and they're sinecures and getting richer in a culture like this there's no penalty for being wrong the talentless prosper rising in exorbitant towards positions of greater power and breaking things along the way it happened to the ottomans max boot is living proof that it is happening to america the rise of mediocrity and the rise of experts that aren't experts but failures you know. i think of the philadelphia flyers in the one nine hundred seventy s. they had a guy on their team then scholtz who was the enforcer and when bobby clarke was threatened they said and this guy to intimidate and beat up anyone on the opposing team who tried to interfere with bobby clarke so the liberals in america they consider themselves to be living in pedestals high above the masses and they're never wrong and they have the moral high ground an occasional a when their policies are exposed as fraudulent and without merit and to kowtow ing

to the worst elements of core pocker c. and empire. and their don't want to deal with their unmasking they bring in a max or william kristol to beat people up their thoughts max boot him bill kristol or are thugs they're the enforcers for the left so they go in and they kick people in the game a bloody nose so again i want to point out his sentence here that he says one thing that every late stage ruling class hasn't common is a high tolerance for mediocrity when i see no see who is the opposite of mediocre it really puts into dramatic visual representation how mediocre hillary clinton was that they had massive billions of dollars in order to try to get people you know the voters who still have some say you know like this woman like this woman jeb bush when he was like clap for me clap for me. total mediocrities that are being

foisted upon us and told that we have to support war we have a mediocre financial system we have a mediocre elite class it's not just max it's not just bill kristol it's hillary clinton it's al gore it's you know george bush is jeb bush ted cruz it's you know almost the entirety of our class of. a everybody is a mediocrity they can't they're so blah and we're told that we must go into war to fight these but you know i want to the reason why i brought this headline up was that safety you know loose the author of the big standard responded to this with such the opposite of mediocrity like with just powerful insights into why we have nonstop war and why these mediocrities rule so first of all he said. money allows wars with no real cost to governments which makes detestable blood thirsty chickenhawk scum like max and bill kristol who have never faced costs for their

warmongering the perfect so called foreign policy experts safety the point about hard money is well taken that this is why he's reviled by that economist francis copeland in the u.k. francis coppola yeah francis coppola. likes to criticize safety in a mood for no particular reason other than her own failings as a socialite but his point about hard money is that it discourages mediocrity it discourages starting wars paid for by printing cash and you know you see this at the end of empire mediocrity rules and this bread and circuses is turning into for america anyway free money or modern monetary theory it's another bread and circuses program giving away free money to the masses give away free money and keep them quiet and it encourages media. betty and you know see the

brilliant politician from new york cortez. is like a brilliant entrepreneur a brilliant politician and she's very young in her career and she's a threat to all that are mediocre you know if she were a technologist should be bill gates already on most but she's a politician so back to safety thread there are five more tweets i'm going to go over here in looking at hard money and how hard money allows for basically the destruction of mediocrity because they must fail they do fail because if they can't garner the wealthy if they can't attract capital their ideas feel fail if they if their mediocre ideas lead us into wars that cost us the national wealth that for example like when france sent all of their gold over here to fight the american revolution what happened to them once they spent all their gold while they were decapitated because they had no longer any money to feed their population well here

is in two thousand and three wolfowitz told congress they are rock war would be practically costless it turned out to cost more than two trillion dollars with hard money one of its would have had to raise the two trillion dollars before war with easy money he can get his carnage on and leave taxpayers footing the bill for decades under hard money governments had to finance our operations from their citizens which made wars possible when necessary bankrupted governments that engage in unnecessary war war was limited contained to expensive armies kings were careful to not decimate needlessly alright well. the kurds as competition only have hard money and the people that are against hard money there are people who don't want to compete they just want to be raunchy days they want to be rent seekers they want to skim off the top there want to be money printers and that's what we. and we have.

