of having like a seal sort of pool or park between where the ice used to be before we destroyed it all through global warming and us put a bunch of seals in there and let the polar bears go oh yeah seals are nice until we get a seal park for the polar bears i love it it's better than eating ass but i have a tweet here and this goes with the notion of a global financial crisis and the new normal what is causing this underlying crisis not only in the financial markets in the banking sector in the monetary sector but also in the environmental sector and this is jeffrey good luck fed says it is currently discussing using q.e. as a regular tool not just during emergencies or when the funds rate is at the zero bound so quantitative easing will become the new normal as we've discussed this has caused a cantillon effect of those closest to the fed i.e. the member banks get the zero percent free money sometimes negative money

and they get to live it large at the expense of everybody else further downstream from this free money the federal reserve banks around the world are engaged in a perpetual initial coin offering in those initial coin offerings or come. out turn seems like the dollar you know goes back to the old saying you can't taper a ponzi scheme so the globe starting thirty five years ago or so actually you know in the seventy's it was the idea was we will never have we'll never have the tax revenues sufficient to pay our debt so we need to supplement we need to create aggregate demand aggregate demand by printing fake money but that fake money has an interest rate attached to it and now oh here we are in twenty nineteen in the realisation that you know what we will never stop printing fake money because we'll never be able to pay for this fake money so we're just going to get used to it that's why gold is inching higher that's why bitcoin is now back in a. all market because assets like gold and bitcoin will become the safe haven play

with the global central banks gone entirely rogue it also puts into context this notion that all the wall streeters who are out there on the news using the platform on the news given to them to condemn c. and the likes of you who want to print five trillion or ten trillion for a green new deal or the m.m.t. years you know this is the equivalent of that but what these the wall streeters these top zero point zero zero zero two five percent of the four hundred families that own more than one hundred fifty million americans while they only want it for themselves they want exclusive rights to this free money printing machine and they don't want anybody else to have it so i see in a green new deal they want to compete in federal reserve bank they want to green federal reserve bank and the foreigners families like the mafia in the u.s. they want the current central bank because they like that they get all that free

dosh you know it's an interesting play none of them works and ultimately the market will seize upon hard money this is why russia china are buying so much gold because they realize that the dollars on his last legs and about to implode so i want to look at a few headlines they didn't to this sort of system whereby free money could be printed exclusively just for four hundred families and that's why they get richer and we get poorer but here's one headline from adam to say that divergence and growth between service and goods producing sector employment in the u.s. since the crisis is truly striking and mind the scales so this is from deutsche bank the blue line is wealth creating jobs so you're in the manufacturing sector turning some raw goods into added value products this is from by the way two thousand the red are the service sector jobs i paper shufflers bureaucrats working at a retail sector working in. hospital orderly or that sort of thing but notice of course

the real plunge in wealth creation jobs did happen from oh about december eleventh two thousand and one that's when china entered the world trade organization and so you know that's that's a result of that you can only sustain you know it becomes more and more difficult this is they go hand in hand the reason why we have zero percent rate the reason we have a near negative percent rates the reason why the fed is now saying that q.e. will be eternal is because we no longer have wealth producing jobs so we have to print more money to keep everybody in these sort of fake jobs that david graber talks about in order to sustain some harmony and peace in the economy that everybody does a riot about food but the fact is these service sector jobs do not create wealth now you know it's a ponzi scheme no no it's a ponzi scheme i don't know why you're at seattle today that's the same don't throw

me into the polar bears would be on fortunate although i wonder if they have a t.v. network so what do you have to say about the chart i think it's part and parcel and proof of the ongoing ponzi scheme in other words are never going to be the amount of capital expense required to create real jobs or manufacturing jobs is dole longer available because all that money has to go into feeding the bottom layer of ponzi scheme right they don't they don't have cap ex anymore they have stock buybacks they have a financial ization the commodification they have armies and armies of lawyers they are service jobs and they sue each other and litigate each other and they don't want to create jobs that are part of a middle class that we used to have as middle classes going extinct as extinct as the polar bears and instead of throwing them seals or throwing them money the fear money seals to keep the rabble rousers from you know frick. i can't believe that

