they're saying he's saying that this is corporate america's propaganda machine they're getting a lot of air time on all the networks to say this is gravy you know they keep on having you know manufacturers on television c.e.o.'s and saying this is a horrible thing and trump is destroying jobs and blah blah blah but chief economist at moody's capital markets research john lansky well he looked at the market consequences since trump impose these tariffs and what he found is that there actually hasn't been that much impact in u.s. markets in fact they're a little bit up but if you look at china's shanghai composite six point eight percent since june fourteenth when you first impose tariffs fourteen point two percent year to date korea's kospi index is down five point seven percent since june fourteenth germany's dax down four point seven and japan's nikkei and you know those are the huge surplus nations the markets are saying they're going to lose not the u.s. so trump is a frickin genius and everything he said would happen is happening and the professional pundit class was completely wrong and thus thank god hillary was kept

out of office again moody's says in their assessment of what this means the fact that these stock markets in the surplus nations overseas have crashed and the u.s. is not they they sum it up as the reasons that moody's cited as being behind the markets move up in the u.s. down in big trade surplus countries are the obvious ones that the markets have been seeing from day one but that the u.s. media are totally and willfully blind to the u.s. as less dependent on exports than these countries in terms of overall business activity the u.s. has a huge trade deficit with these countries and the us imports far more from them than exports to them and any retaliation by those countries would by definition hit those countries far harder than the u.s. the u.s. economy is currently strong and now well outperforms other major economies so you know this is why one must question more because as well for her points out he's watching all the news there are unanimous. they all agree that trump is his trade

policies and his tariffs are a disaster ok i didn't ask her for her let's right the comparison to the u.k. embrace it versus the us policies or says global trade so donald trump goes to the global trading environment with the ability with leverage america's got a leverage in that economy and it can reshape the global economy they eat you can they went against the e.u. with no leverage they have a zero leverage against the e.u. therefore they've lost tragically against you and their toddlers being marginalized and isolated as a result of it they completely misstated our misunderstood there at the equation between the u.k. and the e.u. when it comes to business and trade yes but i do not believe the elite wanted the bricks that it's the voter that one of the banks and that is what is united in these two kind of arrows irish voter is not as financially literate as the average american voter because americans without a doubt oriel country and britain is as a vassal state of the monarchy it's a very different economy very different population very different country well we

got to take a break and when we come back a lot more coming your way. to imagine decades after the war a nazi don't it was still active. in the nineteen seventies croteau had as the chair of its board a man convicted of mass murder and slavery and auschwitz the german company developed for the demise of the drug it was promoted as completely safe even during pregnancy. it turned out to have terrible side effects what has happened to my baby if anything. she said is just. minutes of it of mind victims who have to this day received no compensation and never apologized for the suffering that not only want the money i want the revenge.

what holds us in studio something to. put themselves on the lawn and they get accepted or rejected. so when you want to be president or injury. or somehow want to be rescued. it's a right to be for us this is what will before us three in the morning can't be good that i'm interested always in the waters of our. festive. welcome back to the kaiser report i'm max kaiser time out to go to galatea been artsy of bank core value welcome thank you for having me nice to see you all right now i just had a vent at bretton woods and it sounds very exciting but first we want to get into this late breaking news of bank or but of course there was a hack so tell us

a little bit about the hack what was stolen and what's going on yes it's been an eventful week for bank or and for the industry at large as most weeks seem to be basically a criminal a thief a hacker was able to access one of the wallets bank or and to withdraw from there a significant amount of cryptocurrency the initial amount was somewhere around twenty three and a half million dollars worth of tokens and then shortly there after we were able to retrieve about ten million dollars worth of the b. and t. the bank or network token bringing the total to about thirteen million dollars worth of crypto mostly these were ether tokens a few other tokens as well as the b. and t. which we were able to retrieve now i saw you put out a message to the community that you're trying to get together put together some

kind of community effort to attack this type of behavior i saw that on my twitter stream can you speak about that a little bit yeah absolutely basically the idea is that one project's loss is everyone's loss in this space of course we battle p.r. in terms of people's confidence in crypto and confidence in the space and of course we battle the security together as the. thieves and criminals advance with their technology as the industry advances with our technology and so the idea really is that we're stronger together that there what we learn from this. and says that there is so much chaos that happens after an incident like this where if all of the parties were better coordinated if there was if you will a hotline if we could share information more transparently if we could be quicker about getting flagged accounts or flag wallets into the to the exchanges that they could track those as well we would all be much better off i

