adding to what he they were actually reporting from c m b c what they were talking about this naked short in order to cover their losses but this also fits with this haven't just out on market watch there's a truth decay they call it in american journalism study says the media has become more biased over the last 30 years in fact and this is a rand corporation study and what they did is they studied hours and hours and hours of news footage over the past 2030 years and what they found was that indeed it has become more subjective and emotional and they mention in fact that our research provides quantitative evidence for what we all can see in the media landscape that there is a truth decay that the declining role of facts and analysis in civil discourse and its effect on american life journalism in the us has become more subjective and consists less of the details a vent or context based reporting that used to characterize news coverage and

that's one thing i am particular when i'm looking at headlines i provide context always even if i have to go back 10 years to find the context for a present day headline and i think that's why we get so attacked by the likes of m.s.m. b.c. who doesn't they don't provide any context at all for any of their audience what a great phrase to stick a truth to sounds like tooth decay no but it's truth decay of course another way to phrase that would be they lie or they're engaged in propaganda and that's all we've got is about m s n b c and c.n.n. and the washington post is that is flat out on adulterated propaganda for the state that is proposing more war exactly what they accuse folks like r. t. of doing but there's no evidence of that but here we have c.n.n. m.s.n. b.c. the washington post and gazed in truth decay is truth decay because as they point out the media has become more partisan so. so if you ever watch any sports between

2 teams you always say there's truth to k. in the fams right the fans don't mind if their team gets away with cheating but if the other team gets where cheating my god it's it's they're very angry so you do have that sort of truth to k. another truth decay we see is of course in much of the fabric of our financial and economic system and our monetary system you had mentioned big queen of course there is no truth to k. in bitcoin because the ledger is immutable but as public pensions pile on more risk returns fail to keep pace so you know we've kept interest rates at 0 percent where quantitative easing we're printing money we're doing all sorts of exotic innovative new monetary fraudulent experiments in order to maintain these banks but who is paying for it because that's not the side that's ever given to you on the financial news and never telling you what who's paying the price for this well while public

pensions have boosted their average allocation to high risk equities and so-called alternatives to own most 80 percent the median fund still fell short of the 78 percent returns they count on each year to pay the ballooning costs of benefits as they take on more risk states and local governments are increasing their exposure to market volatility and the risk of contribution spikes in a market downturn so the truth decay there of course is that you know a lot of these public pension funds you know these are pensions for firemen policeman state workers and to get elected to office you need the support of these unions and the truth decay is that you can't really afford to give them 10 percent annual increases and all of their pension you know outcomes later. so you just lie and you tell them you're going to pay them and then. the taxpayer and now these

pensions i mean 80 percent of their pension is allocated to high risk investments like private equity and hedge funds right well starts off with this target of 78 percent which is unrealistic because the rate of return on a risk free 10 year bond or a 5 year bond is not even half of that so that's the problem at its origin to make that 7 or 8 percent the pension fund as a public pension funds begin to do exactly what bernie made off did so and bernie made off he was a genius and that he targeted 12 percent per year on his fund wrote one percent a month returns he didn't get you know 20 to 25 percent to attract a lot a lot of attention but he got above average rate of return at 12 percent and when he could make that 12 percent he started to engage in ponzi scheme economics so these public pensions games because they feel like they have to make 78 percent or

this game goes bankrupt because they don't have enough new people coming into the game they start to engage in bernie made off like ponzi economics and fraud and 80 percent of junk bonds that would have a resale market in a downturn of maybe $0.05 on the dollar mean that these punks these public pension fans funds are technically bankrupt it's just a matter of when that bankruptcy will be recognized so here's some of the data of actually what their returns have been a lot of the costs. why the costs of these pension funds are so high is a lot to do with the health care costs where there's no containment on the costs at all in the united states as everybody knows it goes up you know in some states up to 40 percent annually as it did in north carolina a few years ago but they're saying that public pensions returned a median of 6.2 percent for the 10 years between 2008 and 20176.2 percent and why. one of the biggest bull market runs in the history of u.s.

stock markets right 6.2 percent and 6.4 percent between 2001 and 2017 so that was 2 big overruns that we had in there and so they're only returning 6.2 percent at that sort of point so that the tooth decay here is that nobody is addressing this and somebody is going to have to pay for it they do mention that if the funds fail to meet investment targets that average about 7.5 percent so on average these funds need to return 7.5 percent just to meet their targets then governments will need to make up the difference with higher payments or cuts to services to keep from losing ground of course what they'll do we always know is they'll cut services to the younger generation in order to keep those angry older voters who always go out and vote happy well you know the 60 year rate of return on the stock market on average is about 7 percent so all they really need to do is buy

