many would have a bigger bureaucracy but in fact america has a bigger bureaucracy they find in their healthcare system vast paperwork anybody who has ever experienced both of the systems there are a lot of people right now on youtube saying no america's healthcare system is the best in fact it's filled with paperwork and they said that almost all of the price rise rises compared to europe and japan and other competitors is completely just a markup it's markup on services and goods and pharmaceuticals and stuff like that so because there's no competition so. it's the exact system of the road to serfdom that was predicted for the likes of europe but in fact european prices there's less of a market there's less of iran take classes less scalping there's more delivery of service you get less delivery of service and that shows in their results of life expectancy and actual health outcomes right you know warren buffett never invested

in apple when it was a growth company yes you know he preferred catchup and chewing gum you know things that were really appropriate for a ninety year old so my senile idiot where is just like reading porridge all day and then he looks at the box of oatmeal and says i'm going to buy the oatmeal company there are those he's drooling on himself and there's a naked charlie munger dancing in the corner and that's not even a wouldn't do you have all the sorting while i'm getting on. this really good walnuts and banana the fantastic anyway what i was saying was that he never bought into it when it was a growth company he only bought into it when they became a market pariah buying back their own stock illegally anyway a few years ago and manufacturing ill gotten gains ok more coming your way after the break do not go away.

seventy four design submissions says. seven thousand pilings. to join judges. and eight hundred sixty nonstop days of work. a russian w.b. a champion. and a russian pop stuff. show you how and why the crimean bridge was built. witnessed the construction moving you need to transport. that will help the heart of crimea the faster most of those you know while go for more familiar with it a bit but it's clear.

in some american cities the police of schooling to ready to. walk on the streets of the united states are at risk from the very people who are supposed to protect that. are afraid of. us. who can see something happening and this is like i don't want to. call the cops and. their lives chasing the. you never know better safe than sorry i don't know that someone else is going to. get. through.

welcome back to the kaiser report i'm max keyser time now to turn to peter georgie's chairman of fit bit is a barbados based trip to fin tech company making waves in the caribbean and peter george walk them thank you now it's great to have you on the show because you are. a guy who's not you know a millennial i mean you have been you're not for newer and you're v.c. guy and you were you picked up on this thing called big coin any of dived in head first into this bit which is becoming

a huge company in the region how did you first hear about because by the way my first foray into bitcoin was because of a guy called max geyser into it in two thousand and ten x. was one of those people that lost money among dogs was the big amount in those days you were buying bitcoin it thirty or forty euros a day it was this it was a tedious process here so we put a seed of this information in your head and then gabriel a bit showed up and you guys like launched bit and so just give folks an idea of what bit does well bit but it was already your own what happened was there was another legacy guy who works with her and young and i was talking to him one day and i said you know ready to get this bitcoin technology it's unbelievable this will changing and i've been trying to get my hands on some is really hard and he put me on to gabriel bitter ready been founded and then gabe and i met and gabe pitched the company to me basically a that time they had knocked on about fifty doors cut like a hole and sounders and they had arnold carlson are to listen to it and and they

continue to unrelenting and they found the perfect partner basically what it does is block chain meet central bank so it is it is a stable calling development in that. in a region like the west indies where you have in some cases sixty seventy percent people who are unbanked but you have one hundred thirty hundred forty percent mobile penetration it was a perfect petri dish for rolling out blocking technology. so when gave met me because of my pension already it was a fairly easy fit it was a fairly easy that we headed off pretty well ok you say block chain meets central bank so that right there is kind of a loaded statement because blah chain a big point is down circling the globe and central banks around the world trying to figure out what the heck this is all about the central bank in india has all kind of is central bank of china is trying to figure it out russia seems like they're

getting more into it but everyone now has to confront this to say they can't ignore it anymore so in your part of the world what spend the dialogue with you the crypto man and the central bank and their regulators and the government what it's been kind of difficult that you have a couple of central banks who have been who have been open to a particular these agreements central bank and they're interesting as fund was said before there were currency union that trades across eight different countries there's a central banks no there there's one central bank that that shows a country what does that refer to itself as the central bank in central eastern caribbean and so i don't think it's there's seven or eight of the smaller islands in there they have been more open and in the situation like that you have where somebody in st kitts wants to pay somebody in antigua the money has to go into the u.s. or spin rinse cycle and then get spit back out to an island that's one hundred fifty

