he on the tenth anniversary of the killing of a teenager by police. demonstrators three fire bombs and stones of police who responded with tear gas rubbish bins were also set on fire in the street. to fascinate a threesome and shot at a fifteen year old boy in athens in an argument with a group of teenagers he was found guilty of murder and sentenced to life in prison another policeman present was given ten years despite that demonstrations are held annually across the country and often result in violent clashes. washington's threat to pull out of a key key nuclear treaty with moscow has deepened the rift between the two sides with the us accusing russia of noncompliance but the american administration is also going further is questioning the relevance of other international agreements and organizations as artie's explains it is time for change

time for the old ways to die for a new undisputed leader a new american world order our mission is to reassert our sovereignty reform the liberal international order the central question that we face is that is the question of whether the system as currently configured as it exists today as the world exists today doesn't work for all the people of the world the old ways are out of date united nations is useless incompetent the i.m.f. is obsolete european union pointless all these international organizations union's treaties and agreements they only hinder america targets hounds and cripple it's power the logic is sound wouldn't we all be better off if we just had america rule america intends to leave now and always the

intermediate range new. clear forces treaty russia is violating it says america others aren't bound by it it holds limits limits the united states and washington's policy requires it seems more nukes big nukes foster nukes one country in the world is bound by the i.n.f. treaty us china is not bound by iran has an extensive b.m. capability that but we have global responsibilities in asia in the middle east we have to be responsive to their terms international democracy has failed alliances have failed asians cannot tell right from wrong everyone wants a say but why let them a new longer know what's good for them america is good for them this is what president trump is doing he is returning the united states to its traditional

central leadership role in the world and so it seems we enter a new age in age where might makes right without all the fluff and lip service to partnerships and equality the old world order is dead welcome to a new american age. next up it's the kaiser a point. paramedics kaiser this is the kaiser report wow topsy-turvy them in interest rates and pamela anderson knows more about economics than a well known economics editor stacy yes i do want to say there's been a momentous thing that's happened this week and they yield curve has inverted we're

not going to go into it in this episode but it's important to note that that often signals are recession is about to come because it came before the last two big recessions and collapses and we also did see the g twenty we're going to get to that in the next episode it's all about he said i trump she said obviously the head of china so we're going to however look at it a theme that we've been talking about and this is the cantillon effect all the money printing and the inequality rising around the world and the neo liberal economics causing unrest global insurrection against banker occupation this week pamela anderson stunned the world with a series of tweets about what she was observing from the ground in france and she said i despise violence but what is the violence of all of these people and burned luxury is cars compared to the structural violence of the french and global

elite structural violence of the global elites she must be referring to me a liberal money printing practices that don't create immediate violent impact but it's more of a deferred violence you know all these bank executives get deferred prosecution as well as deferred bonuses and now we have deferred violence the violence is deferred so they create as the protesters in france are saying. the purchasing power has diminished because all this money printing that's going on and you mention the cantillon effect that money printing in riches the people on avenue for in paris and shows little is a in paris and those people who are working doing blue collar jobs they're purchasing power is eroded and so they have according to pamela anderson figured out that this is a structurally violent system that they need to address with the quid pro quo

violence for violence yes the violence of the cantillon effect is that all that free money we've printed and we've printed trillions from the e.c.b. the bank of japan the united states federal reserve bank the bank of england they've printed loads and loads and loads of money given it to bankers who then get free money with an income burd by the toxic you know inflation so they get it free their living standard increases at the expense of those further down the chain of the money supply getting down to them laden with all sorts of debts and inflation and interest rates so that's where the violence comes i actually did see that there is somebody tweeted some of the graffiti that was. painted and tagged on the arc de triomphe had something along the lines of we have beheaded our leaders for less than this for you know less than just inflation but you got all of france you know