a no see no load. index fund from vanguard you know is the pioneer in that but instead they want to keep people employed who think they know how to invest money in those people like member roberts a drone and orange county in california it was exposed that he knew nothing about managing money and most people who manage public pension funds don't know anything about that they're just clerks that they assigned to this job they give him a bunch of money and wall street guys come around and they take him out to lunch and marty is and then they some a bag of worms some a lot of garbage most toxic risk on wall street is sold into these public pension funds where it goes to die that's why the returns are so horrible i know working on wall street if you had a really bad trade at the firm you would talk to the pension fund and say could you please buy this will give you a discount and then of course 3 months later it was at a bigger discount probably many of these. funds we're stuck with some of those

shares that have tumbled as of 2017 arizona's allocation to equities and alternatives. 86 percent of their pension fund is and these alternatives which we so arizona could one day need a big giant bailout well it's like you know building a house on the rim of a volcano you know it's great until the volcano erupts and then you're wiped out so the 2nd you have an uptick in interest rates which of course you will at some point 90 percent of the portfolio will go to 0 again the truth decay here's here's the fed issuing a statement which demonstrates truth decay fed issues more warnings and danger of high risk consumer debt the federal reserve escalated this warnings about the perils of risky borrowing by businesses saying firms with the worst credit profiles are the ones taking on more and more debt the fed also left

a question on answered is it going to do anything about it the truth ok of course is the fed knows it is the one that caused this but they're like i am so shocked that there's gambling going on in this casino right they have it all wrong it's not about risky borrowing it's about risky lending ok when these institutions land without doing and we saw this in 2000 i saw a prime crisis they would lend anyone who walked into the into the office who could fog a mirror they've given half a $1000000.00 is that really the borrowers responsibility or is it the lender who it's in it's actually the lender by any legal statute you want to go in cite going back a 100 years it's the lender those committing fraud not the borrower the fed once again siding with the most corrupt kleptocrats in society the fed lowered interest rates to 0 percent to save the banks who are the member banks of the federal reserve system. doing that caused the 1st headline which is pension funds need

7 and a half percent returns were so used to be able to get in the bond market now they can't get anything but one and have 2 percent 2 and a half percent their right so they have to go into this risky lending so they're now the fed is saying gee i don't know why all these pension funds and 86 percent of of of the arizona's pension fund is in these risky lending why they're seeking nothing in return they're all these colville light remember that happened in 2007 all these carbonite people pension funds investors are lending to these businesses that are on the verge of bankruptcy asking nothing in return there's no collateral nothing the u.s. central banks latest financial stability report said leverage lending issuance grew 20 percent last year and that protections included a loan documents to shield lenders from the bald are roading so again this is truth decay it is like the cycle of family you know they said we shipped hundreds of millions of synthetic heroin out to people around america and $70000.00 of them

died last year how did that happen you know as the moral equivalency of drug pushers. bankers oxycontin manufacturers they're all in the same gangster you know pool of sludge and truth truth. hey we've got the cure for truth decay truth decay right after the break don't go away. so what we've got to do is identify the threats that we have it's crazy to foundation let it be an arms race is also a scary dramatic development the only really i'm going to resist i don't see how that strategy will be successful very critical time to do so. and talk.

that just. the 3rd i want to do it is your show these guys do with both of you very clear. away. and they are they they are and they have. a need to feel there's. something yes i'm them what do you how much. do you. measure.

this is a story about what happens auster a stray bullet kills a young girl in the streets. what happens to her family daughters in florida you know the mother daughter is buried in a cemetery is healing this is with your head what happens to the community the public was screaming for a scapegoat the police needed a scapegoat so why not choose a 19 year old black kid with a criminal record who better to pen this than him and what happens in court be. shocked shocked as far off as i feel. we don't know just brutal. end of this trial unfortunately you 2 will still love no children.

welcome back to the kaiser report imax keyser time now to turn to sampson he's the trade chief strategy officer at block stream as well as senior guy at pixel magic which will be building a new online game called infinite slate which i just invested in through eisenberg capital we're going to talk about that a 2nd sap and welcome thank you x. here yeah it's that this is a long time overdue great to have you know let's talk about block strain what exactly do you do over there and why do you have so many spy is. such a question if i tell you too much then they'll get revealed and busted tell us what you can say ok so it blocks you on the chief strategy officer and that's just a really broad title i do a lot of different things i manage business development product development

marketing you know whatever needs to be done i do it right that i'm the c.e.o. back yes ok now you've recently made some big news because you've got this whole satellite think going you're launching satellites what the ag what's going on with these satellites were taken blocks and outer space this sounds frickin awesome tell us about it so we do last of satellites is one of the many cool projects that we're doing a blog stream so that the purpose of blogs from satellite is to provide redundancy for the big point network so you're a big big point will you we will see the future of the financial system built on because but if the future is built on big quiet it needs to have this redundancy and that's where blocks from satellite comes in so you have these satellites in juice and going to orbit that's like 30000 kilometers out there broadcasting the because block chain and what that does is it prevents network splits for bit coin so if an undersea cables cut to say a country malaysia or something then potentially they could fall out of sync with

