do too not only were you not good you know who's naughty very naughty but. we didn't like the way you post in a social media so we're going to have to have the bag of goodies as you know who else was not easy this year in the u.k. who has the headline from just a week or two ago bankrupt businessman set fire to seventy thousand pounds cash after telling creditors he would rather burn the money than pay them court hears official said bird of prey expert david lowe's bird seventy one was consumed with hatred towards the insolvency practitioners he owed so that julie burned a bundle of cash to avoid paying them right so he burned the money this bird of prey expert burned his more you should burn the money off of money should be burned in a best the way it goes i mean that's what we need to do we need to burn the ships we need to burn any connection if you have money organizing as part of

a magical crypto conference in new york city coming up this i think it's may or june i forget which one i think in june and i may it's a may or a i'm organizing a mass burning in times square so i want to get people to come to times square in new york city and want to burn up to a million dollars and feel have money you can take any pounds dollars again whatever but we're going to burn it all because we need to when you see the out money you should get a physical illness you should have a reaction of vomiting to reeducate yourself all three out is poison just so you know it is illegal to burn money in the united states it is not illegal in the united kingdom where he got found guilty of was the fact that he owed thirty thousand pounds to these insolvency guys and he refused to pay he was actually paid eighty thousand pounds and some insurance payout and he decided rather than give this insolvency company the thirty thousand pounds he would burn all his money his name bird he ran an outdoor adventure and paint. bawling center in

a way in west wales and that kind of went horribly wrong and said he decided to remove the money from his bank and burn it all he was sentenced to six months in prison suspended for twelve months and recorders simon mills condemned lowe's birds actions as quote wicked arrogant and actually very stupid well it's the new way i visit them all money eventually is going to go the way of all three of money and that is to zero none of survived i mean the bank of england is pound has been around for three hundred years but they used to be worth it's the british pound has dropped in purchasing power by nine b. nine point five percent so this affectively gone does era you can't really say it hasn't gone to zero all three of money's gone as are all the average lifespan for paper money or for your money is twenty seven years none have survived you know don't put any money and if you have money ok there's there's alternatives to money if you burn your free money that's ok because the value of the gold and bitcoin

will go up as a result the more you burn the greater it is on a net basis for your gold and bitcoin why my add that bankers are doing a far far far far far far better job than this guy he's merely burned seventy thousand pounds bankers earn to seventy trillion dollars in the last global financial crisis and this is part of the ongoing situation we have is that they've burned so many trillions of dollars that the central banks have to print up another seventy trillion dollars to make good for all the stuff that got burned in you know bogus derivatives products and various fraudulent packages of fake debt so here we have a situation where he's just merely reflecting the larger society around him another great quote the british you know officialdom always do these great quotes he's a very naughty boy right well glenn wicks the chief investigator for the insolvency service said deep. those byrd could have paid the thirty thousand pounds debt owed

to the insolvency practitioners however his hatred towards them sense of injustice was his motive which ultimately led to his downfall and it's justifiable hatred i mean look at the royal bank of scotland what they've done to tens of thousands of businesses in the u.k. they burned them they killed them they put them out of business to sell their houses for pennies on the dollar and there's no reason why people shouldn't be burning their feet on mouse it's merely reflecting the economy around them so during the financial crisis two thousand and seven two thousand and eight two thousand and nine what we witnessed on mass was trillions of dollars being burned to the ground our economies being burned to the ground and then intervening in that were central bankers and treasuries around the world bailing out the other side and basically they were buying the ashes from the bankers and we had. an opinion piece in the financial times this week that got

a lot of attention that was from david mcwilliams the financial times is behind a paywall stream us socialism writer david mcwilliams penned an excellent article in the financial times called quantitative easing was the father of millennial socialism mcwilliam notes that the fed chairman ben bernanke use cash for trash q.e. scheme drove up asset prices and bailed out the baby boomers the cost of course was pricing millennialist out of the housing market so policy penalizes the asset poor report has reported on this over the years we had bankers burning all this cash and then we had what was the response was trump was breaks it was you they shown what is. desired by many cat asset poor who did not benefit from this is to burn the system down where there's burning a pile of cash which. is showing the meaningless of the currency that you know central banker can just print up another trillion let alone seventy

