there this is the kaiser report i learned a new word in spanish cod yes actually it's already just made up actually it's not even that it's a word stacey made up. this well this is a good time to introduce me stacey herbert because i invented this new word adios and well just seeing this tweet here would me you think it's time is bye bye for fiat's this is from mario draggy that tweet is from the e.c.b. and they are quoting mario draggy who is outgoing head of the e.c.b. negative rates will not provoke the collapse of the financial system this is what mario draghi claimed as soon as you get official denial of course that is when to believe we are about to witness the collapse of the financial system. is it from happening as big countries accumulate big positions in gold that's an exit from

because we know that over the past 300 years no fee money has survived they've all gone to 0 the average lifespan being 27 years with the exception maybe the british pound but it's lost 99.5 percent of its purchasing power so to stay in fear is an admission of venezuela i want to lose all my money or yeah i'm the why more republic it's all going to go to 0 people are exiting fear out there fear i do you listening. they are saying and of course we are here in la we go at a big coin conference and this is the solver an individual saying adios to their exiting because they see that these negative rates are destroying capital and we see that the negative rates are destroying economies in fact when the e.c.b. cut rates further this past week actually the netherlands france and germany their

central bankers were urging the e.c.b. not to do this because there was a strong capital of course our president in the united states donald trump was encouraging the bad to catch up to the e.c.b. and other central banks to go negative now you don't have to know that much about history to know that this same exact thing happened pre-war all the war to it happened after the financial collapse of 1929 we saw a beggar thy neighbor policy and this is active all out is starting to become all out it's been slow it's been kind of quiet and polite for the since 2008 but now it's getting aggressive all right so you know. money has a perfect track record of always failing it's never survived and so why should we believe them this time when they start telling us that they have a scheme a cunning plan to make their money stop going to 0 so here's an article from bloomberg bloomberg dot com and of course bloomberg is associated with the

financial system and wall street and writing headlines about wall street so here is their headline about fiance yos essentially because again they look from 2008 the financial crisis 10 years ago and they noticed in the past 10 years russia has huge gold stash is now worth more than $100000000000.00 the value of russia's gold reserves climbed 42 percent in the past year russia is diversifying. from u.s. assets and gold has rallied so they're saying that russia's long term bet their long running bet on gold is actually starting to pay off as gold prices start to rally and they note that the country quadrupled gold reserves in the past decade as a diversified away from u.s. assets a move that has paid off recently as haven demand sent prices to a 6 year high in the past year the value of the nation's gold jumped 42 percent to

$109500000000.00 and the metal now makes up the biggest share of russia's total reserves since 2000. the world is not abandoning the dollar the dollar is abandoning the world and you know very of explaining what's happening around the world in terms of countries whether it's turkey china russia poland buying hundreds of tons of gold and the dollar or i should say gold making new highs against every major currency in the world all time highs except for the dollar that'll come soon. in fact citi group believes it's going to hit a new all time high in u.s. dollar terms based on this tweet from mark o'byrne of gold core citi group says gold may top record at $2000.00 per ounce city is bullish on gold due to the prospect of the fed cutting interest rates to 0 geo political tensions and rising

risks of a global recession. so here you have. and we are leading we're heading into a new us election us. you know the federal reserve doesn't like to be seen to be involved in the political process so you know how they're going to behave in the next year is unknown at this point but certainly trump is parading them and demanding negative interest rates even which. i don't know. and he understands it but i'm not sure that it could survive negative rates as. you said the financial system can survive negative rates but i think he's maybe only talking about the euro whether it can survive negative rates in the u.s. dollar as well. if you have the world reserve currency of the u.s. dollar and you reaping a benefit from having that reserve currency for decades after world war 2 bretton woods world reserve currency the u.s. dollar if you begin to globalize indeed dollar rise the rest of the world has one

very simple recourse by tons of gold hundreds of tons of gold and to repair for when you finally pull the pin on the grenade and blow the us dollars just for the rings and you're a sitting there with very little gold reserves to your debt versus a country like russia which now has a huge percentage of gold per g.d.p. per their capitalization of that country and other countries as well so the rest the world is like watching america 2 year old play with a razor blade razor blade is self-inflicted harm due to ignoring the us dollar and by going down the rabbit hole of negative interest rates the rest of the world saying do it do it pull the pin pull the pin because already we've got the gold pull the pin down pull the pin down and tunnels like the lower long. well he himself cannot cut interest rates he can only burn rate the fed chairman jay powell whether or not jay powell ever abides by this we do not know because there are