the good teams being mentioned so often these days us down being quoted on fox news and c and d c that everyone's afraid to get in a frenzy getting they know that the elites are afraid that getting we called out a couple years ago the last surviving working be a teen in france one on auction three years ago for one for two thousand euros i mean that's a still you know i was tempted to buy it i would have made a fine some trapeze well of course report we've been saying for ten years now it'll be ten years in september that gold and big queen are more pleasant options than a good scene i think that's the equivalent if you look at that first headline that q.e. will be eternal and you look at the fact that your future is just a retail sector job. you know that you should be stacking gold and you should be stacking big queen and this is where other nations are doing we've covered the fact that you know it's russia's china's kazakhstan is turkey it's hungry and when hungry bought gold when they started stockpiling gold this past year what they said

is that gold has no counterparty risk the counterparty risk at the moment to any of this debt you're accumulating to consume is the wall street that's there that's the counter party there they're the risk that they're going to just run off with your loot and somewhere up in the north pole with the polar bear is that one of the globe global financial crisis is resuming you know it's starting up again it's huge it's the part two of the other one cause seventeen trillion dollars this is going to cost one hundred seven hundred seventy trillion dollars it's all printed so prices in dollar terms will skyrocket price of gold to go skyrocketing bitcoin and make a new all time high people will be crying but you know there's nothing left but the tears but it goes so of course you know i think that once these the elites run off with all this quantitative easing being printed for those four hundred families as has been unveiled in the past week that the four hundred families own more than one hundred fifty. million americans i saw this tweet from

a buzz feed dude to david mack and he said i went to eastern state penitentiary in philly today and this graphic stopped me in my tracks this is the number of prisons today people in prisons incarcerated in america this is at a museum to prisons in america and this is in the one nine hundred seventy s. before we went off the gold standard and this is today we are able because of quantitative easing because of free money printing to incarcerate very decadent way a huge percentage of the population i tweeted a response to that only possible with an all female system begun in late one nine hundred seventy one if we were still on a gold standard the real cost of incarcerating millions of people would be unsustainable incarcerated become part of a ponzi scheme redistributing wealth up on the verge now the ponzi scheme blowing up because of the gold being purchased by the smart countries russia china the smart countries versus the dumb countries like america and the united kingdom is

hitting a tipping point and we have now an emergence of a gold backed bitcoin backed currency that will destroy the fear empire and it's a new century well it won't destroy the fia empire that empires destroyed itself what we're saying is that you the individual out there can avoid being the seal for owing to the polar bear in the escape of this in the collapse of the system as that system collapsed as their ice sheet melts the equivalent of the central bank system as that ice sheet melts on them and they have to come looking for people that eat eating you and i want to look at this other final headline in terms of gold and central banks and governments salvini proposes seizing control of italy's gold reserves some central bank italy's populist de facto leader of salvini seems set shaking europe's financial settlement to the core one day after the italian deputy prime minister and leader of the league party called for the elimination of italy central bank and the country's finance. regulator consomme saying that two

institutions should be quote reduced to zero more than changing one or two people reduced to zero or in other words eliminated and that quote fraudsters who inflicted losses on the tally and saver should end up in prison for a long time salvini prompted fresh shocked gasps in brussels and frankfurt when he raised the possibility of seizing italy's massive gold reserves away from the country's central bank he said gold is the property of the people and shouldn't be the property of the central bank and thus it should be shifted to the government not the central banks because member central banks now have independence for their member banks as a genius. absolutely correct going for example jim ground from grant's interest rate observer you know you read about him barron's magazine on wall street for decades he's been talking about this very thing he said the best thing any central banker can do is resign right i mean they're all crooks they're all charlatans that are perpetuating a destructive ponzi scheme and premature human extinction to make

a quick buck at the price of the future italy apparently this man understands it and i'll be axon of course there are so-called populous rising up around the world and this is this is you know what wall street is worried about and i think his his idea of arresting the fraudsters arresting the four hundred families that looted from the other hundred and fifty million we could reduce the prison population to people who have created this unstable economic environment which has led to unrest and crime around the world everyone who's in prison should be out and everyone who is not currently in prison should be in i mean we got to take a break when we come back much more.