they weather the men it was really embodied and they had a very robust reaction to monarchy in france and beheaded some kings and then engage in the reign of terror then vented the good team as a way to race through thousands of toffs or aristocrats beheadings right there in plastic concord and they have that memory fresh and when leaders need to speak get spoken to in a serious way they know what to do. she asked another important question and we were providing some of the answers so far in these first few minutes here but she asked instead of being hypnotized by the burning images we have to pose the question where did it come from so of course most people are hypnotized by the images by the basically the images of the consequences of the symptoms of something larger donald trump is one of the symptoms of something larger people are

mesmerized and hipness by him m s n b c can't stop talking about him these sort of things these images hypnotizes so we that we never ask the questions of why why are people rising up like this what is it about neo liberal economics why did why do why are the voters whether it's in england or france or brazil or mexico or the united states why are they why do they keep rejecting new leader after leader why they why is it getting more and more the velocity of rejection of the established political parties would is going on and one thing that has happened over the last thirty years is the introduction of neo liberalism since reagan since that sure and we're we're seeing that the react the violent reaction that you're seeing is delayed from the cause which is a long you know decades long. economic

injustice it is economic injustice a lot of free money and a lot of free assets state assets services like the n.h.s. like prison systems like the military industrial complex they're all being handed to you know the elites the friends of the neo liberal elites of the friends of political power they're getting those contracts to run these services for a population and running away with all that you know the great right pamela anderson addressing the structural economic violence of this deferred. inflation leg that people eventually catch up with and then have a violent reaction to any mention privatization schemes there which of course is another way to transfer the assets that were built and paid for via taxes by the population to iran to a class of friends of the central bankers and unless you're going to allow folks to

help build those assets whether it's roads hospitals schools a piece of the action when it's transferred to the private sector then that's outright theft that starts that is that is financial violence structural financial violence and you know this is unfortunately. not going to end anytime soon because as we say on the show many times you can taper a ponzi scheme so if they try to rectify this central bank violence in any in any significant way then that would that would cause. a replay of the global financial crisis which was at that time a reckoning trying to match the the books a little bit there to make the risk and reward but that was not allowed to happen they injected another fifteen or sixteen trillion dollars but they just gapped the balances pal anderson is pointing to their even wider and now it's got to the point

where people are saying we don't believe you anymore we're just going to torch this guy. ours are going to riot we're going to act out in this way and in france of course you know it's the mother of all revolutions and leading the way so i also want to point out that you know there are things we need to do as a society and part of this the riots in france started with the tax that has now been rolled back on the gasoline in order to deal with climate change but one thing that it happened with that is because the elite because the neo liberal elite out are basically stateless they're they're beyond any nation state the petty little stuff of a nation state and you know it's beyond what leona helmsley here of new york had said about it's just the only the little people pay taxes only the little people are in fact subject to any nation state laws at this point so the burden of many of the sayings we need whether it's war you know who goes to fight all those

wars who's the one who are the who are the americans dying in iraq and afghanistan they tend to be from pennsylvania or michigan or for you know working class states . who are the ones that have to pay for the disaster of climate change it's the poor it's the people stuck out in the rural areas and things like that so there is economic injustice that sort of terms as well and the trend is not going to reverse anytime soon so that's why we have talked about the global insurrection against banker occupation for the last ten years or more and it's gathering pace you don't think about cairo and the revolution that happened there was also result of purchasing power collapsing into the food as a percentage of household expenditure went up past that magical sixty percent threshold that almost always throughout history triggers a revolution so then i want to turn to paul mason former economics editor of the

b.b.c. and very left wing and now. he's looking at what happened in spain this past weekend and that was in the end a looser reason they basically voters elected to many seats this up party called vox which is far right and he says spain's far right turn shows the left needs a new strategy to defeat fascism since the one nine hundred eighty s. two generations the left i believe that the main enemy of social justice is the neo liberal elite today we have to accept that is no longer true the main enemy of social justice is people who would drown refugees who are slandering muslims as paedophiles and who would as just for starters and their warrant feminism criminalize abortion so he's saying that we need social justice forget about economic justice i said to him that you need economic justice first this is about economic justice fascism he actually says in his article that basically just ten percent of the population is always fascist in their fascism blah blah blah but my . saw on this and i've brought this up before you have to look up

