syfy yes oh i mean i'm pronouncing it that way they might have their own way of pronouncing well that's not too subtle isn't so one of the reasons why it's a furious as i call c f i us was perhaps moved so fast they say is that broadcom was going to relocate to the us in order to circumvent in order to perhaps you know get around any national security issue so they're going to pretend they were american but so basically what the president and the administration are saying is that they were worried that the china's huawei for example who is their biggest competitor the next biggest producer of microchips the ones that are using your phone so that and it will be used in the future basically electric cars to communicate with the grid and so they want to make sure that we we are still in the game so there can be national security interests. that are still apply to certain

industries is this close to an industrial policy we talked recently to michael hudson about that was to say michael douglas michael hudson about. you know an industrial policy for america right i guess that is the key point here is that chump is willing to impose order to in the name of national interest even the my my not be welcomed on wall street in this way so this is of course strategic in the sense that you've got the president standing up for interests that are more akin to a national interest you know well the trend continue we said when he was elected at least i did that he could be a roosevelt type character and be a trust buster to start to break up these days of monopolies i still think that's a possibility unless you want some soft uploaded to the cloud it will be kind of of the cloud based people and we'll make having great again now i want to turn to another headline about national security and that is rebuilding puerto rico's power

grid the inside story it's a fantastic piece you should read it it's very long and but it explains the whole situation here it is you know about ten to fifteen percent of the island still does not have any power and this ties in with national security because. there economy of puerto rico why it is so bad it has to do partly with the national the state owned electric grid but back in the sixty's and seventy's the u.s. introduced tax incentives to get manufacturers to move here and in the south of the island the other side of the island all these big manufacturers came a lot of pharmaceutical companies still to this day ten percent of all pharmaceuticals consumed in the united states are actually produced here in puerto rico but as a consequence all of the electric power plants and most of them all the big ones the ten biggest ones are all oil run they're all in the south of the island which

is way at bats the direction we are on the top of the north of the island so all of the cables and you know how the u.s. does unlike much of europe which is the cables are underground here they're over ground so all of the cables were knocked down in the hurricane maria and because it's also a jungle it's going over the hills all those cables are going over through jungles the vines although you know you think of a jungle it's all sort of a canopy of green it's all growing over all of the cables that a fall and so they have to extricate those cut their way through those to in order to get the cable to put them back up. just a little girl and move. a little remember that of course it was side story. stevenson wrote the book leonard bernstein directed the music brilliant show a lot of people total knowledge about puerto rico is based on the stage production

of west side story and the subsequent movie. there's more going on here than for a good west side story there's just miss utah best perceived oh my goodness you have to learn how to speak spanish ok by the way we did pass that area of old san juan that is really quite beautiful i forget the name of it right over there where pearl of yes so seventy percent of all energy production on this island happens in the south seventy percent of the demand is here and holds on one area or other areas of the north so you have an a very very old electric grid the new governor is now trying to privatizing or or parts of it many people on the island are worried that there's no incentive for a privatized company to put all of the money that is needed to develop it and i want to say in the last minute here that we also have seen the emergence of a lot of micro entrepreneurs who are coming off with little sigh like micro solar

panels on your rooftop in order to power your own little electric items needed in your house because many people are still without power and there there is a new movement to use the national utility grid now as a backup and for the future because there will be bigger and bigger hurricanes and this was the biggest hurricane to hit since the one thousand nine hundred twenty s. early one nine hundred thirty s. that that you should take care of yourself essentially they should have your own energy sovereignty we need some micro grids we need a mesh sort of network so that you are never reliant on a centralized grid again yes a quick question that will go to the brink the energy needs you're talking about there the way that they're geographically spread out it sounds like a her kilian task to bridge that gap there's tremendous entrepreneurial energy now on the island in new movie. stacey is the wave of outsiders coming in to the island now are they maybe thinking a little bit with rose colored glasses in terms of what's possible given the

immense infrastructure needs on the island or what you think well there are some outsiders coming in and yes they have fantasies and many of them have a lot of money but there are indigenous local people born here east here who are also there in the article points out they are the ones that humanly walk down the road went to these locations went to homes and introduced the solar panels so that so these are puerto ricans local puerto ricans there entrepreneurs as well and they're introducing options it's up to whether or not. you know that that the fiscal control board will allow these sort of things to happen right now by the way the oversight board has actually taken the energy grid off the creditor list they're not allowed to seize it they're not allowed to take these assets at them at the moment all right well something will get very close attention to that's going to be time for a little bit of a break now so don't go away stay right there. how

