in their native country many off. base seek learning skills because many. didn't attend the school at all dropped all too early. so it might be too difficult for them to. a foreign language rich. refugees to stay only temporarily the law which they fled from this over to return to their country itself we should focus on. teaching them to scoot switch to need to reboot their country of origin instead of teaching some very basic bitch and along wrongness of no use for them it is a big paradox or because. on the one side whites and populists want that migrants integrate themselves on the other sites they say migrants are criminals they generalize they are they are bad so they bring a bad culture

a primitive culture so this is a real damage because yes migrant i'm not mock debates myself when a guy has a lot of prejudices against me and says i'm a criminal and he doesn't know me i'm going to merkel announced just recently that germany would accept another time thousand refugees in the very near future critics of the move for asking whether it's why take more people when germany's already struggling to integrate those who live here already. a base of the top of the hour for you see that.

hi this is max kaiser stacy everett of the kaiser reported hour into ronson check out what we did on our live stage act you know the story begins in one nine hundred seventy one actually you know president richard nixon entered a new era and global finance he had been in the bretton woods agreement and gold was no longer anchoring the global economy we entered a period of very interesting experiment of free i currencies anchoring free our currencies anchoring free of currencies anchoring. it's turtles all the way down we entered into the modern financial era reference value at all no gold nothing just a country's flailing about entering into spurious wars. economic theoretical policies based on nothing and a lot of money printing the rise of the central bank the whole the central bank the

ben bernanke is the janet yellen of the world and we worship as priests in front of the disease will of money printing now that era is coming to a close the era of the u.s. dollar as the reserve currency is coming to a close with the rise of big cohen and 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 our currency nightmare that was given us and nothing but misery for fifty years they're plowing into fee at currencies is a go at 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 that 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 powell jesse powell at the crack in 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 very sick strangers and so all these exchanges are saying look we're opposed regulatory framework we're post via currency framework we're entering a new year and we don't need the f.c.c. this if he see any of these regulators guys were taken this thing 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 prices covering 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 mark did it 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 that 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 the 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 war mongering 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 it or of 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 is concentrated in a few or fewer hands we're having a river but 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 own. keep money and only have money keep money and free at that you're willing to lose. anything else on tripped out is going to vanish. the biggest bubble in the world is the us dollar the stock

markets in about the bond markets out of 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 and bust your bank is leverage that five thousand to one that there's nothing collateralized and towards your bank with some answers in the end and in a vault somewhere munich is absolutely nothing it's a mirage. those banks all right what else we got here oh yes lisette tested best agenesis block i see some applause already this is beginning i see it 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 a toshiba 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 a big coin 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 the banks and wall street they are cut from the same cloth as the hotties. they misinterpret their basic texts right so in the case of fanaticism fanatical hottest seok theocratic li driven psychopaths a kind of misinterpret the qur'an here jamie dime until they misinterpret saddam's with me he selectively reads books on economics to support his maniacal psychosis

they go to. terrorist 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 to blow himself up kill him soften anyone around him so he says a terrorist with my suit. initially was very anti bitcoin. then he came around a little bit and now is still a bit more probate going cause 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. but i was also very might might say me dying with a tape worm impression because it's too vulgar but does it give you night blown then 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 are understanding that the enemy are banks hers and it's not the concocted skirmishes you know the world with the war the scapegoating that goes on all right now you know when when the replay the reagan democrats were in charge that you member the muslims were the the enemy and now that the republicans are charge the the the russians are the enemy. so it's all. the enemy of the bank's toure's that's our

common enemy so we 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 buffett wells fargo caught recently going into millions of customer counts and stealing money and 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 bottom. line. 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 queen uzis for money laundering or buying drugs or things like that for him so ross albright it was with the silk road these are now serving life in jail anybody for want of me and in prison most for me from h.s.b.c. h.s.b.c.

built this was in that the revelation they never went to court so 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 to our ledger 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 and buybacks funded by zero percent interest rates from the central banks so the central bank is or is it is a this is an accomplice so again because it is fighting this fight that's what bitcoin 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 you saw in the one nine hundred thirty s. bankers jumping out of windows that was 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. kamel is one of the most controversial products about sun it's a solid vegetable fat firth's very cheap. twenty seventeen production grew to sixty three million tons that rapid growth in international demand for cheap oil has led to the massive expansion of plantations which in turn means the destruction of rain forest. get into the zero

a lot more than ten million hiked as of unique rain forest has been destroyed and it's a process that just keeps going. through its same wrong. but all roles just don't hold. any old belief yet to say proud disdain to come to advocate and in games from an equal betrayal. when so many find themselves worlds apart. just to look for common ground. and welcome back to the cause report imax has her special guests. sunny welcome

