the kremlin and the white house confirmed the first official summit between donald trump and letterman put in. world cup day fourteen sees. brazil qualifying for the last sixteen but there is a surprise upset in group. defending champions germany go crashing out to south korea and while the koreans fail to qualify for the knockout they are found couldn't be happier. for the latest on these stories and all the action from the world cup had to r.t.

dot com stay with us for the kaiser report on the growing number of billionaires and europe and if you're watching us in the u.k. boom bust as next. backscatter this is the ca's report of what do you know my crystal ball and things are looking or it ends i agree what could this possibly mean let's check in with the ever knowledgeable stacy that kind of reminds me of paris because where in paris oh it is new so my old perry assume a little old set what does this mean we're in paris we are in the city of love the city of lights rekindling our love in our lives since we were in ireland we've been travelling and about you know portugal south of france we were in monaco and a lot of things have happened in the last few days and including that the m.e.

piece the members of their peon parliament they voted to approve the controversial article thirteen which critics warn could put an end to means remakes is another user generated content article levon requiring online platforms to pay publishers a fee if they link to their news content was also approved this has to go to a larger vote sometime in july but just say now that they're looking to destroy means user generated content and even linking to contests well you know there's a fantastic series of videos on the web gold everything is a remix and it makes the point that everything is derived from something goes back to the beginning of time the beginning of consciousness the beginning of humanity is our birthright to think and to use the thoughts that come before us to create build on to say no we're going to draw a line and twenty eighteen and everything henceforth is ours it's ours and everything for twenty eighty the beginning of humanity is not yours it's ours it's ours ok that is just pure unadulterated uncut greed it's all but to me is

performing a labatt of me and humanity for the sake of corporate germany and it's disgusting and these people should be held accountable for this tragic correction of by human rights of course you need to have access to your own thoughts. of course the world cup has been going on and by the way i did see some sort of spanish speaking television presenter when mexico beat germany the first because i'm here. yes of course for me it's my technique that's now spread over you know everyone's into it you know i did learn something and if you go to five thirty eight dot com they have a good interpretation of lionel messi because you know lionel messi famously always messes up on his penalty shots but he famously walks all the time and like everybody else in the soccer field they run and how do i know that that that is possible he's like one of the greatest players in the last decade or two yes and he walks all the time where everybody runs and yet they've actually done

a study where they show that he occupies the space better than most people who goes where the play is about to big to win gretzky a football lionel messi true genius true and rinaldo they dominate the twenty first century who's better no one but i used to play soccer as it's called in america when i was a kid but i had to run too much and i thought this beat this game this is the boord the match of the pitch for de chess of course they trade war with china is heating up it's actually seems to be getting worse and worse between trump keeps on you know setting trade policy for tweet i wrote something about this or r.t. dot com and i interpreted the entire trade war situation and i gave my view if you were to understand what's happening if you were to look at it as trump sees it you have to get into trump's mind dunder stan exactly what's going on. to go to that might just blown things fracs well you can just go in there and see what he sees

and to give a quick synopsis basically when he came off as he said look the military is half of the tax revenue one point five trillion we got to cut that he looked at the big geo political war board he said gave make peace the korea cut back their. destroying nato could back there have saudi arabia and israel become friends got back there it's all military cuts and then from there he will begin to. downsize the pentagon and then china will try for tat but of course they can't because it means they'll go into freefall and complete collapse then they will have to start to underprice against other currencies to export their way out of that recession but a bad beginning i'm not sure about that because that fact there are very strong signs that the us military is expanding their presence around china and surrounding china but we'll get to that in another episode sometime in the future kaiser report about why max kaiser's interpretation was wrong and should be challenged i am going to me i'm going to say that we were also dead of monaco and we were quite shocked because you had lived down in the area from some air for like three four years i

