as that word is understood that you're selling stuff for more than a cost they are reliant entirely on blood transfusions this is a vampire economy this is a frankenstein economy this is a zombie economy and of course the pop culture reflects us as procter as was saying to the one nine hundred eighty s. the pop culture. guys is reflected in the market zombies are not in hollywood because we live in a world of zombies and because the zombie banks became zombies after eating the you know the basically the flesh the actual living beings that were the workers the productivity the wealth of all our pension funds and you know it's the zombie pension funds and there are looming frightening monster debt obligations that they owe their you know members of the pension fund that was feeding the zombies as well because as b.a.'s points out their analysis suggests

that the increase is linked to reduced financial pressure which in turn seems to reflect in part the effects of lower interest rates so interest rates are so low pension funds gamble on the fact that they have an eight percent annual return most of their investment has to go into safe investments like bonds and the bonds are ever lower because it's evermore. basically returns that these pension funds there's a rumor celebrex lowering the bar and the winner is the saddest and most lawful that's the economy we're living in you know zombie zombies i remember the crabbers song zombie. look. so dramatic that irish rock was so great for a while there and then they became a zombie economy in the way because the banks were allowed to trade total mayham there oh well well as you see from the chart zombies are crowding the s. and p. five hundred so there's the yellow line as it's rising along with the s. and p.

fifteen hundred i'm sorry about that but you know speaking it was obvious like you know everybody here is so partisan and everybody thinks like those people in the midwest they're deplorable is they're losers as hillary clinton might call them and we on the west coast and the east coast are winners and where vibrant hillary voters and we you know you know we're better but when you look at the entire fabric of all these headlines nobody is. and island they're all part of this save system so when we have the zombie banks we have zombie corporations and we have zombie workers we have this first headline about the zombie corporations and banks being kept alive by low interest rates workers overdose on the job and employers struggle to respond. so i'm going to read you a little bit of a longer text here because you have to listen to this to believe it it's really

fascinating and it's a sad story jimi sullivan prepared for his job as a bricklayer the same way every morning for years injecting a shot of heroin before leaving his car the first time he overdosed on the job in two thousand and thirteen ahead of a junior construction site a coworker who is cousins fully injected a dose of nor can an opioid antidote into solid his leg he woke up and went straight back to work the second time in two thousand and fourteen his cousin revived him again and after resting for an hour in his car sullivan was back on the job his boss told him not to let that happen again but within a month sullivan had again overdosed on the jobsite this time another worker called nine one one after a few hours in the hospital he went back to work so i mean here you have a guy shooting up heroin going to the construction job overdoses inject with narcan pops up goes back to the job like it's rinse and repeat the same

part he's part of the economy which is receiving injections of cash to hide the pain of an economy that doesn't prove useful wealth anymore and merely extracts wealth. so make sense a busy guy a bricklayer a construction building the foundations that everything you see around you would also be the same all right so you began the saying that no man is an island so the implication there being that is the plight of this brick layer jimmy heroin addict is mirrored on every part of society and in ever greater organizational hm mm. paradigms of society so this one individual is. sparing seeing a hellish life due to design this occasion and opiated cation of the american economy but so too are the people of his family and his community in the wider community

and probably in his state and now of the united states of america layers as employers are living in this just in time opiate addict is a minimum wage hell scape brought on by easy money like easy blood into the veins of the. ever increasing as vampire population of the zombie population and the cure is staring us right the face of course the obvious cure is you need to make financial fraud more expenses by raising interest rates aggressively to weed out the crooks would be the obvious solution paul volcker knows that but he's not running the fennimore we now have enablers we have dr frankenstein running the we are running the central banks we have jamie dimon in charge lloyd blankfein these are the these are the vampires of last resort they are

the deepest foul lists dank just. so. we don't see any of these conversations anymore in america we used to have on television back in the sixty's and seventy's we said deeper conversations what our society should be what sort of economy should we have part of this situation here is. construction workers have the highest the highest death rate of opioid overdose on the job the second most concentrated the only other industry that has more opioid addicts is the entertainment industry according to this chart but they are to this data but construction workers what happens is they lose their job if they're not on the job you know it's a vicious you know you have. to show up at the job and a lot of them it's obviously very labor intensive you're using hammers and nails dangerous it's dangerous so they have a lot of medical issues of pain so they've got to get on the job they take the opioid to get on to the job because it's the only way to get through the pain and

