already in america it was the one that will ground an air craft that will say no the air bus something something cannot fly here or whatever airline cannot fly over america and then other nations follow america was the last to concede that yes this this aircraft is perhaps not safe every other nation even the last to go was canada and even though so when they lost canada it was like losing walter cronkite america finally had to step forward and say ok we're going to grounds aircraft right next to a comma during the vietnam war they lost walter cronkite right so america's a lot the last to know and that's a pattern that we'll see repeated now in america would just be the last to know it's easy to put the blame on trump because he is a little bit erratic and speaks want but it's been a slow process and something that kaiser report has been covering for the past ten years and you saw every single empire becomes filled with they all do this and they they don't like disobedience and they get more and more cranky the older and

more decrepit the the empire becomes and they they start being cranky and nasty with their allies so the likes of germany who was a powerhouse manufacturing superpower with lots of savings and wealth when we started going hard on them for example about trading with iran and therefore they had to come up with an alternative to swift and they're working on an alternative to swift you know those sort of moments are really key. we don't know the at absolute results yet but in ten twenty years time. maybe fifty years time historians will be able to look back and say those are the moments those were the key moments when the hubris just got too much they started going to hard at the wrong people at the wrong nations right this is the idea do you globalisation what is de globalization mean came into office saying it's going to start really looking

at all these relationships trade or a lesson ships and the i.m.f. and the world bank of the united nations and we want to. start pulling back and taking our troops out of the out of these different zones and that's de globalization who's the biggest loser of the globalization while it would be the u.s. because the u.s. has been the biggest winner of globalization post world war two so it would stand that they would be the biggest loser of big localization there is kind of a false sense of security as money flows into the u.s. dollar but that is really going off the edge of a cliff at some point you know the support for the dollar erodes and then you'll see the genuine impact of what happens when you lose a limb and i think it's just eroded over decades because remember after world war two and the united kingdom and germany the previous great powers were on their knees like they were devastated and it was the united states they rescue at least maybe not militarily so much certainly they came in on d.-day but if financially and with the marshall plan and we had the american century begin and workers were

earning so much money here and we were building amazing car isn't hollywood was in its glory days and we were telling the world story and you know the real sort of american like go get it when we any anything can happen and that happened for a while we had all these great products but now if you look at the last ten years you look at the weapons of mass financial destruction so we used to have gold used to trade with us and we would send you gold digger all that three hundred million dollars within gold from us for our trade deficit with france now then you got dollars then you got even worse. in dollars you got toxic derivatives in. trade deals for agriculture you get chlorinated chicken and hormone laden beef which we speak is great take it you got to take it you know it's a great price this is the way to cheapen the price and everybody's like. well like me be ok maybe he can make some more profit on the chlorinated chicken but like

people here like food like nourishment protein good things for you well the fake fake news came about through fake money and they think money is on display in a huge way so one of the car dashing kids became the youngest billionaire ever ok and this is the result of fake money the children of the people who are engaged in the fake college admissions scandals they have you tube channels with millions of viewers they're getting millions of dollars for tweeting and for doing instagram ing for perfume companies and other you know other products other fake you know virtue signaling or well signaling etc so it compounds and you end of a compound of fake this it's fake this to the root of fake this and you end up with what you have now which is very much like the fading days of the court of the french empire it's not just us empire doing this abroad we're doing this at home

too and that there is only one metric that anybody cares about in the state department in the u.s. domestic politics and that is the profit how much profit they're making and they don't care therefore whether it's chlorinated chicken and hormone laden beef and carb or pork buns and things like that they don't care that that's why you have situations like in flint michigan that's why you have these like macabre and almost like dickensian sort of health care system here which is. even worse than dickensian because they're charging like for a luxury products and just giving you nothing i mean they're really giving you chlorinated chicken is their quote lindemann our health care system and then with this boeing story. you know you see the ultimate of every every single thing every state whether it's the financial industry or the pharmaceutical industry when they're regulating themselves it turns out boeing was basically regulating itself

boeing sold a plane that because its engines are larger and farther forward was prone to stall so it programmed the plane to automatically turn its nose down when this happened to make more money it got regulators to declare that new training was not needed also end of empire stuff there is no permanent head of the f.a.a. trump wants to appoint his personal pilot from his former seven five seven so i guess congress won't approve this person but anyway we have no head of the f.a.a. here permanent one so self regulation and they decided to regulate themselves in such a way as to that require equipment that was safe. so the result was a quite unsafe because the us r r r has become purely about profit so. but europeans are made here trading partner they still do have despite thatcher being so close there you know they still do have society and they

