us republicans. dropped the rule. for the funeral of president chirac who died last week 6. to 10 minutes from. the financial news in the cause report if you. look at the possibility.

max kaiser this is the kaiser report maximalist maximalist for max kaiser that's been obvious for years hey there might be some sounds hearing on the side walk that's just the clickety clack of laundry baskets here krypto springs in palm springs california the hottest crypto conference in the world. it is indeed the hottest conference in bake wine i want you to look at the marquee by the way i helped design this one we're also toshi except for dot dot dot well we all know who that is but you know i want to turn to twitter because there was a viral little video clip that josh brown downtown josh brown posted

to his twitter handle and he was so excited because he actually went viral had over $75000.00 views this is the part i never want you to forget wall street was this close to selling you we work at $50000000000.00 stop quacking like a duck and they'll stop throwing bread comes at you and here's the video clip this is the key thing to understand and to never forget wall street was this close to selling you. we work out a $50000000000.00 they were ready to go they were locked and loaded the road shows planned everything fell apart at the last minute and now there are lines out of them and might step down as c.e.o. they'll be called chairmen and they're going to clean things up but they're going to try to do what we did a year before it went public but the point is not that the point is that we works underwriters wall street banks with wealth management divisions were this close to selling the t. you had

a $50000000000.00 valuation and now we don't know if it will even get $10000000000.00 we don't. it's really didn't get an i.p.o. at all remains to be seen they have to i.p.o. will default on a whole bunch of debt so i. think so in the hope that they'll find a way to get it done but this is the part you should never forget they were ready to go right and it was laid on the right or j.p. morgan of course you know because the 2000 and crash because of the 987 crash because the dot com crash all these different regional brokerages all got consolidated and taken over and there's only like one or 2 left and one of them is thinking jamie dimon the tapeworm of wall street the parasite and he almost took this bag of garbage this colossal multi $1000000000.00 bedded fecal matter public put it into the pension accounts in the iras and the brokerage accounts of people all over america for a quick buck as he always does josh brown is correct to point this out and as he

points out it came very close to happening but let's not forget that right now things are happening and they have not been stopped the whole repo scandal is ongoing the whole 'd negative interest rates are the same as we were in the federal in the bond market these things are happening or experiencing a breakdown in markets all over the world so what we have we dodge one bullet call the we work and i.p.o. we're getting gunned down and i have a financial bullets from financial bad guys shooting at us with impunity and very well put you back to back shooting at us with impunity to sing for the new major motion picture i'll be starring in by the photographer of this show i forget this thing but the nice guy those magic tricks like i do. yes patrick is great. so you know what the repo market is yes it's continuous going to war if the situation is getting worse that's where we're going to have to fly back to the east coast to deal with that because i want to turn next to another article this is

a business insider we doesn't work on the disposing of it. c.e.o. i wrote in business and cider not about adam newman's salacious antics but about the prank that is we works business model itself and how it has adversely skewed the office markets in new york and london i don't really care so much about the commercial real estate market he goes into any talks about how it's going to impact that because of that because of the fact that we work as we've covered is the largest tenant in new york and in london so i want to look at the part that is relevant to the monetary system and what we've been talking about because the long term liabilities of course in the last episode we were talking about the fact that the banks in europe as j.p. morgan pointed out in their report the banks in europe are unable to make money anymore because the business of banking is very simple they borrow short and lend long so they can always match their liabilities and their risk there are many able to manage their risk until negative interest rates here we have

a system whereby this company has $34000000000.00 in long term liabilities a rense they over the next 15 years and short term income streams these are temporary like offices and they're relying on this this is like a no go this is that what you're taught in business school not to do this is like a disaster zone but because time no longer has value because of negative interest rates because of this machine gun sort of situation you're talking about fraud everywhere this is the new business model and also on top of this he's in the sector with actual real sharks like king ping of the commercial real estate sector so the very landlords who actually own the space from which we work is plying its wares can set up and are setting up their own lemonade stands as he calls them in the form of short term flexible octopussy co-working spaces copious support services and tie ins so we work is renting from huge commercial landlords in new