the rest the network but as long as one person in malaysia is running a box from satellite node and has a dish they'll keep the whole country in sync so i and so many. where this argument they will say oh ow you know they're gonna shut down the grid and they're going to get no more because that's now no longer true redundancy in the satellite lovell yeah this is one of the pieces you know m.c.c. we saw some other cool stuff too you know the magical crypto conference magical cup the mc say it was an awesome event by the way thank you to you and your 3 cohorts at the magical crypto podcast you got fluffy pony. toshi light and a whale panda yan yourself was also event of it was that about it was a what you expected or seemed to be really exciting and me above expectations yeah we had a lot of really positive feedback about m.c.c. 21000 we had a great speaker line up you know we had stacey on with the liz the stark and when you think about lighting talk about lighting for

a 2nd i thought. yeah we're moving right along our sense of well actually in d.c. where the people are just learning about it going to last 6 months and then they run it up to 20000 forgot about it for 6 months now they're back into it we actually do stuff on there tell us about lightning whining is awesome it's the technology that makes bitcoin cash so you can spend anonymously as better privacy than the bass player. instantaneous near instantaneous and almost free and that's what you need to have the circular column for because where you can earn big cone and spend it as if you do it on chain transactions you have to deal with block times you have to deal with fees volatility of fees and let me know we're just removes that and it paves the way for you to just earn and spend freely and i think it's a really big change the law people don't really fully understand yet that they're moving these barriers can make big global money for everyone right and let's talk about some of the stuff we're doing over there at strain let's talk about liquid

which is this change so explain a little bit about what's going on there so liquid is book seems like ship product it's a. into exchange settlement no work it's a side chain that's kind of what boston was founded to do is founded based on the side chains way people are but is that essentially another block chain is anchored to bitcoin and you lock up big corn on the main chain to unlock it in the side chain and by doing so you have new properties so if say a big question is solid water it's ice then liquid is obviously liquid water and you can move much faster than ice right and you know we are big big coin maximalist and it seems like in 2014 when you had this explosion of other coins all coins and things like that there was just a basically a frustration on the part of the community that things were moving fast enough and they split off and created these projects but now you know with especially with segway when i was adopted and now with lightning it's really kicking into high gear

here so correct in saying that all these other coins can't really do anything that big quake can't do now or will soon be able to do is that a fair statement. well i think because i can do everything and because it is not meant to move fast to be a store of value a medium of wealth transfer it needs to be a reliable life fact at a slow is a toshi light one of your buddies says is that that's a feature not a bug yeah if you want money it doesn't need to be very fancy and a lot of the projects i don't really want to comment are going to but they're just based on gimmicks you know what you really want is sound money you want something reliable and bulletproof i know there's a lot of takes as long as the sound money that's all we need you know darn it all right so let's talk about pixel magic and you've got this new company or project called infinite flate as we imagine heisenberg capital which is the max and stacey venture fund has bought into this and it's in the gaming business game is

$135000000000.00 industry. predicted to be a $300000000000.00 market and so tell us about how this fits and all of what we're saying here so we're developing in $58.00 is an m m or ts so my background is doing r.t.s. games i worked on a company of heroes dawn of war all of which are highly acclaimed r.t.s. titles a lot of my team of gone on to join my previous team at relic they wanted to join blizzard and worked on various projects like starcraft 2 so r.t.s. is my background i'm also very hardcore r.t.s. gamer and i want to create a new kind of immersive experience that kind of takes it to the next level but is accessible for many more players it's kind of like what mobile did for artists on her own trying to make our self more accessible so recently we added a lot more people to our team we hired jason lee he is the lead designer for age of empires for that's a big upcoming project from relic and microsoft so he just joined our team and he's taken over as chief creative. we hired him in galatea he's from the original home

team so homeworld is like a classic title it's a seminal title in r.t.s. it's up there in the rankings of how awesome. every artist game is like starcraft homeworld so this is a real passion project for you i love games yeah so many encrypt the age gaming presence and so this you know i'd like to looking through the material there so the game kind of morphs with the narrative kind of changes with the. in real time you know well the basic premise if i can summarize is that we're in spaceships traveling through space infinitely and things happen and it changes the interaction and all the interaction going on changes and of course there's a token you know the token is the basis of the economy so 1st. just talk about how the narrative changes it's interactive in that way so talk a little bit about that if you can so lot of a moment titles where they do is they hire writers write