you know ben bernanke he was at the fed now works for citadel the guy run citadel just made one hundred million dollars last year by getting guys like ben bernanke you suppose to be running the fed to engage in on lawful activities insider trading collusion sedition here you ma'am it ben bernanke he's guilty of it and that's the definition of a traitor but he's a lot it as some kind of intellectual unfortunately he's killing his country so you know again under forgot system you could be as stupid as we want especially whoever controls the printing press of the fee system and the global fee is the u.s. dollar so the u.s. dollar gets to act those to print the u.s. dollar get to act dumber and dumber than any other people on earth now in the united kingdom they feel like you know they that they're the little poodles of america so that they get to act even as dumb as americans cat so that's why you

have the likes of gavin williamson you know their defense undersecretary sort of person who's like we're going to use how. china you know if they had to come up with gold a tobacco trying to attack jar you know with their one point four billion people and actually a lot of gold and a lot of hard money and a lot of citizens and a lot of military might you know that would be a huge cost but right now the citizens accept it because it's tolerable because they could just print more. debt you know i used to get into fights when i was in grade school because i knew my older brother would come in and you know subtle and yeah and so britain has been like this for years and then they have a big mouth but they don't have the can't write the checks all hat no cattle and when they're separated from the a.t.o. that's going to be exposed and i for one am going to be left wing myself the silly right now and i hope it's not right now that. england the bank of japan and the

e.c.b. are under the auspices of the us federal reserve bank essentially so here again safety points out these nonstop wars we have been at war non stop since two thousand and one nonstop everywhere also you know making this action on the venezuela and other chapter is an ongoing it's another chapter on this and it safety you know mooses who i'm reading under hard money governments fought till they ran out of their own money under easy money governments can fight until they completely consume the value of all the money held by their people this is why the century of central banking was the century of total war yeah ok that's exactly right and every single country in the world every social plank of the world is pursuing this money printing and warning as you get for you know refund a few except fully one notable exception russia paid down all their debt they've been buying gold and china is doing the same same thing but you know. russia

serious so it's ok for the u.k. to play silly games and silly prizes and it's interesting that they america would wash their sovereignty down the toilet but there is at least one country out there that's maybe looking up thinking there's another way so he goes then safety in numbers goes into the so-called electric electricity cost of mining bitcoin and this is very interesting insight as well and a look at the costs of mining bitcoin as a as basically saving us from massacre big points real cost isn't hardware no electricity needed to run the network it's real cost is the hundreds of millions of deaths financed by government made. by inflation which do you find more expensive which would you rather pay in the twenty first century big question might end up consuming half the world's electricity but if it prevents one war that would be the best bargain humanity ever got might be the most important. application of

electricity can you think of a better use for electricity than neutering mass murderers right i mean everyone in venezuela ever want to central and south america should be part of save dana most of the patriotic count because he is articulating for them the manifesto that they need to get rid of the oppressor get rid of the money get rid of the empire that is without question and get rid of bill kristol get rid of max boot get rid of elliott abrams the fact that elliott abrams is still out running for u.s. foreign policy and military policy there should be like on a goal center on a bequest under the people of america will be rising up is like not this meanie act costing us real value they are brooms you know you show him a bit coin wallet he would shrink like the wicked witch of the west in a bucket full of tears guys badness he's well a terrorist all right well we're going to take a break from all these terrorists like elliott abrams and when we come back much more coming your way don't go away.

you know world a big part of the new lot and conspiracy it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door. and shouting past each other it's time for critical thinking it's time to fight for the middle for the troops the time is now we're watching closely watching the hawks.

so what we've got to do is identify the threats that we have it's crazy to confront ation let it be an arms race. spanning dramatic developments only closely i'm going to exist i don't see how that strategy will be successful very critical time time to sit down and talk. i do think the numbers mean something they've mattered the us has over one trillion dollars in debt more than ten white collar crime families each day. eighty five percent of global wealth he longs to be ultra rich eight point six percent in the world market goes thirty percent some with four hundred to five hundred three per second per second and fifth when he rose to twenty thousand dollars. china's building two point one billion dollars a i industrial park but don't let the

numbers over. the only number you need to remember in one one business show you know bored to miss the one and only boom box. welcome back to the kaiser report i'm mascot or time now to go to new jersey and when i say to jersey i think michael ponto of love port dot com michael welcome back thank you for having me on the program again max a pleasure to be with you i know it's a pleasure scott of a one of the greatest pleasures one could ever experience if error stuck in new

