now that era is coming to a close the era of the us dollar as the reserve currency is coming to a close with the rise. in crypto currencies is it an asset class or darn right it's an ass i class how do we know that because as people abandon the fee out currency nightmare that was given us and nothing but misery for fifty years they're plowing into fee at currencies is a gold one hundred thousand you're darn right a skilled hundred thousand because there is trillions of dollars sloshing around in a cesspool called the global financial markets there's absolutely no rhyme or reason to valuation on any of these assets whatsoever and i saw a headline coming up here today which immediately got my attention so the exchange crack and right crack crack and jesse jesse powell at the crack and exchange they have told me to new york to pound sand basically you know they're trying to dig

into all the market making that goes on in these exchanges and they wonder how price discovery works on these various exchanges and so all these exchanges are saying look we're opposed regulatory framework or opposed to be our currency framework we're entering a new year we don't need the f.c.c. that c.f.d. see any of these regulators because were taken to sink to another level is based on a whole different valuation model and just to give you some context of you know my history in all this and how i got into it was back in one nine hundred ninety five one nine hundred ninety six i started a company in los angeles called the hollywood stock exchange and we were trading virtual assets with a virtual currency on a virtual exchange and to build that technology which was pretty new at the time i had to invent a technology so i invented a technology called a virtual specialist technology is the has a u.s. patent i think it's five nine five zero one seven six is the patent number. and so

we were having to do price discovery on virtual assets this benchley was sold to cantor fitzgerald in two thousand and one and they moved the entire thing to their office in new york the top floor of the world trade center. a few months before nine eleven so there was. an inability for them to really capitalize on that going forward they wanted to introduce box office futures contracts and i told them at the time that this would never happen and you would never launch box office futures contracts because the m.p.a. the motion picture association of america is a very guarded monopoly in the united states without any competition and they don't like the idea of price discovery on box office they like to control that market with an iron fist the six studios in los angeles and sure enough they didn't listen they know they spent twenty million dollars trying to develop a box office futures contract and at the last minute for the diagram bill or the

ground on or the ground they introduced a rider into that law saying how long box office features contracts so hollywood is the only industry in america that has this kind of protection from financialization you can trade a box office futures contract which you can trade futures contracts on almost every other industry in america because they don't want the competition they don't want to price discovery they don't want to interrupt the flow of their model to market their way into a box office event and. i find this a bit disturbing because it says that free market economics and crisis coverage is selective in america we like it in certain markets but not other markets and being in the news business that i as i am we're constantly has are the regulators who are trying to tell us which news is approved by the regulators so this idea of

free market capitalism being selectively applied to some industry and not others is that also applied to the news business so some outlets their news is considered to be more truthful than other news and they don't allow the public to decide what they want to say and for the public to make up their own mind about what is informative and what is relevant to their lives another word for this to be propaganda so we live not only to price propaganda and if the currency propaganda but we live in the news propaganda the major outlets in america are in the most insidious vicious propaganda and warmongering and we've seen in decades the idea of free markets which i'm totally in favor of right it goes back to the enlightenment it goes back to adam smith it goes back to the transition of power from the fricken catholic church to the enlightenment to the individual sovereignty of the rights of man to be preserved and markets are

a way to get there free trade is the way to get there anything that interrupt free trade interrupts freedom and anything in or of freedom is a reversion back to neo feudalism and we see that happening right now the united states and presumably here in canada as well that is concentrated in a few or fewer hands we're having a river at the risk of neo feudalism on the horizon crypt out is is the answer in my view and it is an asset class and it is gobbling up market share and the u.s. dollar is doomed all free up money is doomed and any money they keep in fear of money only. keep money and only you have money keep money and free at that you're willing to lose. anything us on crypto is going to vanish. the biggest bubble in the world is the us dollar the stock markets in about the bond markets at a three hundred year bubble we haven't seen bond prices sovereign bond markets aside three hundred years in britain and in over two hundred forty years in america

think about that it's a multi hundred year bubble when those bubbles burst and they well because interest rates can't remain near zero for a perpetuity to help keep insolvent banks looking like they're solvent every single bank of bost deutsche bank is leverage that five thousand to one that there's nothing collateralized and towards your bank with some hamsters in the end and in a vault somewhere munich is absolutely nothing it's a mirage. currently. dario's banks all right what else we got here oh yes lisette nested that's the genesis block i see some applause already this is beginning i see through all started notice that the headline is times in london chancellor on the brink of a second bailout of banks is that random did they just put that in there is a timestamp or is it so she making

