i am max tries or this is a report. that's what happens in las vegas stays in las vegas regular stay low so you sort of probably a little mostly just remember only watching. max in fact this show is broadcasting around the world so it's not quite staying in vegas you'll hear some noise basically we're at a conference in las vegas promised a security conference put on by our good friend hearts and security is a big issue we're actually going to be talking about in upcoming shows but when you think of vegas you think of showgirls you think of all those entertainment and in this entertainment capital i think of america even more than broadway and hollywood but you also think of gambling in the casino business here and don't run by the way

has trump tower and it's only it's the only place that a casino here because you couldn't get a casino license but that doesn't prevent him from winning he is we need according to fox news but see and here's a headline which is remarkable president donald trump's winning streak is donald trump may have never had a better time being president only a reelection party on the night of november third two thousand and twenty so they're already projecting that he's going to win twenty twenty could possibly offer the same vindication for america's most. and chief as the thirty six hours in which to foundational strands of his political career are combining in a sudden burst of history and then this is a sentence they actually say about donald trump c.n.n. which by the way has called fake news. and horror you know he's done he said

a lot of horrible things about them both at live events and on his tweets but it says trump became an undeniably consequential president when the senate voted on saturday to confirm brett kavanaugh supreme court consecrating the conservative majority that's long been the impossible dream of the g.o.p. well you know. from the beginning. the constitution is strong and it's designed so that any competent individual can step in the white house and run the country that's the beauty of our system of government here in the united states now as c.n.n. and understanding bed down shall be a consequence president who is doing things that needed to be done and is getting rid of the deep state hillary clinton is opening her trap and saying that the end of civility must come that we can no longer be civil in fighting against

a president of states now last i checked got a copy of my constitution this is the constitution of the united states. here that they support sedition believe that the legal hilary for jail for prison this is very much alive and well as to the midterms. ok i wish we always just forget about her and we'd all do away but we're going to go back to this c.n.n. piece wimber title of the c.n.n. piece this president trumps winning street on friday trump had celebrated the best jobs for forty nine years as the unemployment rate dipped to three point seven percent offering more proof of a vibrant economy that the president says has been unshackled by his tax reduction program and skiving cuts to business greg. so again they point out that he came in

when he was on the campaign trail in twenty sixteen when he offered to do was to rip up these trade deals. trade deals he he did what he said he was going to do he said he was going to pack the supreme court with conservative. justices and that he's done that he's put two one on there so far and he said that he was going to slash taxes and that would create jobs and has so far happened whether or not it's you know correlation and causation you know that's yet to be determined oh there's direct correlation. remember during the campaign. the need to revisit all these trade deals bring manufacturing back to united states and bring back jobs to the united states and barack obama at the time say what you just can't do deals these are deals reshowing deals we can't redo the deals i'm an

effectual into what should be a european mill. in europe you know that was proved wrong everything. he would do he is doing so the only problem as i've identified for a while is that this will cause inflation and you are seeing that pop into the economy now so interest rates are moving higher this would mean that bonds are going to move down and would challenge markets in a huge way so inflation is happening gas prices are moving up as long as wages are moving up faster than prices trampas ok if in fact that doesn't occur and you've got prices spiraling out of control then he's in trouble again like i've got to read their own words because these words are pretty spectacular when we're only a few weeks away from the midterms and just two short years away from the twenty twenty. reelection campaign for charm and who will run again so we don't

know hillary has suggested that she might run are like her surrogates suggest but here in their own words this is again c.n.n. he calls them fake news so this could be fake news they could be trying to play him off saying yes we are fake news look at this a president of consequence says the section there is more evidence than the soon to be reshaped court and the roaring economy to make a case that trump is building a substantial presidency that in many ways looks like a historic pivot point despite its extremely controversial nature so in terms of this historical pivot point they addressed a few items including breaking that deal with iran's his bullying approach to the trade deals pulling out of the trade deal and they said for this week for instance

the white house initiated a potentially momentous shift in the u.s. approach to china recognizing the giants as a global competitor and a threat to american security prosperity and interests reversing decades of policy designed to manage. ascent as a meijer power and eventual partner well you know i'm a little backstage entry because on the election twenty six i sat down with my friend alec baldwin who spent on the show many times for thirty years and i explain to him exactly that the economy needed to be pivoted that there would be a need to the deep state you needed to really renaissance and give workers a chance to participate in the global economy by addressing all these trade deals and instead you got sucked into the rosie o'donnell you know kind of wing of the democrats to favor communism socialism you know just look at the soviet union. in