you know maybe the conversation should be had of you know ok there's on the one hand you need to feed. stock markets and you need to revenue pushing the opioids but on the other hand like we also need to discuss like is or better way to how this should workers have some workers comp should they have a day off should they have a week off or two weeks off and said to make recover from the pain should they not be threatened with losing their job because they have this pain and maybe there are other conversations that could be had but we don't have those conversations because this whole shrieking and it's all crazy story the economy like we're drivers there resident last five years and i cut in half that's actually have a headline drivers who are left are earning less than half of what they did four years ago study finds a study by j.p. morgan by the way the biggest zombie of all the banks the biggest derivatives book of all the banks and when the benefits the most from zero percent interest rates and the fed chairman and women going out saying we should buy equities in the next

financial crash right well there's an amendment to the constitution. outlawing slavery and that's clearly an example of slavery in america right here well i don't i don't think they're forced to do that but it is definitely a declining income and it's only going to add to the sense of. you know the the harder you work the more you stay in place we've covered the red queen syndrome and fracking like you good people we're. just meat that bomb payment otherwise that you're flow of cash is going to be cut off if you don't make that bond payment and forget the fact that fracking doesn't make money forget the fact that you're driving faster and faster and harder and harder more and more fares and earning less allows us saying all these people have in common is a generally carry a lot of debt but a student a lot of medical debt. the debt for their car auto loans auto loan debt ok so we know from history that forced labor

a lot of times as comes with debt peonage well i might like them allergy i have for the show better and i think it's working the zombie story you could introduce the slave story to another episode but i think this fits in it's suitable i think that the zombie works in fact that we have a zero percent interest rate economy because we have zombie banks that is filtered down to zombie corporations because pension funds need to meet their debt their pension obligations payouts to their members so they have to loan more and more money to more and more zombie corporations in order to keep their flow to their members those same workers need to work harder and harder to pay off the debts for all of their student loans or. mortgages which house prices continue to rise so that works better for me when i mean we have invented something new zombie slaves. there are the best of both worlds are the worst of both worlds depending on i look

out for is content goes good because so a new report from j.p. morgan chase based on payments directed to two point three million family show the average monthly platform earnings drops considerably by fifty three percent between two thousand and thirteen and twenty seventeen these drivers made seven hundred eighty three dollars per month and twenty seventeen versus one thousand four hundred sixty nine. in two thousand and thirteen so like i said working harder to stay had working harder to pay the debts on and left that's a definite situation where you can keep that hamster on the wheel like running running faster because you have so much debts in order to have the job you have to pay the gasoline you have i want to remind all there is a prison or a member if you get into debt too much you go to prison anyway the overall story is that this is a zombie economy zombie zombies on be it's like they keep on coming out. have to get out no matter how many times you die on the job of a heroin overdose and you've got to pay your credit card bill at the end of the day

so you've got to inject with narconon get up and go to the second half doctor what . i've been saying the numbers mean something they matter to us is over one trillion dollars and. more than ten like color orange stamp each day. eighty five percent of global wealth you want to the ultra rich eight point six percent market saw thirty percent just last year some with four hundred to five hundred three per circuit per second and going rose to twenty thousand dollars. china is building two point one billion dollars a i industrial park but don't let the numbers overwhelm. the only number you need to remember one one you know for

a minute the one and only. church secret indeed just like priests accused of so. sexually abusing children can get away with it quite literally i like to call this the do a graphic solution so what the bishop needs to do then he finds out that the priest is is a perpetrator is simply moves him to a different spot were the previous standards not the highest ranks of the catholic church help conceal the accused priests from the police and justice center that is as old as the eye and then i think you learned to use these out in the. south.

welcome back to the kaiser report imax keyser less talk two minutes fire station in new york mets welcome back to the kaiser report are you max pretty good you know i saw a statistic recently that the world is dow debt to g.d.p. something like two hundred fifty percent they plan a ponzi theme they outline in your book has been growing unabated now for years and the total debt to g.d.p. in the entire world is two hundred fifty percent it's incredibly big and yet now we see maybe a new trend in that rates are starting to end up quantitative tightening at the

reverse of quantitative easing what's happening ments what what's going on here or is it really matter to you a billion times you can never never cheaper a ponzi scheme and this is the motherlode ponzi schemes so what's going on maybe the federal reserve the right was all seen to be ended where they would use rates from fifteen percent down to zero. they claimed they were going to be raising roots but it's still statistically insignificant the amount of the raise so all we're doing is replacing there are two forms of policy easy there's monetary policy and fiscal policy so they're getting rid of the monetary policy but they're adding fiscal policy so if you screw policy government spending is replacing monetary policy they're also reinvesting the the the bonds the bond proceeds so it's late to meet q.e. so really it appears the optics are they may be tightening but they're not really

