threat to its future yeah i must really hate to have to say this there the way it works is that if a company like a j.p. morgan or there's another bank that made a similar comment their big bank and when they find a material risk to their business to their balance sheet they must under law disclose this to shareholders and so jamie diamond the matter how much he tried to talk down because no matter how much he tried to get his buddies in washington to outlaw bad guy and it mean the fact is he's lost he has lost the battle of big call and he's got it now come crawling back to the market and say you know what the whole banking industry has been fundamentally change we need to adapt or we are j.p. morgan or be left as i said many years now if they didn't adapt they would be relegated to a third tier bank jamie diamond doesn't want to give away that free spigot of money he gets every day from nickel and dime in people to death so of course he's going to adapt you know speaking of adapting jim rickards who has been on the show many

times and he's very anti big queen and he has always said that queen is horrible as well but he has also tweeted i saw that when he was over in china that we chat and hourly pay sort of apps are the way feed to the future these will be the future of fin tech not decline but i think the way the u.s. works is we have we control the our banks j.p. morgan bank of america goldman sachs they control the global financial system because we are the empire so there were no real legacy systems in asia or india or latin america to stand in the way of innovation so was ever was ever possible that we chat are now we pay could enter the likes of those the equivalent. so the equivalent would be e-bay or facebook or amazon coming up with their own app as

a payment system as as advanced as what we chat now they have and china well j.p. morgan would never allow that wells fargo would never allow that these banks would never allow that to happen in the u.s. which is why if. you know most americans don't realize it but they're they're there for financial technology here is so quaint and whereas big quaint has clearly force them to have to compete now the financial technology in kenya is leaps and head of america but it's funny that jamie diamond has had to capitulate and. is a friend of ours you know he's very anti bitcoin but he's kind of like trying to figure out how to not be anti bitcoin to be probated point the same time so he's kind of the talking about alternative currencies he's talking about oh in asia they have different ways to do financial technology everything but the final capitulation which will come and he will join the big crowd i predict and so will peter schiff obviously have to completely break down capitulate and jump on the

bandwagon or be relegated out of business so bank of america also in their annual report to the f.c.c. did say that as well cryptocurrency is a risk to their business model in j.p. morgan's actually says that in j.p. morgan chase and were poor at least last tuesday afternoon the bank counted krypto currencies such as big queen and a theory i'm also mentioned as risk factors to its business for the first time recognizing the digital currencies as new forms of competition that could quite literally give the bank a run for its money right so that cuts into their primary business which fees alluded earlier to jamie dimon nickel and dime in people to death you know they just charge fees on everything overdraft fee in the late fees and this fee an a.t.m. fees and they charge you take money out of your own account with an a.t.m. card you know charge of three bucks to take out fifty bucks out of your own account that's obviously a predatory behavior so big going to limits all that so all that free money they

get every single day by being an addict and troll pernicious ugly tape worm like parasites is going to be distant to mediated by bitcoin and now they have to admit that their share. holders or face shareholder lawsuits another is jamie dimon doesn't want to have to go in front of an arbitration panel explain why after talking about bitcoin so much he wasn't aware of the fact that the business models are big disruptive so he's being forced to come to the table as the entire industry will be force as warren buffet will be forced to come to the table he's a big shareholder and wells fargo bank he will also have to capitulate so what charlie munger by the way speaking of the f.c.c. in cryptocurrency is they have of course issued subpoenas to about eighty i.c.a.o. companies initial clean offerings is tokens will go into that and then coming episode but i want to get to these next stories because that i say are stories pretty big story interesting i think that's part of the development of of the space actually of the token and cryptocurrency ecosystem merging into you know basically

it's capitulation from the f.c.c. as well as capitulation from the regulators just like jamie dimon and j.p. morgan have admitted that bitcoin is a threat to their business model this is the f.c.c. saying ok come to the table what how do we make this all work for all of us but another big liar and the vein of jamie dimon but from the office that's his fifty cent admits in bankruptcy document that he never actually owned any big. fifty cent emitted in the bankruptcy documents that recent media reports have falsely stated that he made eight million dollars a big client none of which he had disclosed to the bankruptcy court and reality says he has never owned any big coin from twenty fourteen to the present seven hundred big clients he reportedly earned from the album sales were converted to u.s. dollars by a third party before fifty cent or as affiliated companies could receive it we knew that was bogus from the beginning because of course i believe it was big pay that it received a big points for him and they convert immediately to dollars and this is one of the