the work rosie o'donnell look at venezuela it doesn't work you need to have a functioning competitive economy having a guy like donald trump reset the table is to exactly what was needed and i would like to claim victory over my friend alec baldwin at this time as being vindicated in everything i said would happen has happened you know he's forced to do podcasts for public radio in the backwaters of the hippa somewhere so there you go there you have it but i mean the fact is c.n.n. is saying this and they did lead the charge in mocking him and then being afraid of him they say the saying goes something like first they ignore you then they laugh at you then they fear you and we've definitely seen the whole russia gate stuff is definitely the fearing you know the so-called deep state whatever that thing is like whatever all these people were that were leaking information they were trying to destroy and they were trying to undermine them all of the cable news all of the

hysteria about them is sheer fear it would look like genuine fear and then of course they join you or you know they stop you when essentially because they join you well trump is going to start looking at some of these monopolies in the u.s. media monopolies in the tech sector and google and amazon and c.n.n. in this act of self-preservation is now kowtow into the present because they are the chopping block with all this. media consolidation and monopolization i said from the beginning this could be a neo teddy roosevelt in american politics to break up the trusts and bring back competition competition is good jobs that's what makes america great is free competition not kowtow into corporate overlords and old top was like jeff bezos again and i think you talk about some of the manhattan elite i think certainly delivery and his manner of speaking in. very in one nine hundred seventy s.

new york and very queens the guys from queens and i think that's a lot to do with why so many of the elite why the rachel maddow alec baldwin's why anderson cooper is why they have a visceral hatred for him because if you're a guy from manhattan if you're one of the manhattan elite imagine a bridge and tunnel guy suddenly ruling over you i think it really great telling them and a way that is just their leaders and but here again c.n.n. this is what they conclude because remember the rachel maddow source of the world they had a lot of joy they were like he hawing about child being laughed at on the stage at the u.n. and here is how c.n.n. now now that they've joined they've stopped fearing and will stop mocking him stop fearing him now they say less than two weeks ago foreign diplomats at the united nations laughed at trump when he boasted about the historic sweep of his presidency

and there was no doubt that he was as usual exaggerating but it is also no longer possible to credibly argue despite the distracting blizzard of controversy busters decorum chaos constantly lashing washington that there is not something significant taking place that is changing the political and economic character of the nation itself so he is a change agent obama was supposed to be the change agent and what he actually did was. basically prevent the change from changing the status quo so my mom could be the worst president of the past one hundred years he's not going to get to mt rushmore. obama codified the worst time a series of institutionalized a kleptocracy journal blind eye to the excesses of the really the the rats on on on the fly. announced in america who are pilfering with impunity and so this is

draining the swamp means unfortunately i must say that it does mean that interest rates are going to start going higher and this is for the first time in thirty two years the bond market bull rally we've had for thirty two years or longer looks like it's coming to an end and that is a fundamental shift a huge change in the economy for the world and for the united states going forward so that will be the big story over the next twenty four months i call it right now so the bond market is like the cooler for chong's winning streak yeah bond market as bill clinton said when they tried to reform health care that he wants to die and come back as the bond market because that's the most powerful force in the universe anyway much more coming our way so stay right there.

i've been saying the numbers. that matter us is over one trillion dollars and. more than ten thousand dollars fine tempting. eighty five percent of global will to the old bridge six percent market so thirty percent last year some with four hundred to five hundred trees per second per second and one rose to twenty thousand dollars. china's building two point one billion dollars industrial park but don't let the numbers overwhelm. the only numbers you need remember it was one show you know for the mid one and only.

i am asking eyes are welcome back to the kaiser report time editor trace mayer trace welcome welcome back to be here i call you the howard hughes of bitcoin is just like your very corporate looking in business looking in you but you're very peroration and you're very ferocious in here approach to because you take the view of a really disciplined hedge fund guy of wall street guy got a look at the context of the numbers that just came out of penn terra capital they're down seventy two percent for the year and i know that you were laughing at that. because a lot of these folks of the past few years trista correct me if i'm wrong they got sucked into the siren song of the old coins in the hard for icsa in the big caches of the world and they suffered as a result of the you have maintained

a very strict discipline about big coin and it's really working well can you expand on it a little bit yeah i mean a scoreboard doesn't lie right so you know that this goes back years i mean i've been in this space for a long time and i've had a different approach to it than the injuries and horwitz is the pan taro's like barry silbert where i've been you know i coined the term the hot or of last resort i came up with like why do you hire big point the seven network effect speculation merchants consumers miners developers financialization world those are settling currency by those of us that are serious players and big when we have a plan for where big clients going and how we're going to get there now i have read your work going back to when you were writing your thesis on banking and gold and you were well versed in this hard money concept so when pickling came around in the twenty five sufferings you were a ready apostle of potosi you were ready to jump yeah i mean that's when i first

