele bachmann he provides this chart consumer credit outstanding going back to one thousand nine hundred sixty eight the red line on the bottom is the revolving credit like credit card debt that hit a trillion dollars in the past year but the yellow line is non revolving debt which is things like student loans auto loans mortgages and you can see that a sword now the thing that he points out on this chart that's quite interesting is one nine hundred seventy one one hundred seventy one when nixon took us off the

gold standard which allowed for a lot of the debt we're going to go deeper into that with another chart he provides in a moment but what do you say about all those debt that americans have they added an average of one thousand and fifty four dollars in debt over christmas to be in debt is to express your true self as an american and a part of the western consumption culture card debt is by definition your identity your credit score is who you are and when you combine social media as are doing in china any time you step out of line if you spit on the subway your social media index is degraded and your cost of funds goes higher and you get deeper into the casino gulag remember we're entering into the era of the casino good leg where people are glued to their virtual reality goggles playing video games all day for credits on shopping and if they fall into line they get electric shock up their shrink shrink and it hurts really bad but it teaches don't try to escape the casino

glegg happening in china it'll be happening in america it's already been around in the u.k. for one hundred years but nobody's really noticed because they want to pay attention to the u.k. actually. i did see over the break some journalist a woman from america who was travelling by train from beijing to or something like that and she mentioned that over the loudspeaker there were. and then mount st comes every half hour or so that if you break any rules of traveling on the train that it will affect your credit score your social credit score that's exactly what i'm talking about social credit score tied into massive surveillance and billions of surveillance cameras are coming to work your personality behavior and character so that you never stop sinking about clicking on ads so mark zuckerberg is the let's face it he's the anti-christ so you're saying that ad blockers for example if you use an ad blocker so that you could freely browse the

internet without having ads pop on you that lowers your credit score they're going to say you're a bad bad consumer strength training going to case source in west hollywood they love that kind of thing so talking about debt let's look at the numbers that we have here bouncing back from these purchases won't come quickly only half of those surveyed expected to repay the debt within three months others twenty nine percent say they need more than five months to pay off their christmas debts often leading to interest on the credit card debt and growing balances in fact ten percent of the people who took on holiday debt said they will only be able to make minimum payments on credit cards if the shopper spent one thousand and fifty four dollars and paid a minimum of twenty five dollars each month he or she would be paying down that balance until twenty twenty three so the debt they've incurred ten percent of these people will not be able to pay it off until twenty twenty three those who are paid up because it'll be intergenerational it'll be passed on to your heirs it'll go on

for two they'll be no end to it this thing that we will leave as a society is debt the egyptians are the great pyramids we've got the great credit card. you know unlike ancient civilizations of the past with their great monuments and temples i think we'll have our landfills and credit cars you know essentially leaving behind and so in l.a. and civilization show up and whatever they do show up finally when it's safe to come with us toxic or say oh my god it's safe to go there because all the people who run up all that debt are now done so it's a good thing of course to see that in twenty eighteen max is not stopped with his. doom and gloom about the toxic nature very thing just so you people are worried but of course speaking of this average debt of one thousand and fifty four dollars a lot of people by the way in the new year at american airlines at southwest airlines and various companies from out around america announce that they're giving a thousand dollar bonus to every single employee clean part time employees because of the tax cuts so the rockefeller gave kids don't name was on the street while he

was plundering the economy and then you know rapaciously destroying any underpinnings of a sound economy here should have a dime cashless nickel between your teeth be my friend you know some of the give a thousand dollars is going to go immediately down to pay off their visa or master card if they're not well but if it looks a by big oil there do going back to this chart that highlighted that debt has exploded since one thousand seventy one when nixon took america off the gold standard and the us took the entire world off the gold standard by the way i did buy some gold over christmas so i'm going long gold again just so you know i think it's you know i guess full disclosure regarding this headline so he's explains the credit binge and he says the availability of credit exploded after nixon closed the gold window on aug fifteenth one nine hundred seventy one at that point nations no