jersey now michael pepto i have a question for you the third recently started that quantitative easing would no longer be used for just so-called emergencies but will it be permanent your thoughts. yes i was in the come on your program and make some jokes but it's gotten to be such a serious issue in this country and indeed around the world it's really not funny anymore because the middle class is being if this are a date and i find that the idea that we place so much credibility with the epilepsy and members of other central banks around the world i find it absolutely ridiculous you know janet yellen told us remember a few years ago that quantitative tightening which is the unwinding of would be like watching paint dry to sureness that because that's what she really believed it was she trying to lie to us i'm not quite sure what your solution here is there would never be another financial crisis in our lifetimes and then told

a third also general powell the current head of the set told the american public that he would be on autopilot and that he was going to raise rates to about three to strain a half percent on the overnight in a bank lending rate and then you know after. ten years of zero percent interest rates and a three hundred percent increase in stock prices a funny thing happened for just a couple of months a truncated period of time. some prices fell about twenty percent from their height and about seven percent in aggregate in two thousand and eighteen. and that caused the central bank of the united states to panic and then start to begin the inexorable move towards more q.e.d. after printing three point eight trillion dollars and this is same thing with the e.c.b. the european central bank and the bank of japan i mean aren't people in this

country trading and barrus scared petrified. that interest rates in a nominal sense will be near zero forever and real interest rates be going to be negative and others will be the only bull that you absent prices will the patchouli increase frett or the middle class will be wiped out and inflation will be much higher than ever before for much longer period time and nobody seems to care but you. all right ok well let's i'll pick up on your your idea there that you know generally speaking we tend to take a light hearted look at some of the stuff but let's let's take the opposite point of view here let's let's take the point of view that this is actually since everyone's talking about national emergencies these days there is a true national emergency going on with the zero percent interest rates as you

point out they jack asset prices up which increased that wealth gap an income gap and they cause all kinds of events aeration of the middle class and without the middle class or end up with a lord and surf economy much like what america trying to get away from what the declaration of independence but michael pepto i want your comment on something here because the i.m.f. this past week. two of the economists at the i.m.f. the international monetary fund suggested that nations introduce a two tier money system to start introducing negative interest rates on savers and cash so this is not just zero percent interest rate michael ponto this means a negative interest rate that is just the bank confiscating money directly out of your account to encourage you to spend it faster to not save to have no savings to have no sovereignty to have no rights michael pentel your

thoughts well i mean it sounds like you're agreeing with me actually because you know if central banks are able to impose a negative interest rate. on your deposit step beside me that you would be highly encouraged to take your money out of the banking system and then you would make banks examined so that's not going to let it happen unless first and this trip. either federal level individual banking level like we said gee done didn't. sun embrace cryptic currencies because you can't have the ability to hoard cash and impose negative interest rates so what i'm trying to say is that individual freedom is being laid down below the middle class so you don't have the opportunity to hoard cash to take cash out of the banking system you are obligated now to look lose get canalized lose money and get paralyzed for saving money in this country

but nobody seems to care max and here's the thing i want to add that in this country we went from in two thousand and eight to today we increased it jets the total non financial debt by eight teen brilliant dollars max you know when you have zero percent is raised and now we're going to go to negative interest rates people are encouraged to do what no more money and that's why you're seeing you know little loans being the full that upon by the millions and there were seven million was reported recently and it blew me on august credit card debt a student loan debt the national debt in twenty two trillion dollars and the only one keeping this again there is perpetual interest rates at zero percent here's the thing i want to mention to you you know wall street is up some eighteen percent in january alone just between january and other times recording. in late to mid

february and i had this huge question. eighty percent because why because you're guaranteed that central banks will keep interest rates at a neighborhood in real terms and print money for ever so here's the question next when is it going to be a good time if ever to normalize things you know if you listen to the mainstream financial media that everything is perry you know that the dow jones industrial is just be five hundred this trading at seventy times forward earnings even though there's no earnings growth to shares. everything's fine to date don't you know the federal reserve has your back i mean people are people concerned about the fact that they're losing their freedoms and then you said very simply the key here any sri inside a nation is a very strong middle class not that you know four hundred families they're almost all the gays in this country not the fact that the very poor are