think that everyone together doesn't want to see criminals with this whole industry though it goes against the idea of cooperating in a lot of ways going all the back to the big point foundation what was very difficult to sustain because of the infighting that went on and this idea of individual sovereignty is rife throughout the entire industry and it's really. the idea of anarchy is huge in this industry and it's kind of everyone's on their own so totally to goes against this idea of trying to put together anything of a cooperative nature because there's a huge fear of any. kind of you know organized centralized group at all so it's how do you fight that under undertow that tenant within the sinister a that any organization a organization attempt is bad so this is one of those beautifully complex issues and i think that anyone who thinks. being alone is better will quickly discover

that in order to get where we're going in this industry we're going to have to stick together this doesn't mean this is sara lee centralize control and this is one of the interesting parts you don't have to be either centralized or decentralized you don't have to be either black or white you don't have to be either on your own or together we can develop third ways we can develop better models for how we coordinate how we collaborate and yet maintain both individual and organizational sovereignty it's not actually that hard to do we just need to build a framework and follow that ok so you mentioned centralizers d.c. . a bank or hackers triggered at a debate about decentralization charlie over light going quote in exchange is not decentralize if it can lose customer funds or if it can freeze customer funds bank or does both so your response we just don't believe that this is true an exchange and a network is decentralized on a number of various parameters so for example do users own their own wallets and do

users maintain custody over their funds at all time in the bank or liquidity network absolutely yes even in a situation like a breach that we experienced last week users were able to access their funds at any time even during the breach withdraw their funds move their funds move to different wallets and so decentralization is something that you look at on a spectrum and on many many different parameters having some kind of centralized design mechanism does not make a network centralized especially when these mechanisms are transparent are openly discussed are very clearly explained how and if they will be used i think that we can do a better job as an industry looking at what are the best practices for these kinds of centralized emergency mechanisms but just as you know the u.s. or other democracies can call on unique parameters in times of extenuating

circumstances in order to affect decision making in a way that might avoid collateral damage or further damage to the society so can networks and and token networks have mechanisms which allow the designers that are the most interested in the well being of the network to make quick decisions in a moment of need of course you need great governance around that you need great transparency and that's in fact why we're out and talking to the community as much as we can about both what happened and what we intend to do about. it in the future so any time an exchange gets hacked it brings it back memories of mt gox which is probably in the industry's worst nightmare period and in response to that a lot of decentralized exchanges were talked about and now some are coming online so in the case of bank or when you talk about a liquidity network this is

a kind of a hybrid is that because it's not. the liquidity network means that prices are being kind of maintained if you will from an internal mechanism correct prices are being determined by an algorithm which is open source and transparent and completely predictable and pre-determined still demand dictates whether you're moving up along a price curve or down with this is what was the vector from which the attack came no this has actually nothing to do with it so let's talk about the security of smart contracts some of the biggest test encrypt of com the a flaws in the smart contract tell us how and why and how to deliver more security at the smart contract stage yeah so these are very new technologies and their promise is as great as their as their potential vulnerability this is like saying you know in the ninety's that e-mail is super vulnerable to nigerian scams yes it was and that doesn't mean

that we didn't continue to get great usage out of e-mail and that doesn't mean that there were a few people that fell for those scams i think the important thing to understand here is that the technology is new and to continue asking ourselves why do we want to advance this technology to begin with the mission of bank or is clear to enable freedom of currency to enable anyone to create a currency and to enable currencies to be freely and openly traded between each other without needing to pay middlemen without needing to pay exorbitant listing fees to exchanges even. needing to match buyers and sellers so that liquidity is not related to volume this actually brings me to too small is beautiful and the gift that we brought you guys today. even lightly traded currencies even small local and community currencies even small project currencies currencies that may begin small and may become very large should be able to be freely and fairly traded

amongst those who wish to use them and we believe that the bank or protocol in this open source network is a very significant innovation in allowing us to do this in allowing anyone to create a currency and allowing people to achieve true freedom through the exchange of value between us right so she might of course can separate keynes right sure and so you're gathering at bretton woods. of course as work came from posed a bank or originally rather than the us dollar for a world the global trade currency. now you may be the only keynesian in crypto. by a little bit yeah so again we are not. we are being korean and this specific proposal made by keane's at the bretton woods conference in one thousand nine hundred four was truly brilliant and perhaps there wasn't the kind of political

