patient it now though as the native population of america has to be living with this type of totalitarianism for their entire three hundred years here in north america and in prison populations you know don't smile don't laugh because you might get you know beaten to within an inch of your life and now here is a privileged white guy and some buddies else's front porch over there in the lands of the native americans who dared to have a face that was inappropriate to the screaming liberal class the so-called liberal networks in america so he's been now called out as somebody worthy of violence i mean this is the way the native americans have been living for hundreds of years they can even use a different expression on their face without getting violently attacked now we know what that's like ok i'm going to like that's gonzo we cover that sort of side of the story and it's a very very very important story because the the native american story has been memory hold that is part of totalitarianism but i'm going to go into some of the

definitions available online about totalitarianism because this is also importantly why we've talked about gold silver and big queen for all the years is how to escape that sort of group think of what this is happening in our culture. we saw the first signs of it in this new phase of a more hysterical phase with the whole d. platforming that you're have you commit thought crimes and you must be removed from the public space your individual behavior is wrong and we must whip ourselves up into a frenzy and online outrage mob and that's what you're saying so let's look at some of the definitions from here's your dictionary dot com totalitarian means relating to a government where the ruler or ruling group has complete control now we keep it goes a little bit deeper into this because of course that could be authoritarianism but they're saying it's different from authoritarianism because in authoritarianism yes you have an a group of the elite and perhaps a dictator. controls everything but they're only interested in political power and

they want to control the politics and that is usually with the military so with totalitarianism they want to encroach control every single aspect of you it was the term totalitarianism arose out of italy to tell a tory oh this is you know loosely wanted to control the entire mind of the population you're you could commit thought crimes so this is interesting in that we see it go jump from a thought terry nasm to totalitarianism and we see it from thought crime to face crime you know to facebook should rename itself as face crime because they are assisting in a baiting this move toward totalitarianism and the question i guess is why why now why is to tell terry is i'm rearing its ugly head in america at this time in history yet and a lot of people will think you know it could the think of the old days of

authoritarianism well of totalitarianism and that it that the fascist will be kneecapping you and stuff like that but here it's you get cut off from the grain to get cut off from the banking grid you get cut off from the public square our community meets online it meets on facebook it meets on twitter they don't need to come kneecap you what they do is they d. platform you they they put you into a memory hole that you're not even part of the community and let's go to wikipedia is definition of it tell us terry unism is a political concept of a mood of government which prohibits opposition parties restricts individual opposition to the state and its claims an exercise an extremely high degree of control over public and private life and is regarded as the most extreme and complete form of authoritarianism political power in totalitarian states has often been held by will by one leader which employ all encompassing propaganda campaigns broadcast by state controlled mass media totalitarian regimes are often marked by.

political repression personality cultism control over the economy restriction of speech mass surveillance and widespread use of state terrorism well it's the opposite of anarchy so if anarchy would be the distribution of power to the periphery and new without any central authority this is the absolute opposite so i guess the reason it's happening now is because we're seeing the rise of anarchy and we're seeing that in the movement we're seeing that other political dissident movements are seeing that with the rise of bitcoin which is a decentralized currency that takes on c.n.n. money and central banks so as you see now the forces rallying to preserve their freedom and to preserve their free speech rights it's out syrian forces are amassing and aggregating power so i think it's also you know they call it softer tallis hairiness and the thing is i think a lot of these people really believe that they're just doing the best and that. they're they're trying to make society perfect in their image and they don't they

they feel like. because these people are not behaving the way they want them to that they're just de platforming them at least we're not kneecapping them but to put it into commercial terms such as a means you don't have to fiddle around with customer service right so i mean if you have a business and like for example with these big platforms like pay pal or microsoft or apple have you ever tried to call customer service oh no you know there is a customer service because they have a monolithic platform that cookie cuts mass obedience through behavioral economics and other tropes and it's a cost advantage if you can rely on to tell terry as and get the government to go with you in on to tell train as i'm in there's no buffer between to tell gerry and corporations in america and the united states government they seem to be fused together at this point without any white water between them or blue water between them you've got now dystopian nightmare. so again they control your thoughts and

actions i'll read you the quote from benito mussolini how he saw totalitarianism like it when of course he thought it was a good thing like he was like proud of his corporatism and totalitarianism but he described it as everything within the state nothing outside the state nothing against the state so you know in the gradations of authoritarianism simple as they are terry and just wants political power and you're free to you're free to express certain thoughts within that but you just can't challenge their political power here that you can't challenge social ideas economic ideas you can't challenge any of the orthodoxy of what they love their ideology right because it's not cost effective and so the folks with the billions and billions of dollars the politician in america see cortez you know she's really making a big stink by saying you know we've got to revisit tax rates we've got to revisit

