has clearly taken control and if you've had it up to here with that monthly cable bill visit cord cutters news dot com we just showed their beginners guide and live t.v. guide charts on screen they are really cool and really useful and you got some product reviews there for antennas and other stuff thank you lupo mccord cutters news dot com. thank you for having me. ilya posen is the chief growth officer and co-founder of pluto t.v. he has helped launch numerous web and mobile apps and you might read his columns in ink and forbes magazine's he joins us from our t's studio in hollywood ilia welcome to the big picture and a things for having me on pluto t.v. offers over one hundred channels and a bunch of on demand movies free unlike sleighing and some of the other internet t.v. services what's the catch. you know there's no catch just like you know traditional

t.v. there's ads right so we are ad supported we have amazing free content from over one hundred thirty different content partners from big studios and networks and we offer it to consumers completely free on an ad supported basis you know one of the things i love about pluto is i'm finding channels there i have never seen on cable or satellite and you are i guess an industry term a curator ochoa. that's right that's why we assemble over one hundred channels some of them we license and bring in from partners like we have are to america for example and we build ourselves and we put them together something like man up for political movies or action and things like that very cool i found a pluto t.v. on my roku box and i know you're on the apple t.v. and chromecast and some of the other dongles so i've watched on my computer at pluto dot tv and you're in the smartphone app stores which devices do

people use to watch pluto t.v. the most. yeah you know that's a great question a lot of our users actually use multiple devices so you can imagine maybe when you wake up in the morning you're using your mobile phone you get to work during lunch you're on your computer but the biggest use case where most people watch is just like traditional t.v. and that's at home in the living room based on what users are watching on pluto t.v. what have you learned about how we consume video on smartphones to users watch whole movies there or does the mobile user favor shorter snack size content. you know it actually varies we have a lot of users that watch long form content full length movies right there on their phone and some of them maybe they have only fifteen minutes to kill and they're bored or something and they watch you know maybe some cat videos on our twenty four seven cats you know it had to happen a twenty four seven catch channel i remember when people didn't think the weather

channel would fly one of the things i like about the movie channels is it's like reading a book because you can always resume where the left off and i find that's how i use it on the phone is that typical. it is it is you know there's something to dropping in the middle of a movie and something the two are right but if you know exactly what you want to watch we have a great on demand section if you don't know what you want to watch you know are our linear offering with our channels is perfect for you to figure out you know what's on right now and drop in now if i'm not begging for proprietary information what are the most popular channels and program share have yeah i mean that's that's not that's not something we've disclosed but i can let you know that you know our users kind of fall into a few different buckets you know you might be a news lover and watch tech you might be into movies and watch lifestyle you know before because we offer over one hundred different channels and our content ranges all over the place right we have movies and t.v. shows and comedy and all sorts of programming we find users that you know gravitate

to a set of channels that they love. and they stick to them but there's a lot of different types of users so there's not really one channel or two channels that stand out you know people really gravitate to that shows they actually love now i had to tell you how old i was when i signed up is there a demographic sweet spot for the pluto t.v. viewer. you know where we're very very broad we range all over the place from very young to the old and you know but we do tend to over and with millennialists. but in general you know our demo is very broad well not surprisingly because after all you're free beings watching is so popular now because there is a resistance to the way commercial t.v. has overcommercialized do you think that at some point you would evolve into a two tier thing where there may be a freebie that's ad supported or you could pay to get with no ads or do you think

you're going to stick with the model you have now. you know right now we're completely focused on free premium offering in the future is not out of the question i'm not surprised but in the meantime. i'm loven the free and i appreciate your time ilya posen from pluto t.v. thank you for joining the big picture. thanks for having me. it's memorial day weekend have a good one enjoy your cookout and let's please remember that this weekend is more than just a great time to buy a new car or the furniture sale of the year memorial day is about remembering those who gave all for our way of life to this day when i meet a vietnam veteran i say welcome home and to all those who serve. thank you.

