world cup festivities kick off in moscow within the russian capital offering a cultural showcase for fans from across the world on the eve of international football's biggest turning. our team's top down to for the world cup manchester united just say marino picks out who he thinks will be fighting it out full glory come in july you can catch that on our website. brazil he said to portugal it was i'm doing emotional jol. yeah might be. another news that rome summons the french ambassador and demands an apology after emmanuel

micron lambast the italian decision to turn away a migrant rescue but. the latest on the stories you can head to our team dot com stay with us for the financial news and the kaiser report but if you're watching us in the u.k. boom bust is next. hi i'm mary scars or this is the closer for well let's get into the show hey max i want to show you a hockey stick sort of chart you know it's a good time to do it during the stanley cup well one month treasury bill eales this is quite remarkable going back to two thousand and nine to do twenty eighteen you see that it has soared ninety one fold from as low in june twenty fifteen when it was point zero two percent now it's one point eight two percent

a nine year high that's a remarkable ninety one fold increase in a year old it's just it's on the one month treasury bill that shows that banks don't trust each other so banks are not lending to each other so credit is freezing that's what a credit freeze looks like we saw in two thousand and eight and then the global financial crisis in suit and a required twenty trillion dollars worth of fresh central bank printing of money to bail out the banks and then they used the money to increase their balance sheets and risk by a huge factor and now are at the stage where it's going to collapse all over again but in a much more spectacular way so that's what that's what that's telling us if it if that continues then yes we're on the verge of another leg down of the global financial crisis it did start you know this soaring of the yield started right as trump was elected so the bond market is moving in one direction stock markets are

booming obviously and that's done well under trond and part of it and i'm going to get to that in a bit is to do with all the share buybacks as well and trumps new tax legislation which has seen repatriation of overseas fund so thank shares hitting all time highs . as well this is another chart from the same guy facebook all time high apple all time high amazon all time high netflix all time high now is that one hundred all time high you see they're doing quite well maybe the bond yields are not doing as well but certainly the share prices are doing well yeah absolutely monopolies are alive and well in the platform stocks like amazon and facebook others that dominate that space yes so those are all the big online social media platforms they're all doing well and there they've been soaring in the nasdaq is that a new high the last time we saw this high was back in two thousand and two thousand

right when the dot com bubble crashed last one now is this sustainable is this not well wolf street dot com they look at it and you know wolf richter over there does a lot of analysis of the housing market of the auto market of stock markets of bond markets and he says you know he looks at what's overvalued what's not and he gives some reasons for it so it's a good sign we've interviewed him many times but his article here on these dot com shares and there are soaring valuations in the soaring stock market he's got an interesting explanation for this huge new prop under the stock market is a one time affair crash insurance with an expiration date but it's working while it lasts in may with great and perfectly orchestrated fanfare u.s. corporations announced plans to buy back one hundred seventy three point six billion dollars of their own shares sometime in the future it was the largest

monthly buyback announcement ever and some of the announcements were expertly time to overcome operational debacle so again he's looking at their actual results and he sees a lot of operational deficiencies there that would normally impact the stock price but they have time to. share buybacks to have huge announcements biggest ever one hundred seventy three billion that were announced in may now one hundred billion is from apple alone but they as he points out have not even finished apple corp has not even finished doing their last announced share buyback so whether or not this was ever materializes another thing but a lot of this has to do with this repatriation of all their overseas allegedly overseas funds well the problem is by way of analogy if i had a convenience store that sold lots of stuff in the store and my revenues that i reported at the end of the year were based on my self buying the stuff in my own

store so a den of the year i said i bought all the toilet paper and i bought all the twinkies and i bought all the anti-freeze and i bought all the twizzlers and i bought all the beef jerky as i bought all that stuff and i booked huge revenues ok that's great i should be worth a lot of money because of all the revenues that i have created by buying back all the stuff in my store you should be in the government if you know that's what happens if you're buying back your own stock you know not creating any earnings well the last episode you were talking about the collapse of the soviet union and the united states would not be far behind that of course sounds like a soviet model a communist model is that just buying back your own stock now what steve jobs have done this i mean would he be buying back one hundred billion couldn't he find a better use for one hundred billion dollars if it's one hundred billion dollars buying back your stock share great your shareholders are very happy but are you know is the future. does that future look bright if you can't find anything to spend it on creating short term gains at the expense of