does it feel to be a share of the greatest job in the world this is close to being a king is any job there is good business model helps to run a prison now we just do it on my guess is nobody you know is a cage and i don't no one comes anymore we don't have to search them anymore is cost effective that's what they want to do that's you know and they don't give a damn if you do the chores and that you do the good the louisiana incarceration rate is twice as high as the us a bridge to scorpions in a bottle it's capable of destroying the other but only russian forces. rich guys i know you on the us just to you we need you to get down there we go as i want you know and i'm really. the joiners right and you've been in the hot spots in technology one finds michael turban and then it goes back to two and place yourself

here in puerto rico you were i guess kind of the first guy to come down here and stake your claim and you could go before we get into the crypt space what drew you what's happening with that michael so i've always been someone missed him about you know how to do something that will will will help myself my family and so i moved from california to nevada right before i sold mark where taxes if i was living there for a global company rather than the data and when i started getting very deeply involved in the currency starting transform groups of the top p.r. firm in that area and advisory all the sudden i'm working with companies and i give some is get paid in coin or in some of the other tokens like we launched the theory i'm and i'm seeing at the end of two thousand and fifteen the start of the trade and the prices just skyrocketing and so almost i'm not worried now about the vat of tax i'm worried about long term and short term particularly short term capital

gains just thirty nine percent and puerto rico i heard from a friend of mine who is an investment banker who is selling i.p.o.'s in china and he's barely in the u.s. i'm still paying fifty three percent taxes because he had a home in california and so i look the puerto rico i told my wife about it she'd only seen west side story prison and they can feel it away from here she that's right and you know a lot of fence funds guys have moved down here before you decide dia because the way you describe that's part of the entrepreneurial mix is you've got to look at your entire picture and maximize revenue you can but there's a huge ancillary impact for the crypto community coming to puerto rico it's twofold right there's one is the local community is now getting to five and you can talk about that a little bit and then you're bringing in a lot of expertise and a lot. of young talent a lot of fresh talent and that's adding to the mix so can you talk a little bit about the the vision thing it's become a positive petri dish so when i first came down here in early two thousand and

sixty and people were barely understanding how this could become a technology town much less blocked the first time i spoke at a conference here which is the port of the puerto rico investment summit i asked people in the government about how you treat watching the ants was what is a block when i held my first point and gen the caribbean conference last year the same person i asked what is a block chain actually spoke and talked about the benefits of block chain which they do treat here as being services rather than software and they're both foreperson will get into that a little bit tax and nothing to the i.r.s. if you provide the product down here but with block chain it's open source so you don't own the ip and that's one of the definitions of software we're says software is a service you know michael says a trip to space got going different countries and territories that advertise themselves are trying to position themselves as the quote switzerland of crypto and they want to be the greatest regulation they want to have the greatest environment

and i'm you know here for the first time myself and i've been to isle of man i've been to switzerland i've been to various european countries i've been to these places that say hey we want to be the crypt of switzerland you know this place really could be the crypt of switzerland it's got everything across the board what are your thoughts on that i'm a big proponent of that and i'm very encouraged with what wyoming did wyoming just had a unanimous legislature approval and the government signed an act to say that utility tokens which is most of what this i.c.a.o. phenomena comprises is a new asset class that is exempt from securities and money transmission and the courts will decide whether wyoming legislation trumps regulation but they're pretty adam of the day and they want to go into other territories and i've got nothing but you know. open arms from the people i've talked to in puerto rico as will help the island we bring jobs here very open attitude about how can we go in first and

foremost how do we keep our kids from like graduating and having to go to the mainline because they can't find a job here that's going to pay good wages generations coming up actually says that they could be part of building this new generation and it could be. as you say a petri dish and a really growth story now you mentioned ice yos and regulators for a second you know it's interesting is that this if d.c. thinks calls crypto commodity the f.c.c. thinks it's a security. fence and i think it's saying it's money right so every regulator thinks they see themselves and right and that they need to be a part of the regulatory mix how do you see that unfolding because it's having a real impact that's undeniable yes so a house and in fact the i.c.l. market and how will it impact more broadly its impact in the i.c.a.o. market particularly the last couple weeks in sort of a feeding frenzy of fear. because basically