longer had to spend their gold or hike interest rates to stop the flow of gold and trade deficit balances and this is a remarkable chart that he provides eric because i haven't seen it put like this but this is the balance of trade this is one nine hundred seventy one for america their balance of trade with the rest of the world had to stay even because otherwise you're sending your gold over there member that we had to send navy ships full of gold to france when charles de gaulle asked for back here you see the balance of trade since then it's just gone this is us getting free goods from the rest of the world we just have to pay dollars is as worse than any of the worst of the all the coins. i would say use the word that is often used boxes about what they call oil coins but it's on mentionable on air that's correct is it appropriate for a family show like this one to call the dollar by its rightful name the kiss off ha . which is a little known dialect on a faraway planet which means. actually you know to stop parsing it comes from the

latin prefix of. which we carry forward to this day and we so you know we've been talking about this this is something that we've been highlighting on report since two thousand and nine is the absence of a gold standard has allowed for the explosion at that makes people more from queens and crypto currencies this is a directory of jamie diamond sabin that is called the consumer credit outstanding economy just us dollar is is extremely dangerous to the world economy as well as the world ecology because it is not only the consumption. i think the what turned me on to it again capitulating on gold dumping all their gold shorting gold and going ending all their long positions and i thought were and i thought well that's probably a good time to go along gold again because this is really those blood on the street moments where it's so hated and reviled not even just like in a passionate way just like oh it's so boring and listening to max said gold is so

boring so many times i decided to go along so you're a contrarian yeah i listen to you and i go and sit at what you said but. i'm with you on that i think the gold twenty eight is going to be good year for gold and silver because it's been basically sold off to the point where there's no more sellers so once you run out of sellers any marginal buyer starts the price action in the opposite direction and then that feeds on itself and you have a new resumption of a bull market trend that's the way markets for going to work it's been that way since adam first sold that apple to eve i know in the second half you're talk to richard hard again and i'm going to get my to endure this weather here and go longer show it does stage in for the second half of part two richard hart so there . in the heart of the swiss alps this is

a place probably more secretive than the pentagon more mysterious than the cia and better guarded than for knox swiss customs are here permanently all the science is controlled by them and they impose the opening times so it was it it was it took these forms all plus the procedures in place of the strictest in all europe must to pieces by artists like pecans oh and modigliani i can't boards unsold in the side this warehouse that's where the report comes in it covers up deals which are naturally discreet commercially discreet step but also discreet thinkers they concern fraud. some of those paintings are linked to dark secrets nobody knows how many of these secrets a kept inside the geneva freeport social position that you'll never obtain an inventory of all the works in the freeport who knows how many there are three hundred three thousand three hundred thousand is it a matter of confidentiality only is it the world's black box of the art business.

school. level off selling you on the idea that dropping bombs brings police to the chicken hawks forcing you to fight the battle of. the new socks credit tell you that because of the public by file for most of the day. off the bat i think you are not cool enough and buy their products. off that we all. love watching. hello my name is peter and i've been living in bushnell for about seven years and this is a film about just some of the crazy things i've got. time. welcome

back to the cars report imax guys are time now to continue our conversation with

richard hart big point there's just o.j. original gangster i'd say who knows what he's talking about when it comes to technology derivatives trading bit coy crypto he's got an outstanding you tube channel that i watch along with the world trip down network also on you tube which is an outstanding channel to cover what's happening in the big client space richard welcome back thanks for having me first of all a quick kind of housekeeping thing because a lot of people watching this might be new to the crypt of new typical and what's the best way to secure your private key is richard hart tell the people tell the audience out there what's the best way if if you want to be in the cryptocurrency space and have control over your money if you don't have the private keys it's not your money so if you have money in exchange in your name you don't have the coin you have i use you have little tokens that maybe they exchange honors maybe they don't they get hacked they lose your money so you really need to have your own

private keys now i can i got in this game you generated private key there'd be no easy way to remember what it was because of the long computer generated numbers and letters then someone came along invented this cool thing called h.d. wallets i mean it's hierarchical deterministic and it just means that you remember the series of words and as long as you have those words you can generate infinite new and private addresses from them and so this you know let's call it twenty four words seed. you can choose the one depending on the software you use. it is all you need to access all your funds for ever so this is the seed phrase this long series of words as long as you write it down stored a couple different places you always have access to your funds forever and very important that you are the only person that has access to the seed words because someone else gets access to them they can steal your money let's talk