tightening they are the language is that we're tightening and yet that debt number keeps going higher and higher star as you point out it's all optics on the bank of international settlements which is the central bank of central bank report that fifteen percent of all u.s. corporations are zombie firms on the able to cover their debt servicing costs from the current profits your thought. so what's happening here well i think that we're living in a land of unicorns zombies managed by humans or snowflakes who don't understand. so the problem with wall street right now is you've got too many people involved in the scene crowded treats the e.t.f. trade is a horrible trade you know it's like a roach more to get in but there's no way that when syrian valuations people don't understand valuations i mean you've got some ridiculously priced stocks later i think we've got a couple charts here going to church of him isn't that you can take a look at amazon as a truly dollar company but they don't make any sort of a profit which is necessary if you're going to me tina kind of valuation so anybody

who's buying amazon the most crowded trade in the world last year you know i think that's going to end very very badly i mean there's you know a look at the hours on start but let's talk about another company we've mentioned before tesla so the thing about tesla met in a year on wall street i used to work on wall street for many heirs they seem very lax about the rules particularly regarding the f.c.c. the securities and exchange commission so when iran mosque the c.e.o. of tesla says something like i'm thinking about taking myself private and funding has a place when i think in the old days used to get what's called a wells notice right i mean the f.c.c. comes after this to be illegal to do that stuff right that well we're talking about securities fraud and is the one most guilty of securities fraud yes she is lead forces i'm not sure now you know it's it's a classic what are the set up signs for a classic. you've got look you go corporates look at europe you've got corporates

and investors selling and millenniums buying stock the problem is you can't really tell what the finances of tesla are and they've never made a profit they've got around eleven billion dollars in debt they've got to increase their debt even more the company is hemorrhaging. it's burning it's cash is hotter in space six jet fuel so it can possible really choke you know musk a mountain so the firing is secure he had no funding you're just trying to burn the shorts basically that's market manipulation in my book i don't know why people are buying the star it's probably one of the best shorts on the planet and over three hundred bucks a share i mean arianna now i'm in a ponzi scheme message that you put out the stock went up you said they're going to be buying at four hundred twenty dollars a share and i think around three ninety five and then really had to admit that it was a lie you know the share or the shares collapsed but you know i think that is that

there is a small time on the swindle compared to what's out there now and if there are a lot of bigger problems if you look at total corporate debt is somewhere in the neighborhood of seven trillion dollars in the united states and i did for her five trillion of those bonds have to be refinanced within the next five years right so that's a good point in that whatever you think iran must is doing if it's illegal or not it's with that in the context of a entire global market that is korea plan upon seeing gaves then much bigger frogs than follow all the central banks and trillions of dollars so he's a small fish it's just a forty fifty billion dollar bezel whereas very central banks are involved in much bigger scams now at the same time the bloomberg says consumer confidence comfort in the acts now at its highest level says january of two thousand and one so consumers same happy mess their wealth effect has kicked any of our stocks are higher

property markets higher people feel wealthy they're confident they're buying stuff what was going on there well look this is this is a routing it was sustained by reckless central bank policies around will united the . japanned you know why o.b.e.'s generally used more buying whole bonds now market you've got a european central bank run by mario drug use every school in sacks whine a lot we're on in the european more. that are highly rated supposedly in the government on your spending inordinate amount of money trying to problem use more supporting more it's in keeping interest rates artificially low the problem is italy has four trillion dollars in some debt. the banks are shutting up so the banks are largely insolvent and need to be recapitalized it was a huge problem and it could be the real the fall of the car that makes the e.u. crash so the debt in the european union is supersized and i don't see

a group solution to that so if you're going to be a bit of a pro right well they got this idea of the zombie banks that were kept afloat by the central banks because they didn't want to have to have any problems with their friends in the banks but this is bleeding into corporate zombies they have corporate zombies they can't meet their interest payments they are relying on on bailouts as well and so he describing there is this kind of contagion if you will of insolvency that's spreading with a with a kind of a hidden under a rising stock price of the stock prices are going higher through stock repurchase programs and through the use of as funny money as being printed so on the surface it looks like things are good donald trump will point the stock market and say see things are going great but underneath the surface there's a plague of insolvent say and that insolvency bubble when pricked should be pretty catastrophic and you're saying that it only that i mean that is who is it is

a seventeen trillion dollar piece the global economy so. how are the banks and the a.t.o. doing like to your bank and these other banks i can't imagine that. saying they're doing very well let's look imagine the amazon before being a trillion dollar company apple is now a telling dollar company as well that u.s. dollars dot zimbabwe dollars and that remember back in the dot com boom we had cisco was going to be the first trillion dollar company before it flamed out of famously ninety percent crash where is this going is amazon in this company going to two trillion or is there going to be a flame out well you touched upon something that's interesting no i think it'll definitely be a flameout i think amazon next lyrics or two of the biggest flames don't make money that will flame out and test must should go to jail but what's happening is a lot of these companies are issuing tons of debt either corporate debt or the raising finding and in other methods and what they're using it for is

