shares because of course facebook and twitter have had a complete collapse not that twitter is kind of in that market of those online you know monopolies and all of these but again going with this u.s. dollar issue. you know our frequent guest jim rickards has said that he believes there will be an s.t.r. stand a special drawing right that the i.m.f. special drawing right that's kind of what keynes had kind of suggested similar to that with a bank or of a global trading unit a currency not issued by any particular national government but it's a trading unit to avoid the situation of trade imbalances another thing jim records said about the u.s. dollar system is that. after twenty thirty years of since the collapse of communism the soviet system the us history supposedly ended and there becomes a point where an empire gets hubris and they start wielding their weapon of saying

you can't access our u.s. dollar system so i want to turn to a quote which came last week from vladimir putin when he was at a conference i think it was in south africa and he was asked about russia's dumping of the u.s. dollar treasuries he said you know we're not getting rid we're not going to we're not against the u.s. dollar system but just you know where we're protecting ourselves from these sanctions and stuff like that and the sort of hysteria in the united states says no plans to reject dollars but risk should be stemmed russia has no plans to reject the u.s. dollar even though washington has undermined trust in its currency by using it as an argument in political dispute russian president vladimir putin said putin also said the united states undermines trust and the dollar as a reserve currency by imposing restrictions on settlements and dollars this prompts dozens of countries to consider other options and said adding that the chinese yuan is now obtaining more of the qualities required for the role of reserve currency

you know the u.s. acting as a bully regarding the u.s. dollar financial system could ironically end up helping workers in the united states that's right do u.s. dollar being dropped into the reserve currency and so you titanic shifts are tectonic shifts i should say in the global economy and one of those would be use of alternative currencies again i think it's end up being better for the average person if any letters predicted this predicted us but what i'm saying is that i have lived in europe and i could witness with my own two eyes the life the lifestyle the the quality of living of the ordinary european is vastly superior to the lifes. the ordinary american and part of that they used to have as miserable an experience you could see that in europe before you know when they had empires once they got rid of the empires their lifestyles and their living standards have increased rapidly i think if you could see it across paris for example if. before

that the lifestyles in europe are vastly improved because they don't pretend to be empires they don't have the infrastructure costs of an empire so once you release that costs are going to have a trickle down to the average person so you're suggesting the us empire is in terminal phase and that americans should rejoice they should embrace it like you travel around paris and there are all those fountains beautiful fountains of but the water fountains right why are they there because the ordinary french person they were plagued with all sorts of diseases the poverty there was so horrible there in paris that some billionaire philanthropist of the day built all those water fountains so that the people would have clean water and now it's the opposite you know you have medicine falling from tear coming here to america to treat poor people in the appalachian you know who have no access to dental or medical care so the average american citizen does not benefit at all from the american empire now

so breaking up the empire might be bad for a few conglomerates but great for the average person we'll have to see what happens see no it's happening oh it's happening it's on it's own not donkey kong pace make a donkey come on we got to take a break when we come back we'll be continuing in this vein so don't go away. see this is holland kentucky. boy you go green. come on he said she was a woman. no co mines left. the jobs are gone all the coal mines a said that's that it was a lot of to see these people as survivors of a womb disappearing before their eyes. i remember thinking when i was younger

that if anything ever happened to the coal mines here that it would become a ghost town but i never thought in a million years i would see that and it's happened it's happened. right up. to. welcome back to the kaiser report i'm max geysers i'm not

a terrorist to finish sched lock of mish talk dot com mesh welcome back but we're going to show graphics let's talk trade war in our last episode here a kaiser reporter we interviewed karl denninger of market ticker who said trade war is a good thing i believe you believe it's a bad thing tell us why all it does is increase increase prices by consumers here in the u.s. wow if other nations retaliate it limits our exports i mean look what happened prices story beings virtually crashed us in a mad dash actually added g.d.p. is that everyone was trying to export their story beans right ahead of the twenty five percent tariff that china put on so the farmers are howling mad here five republican senators are howling mad over this mainly the agricultural straits max i can only find one person that's happy one industry is happy that's us steel

industry prices are going up the auto industry is mad because the price of aluminum and steel is going up the cost of cars is going to go up our exports are going down we call this winning i don't think it's foam x. it's losing well you mentioned prices are going up and that they do go up and but the china of outsourcing of labor really was problematic for china it's unsustainable they're moving away from a slave model more toward a higher price labor model in a lot of way and the u.s. can't get away with outsourcing the environmental degradation that they were doing for years you know china's not taking the garbage anymore the biggest export of america to china for a long long time was garbage and that china saying we don't want your actual garbage not garbage products but actually. tons of garbage and on china saying we don't want your garbage so china is rejecting the model so if america you know this