will or courage at the time to adopt such a proposal but times have changed and we think the time is now the proposal specifically made by keane's called bank or and he made it with schumacher the author of life of small is beautiful. basically had two main components one was we cannot allow the global reserve currency to be tied to a specific nation such as the us such as china such as anyone why because the conflict of interest between international. domestic monetary policy is too great for any nation to responsibly manage and the benefit of universal liquidity or global liquidity to that nation whose currency is also the global reserve creates a very very symmetric landscape and we see this we've seen this play out over the last seventy four years the proposal that keane's made was to have a super national currency which wouldn't be owned by any nation of course he didn't

have crypto at the time he didn't even have computing but we have been inspired by this proposal and asked ourselves what is the modern version of that that we can apply modern technologies to and what are the benefits so we talked about global reserve currency status to a nation and this would be the same thing whether it was the us china or whether it was a corporation and the other major component of the system that was devised at bretton woods which keane's with his bank or proposal proposed the path not taken is this relationship between debtor and creditor nations so when you set up a system that basically says the country in debt is the one responsible to close the trade deficit or to pay back the debt you're setting everyone up in a sense for failure it may not feel that way if you're the creditor nation and everyone owes you but we see this playing out now over decades when everyone is in

debt to someone the system cannot thrive so keynes was seeking to eradicate. this huge trade imbalances essentially and so today with donald trump takes a wrecking ball to world trade what you're saying is this is what eventually happens is that with that this type of a. global unit of account you end up with these benchley these blowups that we're seeing now in the world trade and we only have like twenty seconds sure it's just like student debt if you tell all the students from day one they need to start paying back their debt before they have jobs before they have credibility. you're shackling them to the debt system forever if you as the university or as the creditor nation say you know what for the next five years i'm going to pay your debt once you're strong once you're solid then you can start paying it back you might have the version of a much more balanced and healthy system where everyone is actually working together for the sustainability of the whole network all right we gotta leave it there thanks man the guys saying thanks for having me right that's going to do it for

this edition of the kaiser report with me my skies are stacey i would like to thank our guest dahlia been nazi of bank or if you want to reach us on twitter it's guys report intellects. right we're also starting five. has a signal. to talk about. just maybe right after the mars explorers one who would have their.

record. last week. ok let's. welcome to sophie and caleb sophie shevardnadze and today we've got lots to talk about in our program and our gas to move the rock out of. new economic war is unfolding in the realm of education the right to education is being supplanted by the right to access education it's high education is becoming just another product that can be bought and sold just not just about education anymore it's also about running a business where you could. really couldn't

you. want is the place of students in this business model before college i was born now i'm an extremely more higher education the new global economic war. u.s. president donald trump has repeatedly said he wants better relations with russia he did finally how his long sought summit with lot of your food and both presidents called it a success the american political class and corporate media describe the helsinki summit as a failure and probably worse. it . was. a few that they could not ride it. was. right. up. here come.

the israeli air force launches massive air strikes against hamas targets in gaza almost four years after a huge military operation there that resulted in thousands of deaths. some a sequel the white house says donald trump is inviting the russian president to the u.s. later this year sparking indignation in the american media. but to washington top spy in the united states he doesn't know how is that possible that the president of the united states is inviting putin for a second summit in a couple of months in the fall over at the white house. the bodies of more than twelve hundred civilians are found in mass graves in the syrian city of raka made

claims they are the victims of coalition air strike. that does it for me though in an hour you will get to see my colleague who will come and bring you the latest headlines and the top news stories right here on r.g.p. international stay with us by the here. hello and welcome to cross talk are all things considered i'm peter lavelle u.s. president donald trump has repeatedly said he wants better relations with russia he did finally have his long sought summit with lot of near putin both presidents called it a success the american political class and corporate media describe the helsinki summit as a failure and trump even worse are the united states and russia destined to be

enemies forever. cross talking with a phobia i'm joined by my guest brian becker in washington he's the director of the answer coalition as well as host of loud and clear a daily news show on radio sputnik also in washington we have earl rescues and he is the executive vice president of the eurasia center and in managua we cross sudan like he is an adjunct professor of law at the university of pittsburgh as well as author of the plot to scapegoat russia or. gentlemen crosstalk rules in effect that means you can jump in anytime you want and i always appreciate it dan when did you finish writing your book the date. yes last last year like last so what did you know that we didn't know then because it sounds like an absolutely perfect idle for the moment in the current news cycle go ahead. well russia has

been a scapegoat at the united states for a long long time you know we could go as far back certainly as nine hundred seventeen but certainly after world war two we had you know what was known as the cold war which. centered upon the vilification of russia to justify the u.s. is. benchers abroad and we're in a new cold war now and we were it was on it. and it seems to be only intensified even though the soviet union collapsed in one thousand nine hundred one the u.s. continues to build fire russian paint some entity that it's not ok brian what do you know what i find really interesting in this saga that's been going on here is that and it seems to me that i'm very very often the united states and its western allies particularly nato they project all of their own sins upon russia ok meddling in other people's election well we could spend an entire month on

