i am max kaiser this is the kaiser report back to stacey are on board as there is argentina i love it this country is phantasmagorical the people are extraordinary the government and the social but maybe not so much particularly the central bank but let's go to this a little bit more detail stacie it doesn't matter if they have a central bank the fact is they are under the control of i.m.f. and the u.s. dollar so it doesn't matter or regardless the individual however could always have their sovereignty that is something that why we're here we're going to europe why in a few days and we're going to speak at a big conference between is pretty huge here and just to remind people we are in argentina even though max is wearing a coat and tie it along looks like

a tie for of the flag of colombia and just to remind people that the g.d.p. in 2018 here was $518000000000.00 down from $637000000000.00 in 2017 that's mostly due to their currency falling they took a $57000000000.00 loan out from the i.m.f. of which about $44000000000.00 has been paid they did also issue in june of 2017 a 100 year bond and it was oversubscribed they sold $2750000000.00 worth at a 7.9 percent yield all those people are down by over half and into this situation so you know we are outsiders we're trying to observe what we see here and just be aware that you should do your own research of course because as difficult as an english speaker with out much spanish to know fully all of the players and what's going on here no stocks or what the a.t.m.

fees it's like 10 percent and higher over 10 percent if it's a good $100.00 or whatever no because you're only allowed to take. oh $85.00 a day yeah. yeah they charge me $11.50 to take out the $85.00 i was thinking about interest rate apartheid because for me because i have an elite bank account i get reimbursed for all a.t.m. fees so what are they or i am in the world so my my fees are 0 other people it's 101112 percent i mean this is absurd this is just negative interest rates they've already imposed a negative interest rate at the a.t.m. machine the people of argentina are used to this and so you don't see lines out the banks you don't see them paying those absurd fees because they've already protect themselves in other ways as just people like us who wander into this situation who are the imbeciles that will pay that so i'm sure they don't pay that sort of fee because they're more clever than we are because we're used to the easy life of

america right except for where you might go bankrupt because of health care but nevertheless i'm going to look at you know the situation from america you always hear like it's the curtain or is this a left wing people like kurtz or so the peronist that. room this country and just looking through all the data i've able been able to find online it was quite shocking how actually different it was than what the wall street journal fan actual times was trickles down to c.n.n. and m s n b c and and fox news in america info here's a tweet from kate long and she's referring to article from china news asia debt soared by about $100000000000.00 us dollars under machree and now exceeds 90 percent of g.d.p. at the time of his election and 2017 debt to g.d.p. was just 38 percent of g.d.p. in american dominated media you always hear it like that this guy was some great

savior and business friendly and it's like. well if business friendly means racking up debt like that fast $100000000000.00 and a $500000000000.00 commie in just a few years is insane keep in mind that the debt to global g.d.p. is to 140 percent yeah and the people who think that's good are the people who sell debt sell bonds yeah but those are also people who get free access to the new york fed so they could manage that so easily here if you're outside of it the further you are from the new york fed this is the cantillon effect this is in action on the nation state level if you get free money from the fed that operates the entire global system then you're living large if you're outside it just like something like the dollar soaring as it did in the past 2 years will cause total crisis in your country and it's only that when you mention america of course you're referring to north america now when i say america i mean north america they don't like to be

clear about this is a america too yes i have noticed they don't like us they are united states the us and i don't mean americans like those people in united states who like to refer to themselves as america but it's like those a.t.m. fees right so in other words the interest rates on this debt if you have access to certain privileged windows over there at the central bank. doesn't mean anything to you but for everyone else or they have to deal with the economic fallout from all the financial vandalism but that's a little micro cause some of the macro story where saying here is like here they're paying 7.9 percent on their 100 year bonds and who knows how much the i.m.f. and austerity measures and all sorts of plunder of the country as a result of the i.m.f. loan so yeah the cost is very high at a certain level it's negative interest rates in europe and free money in europe but

here we have this situation and then i'm going to look at this tweet stream from bronco milan of it he is really. good writer economist about in particular inequality and he's written lots of papers on inequality the real root cause to the argentine ing crises plural is in my opinion extremely high inequality and social polarization the right finds free market policies and its interests and believes they may also bring some trickle down but the trickle down just does not happen and then be left then comes to power targets directly an increase in the incomes of the poor which in turn provokes a reaction from the rich until they come to power into a again i free market policies as something is happening for 70 years with regularity the real cause cannot lie in the most recent policies be they government or i am off this is an interesting look at how free markets work so free markets by that definition are markets as we've described it

a certain group of people get free money and some of that free money they believe will trickle down to the masses but it never does they just get rich fabulously rich as we see in america right now the concentration in the plutocracy is getting ever brought ever more concentrated there with fewer and fewer folks so that's not really free markets that's a kleptocracy that he's describing the kleptocracy it creates a populist backlash in the populist backlash usually puts the flag of socialism in the ground because they think that's the opposite of quote unquote free markets and that's a centralized attempt to dictate price signals into an economy and of course that never works either so both they're both a club talker see versus a centralized socialist system they're both equally wrong if you have an actual free market you would have price discovery happening at the margin which increased which means that you have distribution of risk and reward equally throughout the