the so idea of billionaires is having a billionaire amoral is it more ality to having a billion dollars and this is getting huge play traction in american media so the reaction of the billionaires is not to maybe take a step back and say whoa i wonder if he's got any kind of a talking point here to think about just to double down on the totalitarianism because are running scared there's nothing more dangerous in the world than a scared billionaire so we're going to move on to the next headline but i just want to say like just you know i think gold silver bitcoin in this sort of day and age of very well meaning to tell a tarion ism you know it's probably a safer place to be because they might not like how you spend their money of course that's why we're moving towards a cashless society because there is more control the ability to control you what you're able to consume or buy. and that brings me to china a story from china and wall street dot com record defaults by chinese companies fake cash and fake accounting so there's. record number of defaults happening and

yet the chinese rating agencies i think they di gong member we covered that when they created that a few years ago well. all of their ratings are perfect it's like a utopia apparently there are no junk rated bonds available in china these are domestic bonds not those raising funds from outside the country so these are internally raised funds. and if you look at the united states as well she points out the above chart is the opposite of u.s. corporate credit ratings where there are only two companies with aaa ratings microsoft and johnson and johnson and a smallish number with double a ratings while the vast majority of companies are rated triple b. or below all the way down to single c. right so billionaires are immoral because if they were moral more of them would have to play writing's you know you have a triple c. rating it's because you commercially immoral and we see very few of those mike milken made immorality chic and profitable by creating original issue junk bonds of

the one nine hundred eighty s. and that lesson has been picked up though globally let's all create junk because nobody's going to stop us well the result is though a huge pushback and i want to say the fake cash point comes where the accounting from these corporations that are all triple a or double layer above a plus in china they have defaulted on bond payments even though their cash balances allegedly way bigger so fitch ratings is asking like how are these companies the faulting when they have way more cash allegedly so it looks like it may be fake cash but this is the thing about totalitarianism is like you know the emperor never you know nobody could ever point out that the emperor has no clothes and that sort of society well you know in a second break but confucius said capitalism is great on the way but that's a great of the way to. go take a. stay right there don't go away. from

. the stand. alone one has. a good i'm a lot of trouble at the rather cross i thought before or. i'm going to let him but i don't cut him then you cut him and kick and. i don't lose each other for truffle not that i'm. living. below the line.

this whole fool place choice i knew where you're from and pay i think time in syria says. he she ought to have a. model for them after the whole fuck around with mr hate for jim and then oil for hope that our freedom in your court. attempted force regime change in venezuela brought to you by the trumpet ministration washington's gross interference in the internal affairs of this latin american country is risky to needle in the possibility of large scale violence is very real one thing is certain the people of venezuela will suffer the most. and i mean i did. you know when you know your stuff. on t.v.

it's one of. those whom you know most of a bus will be in your years and you know it was notable just a good month but you know. we use the phrase the ways by the way i did my best good night though i. feel more. than you see and there's more snow. to. choose the school get minutes from the union calls. from.

welcome back to the kaiser report imax keyser we're in las vegas and when ron las vegas we are very happy if we get a chance to speak with tracy mayer is one of the early adopters of the big quite space he's an entrepreneur he is an author he's written some papers over his years to covering money hard money gold and of course bitcoin trace welcome back yes thanks max so i see that you are now working with cable long in wyoming you know we know cable launch been in wyoming for a while she's a native of wyoming i believe and they are a state that wants to do to crypto what let's say state of delaware is to corporations you know most corporations are incorporated in delaware because they have very friendly incorporating. documents for corporations or south dakota i think is where all the credit card companies do their business so wyoming is it aiming to be the place to incorporate a business encrypt is that the goal what's going on yes so we're working on

a custody bill in wyoming so hopefully it will get passed in the middle of february i kaylin and i will be meeting with the banking commissioner in about a week or so to go over some of the stuff the cuz the bill you could say it's been drafted by big coiners for big coiners drafted by authors of last resort like if we had a week or seem what would a hot one and that's what we draft as opposed to a jurisdictionally in new york with their bit license and also were real hypothecation legal but i don't want that as a big point where i one thing i want to legal regime where property rights are respected and where we have integrity with the custodian sprite so in new york you know there are that's a state that's right friendly to wall street and they don't understand wall street real well and so the bit license. in new york is kind. written by wall streeters who are trying to get into because you're saying in wyoming it's because for bitcoin and so they legislation being proposed they're being written they're richer

addresses the unique attributes of that coin and one of those things one of those unique attributes has to do as you point out private property and the fact that in order to create businesses you need to have clear rules about private property and with big oil and that means some special considerations must be made so walk us a little bit about that yes so i mean these wyoming cowboys good fences make good neighbors and big when we have very bright lines you know private keys you give you the dominion and control over the big one well its ownership is a completely different thing that's a legal determination that's made under a legal regime and so how do we determine these property rights so for example under the u.c.c. there are a bunch of general asset liens that are income bring a bunch of big ones out there and in a lot of ways these liens don't get properly released in the liens track the big coins and and you might buy

