since trump became president so i think we see some of that inflation perhaps you might call it hyperinflation that janet yellen and other central bankers were hoping for but you know you've got the wealth effect because you've got stock market bond market property market trip the market all hitting the highs due to all time highs trading trillions of dollars while i walked into the entrance of the hotel here in miami and there's just replete with lamb bones everywhere lamppost rolls royces moss rotting you know the trickle down of different don't come to me the stock market the property market is having a boom time. this is the sort of town where you can drive a lamborghini into the hotel lobby it's pretty interesting and so one of the biggest stock on the stock market of course is apple i think it was the first trillion dollar company right getting pretty close very close and so they they've had a good time obviously in the past year as the stock markets have bloomed but one thing

i want to look at is what has tax reform tax reform has done to their bottom line and what sort of benefit that's going to bring perhaps to the u.s. economy this isn't this headline apple says it will pay thirty eight billion dollars in foreign cash taxes and create twenty thousand u.s. jobs apple said last week that it would make a one time payment of thirty eight billion dollars to repatriate some of its vast overseas cash holdings the company which has faced international criticism for its tax evasion policies also said it would spend thirty billion dollars in the u.s. over the next five years creating twenty thousand new jobs so this is rolling off of the tax reform we've seen a lot of these sort of announcements that apple is also giving a two thousand five hundred dollars bonus to most of their employees in the united states. we saw wal-mart announcing

a thousand dollar bonuses southwest airlines american airlines so many corporations have been amounts in big bonuses because of the tax cuts a very huge tax down to twenty one percent. of the likes of apple will go into it only ever paid one percent but we'll get into that event right yes so this is all about bringing those jobs back to america bringing the cash back to america chums just finished his first year in office and this is some of the campaign promises that he made and he's making good on those promises it's really hard to criticize job because he's doing stuff he said he would do this is obviously going to be a huge boon for jobs in the u.s. going to start manufacturing in the us and credible about the if you start seeing i phones and i have some other equipment actually being manufactured not jonathan asia but in the united states i don't know if they're going to do that or not but they're clearly bringing a lot of jobs and are going to build a whole new apple campus and then i guess they're shopping for a city now where to put that new apple campus of this will be a trillion dollar company soon you have to have

a baby specific announcement of what these twenty thousand dollars will be and could all be at apple stores for all we know how selling more products. in terms of their tax so apparently they're paying a fifteen percent tax on repeat trade in profits it looks like they're going to repatriate if you look at thirty eight billion that's pretty much fifteen percent of the two hundred forty six billion they have held overseas so it looks like they're bringing it all back by that those numbers the article goes on to say that in june trump told the wall street journal that apple's chief executive officer tim cook had promised to build three big big big plants and the you asked as part of a discussion about tax reform the company is the latest to announce a one off payment as a result of recent changes to u.s. tax law which allows companies to pay a levy a fifteen point five percent and overseas cash holdings that are repatriated to the u.s. . you know i remember the reagan years the trickle down economics that was introduced

and there wasn't really a lot of trickle down but here this is actually trickling down in real time chump announce a tax cut and boom twenty thousand jobs from the biggest company in the world we located to the u.s. are created in the u.s. that's a genuine job boom tied to a tax policy and get this guy was a novice coming into office a year ago i said you know why in the ball student does all the professional politicians suck you know soup this guy can do so far looks good well you know one thing i want to say is that since the financial crisis and then president obama came in a lot of people with the occupy wall street stories were like you know big bankers got bailed out and then they were collecting all these big bonuses they are the ones that actually are getting hit hard because of the tax reform because they had massive losses in the two thousand and eight two thousand and nine financial crisis and they were writing those off so some of these guys i think like citi group just

announced that twenty two billion dollars that they're going to have to pay on their profits this year because of this new tax reform is that they were counting out writing off all their big losses during their scams in the last. crisis so now they're going to be hit hard so he's actually hitting them hard unlike what we've seen in previous administrations yes it makes perfect sense you know the tax loss carryforwards are going to be you know ended so they've got a real genuine bottom line event happening to them and they're being penalized for making bad bets that led to the crash of two thousand and eight barack obama applied zero zero accountability after the two thousand and eight crisis about five just to shower demo free money instead o. play try to do better next time guys again trump says the policy is actually inflicting a little pain to our belong to the banks so back to apple you know the panama paper is said. showed that apple had set up