a longer term growth yes actually so you know some of vesting in to feature end products and employees you're taking all of future revenues in your book it today just like the mint is buying back all the stuff in his own store yes he bought back all of his stuff in his store and he has a lot of revenue but now his store is empty and he has nothing to sell so the next quarter he says my sales are zero because i have nothing in the store to sell i bought it all myself so similarly with apple they'll buy back all their stock they won't invest in the future and when it comes time to reporter an engineer or two from now they'll have nothing to report well i'm going to get into why this is basically just a blip because of the tax legislation that passed but you know as you were describing it buying back your shares it's a lot like what the private equity model we've seen across retail sector we saw toys r us just go bankrupt was shutting down hundreds of stores are having liquidation sales everywhere and they were driven out of business intentionally

really by private equity firm that bought it with their own assets the assets the stock value of toys r us and then give themselves four hundred million dollars the whole company class people that were working there for thirty three years get zero these guys who came in for a few months destroyed it and then you know now it's left as a carcass and that is essentially what apple is doing at the end of the day it's might be a longer term and there might be some fancy products in the meantime but wall street says about the tax how the tax legislation the new law has basically incentivize the share buybacks he says the no trim tabs provided as to why the share buybacks are suddenly blowing off the charts is key the corporate tax law has changed concerning the repatriation of overseas cash that represents many years of untaxed profits and vested mostly in u.s. treasuries and corporate bonds this quote unquote repatriation is a one time affair why. these limited so called overseas cash has been repatriated and spent on share buybacks dividends and executive bonus is gone and then what

these immensely overvalued shares will then have to find real buyers but for now companies are selling their treasuries corporate bonds which have taken a beating recently and are using the proceeds while they last to buy back their own shares at historically overvalued prices right you mentioned leveraged buyouts there so instead of a company doing a leveraged buyout on buying another company they're doing a leveraged buyout of themselves they borrow lots of money and they buy back their own stock and they're taking this old private and they're taking the entire s. and p. five hundred private and the people who are left will be private equity stock owners who run the economy without any participation at all from the general public who already owns less than twenty percent of the stock market owned by the average mom and pop out there will drop down to less than one percent and then you know what's the new road to serfdom this is the new road to the american serfdom yeah and in terms of toys they're asked by the way go in bankruptcy last week and liquidating

you know new jersey politicians where they were shutting down operations were like oh you know this is this is horrible and we this is not capitalism but that is what we have always rustam go bankrupt that's like saying a man that was shot in the chest got in the way of a bullet that happened flying in that direction they did not go bankrupt there was a concerted effort by a private equity to load the company full of debt in exchange for cash that cash went on to the books of the private equity group the debt stayed on toys r us is unsustainable debt and it was a manufactured collapse just like a mafia don will bankrupt a restaurant or something of that nature by having them take on a lot of debt for the insurance money here they're taking on a lot of debt for the equity extraction that was engineered by the private equity firm this is mafia economics yeah but who's on the other side of that somebody had known them that money again i don't think a lot of the money and if they ever. the bank can't meet the obligations of their own books they go to federal government for another bailout it's called keeping

interest rates at zero percent if interest rates around more than one zero percent there would be no money for these mafia like leveraged buyouts in the stock repurchases if interest rates are going high in the short term in the cost of fraud and the cross of terrorism goes up then they'll be less obvious as i've been saying for years the way to stop financial terrorism is to reduce the cost of financial terrorism raise interest rates but johnny and now this new guy powell are in the business of enabling financial terrorists and some america is the american. so we'll fix your calls the stock buybacks crash insurance but with an expiration date obviously that once a repatriate all this overseas cash then it's going to melt down but the fact is also on top of this it's been announced in the last week or two all these corporations member at first i think as kind of a quid pro quo to the art of the deal maker. they announce all these like we're

going to give everybody a thousand dollar bonus while we ourselves click billions and botha's is our personally the heads of these corporations but we're going to give a thousand dollar bonus or we're going to increase pay this is what they said as a result of the tax law but if you see they actually announced that he got it of course this big got overlooked because trump didn't call attention to it and the media only covers what trump points to in a tweet that day so the fact is they announced the no more jobs no more increases in pay no more bonuses and in fact they'll probably start cutting jobs and cutting salaries there's no plan to cut to increase wages over the next year despite the fact that their tax rate is now a fraction half of what it was last year john d. rockefeller used to walk down the street handing out dimes there is donald trump in an up thousand dollar. bills which accounting for inflation how the purchasing power of a diamond back and johnny d.