a lot of the lawyers have been saying do this do this another great can't do this and that and at the moment i'm hearing people advise just do a public offering which means you become a penny stock and that doesn't seem like the innovation or they just say block all americans i don't think that's going to be something that lasts forever i think i'm very encouraged by what wyoming is doing and if a judge just backs them like you know the f.c.c. had been saying all this stuff looks like securities the us a judge actually said the cryptocurrency is a commodity it's not the same well mean it's a security am a commodity and you know another judge in florida and some of the point is not money so the courts are going to have to decide in the meantime people are afraid and so they're either blocking us or they're coming up with you know hacks of the rules talking about you know how a lot of times you have to go. fine a positive act of you hacking is a good thing in many cases and i think one of the hacks is you simply go when you invest in a funder of a cent because it's offshore and that's how it's an american citizen you still get

to you know take your rights as a credit investor to be able to go invest in what you've researched. game theory for a second you're asked for you're a seasoned entrepreneur this game of cat and mouse with regulators is part and parcel with the entrepreneurial world steve jobs got to start with the phone phreak you're breaking the law you know most entrepreneurs are skating the edge of the law that's how they kind of introduce a category and they hope that that their product will redefine the category and that the law will be changed you know they see this on wall street all the time so in the area of tripped out i can understand the regulators are you know they have they have a vested interest don't they they represent a long standing financial services business and they really are in their service you could argue but will a territory or a country break ranks and say you know what we are going to be that crypto location and we're going to attract those jobs and are you playing

a little game like that michael you know you're kind of the almost the dean in this in this space too far off where you think i've been called the i c o godfather one network but no you're not far off and i sort of learned a lesson way early in my career in the ninety's when one of the things that i did as a side project before before market where was i co-founded something called direct i.p.o. and it was myself a stock broker and we decided to like start going and disrupting wall street by letting people do direct public offerings of internet companies and we started the same day as with capital and with capital and the client was a securities lawyer we employed securities lawyers our entire funding went to a big law firm who told us no no no it's too risky he did the exact same things yes c.c. called them in and they gave the exemptions he sold the. company for a several hundred million dollars we basically went out to do something else after we spent all the money side aside i was not going to make that mistake in this field so i talked to a lot of lawyers and i look at

a lot of different jurisdictions but when i started been angels in two thousand and thirteen one of our charters was fine friendly jurisdictions malta is a great jurisdiction aristos these amount of second places that ever was going to move to but in asia when korea and china clamp down were just guess where really is singapore and here people are going to bahamas they're going to be the guy they're going to cayman but they would much rather come to puerto rico and pay four percent just like they go to switzerland instead of you know as zero tax jurisdiction that maybe is not the place they want to live or operator or such clarity like they pay six percent in switzerland and i think that they will pay four percent and you could get a billion dollars of i.c.a.o. is coming into puerto rico if there's a little bit more clarity and they kind of follow the wyoming lead all right let's dig into some technicalities here and i want to spend a long time on this but i think it is interesting to act twenty x. twenty two these are some of the minutia you encounter when you make decide to make

a move like this can you kind of encapsulate in a minute the difference between the two just i just find this interesting michael just kind of brush on the tour so i'm not a lawyer or an account and i used to vote him in desmond's of b.t.o. there's a lot of great folks down here who know this stuff so act twenty two is the one that is for individuals for investors every year they've made a little bit tougher. and that's been sort of as the numbers have grown that's sort of the way of making the bar and for a little bit higher in the beginning i believe it was fifty dollars to apply and five hundred dollars they get it once and they saw that investors were also bringing their secretaries their mistresses and that's not who they wanted to get the grants so the year that i got in it was seven hundred fifty to apply and then five thousand dollars why. time now it's also a five thousand dollars contribution to charity which we give way more than that to charity in puerto rico every year anyway and perhaps the talk is maybe it's going

to be an annual contribution but you want to have people involved in the island you want to have people you can't live here without wanting to help the people make up the first thing because i was out of them here a lot twenty three and it's a crypto incubator made up and people were talking about them actually act twenty this that i talk to a lawyer i talk to account i get totally different answers from different people and their information is it's tough to come by like a real definitive answer what is what can people do you say in an accountant not a lawyer but is there there must be a resource to guide folks on solid footing as they as they contemplate that kind of a move down here right you know you have to talk to people and get referrals and quite engender we do have a panel on at twenty and twenty two we've got actually. who was the secretary who wrote the law who passed the law and i've got. that i've got to have a video and so folks like that are going to be able to answer the questions there