getting even more poor as it is still why does it spend most of their income on food and fuel and unfolding in a shelter i mean this country still asleep and it is going to make jokes that is going to you know have a lake or a conversation with you but this is getting very very serious now and i understood and you know it it is a serious topic and so you know let's continue down this path you know the idea that people are losing their rights and losing their sovereignty and they're losing their ability to save money and it's becoming normalised or as adam curtis made a film a documentary film in the u.k. called hyper normalization about how in the soviet union lies simply became normalized and that despicable state of the soviet economy just became normalized and people just assume just went with it now in this country this arrangement of having the banks just basically leech onto your bank account with

a negative rate is becoming normalized now i don't i'm not to get too political here michael but you know the fact is that a country that went through that russia and the now the federal russian federation they are buying hundreds of tons of gold they have no debts at all and do you think they now again not to get too political but i mean isn't that the a sign of a country that seen the writing on they've been through this already they've seen how this movie ends and doesn't end well and. and what price fixing up of as the fed does the price fixing as america's politburo you know they've jesse power as america's communist dictator essentially by dictating the price of money that's not capitalism that's correct and you know communism right there in the federal reserve bank of america meanwhile russia saying you know what we're not us and we're buying gold now and we're not and we're paying down all our debt your thoughts michael

well you know you you have the rise of socialism in this country like i've never before seen in my life you know you can you can have a state of the union address and a president gets up and says you know we want to be a chapter in this nation and people sit there for the most ardent to transend their slate and their faces yet people like at a zero seat come into the us where you have california now and closing. a idea called universal basic game doesn't give it a sure thing back to spain try to many places all around the world celt i mean we're going to think we're heading towards a dystopian max and as i said i don't see a lot of people concerned about it because stock market right now is up eighty percent for the truth here but here's a here's something i want to come in and propose your audience you know not in the great recession. we coming out of that very recession central banks have a lot of dry powder they have five hundred twenty five basis points to take.

deserters or sound down here in the united states and indeed all over the world that was the case but now are entering into a situation where japan there is year over year g.d.p. growth was zero point seven percent italy is an outright recession and germany had a q four eighteen trade of zero point zero percent here in the united states we went from four point two percent in q two down to just one percent in this current quarter at best earnings first airings growth rate is going from twenty percent throughout two thousand eight hundred to a negative number and q one two thousand one thousand so we have all these incipience recessionary data points coming out assault retail sales and durable goods and factory orders industrial production. are all recessionary numbers but my question is this ok well let's let's cut the pork in here and take the stock up side market out eighteen percent because don't you know donald trump loves chicken

john ain't that's a savior true down easy to shake hands with g.'s e bay and there's to be a great wonderful trade deal but here's a thing you know the very serve doesn't hand hundreds of basis points to lower interest rates that is that the z.b. has no room to lower the discount rate and the bank of japan has no room to lower interest rates and the e.c.b. just got out of q me in december. so i don't know there's this ordinary you know watershed move to use a let me explain to me just because central banks are waxing two or speak more dovish now the stock market is stock buybacks fueled by the same free money so it's not a reflection of earnings now demagoguery two data points we have about thirty seconds study some year old billionaire sam zell recently mousies by golf for the very first time and a twenty eight team central bank bought more gold than any time to thousand nine hundred seventy one so gold is in the

a sad michael we've got about twenty seconds you know next year i know a fellow gold been managing money since two thousand and twelve here just were they are never been more bullish on the l. net a you even age it in a lesser extent because when you know if you're straight in nominal terms they're never going to be one in zero any real terms are going to be negative or negative and then there's probably top down. yourself. there either there you have it michel pent up from pencil port dot com one of the smartest guys on wall street yeah actually has a day job managing money you might check out his web site soon see what that's all about thanks for being on the show michael thank you next all right now going to do it for this edition of the kaiser report with me max kaiser and stacy i would like to thank our guest michael ponto about the port dot com if you want to catch us on twitter at kaiser report until next time by all.

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