a little philosophical here you know you are talking about of course bitcoin you've got the key importantly as one of the chief features of bitcoin is that it's completely outside of all governments all corporations it exists in a parallel financial universe you could say and this is one of the greatest things about bitcoin is that you are now individually sovereign as our friend jamison loblaws likes to say so you had mentioned in a previous show that libertarians in this space they love it but they forget that there is a case look there's a history of cases and legal precedent of why certain laws came into effect so my question is kind of philosophically here on one hand the bit coy essentially makes governments obsolete in many ways they make central banks obsolete you can transfer

value back and forth and you don't need intermediaries you don't need the whole system on the other hand you have some what i would call an arc a capitalist in some cases are libertarians who believe that this should be taken to the nth degree and we simply have no governance whatsoever no governments at all where do you come in on that debate richard it's too easy to forget the harm that is laid upon people that may not be as smart as you. so you may be able to tell the difference between a real big corn and fake. but most people's grandparents cannot and it could cost them their life savings i think that most anarchic capitalists and libertarians support laws against deceptive and fraudulent advertising i don't think any market or any capitalist society works better with a bunch of fraudsters lying cheating stealing colluding price fixing.

rent seeking and creating monopolies i think those are the enemy of all well functioning societies and an ounce of prevention is worth a pound of cure so the easy way to prevent terrible horrible things from happening in large numbers to stupid people is to have laws which regulate and set a referee to allow fair free market you know people forget what the word free in free market means it means regulated it means there's rules that must be abided by it means there is a referee the keeps things fair you know if you played a sports game and there was no referees everyone would get their eyes poked out everyone would get their fingers bitten off and then some smart person would come along go you know what we ought to have a referee for this it would make everything work better financial markets are the same way so light hands off as laissez faire as can be but with a strict playing field so that people can compete on the merits of their offerings

and not collude cheat lie sabotage and make the world a worse place you know you if match and that you don't invest in so-called all toys they hundreds and thousands of competing crypto coins out there and a couple of questions one is. are you a big point maximalist and explain what that means and second of all to follow up on your previous answer there what about this concept of a distributed autonomous organization because some of these crypto is are all going to do go down that path and it seems to address some of the issues you're bringing up there. richard there are things that other tokens can do because you cannot and it is likely that there always will be so if you're interested in strong anonymity your options are either tumbling in coin mixing your because in which you've got to

be pretty smart to make sure it worked you got to make sure the coins you sent you got back different ones they could just send you back the same coins and then you've tainted yourself right but other projects are better at that for instance marrow it's better at that and there's other projects which focus on anybody better better if you want to really cheap transactions at lower security tons of all coins can do that because you can't because lightning network isn't fully rolled out yet you know there is a place for because. as a settlement layer for tier two things as the most secure network but there's also a place for you know other use cases like anonymity like super fast transactions like super cheap transactions until tier two and decline rolls out you know once we could drive chains inside chains all those experiments can be run next to big going but with the same acquitted people it will be amazing. but they're not here yet and so you know mid term short term you know there's a case to be said like for instance like coin money's coming in the coin base

there's only four things you can buy in there and people have a unit bias towards the cheaper ones because they want to whole coin not point zero zero one of a coin. so you could make a case to be along those things in the short and medium terms until milli bits gets there you know. i you know and also if you're a big coin holder you can't be a big mac's list anymore because they keep handing you free air drops and free for points so even if your big quote maximalist you're still getting handed free money for hold because. you know i mean dick when maximalist it's almost dead just because of all forks in her dress and i like a project called by paul and they still give them out free to bequeath holders that's pretty cool you know free money for a really cool project. hard to turn that down right absolutely. people should check that out i want to return to our conversation about bitcoin cash of course the

