whom 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 us 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 a lot less 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 bone 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 when america was great so part of what the new york times piece 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 at that built by previous generations built by. they 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 had 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 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 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 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 there those he's drooling on himself and there's a naked charlie munger dancing in the corner and that's not even a way to do you have all the sorting and getting on. those really good walnuts and banana the fantastic anyway what i was saying was that he'd. 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. we've all gotten used to it the media hates trump and the president returns the favor in kind o. is this mutually charged hate fest changed media and journals or just some corporate liberal media to report the news anymore and is journalists a big profession in the service of partisanship.

kinetically modify do business in the system kids in the food industry in the one nine hundred ninety s. . taking that in knots and what does not have to do to keep them. from ocilla. life is a chemical plant least khaliq. the food. service right. here is. closer to the runs of. possible damnation. the kind of future scientists truth that context really. on the human race to science servants to free of g.m.'s in crisis eight which will even be able to see if we pass the points of never send.

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 welcome 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 actually is 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 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 read even 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 and sounders and they had arnold carlson are to listen to it and and they

continued 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 had it all 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 kind of he is such a 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 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 and 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 and then that money has to go into the u.s. or wash 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 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 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 to 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 i don't know. if i can use the c.b.

i can speak to footprint of that 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 it was a big number i mean these are makers so it's almost like you know you talk about remittances and developing world you're saving one thousand percent or more in the remittance fe 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 defense attorneys aren't paying 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 rate should be going lower the 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 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 sense you can expand the banking base by i mean remember when you bring somebody to the banking world 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 hold. 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 an 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 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 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 training is but put that aside and i was austrian leisure anaconda and i asked them they said was the us dollars backed by the central bank i said so so you feel comfortable that the value of your money is controlled and backed by people who in the keeping that value will 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 backs krypto but going back to going back. who 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 complement 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 the mic 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 it's huge 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 they want about to tell the world that charlie munger doesn't that kind of hurts your case right it hurts i don't 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 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 i was of history 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 use it 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 a best the only way it reaches the end is like jamie dimon is incident he can't do anything about this wave of change at 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 been warned by him stop or instruct crimestoppers a lot of moms and their little you know they're the most dangerous people you can lead a little in every way i think mulder buffet financial jihad truth but then what is your body that's what they are so they watch your show down there are lots. of other great a speedo by the way well i hear 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 we got to go it's already so it's already 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 everett 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 it's all next time yeah and me and my speedos by. fifty years ago breaking and we've been to come together as a sleeping pill. because we're out to. the sauna to fix what terrible but not on. you know.

across europe. legal battles demanding at least some compensation something to wait till the physical times itself as well with the constant reminder that the people who actually perpetrated this crime has never been able to justice and it has been a couple. and you'll protest rally and protest against something that's invisible to the naked eye impossible to touch but this is still present everywhere we go i this is absorbed by the dissolved in water and soaked up by the soil.

it's a boy oh boy i'm going to. take it in the proper way you move. along . the show sort of said with little more style or a film of the reporting a good excuse to force an issue a good deal more fall. onto us know. ok we're ok being. like they did was just something that. i was a true cook to do or something. i did i didn't rush them in the wish that my. goals is to see them you want us to. live when it isn't you're supposed to go. through it.

all very different. but we have one terril feasting in common we constant life without. i. think i teach. people. which.

is so genetically modified organisms they says depends on the food industry in the one nine hundred ninety s. in one thousand nine hundred. corporations cultivated to back a that was passed resistance genetically modified tomatoes followed soon offset. nowadays more than eighty percent of soybeans such unethically modified as is one hundred percent of papaya and up to seventy percent of the most popular dried baby foods have g.m.'s in them. i started looking at labels when shopping for groceries as i thought it was causing my kids' allergy a soon came to realize the tide being slightly wrong. then was the says stall put in this investigation. i happened to be that when i'm teaching my outfits we're getting ready for

a rally. we only knows. most of. those. folks. thank you or just a lot i mean this is one of the only. for god over you know over yes for obese some people say for. more organization this is not life if there is a heart we never call you know if you want to find seats from the environment they are there for the rest is history. no if it. is they're. going to love my family more.

real you know the shot of little ball when. i have. access to my cousin figure these people out. simply rejecting anything new or revolutionaries shutouts about rats and fight for the health of future generations . corporations that produced seeds of g.m. plants claim that trance genes are absolutely harmless and most his move to make things trust ecclesia farm is spying creasing transfer assistance to pests and diseases they bring high yields and they could finally help to feed humanity. in two thousand and seventeen the tissue area of g.m. crops reached almost two hundred ninety million hex has three times the size of france currently g.m.

crops a cultivated in twenty eight countries. in the usa which has thirty nine percent of the area of g.m. crops in the world brazil has twenty seven percent argentina say team descends. india has six percent each at the same time not only have some. countries too in two thousand and sixteen mania left the transgenic cultivating club. in spain with. paris. well strip her lens venezuela greece and switzerland all g.m.a. free to go to. your beach know it. reminded of. how the country i live in russia forbids cultivating but doesn't forbid selling it and its baby food contains chimay maybe that's what's causing my kids because that's what i buy. and i decided to look for foods grown

as they say comically. maybe. not xander to come and follow if decided to reconsider his diet off his granddaughter who was born. back then it was really hard to find organic food in stalls so he decided to make a comic food himself. on the way to the mr mark the right. sort of cigar. took up almost. zero to do with a political nuclear. a lesson wasn't working. you know. better than most came up with a get off. by. force so for them the. most famous. more just more was terms and he's a what then is this the way you want to look is the foremost i'm a good business. something joe thing that was teacher teaching assistant but after

more than two. festivals in the forest. mice and house of allergies particularly smelt. this was. this is just how still consider. the sunsets. birds that. i decided to take a chance and let my son eat the pancakes with sour cream that the farmer had mazed a kind of volcanic experiments on me and sun i made sure i had some antihistamine tablets on just in case. there was a worth one point two million. people that i was a personal present. becoming one with. them. there will.

ensure. that this isn't the first play of the doing. so business. walton's that population is including these rapidly decreasing all around the world one theory is that pollen from transgenic crops is becoming sterile so bees contacts try to nuff of the nutrients they need for miss insects just die of disease hunger and digestive dissolve it is since nine hundred sixty one the number of bees in the united states is harvest is even for them by ninety percent in places if you can buy hash tag and the same thing is happening all over the world. all. i should mention that my son didn't have an electric reaction to the organic

milk maybe that was just chance. after talking to a staunch g.m. opponents i thought it was time to meet a staunch advocate. the agrarian university in moscow a long the idea that the those who boasted anybody in nutritious food would score seriousness but they believed challenged my. position at h.-e. more rigs from hung out near i'd never hear blue as national good more so with the more. genuine. markers the more hype there about government hope to get the soaking covering news from c b cos only pretty much the bop machine cohesion be shot. someone.