do care about their food and they don't like to kill their children they don't like to poison them there are regulators there partly because of the way the structure there is this you know the bureaucrats of europe don't. they don't have any particular allegiance to one nation like so there's no one national champion that can basically say ok who cares if everybody dies in a plane crash or who dat who cares a flint michigan has no has lead in their water who cares that you know forty four people have died in kentucky from hepatitis a which. people don't die of hepatitis a except for and in kentucky in america because they're so ill health and there is people don't seem to care because as long as there's profit and it's own it's a vindictive profit it's like we don't death. does not like torture and death do not like that doesn't count on their bottom line nobody cares about that here but our trading partners are increasingly caring about it in the e.u.

yeah they have a lot of regulations and they also have a lot more competition that's why they're way ahead stuff like banking and telephony right you get much better salafi service in the in europe have to pry have a far as banking services are way ahead way anywhere because it's competition because the e.u. promotes competition that's what part of regulations all about even adam smith and his moral sentiments the follow up to wealth of nations points out you need regulations it will long with the invisible hand because whenever you put this spend together they will try to fix prices so in the us it's like saying all this crap that will end up with market fundamentalism where you only believe in price and price manipulation even more so than profits because profits are the result of the accounting and the accounting is the result of the four big accounting firms that you can pay to have any result you want all of the corporation in america gets the accounting just a profit statement they pay for for more of the big four accounting firms based on what they want to see as their profit in the case of jeff bezos he wanted losses

for years and years and years because you want to pay any taxes ok fine he just bought the right accounting firm and said this is what i want so they're not a cab they're self accounting as well they don't account they don't have any oversight whatsoever then so the point being that in the us you have a system that is making death and imprisonment the the main and result of the capitalist system and it's very different than in europe where you can get still get good cheese and you are going to take a break and when we come back much more coming your way. breaks it down tonality. during the great depression which i'm

old enough to remember there was most of my family were poor working class there wasn't it was bed you know much worse objective listen today but there was an expectation that things were going to get better. of there was a real sense of hopefulness there isn't today today's america was shaped by the turn principles of concentration of wealth and power. reduced democracy attacks. engineer elections manufacture consent and other principles according to no i'm jones to one set of rules for the rich opposite set rules for. that's what happens when you put her into the hands of a narrow sector of will which will is dedicated to increasing power for itself just as you'd expect one of the most influential intellectuals of our time speaks about

the modern civilization of america. that. room welcome back to the kaiser report i'm max kaiser time not to get it dr michael hudson author of and for give them their debts michael hudson welcome back it's

good to be back next elizabeth warren she's really going after the big tech company says there become predatory monopolists what do you think about this this debate now getting into the american political system your thoughts would be good to reestablish the old entitle numbly x. they used to be able to find him an hour late and nobody stop defining monopolies so there's no legal basis to move against them so what she's trying to do is grow a set of standards that will become the guidelines for actually applying the laws the become a dead letter on the books now almost every industry in america has become a a do are player monopoly the beltway crowd in washington argue is i table this that as long as prices remain low you know we don't need to worry about all this monopolization your thoughts i don't think prices have anything to do with it. is not that the prices remain low it's that they're way way above the actual cost of

production and the purpose of you know monopoly legislation is the monopoly rent that is an earned income or a super way of both the amount necessary to actually induce a company so the monopolies have been cutting costs cutting costs they haven't been cutting prices at all so monopoly profits have been going up and up and up and people don't see that because of all the bubble talk that you're getting from the lobbyists who missed curators university professors and also it precludes competition when you have the ability for these companies to simply be merged or acquired by competitors i'm sure i'll make this prediction that the. i'm spacing boeing right now with its latest jet and having it being canceled all over the world will result in a a bailout of some kind big day the government funding the merger of this company by another company see no executives away penalize in any way that get massive bonuses

and so it's anti-competitive that you know we competition from my point of view is a good thing in an economy but an obligation to get free competition therefore gets rid of a lot of the jobs that would come with new competitors coming onto the scene michael that's the idea you must have lived through the obama administration. speaking of obama let's go over some of the other radical policies being proposed at the moment over there on the left we've got a oh a say and i guess i think she might be your congresswoman anyway she's not running for president but she is pushing a big green new deal we can talk about that plus it seems like she's monopolizing the media the media can't keep the camera off her just like the media couldn't keep the camera off trump and that led in large part to his victory can you talk a little bit about what's going on there she is doing everything right she seems to be a natural and the reason the media pays attention to her is they're largely supporting