what trump is doing is in reaction in a lot of ways to what china is insisting that we do so he might call it like us to trade war but you know china's already been in a trade war with doing a trade war for years there now we're trying to react to it meant if china is really subsidizing the us with cheap steel sheeple loman cheap solar panels for example let's study your spread of it who benefits from that what china is doing if that's really accurate is saying there take the stuff we manufactured we're going to give it to you jerry who benefits us consumer max if the us consumer benefits it's good for the us mad by us consumer over the us worker wages are gone i've been outsourced to china so prices are going down have been for a long time but not as fast as i wages so they're all temp assange is let's reverse that equation let's get prices up let's get wages up as well because you can start building manufacturing capacity right here in america the u.s. manufacturers are now more than ever before max look at the numbers it just takes

fewer and fewer people we call this productivities to manufacture anything those jobs are really coming home you know and. the industries might come home and some of the jobs of have come back their jobs didn't come back with a nest that's the whole fallacy of this thing you know there's there's five million jobs manufacturing companies in the u.s. use your products is maybe a couple hundred thousand that actually produced steel workers the benefits of this to drive up the price of steel max there is no one right you mention nucor new car the stale company they have by this policy picked up a billion dollars in savings they have now talked about they're going to start manufacturing in the. yes that's the steel company as you mentioned already benefiting from this and looks like high pay still jobs right there nucor so it's early in the game the trend is emerging though that this is

a net winner for wages in the u.s. measure it's a net when or for the steel industry it's a net lose if that i'm not even convinced of that but adding net loss to everybody else there's no there is no win here the there's only last year that the chinese side of the equation is clearly in flux i mean they are no longer going to be able to accept the current paradigm as it has existed for example in china now thousands of incidences of mass on rested a toxic pollution given the entire communities cancer. so it's a silly way to compete. you know your family certain to come down with cancer i mean you know this this whole idea of outsourcing the toxic externalities as they're called for corporations to china it's hit a chinese wall they're not going to accept it anymore so that this situation is

changing measure how can there be you know a better but parents. and you're certainly right people over in china daryn so i hear you here you have a case for air pollution from water pollution my gosh i don't want to go to china let alone you know i have to live there max with where we are with all the pollution i couldn't trust anything i can't eat or drink books. again who is the beneficiary of this it's not the chinese people and yes it's going to change an interesting thing are just looking at a report today max and china is about ready to go into a trade deficit with the rest of the world just not with us so how is this most work in terms of fantasyland here what's happening. thing is the price of oil is going up. the price of other things that china uses china's labor cost

is going up it's it's just us is not the beneficiary on tropes room you know he wants us to handle but i have an equal footing here with china but china is already theirs you're going to be on equal footing with most of the rest of the world it's just not going to please trump transpiring this this gun and it's coming back around boomerang back around he's firing to gun right after us max i think it might cost in the midterm elections so mish what do you think should be done about the so-called bucket of losers of which were spoken about by hillary clinton those in the former industrial powerhouses that now have non wealth creating low wage jobs like burger flipping it can't possibly afford to move to where the jobs are in san francisco new york city massive copper car suresh to keep them from voting perhaps five dollars a wages you know what is your answer on that well you're going to be with me on

this woman pets this. was the real problem here that's what we need to step back and look at is the real problem that wages are high enough or is the real problem is that the fed has thrown trillions of dollars you know in every which direction and prices are rising and we've created a bubble in housing in stock market in assets and of course the bottom end of the wrong is not the beneficiary there but the top end is top one percent even top ten percent you can't go much deeper than that happier than ever so that's the problem yet yet yet we see all these people wanting this some go progress that shocked the world and new yes and new yorker i forget this woman. mary but you know she's running on a policy of zero zero must give away free education free kindergarten free health

care medicare for all racks you know have policy work any time government yes and starts flushing this money around the absence of what the intent is what the stated intent is what happens well look at where prices are reasonably stable and agricultural products food are among them look at where they're not cost of education soaring everything we've thrown money and medical obamacare every price where we tried to give away free stuff that's where the problem is max would be cortez in new york the election coming up another member now so you mentioned the money being thrown away by the at the fed all the money printing you talking about of course china and the u.s. trade balance imbalance and invariably that comes to this idea of the u.s.

dollar as role as the as a reserve currency now would a global trade unit be more equitable means of avoiding a massive trade imbalance in other words going forward here in a bit of a gordian knot in a lot of respects in terms of solving these trade issues is it is it going and you mentioned the fed there in the money printing is there room is there a scope to consider a global trading unit of some type not the u.s. dollar but one that is more equitable works it works in keeping a global trade more balanced measured absolutely racks and you know what it is its goal. it's actually whatever the free market would decide upon it's a free market decided on bid to i would be perfectly happy with that max yes. we do need to get central banks out of the picture look to people choose whatever curves are they want to trade and. if we take this back to when all these trade imbalances

started it didn't start with nafta it started when nixon close to gold window in trade if we went back to our own on that policy the trade deficit would go back pretty close to zero to where it was before we took this off which allowed the free printing of money in the united states the e.u. got into it japan got into it china got into it. that's the problem that's what we need to get back to how about a free market in currency that would fix the problem you know the big clean advocates out there would say that this is the free market and currency it is like and it's ability to appeal to thugs who want to compete with each other in a free market and that has gained a lot of attraction and that sense a converse to gold you would think based on what we're saying here that gold would

