that a technical malfunction is to blame here thoughts who friends and family have been involved there of course thank you for watching it's always appreciated that's a snapshot of just some of the big world news stories happening round this morning this is not international i'm covering no insurance here throughout the night with you. hi it's max kaiser this is the kaiser report i've got a warm fuzzy feeling all this talk about gun reform we're all going to just join hands and saying up with people and i'm looking forward to that oh boy stacy

well i think you're talking about trump donald trump taking on the n.r.a. in a remarkable way that we haven't seen certainly in the modern era where he said that basically both the republicans and the democrats were afraid to do any legislation on gun control because they were owned by the n.r.a. essentially which is remarkable that i think they gave him something like thirty million dollars in two thousand and sixteen but telling this whole attitude to our congress like. you know you are a doer just scared to death of the n.r.a. you're the losers you're punks not me. the mafioso in a muffler decapitation nobody scares me away not them n.r.a. thirty million dollars nothing. well we're going to talk about some other sort of moments of chutzpah that have since come on ravelled because a lot of donald trump's unravels quickly he says one thing and then he does another well jamie diamond also says one thing in does another these are new york you've

got a chorus you know it's notion maggie. here's the headline from the past week and that is j.p. morgan chase admits cryptocurrency is a risk to its business for the first time despite j.p. morgan chase c.e.o. jamie diamond having called big queen a fraud the big bank is now taking crypto currency very seriously and knowledge in the block chain based technology as a veritable 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 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 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 over here j.p. morgan are 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. we chat and allie pace sort of apps are the way for to the future that these will be the future of fin tech not be a coin 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 they pay could enter the likes of those the equivalent. so the equivalent would be a or facebook or amazon coming up with their own app as a payment system as as advanced as well they haven't 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 that but they're they're there for financial technology here is so quaint and whereas big queen 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.

as 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 we poor at least last tuesday afternoon the bank counted crypto 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 sees alluded earlier to jamie dimon nickel and dime in people to death you know they just charge fees on everything overdraft fees and late fees and this be 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 decided to mediated by bitcoin and now they have to admit that their share. well there is 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 in 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 diamond 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 opposite it is 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 the seven hundred clients he reportedly earned from 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 bit 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 we're not picking on him he's a good friend and he can you know basically defend himself so fifty he would say no merchants whatever except bitcoin. because it's too volatile bit pay 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 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 and snoop dogg 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 as a 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 he could have been owning bitcoin at fifty cents it's now at you know what the whatever it's at now it's not a million dollars a coin yet it will be there's about 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 turns to this headline to kind of go with what you're talking about with him of the past two episodes the end of the low volatility regime why buybacks are clear and present danger to the end novelist 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 sit at an all time high of thirteen point seven trillion dollars so our team a scout at 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 will return to say artemas capital or or artemus cartoonist well you say potato right here i do say potato oh you do know what he says for tata they also said it was and it was the word nebulous no you said it was a nominal anomalous which sounds like a character from star trek you know the 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 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 for 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 and 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 only 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 the 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 in twenty eighteen more than double the amount disclosed by mid february twenty seventh teen and since this article there is now over two hundred billion dollars even snoop dogg will tell you never get your own supply ok this is a 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 nine hundred but then it could fence off now i'm surprised that snoop dogg wasn't made federal reserve chairman. well

we're going to take a break and when we come back snoop dogg won't be here so don't go away. this baby and. this one much eighteenth vote with your remote to zante for special coverage of the russian presidential election exit polls opinions real time results monitoring and much more. everybody i'm stephen both. hollywood guy suspects ever proud american first of all i'm just george bush and honored to do so this is my buddy max famous financial guru just a little bit different i'm not. going to run your windows up with all the drama happening in our country i'm shooting the brood have some fun every day americans.

look to the store to bridge the gap this is the great american to. me. 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. or

welcome back to the airport i'm max kaiser time that rates are a conversation with the fireside author of plan a ponzi image welcome back thanks for having me again you know how many languages is your book translated to 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 you know we left off on charlie munger being you know no good nick you can catch that if you watch the previous interview and then rule the j.p. morgan recurring theme on this show there are log looking 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 t 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 interim so you know if you look at what's going on because he's taken ownership of all the equity prices are roaring up to the top so when they drop by ninety percent unfortunately you're not ownership of the downside as well i think but right so he's yeah he's taken on a ship at this rally and of course that would be it work against him if that is over or do we see a massive sell off and focus on gold itself a little bit in 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 should j.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 saying 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 all this focus on the first i can say you're positing that we see a big country answered is like a gold or commodity back burn 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 vote 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 with

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 is 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 positions if. 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 words 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 and 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 the air that they're going to raise rates you simply say you're lying we don't believe you gone long ago you can say it but you could 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 if 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 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 you thought about crypto currency as you know we've got because of course as the number one cryptocurrency out there it's had a tremendous run twenty seventeen obviously it's pulled back do you follow a crackdown do you position yourself in crypt 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 in 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 the u.s. dollar 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 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 went 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 navigate the site like i'll get nervous you know by big calling and some pervious or something and it's just come up with a snappy saying you're going to remember that for the sequel to plot one of the sequel coming from planet with your eyes and by the high it was one of the planet plus the two companies were working on a bunch of other stuff right now it's a little bit

a lot more fun but let's not bring out as report thanks for all right what i'm going to do it for this edition of the kaiser in part with a makeover as they are but i guess misfire stein author of planet ponce if you want to catch us on twitter it's kaiser report until i style. is now back and could place is not that good a country. trying to secure the mr bush family loves. this but that's all there is. to the future still. ok let's. check the us.

just a little bit from the moment of oneself to be. able to. play almost anything for the elite and i think kind of odd that john said i'm based on on my show that's. the last time we just like this from happening i don't i. cannot. fucking on the can i. just. fuck them up. that's the sort of thing the sort of numbers go to show you don't want to go to the cities in the michael. voices in this are the lot of the steam the. cinema i gather you know that a lot of this. series was what. the

british media speculates on kremlin involvement in the suspected poisoning of a former russian double agent in the u.k. and despite the lack of hard facts the government is threatening retaliation. if those suspicions prove to be well fine then this guy who will take whatever measures we deem necessary to protect the lives of the people in this country our values and our freedoms. us hold so ground operations in eastern syria after its kurdish allies headed to the north of the country to repel an incursion by turkey. and ninety nine days it to kick off our key is that world cup team guides you through some of the host cities preparing for russia two thousand and eighteen.