arguments that the likes of john records were not picking on him he's a good friend and he can you know basically defend himself so he would say no merchants whatever except bitcoin. because it's too volatile bit pe takes that out of the equation they give them dollars and immediately they converted the big queen they received to dollars in this case fifty cent would have been eight million dollars richer or at least the bankruptcy courts would have his creditors would have been eight million dollars richer and that's not the story i heard here. this is from my friends a big pay actually because i we know that company very well that fifty cent in stepped up were presented with thirty thousand because as a paper wallet they rolled it up and smoked it in a split that's what i heard so that would be like three hundred million dollars. snooped i hasn't come down from the he still is of martha stewart for a while that's a i stooped to cooking show with martha stewart how high do you have to be to do

that fifty cent you know. even though his name is fifty cent it could have been earning big coin at fifty cents it's now at you know what the whatever it's at now it's not a million dollars a coin it will be is that a million and i'm waiting for is about a million it is still in the ten thousand that will be at a million dollars a coin and then this new fifty cent debacle will have cost three times the actual net value of planet earth. ok well i know in the second half we're talking to misfire stein at least you are and that when it turned to this headline to kind of go with what you're talking about with him of the past you have to say it's the end of the low volatility regime why buybacks are clear and present danger to the anonymous market they helped fuel. so according to the i.m.f. estimates recently. large u.s. corporations have experienced negative net equity issuance of three trillion

dollars since two thousand and nine due to share buybacks u.s. corporate debt piled on both strong and we can't say it's at an all time high of thirteen point seven trillion dollars so our team a scout all looks at this data and what they're saying is that share buybacks accounted to forty percent of total earnings per share growth since two thousand and nine and seventy two percent of earnings growth since twenty twelve so when you look at these markets that have been showing signs of volatility recently. this is the basically the buybacks have been causing the absence of volatility for the past nine years and if those and then the volatility what we turn to say artemas capital or or artemus cartoonist well you say potato right here i do say

for taco bell you do nobody says for tata they also said it was and it was the word nebulous no you said it was a novel anomalous which sounds like a character from star trek you know i cling on quick teaser that anomalous but anyway getting to the point the share buyback programs are up until recently completely illegal. they were made legal under reagan i believe to. give the corporations a way to make lots of money at the expense of the public good at the expense of the economy at the expense of their incentives it gives them abusive incentives misaligned the incentives within the corporation so that the executives are compensated not for building a company and first spending money on capital expense like building the economy yes the billions and billions of dollars going into building out capacity by building a factory by hiring people by by by developing they use it to buy back their own

stock to give themselves all that money to themselves and so you have this plutocracy and wealth income gap skyrocket clearly a root cause is by getting rid of the law that made it illegal to buy back your own stock but they'll never repeal that law of course because the plutocrats now own the government well but according to the article so of course there is no doubt there is a clear pull case for why five facts could prove the c.v.r. rather than the acutely seal of u.s. equity markets year with a new tax law reducing liabilities and incentivizing repatriation buybacks are already on record pace one hundred seventy one billion dollars worth have been announced so far and twenty eighteen more than double the amount disclosed by mid february twenty seventh seen and since this article there is now over two hundred billion dollars even snoop dogg will tell you never get your own supply.