york and they're renting a floor 2 or 3 floors in the building and then the same course the real estate agents are saying. wait we're going to do the same model we own the building and we're just going to do like we're going to offer a short term let's just well it's remarkable predatory behavior within a predatory nation within a predatory company that was going public thanks to a predatory bank j.p. morgan so it's a parasite rather than a predator or wrapped in a barrel disease wrapped in diarrhea pretty much just you and some of the stuff. remarkable point you just mentioned there's only one cardinal sin you can make in business. if you just fill it down to its essence and that would be your long term liabilities and in such a way a mismatch and this is taking that cardinal sin and packaging it as their value added so it would be like satan going public on the new york stock exchange and guaranteeing eternal damnation for everyone and everyone applauding

this and giving him $56000000000000.00 valuation we work is kind of trying to pitch themselves as that of commercial real estate sector of the office space sector so the problem is that this form of is one that has guaranteed all its drivers pay at least multiple fleets of cars for the next decade in a half and then some long term liabilities against short term income streams would make no more sense of that right hail industry than they do to the commercial real estate even less so for the latter as real say it's far more expensive and rigid a commodity than cars and yet people landlords can provide a small fraction of their inventory for coworking shore occupancy without carrying their business model in risk for we work apparently under taking risk is the business model risk as a service has a risk as a service because it all just talk about a company and say well they lose money on every unit they sell but they make it up on volume ha ha ha that's impossible if you're losing money on every unit but here

you have. take in that idea in a world war interest rates are negative remember we've gone through the looking glass so i getting a guaranteed loss in obama is seen as an asset that's worth buying and and engendering a premium so the us government bonds that are guaranteed losers are trading at a premium to their face value so a company that takes losses as a service that's guaranteeing a wipe out in your in your account is now supposedly trading at a valuation as an i.p.o. it's arrive all of the biggest corporations in america josh brown over there were every is now saying on p.c. i think you know he put out this viral video and he you know it is it is a lunacy but it's not an isolated case it's within the system as we've been reporting for years that takes lunacy as a service we see as a service risk as a service of course the fed the other central banks around the world what they've

been trying to induce is more risk taking so course it would be natural that within this paradigm post 2008 we now have risk as a service business is popping up because this is what they're trying to sell. and you've already talked about that how you know the options trading the volatility former allowed the separation of risk and reward so they get to dump all the risk on everybody else and the wall street gets to keep the reward now of course jamie dimon and j.p. morgan by the way here they were going to sell their investors this turkey which was valued at 50000000000 now it's down at 10000000000 in my not even be able to i.p.o. so we don't even know if it's worth anything right he of course has called big point a fraud and got caught not only with their precious metals manipulation but now this china this is as bad as any ice you know that ever happened in this space trade he's been caught dozens of times committing fraud and he's paid hundreds of billions in fines yet and that's called moral hazard because marilee you would go

to jail for that but he pays a fine and so he interprets that. as a green light to commit more fraud he said famously in congress when he was pointed out to him by congressman mr diamond you've committed a crime any you know smile and looked at them and so will find me right because i hold a guaranteed under obama financial crimes are not prosecutor in america you're committing a financial crime with a lot of money you're considered a hero if you introduce a negative interest rate considered god if you're trying to take a sack of garbage public j.p. morgan you're considered an immortal and that's unfortunately going to lead to a dire and. the financial system now i want to turn to ed harris and then he tweeted this story from the financial times and again so they were going to dump we work on to $50000000000.00 valuation with this company with a business model that makes no sense at all and these wall street guys knew it had a business model that they know because it's fundamentally unsound they know that

this is what they teach you in all business schools when when banks used to actually do some lending to businesses j.p. morgan would have never lend to anybody with this business model right insider stock sales rise to decade high in the u.s. executives across the u.s. are shedding stock in their own companies at the fastest pace in 2 decades amid concerns. that the long bull market in equities is reaching its final stages so the highest 2 decades in writer sales of their stock. sales are recorded every quarter by services made public how insiders are c.e.o.'s the. people who run the companies that are selling their own stock and so we can see that this record stock price on the dow jones and there are some people the people who actually run these companies are dumping their dumping as fast as they can and