a comment well it could be both but i heard it as a comment the banking system is in jeopardy and it's a reaction if you will is a very political elements of big corning that is not talked about that often and i think that probably to put in context of where we are historically should be mentioned already so there's a jamie diamond a suicide banker and people say why do you call a jamie diamond you know a terrorist a suicide banker when you think about it banks on wall street they are cut from the same cloth as the hotties. they misinterpret their basic texts right so in the case of analysis fanatical hottest theocracy a chronically driven psychopaths a kind of misinterpret the qur'an era so i go to my dresses. jamie dimon and his crew who go to the ivy league schools which of them addresses of our hero who teach them economic models that are dangerous and fanatical he's going to kill himself

and others for is beliefs. so he has no compunction about putting isn't our society or from self at risk by pushing weapons of mass financial destruction as warren buffett calls them derivatives so in a blow himself up killing something anyone around him so he's is a terrorist with my suit. initially he was very anti bitcoin. then he came around a little bit and now is still a bit more probate going to the markets moving against him and he says he has no morals or ethics or any kind of soul he's just going to go with the market he's just like a dead fish will go with the current right he's not going to swim against the current because he's inside he's dead he's a parasite he's a tapeworm on society. this is what i was very might might say we die when the tapeworm impression because it's too vulgar but does it give you night blown you know it's pretty sick. you know we've been doing our

show. thirteen hundred episodes and this is kind of the reaction we get people in the region the reagan democrats were in charge that you member the muslims were the the enemy and now that the russians are the enemy. so it's all. the enemy of the bank's toure's that's our common enemy so we've got to get above the the parochial regional nonsense and scapegoating and bigotry. three hundred eighty billion dollars in drug money for mexican of course they were bought by walls fargo wells fargo big position by warren buffet wells fargo caught recently going into millions of customer counts and stealing money they get a slap on the rest of the price of fraud in terrorism america is roughly you get penalized ten cents on every dollar you steal that's the pound. that's the business model. and mind. you want to three hundred eighty billion dollars how does that

compare to road which was used as an excuse that he had lines like this all the time that. big clean easy money laundering or buying drugs or things like that. it was with the silk road these are now serving life in jail anybody from wachovia in prison most far away from h.s.b.c. h.s.b.c. built this was in that the revelator they never went to court i was going to say the court case but there was never a court case so this was in discovery what happened with h.s.b.c. is that they actually physically designed like the equivalent of a. trace or a ledger and they created a physical box uniquely for the mexican drug cartels to deliver money to each s.b.c. branches in mexico city and here they don't go to prison they they never were charged with anything they are given these bonuses and the bonuses are driven by stock

options that go up in value based on the stock price based on stock repurchases lighting this fight that's what quite is putting these guys hopefully six feet under big coin is the revolution but coins is the means by which there will be a lot of as we saw in the one nine hundred thirty s. bankers jumping out of windows that that's part of the goal. that was really problematic oh i enjoyed it immensely well don't go away for much more after the break stay there. was one of the most controversial products of all time it's a soldier the vegetables. that's a very cheap. twenty seventeen production grew to sixty three million times that

rapid growth an international demand for cheap oil has led to the massive expansion of kamel plantations which in turn means the destruction of the rainforest. given duties you know a lot more than ten million hiked as of unique rain forest has been destroyed and it's a process that just keeps going. up like for many clubs over the years so i know the game inside guides. football isn't only about what happens on the pitch for the final school it's about the passion from the fans it's the age of the super money just kill you narrowness and spending student twenty million one playa. it's an experience like nothing else on here because i want to share what i think what i know about the beautiful guy migrates

it will transfer. and thinks it's going to. drop. and welcome back to the cause report i'm asked has her special guests. sunny welcome to the kaiser report days we have me it's great to have you on in a bit following your career really for a long time and you're one of the earliest guys in typically and of course in india it's a great place for bit going to flourish because this is a next generation and then i was just reading that the indian government they're not being friendly right what's going on with the r.b.i.