thousand pounds and we have the burning down of our political system all around us based on this notion of socialism for the very very wealthy and the bankers and poverty for everybody else well i mean there's a differentiation between burning cash and printing cash ok ben bernanke is david mcwilliams points out and the central bankers they print money burning cash essentially well they print money and they devalue it you know that it becomes worthless but that's not the same as pulling fear about your money and setting it on fire which is what i'm saying people should do in other words to combat the subtle bankers and their money printing schemes which has devalued the value of money and so your purchasing power is being eroded in the price of a house keep going up and up and up and up to stop this central bankers from having any control you need to just openly start burning their poison like monsanto's around or cigarettes they're carcinogenic fear money is the same thing as

financially carcinogenic and you need to eradicate what's left by simply getting lighter fluid throwing it in a big pile and setting them on fire ok the value of gold you can't print gold you can't print bitcoin again the value of those things are going to go up the people almost things are going to be the owners of the economy not the central bankers that's why i would intervene here and yes you can make a statement at least in the u.k. by burning money but i personally i have like the cash app and any time i feel like burning money i just take twenty five dollars and buy a few suppose she's on the cash app which is going to be worth something one day rather than the worthlessness of the fee out that continuously is printed and devalued on behalf of bankers you could buy gold you can buy silver you could buy it queen so that's what i did was the people who were going to buy a big coin if you haven't bought it by now then you're probably not going to buy it so. we need those people need to be cast to cast overboard the people who own it now they need to get serious and start burning their fear so that the value of

their gold and big going starts going up i want to also point out that in this article from a shock talk dot com ben bernanke the father which stream us socialism so you know he's talking about the rise of alexandria cortez and the millennial very socialist remember this is the actual reason why hillary lost is the base the millennial base all those that came out for bernie sanders wanted they didn't want to continuation of the devaluation of currency because they don't own assets like i'm saying if you can own an asset like bitcoin like gold like silverlight property then you're you're benefiting they obviously can't and this is why hillary lost because she wanted to accelerate that destruction of the value of the currency through these trade deals and through more money printing and war war is the most inflationary its war has destroyed more currency than anything else in history even

more than bankers even more than bankers fraudulent debt products that blew up one of the good to do by burning the actual fifth they buy a tomahawk missile or they blow it up that's just same thing as burning fear but i'm saying goes for war just out just go right to the source and burn the fear out the rectally don't wage a war it's peaceful this way the article by michelle also points out that one of the other things that has happened to the united states in particular for the millennial population is not only have they've suffered from this system system not tethered to any hard asset or currency like gold is that they've also been the victim of you know as we accelerated all these wars george bush the second he passed the bankruptcy reform act of two thousand and five. which as mist points out would better have been called the debt slave act of two thousand and five so that they could not from two thousand and five these money as we're not allowed to write

off any student loan debt so they've now been saddled with all this is that and they can't escape that in a way it kind of protects them from the private equity model i may have they've already loaded up with debt there's no asset for a private equity firm to strip their they they have no future the next thirty forty years has already been collateralized by themselves and spent you know on some overpriced apartment right so the message they say is she's already living in a socialist paradise right there's already massive money printing going on and being given away for an earned income from the central bank so what she needs to do is to be nice to get in that group of people that's getting all the free money because right now she's not but it's not about socialism versus capitalism we already live in socialism that capitalism for decades but that's what she needs to modify her thinking a little bit like i've said she's really smart and she'll go far she just needs to modify or thinking slightly anyway i've got to take

a break and then we come back much more coming your way. after the previous stage of my career was over everyone wondered what i was going to do next to the ball different clubs on one hand it is logical to sort of go from fields where everything is familiar on the other i wanted a new challenge and the fresh perspective i'm used to surprising. you. i'm going to talk about football narvi or else if you think i was going to go.

by the way ways of. the insults feel. this is how them live. live. live. live. live live. live.

lead. let. welcome back to the kaiser report i'm max kaiser time medic brett scott who is the author of the heretic's guide to global finance hacking the future of money as opinion pieces are often found in the guardian and other publications warning about cashless society brett scott welcome back to all right bret the world has

seen the spread of digital money you call it gentrification of payments elaborate if you think about. gentrification process what you normally hope is a lot of informal you know people who live in these informal sort of economic situations you know street markets peer to peer relationships they find a good neighbor who gets taken over by a large chain store and very formal institutions that operate from a distance so i was using both of them how do you think about payments think about cash transactions they often operate at small scale informal situations of peer to peer relationships but digital payments always operates with huge corporate entities operate in those things and try to get in between people so with the eradication of cash you say we're being herded into a digital net who and what is driving facebook they're going to launch

