moment so philonous everywhere in the world is having record levels of of everything well there's record high temperatures low temperatures all time highs and stock markets all time lows and interest rates stand druckenmiller billionaire hedge fund manager he was out saying that massive debt fueling the next financial crisis so he sees the record levels of debt just like the record levels of smog and climate change and he and exhaust and carbon emissions and all that sort of stuff everything is at peak everything. in every possible category or at the extreme earth's carrying capacity for human beings as reached its limit the stock market training of all time highs the debt load peak everywhere as they head to two hundred fifty three hundred fifty five hundred percent debt to g.d.p. this is a planet on the verge of a major war to nami of debt and wipe out and catastrophic nightmarish behavior there's also

a bit of brinkmanship going on everybody's kind of like it's kind of exhilarating to look at how much debt we can pile on how much carbon dioxide pile into there how much smog we can put in there how many people we could put into one city how much of prices could rise in the property market stock markets and stuff and another brinkmanship story that happened on our way out here to los angeles we had prerecorded an interview with fire stein of plan a ponzi dot com and it was funny because he said that iran mosque of test was guilty of securities fraud and lo and behold like two or three days later of course the f.c.c. has sued him for securities fraud partly because of brinksmanship because a lot mosque was negotiating with them and he decided he wanted to just be challenge them so you know i was talking to johnny. the viper room and you know ellen is a friend and he's really taken capitalism to that extreme that it needs to go to express the people's i guys are. the representation of equity in our inner being

and i talk to johnny in his next role he left me to be in my original bar nine. men and possibly considering this is all going to be taken place on wall street the pirates on wall street is going to be called i'm writing the script and just so you know the last time max lived here was like two thousand and that's why johnny depp was huge back then and the viper room existed johnny depp was actually going to be playing matthew mellon one or three races in a film so he's that guy and i was a friend of kaiser report until he passed away but i also want to talk about the brinkmanship that's in the headlines this week let's talk about real financial news max and some economic stuff happening in the real world this is not fiction this is not fake news agricultural exports plunge jump accuses china of meddling in u.s. elections so the change deficit widened by five point three percent and all this despite i guess because of the trade war agricultural exports were down nine point five percent from july and a whopping fifteen point two percent since june now the interesting thing is that

china or the china daily which is the chinese government. you know news outlet they took out a four page ad spread in iowa basically telling the iowa farmers that it's because of trunks dual you know his his war is trade war with china that their exports have plunged straight so i guess following up on what we were saying last year which history emerges and markets all ism so what is i mean in other words post the best work until this period of the nineteenth century went into more of a monster as a global economy run by central banks and they were able to exert influence by adjusting interest rates and by printing money but now we're at a new markets all this period so the fact that china is taking out ads in iowa newspapers reflect about that because it's going to be more trade for trade basis without the kind of influence a central banks have because central banks are not really in it with. no according

to chomp this is really trump business is thompson economic model he wants to get rid of globalization is at the u.n. and he's saying i want to take us out of all globalized institutions we just want to go trade and go bilateral we want to do individual deals and so something like that reflects this because china is saying you know what we have to come up with new strategies to exert our influence in the global trade so taking ads out and i would use paper where as they used to maybe adjust interest rates or a movie when their currency down you see that that's now that's passe that's not really in keeping with today's new deal mark until this model and i don't see the problem with taking this to the people letting that because we are in a globalized world the hyper globalized world the farmer in iowa is selling to people all over the world consumers all over the world not just in iowa so donald trump tweeted about these these ads taken out and they deem one measure sir he said