but i didn't have ten miles from. the end of. the day to. day. what was the sort of my limit was for him to me or the now with jamie as a one quarter the only. now at the five the. hell are you only for that matter. i see let him to make the point i made for the on the metro have gone flipping course i gave up because of me. so what we've got to do is identify the threats that we have it's crazy confrontation let it be an arms race. spearing dramatic developments only.

i don't see how that strategy will be successful very critical time to sit down and talk. in twenty forty you know bloody revolution to tikrit the demonstrations going from being relatively peaceful political protests to be creasing the violent revolution is always spontaneous or is it always. spilling needle the president recalls the events of twenty four g. and. those who took. it invested over five billion dollars to assist ukraine in these and other calls it will ensure a secure and prosperous and democratic. welcome

back to the report has time now to introduce a very special guest brock pair so i've i've actually known brock for twenty errors or of him when he was trading virtual currencies back in the ninety's truly a trendsetter got in the crypto currency on the back of that one of the earliest in the world as managed to build quite a nest egg farm self covered extensively in various publications you can read up on that brought paris welcome back to the kaiser report could you back thank you for having me usually in the industry when you mention the word mt gox people tend to have a connection this is this is like screaming the dirtiest word you could possibly

imagine the redefined the industry defined in effect for so many years the collapse of the mt gox exchange you've got a plan called gox rising to bring it back brought this tell us more again mt gox is a dirty word you know more purpose is a dirty word. when people bring out these names people have a very strong this role reaction and for good reason you know this is our lehman brothers this is our bear stearns this is already run this is our bernie made off right and so we had a very strong visceral reaction because the events that happened around that organization and late two thousand and thirteen or early two thousand and fourteen set our industries after a year or two it was the primary cause of the bear market in two thousand and fourteen and two thousand and fifteen and you might even argue it's somewhat responsible for the bear market we're in today so obviously people have a very negative reaction but it didn't know it wasn't always that way mike cox in

two thousand and ten two thousand and eleven two thousand and twelve was by far the most important for a company in the world that was largely responsible for the rise of decline so you have the rises. gox and then the sort of colossal fall of mt gox but that story is not over. it's been in bankruptcy for nearly five years february twenty fourth is a five year anniversary and this story is still not over one hundred three thousand account holders twenty four thousand people have filed bankruptcy claims at the bankruptcy trustee and you have twenty four thousand victims that were early batteries on bit coin that have early conviction took that risk and they have not been the beneficiary of the risks that they daken not due to any fault of their own but by trusting in an exchange that was poorly managed and so how do we as an industry want this story to end like game of thrones the last season is out i know i'm looking forward to it can't wait but we have the power as an industry to write

the end of this story how do we want it to end do we want it to end like lehman brothers like the old financial system or would we like this story to end differently we like this story to end in a way that demonstrates the power of the open source community and blocked change and the resilience of bitcoin like a phoenix rising from the ashes i think we have the power of do that i've got a crazy stretch goal which is to get creditors one hundred percent of their money back as well as to relaunch the exchange that mt gox is not a to remit causes you to cringe in shame but becomes a source of pride on behalf of the entire industry because of the power of this space and hopefully the outcome that we can achieve here so it's a target so i assume mt gox has got a hidden jewel on the balances that ma'am has certainly hid from a recognition and this apparently can be rehabilitated and turned into