had lived there for about a year it was remarkable to see the amount of construction going on there so i did a google search to find out what is going on with monaco because our suspicion was that this is the result we hadn't really been down there since the financial crisis post the financial crisis and we had an inkling that perhaps this is because of the central banks these this is e.c.b. this is us federal reserve this is all the money printing that is going on this is what we're seeing is the euro the the explosion of the billionaire and the ultra high net worth individuals well monaco builds into the med to how's new throng of super rich construction has begun on a two billion dollars scheme to reclaim land from the sea around monaco so that more luxury apartments can be built for the thousands of extra millionaires expected to move into the principality in the next ten years nearly thirty five in every one hundred monaco residents are millionaires and more of the global super

rich want to join them around two thousand seven hundred more are expected to call monaco home by two thousand and twenty six according to research by the estate agent knight frank take the total to sixteen thousand one hundred out of a total population of under thirty. you see in europe quite clearly going back to the financial crisis as you mention so when you had. athens in a greece collapse and you had double go through a huge crisis and now you have italy collapsing and you have the e.c.b. bailing out the creditor banks not the debtors but the creditors the creditors take that money and they put it right into monaco that's where the money goes it doesn't go for example greece is still in freefall greece is still a basket case praises of the last last country italy's about to crash because the money is being printed and these to be printed trillions of euro's it doesn't go to help these economies it goes to monaco it goes to the people in monaco and it goes the twenty one twenty two trillion dollars estimated offshore money as matters for these people that get all the free money from the central bank so you see that the

manifestation of it in monaco well the more they print money that goes to the very very elite the more the faster they need to print because the thing is that when they if they were down that the quantitative easing for the people for example i see he has suggested is that it would have kept on circulating within the economy and perhaps created a lot of inflation well here they're causing deflation because it's being sucked out of our economies they're handing their printing money handing it to these really in their class and they're going somewhere where they don't have to pay taxes and mingle with an ordinary people i'm glad people are coming around to my point of view the money printing that's been going on since two thousand and eight has caused deflation not inflation and you see that because there's been no wage growth that would be inflation you see deflation in that you see the concentration of the ultra rich in one place called monaco and that's exactly what's been going on so prince albert has approved this extension is two billion dollars as an

officer urban extension project it's just six tech tears to billiken dollars for that the property on it will sell for one hundred thousand dollars per square meter so it's called. ports takeover ecological neighborhood well it's you know it's a petting zoo for billionaires in monaco in the trees of microphones so they're all monitoring every single thing you say every single step you take everything you possibly can communicate in the prince of palace is called is monitored by the government very very closely they don't care because they are part of the casino girl like they are the they're the house and the casino girl like literally they have monte carlo you know here's a little picture of the best the port that's where they extended it that's in two thousand and two the last extension work they did in monaco and that's where they bring in the huge ships but up here is monte carlo the casino and this is the bit they're going to be building right there you can see right here is filled greens yes. you know filled grain a billion dollars out of arcadia alliterative company up with debt and then they

got into financial trouble exactly as we predicted then he took that going put in his wife name in monaco he lives on a yacht but that's just not to say philip green is more or less any much of a shimada than any of these other billionaires and live on the yachts in this particular piece of real estate is just a card you know the garden variety shock and so that the article also finally before i move on to the next final headline here they did say that this was this finally got the green light they had a green light before but the financial crisis caused them to retreat so that for a while there was an equal impact globally in fact the wealthiest got hit the most and the beginning in two thousand and eight two thousand and nine during the financial crisis but as we've seen that the bottom is still where they wore in two thousand and eight in two thousand and nine the wealthy class are way up here because of all the money was the big difference is that if i have a portfolio is worth a billion dollars even a hundred million or fifty million and it's like fifty percent markdown i can call

up x. y. and z. hank paulson or any regulator and say i'm down fifty million or a hundred billion placed on that's me right now lend it to may work your way up through a huge dark market rally and then pay that off gradually but you never saw for one single day where you losing. penny that's only for anyone who's a below the fifty million dollar line as a just b. c. is proven well i mean these were the titans of industry these were the bankers these were the guys selling bonds and what they saw is that yes the entire financial system collapsed and the politicians are just politicians but most of them are not like trump they're not billionaires right they're not from that class of people most of them are just ordinary people who have been bureaucrats for you know wealthy bureaucrats for the last decades and then they thought they were going to help the economy but i think these guys just did iran or they knew like if they're if they're willing to give us some money let's just take it run because we've collapsed the economy in a sense or coming back but of course during two thousand and eight to two thousand and nine is when i came about and i know you're going to be interviewing simon