china is actually placing propaganda ads in the day when necessary and other papers made to look like news that's because we're beating them on trade opening markets in the farmers will make a fortune when this is over i think you know just take it to the people and let them decide and let them hear both sides of the story and find out what's going on i totally believe that your most prized precedes news and fig prices perceived as a problem with monster ism as the end up with big prices and you end up with a glut of fake news but if this is real neal mercantilism we're going to go back to real prices in real news so i think it's a reversion to the mean of trade as it's really been going on the planet earth now for thousands of years and i went to net on to the latest fed you know raising the rates by twenty five basis points and chairman drove house spoke afterwards and there was one thing that i picked up on in terms of something that you and i have no did over the past few years certainly leading into the twenty six thousand election when obamacare prices soared. and how that might have impacted the

electoral system and the electoral vote of course that has not been discussed because. you know we all know what has happened to cable news and the mainstream media here since the twenty sixteen election they've basically become days of our lives or general hospital or some sort of soap opera and it's nothing gets discussed but here joan power points out something quite interesting the fed's not backing off towels standouts and zingers at the press conference asked if fiscal policy the ballooning deficit after tax cuts and spending increases comes up a lot f. l. and c. meetings joan powell said because he was asked about fiscal policy and he said it doesn't really come up it's not really our job we don't have responsibility for fiscal policy but in the longer run fiscal policy will have a significant impact on the economy it's no secret it's been true for a long time that with our uniquely expensive health care delivery system and the

aging of our population we've been on an unsustainable fiscal path for a long time so he's saying our economy the united states' economy is on an unsustainable how do to health care costs do you see this discussed and you would think that. the fact that the us is on an unsustainable path would warrant deep conversation on fox on m.s.m. b c on c.n.n. on the main news channels here that what do we do about this how do we stop this unsustainable path how do we stop these health for health care expenses what do we do but we don't see that conversation ever happening on the news here which is why you have well yeah i mean i think you're right this phrase unsustainable as an interesting phrase coming out of the central bank because their job is to cheerlead the economy and to always talk about the optimistic future and to never mention any negatives whatsoever that's the new role of the fed so to talk about an unsustainable path. is remarkable in that regard and it's interesting that he lumps

health care in with fiscal policy therefore legitimizing the idea that obamacare is a tax it is a tax and it's an unauthorized tax and the corporations of america under the constitution it's not legal for them to impose a tax on americans but it's more than just that it's the entire health care system you say even people who have a job at some corporation and the corporation provides you with health care that is not obamacare because this next headline also shows you know one of the problems that has happened in america why we have two thousand and two thousand and one crash why we have the two thousand and seven to two thousand and nine crash why we have this upcoming massive debt fueled financial crisis to stand talking miller says it is part of the reason is that incomes have not banged going up america's twenty year shift people are getting paid less in cash wages salaries and more in

benefits in large part because our health care system is still so expensive so over the past twenty years companies and governments have been paying their employees more in benefits and less in cash wages and salaries and that's especially the case among people who work in the highly unionized public sector the big picture of all the different types of benefits the cost of health insurance has consumed the most of the average worker's compensation representing eight point two percent of a dollar in pay today versus five point eight cents of a dollar in one nine hundred ninety eight that's because the u.s. health health care system is so expensive right in the chain in cash for benefits and the problem there is that i can convert my benefits into gold with hard money and savings so i don't have no economic sovereignty yes they don't want me to give me any cash because i would put some of that cash into gold and i would have economic sovereignty and financial independence but that is to be shunned at every . every every step of the way because we are to be beholden and we are to be

enslaved by the system well health care eight year raise is what they said because a lot of people have said where has all this productivity gone a lot of it has been captured by shareholders and the c.e.o. class and the executive class but the fact is that it's also being captured by the health industry which is part of the fire sector the finance insurance and real estate so it's capturing all your gains but that doesn't get accumulated you know if we spend twelve thousand dollars a year each on an obamacare health insurance policy it's not like that saved for us is that doesn't it just disappears into the pockets of the health care executives that's extortion it's essentially extortion they should change fire economy the hell fire because you need the h. for health care health finance insurance and real estate best the new economy well the fire health. that's lilly in us with well we have covered this pretty extensively in. the integrity of the economy is being undermined by the county and