a rivalling some other exchanges out the world i suppose now there's a lot of pushback on this mark a policy that as tweeted that. you don't own the shares of mt gox and you have no say in the outcome of the company that's for sure fir to the a percentage of the company it at all ties into a letter of intent and there are some questions about the letter of intent can add some clarity to that well first of all mark our palace still believes he runs mt gox you know he believes he's still the man behind the curtain pulling all the strings and calling all the shots. considering his track record i don't think the creditors or anyone else for that matter. benefits from our per policy in charge of the mt gox story for one. market i have a long background i almost bought the business in late two thousand and twelve and again in two thousand and thirteen and when mt gox collapsed that first night i get more call i stood a mark i'm still interested in buying the business he goes are you not watching the

news i said that's why i'm calling and he goes you're still interested i said i am because i think the industry needs this to be resolved in the best way possible obviously the terms are going to change i said let me going back later tonight with you know a proposal we agreed to he agreed to sell the business for a dollar i changed it to one between even though it was obvious you were far less than that typically in these types of deals you have to pay someone ten plus million dollars to take over a disaster like this might sound i felt it was at the time very important that this was handled in a way that would you know mitigate some of the damage that it was going to cause on the industry it was very clear to me that this was in a satisfactory year or two and be our horrible horrible event for between as an ecosystem not just the exchange this was something that was going to impact all of us negatively which it clearly has our remember distinctly actually you telling me

fears ago your polling gox and you laid it out you laid out the plan so how is the witness for the in terms of being there when you're going through this. and i understand that there is would be a great effort to rehabilitate this company for the industry speaking of rehabilitation. and the plan for what's called civil rehabilitation of mt gox a forensic expert from wiz sac who is involved with the mt gox case in terms of tracing the bitcoin says that most of your plan is already part of the civil rehab built a sim plant in japan some recording regarding the plan for equity entering a last exchange years or just wait for the process to finish your response that's kim kim is mark kirk ulises boss mark or col this is him c.t.o. they're partners so that's basically just mark speaking fruit his c.e.o. mike. yeah i mean mark has

a billion mark and his partner kim would like to control bank mt gox and they believe that they're in charge they believe they're the ones that are directing the bankruptcy trustee i'm highly skeptical that the bankruptcy trustee is relying on mark or alice and kim to decide which should happen here but. yeah. the most important thing and i think it's worth noting is it doesn't actually matter who owns mt gox as so long as the creditors receive all of the cash and all of the bitcoins for the bankruptcy trustee said that the shareholder was going to be entitled to all of the surplus of funds that was billions of dollars at one point today's about seven hundred million dollars i just want to make sure that creditors receive all of that and more per call is good zero the only reason our current dollars should care about who owns it is because he cares who potentially is the beneficiary of that potential surplus in a civil rehabilitation assuming the plan is everybody for the most part is wanting

today at least me and all of the creditors i've spoken to creditors get everything in that scenario. when he gets nothing which is what i'm fighting for i want equity to receive nothing the only reason i care at all is because i want to make sure mark ellis gets zero i don't believe that he should get any of that seven hundred million dollars i think he's caused enough harm here he's the villain it caused victims to resist the situation they're in today i mean you have to take a look at this for two years the big queens out of mt gox were being stolen and more callous didn't bother wants to check this the cold storage or to check on the wallets to ensure things were being stolen it's not like he just woke up one day and someone looted the vaults overnight they were literally stealing out of the mt gox vaults for over two years and marker paul kelis didn't even want to bother to check i mean it's it's criminal negligence criminal mismanagement which is why he's

been to jail and probably going back again so this is the game of thrones aspect to it you have a visceral hatred i think is not just on our air of market palace as they are as most of the n.s.a. if not the entire industry has this guy is a true a villain sort of break it down to make sure that mark death nothing you want to make sure that the creditors are. hold a some degree and not not the equity get the equity would be completely out of the picture i want to zero which is why i don't care who owns the equity the only reason we're having this conversation is because mark wants to make it very clear that he does own it even though he signed a binding agreement which he's confirmed is a binding agreement you should look closely at it was very much a binding agreement designed to being a by design to be a binding agreement meaning no matter what happened after the signing of that agreement it was binding because we have immediately had to take over we immediately had to start spending exorbitant amounts of money on japanese lawyers