a complex web of offshore companies to basically pay less than one percent tax rate . regarding the article mentions that in two thousand and thirteen a senate committee accused apple of using a highly questionable web of offshore vehicles to avoid paying taxes in the u.s. senator john mccain said his constituents were quote mad as hell to learn that the world's biggest company was paying tax rates that were sometimes lower than one percent i've never seen any thing like this that's across the board all big industrial companies all big out companies just their tax rates member general electric reported on this couple years ago in a seventy thousand page tax return and at the end of the process they entered with a tax credit they got money back from the government so any kind of tax reform like this that levels the playing field is going to be a boon to industry. and it's long overdue i would imagine they'll be another tax

reform bill next year just simplified bring in a flat tax before you know lower and douglas jump will bring in a fifteen percent tax rate across the board which would be the best possible solution to the tax you know question in the u.s. yeah so i mean i think obviously taxes have gone down in corporations we already have a low tax on capital gains so capital is very low tax across the world labor is still taxed very highly i saw somebody talking about this on twitter this morning about these tax rates and it is interesting to note that right now labor is so cheap tax interest rates capital is so low so there there should be some sort of mechanism whereby you know we should make labor cheaper we don't need to make capital any there's already so much of it that's why stock markets keep on going up a thousand points and twelve days. so we don't need any cheaper we'd like

a lower burden on capital at this point we need a bit of a lower burden on labor because labor you know that the top tax rate is still in that well into the thirty percent look for seven years we've been preaching to labor that think solutions offered by government are insufficient you must accumulate cryptocurrency we started preaching this one point was three all mark it was less than fifty million it's now five hundred billion six hundred billion got to eight hundred million the way to fight against a low sargeant government if you want to build capital is the we've been saying this for six years six now years and we've been absolutely right and i meeting people here at the miami north american miami big point conference you can walk up to me and say thank you for kaiser reported twenty thirteen twenty seven twenty twelve you've made the industry you've made me millions of dollars i'm fighting against the banks i'm fighting against governmental look. i do want to caution you

how it is quite. the prices are much higher on all these cryptocurrency is than they were back in twenty thirteen bitcoin was down in the hundreds it was hello oil good fun as a government is slow on their feet to move in for wages and the way to fight back is vehicle of course you have to answer with your head up when you have your own sovereignty don't rely on the government to provide sovereignty for you they provide sovereignty for corporations not labor that's the message we say for seven years if you've been standing and waiting for better prices waiting for better prices you're going to be waiting for the rest of your life you'll never be a sovereign individual. you know you yesterday in the last episode you interviewed harry you. storm tokens so there are other ways to enter the crypto markets by the way you don't have to like to hear savings take your casts and convert it to crypto and then. you know suffer the anxiety of the ups and downs of the corrupt.

market because it could be very volatile for a while so with like the like system token there are loads of platforms now where you can start to earn some crypto that's where primarily all my early crypto was earns so it does i think make it a little bit less emotional i know for a fact that i feel more emotionally distraught over it when i convert. to crypto and then prices go down the stuff i earned my time exceeds my time my labor for that for the krypto last store and still get his way to earn from also there are still mining opportunities some of the all things you can still mine all kinds of home mining and you can do that all so many videos and so many resources if you're not participating in crypto at this point because you want to be poor. are you well ok i mean there are different ways of thinking about it not just poor but like not wealth or sort of sovereignty poor and freedom for you know we have to get

a little bit outside of the whole you know crypto bro sort of notion of like we all have lamborghinis of that and there's a good reason that are near zero percent and it's great for corporations and it's great for those politicians that are benefiting from that it's also great for those wanting to get into the crypto space because the cost of capital has never been cheaper and the cost of being in this space is never going to get any cheaper but anyway that's it for this first pass from the north american big my conference here in miami city with a second lot more coming your way. so what. we. want to tell you. remove the last real trouble. well lou it's almost the young female all suitable