larcenous to behavior of this all gospelly well shake down economy storing every chance they get without any pushback by congress or congress's involvement other shenanigans that it will actually do anything worthwhile and in the last thirty seconds here max i want to say that in fact our obamacare premiums are going down next year that was a shock and partly because they had jacked up the price is so so high the last two years so they made too much profit and they have to lower that because they can't spend it all every shyster in times square with a three card monte knows you gotta love the market when a couple of bucks on the way out so you don't step over them and they will give you a six to eight digit pin that they say no one else can change. into mobil's case they also go in put a do not eighteen do that i don't know why you would do that but they don't and i still felt pretty secure when they said you're safe though you have this. call

because porting sounds difficult and swapping sounds like you have a little party and swapping phones but now with sim jacking what happens is somebody in the in the earlier version someone would actually go into a store pretend to be you have a fake id and then say there you would have lost my phone and then they would go in and give it to their phone and as soon as they had that they had your digital life they had your digital identity and that's how in the earlier days of oh two or three years ago some people were losing thousands of bitcoins because they would then get in there they'd reset passwords because most g. mail accounts e-mail accounts all sorts of software exchanges before google too if a kind of became popular would be the way that you prove your you well if you give away without your permission your digital identity approves your allegedly you then they can go and take everything that relies on that right so you had twenty five million and took the assets held where were they where were these things these were not in exchange accounts i actually had all those protected bank vaults there and

present larger sticks in you know safe deposit boxes makes changes all have to a fame to have pay but as you know a transform group with a p.r. division we work with over one hundred digital currency companies sometimes they pass and there's little currency sometimes these are things that are not era c. twenty tokens if they're even assets and they have their own native wallets staking wallets they have to have it on that so these are still things that i have private key is that are in you know encrypted accounts or sorry encrypted files but there are ways if the right hacker gets in and they can find little little hints they can find something if you cut and paste in something and it got auto saved into an invisible file or in a hidden file that's kind of what they found because again nothing what happened had a t.n.t. after telling me that i was secure with having this six digit. you know. safety

code what they didn't say was that anybody at eighty in t. can do a manual override and that's what happened and is there any thought that there for lack of a better phrase was an inside job absolutely because that's what i would say is phase two of what's going on now there were arrests in almost every case involving a t.n.t. in the f.b.i. investigations where i guess they were the criminal gangs of the site and that is too much work getting a homeless guy to come in to pretend they're you and pay a hundred bucks the see if you can trick somebody why not go direct to the source so they're actually going in through social media approaching people who have their profile knowing that they don't have to do it out port and then say hey you want to make all money and then pay them a big point we believe that's what happened here the gentleman who's named in the complaint jamil smith than the in the norwich connecticut store nineteen you know has had a criminal record and since then has also been arrested for larceny so you know

that's not somebody that you should give the ability without checking with a superior to override your special protection it be the equivalent acts as if you went into the airport with your thing got past t.s.a. and all of a sudden it didn't work and they said oh that's fine we'll just override it you are in fact suing eighteen say that's right a huge number out there like a big number it is in federal court jury trial and so the actual amount of the loss was in the twenty two and a half million dollar range these were all the coins they had the good lord a.t.t.'s case the bad fortune to steal them on the absolute high day of all to point value this was the day the big point of all the markets had an eight hundred billion dollars mark so the particular tokens that were stolen had close to their all time highs but that's the value when they were stolen that's the value that they then were able to suck out of exchanges and turn into big points which were then presumably turned into cash this same hacking as. around for

a while now these they spend an attack vector in the phone business for quite some time and i wonder why have they been dragging their feet for so long is it just a lot less arjay on their part it's crazy because i mean at least t. mobile you know now has a do not port function this can be stopped immediately if all the carriers simply allow you to say do not port and it took you know several levels of effort to be able to support like you had to go in as a superior had to approve it that's not what it is right now right so like with credit you know you can lock down your credit for identity theft right let's put various credits or misses it says they go through a process and so identity theft as it's warranted in this way but the phone companies don't have that in place that certainly doesn't write so they could be moving to something like that are there any others joining in the suit with you right now it is just me i've gotten contacted by many many people who lost amounts in some cases close to what i lost in one case actually more if you count the high