for all will come twenty eight team coverage we've signed one of the greatest goalkeepers of all time but there was one more question by the way who's going to be our coach. you guys i know you on the us he's a huge star among us and the huge amount of press cameramen you have to go meet the center of the beach to tell we're with you and we will show the great game the great good you are the rock at the back nobody gets past you we need you to get the ball in going let's go. alone and doesn't want to you know and i'm really happy to join the team for the two thousand and three in the world cup in russia meet this special one come on both appreciate me to say the reno bianchi team's latest addition to make it up as we go

so i need to just say look. seventy four design submissions. seven thousand islands. to join judges. and. eight hundred sixty nonstop days of. the russian w.b. h.m.p. it. and a russian stuff. show you how. long the crimea bridge was built. witnessed the construction living you need to transport. that will help the cause of crimea. lost most of those while google more familiar with it a bit but it's clear.

funny enough when i need to find something really cool we should know it's him but me let me. know so. you know to let me be clear when i got up on the field on october fourth and bulletin i got up at stony. time x. times or this is the kaiser report i am feeling it stacey hey max home ready in the near and talian two year yields still near zero percent as new government

proposes haircut for creditors and alternate currency markets on knife edge the proposals by a government for a debt right off and the issuance of short term credit notes as a sort of alternative currency are hallmarks of a looming default and should cause a spike into the stratosphere or at least into the double digits and so italian government bonds fell in the yield spike today adding to the prior four days of spiking but wait. italian bonds were trading it at the two year was at negative rates only a few days ago so a few weeks ago so. people are bunkers this is hilarious the world is flat and i can prove that because the ship of the economic state is about to fall off the edge of the world in plummet into the abyss so no economic interest rate gerrymandering manipulation

contortionist that deeply. reengineering plain man. will result in anything less than the bond apocalypse the bond market is in a three hundred air bubble it's about to blow and it's going to cause massive problems and chaos so let's put it really compare it to the united states ok we we both like clowns as president that's apparently true but italy can't print their own money yet they're trying to introduce a parallel currency but nevertheless one can agree that they've had a history of devaluing they kept on devaluing for example leading up into the euro i did a lot of deals with them when i was at a film distribution company and we kept on having to renegotiate because they were always devaluing today they're in one of the worst debt crises and we've been

talking about this for quite a few years since the fight the last financial crisis of two thousand and eight through two thousand and nine when is italy going to blow and can europe deal with that well five trading days ago the italian two year yield was still negative point one two percent in other words investors were still paying the italian government whose new players are contemplating a form of default for the privilege of lending money and now the two year yield has spiked to a positive but still minuscule zero point two four seven percent of the moment by comparison the us treasury two year yield is two point five seven percent over ten times higher so the u.s. government right now has the world's reserve currency the us dollar it cannot possibly default on your bond so they could print money italy cannot print euros and yet people are paying ten times more the u.s. government has to pay ten times more than italy does to borrow. they're showing

that their pay a central bank will continue to buy these bankrupt chalion bonds you know in a world where the pentagon recently announced they lost twenty trillion dollars and they can't find it you know that say they're showing you for for example that the u.s. can print money they could blow up twenty trillion dollars and nobody it doesn't matter italy if they blow up ten billion euro is the chaos ensues across europe right ok so you have twenty trillion dollars gone missing in the pentagon and there's no accounting standard whatsoever and italy that's a subset of the size of the italian economy the total g.d.p. of italy is considerably smaller than twenty trillion dollars and so you have obviously robots that are buying these bonds without any sound economic reason to do so so this is part of the bound bond pocalypse is that there's nobody actually a human being deciding that these negative interest rate bonds are

a good deal these are robots eighty to ninety percent of all the deals are done by robots so the robots are either a trying to destroy the global economy or b are not programmed to act rationally well that's one way of looking at maro jaggy but we're going to look at why these ilands why the u.s. government has paid ten times more than italy to borrow money for two years why that is happening is partly because the u.s. fed is no longer buying their own bonds like they were during quantitative easing their tapering and remember we've often said you can't taper ponzi what happens is the collusion is a soon as the u.s. stops buying the u.s. treasury stops buying the u.s. fed stops buying their own bonds well then the e.c.b. steps in so how is this possible according to wall street is says as the possible because the e.c.b. run by an italian has been buying a talon government and corporate bonds hand over fist along with bonds from other countries in the euro zone as part of its q e an order to do whatever it takes and