for dinner one of the apple stuffed animal bushes i just saw. a funny. kind of hand made out of the. sky it's more evil to coax them we've seen on t.v. movies. music shows reason e.q. books judge. rules most of the old bunch. of prosecuted though i'm ashamed you can you get other corners but then you tell us maybe you did to us all but you're using my suspension of us they. will make us manufacture consent instead of public wealth. when the ruling class isn't protect themselves. when the final merry go round lifts only the one percent.

in the whole middle of the room six. million more you need to. pay everybody i'm stephen baldwin task hollywood guy the suspects every proud american first of all i'm just george washington and r.v.'s to say this is my buddy max famous financial guru well just a little bit different i'm not a abraham lincoln i know no one knows up with all the drama happening in our country i'm shooting the road have some fun meet everyday americans. and hopefully start to bridge the gap this is the great american pill which.

welcome back to the kaiser report i'm max kaiser here at the north america becoming conference in miami time now to turn to marco centaury marco welcome thank you very much well i don't we're not just for a number of years now you're a veteran in this thing you're a lawyer yet would you believe in your lawyers that there's there's a couple of us ok so now you've specialized in bitcoins and tokens and crypto for years you were the very first one the very first people that you're a veteran in this space and now we're entering a new period called initial coin offerings and it's always been a challenge in this space there's always been a regulatory question mark from the very very beginning and fall michael tell us a little bit about what the challenges are now for i.c.l. as you see it. you know now the regulator is as he said right this is what everybody's talking about when token sales before it's open so it was just because

it was money services and things got really exotic it was like coin or ether and people were talking about a totally different area of the law and the money laundering k.y. see now people are talking about securities laws commodity derivatives lost the things that you know people who have been in financial services for years sort of second hand to the. second nature but for ultra producers and technologists this is brand new so the shoes are am i selling a security if i make some if i slip up and make some kind of a statement or i'm not able to you know the entire of this token sale gauging insecurities from brand new questions that technologists really have to answer right now i started my career on wall street and it's a highly regulated environment and i know that at the beginning of the crypto space a big space the big question was is it a commodity is it a currency and no one ever figured that out definitively i think they regulators are kind of coming down and calling it more. more of a commodity that you see f.t.c.

is looking at it more in those terms but now at the size you know space they clearly comes under the belly wake of the f.c.c. and so are these icy yos of ramping up their legal talent and are they prepared for this or is it a mismatch and secondarily the the f.c.c. seems like they're a bit accommodating somewhat that they're letting some of the growth happen organically is that what's your perception there as you see it has been in this space longer than most people realize i remember back in two thousand and thirteen sitting down with us you see before there were token sales before the rice. just just talking through with us you see talking through the basic issues of this is the watching this is how you can see what do you dxo is this is the difference between a private key and a network address they've been in this space for a long time and finally learning which is what regulators ought to do they haven't they haven't demolished the industry the chairman has actually come out and said

look some of these things are just not securities they're things we're not going to regulate made it very clear that if therion for example with the r.c. twenty tokens as a real use case that of the network on which a lot of these token cells don't talk how we test how we test again what is it why is it important barco it's the test for what tokens are securities that also happens to be the test for what parts of orange groves are securities and so it's this really odd fit people say oh it's really a square peg in a round hole or maybe it's a testament to sound principles based regulation but the reality is this is a new testament something new it's going to test in the seventy's when someone tried to sell plots of land in orange grove or really not the plots themselves just the profit from the box as you see some that's a security how he said no no no orange groves as you see won that argument and they came up with a test of the supreme court headsets for how it was investment of money in a common enterprise but the expectation. profit primarily from the efforts of