they should take that to congress and smoke that well but that share buybacks doubled since last year at this time we just suggest that just as the critics of tom's tax law did argue that it would just go to share buybacks which don't contribute to the economy which don't help the long term economy it will just be a sugar high this could last a. you know the midterm elections are twenty eight hundred but then it could face off well i'm surprised that still dog wasn't made federal reserve chairman. well we're going to take a break and when we come back snoop dog won't be here so don't go away. it's been almost fifty years since we've had human beings on the surface of another planetary body and i hope that we could actually put together an international

lunar exploration initiative much like we have the international space station consortium and together the countries of the world cooperating with the private sector could afford to get back into real space exploration and i think that would that would create a a lot of excitement. is a. secret indeed because of the priests accused of sexually abusing children can kids away with it literally like to call this the geographic solution so what the bishop needs to do then he finds out that the priest is is a perpetrator is simply moves him to a different spot where the previous standard was not the highest ranks of the

catholic church conceal the accused priests from the police and justice system to that end if that's so nasty i intend to leave it at tuesday's out in. the street. twenty eight team coverage we've signed one of the greatest goal people. but there was one more question and by the way who's going to be our coach. guys i know you are nervous he's a huge star and a huge amount of pressure you have to be the center of the beach but how would you . go all the great the great you are the rock at the back nobody gets to you we need you to get going let's go. to a low. and i'm really happy to join for the two thousand and three and world cup in

russia meet this special one. meet just at the reno team's latest edition of make up as we go. or welcome back to the guys array of port imax guys or time that are it's are a conversation with the fireside author of plan a ponzi image welcome back thanks for having me again you know how many languages your book translated into i don't know four or five i think that's amazing people around the world catching up on your view of things and thanks for coming on again and i want to follow up we left off on charlie munger being you know no good you can catch that if you watch the previous interview and then rule the j.p. morgan and recurring theme on this show there log log so over what's going on there

mitch look i think two thousand eight hundred going to be the year of the commodities i mean i really i'm bullish on gold bullish on silver right around these levels i mean if they go lower buy some more don't be sore buy some more if they go you know think it's i think that you know we're going to have a meltdown in the other markets because look you can manipulate markets but it's like winding a rubber band and eventually it's going to snap and if you look at what's going on i mean i call it the p d syndrome day it's called. dumpy trumpy so probably doesn't help you but yeah you know you pump the markets then you dump them and then you believe it all and trump so you know if you look at what's going on because he's taken ownership of all the equity prices and roaring up to the top so when they drop by ninety percent unfortunately you can have ownership of the downside as well i think but right so he's taken on a ship at this rally and of course that would be it work against them if they overdo it see a massive sell off and focus on gold itself

a little bit and commodities j.p. morgan you know they when they bought bear stearns a narrated enormous short position and sell very late ran that famous campaign a crass judge a p. morgan buy sell for they've since kind of flipped on their position apparently the other long sell for and so you're suggesting. that this is to be expected if you're looking ahead and seeing a massive rally and commodities and silver is a way to play it right well i think there are a couple things going on with that play i mean i think the u.s. dollar has seen better days and i think u.s. dollar germany is past its sell by date as well i think that trade is over i think the euro has a lot of problems if you look at you know what currency what is a currency first of all a currency is a store of value right it's a promise of a government to repay people eventually are going to realize with the united states issuing even more debt you know historic amounts of debt debt debt that the dollar has to go down because we can never repay the debt that we have which i explain and

plan a ponzi we have two hundred fifty or two hundred sixty trillion dollars in debt when you include all the obligations that we have in terms of social welfare in title new programs medicare medicaid and it just keeps going up and up and up and eventually you know the dollar's going to go down and down and down and so are the other currencies because people are going to realize they're worthless and you know you get the people the talking heads that come on your your mainstream fake news media that will tell you that gold is is a worthless rock and so is silver but if you look and go back and do your own research gold has been a currency for five to six thousand years and they always go back to it so i don't know if it's going to be china or a combination of china russia and other countries that are going to come up with a currency that is actually exchangeable for a basket of commodities but that will happen and it will happen fairly soon or replace the u.s. dollar so that's a pretty big statement there's a let's focus on that for a second say you're positing that we see