rockefeller's day were proximately yes but he called a lot of attention by his tweets to those thousand dollar bonuses that a few companies gave but it was only a tiny percentage of their gains that they had from the tax cuts and now of course trump is not calling attention to the fact that they're now going to start cutting wages and probably kong back that thousand dollars they gave you in order to keep the population sedated about their own benefit from the tax cuts i don't miss those days of the war bonds you know they used to get americans had really old junk bonds you know to finance world war two he had some good raw raw go kill the enemy films in hollywood and there was a wonderful life and. frank capra movies i'm a member of that america norman rockwell. people fornicating the turkey on thanksgiving dinner and stabbing santa claus in the back and they call that america

mother's day celebrated by unix castrating themselves in the middle of times square they aired then as american no more well we'll be back after this short break with more don't go away. from jim summit in singapore we certainly rich when it comes to optics but what about the substance both leaders are clearly looking for a win in process has started there are plenty of obstacles ahead and no shortage of people whose worst nightmare might come true peace coming to the korean peninsula. welcome back to the kaiser in florida i'm max kaiser fear feeling sleepy you're falling asleep not sure where you are ears now defenseless against the truth they

will be hearing for the next few minutes. well including and you think it inc. stacy was going i thought you were going to say we're still in the demented time square that you were talking about but instead we're going to talk about some basically social media because we're continuing on with this facebook and twitter and all that stuff you know we've been covering the fact that there was a hash tag delete facebook that didn't work in fact it just drew attention to the existence of facebook to the few people in the world that didn't hear about it and apparently they signed up but there have been some more revelations from facebook that they actually it wasn't just one group you know the cambridge analytic and that they gave our private data to they were giving it to everybody they were giving it to apple they were giving it to all sorts of people and now kim dotcom asked snowden a songe to help create secure social media platform this is the headline from r.t. and they're talking about the tweets coming out from kim dot com over their new

zealand i would like to invite top security experts like julian assange snowden and members of the c.c.c. that's a chaos computer club to join together in creating a secure social media platform that will replace the deep state conspirators facebook and twitter after years of betrayal it's time for something better or wow all right so facebook in other words there was a restriction about who could just access their data right and they were they were giving it to everybody no matter what like the you know one of those find out about this of the gas station there's like a would wall with holes in it and guys just go up there and they they they're violated anonymously through this blank wall and they're just holes in their there's all kinds of you know shenanigans going on and under-aged minions and so there's facebook there's mark zuckerberg he's the guy in the gas station on the other side of that hole in the wall just anything that comes through that wall he goes and he goes for it he goes for anything that comes in there is totally

nondiscriminatory big small cancerous. loser a city doesn't care it goes for mark zuckerberg these are polyglot well i did just travel across the united states with you and see even baldwin a whole bunch of other people we did stop at a lot of gas stations i'm glad there's a ladies room at all these because not only this in congressional testimony a lot of these house of representatives recall doing this in their testimony right i forget the guy's name but he was one of these guys well of course mark zuckerberg in testimony did say that you own your private data your private data on our site facebook you own it not us while they were actually selling it so i don't know how much money he made from this or the the corporation but if he saying you know his own testimony to congress unless he was lying under oath you're owed that money he was selling your data so you deserve that money he had no right to sell your private property true based on his own test true but nevertheless you know my