started publicly talking about. you know after a mere talk you brought up having wiki leaks a big point it's like well if we're going to have the scrutiny that comes from more eyeballs on this saying well we might as well put in that philosophical foundation i don't want to have people confused about what they're buying or why they're buying it you know it's big cash is a real big coin i mean any type a set or a few journey thing like this like i don't want it why because i want to hot or as a last resort i want people who are willing to hold this thing to zero right that have that philosophical foundation because it's the hardware that really gives something its value and i think we greatly underestimate the risk of this look at how much of the investment funds are passive you know people just investing in indexes are investing passively so when the liquidity dries up we're going to see we're going to see massive wealth loss and what are we seeing with interest rates and the bond market and all this stuff like who's going to be the hardware of last

resort for tesco shares or for apple shares or for whatever the assets are and why would they be those horrors of last resort let me talk a little bit about something warren buffett said recently which i think applies here he said comparing him with bill gates he said that people overestimate the difficulty of what bill gates and they underestimate the difficulty of what i do warren buffett because he is of course the hadal or. best known hodler his holding period being forever yeah he has said which is similar to mine right and so you've applied this and so just once again to review the seven network effects number one is the hobbling number one if you're holding because it's not being inactive you're participating in something extremely poor in the space correct and then the other six are again i mean it's all built on the hardware you know because that's the speculation to man and then you've got transactional demand but let's look at the scoreboard you've got bill gates and you've got warren buffett. from when i started

publicly talking about bitcoin tel today if you take into account. forks in seven years are a wise higher than warren buffett's return in his fifty years by by a factor of i think to. remain alive warren buffett he is not a very good investor compared to myself based on the scoreboard and the numbers you know and so then you look at gates well you know to really understand and get what's going on with pick when you kind of have to do both you have to have the discipline of someone like a buffett and i read every single one of his letter to shareholders you know i respect him and his and his investment activity but then you've also got to have the creative destruction and the entrepreneurial illness of of a bill gates to really kind of play this thing back that is going to introduce some new services in this talk and talk a little bit about back then we'll talk about what you would cave along we're discussing but talk a little bit about this about this as you say this is part of the seven network

effect i forgot what number of this is this would be number six financialization weaving into number one which would be speculation right about then when they're bringing in starbucks and microsoft it looks like they're going after network effect two and three which are merchants and consumers so it's real and this is how the network effect exponentially reinforce each other so i mean this is an incredibly exciting announcement ok so what exactly are they today yes so who are doing with as these are the owners of the new york stock exchanges like i mean these are the eight hundred pound gorilla when it comes to markets and they're going to be introducing next day big point swaps so you know i hope what they intend to do is take price discovery away from the bits and axes in the bit maxes and move it to back to well they've also partnered with and they also do because derivatives this is later on down the road and then they have a warehouse custody solution that they're building into this. that they've also got to deal with starbucks and microsoft so they're going after to cool whole. brands.

starbucks is a very easy use case you know we've got tons of people why why not be able to pay with your app it cuts down on processing costs like all this stuff but why microsoft what's the play there and how does that really go mainstream and i was thinking about it and i was like oh imagine if microsoft was able to take some of the revenues from fortnight and be running it through because. i mean fortnight makes them like one hundred million dollars a month something like this so you know if we get if we get transactional demand flowing through this we get it happening on the derivatives market so people can buy and sell calls and puts they're able to hedge the exchange rate risk we go multinationals. involved in this we've got custody solutions for hundreds of millions of dollars of big coin perhaps billions of dollars so for now you're going to get a huge customer base ten and billion virtual space yet they're doing it with virtual items virtual sell in markets and stuff like that right and why not have an instant

like using lightning network you know so yeah i know you have props i got my props it's like oh it's going to lightning so so if you set up lightning you can go buy stickers from block stream and so this is why proof of lightning you know i got lightning working but all i got was a sticker. no two x. ray no forks you know and that's the thing like if you're going to be selling derivatives on big point you better be fully collateralized or very well backstop because of you know in a hot car last resort with forks or stuff i mean we could really disrupt your your client would run about that quickly on the no two x. going back to the stable so it's a good adoption was there a conspiracy amongst certain group in the industry to fill up the them pool and slow down transactions. just as a side note your view on that yeah i mean i don't know that conspiracy would be the right term but it's definitely within the miners incentive to go up the blocks and

