from the new york times and the peer nations are japan switzerland spain italy for a stronger france luxemburg norway sweden canada new zealand finland the netherlands iceland ireland austria portugal belgium but in denmark germany so as you see they've fallen behind every single one of their peers are doing worse despite what hillary clinton it said on the campaign trail which she thought that america was already great we don't need to be any better it looks like a different trajectory after a one nine hundred eighty this is the beginning of the whole leveraged buyout boom you were there from mike milken period that started i think part of that that cheap money the way of financing and financialization could be responsible for this compared to all those competitor nations the other wealthy nations of the world why the u.s. has done so poorly as you see this is the line out is how expensive your health care is and the line vertical is how long you live so americans are spending a lot more than other competitor nations on health care and living last longer that

doesn't look good that's financialization as well i think life expectancy is overrated you know america is a nation of goldfish you know goldfish will eat all the food you give them until they kill themselves if you go to san francisco and you see people living the american dream shooting up smack on the sidewalk going to see the needles everywhere dying in the street that's the american dream that's the american goldfish fulfilling the promise of the leveraged buyout to take all future revenue and earnings for the next fifty to one hundred years and compress it to one year and then extracted by the leveraged buyout of the private equity firm so warren buffett has killed like a hundred years of american history by taking all that revenue then job creation for one hundred years and compressing it through a leveraged buyout into the present day and then extracting that for himself so that's the very apotheosis of narcissism he's king narcisse in this. in this

ball of fire of discussed in fact a tom wolfe reference by the way who passed away recently rest in peace tom wolfe fantastic writer part of the new journalism school in america where america was great so part of what the new york times piece of looking at this data finds is that since the one nine hundred eighty s. and i think it's part of financialization and the rise of these runty ace they just extract equity that built by previous generations built by say apple extract all the equity from their company now built a company built by steve jobs and his innovation and his ideas well here we have the same thing is they we were equal to our other competitor developing developed nations at the time and then what happened is the rise of. basically like vast bureaucracies you would think that a socialist more socialist system like france or germany 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 you tube saying now america's health care 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 to a class there's 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 warren buffett never invested in apple when it was a growth company yes you know he preferred catchup. and showing you know things

that were really appropriate for a ninety year old son my senile idiot where it's 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 that he's drooling on himself and there's a naked charlie munger dancing in the corner and that's not even aware i didn't do you have all the sorting a mom getting on. this really good walnuts and banana 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.

welcome back to the kaiser report i'm max kaiser time now to turn to peter georgie's chairman of fit bit is a barbados based crypto 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 and in the region how did you first hear about because by the way my first foray into bitcoin was because of a guy called nice guys are into it in two thousand and ten i actually was one of those people that lost money among dogs was the big amount and those days you were

buying bitcoin it's thirty or forty euros a day it was this it was a tedious process ok 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 but had a ready been founded and then gabe and i met and gabe pitched the company to me basically a that time they had locked in about fifty doors cut like a hole in 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 coin 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 going to feel 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 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 the syncrude and central bank and they're interesting as fund has said before they're a 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 that 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 yeah because of the the administration not not for nefarious reason over there i

really because it's just that there are structures not in your area so it's got to go out of the interest. so you're saying hey central 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 u.s. 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. because g.d.p. second you 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 say 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 phase 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 dollar the 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 rate should be going lower 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 our let me ask you that a lot of that's what i actually say 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 me 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 your 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 off here 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 is what is 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 used krypto as an example and you have some of the foremost mines in the caribbean that will that would 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 by 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 economist and i asked them they said was 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 the keeping that value will then debase the value it doesn't make any sense that you know something they don't understand they think because of the seven people in the room male or female would suit 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 when they