dixon in the second half so i wanted to get this final headline here the f.c.c. will leave good i c o's alone william head man the director of the division of corp finance at the securities and exchange commission gave a smart new want speech yesterday which was the fourteenth of june declaring the ether the cryptocurrency of the if they are network is not a security and so is not subject to the requirements of us securities law he said quote putting aside the fund raising that accompanied the creation of either based on my understanding of the present state of either the a theory network and its decentralized structure current offers and sales of ether or not securities transactions and as with bitcoin applying the disclosure regime of the federal securities laws to current transactions an ether would seem to add little value but so as you say showing their hands of they're completely pliable when it comes to plying the securities laws of thirty three thirty four so they are now you know

bendable that is a testament to how many people on wall street are participating in either you know this guy who made two hundred million dollars trading and there are no grab novogratz right g.'s a wall street guy is a made man so they call. no gas and then you get his pain and he's like no do it this way and had it come earlier it would have a different outcome but because you're now in bed in the system in the right guys are making money well they change the law accordingly as i've said many many times the f.c.c. changes laws per what the bankers want well you'll talk to simon war about it but actually he says some interesting stuff and he agrees that you can raise money as a security for something that changes i you raise money for a decentralized platform and this is a new business model that hasn't been used before in america and he agrees then and then becomes not of security once it's a decentralized platform so he did say you know a theory was a security he did point that out that it was the security the way they launched themselves but now it's basically too late years have gone by and it's like it's

not worth proceeding at this moment because it's no longer a security deposit they raised money against the securities laws of thirty three and thirty four this and the f.c.c. has come out and said that were pliable ok that that's their choice all right well we're going to take a break and we're going to come back it'll be simon thanks and don't go away. economists try to measure the impact of all the world cups and one thing that we know is that they make people they make people happy their own culture was intended to have a profile of the russian government does it's not a project and things approach the project that brings people into the us it's extremely profitable because football in general is very profitable but of close to it would be best and on the government side they do is that this will go down until

football culture in the region. you know world big partisan. lot of theories and conspiracy it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the fast and shouting past each other it's time for critical thinking it's time to fight for the middle for the truth the time is now for watching closely watching the hawks. welcome back to the kaiser report i'm out guys are time now to get it i'll of men

make what simon dixon of back to the future simon dixon a lot come back hey max thanks for having me already let's get into some heavy duty crypto action here the as easy as fish kill they shocked the global crypto community when he declared that ether is not in fact a security what argument did the f.c.c. make to support this and do you agree simon so this kind of falls into your wheel house over there over there back to the future what you guys do so how is this interpreted simon stay with us he came out and stated is the big claim in a theory i'm on no securities consists of fish and meat decentralized and therefore what it proved is that you can sell something as a security because there's no doubt they didn't comment but they do is leave out the information stays in the ether when it of originally started probably was a security because it didn't exist and it was something they were sending to people

and people were put to sing it with the expectation of a return and therefore it meets the definition of a security but over time they've stated in this become sufficiently decentralized web buy something can start as a security wolf into enormous security now this is very interesting for the crypto market because it's the assumption of how i see it is a soul's now so initial corn offerings the way you offer the world to purchase your token in exchange for a cryptocurrency to launch some kind of network or decent or less token or something else but by by stating that ether is not a security is essentially allowed for innovations agree with this market and for these things to be sold in compliance with securities laws. but later can still trade on crypto markets where if they merge into not being a securities like what happens with it's been a question for quite some time now what exactly is bitcoin what are crypto currency