miles away because they because of the facility because of the back office because of they the administration not not for nefarious reason enough it was because it's just that there are structures not built in your area so it's got to go out over the inference. so you're saying hey such a bank this block chain actually you can donate to outsource the infrastructure we can build it right here absolutely and i don't top of the go to the us and spin cycle there's fees coming off of it and this cost in the region we went to we went to we presented the mit labs a couple years back and they estimated that seventy million u.s. dollars a year is lost in fees and insurance stuff in shipping into the caribbean through the banks and they said up to seventy eighty percent of that could be eliminated with with with with locked in technology so we're implementing that for most number again seventy seventy to eighty percent can be saved right what did you pay that

area or not. g.d.p. i can see c b i can speak to trinidad maybe barbados our g.d.p. is one hundred sixty billion in trinidad which is roughly equates to about twenty three twenty four billion u.s. right so i mean these are meaningful say those are the big number i mean these are makers so it's almost like you know you talk about remittances in the developing world you're saving one thousand percent or more in the remittance faith and it drops right down to the bottom line if you're getting ten or twenty bucks in remittances let us see you getting another two or three bucks that's a huge desert they are in your area you're going to knock out huge fees the banks of course now the central banks are related to the commercial banks in the commercial banks are doing all the face are they willing to break ranks well in some instances they do it well you know what a central bank really does it finances a government that's really what a central bank does all fortunately with the caribbean in many instances because of the poor policies of the last ten fifteen years these countries and the people are so they have

a penchant for foreign goods and foreign money so by extension our central banks would even have the capacity to make policy a situation like right now in the u.s. which is coming out of recession rates are going up in some parts of the caribbean where we're in a recession where it should be going down to stimuli. it's rates are going up because there's they're almost in a sense all the central banks they can't make they don't have monetary policy autonomy so they are couple to the central to commercial banks but they're also coupled to the for their currencies aren't paid to the dollars they're not paid but they're just zombie in that they seem to follow along us without actually giving any local consideration of how these policies might impact that they are suggesting that their rates should be going low rates rates absolutely should be going lower in the caribbean certainly in front of that and they're not they're not because they simply they simply follow the u.s. because of the of the how in the trickle the link that they are i let me ask you

that a lot of such ridiculous a the way we come up with our decision we have a dot matrix and we have metrics and we have all kinds of data that we look at and we come up with our interest rate policy and but here in your part of the world what because of the economy is within arm's reach of these guys it's not a sprawling twenty billion dollar economy they can look out their window and see what's going on so they don't need all that sophisticated dot matrix stuff they can simply look now will will this bit your company bit which is block chain meets central bank how can it help them make that kind of a more informed decision it's a stable coin you know that but it will it how is it enable them to get a clearer view well it may not help them as much with policy right now but once you are in a position to essentially digitize your currency make your currency and make. essentially going to expand the banking base by i mean really when you bring somebody to the banking world and that financial inclusion makes that person

a viable part of an economy when they're not part of that economy and they're still keeping money under a pillow or in a shoe box and they don't have access to credit they don't have access to regular banking services when these people come into the banking system you know a whole banking street superstructure begins to change so i think when that begins to happen and we begin to have a more homogenized banking relationship between you know the banks you know the bankers and the banks i think the central banks will have a little bit more space to have some more autonomy in the policymaking but and so that's one that we may do but that's that's a way off the right sound other words or adding more people to the system and here's how i see the economics of it all you're adding more supply the system which could buttress your case for interest rates to go down but we'll see how that develops so let's get back to the main business you know strategy of bit so it's blah chain meets central banking and regulatory framework you've got to be on top

of this and so what what does year goal like how would you like to see that evolve will educate is the first thing because right now there's still this fear there's this fear because of a lack of understanding when it comes down to less is your script was an example and you have some of the foremost minds in the caribbean that will last me and they say but but what's it back by and i'm just using crypto but before we get to the stable call it was about buy and i said you know and they go in this and it of intrinsic value and i believe in subjective value that's that that's what my trading is but put that aside and there's an austrian russian economy and i asked them they said what is the u.s. dollar is backed by the central bank i said so so you feel comfortable that the value of your money is. controlled and bought by people who in this keeping that value well then debase the value it doesn't make any sense that you know something

i don't understand they think because of the seven people in the room male or female with suits on that essentially decide the price of money in the future is a soothing you know and that's why they said what banks crypto but going back to going back to the strategy with us is educating the central bankers understand educating the policymakers to understand that we're not anathema to the system what we will do is compliment the system what is going to do this is going to be a gateway this is going to be a gateway to ease into the ever evolving to nomic world of digital currencies and it kind of as a friend of ours to say plows the road and makes it easier so that central banks become a little bit more pliant into understanding and it's not quite this systemic shock of going away from government issued money into this you know as they said on the i think it was south park space cash so that education is i think is what's important