highly contentious plagiaristic spinoff of bitcoin and it just so people understand because there's one notion out there the wall street crowd will say well the price is all we have to look at if it's got a high market cap and the price is high that's all we need to know and the law law we have bay is a law of high prices and it's right it's high priced and they ignore the fact that in this case you've got a concerted effort to sabotage bitcoin and can you walk us through for example how spamming the bitcoin network works walk us through how a bad actor could assault bit coy in favor of let's say a spin off and just go through that you know kind of the bullet points that's a people have an understanding that there's something a lot going on under under the surface that's not covered by m s n b c the i'm sorry c n b c these other outlets rights are god the concept of market cap is

fatally flawed so if i were once again to make a copy of the kaiser report and call it as your report cash and then take your market cap and then just assign some percent of it to my new thing that obviously would make sense so let's take a look at what they do be cash. we make a copy and then. no one can trade it no one can sell it because they don't have access to it so the people on big exchanges like zappa had to wait to get access to their coins the people in coin base had to wait to get access to their coins they just got access yesterday which due to the delay will probably be a couple weeks ago when this airs so you can't accurately price a coin that has artificially restricted access half the people that receive the token may have no idea that they received it if you were on your island or your yacht enjoying your big corner innings sitting on your massive stack when you have to plug in the internet every day to see what new for coins you got to see what

your new net worth really is a lot of people don't even know that they have these things and people in centralized services haven't had the ability to dump them so there's been an artificially restricted supply and therefore an inaccurate price also when you have a normal token that has started from scratch with its own name brand confusion with its own technological offering improvements. people purchase into that and drive the price up by doing so voting for it but no one had to purchase this thing right it was given to them for free and so it's a very misleading and artificial way to create money out of thin air out of nothing and it's not reliable which is the reason when this thing first launched its value was point three i'm referring to be cash it drop down to point one five point one zero point zero five and it jumped up point one point one five point two massive pump point three then went down again and it keeps doing this oscillating up and

down because we don't have a real price because people don't have access to their coins to dump them it's. it's a shell game pretty much the distributed network that is because the network you know you go back to the ninety's i remember when i was involved in the dot com at that time the seti project was launched a search for extraterrestrial intelligence so they were you know network distribution parsing through signals from outer space looking for an intelligence and you know big quite in a lot of ways you know picks up on those p.t.p. that working picks up on this the torrent network picks up on this you yourself richard hart have figured you know i got a project recently you know this whole distributed network it combined it with the crypto currency we can do something that's mind blowing life changing planet changing we've got about a minute i know you're involved in a project in a very interesting project just tell us first the name of the project and then the bullet points what it does record so cryptocurrency is over secured they don't to

get the do not get attacked through their house power they get a tax socially so we're wasting a lot of electricity little bit more than necessary for the type of security that we need so would it be great if you could have occurred to a currency that still provided the benefits of you know sovern ownership and bear asset but also actually solve for a world problems so instead of just hashing shot two five six over and over and over again you were solving real problems such as computational fluid dynamics problems when we go to mars that ship gets designed in the computer first the rockets the power that ship it designed in the computer first so the better algorithms and the cheaper the processing power for that type of processing and the sooner we can get to mars the faster our cars can be the better our fuel efficient our engines can be you know anything that involves air fluid or movement needs to

go through c.f.d. machine to figure it all out you know you want to contain plasma fusion to have you know fusion energy it's all got to be done in a see if the machine all right the name of the project is what c.s.t. tooken dot com straight dot com ok we got to go out of time richard hart thanks for being on the kaiser report. all right well that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert like this like our guest richard hart catches you tube channel it's actually if you want to see us on twitter it's kaiser report and select on. the cradle of jazz. the america. we are. told to suggest. a city of climatic contest to feed

alligators on the loose of poverty and crime used by the least members of my close most. of street racing in the heat of the night. new orleans. the best place in the world. if you know. i i i i.

mean the. supporters of the iranian government hold a fourth day of rallies to denounce the uprising that swept across the country left at least twenty one dead. however the events of the last few days in iran may be they do not constitute a threat to international peace and security the security council should not discuss the issues of boyd's human rights as the u.n. security council holds a meeting over the situation in iran at america's request but it's an initiative that's being criticized by some members saying it's an internal issue.