is are they securities are they currencies are they bonds are they commodities so apparently the f.c.c. is saying that it's some kind of a morphing shapeshifting quasi entity that can like a chameleon big go from being. not a security upon when it's offered and then it becomes a security later so but as you point out simon if seems as though the regulator in this case is kind of tipping their hat to innovation that they're they're saying that we don't want to clamp down on this space too hearty want to give it some room to grow is that your perception well yeah i mean you've got to remember that the whole world wants to take that you know crypto and block chain because it is where will the job so it will decrease this you know bank is realizing that they don't want to work for banks any more they want to be involved in accra they've blocked a big client start up whatever that perception is all countries all around the

world are experiencing double digit growth in terms of employment all the money's going in well the investments going in here the whole world wants to see the disruption of traditional banking and finance and nobody wants to be a part of the legacy system so the s.e.c. realized that if they don't embrace this set then this every country in the world the want to disrupt street that wants to disrupt silicon valley and they would take all the job so all the innovation and the complete reinvention of the financial markets so the s.e.c. really has no choice if they want to protect silicon valley with street and all the entrenched interests they have to embrace it which is really what came from this this whole you know big experiments the big point is now disrupting central banking . and if they're impulse come along and i'll start a different wall street with i.p.o.'s and now people are deciding that they the worst place in the world to be is silicon valley because you can go offshore and

you can raise significantly more money than you can raise in silicon valley and now you know with a theory i'm not so not being a security is opening up complete global markets and that's a real problem for the street and so the f.c.c. needs to make sure that they you know embrace it not before everything goes outside of america so walk me through what is happening let's call it jurisdiction shopping so this industry this crypto estrace highly mobile it can move or over the jurisdiction is friendliest and there been a number of places that have said hey we want to be this what's a lot of crypto and that's about a fax which allowed us that they want to be the so it's a lot of isle of man where you are now has made kind of gestures in that direction you know honk on was in the running singapore is in the running can you give me a bird's eye view of where the best jurisdictions are currently for crypto and how you see that because it is pretty dynamic and it changes every few months yeah i

mean it's constantly changing and governments are making the decisions of where to go and everyone has to make a decision and every country will have to make a decision and i believe that crypto is going to shape the political future and campaigns and who gets them you know elected in the future as we can see based upon new crypto policies so you've got one approach which is do what china to china said that we're going to make exchanges and we're going to get rid of them all and we're going to make exchange you know we're going to get rid of all the exchanges now the problem is that the people in china those who in mine and when you mining a cryptocurrency essentially what you're doing is you're taking your chinese you watch them you're investing in machinery and that machinery produces bitcoin or the cryptocurrency and once. it's produced in to be quite another cryptocurrency these it can go anywhere in the world and it can be traded for anything and so really what china did is they allowed the industry that really was the thing that was

disrupting some of their capital controls and then they shut down the exchanges and when they shut down the exchanges what they did is they gave all the data all the money laundering data all the idea of verification all the policies away from china said that they couldn't control that data and gave it essentially to japan and korea because japan is embrace in the industry and what japan said is it hold a job zahira for the growth this is then we better get control of the injury put put together some regulatory structure and actually then we can tax it then we can control the data we can regulate the exchanges we can find out what people are doing with the money because all the problems happen in this intersection between traditional see it money and create and so you've got those two extreme examples china realize all the innovation all the data went to japan japan's become the center of you know the days in markets or crip and then everyone's looking at those and saying well what are we going to do when the f.c.c.

says you know america's sudden to realize you know we are not as important in the world as we used to be we need to get in top of this before we lose all those streets silicon valley and the importance of the u.s. dollar and all the other little jurisdictions multi man switzerland as you state as he stated. coming along and say well this is our opportunity if this is a global market we need to do is create a friendly environment to support these businesses we can get all the growth all the jobs all the business and everything that results around the disruption of the traditional financial markets and then couple that the fact that you've got big corn that is now given people the ability to transact globally without the banking system and then you've got stable coins which come along and saying well there's no longer a monopoly on the dollar big finance can create their. man can create their own dollar and they can just create a crypto currency bought by the dollar that then has to compete and you can decide which jurisdiction is right for you based on your policies where you want to be you