warmed up much of the world that charlie munger that kind of hurts your case right it hurts i don't know those guys speak talking out of their book there's talk in their book really that 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 into 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's. well you know the thing is that like warren buffett is totally got a tentacles into wall street and if they see something they don't like they can coerce wall street into attacking it would make it 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 he reaches the end it's like jamie dimon is an incident he can't do anything about this wave of change that this intermediating him but having 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 crimestoppers a lot of moms and their ability to know they're the most dangerous people you can lead a lid on an airplane i think monger buffet financial jihad the truth but then what is your audience that's what they are so they watch your show down there and loads . of other great a speedo by the way well i here looking for you and beauty with the speedo on i'll be there to see the bermuda shorts were written underneath the shorts we had to take the shorts and a string bikini and we got to go through what sort of time it would 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 guest 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 by. the war we've got to do is identify the threats that we have it's crazy for him to let it be an arms race off and spearing dramatic developments only i'm going to resist i don't see how that strategy will be successful very critical time to sit down and. in some american cities the police have built themselves cling to refutation to people who walk on the streets of the united states who are at risk from the very people who are supposed to protect that poor people are no more afraid of police

than of us in the us. you can see something happening this is like i don't want to call the cops let that happen rather than call the cops in those young black men lose their lives chasing the same goes on the trigger you never know better safe than sorry i don't know that someone else is going to die so yes unfortunately around around here we end up killing our guns are. told from such because this place to.

play. donald trump odds more confusion for next month's planned beating between the north korean leader saying the historic talks may be delayed now or not take place at all we are working on something and you know there's a chance that in a workout there's a chance it's a very substantial chance it won't work oh. please. tell it to tonight. if the seal just bit earlier this afternoon protests against government reforms turning violent in paris with demonstrators clashing with police the number of injuries reported. and the british government has played for lack of action almost a year on from the gravel fire a public inquiry is now only getting underway into why seventy two lost their lives

in the london towers. i don't think they're doing enough to awful lot of government haven't done enough not nearly enough no actually even tries i could see. as art international life from moscow just after eleven pm here now with me kevin first and donald trump says his much anticipated summit with north korea on the twelfth of june might be delayed his comment came during a meeting with the south korean president in washington both sides it also previously floated the possibility of walking away from the talks to with more r.t.c. correspondent severe a car. well according to trump the summit could take place or it might not even take place but the president has never really been one hundred percent sure we are working on something and you know there's a chance that it'll work out there's

a chance there's a very substantial chance that it won't work out that doesn't mean it won't work out over a period of time but it may not work out for june twelfth i think it will be very successful but as i always say who knows what's going to happen you know i often say who knows who knows but you know it all works maybe if you want everything to be scuttled everything can be settled but speaking of mixed messages on one hand a special coin is being produced just ahead of the summit of depicting the two leaders meeting and all smiles then their strong guaranteeing kim safety and promising that north korea will be a rich country he will be safe he will be happy his country will be rich but then on the other hand trumps threatening the libya scenario the model if you look at that model with gadhafi that was a total decimation we went in there to beat him now that model would take place if we don't make a deal most likely but let's quickly remind ourselves what happened in libya in two

thousand and three gadhafi renounced his nuclear program but despite that he was overthrown in a meta led campaign years later so not a fairy tale ending for gadhafi but it's not just rhetoric that could be jeopardizing diplomacy there's also joint military drills being held between the u.s. and south korea on north korea's doorstep but thankfully some are questioning the need to provoke young yang especially considering the historic meeting that took place last month between the north and south and this also comes at a very special time just as the u.s. is going back on its word to adhere to the iran deal pulling out of it entirely so i'm sure that north korea is taking all of these factors into consideration before agreeing to deal with the u.s. the thoughts from washington d.c. . correspondent maybe this is all it's off may be maybe no it's all part of the big build up to it psychologically let's get reaction this from daniel academies from the wrong paul institute peace and prosperity hi there what do you think we're no

further forward tonight for this is happening on june the twelfth but no it seems maybe not. well it is interesting to see how trump and this is top advisors seem to be at odds with each other i don't know if his management style is to create chaos and have some order comes from it or or what in fact may be his style but you saw last week few days ago you saw john bolton talking bringing up the issue of the libya scenario i don't believe this was an accident this is the same john bolton who just before he was confirmed as the president's national security advisor wrote an article encouraging the united states to have a first strike against north korea i don't believe that he's changed his tune in just a couple of months. basically talking about libya as the model for north korea we know what happened to libya as your reporter pointed out libya voluntarily gave up its weapons and was overthrown none the less if that's not a red flag to the north koreans i don't know what is and they did take it as