to the kaiser report days ahead of me it's great to have you on it i've been 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 the next generation of financial technology in a country that's looking for next generation financial technologies and of course it took off like gangbusters it's hugely successful 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 ok so here's how much contact you have with the government now this time

with unocal oil which is one of the largest crypto exchanges in india how much interface you have with the government 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 because 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 you know it's not just you know we started the show in india but there's like twenty twenty five exchanges all by really really smart people backed by smart investors but the r.b.i. decided that you know they 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 bit coin naive it's a to a bit coy real politic what i mean 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 the 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 i'll say this in my opinion it's 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 we think about that what i just said. firstly ignore you in the laugh it's you in the fight you knew when they were at that in the for you was the famous indian who said 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 to be quite obvious to a big kid like some of the biggest companies in the world they google facebook twitters and they're going to ban and you had bangs 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 kind of good why because you talk to a baby and bring to a new point up until they do and even now we only deal with people who have bank account. because we're forced to but if we now cannot work with people in banks we're only going to be working in the un being sick there 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 like 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 and and there were enough people you know working on these big challenges until you're ready to work around anything any obstacle that comes down during your crypto to cash we're doing we're looking at could do a quick door 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 right 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 the 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 clamp down 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 we don't reckon answer your letter we're not going to answer 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 the damage 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. their attention towards the central is exchanges and guess what that's not is a bad thing because when i think back to five six years ago when i first got to be queen all we obsessed about was building

a new centralized 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 unocal it is breaking news right here considering that model that's right it's in the warehouse it's on the shelf you could pull it off put engineers to work on it and keep keep keep the lights on and keep rolling but i leave it fantastic so tell us talk about the conference if you will block chain economic event b. and how many years has it been running well i've been doing events for six seven years and starting in india and that's how i met my co-founders that they can be and started a new point 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 in really here 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 is they miss notion that we try and make money on these events and the truth 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 the past year was very lambo or 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. it is more as you say you 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 of ply blah chained to genomes and artificial intelligence and this is the this is me hope sunny is that this next generation coming up is completely empowered by block train and they are ready to take this to the next level are you seeing that as well for this event tickets are four hundred dollars a head if you're a student you got a free ticket we 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 anyways 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 a gathering place and try to help the ecosystem in whatever way you can where as i get acquainted 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 startup cycle and and how

how is the startup vironment now is that it is the i.c.a.o. market is that we have a huge i.c.a.o. market and twenty seventeen regulators came in and they really put on a huge amount of. surveillance but. looking at all the stuff we're in that cycle to our last one december i did another event where we had admin moiety the thirty eight director of the u.s. mint who's also a big point of vandal is. and so i think that we try and get. like he said anyway so he came and he you know he shared some 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 loose then time in the financial services sector i worry a little bit of what i see. and what's happening now and and you it 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 ice you know

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 tear gate them and ask them questions but i think that it's not a secret i'm personally not super bullish on an icy but i do believe there will be a few that will succeed and change the game the word around the street has always been that you know you can by becoming an exchange with a very quickly put off exchange and into cold storage into a paper walled into a hard wall because these exchanges they tend to be vulnerable going back to the mt gox disaster which everyone still remembers because it was a huge event so at unocal where is the industry on the security front so that people have more confidence that when they go exchanges that they're going to be getting the security that they need so just 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 can buy and sell big queen straight from watching meaning

they're holding their own private keys and they just make the purchase and use a big horns of a ticket on the account essentially like the one who are going to jack we're partnering with my celia and so yeah we see that as like the next evolution 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 how is the volume and trending in a single i mean volume 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 market see no 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 you know one entrepreneur to do something called blah chain expo. later this year and much bigger more grander and yet that sounds exciting yet i do have to go back on now

and it was an x. i love you guys very direct yeah already and that's going to do for this edition of the kaiser apart from a back guys are stacy like to thank our guests on the rave you know going to catch us on twitter it's kaiser report until x. time. in july twenty second team on a freelance journalist working with. militant shelling in syria. on his sacrifice has established a memorial. will recognize war reporters who often risk the sake of the truth and through the peace you can submit to your published works in a video well written form to a war. no. correspondence

is cool to tear gassed during may day riots in paris police also find water counting the mass protest as a call. to tell you one thing. you're wrong large. israel's prime minister tries to convince the world that iran cannot be trusted just days before donald trump intends to scrap the historic nuclear deal . on terms says negotiations with north korea on the nuclearized nation will go ahead his security advisor believes what happened in libya should serve as a model.