what it took was to stop any and all. price discovery and to force investors such as life insurers and retirement schemes that have to buy euro bonds to buy italian bonds even when the yields were negative these outfits actually their beneficiaries whose money this is are now pocketing guaranteed losses so it's not hilarious to them as i said the pension accounts and the retirement accounts are programmed robotically algorithmically to buy these bonds even though makes no rational sense they're locking in losses now that makes no sense so i get on the titanic and you hear the warnings there's an iceberg ahead iceberg ahead but you say you know i'm going to ignore the warnings i'm still going to sail into the iceberg again they're basically italy is allowed to borrow at a lot cheaper rate than the united states people are buying negative yielding bonds on a government that's about to disappear to implode the economy there in italy let's look to investors in the united states mint mostly new york stock exchange and

nasdaq all that trading is done by robots but those robots act on behalf of the ordinary investor and for pension funds and things like that but they're also v.c. funds and they've been well the entire economy is movie based now enjoy it while you can overall seventy six percent of the companies that went public last year were unprofitable on a per share basis in the year leading up to their initial offerings according to data compiled by jay ritter a professor at the university of florida's warrington school of business that was the largest number since the peak of the dotcom boom in two thousand when eighty one percent of newly public companies were on profitable of the fifteen tech companies that have gone public so far and twenty eighteen only three had positive earnings per share in the preceding year according to mr ritter so they talk about it or air b.n. b. we work until body makes money they have massive losses they go public they still don't have earnings air b.n. b. is the first time they've actually made some profits in the last quarter so we. we

have a negative basically venture capitalists have been financing vast sways of our economy i can take and hooper so cheap and so easily because investors are paying for half of the ride you can pay you get cheap office space in downtown manhattan because investors are paying half of the price the that they no longer have true cost to them they're basically subsidizing the customer in order to basically destroy all the competition and create monopolies that right going back to the especially accounts there are vast pools of capital that are algorithmically managed and so they see these companies that are going public as a way to put money to work even though it makes no rational sense now twenty five years ago companies to go public as a way to expand their would be a viable corporation you'd have to meet certain criteria to for being a viable corporation and then you're allowed to go public now there are no such

criteria so if you're a socially burning through cash and going bankrupt you're using the public marketplace to bail out a losing position so in effect you have taken the concept of a lottery ticket and you've turned that into a listed piece of paper on the new york stock exchange so there's no viable businesses here that are generating a viable business you know profits and earnings there simply hundred billion dollar lottery tickets. ok so i'm going to compare this to the situation in italy italy has no viable economy partly because there is a monopoly on printing money for the euro that's the e.c.b. the e.c.b. has been locking in losses for pension funds and other passive investors across europe by basically buying up on their behalf bonds for the italian government at negative yields i.e. them and paying the italian government to continue with their reckless policies

here they're hoping to have a similar sort of monopoly position that central bankers have that's the only way to compete with central bankers you as a businessperson have to compete with the central bankers they have a monopoly position and can print money at will but also burn money at will so here the rise in unprofitable companies is partly the result of the growth in the technology and biotech sectors where companies tend to lose money for years as they spend on customer acquisition and research and development but it also reflects the willingness of shareholders and deep pocketed private investors to keep fast growing up starts to float long enough to conquer a potential winner take all market today's public tech companies generally earn more revenues than their dotcom era counterparts and could find it easier to flip the profits which once they reach a sufficient size of course that reminds me of when ben bernanke you said you know we can print money for here to eternity and whatever you know as soon as inflation

happens we could just flip a switch here they're doing it the opposite is they're hoping to destroy all the competition and once enough to competition is destroyed that's just flip a switch and it be able to jack up their rates but by the time they destroy all the competition of course are going to destroy the jobs at the competition and therefore a lot of people won't be able to pay the higher rate jeff bezos is the model that everyone's.