vales cryptocurrency prototype j.p. morgan coin j.p. morgan chase last week unveiled a prototype for additional coin system using block chain a first among major banks in the fast changing cryptocurrency world this is them called j p m coin and which for now is only at the prototype stage won't permit institutional clients to make instantaneous payments with other bank clients the market has been quiet you know waiting for a big bank to come into the market to see what they can do to this market the big currencies out there like the u.s. dollar and like she hottest jamie diamond you know we're all waiting to see what he would come out with and the j.p. morgan coin is so underwhelming and so on interesting is such a shoddy piece of technology that bitcoin immediately rallied because people are saying well that's the best that the money world can come up with then obviously a big coin is a better choice and now it's you know it's pushing higher so you know it's hard to

hard to imagine a less charismatic leader of the world he makes some omar khadafi look look appealing by comparison if we can get wayne gacy and pull him out of his grave and make him the representative of the world to be more interesting than this kind of walking her piece or jamie dimon well i think your instinct at the very first when this was announced you called the coin which is like mr robots when the evil corporation that ruled the world and was basically overthrown governments and instituting coups and told the u.s. government what to do and they were battling with the chinese government and equally and was their solution to take over the world in the series of course china is backing bitcoin rather than equal and so evil corporation finally gets their coin which is going on here j.p. morgan which has been dissing bitcoin for the past seven years maybe six years they're coming out with. this j.p.

and cooling wishes on corum which is an enterprise level it's the enterprise therion essentially so they're building it on a theory m. and is this coin which is essentially a stable coin is backed by the u.s. dollar and it's only for institutional clients it's not for their retail customers what is the game of coins you know you do have these super powers vying now for supremacy in the currency markets and they were able to keep gold very cheap then trump became president and he declared an era is asian and what that comes to a dollar is ation and now gold is starting to hit new intermediate highs as well because there's no collusion there's no cooperation on the central bank level to keep gold price suppressed so gold will very quickly get back to two thousand dollars an ounce very quickly get to a new all time high because it will very quickly now surpass the old high of twenty thousand on its way to my intermediate target i've had now for more than a year of twenty eight thousand with the long term target being of course one

hundred thousand and we've said that in two thousand and eleven that was our first kind of target price for that point because all feel that money is going the way of all money which is to zero no paper money is ever survived the average lifespan of paper money is twenty seven years every single one has gone to zero including the british pound if you consider the fact that it became a pure afia currency it is no longer backed by anything like gold or silver so that as night follows day all paper money becomes worthless and that's the history of the last three hundred years and gold survived and now bitcoin is synthetic gold or new gold or gold two point zero except that it is has properties that exceed those of gold we'll see that now starting to gobble up as this enormous black hole in the currency space all free up money will be converted into a big point the dollar the yen the shackle the draka law when they're all going to go in to big as a force is way high. as these governments topple and there's jamie diamond in the

pit of his own feces holding up his equine is j.p. morgan calling him blithely masters is above him with the golden shower saying no jamie don't do it don't die we need you but it's too late for those two are going the way of all garbage into the attorney. don't so i think they the notion of game of coins is good of course venezuela came out with the petro coin which is allegedly backed by oil iran's coming out with a coin which is allegedly backed by gold so there at least those nations are trying to back it by something here is just backed by the u.s. dollar which is a fee out on top of it and this is that game that many of the banks played they started when they first started talking about bitcoin they said big queen is evil a block chain is great and they said block chain not big queen and they said that from about twenty thirteen twenty fourteen just it was blast masters member like you know i know already j.p. morgan virus over a campaign she manipulated the server market with jamie when they've took over bear

stearns with a sweetheart deal arranged by the us government as part of the corruption of hank paulson and the group of seven and all those bankers who did the tarp funding and they encouraged a huge short position we said bice over across j.p. morgan then she went over started a block chain company now she's been fired she was fired from j.p. morgan fired for blocking company you know issues like the selling hot dog somewhere in the coney island j.p. jamie dimon is going to some way but as j.p. morgan continues to exist and they've come out with this j.p.n. coin and their comments about this in response to people asking about why jamie dimon is so against bitcoin was she says there's their statement says we have always believed in the potential of block chain technology and we are supportive of crypto currencies as long as a properly controlled and regulated sounding a lot like fake toshi ultimately we believe the j.p.n. coin can yield significant benefits for block chain applications by reducing clients' counterparty and settlement risk decreasing capital requirements and