a digital payment form i would imagine that would qualify brett you know absolutely sort of a traditional story that's always given by the digital technology industry a little payments industry and by that i mean the sort of this is a must the costs of this will be what they tend to say is that this is a bottom up person ordinary people want to have the convenience and speed of their total payment but if you actually go back and you look at what's been happening over the last few decades the digital payments industry and the banking industry and also various states of activity being too. and to push people into digital payment. this takes the form of you know on the one hand propaganda campaign to conflict convince you to move but also take the form of you know slowly degrading the cache infrastructure most slowly making it harder and harder to use the alternative such a story get pushed into the system and there's many many examples of companies working actively with state to help push the interest of the digital payment

industry and i would imagine all such a thing morgan's j. p. m. coin recently announced it also fall into that category now what about the role of these other credit card giants any day monetization scheme that happened recently in india yeah i sure there's people who've been trying to look into the background of what inspired that what happened was that the modi government and the initially claimed that you know it was trying to get rid of certain banknotes out of circulation in order to prevent what is called black money or in a money being hidden by the criminal underworld and then later changed the story to say that actually what they wanted to do was to sort of push in there into the twenty first century and create this new cashless society ever to use digital payment companies. and the first thing that actually happened when that when that announcement was made of the all the big digital payment companies in india. took i front page advertising praising modi for his great actions and so on and of course

they the greatest beneficiaries so the low speculation as to how much lobbying was going on in the background for the process these for example in that twenty seven seventeen annual report actually of it he talks about how it worked with the modi government to help them with the monetized ation process and you know give them advice and there's also a institutional called the better than cash alliance which is funded by citibank visa master card and a bunch of other institution. that actively works with governments to promote digital payments what you're describing there are sounds like a standoff is brewing between the digitization of mine a and the facebook coin and the j.p. morgan coins and the remodeled to zation efforts and these are these are

quine's that are put forward by the state and corporations and then on the other side we have as you mentioned crypt of coins this is the centralized consensus agoa them as proof of work out rhythms and it would seem that we're headed for a bit of a standoff between these two i rescind les heard john mcafee very very visible in the crypt of space mentioned that he foresees a quote war between these two elements certainly john is now stranger to hyperbole but maybe maybe not so much in this case brad what do you think yeah well if you dig back into the history of the crypto currency systems all the original components came together to form digital currency crypto currency systems. a lot of the community around that actually looked into the future and they saw what was happening with digital payments and electronic. bank systems and they saw this

potentiality all large scale so they live in the age of the internet with digital payment companies and the early pioneers like david chow who was behind many of those innovations actually you know diverting talk about the not only state in being able to supply digital time as but also very large corporations would want to use that data the purposes. the original sort of vision of the cryptocurrency community was predicting. cashless society. you there is no payments run by banks. to try to build an alternative or to try and create what they might call the digital cash as an alternative well there seems to be another split interesting warring factions going on in this space you have the damage charms of the world what you would really if you look at the history of cypherpunks in the history of crypto currency they were very much interested in creating digital gold

a scarce digital distributed decentralized equivalent then on the other side of the coin you have people like craig wright who believes he is a but every time he speaks it sounds like he's shilling j.p. morgan coin or facebook or any other of the state coins centralise coins so even within the community itself there doesn't seem to be. really a good understanding of what the white paper suggests what to talks about cash if you know if you understand the history of cypherpunk you understand you could replace the word cash in the white paper with gold but if you listen to craig right he thinks it means payments but as you're describing payments that's a gateway toward censorship and state control brett your thoughts there sure was a way of mentioning of course i thought about that about but cash used so this notion of digital cash being used a lot and. a lot of people actually think that it's cash

has gone down in society what's actually been occurring is that cash usage for tron factions using it to go by i think the stores have gone down but cash usage has actually overall gone up in many countries and the reason for this is many people especially well you know people people who do not trust the banking sector. take cash out as a way to hedge themselves against the banking sector going down. baron my brown mind tash right now is one of the only forms of money that exists outside of the banking sector so it is the currency but it's also a currency that you can keep in your own control where there's little money in the banking sector is essentially promises issued by banks and it's not within your direct control so actually there's many. most of the pacific so many countries sure