i think that the coming the road but it's just taking a little bit of time and when some of the big hitters of the world you know some of the older legacy guys come across and say things that are disparaging and i want to tell you for all the charlie munger that kind of hurts your case right it hurts i don't know those guys speak talking out of their book they're talking their book really they they they see this as a competitive threat so they're just trying to force progress this and those guys have made a shed load of money and i respect those guys ability to spot value right and put their money to value but they invest in things that don't change wrigley's chewing gum gillette i mean so when you look back when the idols of history are written i don't know i don't know that it was anything groundbreaking when they come out and say things that are disparaging like i think you said one of the previous segment i mean it just is. well you know the thing is that like warren buffett is totally got his tentacles into wall street and if they see something they don't like they can

coerce wall street into attacking it with naked short sales and all kinds of chicanery but here they can used as a tax so they they are forced to use ad hominem attacks and you know i want you start insulting something with ad hominem attacks like eve lost the argument it shows that they're they're they're impotent that's look best the only way it reaches the end is like jamie dimon is incident he can't do anything about this wave of change that this intermediating him but hearing the things that they say and most recent photo of jamie diamond at the airport if you see this man call the police immediately they should be warm but i'm stopper and crimestoppers a lot of moms and their ability to know they're the most dangerous people they can never let on an airplane i think monger buffet financial jihad the truth but then what is your audience that's what they do so they watch your show down there and it's oh yeah oh yeah other great a speedo by the way well i here looking for you and in bermuda with the speedo on i'll be there to see the bermuda shorts were written underneath the shorts this be a take the shorts and a string bikini we got to go it's already it's already time it will be good peter

george thanks for being on the kaiser source of pleasure and that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert want to thank our guests peter george he's the chairman of the bit down there in the caribbean if you want to catch us on twitter it's kaiser report until next time yeah and me and my speedos. one else seems wrong. but all wrong just don't hold. me. get to seep out of the attic. and indeed. the trail. when something find themselves worlds apart we choose to look for common ground.

i don't think that it is our duty to not be here that. much as you. get up here. to eat. a. bit doesn't. it just tell you the other side of the mark on the. by then coffee session more than are there they know. by then is a shift the long. distance mccain audience at a loss is going on want. some certainly not so with. them and also it was revealed to the multiple injuries among current america so for them to keep sophie hull the look of the show's real year mars on the phone to the book and even perfectly simple so simple so the see so you're

welcome to it it's a book and a little some of. my. own of it of nothing. else allowed me. somethin to watch. on long enough something outside of. us and into huddles look ma let's see what i can now maybe i'll maybe i'll let it cool tests. leg. length.

lens. protests against government reforms turned violent in part this with demonstrators clashing with police there are a number of injured. the u.s. vice president warns north korea could share the same fate as libya if it doesn't make a nuclear deal is expected to start dismantling its tests in the next few days. this will only and like the libyan model ended if kim jong un doesn't make a deal. the british government is blamed for a lock of action almost a year old from the grand fell fire

a public inquiry is only now getting on the way into why seventy two people lost their lives in the london tower. i don't think they're doing enough but that awful lot of government haven't done enough not nearly enough no that's not even close i can see. your churning in from right around the globe this hour welcome to moscow onto our to international my names you general our top story it's turning into a spring of discontent in france with fresh protests in part against president mccrone social and economic reforms turning violent charlotte earlier witnessed how a peaceful rally descended in a matter of minutes. the people feel that this is that the only option right now to come out to the streets a voice that can see and as you can probably see behind me the crowd is swelling

here and this is just one of the rounder. hundred and thirteen demonstrations taking place across france well that's exactly what we've got here is a chaotic scene is thousands of people on the streets maybe what you would see behind me these are some of the banners that she made what looks like a memory of a marker on and many people have come out here to protest in what was initially scary street protests by the civil service problems they've been joined by all of the main ninety unions or crowds which represent five point seven million people across the country just cool just in the middle of clashes between the police and the protesters the police of come and push the protesters back you might be able to see the crowds about one hundred fifty meters away from us we've had cheered last deployed on the police of being taking some of the slogans that were made by the protesters away from them we've also seen some protesters who appear to have been detained by the security source forces here today many of them out in force

including some demonstrators who appeared to have been injured there was one man just sitting down a few moments ago with a blood a poor ring down his head the police are in the middle of this action now where they're all skin is to move away as they're trying to create some distance between themselves and the protesters this is meant to be a peaceful protest a day for civil servants to come out to the streets to voice their concerns about the reforms to the civil service to those tensions about salary and also about the fact that president michel has promised he will cut one hundred twenty thousand jobs in his first five years in office and that change back to massive confrontations between the police and protesters could start to go with the protest this smashing up shops as you might have seen that smashing a bus stop school feeding then they were letting

a setting fire to bins and then throwing. some sort of silence into the crowds the police responded with cheap gas and we got the stuff in that at c.v.s. . but up to co-opt the but it was. up what. this process looks like it's a no win me it's a completion and the police in the streets out in full surrounding waiting to find sound once again if any violence happens here. in the latest in a series of diplomatic breakthroughs on the korean peninsula the north is preparing to destroy its only known nuclear sites or later this week but the u.s.

