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 big quine 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 headlines 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 oprah 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 we're this close to selling it to you at a $50000000000.00 valuation and now we don't know if it will 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.

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 writer j.p. morgan of course you know because 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 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 work 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 dodge one bullet call the we work and i.p.o. but 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 know back shooting at us with impunity for the new major motion picture i'll be starring in by the photographer of this show i forget this thing but i don't like those magic tricks like i do. yes patrick is a great film. so you know what the repo market is yes it's continuing it's going to worse 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 deposing of its c.e.o. i wrote in business insider not about adam newman salacious and. 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 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 they're meant 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 rent they owe for 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 occupancy 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 neural disease and diarrhea pretty much is how you would sum this up and. remarkable to the 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 to have 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 taken that idea in a world where interest rates are negative remember you've gone through the looking . so i getting

a guaranteed loss in obama 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 going to be saying 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 options trading in 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 right 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 famously in congress when he was pointed out. to

him by congressman mr diamond you've committed a crime any you know smile and look at them and so will find me right because i told her under obama 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 a god if you're trying to take a sack of garbage public j.p. morgan you're considered an immoral. unfortunately it's going to lead to a dire and. the financial system now i want to turn to ed harris and 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 aligned 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 they're selling their own stock and so we can see this record stock price on the dow jones and if the 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 is a precursor to an event of some type of crash. 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 they 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. 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 like kill those who didn't die from the last of cancer as a service yeah and you know tray of course is the rebranding of fillmore you know bill morris the cigarette company but after it was determined they were selling cancer they decided we need the rebranding and so they became about 3 and then they decided oh you know there's a new way to get cancer it's called baby thing let's put billions of dollars into that 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. so many years ago this week china started down the path of communist rule over the past few decades china has emerged or rather really emerged as a leading world power. rivaling the u.s.

communist party can rightly claim a string of stunning successes but challenges remain what's next for china's extraordinary revolution. ambani and by north korea and so many people because they call freedom is so good that even such a bad copy is sending. i'm not killed to kill anybody. on the field to find the next guy. who looked up live on canyoning being done the in feltham phaedra god she even dumped the attempt. to deflect some of the seo flavor of the depiction of what is happening to say.

that is the god that night i got off the mini answer. that he and others are going to going to hear a lot about that. that you can bank on you probably get nothing like a. long long while running you know as along the bottom there's a bonus which i live on controlled not only. handle one new person and they are knee move 100 gandhi the new normal gunned. down the phrase christ being needed to go to you then go to mock you then damon 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 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. it would have been given him but i didn't want to trade it for. so how can i. give to his audience. because he felt that. the government. 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 as they like but it's actually kind of a rocky road to get into it because it's still a mess in technology 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 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 point 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 client 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 that means 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 the 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 it's big wayne curious what 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 market and we

know why they manipulate those markets so in the case of big oil we're only 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. not invest they have no soul in the game they're right as i saw a friend over at morgan creek capital of palm 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 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 on a fraction of a big climb yeah 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 they're not usually going to try to make good blackstone into big 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. and you know obviously pop spends a lot of time talking to hundreds of thousands of people with this podcast and things like that right you're going to be saying right exactly and talking the language of the n.b.c. i mean i don't mean to digress into talking about it completely so you're not going to completely suffer. but it was you guys are here and you're part of the ecosystem are stronger because it is just stronger. based on absolute numbers of people that

care about that point it's more decentralized it's more powerful and you know there are fewer choke points and there's fewer opportunity for you know 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 decore and however we can get them down because it takes a service like this artist's national service they do share a common need for custodial service right right so it springs and in the opening statements by malcolm to mirrors she was talking about kind of a loss of innocence in the industry moving away from the cypherpunk era to what you call the eternal september and there are. 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 to study all 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 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 custodial at coinbase or wherever crack and holding onto a number goes up price goes up it is as someone once described it cloying a movement toward universal acceptance of hard money and peace this as a get rich scheme yes. it is so that is rising price so we've been trying for decades now to look at rising price equals good like in the case of the 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's going 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 centralised 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 got a cover up that you go and thank you that's been the company is give thanks they have guys report it to mexico that's going to do it for this definitely has a part they mac address they have and i think i guess one only couric less than if they want to reach us on twitter. guys report archives report dot com lxi bio.

in 2040 you know bloody revolution of you tube clips of the demonstrations going from being relatively peaceful political protests to be creasing the violent revolution is always spontaneous or is it still or here i mean you are liz put video through me in the new bill is that i mean you split needle the former ukrainian president recalls the events of 24. of those who took part in this today over 5000000000 dollars to assist ukraine in these and other goals that will ensure a secure and prosperous and democratic. politicians to do something to. put themselves on the line to get accepted or rejected. so when you want to be president i'm sure. some people want to.

have to go right to be precise it's like the full story of the whole can't be good that i'm interested always in the waters about how. things should all. round up with a lot of that comes out of the cold war you get out of the set up one among what i would. find out from 80 way to high is not the high i my staff and i mean. some of the said on months when. i don't sense on. some thought it was almost an image a lot of the. and

then some when we did aboard. a huge beijing protest in hong kong turns ugly with live rounds fired by police and demonstrators throwing acid at offices. going to join to us presidential hopeful joe biden's team demands news networks stop giving out time to donald trump's lure. of spreading lies about the former vice president so we asked new yorkers if rudy giuliani should be banned from the t.v. . giuliani should be able to.