test the price elasticity of demand and maximize the. transaction maximize or transaction fees i mean why wouldn't they do that as rational actors so i mean is it a conspiracy or is it just people acting in a way that the economic incentives. like guide people to act ok mitchell blaming lightning obviously is is second layer it's a scaling one of the scaling solutions of big in that's how it would seem to me that now that's really well underway so i could say it was adopted we're well into second stage a lot of these old coins that were created in the in the period of slow development when things were not coming forward looks like they're going to have their lunch eaten oh yeah and look at poor pen terror or these other people who are highly invested in the all coins they've just been a bullet or a tit both in dollars and big quien i mean look at the big cash it's gone from like point one two point zero seven in terms of its ratio to pick one i mean this is

been a billion dollar plus in the state for bit mean. that i did yeah so yeah i mean you have a track record just sticking to the truth to toshiba asia even after four and i was the end of everybody in the space everybody on wall street everybody and you know you are you are one of the you don't publish any numbers why should i sadly get a handle on this but just anecdotally we piece together on this show many times oh you know you've stayed true to your philosophy and it just supplant the the rate of return there is going to be a lot and with these new like with a larger x. and back to swap execution facility and squaring organization the hot dollars can now actually start increasing at an exponential rate what i mean by that you know and down markets are sideways markets as a hobby where you can actually maintain your big position but then sell covered calls you can swipe a more premium and then turn around and sell cast secured puts with the premium and

so that starts bringing afford a big point so someone wants to establish it because. position there just going to have to pay very richly for it and what i mean by that having a strike like three weeks out that's up forty percent and so you say you have to pay the option the option premium and then you've got to pay that thirty percent in order to potentially get some small amount of position at a hot wires so to start accumulating even more big using their big point right so wall street's paying not to scale up especially because they have to know you can see in this option market and the thing about the option market is that you can use it as many do just purely speculate but as what we're describing is essentially it's not to use an elegant term but there's like a rent seeking quality about it in terms of the year selling premiums into the market and collecting that income in the exposure with luxury tax and correct me if i'm wrong but i think you have to put it one hundred percent a down right there's no margin yeah there hundred percent collateralized so

therefore we quite are wise to coin swaps and options and then also for we fully collateralized like cash secured put let me jump quickly to we got about two minutes because he backed launched in the podcast it came along it's got people talking about well doesn't the so put up the possibility of wall street re hypothecate ng many it over and over in a manipulating the prices we've seen in the gold market etc and you've got to take on this. yeah i mean i don't think back to whether x. will be a problem with this or even eris exchange you know because though before we call at our allies but see if d.c. is going to have to keep a real handle on this you know because big point strictly limited amount i mean it's the hardest money the world's ever seen no matter where the price goes it doesn't increase supply and there's always enough to call in for people just some function of price so if you're short if you're naked sure because i mean that's a good way to bankrupt yourself right it has actually bits that are not. not found

in any other city any other tradable security at this time you know remember patrick bird over there overstock went to battle with the new york stock exchange the other regulators over the show rule which demands that you need to show at the end of the day your inventory of positions maybe on stocks that you've sure did and that because that was not being enforced people were selling more stock than were even printed or available for overstudy f.t.v. if you got the whole foods at the procter and gamble case i mean that this is a real problem people don't actually know what they own and so i think people are taking on a lot more risk than they necessarily think they are right and i mean this is a huge problem you've got have been backed you know it's kind of like i'm going to pick it up for right that point i'm guessing by now stick around for the same as can do for this edition of the kaiser proceed maximizer stacy ever going to kansas on twitter it's kaiser report you're can download the app the r t app and watch

your show on your phone as every taxi driver last vegas does until next time. i don't have faith in this government official the president i don't have faith in the system i see i've got it so i'm just a broken system so that's a sign for people like. the poor different we all see john we also have. people inside out here on the end ballot two paychecks away from homelessness.

you know world big partisan movie lot and conspiracy it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the bath and shouting past each other it's time for critical thinking it's time to fight for the middle for the truth the time is now we're watching closely watching the hawks. cranking game americans a lot of job opportunities i needed to come up here to make some money i could make twenty five thousand dollars as

a teacher or i could make fifty thousand dollars a year girl and truck so i chose to drive truck people rushed to a small town in north dakota was an unemployment rate of zero percent like gold rush is very very similar to a gold rush but this beautiful story ended with pollution and devastation a lot of people have left here i don't know too many people here in the slowdown so much they lost their jobs that laid off the american dream is changing that's not what it used to be. and that's a tough reality to deal. with . right.

the plane. flight from london to help prevent the deportation of a. question is said to be a convicted gang rape. n.b.c. news misrepresents. making it seem like he prays. for the report to be correct but in time the media has already become polarized new yorkers whether they live in. i feel like it's divided we have to be open to listening to different countries different different peoples interests.