a daily basis going through all of the meddling that the united states and its allies have been involved in for the last few decades and it would still be a cursory review i mean it seems to me that russia places other the op is the negative of what we want to see in ourselves go ahead brian. absolutely i mean if you if you go through and people have gone through the record of the united states not just interfering in other elections including rushes in one thousand nine hundred six there's that famous time a grain of boris yeltsin with the american flag and it says yanks to the rescue because america flooded moscow with american advisors and millions of dollars to make sure their candidate or us yeltsin won otherwise the communist party in russia would have actually been the winner but it's not just interference if the us doesn't like the results of election you know yeah after they've tried to influence them then they overthrow the government this is what happened with the democratically elected government of ma. in iran it dared to nationalize the anglo

iranian oil company now known as b.p. so of course the us overthrew it and imposed on iran the shah a monarch you can't get a more or less democratic government there's a long history of this the united states the media presentation here is so incredible you had donald trump going to europe meeting with the nato countries demanding that they spend one hundred thirty two billion dollars more. for really a confrontational position against russia and then he gets to russia i mean to helsinki and meets with putin and the american media says this is the surrender some vendor some and acting as if you know here's a united states spends seven hundred eighty billion dollars on war every year russia spent sixty billion and yet russia's on the march you know early and rideable and russia is that then spending is on decline right now ok it's not being

increased here earl does the united states need brushes an enemy is this the because he had to justify all of these expenditures ok i mean brian is a logically looking at it but logic good politics don't always parlay ok i mean essentially we need an enemy it justifies is here montenegro is good it is adding value added to nato defense ok montenegro his army is smaller than the new york police force ok but we need an enemy here is that would russia's purposes because it's really easy to paint russia is as an enemies because it because it really demands stubbornly its sovereignty go ahead irl. i agree pete peter i mean we meet we mean let's face it the fence industry we need an enemy. nato is searching for a new mission i mean really it's a good defense grouping but you know should russia be included in that as well and what's the real mission the mission has is is not there i don't think there's any

fear for russia invading into any part of europe. but. but it you know you need a boogie man you need a net you need a threat to justify defense expenditures i mean why dives and how are you nope cited be be aware of the defense industry and they all do great things they do some you know positive researchers a lot of people employed but you know to grow business you need more threats and so i think it is in some ways that it's a business that. the rocket you know and central that's what it wards the rocket in conflict is a racket and a lot of people make money from it you know dan the world cup just ended here in russia and moscow is one of the major centers for the for the matches and i purposely went into the center of town almost every single day and ran into people

some people recognized me and. in a cafe people would ask me questions or direction or some we get into a conversation and i purposely said what are you most surprised about and the reaction was almost universal people were exasperated i had no idea this place was like this because in the u.k. they tell us a completely different story they even told us it could be dangerous to come here and the reaction was anger anger that you know what the hell were they telling us go ahead dan. yeah you know i mean that vilification of russia is frankly you mind boggling here's a country that right after nine eleven was a first world leader call president bush and send his condolences he offered help in the war on terror and the war on terror terror russia is actually flying of very constructive role. in the middle east even israel is

finding russia to be. partner in the middle east. this vilification has no. what i'll need facts. and it is you pointed out what appears to be greatly resent it in the political halls of the united states is that russia has got back on its feet yeah and it is a country that is livable and it is a country that people are happy in and that's why they have a very high approval rating for their president and i think that is life or surprise when they go there and it's not some kind of a hellhole yeah that's what we're in and i should point out to our viewers that russia is the second country after the united states destination for immigrants russia is number two in the world people do want to come here though i suppose you would never hear that on c.n.n. brian you know another thing is here it's russia is a reliable enemy but it's also one the only bipartisan issue that you get

america's divided political class it really works ok it brings people together all right and i think that that's also its purpose ok is that and it's also a justification for the democrats why they lost the election because they still can't come to terms with that they were remain in denial go ahead brian well there's another issue of the there's a bipartisan support in there too are closely linked which is the absolute support for the military industrial complex and the intelligence agencies so both the democrats and republicans routinely and almost unanimously support these gargantuan increases in the u.s. military budget again it was eighty two billion dollars increase increase this year that's more than russia's entire military budget that was supported by the democrats and the republicans so they come together on this issue and in russia as are others.