catch a bit that gold would be slightly more positive as folks looked around to the global trade wars and trade situation and started to discount the possibility that this completely unsustainable and like has happened so many times before i return to gold is inevitable how come gold is training so lackluster here v.m.s. then i don't know i certainly expected a rise in gold here but look at it this way if you gave people a choice would you read that they rather have a dollar backed by x. number of those or grams or or whatever of gold or were they rather have a dollar back by nothing i think we know the answer to that and actually it is it is bitcoin that has arisen out of that out of that matrix max i i don't disagree with you on that point and all the so what. what is it going to take to get back there i don't know i do think we're headed for

a global currency crisis of some kind i don't know how we can be i don't know where it starts might guess and actually still is europe or japan but it could easily start in china or or anywhere else we both know the system there were on here i don't know you know how many are we are we have to a quadrillion. druthers now this model is not sustainable i don't know how long it has though max no one does we're all guessing just remember mission because it is not the bubble big point is that ten anyway we're out of time thanks for being on the kaiser report a pleasure to be on max and i look forward to the next one well that's going to do it for this edition of the kaiser report with me max kaiser and stacy ever like to thank our special guest miss shedd luck of miss talk dot com if you want to reach us on twitter it's kaiser report until next time by al.

so what we've got to do is identify the threats that we have it's crazy even for him to let it be an arms race is often very dramatic development only personally i'm going to resist i don't see how that strategy will be successful very critical time to sit down and talk. what holds us do something to. put themselves on the line. to get accepted or rejected. so when you want to be president and you. want to be. the two going to be pros that's what before three in the morning can't be good. i'm

interested always in the water out. there should. you keep. that. i mean. it's him in december morning and i'm on

a bus headed down south from chinatown new york there breathless driver speeds up on the ice who really. and traveling across the states in a snowstorm because of a book. written over dishpan of twenty years back and forth from the mining areas to eastern kentucky the book by italians corner. is a monumental collection of world history it tells the struggle of the words built around mining of coal when amy grants would come to the area to work well paid but often has faded jobs the book tells the story of harlan county that's where i'm going. to pop the. own.

land. i'm headed to the depot mary kom of course. i want to see what's left of the. three years since his first visit now that the us is shifting to nature and gas and coal mines for shutting down one after another i do not expect to find a lively city when i drive into the heart of i find a ghost of the city where people are stuck like car tertian and black and white picture their stories and their. have not changed much from those recorded by

pushed fields research and today are leaving me in peace turning round. the world. with. well we really don't know what he'll be. back would have been thirty. plus at least two it would be. worth. no ma'am. but. in their place now it's. like appalachian man but.

appalachian now even with even. greater. crime our former falls. are shall. i got married when. i was sixteen years old and my husband was seventeen years out and lead me in myriad about six months and he went into the mountains and then six months after that dad and i went to korea accident. i had two week old son. lady who lived down the street here on me and. killed. her to you know what it

really. oh no. where else could a company wants to hold real that's george said also that helps coal ready for the christmas they would in their. shop the whole world will put done much doesn't bring back that old wallet. keothavong if. they know it much. two three tell them both that locket one through so it. shielded. that even if you see it there i would say oh. i see that.

i find remnants of the mining history or longer memories of the casualties in the hard labor are alive in the stories told by the young and the like they're not had for the glory of collective childhood and hard work paid off. speaking to the locals in dusty barson saloons you can see that their life was and still is mine mine is hard their narrow. their collective legend and whether played a part where sid would try to stir survive the war right disappearing before day i ask for the rose parade rest of. us by branding of the work first erases god she'll but first you have like i went sixty of them at my explode so. it was work and i got there as my grandpa grandma a six awful sweater. what

made it rain you. will. go. in every lady made home a and it he always had because you know now we face the life that you'll say you. are going through. everything. you won't want to hear that there's no water in the mine and soon you would have to drown through water it would get it over your knees and. the horses would have to pull through the opponents from

there and then they would lay to bow foliage for tracks sometimes when they'd run out of traffic people here named were you know anywhere. there's nothing for him to day and there have been all the young papers the turning to see alcohol. and. if we were some one would have a state and so. they are our government would get interested in this place this party can tell you think we. could make it better if they know their neighbor day. in this say you know there's.

this or pop. eight point seven downtown weisberg this is johnson brain in sin arcade until ten o'clock tonight so i'm talking with some of the best music of two thousand and thirteen rendon playing the song but all. use.

is holding its own groove. in one thousand nine hundred i was the first among men to work in this one particular mine and my job was what they called the bell boy and then they started calling me the bell person because i was a female so when i would go underground everybody would be kind of gathered to see this one. when coming out of the mines you know and then i remember my face will be all black with the cold since i was a little bit vain so i would have a handkerchief and i would wipe my face off before i would come outside so it would be all clean. so that it but the guys would always be looking for me to come out because it was just so amazing i guess to them to see a woman working in the mines bolding for it's all true.