is still making grim predictions for the north korean leader if it does not sign off on a deal and think he could follow the fate of the late libyan leader moammar gadhafi . this will only like the libyan model and the jong un doesn't make a deal some people saw that as a threat well i think it's more of a fact referring to libya let's remind ourselves what happened to libyan leader colonel gadhafi in return for economic aid and sanctions really he agreed to abandon his nuclear ambitions back in two thousand and three but within a few years he was overthrown and killed as a result of a nato led bombing campaign this is being somewhat of a warning to p.r. and in fact not the first time washington is drawing a parallel between kim and gadhafi yeah i think that's what denuclearization means and we have very much in mind the libya model from two thousand and three two thousand and four the model if you look at that model with gadhafi that was

a total decimation we went in there to be to know that model would take place if we don't make a deal most likely it's not just this threatening rhetoric that's jeopardizing progress in the negotiations with north korea another spoke in the whale was the u.s. and south korea moving forward with a military trail and north korea store step since then north korea has threatened to call off the summit many observers are asking questions on why they would need to provoke after we saw that historic meeting between the leaders of the north and south last month for many that was the sign of big change coming the white house military office even produced a special queen ahead of trump's planned meeting with kim it shows the two leaders smiling at one another and describes the meeting as peace talks but with such an unpredictable man in the oval office who can get their hopes up i think it will be verging sessile but as i always say who knows what's going to happen you know i often say who knows who knows a lot of good things going to happen

a lot of bad things going to happen we'll see how it all works. a lot of things change everything's going to be scuttled everything could be spread over washington signals that it's ready to scrap the peace. talks the news the military option coincides with the us if the station to abandon their own nuclear deal and its commitments under that which will surely be no it is n.p.r. currently north korea is publicizing its promised hopes nuclear tests and launches as the country announced it will dismantle its nuclear test size its north korea's only known test site turns located in the north east of the country the first nuclear test was conducted in two thousand and six with six tests being trialled in total our channel is one of the few invited to the ceremony now it took us about two hours to get here from beijing that's where we got our visas that's where we got our plane tickets as we took a regular charter flights into north korea not many people on board only twenty journalists or so were invited many more wanted to come but well couldn't right now

we're in the city over once and it's a cell's eastern city in north korea and it is a resort site we ourselves are housed in the complex that is a holy site for fighter jet pilots apparently we were said to had to the nuclear test site tonight but the trip was called off apparently because of the bad weather the test site that is said to be dismantled it is lays some six hundred kilometers away from here and we will be taking an eleven hour train to get there and then we will be writing for four more hours by car and hiking for another hour but we're being told that the spectacle is well worth it the whole site will be razed to the ground technical buildings reduced to rubble tunnels in the mountains also blown up right now we don't know when this trip or when this is going to happen exactly but

definitely in the upcoming days. well we talked to a former u.s. envoy to the united nations who's negotiated with north korea previously he say's that it's highly damaging to make threats especially when it is so close to the summit between the two leaders the administration speaks with too many voices on north korea you've got national security advisor bolton bringing up the qaddafi issue with north korea they get very nervous because gadhafi gave up as weapons and then was killed that's not a good thing to talk about before the summit and i think secretary pompei oh the secretary of state has handled the issue well he's dealt with north korea has met with kim jong moon twice he established an intelligence channel with the north koreans i think the president needs to prepare substantively he needs to have a strategy but he needs to leave the details and the message to pohnpei oh too many in the administration including the president are speaking i believe the

administration made a colossal mistake in getting out of the iran deal because iran was complying they were going to for several years not develop nuclear weapons they're enriching uranium was being shipped out yes i wish the iran deal under president obama had included other provisions like iran's support for terrorism what they've done in syria american prisoners that cetera but i think the administration has now put some very unrealistic demands on both iran and our european allies and i think it is a bad mistake especially on the eve of negotiations with north korea the north koreans are going to say how can you make a deal with the u.s. if they break agreements. almost a year on from the grin fell fire in london in which seventy two people died a public inquiry has official.