a script create quests and kind of lead everything you know kind of chronologically and then they have to work you know for years develop the next expansion and release that but what we're trying to do is open it up we want to approach more like dungeon and dungeons and dragons be more intimate closer to the players and kind of set objectives like it's just like it's a board we set objectives on the board but we're not going to say exact what you need to do the players decide and then will evolve the story with them so we're kind of writing and working on the story as the whole game moves and it's approach that most game studios are not doing there they're still doing things like they did 20 years ago if you look at r.t.s. is today they haven't really changed it's the same model you have a single player campaign the multiplayer part and that's it you know there's a sample race of lay of the game that attack the players and the name of the game doesn't come to mind right away maybe my producer can whisper into my air but the game has so much computational power became self-aware you know came something out

of black mare or something so it is this is just philosophically speaking when you have like hash rates that tara hash 1st 2nd and all these network computers and they can. put a little machine learning into the mix i mean how close are we to the moment when the machine starts to talk to us and challenge us and i'm a big philosophical question here i don't mean it this to go too far on a limb here but i mean we're talking gaming you know this is what people think about well you think well you know if you're talking to say it's coming. on the horizon we should be worried about this stuff but you know games have pretty sophisticated it's been evolving for you know 10 years or so and who knows it could be like the next killer comes from a game designed to attack players and kill players but who knows ok so leave it at that so that let's talk about the token inside the game where the economics are so we have a dual token model so we just launched liquid securities to

a consensus so that's a platform the hooks into the liquid network to issue manage tokens and that's for companies that want to do legitimate fund raising with securities so the game itself does not have is not raising money through and i c o i e o the fund raising part is done through security took a regulated. legit and the game itself uses a pure utility token that players earn we're calling the month of earning the token proof of participation or pop so you have to participate in vence or quest to earn the token which is generated by the game and then you can take that token and it's portable so a lot of animal games they have secondary markets for the currency so while has while gold you can buy on various websites every game has that lineage has a deal you buy that but we thought it makes sense to integrate a cryptocurrency into a game because players are accustomed to having a currency and they want to be able to take it and be portable move it from you

know place to place and we have this ecosystem of the currency exchanges so we're just looking into that opening that up to game players. i think it's a doorway to get mass adoption of these because you have this market of young people that play games know what digital money is and know they can move it to an exchange you know is a sports people are playing a sport some professionally and you have people now just paying a watching people play video games especially a sports so away heading to a period when people will basically live inside this type of environment and they're making tokens and that has you can buy a sandwich with those tokens effectively and we you know kind of live inside this world ready player one yeah you know possibly i mean if you're earning some. tokens in the game you could create a contract or something to convert it to because in buyer pizza delivered to your

door from the game right well that's the that's the beautiful thing about this economics is that it's becoming very fluid between the old world the new world the cyber world the game world the and all these things are happening are governments really think you know brad sherman on earth you caught that he's a politician here in the u.s. and he's saying that were frightened now that that going is going to challenge the u.s. dollar dark governments really in a position. woke. up that what's really happening are they wall fillet behind well i thought. was brilliant his whole pitch was selling people and because right it's very good for all these reasons so in that sense there was no i mean because it does do a lot of interesting things and it really empowers people you have self sovereignity you control your money and i think it's a new concept to a lot of people but once they understand what it really means it's hard to go back to the matrix exactly sam and now thanks

a lot ring on the kaiser report thank you max all right well that's going to do it for this edition of the kaiser report with me max geyser and stacy herbert want to thank our special guest sampson block strain pixel man. attic and infinite slate if you'd like to get in touch with us on twitter it's guys reporting by. the sea on his attorney. for one who knows a little bit. you know. what would you. visit me will you begin to you know you got. to know people you see posting it's me it's you what's good. that's the thought of you. if you had that printed it out that you give.

what bitcoin decline is magic and the new type of digital currency the centralized digital scarcity chancellor. of 2nd or bank that's called the genesis blog for reasons to calling it civil disobedience a source of optimism because i can control my own financial destiny it's just a new way of coming to consensus it's a game changer in the human history this is columbus discovering a new world this paradigm shifting technology that transforms economics and finance in a heartbeat the apollo 11 landing. to the max and stacey. 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 fully implemented for inside venezuela things are different we're going to announce sanctions against. venezuela associate. famously have a son of the moment goes. down person. to move the people of. the focus to whose story is a new nixon henry kissinger to tell it would not be tolerated in latin america. terms of economic and social system could take hold and therefore the policy would be to make. the economy scream so wants to make the economy of venezuela scream.

the austrian chancellor calls for an early election after his deputy is ensnared in a corruption scandal and forced to resign. over the document calls into question the world chemical weapons watchdogs conclusion about an alleged chemical attack on the syrian capital last year. and. after the state of alabama passes the country's most draconian abortion laws. you need to make a choice you make a choice if you don't have that ability it's going to work i don't like some of the comments that. have.