enabling instant value transfer again i believe this block chain not bit coin thing will fail and it's a balancing and muslims don't because it's like saying we believe in paper but we're never going to write any original poetry or plays or a novel or anything interesting on it when they say we believe in the watching the black chain is just paper is just nothing it means no. nothing to say we believe in block chain without the big point to secure the. value proposition it's meaningless andrew ross sorkin over there c n b c he's still so far. in case the audience hasn't seen it c m b c had a segment on j.p. morgan coyne and ross sorkin is their lead market economist sort of commentator and he says j.p. morgan coin is great and he says it will kill big queena why would you want to own bitcoin when there's j.p. morgan this isn't the site that's what its own people are going to do to the buggy whip car companies oh my god the book you would go but he's going to beat these

autos to death right i mean this guy is severely got his head up a shrink friend he doesn't know jack anything severely it's horrible i mean even downtown josh brown always goes to a big conference and gets slapped around a little bit and educated i mean he's the understand either and sadly in terms of this game of course the i.m.f. is also announcing their ideas for how to make. at the end stage of their fear currencies and as the world is saturated with debt and therefore the bottom ninety nine point nine percent of the population is unable to spend anymore because they are literally soaking with debt and bogged down by debt and they have student debt they have auto loan debt they have credit card debt they have health care debt they have all sorts of debt and apparently that is very disappointing to the point one percent who are very furious with us for not spending enough and not giving them more so they've introduced a new concept no it is not the idea that jim rickards has at the s.g.r.

will be the new world reserve currency instead they have this idea cashing in how to make negative interest rates work many central banks reduced policy interest rates to zero during the global financial crisis to boost growth ten years later interest rates remain low in most countries while the global economy has been recovering future downturns are inevitable severe recession have historically required three to six percent points cut in policy rates if another crisis happens few countries would have that kind of room for monetary policy to get around this problem a recent i.m.f. staff study shows how central banks can set up a system that would make deeply negative interest rates a feasible option so they say for example using this dual system where you have a money again corporation equaling they want i.m.f. actually literally proposes kohain. and if if you're if your.

citizens those bottom ninety nine point nine percent want to use cash we can devalue we won't allow them to spend cash without converting it to coin first and therefore that's how you get them of negative four percent rates so that's what their plan is this is what they suggest is negative four percent rates your money is burning at four percent a year so you can't save right now we have a problem with an hour. since of capital the ordinary citizen rarely has four hundred dollars in their parking pocket for an emergency situation and now they're telling them we're going to burn that four percent at four percent a year like in your own measly idea of passive resistance i think it's called or is not the right term with gandhi and martin luther king is basically boycotting their plans in their plans by gold by enlarging to the sea and making their own salt it's like sitting there you know boycotting the bus system in montgomery

a passive resistance this isn't a big coins all about in the i.m.f. plan of a permanent negative interest rates this is consumption at the point of a gun this is beyond even the worst kind of nightmare imagined by dictators and potentates of the past ever imagine this type of consumption at the end of a gun model of negative interest rates where unless you put yourself deeper into debt we pulled the trigger we put you into the president duster and complex economic sovereignty is part and parcel with kind of the idea of national identity here in the united states we have the constitution it's deeply unconstitutional and therefore the buying to coin becomes an act of patriotism in a world gone and becomes a national survival of course when cash is available they write cutting rates significantly into negative territory becomes impossible so they're telling you you having cash and gold is the ultimate cash throughout history because is the hardest

cash of all you having that makes their nefarious plans impossible and even look at the fact that when we covered greece and somebody like yanis varoufakis who came on our show and he proposed an idea of their own dual currency i.e. they have the euro for the euro sort of stuff but domestically they have their own drachma and they can. you know basically bring capital to their economy which was being sucked out on the other and from all the. but equity but here they're saying remember the i.m.f. was totally against that and they got slammed for saying that but here the i.m.f. is suggesting that they these larger organizational bodies around the world they can introduce an equal and you have to your citizens can use cash if they want to because of domestic concerns but the fact is we're going to we're going to take a four percent cut annually this is senora it's terrorism you know it's the worst terrorism in the world it makes you know she hotties like jamie diamond look like mother theresa i mean i've got to take

a short break and when we come back much more coming your way. as far right parties obsess about the danger is down presents to the western lifestyle some islamic scholars are concerned about the opposite oh no it's been going on argues that if muslims don't step up their game within the next twenty to forty years islam may vanish from europe are those fee is really just to find. twenty four to you know bloody revolution to the demonstrations going from being

relatively peaceful political protests to be increasingly violent revolution is always spontaneous or is it you know we're here to put a pretty meaningless put pretty would put him in the new bill is that i mean you belong to the former ukrainian president recalls the events of twenty forty. those who took. invested over five billion dollars to assist ukraine in these another goal that will ensure us. secure and prosperous and democratic live. live. live. live. live. look at the.