answer to kim dotcom is dude we're already doing this we're working on mines dot com that's on the block chain there are other alternatives out there already to twitter and facebook and they exist now and you could join us kim join our revolution you know why doesn't kim dot com join the sidelines dot com exactly you know r.t. is an account there i have an account there i do too. but i don't know why i'm going with this conversation you know it's called the kaiser report so i call the kim dot com stacey or i'm a reporter is it ok i'm going to count their minds dive going to you get paid to post your content ok and it is on a block chain so it's a block chain you can't censor it and they don't sell your data your data ok no to mine stuff come you know i did start an account there i have my own account minds i com c.n.n. but we have guys report we have max keiser but i basically am trying. we have actually i'm sure i am our skies are on the sovereign so i am trying to give up

twitter i already gave it faced. december twenty fourth was the last time i was ever on that december twenty fourth two thousand and seventeen my last tweet was on june first twenty eighteen and it's this is my last tweet scientists have jumped the shark your body has a second brain in your science. well you know they always when somebody has passed away or died or your last tweet you can't quit twitter it's impossible i don't know why you're talking like that but i'm trying to give up twitter and that's what i'm going to try and let's see but if if if i were to pass away in the mean time that's going to be the last thing that i that they point to smart technology it's not just you know analog assad just dumb smart it's got its own brain exactly so you know why i can tell you why that is actually because the fetus develops from the anus first because that's what makes article so i mean i actually read i really knew about that because you know evacuating the materials as

a fetus is developing of course is quite important any developer here where we are there are thousands of omens going on you've got to build all the pipelines and all the stuff to evaluate sue is going to happen first that's where the fetus develops first and then everything else comes after that so that's why it's so laden with neurological concentration is practically the brain like qualities people out of people have a gut instinct are actually thinking with the cheeks of their well anyway so we're going to look at facebook as well another story because remember they bought what's app and what's app has encrypted and and technology was allegedly right and so they have encrypted end to end technology and when they bought the company for billions of dollars twenty two billion dollars and twenty fourteen mark zuckerberg promised that it was going to stay that way that they were going to say pure in their no ads on it well in fact facebook is going to start having ads in your whatsapp and importantly targeted ads meaning that it they'll keep on saying it's

and christian but somehow there's somebody in there an algorithm. at what you're talking about because they're they know where you are they know what your likes are they know what you're talking about in order to target the ads to you so here is some félix salmon and slate dot com there is no justification for what mark zuckerberg did to what's app the wall street journal published a bombshell story last week about what reporters kirstin grind and deeper so far men called the messy expensive split between facebook what's apps founders by the time you finish the wall street journal piece only two options seem possible either zuckerberg is a liar or he's a liar with absolutely no concept of the sunk cost fallacy when facebook bought what's out for twenty two billion dollars in two thousand and fourteen the company's rolled out a very clear messaging campaign based around what's out motto of no ads no games no gimmicks the messaging service would be owned by facebook and facebook could continue to make as much money as it wanted from ads on its own platform facebook but what's app would retain its purity of products in revision roll out end to end

encryption so we're going to talk about how the founders of whatsapp were supposed to stay on how they stayed on just through the rest of this year instead of quitting as they have done i mean they one left nine hundred million on the table the other left four hundred million by leaving early because of what zuckerberg is doing it's a matter of character mark zuckerberg started facebook by stealing information from harvard you know they had their yearbook information that he stole is a thief and then he copied a site called rate my face i believe it was called it's time to create a site called my facebook there are no the facebook and then it became popular on campus and then he went right to sand hill road and saw for cisco and raise a bunch of venture money and sold out to goldman sachs the genesis of it all though was that he had been stiffed by some chick on the harvard campus he couldn't get

a date so he expressed his anger by still breaking into the database and stealing information and then crane this gigantic enormous behave with of a violation upsetting surveillance state. gargantuan software. and then it's all because of his character is he has a very low character has no moral character well it probably ok but felix salmon says he doesn't know if it's if it's him or sheryl sandberg somebody is advising them to basically betray their agreement with the two founders now the two founders of whatsapp in their agreement with zuckerberg with facebook did install it basically a clause saying that if you start to use ads we can basically sue you and what we could leave without penalty but it turns out that there was actually another clause hidden in there that they didn't quite know your. idea from the winklevoss twins that me yet is no evil character and now he's destroying this entire industry ok so