a drum especially the democrats who trump is the ideal third third term of obama doing what obama could do when it comes the serving wall street serving the rich but the media think they can call her a socialist as if though she was muzzled when dick on a mic and what we really have is you just put it out with monopolies were were in a planned economy know the planned economy is when by wall street and it's led by the muppets that's where you have a monopoly where you have a plan to take the planning away from government away from the market and put it now hands of a small group of people so they think that by calling. see a socialist people will think that socialism is doing well all groups doing instead of doing the opposite thinking about wall street let's talk about this planned economy this command and control economy that is run by the federal reserve bank

other central banks ultimately control and commanded by the bank of international settlements. you know we've got a situation here where the monopolization the banking industry has led to no competition and they were awards going to mal investment and bad behavior so j.p. morgan they're caught in criminal schemes they get a small fine and they get promoted and they get hit ballad money and they keep interest rates low which of course are used to do things like the carry trade where you can borrow in japan and invest in a high yielding consumer currency and make a restless two or three percent multiply that with the revenues make a restless twenty percent so they are literally just printing money for themselves all day long best done incentive to do good in fact it's an incentive to do bad and is my question is this dr michael hudson you're a smart guy you are in

a story in you wouldn't you would know the history of this it seems like never in the history of economics going back hundreds of years have we ever had this concept of negative interest rates now nine point three trillion in government bonds are negative thing and the fed has raised the possibility of introducing more negative interest rates and can you walk us through what this whole negative interest rates all about it seems to me just to be another layer in this global ponzi scheme your thoughts means unlimited credit what the fed is trying to control isn't on a me it's the stock market and the market and the credit market. is that provided credit such a loan. rate of interest that people can afford to make their bio company's corporate raider is that you can borrow. almost a nominal and good rate and you can buy stock in

a company. paying six or seven you know percent. you get it right the difference between what you pay and what you're expecting in the stock well this explains why if you look at the s. and p. five hundred the wealth journal had a nice chart you know their earnings of the s. and p. five hundred going back to the s. and p. prices are going so you're inflating the stock companies while the companies are being hollowed out they're not investing more they're not producing more but they're the manager the companies are able to borrow and speculators can make money and run when they see that the game finally over and nobody has enough money to buy what the company is reducing anymore this kind of relates to your book here i would imagine the book is called and forgive them their debts the author is dr michael hudson he's warmed up i'd say preeminent authors in the world covering economics

and finance and that going all the way back to super. imperialism i believe was the title of the book and he's been hitting home runs ever sense of this is the latest and dr michael hudson canon of instant classics but the book is called and forgive them their debts so these negative interest rates are a way of forgiving debts right for banks right so if we're going to forgive debts the question is who's debts should be forgiven in two thousand and eight the people who are debtors they were not forgiven the people who were the creditors the bankers they were forgiven so are negative interest rates just another way to forgive the creditor. r. s. and s. and r. when it was strange upside down world historically speaking it's usually the data ers that get their debt forgiven dr michael hudson well they're certainly forgiving the bank losses remember in one thousand eight citibank and

a number of other wells fargo and the other banks said negative equity they actually were broke and so the federal reserve basically forgave the wealthy people their debts this is the exact opposite of what happened in the film or babylonian today plans. that were ample used to be the debts of the work people so that you would see. and sign the bondage so that they own their labor as a government as soldiers for they were not for the predators but now you're doing business that's we're all left in place for right now there's definitely been forgiven are those with walls those with those like raiders and that's because the banks know something that they're not really popular right they know this and that's ultimately and because that's growing much faster than the economy's growth and if and that's growing faster than the economy and more and

more and one is when you need the burden of the payment plan so that with situation you know even with loads no one to mention is going to if not all this. low and says interest rates will go up suddenly that will be the big we just well wait all companies over and you have something like blackstone taking up all the banks. mortgage. you're going to have funds rich in ash all of a sudden getting money by always bankrupt companies and then you're really going to see a monopoly but as we have seen before so well received caring for the big red and the ram is being sent out by these low. enriching yes oh yeah well of slaving. over. and well well well he won't want to eat savings and white. and so will be pretty much. what it were were if