value of bitcoin because they got thousands stolen in a similar hack back when because it was worthless. but this is not a class action suit first of all a.t.m. t. prohibits in their contract that you basically take it or leave it to participate in a class action suit they also prohibits you from suing them for any reason whatsoever including their own fraud and their own gross negligence we believe that's a weaker claim the class action to get that thrown out would probably be a different set of circumstances than to get a judge which is actually happened in the case in a different instance not involving some jacking where a judge was able to say this is an uncountable part of the contract later that on them getting reinstated for that case but we believe that this is an important precedent that you can't just go in and have the ability to have a phone or not have a phone russ. are you basically saying that a t. and t.

can do absolutely anything and you have to indemnify them for their bad behavior and you cannot under any circumstances have a jury trial for gross negligence and fraud so they could do a community i would think would be behind this because the entire community is exposed. i haven't actually seen a lot of coverage on this is it is it something where are we in that is it getting coverage what's going on i counted we had about a billion impressions of coverage the first three or four days i'm in the p.r. business so i know how to break stories and let reuters breaking below believe that i got picked up by a lot of other outlets and by large has been very sympathetic and supportive coverage every now and then you get a social media group saying well it's going base is faulty show us your in the business the big points better there were no big points and i don't have a point this out again it was just it was native in staking wallets of course twenty one million big going to be created when it's all done there's eighteen

million or so currently in circulation they estimate that up to seven million have been lost in this similar circumstance going back to two thousand and nine that's a remarkable number that's thirty percent of total completely lost what we get lost and stolen are two different things who's of the stolen they're still around and somebody has them they may have sold the cash and then somebody else has them and somebody is holding that big point right now if they were if they were simply act on the last part a lot of those come to the first ten million that you know happened in the first four years a bit going before the first having and wallets were not very secure back then people would go in mind them just keep on their hard drive the hard drive crash they wouldn't have a. ten thousand because which back then were worth about ten bucks so you've been in this business really sense it's inception i would say you know it's gone through all kinds of growth and we're at a level now where it's getting dark. thanks for being on the kaiser report thank

you that's going to do it for this edition of the kaiser report with me max kaiser stay server like our guest michael turpin of going to gender a bit angels in transform group p.r. going to catch us on twitter it's guys reports like signed by all. i've been saying the numbers mean something big matter the u.s. has over one trillion dollars in debt more than ten white collar crimes happen each day. eighty five percent of global wealth you want to be ultra rich eight point six percent market saw a thirty percent rise last year some with four hundred to five hundred three per second per second and fifth point rose to twenty thousand dollars. china's building

two point one billion dollars ai industrial park but don't let the numbers overwhelm. the only number you need to remember is one one business show you can afford to miss the one and only boom box. is a. church secret indeed priests accused of sexually abusing children can get away with it quite literally i like to call this the geographic 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 where the previous standard was not known the highest ranks of the catholic church help conceal the accused priests from the police and justice system to that of that's known as the i and then i think you learn how to do this out in

the. south. and south. and what politicians do you shop to. put themselves on the line and they get accepted or rejected. so when you want to be president i'm sure. some want to. have to try to be crushed. it's like before three in the morning can't be good. i'm interested always in the waters in the. first city.

responds to western accusations he's been carrying out. of it he's calling it an orchestrated propaganda campaign and will bring you a run down the first days war of words. america holds its breath away from the. case the supreme court nominee accused of sexual misconduct will take a look at an unexpected effects this scandal could have on the looming midterm elections. trade war u.s. vice president mike pence claims china is trying to orchestrate a replacement for. the beijing oil imports from america.