a big country answered is like a gold or commodity backer and say that would really put the kybosh on the u.s. dollar right to figure out and calculate two things are impossible to pick the absolute peak bubble when the bubble is the biggest is an impossibility and to figure out. when this will happen is impossible but is it is it going to happen soon yes should it have happened already yes will this government try to do anything it can or any government to prevent it absolutely all right so let me give us an area here say you are a professional money manager your answer to your looking a bunch of screens you've got a pile of cash and you're trying to make returns for fives and you've got some scenarios to work out one is interest rates that the go higher which should be theoretically a positive for the dollar you've got gold which is better to kind of a bearish market for a few years although in a taking up nicely on an annual basis versus let's say cash and then you've got it over inflated stock market so now you're you're thinking ok so of those three

variables the rising interest rates how do how do you see that playing into your role as a professional fiduciary money manager is that going to how do you play that what does it mean is that positive for the dollar and so how do you how do you work that is what i think i think there are you know there are a lot of opportunities and you know i'll see opportunities you know the average age of a trader out there is twenty seven to twenty eight maybe thirty max so what you're seeing is none of these kids. have seen a bear market they don't know to bear market is so they don't remember when you know nine hundred eighty one when the ten year bond was trading at fifteen eighty three right and it's come straight down from there so there's going to be opportunity and i'm saying you know bonds might be an opportunity if they because markets always overreach so if they sell off at a certain price you're going to want to buy them because there will be a q.e. for whether that will work or not is another question so bonds eventually will be

a buy right but the dollar unfortunately will collapse when that happens so you've got to be able to hedge that sort of position. as they're saying ok this idea that rates are going to be ticking up in twenty eight say is a as false another as they could be picking up a slightly but if the markets react negatively to. i mean for going to reverse themselves then what they want to stick with that well i don't think i don't think if you think about this and you look at how much debt has been issued can rates really go up they can't because you reach a point so it's just one word they've been threatening rising rates now for a year or the never happens in any material should be close they're a bunch of liars they so you know you can't believe anything they say your credibility i mean go back and look at how many times they said they're going to raise rates in the last ten years and they haven't really ok so because the answer is when you hear that they're going to raise rates you simply say you're lying we don't believe you've been gone long ago you can say it but you can say good luck good luck with that because if you reach a certain point if interest rates normalize which is over six percent max you can

afford to pay the coupon the debt we have so you can't pay the interest off on the debts or insolvent so that won't can't happen they won't let that happen so interest rates will not reach reach a really high level never normalize in our lifetime right now so that's an area that i see developing and get your thoughts on it is that all of the big private equity funds who are fueled by this ultra cheap money close to zero percent my that's simply taking all the equity off the board sell stocks would have to go down there had to be stocks of elbel to go down but if you're just doing mergers and acquisitions and you're just built berkshire hathaway is exploding in value and all the private equity funds keep enormously growing in value and there's just there's less stocks out there in the market to go down if there is a bear market that's been cut in half the number of stocks out there that's asset inflation right so you know you can buy less than you used to be able to buy as you know i mean you were in the stock market back in the day and you know that retails always the last day and so i mean i think we should take a little cautionary note to the folks watching this that retail has been the

massive amount of buying that we've seen at this point in time so a comment that was made by a millennial is that he likes that he's buying stocks because trump offers a insulation was the word that he that was is that there is an insulation to the price move down. on the trump is what does that mean if anything or is that like a red flag like oh it's like the cab driver that's telling you to buy stocks and he's got a stock tip for you when you hear everybody talking about stocks you know nothing you know that's the time you want to be a seller not a buyer right so gold is looking cheap and the bond market could be a place to go and what about. i see the sovereigns like russia keep the accumulating gold they just announced another big purchase the gold is not going to continue it's are going to be more sovereign the purchase of gold well i think i think smart sovereigns will be purchasing gold i mean china's been purchasing gold

you can't really tell china is one of the biggest producers of gold you can't tell how much gold they have you know the price of gold seems to be you know it's gone down in the last couple days i mean any price below thirteen hundred announces it is good value i mean you know the cost all in cost per ounce is over a thousand dollars for people to produce it so whenever you can buy something near its production value it's always a good idea right and we haven't touched on crypto currency is that all should we talk about or of the currency that i thought about a currency is you know we've got a big calling of course is the number one crypto currency out there it's had a tremendous run twenty seventeen obviously it's pulled back do you follow a crackdown do you position yourself encrypt do you need to what's the chatter out there in the professional money management world ok so so crypto is is highly volatile so i do have a position and one of the bigger ones and it's you know i view it as a high volatility. asset it's an asset and do i think the price can you know i