that obviously is not a good sign and usually. creek is a precursor to to an event of some type. they have very big doubts in the stock market and i want to turn to one other crazy story kind of like in the we work thing because after we work the next highest valued unicorn was jewel j u u l which was this beeping company you know they're being sued left right and center the federal regulators actually saying like don't invade that this might kill you. the day it plowed $13000000000.00 into super unicorn jewel jewel a san francisco start up dominates the east cigarette market in the u.s. it research in point $6000000000.00 during its fund raising round of this amount $12800000000.00 was invested by cigarette giant algeria last december in return for a 35 percent equity stake the deal gave jewel a valuation of $38000000000.00 obviously it's not going well 8 for them which it

couldn't have happened to better company right is already like kill millions of people around the world with their business model like speaking of a bad business model like like have your customers die right in the in the cigarette making business so then they got into another business where they're going to like kill those who didn't die from the last round of cancer as a service yeah and you know tray of course is the rebranding of fillmore you know bill morris a cigarette company but after it was determined they were selling cancer they decided we need to rebranding and so they became entree and then they decided oh you know there's a new way to get cancer it's called baiting let's put billions of dollars into that and oh wait a minute maybe there's going to be a markdown wow well now we've got to take a break and when we come back i'm going to be continuing don't go away.

join me every thursday on the alex simon show and i'll be speaking to guest of the world of politics sports business i'm showbusiness i'll see you then. from calls for trunks and pietschmann to the saga known as parades and political elites appear to be terrified of democracy and the people's will also should we lament the passing of the new liberal order. in 2040 you know bloody revolution to to correct the demonstrations going from being relatively peaceful political protests to be creasing the violent revolution is always spontaneous or is it just no war here i mean your list book video.

scrolling needle the former ukrainian president recalls the events of 2014. of those who took part in this to do over $5000000000.00 to assist ukraine in these and other goals that will ensure a secure and prosperous and democratic. welcome back to the report i'm.

been hearing about it. basically to figure out the best way. to do it. with. the knowledge that they're going to. feature. people.

actually. indoctrinate you can give them a little bit of. minimum maximum 5 years in the 1st year we give you know. basically teach. people that. we know for sure. they're going to have a really good shot at understanding what about. the yeah i mean it's a combination of a couple things i was given. january 24th and i was super busy working

on. at the time and it just didn't take. i was trying to drag my parents. trying to get my dad to. march of this year and. it would have given him some but i didn't want to trade it for. as a way to give to his audience. because he felt that. the government . actually work with. the advisors. great.

of course the big. so what do they have in common this group of. helping out making connections and. yeah i think i think it's important to make. we think of it like a scale. and i think what that means is you need to make sure that it sort of. people have a plan but it's actually kind of a rocky road to get into it because it's still an s. and technology center so the business itself tell me a little bit about that because it is a business sure it's a for profit business absolutely so how does that work for you guys in the how do you scale it what you like and i mean really we're just taking transaction fees on

the way in and so we as i'm sure is right in line with the way you think about things we don't let people give their own bitcoins we want everybody to hold their bitcoins out of them so you can only liquidate for a beautiful orange coin and put that in your friend's account another really important aspect of the business and we suspect this will be a big use cases you can actually sign up to get the coin so if you want to sort of you know go fund yourself for your birthday or a wedding or christmas or whatever you can sign up and then tell your friends that you want to get the coin for president that's a cool marketing line will fund or sell also for imagine baby showers you know you may be coming along and 18 years you've got that big expense everyone is freaking out about it you can set this up and hopefully some of that funding will be offset by. absolutely yeah we're really excited to have the bitcoin rabbi involved because we think we'll do a lot with bar and bottom it's because we love that 5 year window between turning 30 and then being an adult and having a bunch of bitcoin waiting for you i say this often that you don't change because

pickling changes you absolutely and so does that mean to you well. a rallying cry for us and a phrase we use a lot is basically the gift of bitcoin giving the gift of bitcoin not just big clients and we're actually in early process of writing a book called the gift of bitcoin which is going to be a collection of stories from people around the world about how bitcoin actually changed them for the better or made them think about things more of a low time preference way and improve their lives you know i've been thinking about different things like the way that the foundation in. bangladesh forget the name exactly but they made micro payments of bell ball for. are. women and they really transformed the green bank. and this was using finance and capitalism in a new innovative way and to make these micro loans and it's also cycled i think the name is people are giving. small amounts to small producers in different regions of

