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 when public but the point is not that the point is that we work so underwriters wall street banks with wealth management divisions were this close to sell and it's you had a $50000000000.00 valuation and now we don't know if it'll even get $10000000000.00 we don't know if it'll even get an i.p.o. it all remains to be seen they have to i.p.o. or they'll the full of a whole bunch of dead so i think thanks on the hulk 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 who was the lead underwriter j.p. morgan of course you know because of the 2008 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 but one of them is satan jamie dimon the tapeworm of wall street the parasite and he almost took this bag of garbage this colossal multi $1000000000.00 fetid fecal matter public put it into the pension accounts in the iras and the brokerage accounts of people all over america for a quick 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 a whole repo scandal is ongoing whole 'd negative interest rates are the same as we work in the better 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.

called the we work i.p.o. but we're getting gunned down in a hail of financial bullets from financial bad guys shooting at us with impunity very well put you back shooting at us with impunity the worst thing for the new major motion picture i'll be starring in the target for of the show i forget this thing but i'm going to go for magic tricks like i do. yes patrick is a great film. so max you know what the repo market is yes it's continuing it's going to worse the situation is getting worse 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 was some business insider we doesn't work on the deposing of its c.e.o. i wrote in business insider not about adam newman 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 a sector with actual real sharks like king of the commercial real estate sector so the very landlords who actually own the space in 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 occupancy co-working space 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 short term limits as well as 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 wrapped in a predator or wrapped in a narrow disease wrapped in diarrhea pretty much as you would sum this up and it's remarkable what 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 to match a mismatch and this is taking the cardinals and packaging it. value added so it would be like say 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 the 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 so. 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 we'll say is far more expensive and rigid a commodity than cars and yes people landlords can provide a small fraction of their inventory for coworking shore occupancy without burying their business model in risk for we work apparently undertaking risk is the business model risk as a service. or risk as a service is 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 right hahaha right that's impossible if you're losing money on every unit yet but here you've taken that idea in a world war interest rates are negative remember you've gone through the looking glass so i getting a guaranteed loss on a bond is seen as an asset that's worth buying and and engendering a premium so these u.s. 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 about an i.p.o. that's arrive all of the biggest corporations in america josh brown over there were every is now seen on b 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 in the volatility form or allow the separation of risk and reward. 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 coin a fraud and got caught not only with their precious metals manipulation but now this china this is as bad as any i.c.a.o. that ever happened in this space right he's been caught dozens of times committing fraud and he's paid hundreds of billions in fines yeah that's called moral hazard because maryland 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 famously in congress when he was pointed out to him by congressman mr diamond you committed a crime any you know had to shush your cat 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 consider the guy if you're trying to take a sack of garbage probably j.p. morgan you're considered immoral 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 company. 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 sales of their stock. are recorded every quarter. services made public. insiders are the. people who run the companies that are selling their own and so we can see this record stock price on the dow jones and. the people who actually run these companies are dumping their dumping as fast as they can and that obviously is not a good sign. usually is a precursor to. a crash they have very big doubts in the stock market and i want to turn to one other crazy story kind of like in that we work thing because after we work the next highest valued unicorn was jewel j u

u l which was this company you know they're being sued left right and center the federal regulators actually saying like don't they that this might kill you. the day it plowed $13000000000.00 into super unicorn jewel jewel a san francisco startup dominates the east cigarette market in the u.s. . point $6000000000.00 during its fund raising round of this amount $12800000000.00 was invested by cigarette giant. last december in return for a 35 percent equity stake the deal gave jewel a valuation of $38000000000.00. going well for them which it couldn't have happened to better company right already like kill millions of people around the world with their business model like speaking of a bad business model like like half your customers die right in the cigarette making business so then they got into another business where they're going to kill those who didn't die from the last count. as

a server yeah and you know i'll trade of course is the rebranding of fillmore bill morris the cigarette company but after it was determined that they were selling cancer they decided we need a rebranding and so they became entre and they decided oh you know there's a new way to get cancer it's called they think let's put billions of dollars into that and oh wait a minute maybe there's going to be a mark down 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 song wind chill and i'll be speaking to guest of the world of politics sports business i'm show business i'll see you then. the world is driven by

a dream shaped by one person. thinks . we dare to ask. because a cop beat him he's so good that even such a bad ending. i'm not here to tell anybody. to find the next guy.

canyoning being done d.m. felt something that god she even dump on the attempt. to deflect some or the c.e.o. thing is a deflection what is hard for you to say. that is going to be better than i got up to many answer. that he engineers are going to write about that. he can bank on there's nothing like a. long long while and then he goes along the bottom there's a playlist rachel i don't think i'm not old. and oh a new person and later today 100 gandhi the new normal i'm going to. run the place has been to keep you know you can go to mark you then they will join you.