people who will say the dollar will instantly die so i think you see nations like russia you see nations like china these major trading partners especially china to the us prepare for it eventually exit in america there's another headline from the past week that i also think is a sign of do you dollar ization from those who actually have no access to capital who have no savings who have no wealth but a way to do dollar eyes is also to blow up the system in terms of just spending so much more money than you possibly have because this was an amazing story breaking u.s. consumer credit rose by $23300000000.00 in july beating all estimates mostly driven by credit card debt so you know i think. no way this is also individuals who don't who don't own gold nation states who own gold but these individuals are people who sense that this like the free ride the easy money is over and times are

about to get hard and it's hard being hard it's hard living within your means it's hard having hard money and living under a hard money it has a better stronger economy ultimately but to live within your means here these guys are just like it's it's a sign that they understand what's coming well if you look at the board of directors for companies that manufacture oxycontin other opiate products and you look at the board of directors of credit card companies like visa master card you'll see a lot of overlap between these 2 board of directors because both products of those credit or heroin synthetic heroin are marketed the same way you take it to feel good to ease the pain and they both lead to the same outcome stronger the street with nothing with a needle in your arm cursing the day you were born and that's unfortunately going to replace the american flag is the image of america in the 21st century world numbers your g.d.p. everything can be fake so it doesn't you don't know until the tide goes out whether

or not you know those unemployment numbers would suggest hey these create this consumer credit card number remember credit card rates right now are at an all time high interest rates are at 0 percent or even negative as we pointed out negative interest rates in europe and yet credit card interest rates that which you charge the consumer is at an all time high in the united states and despite this consumers have increased their volume of debt on their so either they're really confident that their jobs in their futures and their incomes are continuing to climb and that they can pay this off or 1 they're very desperate they're in a desperate situation and even resort to this you serious rates to. survive another day we don't know until it all blows up if it does right it's another example of financial vandalism that's being called right because interest rates all move in concert whether it's the discount rate or credit card rates they should all move up

and down in concert and credit card rates should not be left up their mid teens with the interest rate interbank rate 0 or negative that's vandalism by the bankers so and i want to turn to this final headline here from brian mcdonald and it's a tweet and it reads meanwhile are you underscore r.b.c. reports that russia's reserves are now larger than its credit obligations this means russia is one of only 2 european countries that essentially has no public debt the other is norway so of course these are 2 oil majors norway and russia and. they're. despite what the b.b.c. had said 2 years ago or 3 years ago when they predicted a balance of payments crisis which means that your external debts are larger than your the size of your reserves that you can't cover them so here they're saying

that there's no danger of any sort of crisis because they have more cash than they have debt it's amazing because of course norway has a sovereign wealth fund. but it's mostly in stocks and based assets and russia has the equivalent of a sovereign wealth fund but it's all in gold bullion $24.00 karat gold bullion so this will be an interesting. who's holding the better hand who's holding the better hand in fact russia has 40 percent of their reserves are in the euro they're also accumulating un. chinese renminbi so they're actually apparently according to some on line stories that they're going to be issuing bonds as well rather than most people do a dollar bond so we're seeing. dollar is ation this is all just normal and has happened throughout history one empire rises the other falls this is the rise of china in terms of. if you look they are the number one trade partner with most

nations so it just makes sense that you would expand your room in the reserves whether or not china ultimately wants out or whether they want a gold backed currency called back trade settlements currency as a unit of account or a bank or a like currency we'll see in the future i remember one member of us holding up a gold coin you know this of maybe 2008 or so it's like you know he's telling the world this is where we're at it and that's exactly what they want well we're going to take a break and when we come back much more coming your way. oh

. i. know. the prices for constructing this was to. borrow degradable scaffold which is poor and this is inserted beneath the skin when the skin is suctioned over the scaffold over a period of about 6 months you have to shoot in growth investor always isin occurring in other words the cells in you'll in your body grow into the. it grows its own blood supply so now this is fully integrated as part of its own living.

welcome back to the kaiser report i'm max kaiser time now to turn to frances both of the oh is the c.e.o. of bull bit going. canada's bitcoin company francis welcome thanks max it's a pleasure awesome to have you been following you for years you've been following us for years of it and it's all part of this incredible big coin space you're a big part of it certainly in canada and i wanted to just jump right in and ask you since you've been involved in big clients is 2013 what do you think over the past 6 years some of the highlights of ben i think some of the highlights of decline has been how the community in the industry has responded to to the challenges of this

emerging technology i think a good example of that is the 1st big corn hike. that happened in 2014 mt gox hack of 2014 who could forget right and it's such an incredible amount of because there's been lost and how the community respond to it in a couple of ways the 1st one was this awareness that people should have the custody of their own because hold your own keys has become since then and increasingly in the last few years a big mantra of decline you if you don't hold the keys you don't own the coins which is a common saying this is not something for example that was popular or a part of the narrative before and as a result of this hack there's been a ton of solutions they vote for a multi-billion churchill hardware well it's another good example of how the community was antifragile following a crisis or something volatile was this whole episode of. 2 x. 4 the big quote unlimited for big corn cash record as the as a result of all these tensions and drama and conflicts. started to run their own