others to take the test and you would talk and they're all different right and there seem to be more variations and then allows in the how we test in other words there's so many hybrids if you will in the space and on the legal front is that part of what you're doing is to try to sort through a lot of the minutia and the various to come up like you know how does this fall and then absolutely it's a facts and circumstances based test which is sort of a legal way of saying it's a small test although when i see it but at least you know it gives flexibility to regulators you need flexibility in a world of changing facts. and it accommodates all of the weird stuff you see happening like well i won't name any particular sales but there's just this great variety where in the midst of dislike came green and blue blossoming of all these different token models models for raising money bubbles for moving money around models for representing assets that are not money as tokens so that they can be traded as freely as you can trade

a big one right and where do you see in all this because you know that's to the granddaddy of it all and it's got the biggest market cap still and on the regulatory front there different countries are taking different approaches some countries are trying to position themselves as the quote unquote so it's a little bit coin they want to be pro because they want to try to bring that business in-house some countries are afraid of it some countries like venezuela are trying to adopt a block change technology bring in their own crypto coin that the petro to circumvent sanctions on the sovereign front market the big picture on the sovereign front what do you see trends there so look that people have talked a long time about how to quote its own regulated but point is not on regulated the protocol is under regulated just like email is not regulated but uses of bitcoin uses theory and uses of crypto in general are regulated based on how they're used so at least here in the united states and what i expect to see over the next year or two three four years is the exporting of those. regulations around the world

like the u.s. is frankly very good at doing developing sound principles based regulations and let's face it sometimes not sound but by and large no reasonable regulations and joining the joining g twenty groups joining the fat of the financial action task force making sure that those laws become harmonized so that if you're doing business in the u.s. can pretty much do business in the e.u. or at sydney be the u.k. or some asian countries and pretty much the same way i say you fly in the high falutin circles of this industry you know you're a very well respected legal talent people come to you marco when you see a guy like jamie diamond j.p. morgan who scoffing if it point now he's done a bunch i was wrong i regret having said all this negative statements where the banks today in the space today consider the challenge are they trying to adapt and so they can feed still where are they now the banks couldn't care less i'm telling you the banks could not care less and i confess in two thousand and twelve and

twenty thirteen there were there were some undercurrents some sort of social community undercurrents about how the banks were going to react they were going to try to quash bitcoin they were going to try to get rid of it and make sure that it could threaten them it turns out that banks really aren't all and threatened by because they don't feel threatened and i think realistically they aren't actually threatened so when jamie diamond so look i think that quote is a fraud. and then changed his mind later i applaud that i think you know somebody should change their mind based on new information they should change their opinions based on human relations but when he did say that coin is a fraud i was quoted in the same f.t. article saying look that is. conjecture the big point is used for money laundering it's been long disproven it is it's it's just not a meme that has really aged well yes can be used for money laundering yes big point is used for money but every single government that has studied it has found the use of crypto for illegal activities to be real. lots of low budget that they have

a grasp on plus that they study it up my laundry what is years and they have very few have turned c.s. and they have various other commodities and took down his ways and all we already have prepaid cards credit cards a whole laundry list of things h.m.t. in in the u.k. the u.k. treasury just released another study to confirm its study last year that crypto still ranks the lowest it is an emerging threat as as regulators like to say yes it's something to be on people's radar but look i mean this is this demonstrably this is this is not a criminal. it's only it's a nonstarter and that front terms of percent now when i was speaking earlier about bitcoin is a commodity is a currency i saw your eye brows furrow as if to think i read your mind and you're like wow this guy's off base here somehow let me ask you that debate about how does it fall in the category of if it is like someone called

a duck billed platypus you know right it's the memo but rather fouled our door in fifty and you know what how do you see that so here's your chance articulate how you see it in the pantheon of assets and digital assets i am so. i'm so glad that i don't have to. because because bitcoin is not a commodity crypto is not a commodity it's not a currency it's not property it's a protocol it is a language the computers used to talk to each other what they do with that language the output cation of the protocol that is regulated based on application think goodness for that because had it gone another way we would have had technology specific regulations like all cars must have at least four cylinders in order to be safe and sound on the road well we would have any tesla's of that if if if that was a low what so thankfully we don't have much technology specific regulation of the