was just something this morning here but really come on down see if you like the island right over you quickly and i seriously thirty seconds what is it some point in john this our fifth year it's the it's the bowmen sachs conference for crypto because goldman sachs want to it's springing investors from around the world to look at opportunities in the space and to talk about the legal and regulatory and the trends and this is our second year doing in puerto rico right michael turner thanks man cause report thank you all right well that's going to do it for this edition of the kaiser report with me next time three things you never like they are guest michael turpin if you don't catch us on twitter it's kaiser report that i'm bio.

time about email but of the entire day maybe even my dad. but again a lot of. cattle going to die maybe my mommy i know god. made him such a move to india that give him a disadvantage it consists of if you want. to. know about the natural again i've got to go to a large city because the. patient is. hopeful that kid will use.

the first interim slurry in funding practices are still surprising the recent appointments of mike complain and john bolton have deft new fresh and old friends and foes alike watch him page will a third of all american politics is. what politicians do something to. put themselves on the line to get accepted or rejected . so when you want to be president. or somehow want to. have to go right to be for us this is what the four three in the morning can't be but. i'm interested always in the waters and out. there soon.

he just might be. he's hitting me. very no over the shock when i was free us all so it's a long story of shots for me the most difficult in the pursuit was when i did so my first choice for the post but ordered to only vote because i didn't see shot dead before so it was a fluke i'm in so it was only by luck my motivation was stronger off to the because i knew that i wanted to be there i didn't and continue to go to boston with.

our army career and just leave him there. to see. what i wanted to do with. how do you know that you're helping the world be a bit better so i would say that that would mean to me one of the things that i was impressed with the most is how you get the editor from where you need to get to but . i want to do something for earth when i came onboard it was my first time at sea it was my first time in the galley was allowed so i had a lot to learn. this is the seventh. i just love it and i just love it i hate it that. i don't bang on the ship i love. aquarius. i do. loved the whole thing and being at sea i feel more time. on a ship at sea than i do on live show. after

i spent forty five years in the navy i retired in summer two thousand and sixteen so one year ago announced that oh i left that mystery going at sea but i didn't want to just board sue for fun because i do have a sailing boat but i needed a mission just. don't see anything like this in my life to where you. indeed are completely and go away. oh. yes.

just not. sleep. no evening. thank you you keep trying to. keep your house. itself letting out a bully it's called. if they do you know. normally. to platforms to float in the water of then they need to trade something need water

a. lot have a boat they need so it's just floating freely descending memories are a way that all those leave for ships because now it's time to all machines and of course it's rubbish at least that's the kind of leave it in the ocean was. sharks and i don't think that tangled there at all right on the base old it will go into a lot of. criticism that he goes for their own. getting one so scuba. gear lotusphere.

i think these two are to defend devices that these get thrown face for a local fisherman is next time save these before he was. in the coast of africa usually they would have. attached to that but now we city. hall instead of this water so it's probably being torn out by a storm or strong means for. days did far out foundation if a.d.'s defeated before a letter saying it sent. name lucky that you didn't get stuck in that one propeller or any other why don't want something to shoot oh it wasn't a shark oregonian or a way of getting started immediately and sure of the exact.

count. most of all the people i want to hear and. you'll see everybody. then they good they can they say can they play cards anywhere. on the floor of the willing to take the. things that we don't want them to be killed while you will be. here all of the whole fleet we now have ten ships to go all of them are big guns and also anything that goes into the water with i wish our

water has to be married and say so all this old shampoo with laundry detergent if you think we've been very wise for this fellow they are married say an old soul and not tested on animals. eat sleep. and you. can tell you i believe. i did so much now. are you.

ali doesn't leave the film festival so we try to navy easily out on monday sold. my soul to bob barker and we're going to try to i just might be all that some of this stuff. and we go right off and when we've done can at least one in five time starts with. the search might stop and realize. they crossed the border not because of. some sort of legal but it might have led the police know somebody was a man oh do let me. know please but it's got to go but to go by jewel well i would just have to jump ship and this also was. such it up again right but.