a big coin but you don't actually get perfected title or sapir your title to lead holder even it disappears even as they are going out of my purchase or right so the thing about decline is that it's not really fungible it in the sense that gold can be fungible melted down and recast in that you don't really know the provenance of that cult with big point it's the math kind of follows you like herpes could say it's a herpes of currencies it never goes away you know it follows you around and so in the case of the legal property rights this has to be addressed and there's it's a two fork problem here on one ok great property rights are great but on the other hand in the big like community there's a sense of pure anonymity is the goal but if that's true it's going to be difficult to build businesses on top of that right so talk a little bit about that well that there's a there's a premise or an assertion a lot of big. winners are operating under especially the software developers it's that every said toshi is fungible you know and at the network level that's true you

know the network of it's the toshi is the toshi and it functions they all function the same way the problem is when you start moving into forty or five d. chess and this is the legal realm right if atom back is gandalf kalends go ahead rule and when you're dealing in the legal realm well now we're abstracting on top of it around the big network like in the gold industry or the diamond it industry of conflict diamonds or whatever they're trying to abstract around otherwise fungible goods in order to destroy fungibility of those instruments and with big coin the way the networks i mean you have input and outputs and they always have to balance their cryptographically prue and so you have a lineage with all these coins let's get to that made of matter because this is all dating toward the ability of the big community to swartz the wall street attack of riyadh profit cation right because this is what this is all driving toward not really to focus on property although that would be a great as

a larry benefit the purpose of all this is that in the case of financial instruments we have a problem propagation wall street lends out the same thing over and over and over again and they're able to get into the price discovery mechanism and we've seen the gold and silver they can keep the price suppressed were never they wanted to be because they are controlling with through wash sales and other mr missed the ability to control that price and we don't want that with that goal and we want proof we want true price discovery which would mean that we want to be able to. understand where these coins are and so i know you're going to read something there that is part of the bill and then also dovetail that if you can into proof of key oh yeah so i mean this is really up obligations a huge problem and legal in new york like why do you want to use a custodian out in new york that legally can engage in all this reallocation stuff as opposed to one in wyoming. for example this is this where this is a language right of a bill a special purpose depository bank and banks can do business in all fifty states

right shall not authorize or permit re hypothecation of digital assets under this section period varies a remarkable not only innovation and decline but it says a lot to economics and finance in america i mean right as the entire industry because there's been so much regulatory capture and also next sentence the bank shall not engage in any activity to use or materially affect additional asset except based on the pause or instructions on types of stuff like that and it gets to the point that dns should be acting as agents they should only be doing what the principal the person who owns the ass a has authorized them to do right one of the problems behind that thousand and eight crash and all crashes all you could make the case has to do with leverage over leverage and a lot of that's a do with things like react out the cation so if you talk about sound money and now we know that because the hardest money ever invented if their lot can match and have a hard law as possible as we can't write then you're talking about

a financial regime that anybody who is in that this is true capitalism in a lot of sense in a lot of right right property rights and property rights in the in america there's a debate now with socialism is repaired as being a debate point on the left and the course that's all about redistribution of wealth and not necessarily respecting property rights but they've never actually looked at these property rights in a way that you're suggesting here and that there's a huge amount of reform that can be done within the wall street community to simply get back to property rights property rights are the basis of freedom in met in a lot of what one could make that point and without that you end up with a kind of you know venezuela right oh yeah and with bitcoin people have to assert their property rights and it's never been cheaper proof ikey's you know. a little little money badger running off with the private keys so january third every year you know i started

a new cultural tradition tradition we're going to withdraw all of our big coin from any third parties period bring the keys back to the individual you know this have for you so that. you know we can beat the drum right when we get closer to january third that's good other words you're pulling a rug out from underneath that yeah because because you know the bank runs are on the good it would be on the good collateral right and so as with a big point it's just send all the big points of this address immediately and if you own the vehicle and they they should send them if they're your custodian you know so we can assert our our our ownership rights at the software level you know by by demanding possession of the private keys and then things like the wyoming bill we can assert those property rights through good. through good law you know iran and iran for talks about this paper it's kind of bench thing where we go this is share this with the people yes this is january third twenty nineteen ten year anniversary and bit maxa taking out