don't know if it's a binary type of item that can either go to zero to a million but it can go it can go much higher i think that people who invest in that though have to be able to weather the storm of it going up and going way down some of said in the percentage of the article in the business that is a non correlated as i thought doesn't really behave like other like everyone is stocks or bonds or kind of to gain of the fed ex cetera is in a way to hedge against stocks and bonds that are keyed into the fed is a non correlated asset in that respect i don't you i wouldn't see it as a hedge particularly but i would see it as something that you'd want to put speculative investment capital into and look i'm not saying go out jump jump in full all boots but i think that you should diversify your assets and somebody professional money managers hang on the back of your rolls royces ating a great mustard and having it that is to talk about pick on there's a lot of talk about bitcoin but you know i think look big big point

a lot of people want to talk down bitcoin because they want us the u.s. does actually longer also talk down big time even though he doesn't understand it out is they and he wants to forgive wells fargo for serial fraudster behavior but look what i'm saying is if you can afford to put a small amount of money in bitcoin and you don't mind losing it if you should or or you don't have a problem if it's going to go down i think that you should but i think you should buy silver i think you should buy gold you should buy a portion of bitcoin and you should diversify into a wide basket now most of the funds and professional managers the big funds won't get involved because the volatility is too high if you look at the volatility i mean you see the volatility wood to twenty one thousand and fifty or something then you drop down to seven thousand you can't put that on a p. and l. and go to your investors know what they're going to go what is this i mean you know it's too too large a swing for most people to tolerate so if you can handle the volatility in the ride you know you but you try to buy something when it's low and just hang in there with a. you know don't get nervous yet you know i haven't got the sack like to look at

nervous calling and some pervious or something just come up with a snappy saying you're going to remember that for the sequel to planet one of the sequel coming from planet will lose your eyes and buy the high it was one of the planet plans the two companies were working on a bunch of other stuff right now that's the that will be a lot more fun. being out of gas report thanks for having me all right well that's going to do it for this edition of the guys report with me my skies are safe here but i think i guess misfire stein author of planet ponce if you want to catch us on twitter it's kaiser report until i stop. joining me everything on the alec simon sure and i'll be speaking to guests of the world of politics. i'm showbusiness i'll see you then.

another gun some is not so is not a good place is not a good country and. children a message to the minister to live bunch cuz i'm not as well above the storm. as you could as good at that as a disco that is. just over the bridge. of the. less sure it was the charge of the riskiest polling is just little and biased noble soul of a fellow muslim of themselves to be the middle. mostly able to slow slow. play almost anything for the numbers any place the dot is they come out a lot better john said i'm based on our credit card number can i do not do that the color of mr right is from trying to make matter how not eating. from a shell it cannot. truth from i cannot move he was almost real now words could fuck him on a cuckoo seducers in the sun enough i was going to show you go to sleep i don't

want to go to the snooze in the micra voices in misery of the world i would sleep. through cinema bhargava go to a lot of risk to see others who are as close to. what politicians do. they put themselves on the line to get accepted or rejected. so when you want to be president and. want to. have to go on to be pros this is what before three in the morning can't be good good i'm interested always in the waters in the. first city. the new global economic war is unfolding in the realm of education the right to education being supplanted by the right to access education. higher

education is becoming just another product that can be bought and sold so it is not just about education anymore it's also about running a business where you good. luck with this also the kind of good to me. more is the place of students in this business model before college i was born now i'm an extremely more higher education the new global economic war.

britain's news media goes into overdrive speculating on kremlin involvement in the suspected poisoning of a former russian double agent in the u.k. . the u.s. holds ground operations in eastern syria alfred's kurdish militia partners head to the north of the country to repel an incursion by washington as they tell our light that's ok. and ahead of days to kick off our team's top world cup team guides you through some of the host cities making final preparations for russia twenty eighteen. it's four o'clock here in the.