a study called monkeys reject unequal pay by sarah brosnan and frans de waal and the fascism in that moment comes with that economic injustice so that the study shows you give the monkey a cucumber the cucumber is pleases the monkey the monkey eats it but then the neighboring monkey gets a grape which is much better ok we all agree and when that monkey the first mike you got the cucumber sees that they go ballistic and they resort to violence they start throwing the cucumber is like nothing satisfies them and they get really tough i think that's what we're seeing at this moment is that we're seeing that a certain select group of people are privileged by the politicians and the central banks they're giving great and we're we keep on being told like aren't you happy with brioche i.e. the cucumber shouldn't isn't this good enough paul mason it's amazing to me because you're saying the left is failing so they need to go toward the center and braced.

and of course we've had the experiment it's called tony blair and bill clinton. and it was called the third way and what we're. seeing is that they once you take that step toward neo liberalism you become neo liberal there is no happy medium there is no third way there's only really neo liberalism and in this market environment and the penitentiary right those are the two choices for people in the thing about paul mason is that he's saying that the left has no other alternative because the left have two schools of economics to draw from marxism keynesianism ok what the left needs to embrace if they want to truly restore social justice is to embrace the concept of hard money only through hard money can the left be at power pursue with the right you need to have hard money in the economy that's the problem

is the neo liberals have access to infinite debt and everybody else is has a limited credit goldman sachs' you can borrow money zero percent joe back it down it's a credit card debt seventeen eighteen percent or higher payday loans two thousand percent right so the interest rate apartheid so lefties need to embrace hard money if they want social justice we'll take a break we'll be back after the break. join me every focus on the alex i'm i'm sure and i'll be speaking to us from the world of politics or business i'm show business i'll see you then.

welcome back to the kaiser for imax keyser it's time now to turn to the long twenty two year veteran of wall street who's now leading a leading voice in the world except the currency we're going to do two cycles of tape the first is about what's happening in wyoming but first cable how did you get into this whole crazy big going thing as a wall street person i discovered a quote in two thousand and twelve grew up in wyoming born and raised undergraduate there then ended up on wall street and discovered through libertarian circles austrian school economics circles in two thousand and twelve so we'll lose the mean there's a lot of different pieces to the big. you know incentive model if you will what was it that really drew your attention to it that the penny dropped like a hot well this is money with no counterparty risk and all currencies have

counterparty risk so i immediately understood that but it wasn't until a little bit later that i understood that this is a superior settlement system for settling financial transactions and actually would solve a lot of problems that plague the existing financial system that make it frankly unfair to mom and pop investors and unstable early so solves a lot of wall street problems like on wall street so that's why it's jamie diamond so this separately against it i mean to solve problems well that's a good question and in fact actually if you look under the hood they're not really against it at least at least certain certain folks are wall street's not not unified in its view clearly you've got fidelity and backed which is part of a sister company to the new york stock exchange that are getting into it and number of hedge funds got into a pretty early and it's the old traditional investment banks with the exception of goldman sachs that are that are generally not moving very quickly on it ok well all get to back in a moment but let's talk about wyoming because you're a big part of who helped pass the probate cooling bills and legislation in wyoming

what exactly has passed twenty eight to what could pass into law very soon there were five bills that passed and were. or signed by the governor in march of this year and we've got six more that are officially committee bills they just made it through the committee last week and essentially it's designed to make wyoming a haven for blocks in technology we've we've clarified the money transmission laws we clarify there's no tax on cryptocurrency in fact actually why only has no income tax anyway and very very low taxes sales taxes property taxes etc. but we clarified that there is no tax on cryptocurrency in terms of property tax so that was one of the bills we had we also were the first elected body in the world that i had identified that utility tokens were not necessarily securities as long as they meet specified criteria in wyoming those bills are already law and now we're aiming