u.s. for. application based regulations when crypto is used to represent an investment contract it's a security when it's used to represent a limited partnership interest it's a security when it's used to represent you know index of index of other currencies for example like a stable coin it's probably come out of a derivative depends on how you use it that's how it's regulated me us today what about this argument some put forward that crypto should be protected under free speech because it's software software is speech and therefore it cannot be outlawed because you cannot outlaw free speech your thoughts i i love the argument i will shout it from the rooftops and tell him plume the face to mix metaphors d.m.s.o. metaphor i want to put real estate in kuwait around to born to you know any tires ability but look realistically if it is speech it's probably commercial speech and commercial speech is has a much lower bar for regulations to pass so even if it is free speech course we have limits on that and i put on your magic prognostication that crystal ball next

year at this time next two or three years one of the big trends that maybe are not on people's radar that you see developing i think everyone's talking about the f.c.c. and they are a powerful agency and they carry a lot of weight and they're very important but they may be beat so this they may be beat to market so to speak by the private litigations there's a lot of private lawsuits out there where the first question a court is going to have to determine are these things securities they've got to figure out which a lot of what securities laws are common last. and just common law fraud out so there is a distinction as i see might not be the first person to come out and give this clarity it might happen in the in the world of a private law such as a couple a class action suit out there there are well known examples and so you're saying there that's where the law will be made i'm saying usually may have a decision by a court before we have this sort of crystal clear guy. by a c.c.

or a safe harbor by a c.c. the courts might speak first do you see an example coming up at all that might spill over into a gray area because you have clients and me don't you can't you know it speak in a neutral way i guess is a good phrase for that where they are shredding the long line in a way that is got it more stolen but it's always been this way market from the day one it's always been always stepping over the line it's always been that way is that kind of consistent or less six or seven years or are we entered a different period where maybe a slightly different some way what are your thoughts i don't think there are any new areas with it when it comes to pushing the envelope i think entrepreneurs will continue to push the envelope and sometimes that will be a very very closely tailored but fernandez so that's what we're seeing today marcos and juric i mentioned them in your firm yeah by all cooley well that look cool business card is all black white and red this classic anyway thank you come on the final report thanks for not well i'm going to do it for this edition of the kaiser

report was me back to kaiser stacy i would want to thank our guest marco centaury of coolie if you want to catch us on twitter it's kaiser report it's like somebody . prescribe medication is widespread in the u.s. market and a frequent cause of death at that point in my life i just felt like everything with ashes my family was literally coming unglued i had actually planned. to commit some site watch all who has money you don't see to prison so commonly used we were doing what the doctors told us to do we were being responsible and what the real side effects. was. what i did was done. to move legal drugs. just because something's

legal doesn't mean it's safe join me every thursday on the alec simon show and i'll be speaking to guest in the world of politics sports this list i'm show business i'll see you then. here's what people have been saying about redacted in the night i was there was actually just full on awesome the only show i go out of my way to launch it was the really packed a punch out of this league yampa is the john oliver of hard to america's doing the same thing we are apparently better than food nothing better see people you never heard of love redacted tonight was the president of the world bank so they can go through many seriously send us an email. exists is harder than kentucky. we've always move them boys to the

people going street families leave. a co money since he was almost no coal mines left. the jobs are gone all the coal was said. that it was love to see these people the survivors of disappearing before their eyes. i remember thinking when i was younger that if anything ever happened to the coal mines here that it would become a ghost town but i never thought in the million years i would see that and it's how it's happened. if the security i'm and political polarization comes but if they come back then that will . provide the right circumstances that i think vitamin d. or ice just go to get. donald

trump thursday at the world economic forum in davos scott's on the way with a meeting with the u.k. prime minister tries to make his expected to promote his america first agenda ok. in the luxury of soul all these questions are going the president is coming closer don't want to listen to him you can they can leave. the u.s. saying washington doesn't keep its promises on that list no trust between the countries become design christoper stuff its military offensive against the u.s. to kurdish militias in northern syria. plus a moscow neighborhood is left stunned after a model student killed his flatmates and posts the grisly details online before committing suicide.