followers and that became another big attendant of the because. now it's hold your own keys and run your own node and tons of products and services have been developed in response to this new market need which was created through this core narrative you know the cast the huddle all those physical nodes. server project which removes the real. and some 3rd party no it's my own projects are for an old pair of shelves no longer so i think i think what's incredible to see is that. because it's kind of a living and evolving organism right and as soon as something bad happens to it there is a need to reaction and as a result the network is stronger and more resilient than it was in the 1st place right it's a living organism somehow postulated that the parallels to living organisms actually extended into whole ecosystems or organisms in nature that we find and the

statement that someone made it could have been me is that you don't change big coing bitcoin changes you totally absolutely what do you think of this really agree i mean i can't even remember what i was before because i mean it's kind of like a new beginning i have is that the game theory working on your mind in my mind in the collective mind and so to explain how that works or a little bit how little means to you i mean one of the one of the greatest things that i see in people is their time preference right so their time horizon and they become much more concerned about the future they start thinking about you know their children they start thinking about long term solutions they start thinking about you know longer legacies what the world's going to be like after that because this idea that you can store wealth for a very very large amount of time with big corn makes you start to think about the future you know with throughout history governments and was trying to pawn off the population you know printing money bread and circuses you know part of the roman empire and never ever in history has there been an confiscated ball

digital scarcity hard money commodity money available to the individual and in the beginning there was a time in the notice that toshi not come out where there was a fear that you know we should be quiet about this let the hash rate get up a bit because we know we want to keep this under the radar hash rates now approaching $100.00 quintillion have. calculations per 2nd is it now beyond the reach of any government or group of governments to engage in an attack on because i think it's definitely much harder than it was a few years ago but the last thing we should do is sit on our laurels and think we've already won the battle i mean you look at the bank of international settlements you look at the international monetary fund all the central banks hold all the government agencies and all the big banks like j.p. morgan that are responsible for you know the ponzi and and their centralized i mean

they're not at home thinking oh my gosh darn it we lost a bad car and we're going to do we're going to get this or another going to fight back right but that's built into the protocol yeah that's part of the game theory is just going to in fact another group of people join me diamond or the yes and they're now getting fever they will try to attack it but that just makes the hash rate go higher absolutely and that's the beauty of all because it is like the more you attack it the more the white blood cells which is you know the big entrepreneurs to become real or is the. people who are working in this industry that they get to work right you see getting attacked and the need to move into action and they're finding new creative entrepreneurial solutions to these kinds of problems and i think over time i'm pretty happy with the way that this has evolved because because it has been attacked it has been the victim of social attack it has been the victim of facts we've had hostile miners have tried to attack it and you know since for example but main tried to split the network we've built in this resilience against you know attacks right by running on full nodes so i think we

should absolutely not think that we're in the clear but it's an undeniable fact that talking bitcoin is becoming very very difficult and the number of entities that are able to successfully pull off an attack is decreasing over time but i think in the coming years you know because it is a threat right now but it's going to be a big threat when i predict what happens when there is a speculative a cat attack where people are exiting fat currencies it's a big coin and governor. and see that there are actually starting to lose control over their public policy because they can't control the money terry flow anymore and they can't finance their projects they're going to really start to dig into big quine and hopefully what's going to happen is you know knights are going to rise to the challenge these may be corporations going night or night of the round table absolutely so riding into the storm right i mean never underestimate what drives a big corner i mean of course there's a lot of people that are in it for the money right and a lot of people start investing in because just because they want to have more

money in the future but a lot of people are willing to sacrifice everything for big one i mean it's a cause the united think about that i get the goosebumps the idea of of a participating in this actual revolution which is really impacting the world i mean it's phenomenal and. big winners have skin in the game right there very very involved and committed to the cause whereas you know a bank i mean i don't think any banker is going to die to preserve the banking system who's going to going to sacrifice himself as an individual to for the cause of yet no one i mean this doesn't create any sense of belonging a sense of community and the sense of romanticism to work for the sector so i would say the reason i don't support mitt romney believes yet i never ever win a stanley cup i think it's been 50 years now yeah. that's a bit of a digression there but the point is well taken in the nobody would go to war to fight for. because it has