financialization they're not using it to create product today so what they're doing with the stock buybacks is they're cannibalizing future earnings and paying off the c.e.o. suite then never ends well in history never had and were seen as most pronounced right now where we see inflation is it's been exploited by the west so although we're seeing this cuny tightening in the us where it's really impact and is where all the speculative cash ran and u.s. markets interests are hurting emerging markets like turkey urgent teener brazil mexico and venezuela now remember turkey's debt is dollar denominated a lot of it so their currency has dropped about thirty percent this year and their economy has gone down the tank same with argentina brazil mexico so their dollar denominated debt is forty percent move they have forty percent more debt now yet their g.d.p. and production can't support even the debt service that they have and as interest

rates go up we're going to see a change or default which is beneath the dominoes the fall so i don't know if that so emerging emerging markets will need this i don't know if the e.u. will need. or a crisis in china because china has a big problem with all that debt china has that is a big record on china but let's look at the central banks again and continue on the same so to kid the zombie banks going made by the debt of the zombie banks to talk about mad drag a talk about the talk about the central banks inflate their balance sheet by trillions of dollars or trillions of euro's and there's another trend though which is pernicious an ugly and disgusting and that is central banks buy stocks out of the swiss national bank is the biggest honor one of the biggest owners of apple stock the japanese central bank spend buying stock on the japanese market to keep of flooding and now they had to the federal reserve bank here in the u.s. is talking about when the next crisis hits they're going to start buying stock in the open market met your thoughts well you know this is this is

a big problem central banks should be doing ninety percent of what they're doing right but we've got our economic charlatans and we'll here that are going to run us back into a ditch and then when they create a problem you go to the same guys you know it's like einstein senate. insanity is doing the same thing over and over and expecting to get a you know different result obviously the results are going to be the same but we need to do is think out of the box and get different people to try to change the program you know we have too much debt too much credit levers because the crisis right now we've got more debt more credit more leverage than we had back in two thousand and eight why was anybody think it's going to end or it's going to end catastrophic student loans are at an all time high the fault rate is at an all time high its lows are closing in on two trillion dollars right so we've got that we've got a record credit card debt that's the only thing that sustaining this robbery rate

and you know the show buyback programs are ridiculous max you mentioned it yourself so you know if you have a hundred shares and you're a dollar a share you're right that's one hundred dollars and heard that if you buy. sherry it seems you just don't know what to do you really don't we were in productivity it's always funny and she was a there's a lot of the magic in yours if you're going on. a little rest it's just you know we won't digress much because really got a few seconds on fact i'm going to say thanks for being on the cause or partisan against. well all right great well i'm going to do it for this edition of the kaiser report with me max kaiser stacy i would like thank our guest misfires stein planet ponce if you want to catch us on twitter of course is the report until next time iow.

the impacts of the slow drivers will. tell just like. me it. was somebody that doesn't know it's a mess you never know what's happening and what they're doing what they're. going. to be thinking of that into you but i'm going to consider that that's the end and the

most fun to all these clear when the. so what we've got to do is identify the threats that we have it's crazy confrontation let it be an arms race off and spearing dramatic development only personally i'm going to resist i don't see how that strategy will be successful very critical time time to sit down and talk. i've been saying the numbers mean something they matter you have there with one trillion dollars in debt more than ten white collar crime families each did. eighty

five percent of global wealth you want to be ultra rich eight point six percent market saw thirty percent minus minus two years some with four hundred to five hundred three per second per second and bitcoin rose to twenty thousand dollars. china is building a two point one billion dollar a i industrial park but don't let the numbers overwhelm. the only numbers you need remember one one business shows you can't afford to miss the one and only. the ones in the united states is dangerous for most of the illegal immigrants. costume dramas tell us just a little simple but i want to. try another one the last post on this but i have many of them look for refuge in the so-called centrist sides of the draft used to share information about undocumented migrants with federal authorities best person

as bank of mom. policy to point out. that at best when i get i'm in a lot of class and they want that. they have a washer they all should. to stay in the country with donald trump. to be about to do. a sit sit. with all of. the mothers.

the civil war in south sudan is claimed close to four hundred thousand lives according to the u.s. state department funded report on the question where are the countries which initially supported africa's newest nation now also. is there a plan b. to questions about what does it have to do is trade and i don't mind answering the question but you know what i'd like to do the trade has to do with the other headline in the sexual assault allegations against donald trump supreme court nominee overshadow the announcement of a wide ranging new trade deal with american named. the people's republic of john. british politicians under fire for the insensitive quip about libya.