the reserve bank of india has recently announced that it's i mean in short they don't want banks in payment companies to be working with companies like google and was it a surprise or was it a surprising that read the big white paper like six years ago so not a complete surprise but yeah i mean a little bit i mean a surprise so here's how much contact you have with the government now at this time with unocal oil which is one of the largest crypto exchanges in india how much interface you have with the government i mean quite a bit quite a bit we know almost every regulator there's like maybe seven or different departments that are looking very closely at the queen we have relationships and many of them. but you know all of the different government bodies don't always work together they're like you know a multi headed monster where one head you know kind of does things without knowing what the other one does to some extent and so yeah so this was a little bit out of left field with the r.b.s. announcement but like you said you know in december and i didn't now one thing

important know is they did not ban decoying even as politicians on you tube say hey if you want to buy a big one with cash want to trade between yourselves go ahead we just don't want the banking system interacting with it is this a period of may be a bit of a transition from a big naivete to a bit coy real quality to what i. by that is that when we all started in the business when it got started there was this feeling that it would solve problems and it was a fantastic paradigm shifting technology that would banksy and banks particularly in countries where in india for example were you know this would be such a. step up for the huge portion of the population that didn't have access to bank accounts and so in is it in a case of now a slightly different mental attitude toward bitcoin if my question makes sense in other words. the promise of bitcoin is so fantastic in his being

and my view also this in my opinion is being stifled by a bureaucratic machine that maybe is not really going to take on all the warm and fuzzy aspects of this technology and why it's so great do you think about that what i just said. first they ignore you in the laugh it's you in the fight you knew when they were at the in the for you as if it was in the in a sense that gandhi. and i think yeah i think we're kind of at that stage i mean look at the last three months since december i mean price would be quite obvious to a big kid like some of the biggest companies in the world like google facebook twitters and they're going to ban and you had banks you know coming down on the queen globally and so i think it's you know it's hard but i think at the same time it's a kobe for the unbanked to a point up until they do and even now we only deal with people who have bank accounts because we're forced to but if we now cannot work with people in banks

we're only going to be working in the ending sector so in a weird way it can accelerate our progress towards towards or our goal. to have it is said you know in big point nothing ever surprises you that i had a desk job for ten years i could go back to that but i chose this because it's difficult it's hard in and. there weren't enough people in working on these big challenges until you're ready to work around anything any obstacle that comes down during your trip to the cash we're doing we're looking at could do a quick door we're looking at you know why labeling we're looking at you know moving order book of side of india and maybe they could list twenty different things that we could do we're not going to die we're a cockroach. now similarly in china you know they've they're then going down the path aggressively of decentralized exchanges because the governments like trying to attack the exchanges exchanges you know as i've said from the beginning i've always been the point of failure because it's the interface with fia and if there's going

to be a clampdown that's really going to go that's really going to attack moving along to now some comments made in new york about going after exchanges and just looking at their price discovery mechanism how they how they maintain their order books they want a crack in other exchanges to start answering to regulators cracking. response has been basically we don't care what you reckon answer your letter we're not going to answer your inquiry we're glad we're part of new york and you know we can exist without this regulatory framework and they've taken a very. bad approach of like damn the torpedos. going straight ahead you know very grasses. are you guys part of that movement is that is this a global movement it can't really be derailed at this point and it. but i what will happen is entrepreneurs like myself in capital and we have one hundred fifty employees and millions of users we're going to have to focus our attention towards

the centralized exchanges and guess what this is a bad thing because when i think back to five six years ago it was going to be quaint all we obsessed about was building and essential as exchange but i think it was early you know but i think now it takes come along lee and i think it's going to be easy but we are seriously considering that ok so the unicorn is breaking news right here considering that model that's. it's in the warehouse it's on the shelf you can pull it off put engineers to work on it and keep keep keep the lights on and keep rolling right leave it fits assoc so tell us talk about the conference if you will block chain economic event be it how many years it has been running but i've been doing events for six seven years in starting in india and that's how i met my co-founders that they can be and started a new coin and so both a year and a half ago or two years ago i started living in canada because this is where i'm from and i noticed a disconnect i noticed that there was a lot of big wind event but it was like in coffee shops and bars and basements and i wanted to do an event once every three or four months where people would look

forward to it and they would kind of remember back and really hear memory what max said and and so that was the initial goal that kind of the bigger goal was we wanted to be the catalyst for ten unicorns at a trial and like i just said on stage you know there's this they miss notion that we try and make money on these events and the truth is is first and you need money and i'm telling you that because they do know there's anything wrong with making money but i do literally do these events because i love trauma and love block chain and i want the smartest people in the world like yourself like adam bagley chris i said it i want people like you to come here and you know and share the gospel of it interesting the way these events are kind of taken on different character so in the miami event there's this past year was very lambo oriented a lot of us and just the busty women you know you know it's very like playboy mansion meets toshi ok then this event is more as you say got some original