us lawyers we settled both class action lawsuits on behalf of the one hundred thousand one hundred three thousand account holders we filed the original civil rehabilitation plan in early to go. and fourteen and we were spending lots of money and we could not start spending that money immediately as we had to do without having a really binding agreement which was supposed to have a follow up agreement but then mark sent us a rescission letter begging me to sign it saying please i'm confirming that i signed a binding agreement but please rescind the deal i said are you kidding we're already spending a fortune you've already agreed that we're taking over and cleaning up this mess for you because you're not competent enough to do so but his lawyers that were getting paid two to three million dollars a year wanted to make sure that gravy train kept on paying them and i had no intention of retaining his existing attorneys and so they pushed markey to try to rescind the agreement he then had no intention whatsoever to sign if subsequent more detailed document as was agree but the reason why that first agreement was so

binding was so that we had no wrists of marc not following through on the deal that he cut i don't care it's in dispute mark owns it i own it i don't care i don't want any of it i want creditors to receive anything the only reason i can imagine more care is because he'd want something and he's got the benefit of saying no i want what's best for everyone even though he's not in control to bain which would be the entity owns it through is in bankruptcy mark has no say in what happens it's a bain the bankruptcy trustee of to bain is in full control what is a bankruptcy trustees job to get everything they possibly can for the entity they represent meaning the bankruptcy trustee of to bain's job is to try to make sure the equity gets paid i don't want marketing one cent nor should any other creditor this is going to be a hot season of curb terror i you know this is going to be an awesome showdown looking forward to it since here's first second i've got about fifty seconds left i

know you're thinking about re-imagining going to raise five billion dollars for a new quadric of focus venture capital fund it obviously or in thought or a cow big in puerto rico about the whole term. around there can and got forty seconds can you tell us more about that fund because that's obviously a big growth opportunity there brock we bailed out of puerto rico for about a year and a half and some great things have happened to puerto rican companies end of last year raised over a million dollars each that is the first time you've had puerto rican startups raising real money i hope we have many more in the first half of this year and even more in the second half of this year but for the first time ever more reconned that want to build an entrepreneurial startup now have the tools to do so and the idea of setting up this is just to make more early stage capital available to the you know call it the emergence of this early start up culture you've got start of excel raters co-working facilities incubators you now have a jewel investor showing up lots of mentors lots of people this is not a crypto movement this is a startup movement and we think that

a startup society can happen in puerto rico and this is one of the many things we're doing to support that initiative perfect brock there thanks for being on the kaiser report thank you max that's going to do it for those of us on the kaiser report with me max kaiser as they see her would like to thank our guest brock pierce if you want to catch us on twitter at kaiser report and that i thought i ought. to have a plan in on this one of the eyes the accounting swaying through a slew. of anecdotal through to see it on. the slate dot to dot that's really hard not to think in the decide this is what the market like they call it and i don't think this telethon to. this is the only thing that we do is music because everybody fights in his wake.

it's true are looking back the fifty pound is worthless woody allen very young on a level of oxycodone. thank you i think is this is the found that there is a constant thank you. and. the united states does that all the time it always tries to influence elections when the people who are running who are friendly to the united states are running against people who are unfriendly we certainly did that all through central america and south america for many many years we know that these efforts are made repeatedly there not criminal every intelligence agency in the world she's

a smart of its function to make sure that elections turn out favorably to the country. the country's gone into a nihilistic fever that's why i think. the get out the traveling across america to find what makes america the charlatans the genius the quintessential american hero this is it we only point around which element is gone so we always are on the plane just in this whole culture is really boring. we're starting last with is living in a headed east into the swamp we're going into the belly of the beast i think i want to leave now doesn't get any more ground of a mess it may be completely different but the end of history.

i don't. this headline story. for the weekend. against. what is happening in the french capital right throughout the day evening. i mean. it's. real.