the cash usage is going up for people trying to hold it quote unquote as a store of value just keeping it outside of the banking sector. that was out of mind and you have that in the crypto circles of the stuff at the base as well the you know the use of crypto currency for everyday transactions versus the use of cryptocurrency to salute a. hold of some kind of acid out of the banking sector i mean i think one of the problems in the crypto space is that the original bitcoin white paper. is an extremely elegant. you know groundbreaking piece of work but what it really describe goes away to issue tokens and move them around between a network of people with the central party but it didn't really ever describe all the things you need around that to actually make it in so a couple months or a system so the big thing right now in the cryptic crypto space and i love the battle that occur around people you know trying to work out you know how do we make

these tokens become something that's accessible and usable to a large number of people who way that they actually do become a phone digital cash so that the so-called scaling the banks and we say technologies like lightning networks now enter and solve a lot of scaling issues interesting point about cash and the actual hoarding of cash has gone up and historically we know that after nine eleven the attacks in new york a lot of those cash dollars were taken out of the system they were panic hornet by people which led to banks needing to issue more credit senator a lot of reasons why the banks are even more unstable now. they are today than ever before and because a lot of cash has been removed by paying it people panicked out of the banks after nine eleven and let's talk about china for a second we've got about a minute and then we'll carry you over for another segment but china has introduced a social credit score which is seen tens of millions cut off from accessing public infrastructure your thoughts on this and so you know this seems to be part and parcel of this surveillance system because you know cash astound china is well

ahead of the pack rat yeah absolutely so in china there's been a big uptick in the use of digital payment systems and it's actually a job in largely by mobile payments so there's two companies that i pay and we chat . it's run by ten percent who take in a huge position or take a pro game dominance in digital payments and many small scale merchants and stuff and trying to use these systems but of course essentially what you've got now is two huge companies that have been so active themselves a tween or marine buyers and sellers in the chinese market and the chinese state has access to all that information that comes from those companies that of course the chinese state is slowly trying to build those social credit system which is i'm finished but it's still a work in progress. where they're trying to get all these different types of data sources that can be used to compile profiles of people and give them sort of scores

to i guess rank them in terms of how good a citizen they are and then you can use those schools to give people access to benefits kind of a you know a carrot and stick approach and you can then you know to use it to you know punish them. very much and so that's happening in china but actually this process is occurring in many other places in the world and in various forms so we might actually recognize it very easily but you know in america and europe you're finding many of these types of carrot and stick eyebrow got a kind of out of. aero carry over to second segment thanks for being on the kaiser report i get back all right that's going to do it for our par one and this edition of kaiser report with paybacks kaiser and stacy i would like to thank our guest bret scott easy author of the heretics guide to global finance if you want to catch us on twitter it's kaiser report until next time.

my son doing drugs my nephew was still in drugs my sister just with doing drugs it was like an epidemic of drug abuse america's public enemy number one in the united states is drug abuse started going after the users in the prison population who are we started treating sick people people who are addicted to these drugs like criminals while i was on the hill. then the war on drugs. there are a number of people who are in prison for. a long sentence in this for whom minor minor offenders in the drug trade it's a lot watching your children grow up and miss you in waves and say by daddy as you're walking out of this is just it doesn't get easier.

the maturity to own the slums go in and you may never get out some sort of the most of. my teenage gang rules here. are one of the few moves then let the mind of those who were. but. maybe will be. told will come out. minus a murder. scene for the. soon to be mel in the lead now wouldn't. you the monkey then who commutes on i see.

what politicians do you should. put themselves on the line to get accept the reject . so when you want to be president and should. somehow want to. have to go right to the press to see what before three of them or ten people get. interested falls in the waters of college. there should. be. process on the more considered and the most needy against india encouraging on the mostly among to its nationals against any one of its neighbors as boots did wonderfully right this is me about this is very different then. then india right now if they go on this trajectory unfortunately even not being able to give

responsibly is in the speech in the speech in the stuff and for. because of this ongoing conflict between these two giants in the region. the. moment not. an alleged cyber attack on a british institute that seeks to counter russian descent from nation is now being

investigated by the u.k.'s crime agency despite having no forensic evidence the head of the institute already insists that russian intelligence is to blame for. the buildings being we make said the russians they are assessment and if so could we go in for and the proof is that if you are you. the cia will no longer need to say how many civilians its drone strikes kill a free new order by president trump. also this hour the last i saw stronghold in syria it's the scores.