water. welcome back to the cause report on my cousin oh boy history in the making oh my gosh it's what so max this is history in the making for kaiser report we were the first global financial news program to cover a big quaint back in two thousand and eleven when it was a buck and now we were handed the lightning torch in the past week so this is a historic moment in the next layer this is the beginning of the second layer of big coin this is when all of the advanced sort of financial instruments and in the next stage of bitcoin we have j.p. morgan queen coming out this past week we have equaling being proposed by the

i.m.f. they're trying to distract from the beauty that is big queen from the beauty that is the lightning network and we were handed the torch and the hash tag l. and trust chain i asked hotel not who started this to give us a quote about why he started this and what it means to him and global payments with very close to zero fees when i started that l. and trust chain it was because i wanted to have some fun with this amazing new technology and maybe make some people try it out for the first time i never expected the torch to turn into this something i feel has become a symbol of economic free speech and the strength and global nature of the big community right bravo and you know this isn't a stark moment you know and the government of spain recently said the coin is not fit for transfer payments right so they don't know they're talking about either and it's a layer to the scaling that's going on because in the lighting network shows it is suitable for payments or better than visa better than mastercard and all the

scaling that we were talking about for the last five or six years is now coming to fruition all the people who jumped the gun and said it's not scaling fast enough we're going to fork like roger bear with that going or. oh she has his all his mental breakdown recently is continuously nervous breakdown is not proposed to the actual reality of it going into scaling brilliantly and it's softening censorship resistance you know that's the key especially for journalists out there in the world who are being censored and those who are looking individual sovereignty also need such a ship and we go to the moon with big fine and this is why whole lot has help astronauts helmet on and that's why when i handed the torch off to melt i'm delirious of queen chairs who also wears a helmet on their their their little logo so i want to also look at this art we can do it so these are the women of the torch to every see the torch

there i am on the right there's a lean over and over of so toshi lab's who is now at casa she handed us the torch there's a liz of a stark of lightning labs who created you know who's behind engineering like lightning network there's melted mirrors and there's john from a bit refill it's over i'm sorry you know and so inclusive us and it's all happening so let's turn to the night we received the torch it happened very late at night and this is also receiving a tortious is what happens this is how the process when we were going to be receiving the torch this exciting. part of history. you know going to torch going right where you were through the. tray so there's the transaction receiving late new payment four point zero three three four. hundred and one thousand not onerous we speak. to

the actual node that we're sharing. if you open it direct. with us alina. here it is. she's got quite three three which is the torch handed to her. and we've got point zero three one seven on our side i learned that i didn't actually need to put that there but is there many to send awesome let's get chatting and i think i'm going to go over to here. and tell her. you know that i'm ready. ok ok we're ready already we're on line or on line she's saying yes let's see what happens i don't want you know your everybody is already with us. you know it's like so much is happening and lightning and with

big client and big calling nodes and cars and. because he's being sent this outer space into satellites and lightning that is spreading all over the galaxy you know this is the current state of things whereas jamie diamond is just catching up to block in the ten years finally they catch up to where we were ten years ago nerdy light years ahead. literally light name years ahead. where is it where is it. i can be doing this all completely wrong because of the risk is that you know give you a rock at the right who knows you know when you're forging a path into the future it's like wow who knows she was now on where we cording yes yes yes recording we are recording we are recording yes yes we are we're doing it yes exploration boy yes we are always recording we're always on twenty four hour

seven you know this is the majesty's you guys report channel never ends never stops as cute guy and non and again i like it ok it still says receiving obviously has not arrived he has lightning payments are instantaneous. and torched looks like and zeroes and ones you can say. yeah. yeah that's it if they could say that but i think a less of a star probably just threw up a little bit in the back of your throat. but that's ok. the everybody gathered this fall apart all springs on the. bench of the sultan was privately launched the group just brings last year and now it's like coming to fruition for input as such so she run have going to get the senior citizens from our friends and we can say oh you know it all for how many asked we get there in the course of the years from