a big big advertisement in there and it's kind of funny you know ten years ago today the first block of the big box in reference to the front of the page of the times turns out that was a pretty big deal had a price chart so this is to commemorate that ten years before there was the reference to this in the genesis block right that i actually had my t. shirt and chancellor on the brink of another exam and so it makes a rather cheekily yeah and this is nice because now we actually have the big block chain timestamped in the in the newspaper so it's kind of like a mobius strip right and then there's the block right there so we can so that's kind of cool you know that's a fun little have you seen those block clocks that's a clock ben it just get it every time as a new block it gives you the new block oh i think i think rudolph carroll yet prove that i've been there is why i am opening words where they have oh i don't it was well it would all go ahead underneath there is my hope and i met you know the you know what i usually wear and that's you know that's another the open dime you know

where you have approval us speed device that you can tell whether the private key has been compromised or not that actually enables big coin to transfer transfer around off chain in a very functional way just an appearance from so that yeah total cypherpunk like that thing is awesome right open though that that open dime and you carry it around and now it's like in this from an bare instrument and then you can pass it around and it acts like a gold bar in the sense that you don't have a smell to it you know you don't have the the you so history to it because those transactions are happening off chain we're putting our money in the hands of people on this encourages savings and savings is the basis of capitalism a kind of capitalism a capital they can't have capital without savings. and without so i mean this in this that i don't understand this debate in america right now about you know attacking capitalism it makes no sense because what the problem is that we've got ray hypothecate us out there we've got to have money we've got you know junk money

that's destroyed the system if we have sound money way big point or goal let's get back down to entrepreneurial ism and building building up companies all we have. and we have field food you know with ideas going to only be overcome by other ideas power and force are impotent against them and so. helping people understand the importance of the role of sound money and then empowering them with the tools to take possession of their own private keys of their wealth you know that that's where we it happens person by person you know we didn't get in this mess on one day we're going to get out of that home one day right now looking at twenty one thousand nine hundred twenty you benefit investor in the space you know a lot of these companies are now unicorns crack and for example is raising money to four billion dollars valuation i think going basis at an eight billion dollars down valuation so now we're seeing that typically takes nine to ten years for startups to get to this kind of success level isn't going to be the case where i remember

after in the dot com era there was a crash and then a lot of the independents went bust and we had the rise of the giants like amazon and google and now. would be similar do you think we've had kind of a big crash is the future and next two years going to be kind of the rise of the consolidators and the giants well that's what we're actually and you know crack and twenty fourteen twenty fifteen then to f.c.c. sixty five percent of staff you know they survived that bear market and then now they've been consolidating they acquired points that are glad to see it vertex accept and now you know we've got a venture capital arm with crack and we're making we're raising the money my friend wants to raise money in order to do acquisitions so you know and cravens got huge. free cash flows and even so i mean so probably does too and so do you know we're already at that point where we have the big point giants the giant whisperer done it all cost face mayor a giant whisper called ptrace we need to get bigger i think reagan because report

oh they so much for having max always good to hear well that's going to do it for this edition of the kaiser report with me max kaiser and stacy herbert like to thank our guests trace mayor if you want to catch us on twitter it's kaiser report until next time by all. us veterans who come back from war often tell the same stories. were going after the people who were killing civilians they were not interested in the wellbeing of their own soldiers either they're already several generations of them so i just got this memo from a certain branches officer says we're going to attack and destroy the government and seven countries in five years americans pay for the wars with them money those with. if we were willing to go into harm's way and willing to risk being killed

for a war surely we can risk some discomfort more on easiness for. one else seemed wrong why don't we all just don't hold. any belief yet to stamp out disdain become educated and indeed from it equals betrayal. when something find themselves worlds apart we choose to look for common ground. the united states has always had a tool to use in its attacks on other countries. economic sanctions or are often just the beginning another thing you like to do is

play some military pressure on the countries a talking about. and there has to be an effort to demonize that country and the leader of that country because. we have a responsibility for the hague. and we need to make rules for the rest. because without us there would be. because the swarms of the blue of them so moving. to build your school or local was

before. much of those who heard it's a preview are few other movies to see him with all the north we hope will. move the bulk move but it. will show you this look beautiful that will mean it's going to look or it would. move muslim also and this dulce will give you films for good girls. to go to shows a look look the same you believe it's good to the you should go. the stults to organise some to get to new details of it with the little missed dates to look it is it's. just us that understands this new nuts and mashed old truck stop the president and please introduce more students.

as we have petitions to toast listening to snippets on what to look as good as the girls are with you swear your supporters to your machine station shouldn't for you should put all through the one who's job does that mean. british m.p.'s approve a brags that amendment had to renegotiate. the backstop with ireland which could change the course of trees amazing divorce planned. the u.s. intensifies its efforts to oust venezuela's president maduro imposing crippling sanctions on the state oil giant and handing control of some financial assets to the leader of the opposition will continue to use all of our diplomatic and

economic tools.