are in the world and that is a truly dramatic significant change in the importance of the wall street and silicon valley in the world now imagine bid from x. there for a second and stable coins and they have what they call a tether which is a stable call and it's tied to the u.s. dollar the price remains tied to the u.s. dollars though volatility there they were just in the news recently a legal opinion came out there were some questions about the tether because the industry is moving so fast it's kind of ahead of the accounting industry the accounting industry has certain statutes that they have to comply with but as we were saying with the regulators they had no idea whether this was a fish a foul they had how to regulate it they finally coming up with some solutions the accounting industry is even further behind the curve than the regulators but tether is an example what with what it what your view with with tether i think this kind

of a hot button issue out there the question of their backing their banking backing the dollars ecstatic to have an opinion on that well i should disclose i am a shareholder in bit cynics in the same team that managed to finish matters tell us so i don't i can't speak impartially around the subject boughts you know getting getting to the question the point is that now private companies government and competing governments can now actually create their own innovation and now whether the innovation is like ted the way you have you know the ball is in a taiwanese bank and then the u.s. and the federal reserve train get in the way of the system and cause problems because they recognizes this and then you have into jurisdictional issues in clearing. issues and all that are the stuff the friction is always in and the fear money and the cryptocurrency money what tether actually does is it produces a valuable service whereby money can flow in fee it without volatility from

exchange to exchange from jurisdiction to jurisdiction the challenge is this is using the legacy traditional financial system and therefore you need to rely on trust audit accounting and the trust of the council polity and so you know that has its own complications and so it's not really a crypto problem is that silly problem and that is highlighting why people over time while people do need the you know everyone needs the ability to have volatile you know have less volatility and when they're paying their rent or buying houses and that's where these stable points come in and if you don't like the way the cynics are doing it then another startup will come up with another model or another country will come up with another credit risk model and they can all compete and people can choose what type of dollar they want in the future how they want to friends at and then ultimately what it does is it drives the value proposition the bitcoin which allows you to own your money spend your own money and have

a monetary policy based upon savings rather than debt take a look at the exchanges as mt gox pull up in twenty fourteen there's been a lot of improvement correct yes so the exchanges are always going to be the checkpoint so the easiest place for governments to target and so there's a lot of innovation is happening around the first day i believe that there's going to be three different types of exchanges in the future and all of those exist right now you're going to have exchanges which fully comply with local jurisdiction and local regulations and the governments will get all the data and people that want to use those exchanges these days you'll also have wanted to set up in previous the centric jurisdictions that allow for you know people to flow money three days in line with the local laws and therefore you know create a bit of a you know less seamless in. farm and old whatever that might be and then you've got the decentralized exchanges at the moment those are not usable they're not friendly but they get better and better and better and as the parts cool technology

like lightning network and things like that it getting better you're going to see so much innovation full time joel and banks of the future is to stay up to date with this industry and i cannot keep up with what's happening i know that right there are going to say goodbye but hopefully you can stay around for a second segment if you can but will say adieux is for this edition of the kaiser par with a mask as i stated i worked i think our guest simon dixon the bank of the future i could catch us on twitter account as a report and so next time i. became a camera. roughly once they showed some new play you for the. future uncool videos to come and sell them with the group least.

down more on string i don't roughly don't t.v. . played for many pullups over the years so i know the game and so i got. the ball isn't only about what happens on the pitch for the funnel school it's about the passion from the families it's the age of the super money billionaire owners and spending two to twenty million on one player. it's an experience like nothing else not to because i want to share what i think of what i know about the beautiful game but great to want more chance with. going to.

the welcome to all the parts for some in the west of russia staff a nation with large sporting events comes down to now for it all getting a glossy facade on an otherwise oddly reality stilling some money in the process for some in russia it's a crutch just says the country out of its chronic under development and enjoy the pipes putting the co-leader aside will the world cup have any durable imprint on russia's economy and its society it will discuss that i'm now joined by a prominent russian economist and a professor at the university of chicago constantin soni and the son is good to talk to you thank you very much for your time for permits.