got everything after nine eleven wrong but are still considered experts one thing that every late stage ruling class has been common is a high tolerance for mediocrity standards decline the edges fray but nobody in charge seems to notice they're happy in their 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 and this guy out to intimidate and beat up anyone on the opposing team to try 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 see an empire. there don't want to deal with their unmasking they bring in a max or william kristol to beat people up their thought 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. and was

that they had a massive billions of dollars in order to try to get people to 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 their total mediocrities that are being foisted upon us and told that we have to support a 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 it's 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 of was that safety you know moose 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 bloodthirsty 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. to life 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 assert. 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 mediocrity and i am a 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 the iraq 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 and contained to expensive armies kings were careful to not do. needlessly all right well. courage is competition when you have

hard money and the people that are against hard money 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 have and we have. you know ben bernanke he was at the fed now works for citadel the guy who runs 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 mamet 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 you 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 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 is like well you're going to. get china you know if they had to come up with a gold a tobacco trying to attack jar you know with their one point four billion people 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 it 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 i hope it's right now the bank of england the bank of japan 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 oh everywhere also you are making this action on the venezuela that she and the other chapter is an ongoing it's another chapter on this and the safety of the moose's who i'm reading under hard money governments fought till they ran out of their own money 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 bank in the world is

pursuing this money printing and warning as you can't figure out refund a few except fully one notable exception russia paid down all their debt they've been buying gold and china is doing china say the same thing but you know. russia is serious and so obviously 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 the thinking there is 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 from massacre is real cost is in 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 mosis patriotic count because he is articulating for them the manifesto that they need to get rid of the oppressor get rid of the fia 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 is there should be like on a goal center on a big quite standard the people of america will be rising up as like not this mean iraq costing us real value to their rooms you know you show him a bit quite a while and he would shrink like the wicked witch of the west in a bucket full of tears guys badness he's a 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. but the numbers. matter you have over one trillion dollars. more than ten point zero or more and. eighty five percent of whom will be old bridge eight percent world market. which in some way one hundred to one hundred three first or second person and we rose to twenty thousand. china's building two point one billion dollars you don't work with don't let the numbers will. the only number you need to remember one one business you know for

a minute one and only boom but. you know world a big part of the 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 on the bad shouting past each other it's time for critical thinking it's time to fight for the middle for the truth the time is now for watching closely watching the hawks.

welcome back to the kaiser report i'm asked as are time now to go to new jersey and when i say new jersey you think michael pentode of love ports dot com michael welcome back thank you for having me on the playground again next it's a pleasure to be with you i know it's a pleasure it's got to be one of the greatest pleasures one could ever experience if you're stuck in new jersey now michael pepto i have a question for you the recently stated that quantitative easing would no longer be used for just so-called emergencies but will it be permanent your thoughts. you know me as 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 throughout the world it's really not funny anymore because the middle class is being eviscerated 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 jennifer yellen told us remember a few years ago that quantitative tightening which is the unwinding of she way would be like watching paint dry she sure does 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 the tober third also drawn how will the current head of the fed told the american public that cute t. would be on autopilot and that he was going to raise rates to about three to train a half percent on the overnight in a bank lending rate and then till 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 traces fell about twenty percent from their high and about seven percent in aggregate in two thousand and eighteen. and that causes essentially bank of the ice age 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 z. baby or he says or a bank in the bank of japan i mean aren't people in this country frayed and barrus scared pets are funny. that interest rates in a nominal sense will be near zero forever and real interest rates begin to being dative and others with me in the neighborhood and you absent prices will the potentially increase for better. little explicitly like that inflation will be much higher than ever to poor. much longer periods and nobody seems to care but you.

all right ok well let's i'll pick up on you or 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 serf economy much like what america try to get away from with the declaration of independence but michael pet the 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 michel 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 i mean it sounds like you're agreeing with me actually because you know if central banks or even the negative interest rate. on your deposits that means to me that you would be highly encourage to take your money out of the banking system and then you would make banks insolvent so that's not going to be allowed added unless first they had this crypto currency i doubt it either on

a federal level or an individual banking level but we saw jamie diamond and all the sudden brace come to 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 that debt the total nonfinancial that bite 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 fulton upon by the millions like there were seven million was reported recently and that booming amount of credit card debt is student loan debt the national debt at twenty two trillion dollars and the only thing 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 up to the time i was recording and in late to mid february and i have 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. so here's the question next when is it going to be a good sign if ever to normalise thinks you know you sit in these three financial media everything is very you know that the dow jones industrials e.s.p.

five hundred this trading at seventy times failure it is even though there's no expert who shares because everything is slightly dated don't you know the federal reserve has your back i mean don't people are people concerned about the fact that they're losing their freedoms and that it as you said very simply the poor any sri inside deletion is a very strong middle class not that it's happening you know four hundred families their own almost all the wealth in this country not the fact that the very poor are getting even more poor as as it is still why does every spend most of their income on food and fuel and unfolding in a shelter i mean this country's full 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 we i it is a serious topic and so you know let's continue down this path into 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 lives simply became normalized and the despicable state of the soviet economy just became normalized and people just to 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 then the now the federal russian federation they are. are buying hundreds of tons of gold they have no debt 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 what price fixing up of the fed does the price fixing as america's poet bureau you know they jesse power as america's communist dictator essentially by dictating the price of money that's not capitalism that's written you know communism right there in the federal reserve bank of america meanwhile russia saying in a way 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 aren't they trans in their sleep in their faces yet people like at a.o. c. come into the office where you have californian enclosing. a idea called universal basic didn't diminish your right to speech right in many places all around the

world so i mean here look at the ratings here's 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 introduce your audience you know that in the great recession. we coming out of that very recession central banks had a lot of dry powder they had five hundred twenty five basis points to take. surveys for sound down here in the united states and indeed all over the world that was the case but never 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 in germany had a q four eighteen trade of zero point zero percent air in the united states we went from four point two percent in q two down to just one percent and 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 this part the poor ten year take the stock of stock market up to eighteen percent because don't you know donald trump loves chicken john wayne and i just favorite food down reason to shake hands with g.'s e bay and there's to be a great wonderful trade deal but here's the thing you know the very serve doesn't hand hundreds of basis points to lower interest rates that in 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 two years a me atlanta 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 demagoguing be two data points we have a thirty second 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 since one 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 lot of gold i've been managing money from since two thousand and twelve you're going to get what they are never been more bullish on the l. met 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 and zero any real terms are going to be negative or negative and then there is probably top down. yourself. there either there you have it

michel pent up from pent up port dot com or the smartest guys on wall street yeah actually has a day job managing money you might check out his website soon see what that's all about thanks for being on the show michael thank you all right now is 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. came here where did you work before you came here when you live well death row in many us states capital punishment is still practiced convicted prisoners can spend years waiting for execution but most of the time the victims' families they are very much in favor the death penalty there are some people because of what they did

they have given up their right to live among us some are even proven innocent years on death row and how many more exonerations is it going to take before we as a society realize this is not working and we actually do something about. seemed wrong. just don't call. me. yet to see how to stay active. and engaged because the trail. find themselves worlds apart we choose to look for common ground. so what we've got to do is identify the threats that we have it's crazy confrontation let it be an arms race off and spearing dramatic development only

personally i'm going to resist i don't see how that strategy will be successful very critical time time to sit down and talk. to. me. for my job on our sixteen level five months on a subdued. job far under our former isis fighters and boarding a philippine naval ship. but maybe not for me ned sounding name. just aren't abdulla still don't know what's waiting for them. thirty four. will be

new i am a lucky. break it out of. the man i'm no blame. the war the.

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