the world and so money in capitalism is being transformed before our eyes in the case of her main interesting lee enough they kind of ran up against the establishment the big banks came in and they started to raise the rates and it became more predatory and so is vic wayne seriously your thoughts are on this because the same that rather states now where it's doing battle with the big guys to get now futures contracts derivatives there's some concern that the price will be manipulated that they've seen precious metals you know after years of reporting that j.p. morgan manipulate the price of gold and silver and having them denied having regulators deny even though the irrefutable proof was. right in front of their nose and finally came out that it's fact they have been manipulating the market and we know why they manipulate those markets so in the case of big oil where are we on that curve we had a we just entering now the bigger battlefield we prepared for that

battlefield. well you know i'm i'm a finance m.b.a. from university of chicago who's been in startups and i you know when i decided last august to spend my career going forward. the 1st thing i thought about was how do you get institutions involved and i spent last fall trying to work on getting a closed end fund listed for the u.s. could get in and i basically was just completely uninspired by that and i think the reason why is because i just didn't think that that would move the dial nearly as much as getting millions of individual humans involved getting like you know one percent of some portfolio that somebody manages for somebody else like. invest they have no soul in the game there right as i saw our friends. over at martin capital and pomp so we know very well they have that message get off one percent. you know just get the institutions just begin that path and that's what they've taken as their way to move the ball forward you're saying you looked at that and decided

maybe instead of getting one billionaire to own a couple of bitcoin i'm going to get a 1000000000 people not a fraction of a big climb well i think they in particular are actually more aligned than you would think just because their network has always been a lot of family offices so they're not usually going to try to like blackstone in the bitcoin it's much more likely that it's going to be on a road show with a lot of family offices so it's kind of just like the high end of what i'm talking about. obviously palm spends a lot of time talking to hundreds of thousands of people with this broadcast and things like that and these days they're going to say and be saying right exactly and talking the language of c. and b. sing i don't mean to digress into talking about completely so completely separate and i did ok but but but you guys are part of ecosystem stronger because it is just stronger. based on absolute numbers of people that care about the client it's more decentralized it's more powerful and there are fewer choke points and there's fewer opportunity for regulatory interference or government action or whatever the case

may be we just you know we want more miners and we're full nodes and more people doing self sovereignty and we want more people owning bitcoin however we can get them done because a cell service like this are in a special service they do share a common need for custodial service right so. here comes the spring and then the opening statements by malcolm to mirrors she was talking about time of a loss of innocence and industry moving away from the cypherpunk era to what you call the eternal september an era of kind of turning this whole thing into a plain vanilla commodity boring instrument if i can summarize in that in that way . what do you think about this idea where having a big client custodial services is not necessarily a great match with that cypherpunk thought process you know cypherpunk being like everyone needs to be going to burn everything down and we're going to encrypt everything and everyone can go to hell you know custodial services are like we want

to be part of the big the big club how do you reconcile but i think it's symbolic i think that quinn is way more powerful when there are enough people that are doing a totally private cell sovereign totally fine with picking up stakes and moving to another jurisdiction and fighting this fight till the bitter end but obviously number goes up when a lot of people even if it's because total at coinbase or wherever crack and holding onto a number goes up price goes up it is as someone once described klein a movement toward universal acceptance of hard money and piece this as a get rich scheme yes. it is so that rising prices we've been trying for decades now to look at rising price equals good like in the case of a we work i.p.o. even though it's complete garbage the fact that the price went up for 3 years on the venture capital markets mean it's good so that's our mindset that's our lizard

brain that's right something quite hacks that lizard brain and says keep looking at the price going up but by the way we're going to turn you into self sovereign individual who's doing battle with the centralized nefarious warmongers am i just putting words into your mouth. your words but i agree with you i think i think recruits recruits and creates passionate individuals you know as effectively as anything that i've ever seen not a cover up that you go and thank you that's been the company is give thanks they have ties are part bridge to mexico that's going to this definitely has a part they mac address they have and i think i guess one only cory clips then if they want to reach us on twitter.

what politicians do something to. put themselves on the line they get accepted or rejected. so when you want to be president interim or more somehow one of the reps will. have to go right to the press this is what the before 3 in the morning can't

be good. i'm interested always in the waters in the house. first signal all. the world is driven by shaped by the phone person or those words. in a day or so thinks. we dare to ask the.