what's happened is an easy acquisition for because the two apps have very different founding principles jan koum one of the co-founders who grew up in ukraine believes deeply in privacy zuckerberg thinks that the more open and connected we are the happier we will become and so in order to acquire what's abse i could not only had to pay a lot of money and give up a board seat to coom he also had to make a lot of promises some of those promises were even enshrined in the acquisition agreement if facebook imposed quote monetization and mr divs like advertising onto whatsapp its founders shares would vest immediately and they could leave without suffering any kind of financial penalty now zuckerberg may be an immoral corrupt but these two founders left without collecting money because there was another cause and their wish that they had to sue to get that money to so they've just left over a billion dollars on the table because they disagree was a calculation that was made at the time of the signing because they were able to

still take home twenty twenty one billion dollars apiece so the leave the nine hundred billion millionaire on the table as a jump change is meaningless if they knew that they were getting in bed with the flea ridden pig and then they. they knew that this day was going to happen they knew that from the day one that this day was going they left they they had to leave because they found out that facebook was what facebook is and everybody said this would happen google of course also removed from their own charter that don't be evil so now they've admitted basically that they can't abide by their own basically principles that they said they were operating by so he's saying that it's a sunk cost fallacy that. is thinking he needs to put ads on to whatsapp given how much facebook paid for whatsapp doesn't have a right to get a return on its investment the answer to that question is simple no it doesn't this is where the sunk cost fallacy comes in it doesn't matter anymore how much money facebook paid for what's out all that is water under the bridge zuckerberg wants to aggressively monetize what's app installing ads between every other text message it

is within his rights to do that regardless of how much the acquisition cost was but the acquisition cost poses zero current burden on facebook that requires the imposition of advertising all because dr burke is paranoid this is a correlation with the wealth that happens and most people that become wealthy they become increasingly more paranoid and so mark zuckerberg is worth forty fifty billion dollars his paranoia is now william randolph hearst like levels of maniacal megalo michael psychosis so i wouldn't expect expect him now to act out in some unbelievably he has a right to be paranoid apparently you saw what he was doing in the bathroom across america who was going to start somewhere he was on a journey across america planting the seeds of his presidential campaign planting the seeds of his presidential campaign is a good way to put it it's a great way to stay service commenting on mark zuckerberg see various gas stations

across america well that's going to do it for this edition of the kaiser report with me max kaiser who is also on mines dot com and stacy herbert and if you want to catch just. twitter well maybe not stacy because she quit twitter but kaiser reports on twitter and i suppose over so many tweeting i'm not the probably be stacey open mic i'm there for a cause or pour on twitter only from x. guys or on twitter because i'm a narcissist who i like to see what i say the next time. when a loved one is murder it's natural to seek the death penalty for the murder i would prefer it be to the death penalty just because they think that's the way or think the right thing research shows that for every nine executions one convict is found innocent the idea that we were executing innocent people was terrifying those just

move the present and then we hear even many of the times families want the death penalty to be abolished the reason we have to keep the death penalty here is because that's what murder victims' families want that's going to give them peace it's going to give them justice and we come in saying. not quite enough we've been through this this isn't the way. join me every thursday on the alex salmond show and i'll be speaking to guest of the world of politics sports business i'm show business i'll see if.

there. are a. lot of welcome to worlds apart remain leaving the global village but every corner office village is guarded by different polls on what one may or may not same public one man's truthteller has long become another man's bigot while public debate often comes down to have done ting outrage or hurling insults rather than discussing policy is it still possible to have a substantive conversation of those who disagree with you being mean to discuss that i'm now joined by katie hopkins a british journalist and media personality katie good to talk to thank you very much for your time thank you for seeing me now you're

a pretty controversial person in your own country and many people consider you purposefully offensive and yet over the past few days that you've been here in russia in st petersburg you've only said nice things that have this country honestly is not very used to hearing nice things about itself being purposefully spiteful i saying all those things as a contrarian. people have been surprised by my reporting from st petersburg because i love this place i love the openness of it and it's been a real surprise to me we are i think in the west in my personal view you know putin is painted as a. this is very much the way of people almost actually of coming to russia because this is the idea that it's somehow a frightening place and all i've been trying to present to people and show people i think is is that there's only ever what i see.