trade organizations that are gamed by china and the us gets a short on the stick so top as tearing up the playing board and saying we'll start all over from scratch and that's the right thing to do we're actually have some analysis on that and by the way i just want you to say that if you want to find analysis that confirms what the chinese vice minister of commerce said you could tune into c.n.n. b.b.c. or m s n b c or fox or c.n.n. and there because they're all unanimous that this is a disaster but i'm going to look at some alternative headlines about the other side of this one from the voter and one from wolf richter who says well maybe this is leveling the playing field and you've got to protect your own economy at home because for example you know the something like twenty six million cars were sold in china twenty five million of them were made in the country because of twenty five percent import taxes on cars made overseas so you know if you want to protect your own industrial industry at home you've got to have these but many

manufacturing communities feel like they're in a long running trade war one in which for decades america never fired a shot on their behalf and he's talking about a new republic article titled the inevitable death of global trade as we know it because as dan collins has said for many areas on the keiser report that we've had a trade war and the trade in the united states is lost wages of us go down because of the financialization of the economy which rewards bankers and financier's at the expense of workers and they again i'll say they use global trade organizations and trade institutions to game for themselves in the case of china at the expense of the u.s. so now the u.s. is simply saying it wait a minute let's let's increase wages and let's bring jobs back to the u.s. and china squealing of course but that's the way it goes squealing because it's that old. adage if you owe the bank

a thousand dollars you're in trouble if you know the bank ten million dollars they're in trouble and this has proven to be the case is that the u.s. imports so much more than it exports especially with china so china was trying to basically impose equal tariffs on the two hundred billion that trump imposed recently the most recent tariffs and they couldn't fight this thing as the export from the u.s. to china is garbage literally garbage you know we're exporting tanker you know china would send over tankers and ships full of stuff and then the u.s. would put all their garbage on of the ships and send them back to china and china would recycle the garbage the cardboard design there's a woman there who's become the billionaire just recycling american cardboard ok but now they realize that there's not enough stuff that we export to penalize so they have to come to the table and do a deal so back to this article about the voters and why the voters are always going to vote to dismantle the system it's something we've talked about with the u.s. election and also with breaks that if they can kick you in the teeth they will

because a common fear expressed by critics of trade policy is that over time his recklessness risks the end of the global trading system a framework of rules put in place after world war two that they claim have brought about stability and security retaliatory tariffs piled upon tariffs will eventually make those rules irrelevant and at that point the entire system would collapse but that system was inherently unstable as it boosted corporate profits at the expense of millions of workers trump or no trump a backlash was inevitable and if the global trading system is to survive its gross imbalances must be corrected right those folks who support those protest member in geneva against the g seven against the g eight against all these global confound against builder berg all those protesters should be supporting trump because trump is essentially doing what they want now i don't i don't think that because i don't think it's an individual and i know. this is something you and i have always

discussed you think leaders are you know somebody that lead people but i think the it's trump is just a symptom of this trade system that has been in place for forty fifty years well seventy years since the end of world war two the same with brakes it doesn't matter if you you max keiser me stacey herbert thinks that's insane because we live in cities and we travel to new york city london and paris and we see all the great benefits of it it doesn't matter because we live in democracies and these people going to vote the ones i got left out and as this article points out like they kept on being told eventually don't worry just take these losses of jobs will retrain you things will get better eventually you know all the jobs are sent overseas will be replaced by higher value jobs but everybody now works at mcdonald's or some shopping center that's now being kicked out of business by amazon as i said over the decades since world war two they trade policies and organizations put in place had a creeping financialization that disenfranchise the worker who then voted for trump

who is then doing what he was elected to do as the leader of this group of people who are disenfranchised including those who are protesting the g. seven occupy wall street has a champion in trump so it just breaks it if they're dismantling the system that they've got destroyed by i know you don't like it but i think like if these people want a kick in the teeth of the global order as it was because they lost by whatever the global order was whatever the system was whatever that the paradigm was they were losing and it was bound if you gave them a vote if you gave these people a right to vote and change that system they were going to. actually you only gave them a vote to kind of tinker around the edges and if you but you gave them a vote like take it all down by voting for somebody like trump or voting for breaks that they would take it also plays out these two very distinct countries do united states and. written in the us the deposition are the disposition of the ruling

elite will have one effect under trump and the rise in wages and in the u.k. getting rid of david cameron and breaks it will see how that plays up but they are going to have two very distinct outcomes just as the democrats in america refuse to look at the role that hillary and their own policies play in the loss of the us election both parties i think will. if they fail to confront this next paragraph i'm going to read they will always be kicked in the teeth by the voter the united states lost five million manufacturing jobs from two thousand to two thousand and fourteen while the u.s. trade deficit peaked at nearly six percent of gross domestic product economists like david auteur calls this the china shock because it incurred on a similar timeline as the country's two thousand and one entry into the world trade organization the bounty of cheap chinese goods had a real human cost here at home you can choose to try to ignore the real human cost

how did the democrats the and the republicans the two parties that run this country they're united in this policy they have a huge almost violent you know social divisions between the two parties but they're united on these trade policies on nato and. nafta on all the trade deals. there's no difference not just not a sliver of difference between what the democrats and republicans want so the real you know there are real consequences and they can choose to ignore it or not and they'll keep on getting a trump but there's nothing wrong with that sort of saying i mean that the people put a populist an office like they put thomas jefferson in office they put george washington in office they put abraham lincoln in office they put john f. kennedy in office they put donald trump in office that's the lesser voters do he's doing what the voters want and the country is better for the i mean that's the way the american system works and the unification of like the likes of bill kristol and

hillary clinton united against the voter right now they're focusing it all on the individual that is trump but really what they're united against is the voter who is upset about these trade policies and the fact that they their livelihoods have been destroyed so you know the pundits who are wrong their livelihoods are destroyed and all the mainstream media the fake news in the america hopefully will get blown out of the water and bring in some real news bring in some competition there is another holy sort of entity here in new york city and that is the stock market all the pundits and all the political elite will agree that the stock markets are america that is the heart and soul of america and this is what we imposed around the world and that speaks a different truth to what they are speaking about this trade war stock markets see the u.s. winning the trade war defying corporate lobby and media propaganda since the chump impose these tariffs and keep some imposing them and all the pundits on television

are united against him doing this. 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 ski well he looked at the market . consequences since trump imposed 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 the stock markets and 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 market's moves up in the us down in big trade surplus countries are the obvious ones that the markets have been seeing from day one but that the us 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 last year for her let's write the comparison to the versus the u.s. policies versus global trade so donald trump goes to the global trading environment with the ability to leverage america's got a leverage in that economy and it can reshape the global economy. 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 dollars 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 brics that it's the voter that one of the brics and that is what is united in these two kinds of arrows irish water is not as financially literate as the average american voter because america doesn't answer the real 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. it's hard to imagine decades after the war a nazi don't it was still active rich in the nineteen seventies croteau had as the chair of its board a man convicted of mass murder and slavery at ashlands 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 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. not only want the money

i want the revenge. to prepare the program i had to look at a lot of material listened to a lot of material and also read a lot of material that the mood was appalling. and not only that when you get these images into your head and of course the images that i was you know from a graph. another thing i could include in a in a television. forman are sitting in a car when the fifth gets shot in the head. all four different versions of what happened one of them is on the death row there's no way he could have done it there's no possible way because the list did not shoot around a corner. 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 floodwall it's into the to the exchanges so 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 when 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 decentralize 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.

. the bank or hackers triggered a debate about the centralization charlie lee over light coin quote an 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.