gangster types adam back this year you know he's one of the solid guys is the reference of the white paper you know you've got other really hope ross profile folks and i met here two fifteen year old kids that came to the event they're in to block chain they're figuring out a ply block chained to genomes and artificial intelligence and this is the this is we hope. sunny is that this next generation coming up is completely empowered by block change and they are ready to take this to the next level are you seeing that as well so for this event tickets are four hundred dollars a head if you're a student you get a free ticket i can see that on camera but that was our kind of secret deal was that we just wanted young people in here yet because they're the future and yes i do is a little emotional but definitely that's a big part of it right so the event itself it kind of operates as a think tank and gathering place and try to help the ecosystem in whatever way you can whereas you decoyed if you know that you're more of your do your day job and

you're you know pounding that forward and bringing it through the stark how how is the start up the market mark and twenty seventeen regulators came in they. cycle to our last thirty eight director of the u.s. mint is also a big point of vangelis and we try and get a gene and he shared some of them in say with us and he did say that look the hammer is going to come down i suppose and look i'm a big fan of the free market so from that perspective i love you know everything but personally as a solution time the financial services sector i worry a little bit of what i see oh isn't and what's happening now in and you know could be argued that a lot of the clamp down now is happening not just because of a quick is because we're over seventy years but it's because of this i see a phenomenon again i caution people against i do these events as they try and find some of the better projects and put them on stage people can target them and ask them questions but i think it's not

a secret i'm personally most but i do believe there will be a few that will turn around the street as always spend that you know you can buy or off exchange and into cold storage into a paper wallet until they tend to be vulnerable going back to the mt gox disaster which everyone still remembers because it was a huge event so at unicon where is the industry. on the security front so that people have more that they're going to be honest i know we partnered with block chain dot info dot com and we have a partnership through our a.p.i. a customer in india straight from watching meaning they're holding their own pages to make the purchase and to the big ones are voting on the account. like the money market account with jack we're partnering with my sealion and so yeah we see that as like the next evolution right where people hold their own private keys but we act as just the mediator for liquidity right well that makes a lot of sense doesn't it now how is the volume and trying to think well i mean

following is ridiculous right up until december we were on boarding ten thousand users a day a day we literally couldn't keep up with it. but obviously when it was like in the last few months the markets definitely calmed down a bit personally i kind of like it when things are not like through the roof and everybody in your neighbors talking about they quite like you and everyone's like no this is never going to work and it's failed as and i get most excited what's the next event we can look forward to three or four months with no one to do something called blah chain expo. later this year and much bigger more grander and yet it sounds exciting yet i do have to go back on now and it was an x. i love you guys. yeah it's already and that's good if this decision of the guys report me back guys or stacy ever like to thank our guests sunny ray if you decline to catch us on twitter sky's report until next time by i'll.

look for lead to you. with the. front page of the month. when i look for the. next. there were a few in the world but i believe the god of the book be slow. to. take . custody of those in the muck and keep em on the side of them when they're going to have a difficult moment. and these years are made up caught in their i don't. know how shameful thing. going to be done it will be the first admission from the.

when lawmakers manufacture consent instead of public wealth. when the room in clusters to protect themselves. in the final merry go round lifts only the one percent. we can all middle of the room signals. from the real news is. in the heart of the swiss alps this is a place probably more secretive than the pentagon more mysterious than the cia and

better guarded than for knox swiss customs are here permanently all the science is controlled by them monday imposed the opening time so i've got the opposite the possibilities from stop us the procedures in place of the strictest in all europe must to pieces by artists like they can so and modigliani i can. boards and sold inside this warehouse that's where the report comes in it covers a. naturally discreet commercially discreet strip but also discreet cigars they concern fraud of some of those paintings a link to dark secrets nobody knows how many of these secrets a kept inside the geneva freeport surplus you'll never obtain an inventory of all the works in the freeport who knows how many there are three hundred three thousand three hundred thousand is it a matter of confidentiality only or is it the world like the our business.

and i don't mean to tell you one thing. the wrong lard. israel's prime minister tries to convince the world that iran is not to be trusted just days before donald trump says he intends to scrap the historic nuclear deal also to become the us president says negotiations with north korea on the nuclear eyes ation well go ahead while the security advisor says what happened in libya should serve as a model and one of russia's leading cancer surgeon staunch is an awareness campaign of the late diagnosis after finding acting late that he himself has the disease. and i welcome his three pm here in moscow.