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. people. actually. indoctrinate. give them a little bit of. minimum or 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 they're about. yeah i mean it's a combination of a couple things i was given some. 2014 and i was super busy working on. 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. it would have given him but i didn't want to trade it for.

his audience. because he felt that. the government. work with. the advisors. great. of course. so what do they have in common the scope of. making connections and. yeah i think i think it's important to make this. we think of it like a scale. and i think what that means is you need to make sure that it sort of.

people actually kind of a rocky road to get into. the business a little bit about that. because it is a business it's a for profit business absolutely. how does that work for you guys in the how do you scale it when you look at i mean really we're just taking transaction fees on the way. we as i'm sure is right in line with the way you think about things we don't want people give their own coins we want to. you can only. put that in your friend's account another really important aspect of the business and we suspect this will be a big as you can actually sign up to get so if you want to sort of you know go fund yourself or your birthday or christmas or whatever you can sign up and then tell your friends that you want to get presents a cool marketing. also for imagine baby shower you know maybe

coming. out about it you can. hopefully. absolutely you know we're really excited to have. involved because we think we'll do a lot with. 5 year window between turning 30 in the. waiting for you. and that you don't pick one changes you absolutely. a rallying cry for us and a phrase we use a lot is basically the gift of giving the gift of not just 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 big point actually changed them for the better made them think about things more about time and. you know different things like the way the foundation.

forget the exactly but they made micro payments available for. are. women and they really transformed greenbank i mean back. 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 a grameen 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 it. generously your thoughts are on this because the same that rather states now where it's doing battle with the big guys 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 markets and we know why they manipulate those markets so in the case of pickling 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 g.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 look 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 client 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 big client 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 i think that's

a embracing right exam 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 the 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 fear opportunity for regulatory interference or government action or whatever the case may be we just you know we want more miners and more full nodes and more people doing self sovereignty and we want more people owning declined however we can get them done because they sell 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 and there are of kind of turning this whole thing into

a plain vanilla commodity boring instrument if i can summarize it 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 a symbiotic i think that quinn is way more powerful when there are enough people that are doing a totally private self 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 peace 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 again it's a 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 a cell 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 there you go thank you that's been the company is give thanks they have ties report page to mexico that's going to this definitely guys are part of

a mac address they have and i think i guess one only. if they want to reach us on twitter. guys report archives report dot com lxi bio. her or. her. i.

guess manufacture consent to step into the public well. when the ruling classes protect themselves. when the final merry go round lifts only the one percent. we can all middle of the room say. the real news is. in 2040 you know bloody revolution of you tube clip 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 put that you would put him in the new bill is a split needle the former ukrainian president recalls the events of 2014. of those who took the lead invested over $5000000000.00 to assist ukraine in these

and other goals that will ensure a secure and prosperous and democratic. why a paradise with some all year round turned into a round the experimentation field but agricultural chemicals we know that these chemicals have consequences they are major irritants there's no question otherwise why would that the chemical company workers themselves be geared up that suited up locals attempt to combat the on regulated experiments but often in day you have many of these people one foot into the biotech pharma and the other foot in the government regulatory bodies this kind of collusion is reprehensible while the battle goes on the chemicals continue to poison hawaii and its people so one has to ask the question whether there is a form of environmental research going on in hawaii whether these companies feel

they can get away with this because the people have less political power. going to 20 hopeful joe biden's team demolish news networks stop giving our time to donald trump's lawyer accusing him of spreading lies about the form of the page wells new york because if rudy giuliani should be back in time that t.v. . giuliani should be able to speak and by that should be able to refute any any charges they try to shut out the other side everybody has their right to be their views. and. it's nice he's a spike in my going to rivals off the road overturns former interior minister solve a nice decision to close the ports to rescue. on social media platform twitters middle east at a turns out also to be an officer in the british army that fire.