the fifty thousand of these various hats they're all dolphin hope morass of scripture that i have to church from dot com ok ok oh my god now now she's got it she's she says she has to tweet it first so we're going to go to elaina's to toe she's. elaine so to shape never no growth are enough ok she's going to tweet it out we're taking the hash tag that ellen trust change you know because this is all about trust you know that all the balancing incentives of big quiting is not only do you relying greed but you also rely on trust so we're having to trust where the community is trusting that you and i want to take the hundred twenty dollars and run off to mexico we're actually going to pass it on to the next torch holder. we don't want to be lightning network

shamed when you know so you have passed it on to the next the next all around me kind of thing the torch i feel so reckless you know you yeah there's like you know muhammad ali they gave the torch for the olympics i think those are the latter well you know was that nineteen ninety six maybe when us. back in what do you think of that hash tag reckless stuff that's brilliant i find you more about you know a little bit more to say where did that come from of course for our listener star who is. xing all the block stream sorts who are like sending lightning straight away while i was still. reckless use like you're going to lose either way. now everybody says they're reckless tonally reckless i remember that you know there was some history by states and with it i think it was a pizza and shoes like not really well it was a t. shirt money too sure it was a t. shirt from black saturn five rocket and i'm lost now and i think it was samsung

mouse at that he would cover that ten dollar cost. yes they lost ten dollars yeah skin is big. right i say ok let's see if she's. ok get it fixed that les were right there for you in the cycle of the macy's day parade in the sun crewing from the home you know float to the still float by she isn't tweeted yet. says you know it's like midnight here or i are lighting there were parades and smacks and seriously for cars a report of just waiting for the mickey mouse along but now it's gone off why yes that's why. well i wife i think that one i know is the casa node does actually don't use it for a few moments it does that so i get jeremy on the phone now being compliant now before they're ready or call customer service right now this is this is from now

acceptable i mean jamie donna can do better than this you know again we have to find jamie diamond now he just figured out that those who think of the currency and he's the he's lost jamie going on is. the evil force of the dark army we all saw that and wrote mr robot that way. dining is a valid right mr robot right now you have a combination of mr robot and l. yes yeah slick willie of. your hat on really yes that you just look like a weirdo this is like. cell yeah it is a. this is mr robot this thomas e. kong. i'm going to remember who i am i think dialing the phone who's at the door now is this is what i translate thing i enjoyed taking the language of there is still from following me are. you guys really bad after this nothing like las thank you thank you. exhausted where

is where are you. turn. right look at goofy's oh you received it i know my dad. that i owe our i was told this first second yet you have all the camera data don't put your fingers in from the web no ok and get it. to me ok l. and trust chain received this is by saying thank you alina toshi. ok let's see. now we're going to send it either goes to melt or francis. oh well i mean that's right depending on whether france. or francis because you know you can't wait

with a slight people get really angry if you don't said it within a few seconds yeah well i mean if you can be in the canada you know to see francis of course that begs the question who's going to win the stanley cup that's really the big question is well this is hash tag l and trust chain and we have it now yeah and pass the torch toward it keep it going to stand up for twenty one days all the costs hostage until you let me sorry we've got to know you. aren't you know. right now it in taken hostage but it was a historic moment one small step for living that works one huge enormous leap for bitcoin and the adoption of globally around the world. and that's going to do it for this edition of the kaiser report with me max hazare and stays there were i to

thank our guest had a lot of sort of if you want to catch us on twitter it's kaiser report until i saw . the list and. i'm just as competitive. so they're a little bit. in the. but then i. looked . it up and i. don't want to out the money i don't want to open up about. something to get me. mr need to.

own. a full stomach with. a little warrant and you know what. my. thought on this i will do. my thought of would be this liar who will accept the idea of course this will be ocean. six this up it was your was it about is it's got because we are going to be slipping i i underline this never being a living being in it be fun one this did situation before to slide with find its that night out of your wish i was the north the local i think i was there.

plus lead people by as keep the slime due course knew the couple of us how do you still. want. to see in the rest of the most good moment. you know you don't let us. know what.

crunch time a deadline to let us aid shipments into venezuela imposed by its opposition leader expires on saturday country's president deliveries could contain weapons also to come mass demonstrations in the balkan countries albania are rallying against government corruption there although some western governments have condemned the protesters undemocratic and we speak to a german pensioner who is being evicted from the flat he's lived in for a quarter of a century to make migrants. i cannot believe that i seventy four year old pensioner must move out and suffer all these troubles even the one.