a red flag they said john bolton is not welcome here we don't want to we don't even want to talk to the south as long as kind of nonsense is going on yeah i mean hands what happened last week that reaction we got from the north korean side saying if you forces to give up nuclear weapons we're going to walk away from it but it any one person looking on at this not being party to what's going on behind these various camps closed doors you couldn't have even imagined meeting like this happening five six months ago the rockets flying over japan except for so there's a script. what in the lead up to that u. turn is what convinced the north korean leader to go yeah i'll go along with this in fact i'll give up my nuclear weapons where there seems to be now coming out from all sides so much confusion and what i actually know we didn't agree that was all the problem. yeah anyways all this confusion coming for you to thought they'd have actually quietly talked about this before the big announcements were made would you know. well the problem is that washington confuses the idea of negotiation with the

idea of surrender the meeting for trump and kim in singapore should have been the beginning of a dialogue of a process instead john bolton others have laid down the law here's what you've got to do i think bolton said tell us where we should send our planes to pick up your stuff and take it away you know so it's the whole idea is that you are mediately surrender and we give you they promise is in the future of making you very very rich i mean if i would north korea particularly watching it how the u.s. tore up the iran agreement i would be if you have any mind at all you would be very very skeptical of the was north korea ever taking this seriously do you think i mean knowing what or how the trumpet ministration behaves at the moment it seems that since it talks with president moon of the south again we can go what's reported but you see behind the scenes maybe the north isn't taking this seriously as they should well i think i don't think that is the case because i think the u.s. is essentially irrelevant to the solution of the korean problem and that may one of

the silver linings of the fact that the trump administration seems to have no clue what it's doing the north and south are clearly moving ahead we saw the historic meeting on the border we saw for talks progress moon was elected to do exactly what he's trying to do and i think it's actually the u.s. the interventionist the neoconservatives who are isolating the u.s. and making us irrelevant which from a libertarian perspective is actually a very good use of the u.s. had to really go now to south korea it's never on the cards as it. well things happen very quickly overnight you would have thought just before december of one thousand nine hundred nine that the wall would come down these things do happen storage events do happen the antecedents are there they're planted we don't see them until it comes to prohibition i think that the ball is in play with north and south three of us is irrelevant at some point if a deal is made between the north and the south eventually the us will have to be asked to leave well we'll watch with great interest certainly mcadams the wrongful

institute for peace and prosperity thanks for your thoughts on it tonight. so it seems north korea is taking everything at face value at the moment it's gearing up to dismantle the nuclear test site located in the remote northeast in fact it's the country's only known nuclear site of in six tests there as was well documented since two thousand and six now i can tell you at least one of our correspondents spondon says one of the few news channels and camera invited to witness the destruction of that site the man in question occurs but he goes down off his own route here is. 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 south eastern city in north korea and it is a resort site the test site that is set 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 stripper when this is going to happen exactly but definitely in the upcoming days. it is returning to a spring of discontent in france earlier fresh protests in paris today against president across social and economic reforms of the turn violent at some stage shot to do bensky earlier witnessed how indeed a pace a peaceful rally descended in a matter of just minutes the crowd is swelling here in paris this is just one of the around one hundred ten demonstrations taking place at cross france.

they've been joined by one of the main line unions in votes which represented by the point seven million people across the country as you can see the police here they're forming a lines and barry is trying to stop some people from moving forward towards those crowds but really in the last ten or fifteen minutes or so this protest which was entirely peaceful has a chime for the worst. that was just cool to see in the middle of clashes between the police and the protesters the police have come and push the protesters back you might be able to see the crowd about one hundred fifty meters away from us. the police of being taking some of the slogans that were made by the protesters away from them we've also seen some pro.