to solidify the lead that wyoming has by solving some real problems a couple of the big ones are people in this industry are considered a hybrid this whole industry is considered a high risk industry by the f.d.a. i see and so the banks in general are shunning the whole industry and that's our signature bill for this year we we actually have a lot of opposition to the to the bank bill from the banking industry last week and had a surprisingly strong result it's not law yet we've still got a ways to go but this was an important hurdle to cross so you know from wyoming yes and new warnings from wall street and so you kind of like patients zero they're going to get this whole thing going and it's an interesting match because looming it is a very independent minded state and you know because as you point out it's came out of the libertarian movement etc so it seems like a good match in a certain way to capture the guise of a certain. individual is islam in america etc is that a fair statement it is

a fair statement there is a legislator there named tyler lindholm who should be on your radar screen someone donated bitcoin to him. i think it was in two thousand and twelve to his campaign and he's been a big supporter it wasn't difficult to put these pieces together i certainly don't take credit for this there were a lot of people for whom this touched a nerve at the right time and it was interesting when we got the money transmitter bill passed last last year that allowed the coin bases and the circles of the world who had pulled out of wyoming in twenty fifteen it allowed them to come back into the state it was i believe the son of the president of the senate or nephew and then also one of the majority leaders in the house had a son or a daughter it was it was the next generation that was pushing the legislators to fix this problem because as you know this is this is a there is a general generational aspect to two blocks in technology and you know once the

ball got rolling it wasn't difficult to put the pieces together now there's a bit of a competition globally to be the quote bitcoin switzerland you know that people want to put rico's make it put a stake in the ground in malta different countries different territories or sounds like wyoming could it is in that race absolutely so ok so it could become the destination for this industry and how much of the industry now i mean what are they you getting a lot of folks from california for example now moving into wyoming is that is there a culture clash well it's a good question so far no there haven't been a flood gate of people moving into wyoming i think a lot of wyoming i dislike that just fine they don't like the traffic and the crime and the politics of folks coming from california or colorado necessarily but but yes there have been some people moving there there's been a couple of pretty high for profile folks charles hoskins and just announced last week he's moving his company from hong kong to wyoming done oh yeah yeah. let's talk about these banks for a second so you mentioned there was

a little bit of resistance on the banking but you know. so you want to do a big bank so what is a big going bank tell the audience well this is a plain old base not actually a big quake we're calling it a block chain friendly. it's a plain old bank except it's a one hundred percent reserve bank and it's therefore because it's one hundred percent reserve bank it won't be able to lend but it will specifically serve this industry this is been a problem. just basic bank accounts for blocked companies have been a problem just not even touching cryptocurrency plano cash i want to make a very clear this is a plain old cash bank it's just one hundred percent reserve bank that's designed to specialize in serving this industry and as you know this industry of course has higher now your customer and anti money laundering standards that it has to comply with i've written in forbes dot com i think the bank secrecy act is unconstitutional but right now it's the law of the land and so everybody has to comply with it and so this industry i think has been shunned by the banking industry for basic cash only bank accounts precisely because it's

a higher risk industry and there was some powerful testimony from the trade association the digital asset trade association that even they lost their bank account even though they were going to be handling cryptocurrency so just a bank as a utility just a plain vanilla bank plain vanilla panel and so it will bank this industry and it has a shall issue clause in the bill a shall issue yes we're borrowing that from the from from firearms legislation there is a shall issue explain this clause in the bill that is long as the customer meets the know your customer and anti money laundering requirements and as long as the bank has capital that it shall get a bank account from this bank oh ok so i mean it sounds like it could be an economic boom for awhile and so they would be like you know the chamber of commerce or be like yeah bring it on we want the business is there some. reserve bank of north dakota as well not only where are there might be but yet the four reserve banks there are there are not very many of them there was one that's getting started in connecticut that's that's just trying to arbitrage to the feds monetary