a horrible track record of every single field money ever created it's gone to 0 because it's all the system has no soul. and in canada what is the mood there in terms of the government in terms of the overall feeling yeah so canada is a quite a unique place. first of all there's a lot of victories in canada i mean according to the last 5 surveys that i've seen and these are government service like by the central bank in the ontario securities commission. about 5 to 445 percent of decorum years old so we have a very large and i mean the government's been working on c.m.l. regulations for 5 years and they've just been passed and made official this is what we're going to get we don't expect anything else for the future and there's no new big corn law there's no bit license but going was just included in the existing framework like if there was any other kind of currency which is fantastic the government in canada used to tax the sale of because we had this double taxation problem that's been reversed so there's no sales tax on the sale of bitcoin for

a fee at generally speaking it's a pretty good jurisdictions i mean you've got a lot of resources in canada that are in the energy sector right so you've got the oil and gas sector and it's just because they can use a big hole in mining to offload their electricity a surplus in there any surplus same thing for hydro so you know a list something dramatically shift with canada i think is going to be a very good place to be a big one in the future. so you know you mentioned some of the properties of big coin the censorship resistance being one of the primary because that are to be the most important feature which you can see would you agree with that and could you talk a little bit about that yeah absolutely i think censorship resistance is at the core of what bitcoin is so cheap because previous attempts have visual currency for remember correctly like the liberty reserve or all those 'd gold backed digital currency is that started to pop up in the late ninety's or 2000 all of them failed because they were relying on a central 3rd party which could be censored censorship resistance is definitely.

the key key feature of the key killer app of bitcoin some of the examples that we have for this in the big space which tell us that this is real is we can lease when we can expect shutdown by pay pal. people is not censorship resistance right so they were in fact censored anybody that can be censored i mean the way things are going everyone is going to be censored when they're right if you're if you're slightly diversion from the status quo and politically approve the message from the banking overlords and the governor of illinois and their culture overlords. going to get censored so when against a system was censored was able 'd to bypass that censorship with one i look at why i got into because in the 1st place i mean that event is definitely one of the big ones without censorship resistance you know you don't have free speech you don't have free money you can't have free speech without having free money because sure nobody is going to put a piece of tape on your mouth and prevent you from speaking if you're a censor from the payment system but you're not going to have any platform to talk about your ideas and you get obviously a very very unfair advantage the others have an unfair advantage over you right so

if you want to control control speech the 1st thing you're going to do is cut off the livelihood of the people whose speech you don't like the other big. components to bitcoin i mean it's that trust is validation so because everything is out of the bowl everything is trust liss when you receive a payment you don't need anybody to tell you that you receive the payment and you can validate the whole history yourself you can't you don't need to rely on 3rd parties to have charge backs and obviously you know the other killer feature of because. other than censorship resistance is this digital scarcity decentralized it will scarcely to the fact that because it is limited and its production schedule is scarce the fact that it is difficult to produce bitcoin all of these combined create just the recipe for this rupture and so in the last people to save their wealth with oded and getting devalued by the government because it allows people to transfer their wealth and you know a decline transaction in the end is just a message it's a message you're sending to everyone else so it's impossible for me to separate you

know freedom of transaction and free money from free speech which is obviously a big challenge today and it's as we've seen free speech is under attack so free money is the weapon to resist this attack all right francis got to cut it off there thanks for being on the kaiser report thanks max was a pleasure and that's going to do it for this edition of the kaiser report with me max kaiser and i do thank our guests francis polio of bull big going it's canada's big company hey if you want to. on twitter it's kaiser report or kaiser report dot com talks i buy all.

the food. oh. so.

pleased. and very well might continue watching us in such. thousands of american men and women she was just sort of in their country's military decision. every thing came to a complete. the day that i was raped and. you know told to shut up but they'd kill me and i see how destroyed my life any screamed at me and he made me come in and he grabbed my arm and he raped me with his birthing curia if you take into account that women don't report because of the extreme retaliation it's probably somewhere near about half a 1000000 women have now been sexually assaulted in the u.s.

military is a very very traumatizing thing tat happen but i've never seen trauma like i've seen from women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished and be offended and almost 10 year career or chose very invested in and i gave a sex offender who was not even put to justice or put on the registry this is simply an issue of tower and violence male sexual predators for the large part of target whoever is there to prey upon whether that's a man or woman. put themselves on the line they did accept the reject. so when you want to be injured. or some want to. have to go to the press this is what before 3 of them or 10 people. interested always in the waters and. there

should. so the arabia points the finger at iran over last week's drone a missile strike on its all refinery space the sophistication and direction of the attack is evidence that tehran is the. global security body interpol says at least a dozen suspected terrorists have entered europe by crossing the mediterranean. should terrorists in their lives and their associates be protected by the syrian cease fire or not species seize the 2 un security council resolutions vetoed by opposing sides. and a new report reveals thousands of children in nigeria were being held in dire conditions without trial over they were led to association with terrorists we spoke to.