you will. and it really felt they were already under me the world hasn't seen really since. blackstone already has oh more than six trillion dollars under management it's the biggest money manager in the world that's pretty recent and they've done so by using all these wall street tricks and the revs and introducing e.t.f. six change traded funds which are just rent seeking layers on top of rent seeking layers over and over again you bring up feudalism and the condom is mimicking a feudal ism i have a suggestion for a book it could be called super feudalism you know it's a neo feudalism when you have this amount of concentration in so few hands and you have that is basically feudalism right so i think this is a concept that people are not readily embracing you have a few big macro situations burrowing you have dig lobel ization right with the u.k. is separating from the e.u. you have the e.u.

just announce that they're falling out of a trade partners with the united states you've got the americas now doing new trade deals with china so de globalization is really the watchword of twenty nineteen which would mean dollar ization to a certain degree and so what you're describing is a scramble and asset grab scramble by the last eight banks and as we prepare for this massive. repricing of assets there right if you see like a massive repricing of assets down fifty sixty percent and then a big smash and grab michael lots of that exactly what's happening you said that exactly what i'm going to write me so getting back to what democratic policies i'm looking for. worth it just to cover some basis here on medicare for all is another idea many democratic voters wants your thoughts on whether or not this is a good idea how would it work what do you think dr hudson well of course it's a good idea medical care for all really just means. insurance company profits or

not so acute medical care and use of threat all of the health care insurance company profits then you're going to obviously a what work boss the about doing business well or living so that people's. employers people with medical care will go way down their taxes or some may go well little bit. on basis equally going to be saving huge amounts of money that they now have no reason we'd be able to spend either on buying more and living better or on going down but that's a run up so obviously i don't know who were you are of middlemen you're going to have in order possibly one business and that's what medicare for all it's i don't know meant brilliant medicare for all insurance profits for none dr michael hudson

thanks for being on the kaiser report is always going to be your men are riding and that's going to do it for this edition of the kaiser report with may max kaiser and stacey have would like to thank our guest dr michael hudson is a recent book is called and forgive them their debts if you like to catch us on twitter it's guys report and so next time by. a shot i took it out on a soldier that i. honestly had left as a muzzle on. most of usha version of. the bush. can make them say i will give them

a second. i want that you don't get me to the classics. or isn't and never was never punished and. i think the two did not and that. was there because there is this film of thirteen to. say. the same the position of serbia in the context. of the international mall are more more on the serbian side i think not all know it isn't important for but also just find the magic we got in peace i'm alone in the community i'm all for borders.

is a tense situation in venezuela is still all over the news the problem in venezuela is not that socialism has been poorly implemented but that socialism has been faithfully implement from the inside venezuela things look different we're going to announce sanctions against patrol is to venezuela so sudan famously have a supplement. that outpost in fact critical data to see on a movie at the beach the magic moment the focus of the who story is a new mix of cold in henry kissinger to tell him that he would not be tolerated in latin america. total economic and social system could take hold and therefore the policy would be to make. the chilean economy scream so wants to make the economy of venezuela.

officer. to get up off the ground begin to. hurt them freeze on the sounds of. grown man like wrestling essentially. through his. twisted away from the officer. the obvious or did they kind of lunge for the web in one's midst and then when it happened on trace one. didn't hit them i never saw any contact with. any kind of went back to where they were so the officers back here their guy again fifteen feet apart at this point and that's when the officer pulled out his gun and he did it on three. rule of law oh oh yeah it gets pretty low. leave you been a real good shot to begin murders controls all life. becomes

i'm sorry the last community young people are deciding this they want to be not like their parents not liked and liberals. always struggle school. you always have problems but you're not going to focus and walk is the most ubiquitous known out there most police departments use it almost overstayers in the school that they could get their hands on a gun was in twenty four hours. we were teaching these kids of both racism about police brutality taking cried of them being all these kids are all a part of the story. is.

told in a thousand jail of us protesters take to the streets of fronts despite a government warning the soldiers could open fire if bryant's an endangered lives correspondent the same time. the french government closed several iconic landmarks for protests but it seems at this saturday the demonstrators found and not very well known location. u.s. backed kurdish forces in syria declare victory of islamic states off the capturing is lost photos a week off the donald trump has claimed the terror group has been defeated. around one million people descend on central london for announce he brags that march made growing anger over the way the u.k. government has handled the protests.