policy and that's not what our bank is doing but we've been watching that one pretty closely because the fed has shunned. and that particular bank there's been litigation over whether they can get their master account we've had great conversations through the state of wyoming with the kansas city fed which is which is what banks wyoming banks and they've been open to this idea they recognize this is an issue the block chain industry is a legal industry and yet it's been shunned on mass by by pretty much every bank out there in the united states and of course in the world as well you know well i mean is it fair to say that this is a legacy industry and they don't like the upstart they like this competition they don't they are protecting their turf is kind of a turf battle sure in is that true and also what is it about i mean you're better know wall street twenty year veteran of wall street you see plainly the the attributes of the benefits of this technology and yet you've got another group of

legacy economists like the nouriel roubini of the paul krugman i will walk by nuria oh your blog ok so many people what are they getting wrong about this what are they missing i think they they're they're keynesians at bottom and they and they believe that that tough that's have no consequences and that we can continue to borrow and as long as we're borrowing from ourselves it doesn't matter though that's essentially the basic keynesian argument and of course we all know that that's not true at some point there will be limits to the amount of debt that we can continue to pile on to the economy and this is what's making the financial systems unstable at bottom so sound money it's described as the hardest money ever invented in safe dana luce's book the coin standard and aspect book decentralized and global central banking so you would fall into that camp that this is hard money and this is an economy needs to run on a sound money basis and you can't run an economy on

a debt basis and this is going to china but but the whole growth of the globe is based on debt creation g.d.p. is based on distribution so if we go back to sound money if the top. the wrong measure gold going there's going to be winners and losers and a lot of losers and how do you prepare folks for that day of reckoning what do you what's the how do you soften that message up because it's going to be a harsh day of reckoning when it comes to the safety and i've had long conversations about will it really be harsh or will it really just be that something so much better comes along and people naturally shift to it we don't know the answer we can't predict the future and and i do fear that there is going to be . such instability in the financial industry that it's going to be a wild ride that's why personally i understood from almost the moment that i dug into big choir and really dug into it that this has historical significance it's

it's right up there with gold as inflate as a hedge against that instability in the financial system because it's it has no counterparty there is no one issuing it who can default on it or who has the ability to to just inflate its value away by issuing more of it so you make well once again to just turn referred to your experience because it's extensive and it's very high level i mean you ran morgan stanley's pension business and now you're trying to i guess to extend to build a big coin related business can you talk a little bit about that well right now i'm purely working on volunteer projects in my beloved native state of wyoming so i'm helping to bridge this new industry which needed a home and like you said wyoming you know if it like a glove philosophically they needed economic diversification the coal industry of course is is on its back unfortunately and also why only had great building blocks

there the university of wyoming was already teaching about and very importantly wyoming invented the limited liability company in one thousand nine hundred seven so it was already. one of the top three states for new business formation anyway lot of a lot of businesses form in wyoming it's got tremendous property laws for limited liability company r.l.l. where augusta most of that is delegates most of it they stole wyoming fleet and frankly wyoming would like it back and that's what that is this is part of the strategy of getting it back you know it's interesting i looked up delaware they are charging two hundred fifty thousand dollars to almost two thousand of their largest registrants just for the privilege of registering in delaware frick that exactly. but to stop in a second segment if we can i'm going to sign off now and we'll pick this up in another segment and thank you for being on this segment my pleasure thank you and that's going to do it for this edition of the kaiser report with me max kaiser station i would like to thank our guests

a long bitcoin entrepreneur visionary if you want to catch us on twitter is khan's report and so next time. subscribe to read people also get a rookie comes in for just twelve euros fifty pounds a month. because of the set on fire and student riots has clashed with french police in fracture mass protests following the government's decision to accept a key demand of yellow vests demonstrators.