society and you have a an organic kind of during a go. old standard is when you have an actual free free market society and for you know 100 years of the gold standard the global economy did great under a gold standard once you left the gold standard you had a club talk or see an socialism actually during the gold center we're going to look at that before in 1007 when there was a global gold standard it does not matter you still can have thugs you can still have thugs who come in and take your gold you can still have thugs to control in the united states we have the robber baron era was under the gold standard and how do you get that thuggery and that's important to this economy because when and i think the wikipedia on argentina economy is very simple as just lays out all the progress essentially from 880 when they had mass migration tens over 10000000 europeans fled all the conflicts in in europe between you know world where one world war 2 they all flee fled here mostly italian but you know these are dedicated

people with capital they brought a lot of capital in the country here was only 2000000 people 10000000 came in from europe and it was a boom times that's when you hear about that fabled time of it being the 3rd wealthiest country in the world this is when they brought all the capital all their gold all their wealth from europe and then they landed here thuggery under a gold standard is a limited by physical constraints if you're trying to grab territory through violence there's a certain limitation to that the limitations of physical dimension but when you have money and imaginary money it's unlimited so you have countries like in south america in argentina that are forced to with hundreds of billions of dollars worth of fake debt and in exchange for that as we know from the economic hit man john perkins book send the debt in then you grab all the territory so it's unlimited thuggery versus a limited degree under a gold standard what happened next was the great depression and the great

depression hit here particularly hard hit everywhere in the world hard some harder than others here it got hit and it sank down. within the top 15 wealthiest nations in the world during that time perowne came in after during world war 2 in 1905 he nationalized a lot of things and this is where we always refer to the left wing here the socialist sort of system here but you know that the economy did grow fivefold under him until 976 and the population grew 2 fold so there was high inflation but the economy grew faster than the population so it was kind of real wealth being created it was increasing at 3.8 percent every single year over that time so what you see clearly however in 1976 when the u.s. backed coup happened. the entire economy just was destroyed by the time they left in 1903 you had 400000 small and medium sized enterprises and bigger and

prices just go out of business 400000 you had mass capital flight you had massive tax evasion it was total corruption they handed they split the economy up into their bodies and looted the country with henry kissinger playing a major role in 100 passengers important still to this day as you saw howard stern and hillary clinton saying he's the gold standard he said he is the gold standard of international diplomats and and this guy henry kissinger says you hillary clinton are the best ever secretary of state so this is just a reminder of what we've done this is from the guardian in 2003 or 4 kissinger proves argentinian dirty war henry kissinger gave his approval to the dirty war in argentina in the seventy's and wish 30000 people were killed according to newly declassified u.s. state department documents mr kissinger who is america's secretary of state is shown to have urged the argentine military regime to act before the u.s. congress resumes session and told that washington would not cause unnecessary

difficulties there's actual transcripts that show that he was like hurry up and kill as many people kill kill your and kill the opposition as fast as possible before the american people notice and and complain to their congress so make sure you do it fast right what made henry kissinger's. in argentina possible was nixon of course quote closed the gold window in 71 he was nixon's boy yes and they got off the gold standard 71 and by 76 kissinger had all the money money and debt at his disposal to go into argentina and create massive havoc using fear that money is the ultimate tool of the terrorist money he had a lot of practice up until then in cambodia the slaughter there of course in chile the revelations are likely to further damage mr kissinger's reputation he has already been implicated in war crimes committed during his term in office. notably in connection with the 19732 regardless of what anybody says in the media they tend to even m s n b c or take a right wing slant is the fact is that the millet that military coup and the crisis

that caused the hollowing out of the economy and business now there they were like the georgi that r.b.s. georgi group of argentina they wiped out 400000 businesses and 911973 yeah when the us stage a coup and again 171 day mark asian paper gold versus gold we're going to take a break and when we come back much more coming your way. being in some ways similar. to. the traditional jewish. center of the woods. is a bug be. a key piece in the flexible physically. articulate and so. jews were the 1st modern because that was their specialization.

but hopes and. he put themselves on the line they did accept the reject. so when you want to be president and she. wanted. to go to the press this is what before 3 of the more people. interested always in the water. well it finally happened donald trump has been impeached by the house of representatives in complete opposition to what the founders had even vision the articles voted on were along party lines it is highly unlikely the senate will vote to remove the president from office so what is the point of this entire exercise.

welcome back to the kaiser report i'm max keyser time now to return to our conversation with nick jan bruno from casey research and the international not welcome back great to be here and i must drive right into it we ended our last conversation talking about gold let's continue you write that central banks will push gold higher in 2020 how important is that they actually taking physical delivery how is this different of previous years is this another trick bag nick gold going to be asleep in 2020 again or just the real thing yes i think this is the start of the real thing because it's a lot of indications but i think this is the biggest one because central banks are the biggest players in the gold market here and they've not only switched from being net sellers of gold to net buyers handful of years ago but that has turned

into record by not just buying paper they're taking physical delivery in their own country so they're not just storing it in new york they're not just storing it at london they're saying hey we want to have the real stuff here in poland here in germany and italy too so it's it's a very important thing because why is that important so important because when the gold the gold market seeing these kinds of trends in the gold market often is. an indicator that some sort of big shift in the international monetary system is coming we saw the same kind of thing in the lead up to 1901 of course when the nixon took of the dollar off off completely off the gold standard so that was now or excuse me completely decoupled the dollar from gold that's more accurate way to put it but that was preceded by france and european countries you know they knew the u.s. couldn't hold the $35.00 an ounce there were way too many dollars that they had printed so they saw that kind of the game was up and they started to take physical

delivery and that broke the system i think that's the same kind of. we're seeing here today it hasn't it hasn't really kind of broken the system and caused gold to break out yet but i think the warning signs are clearly there with the record buying by central banks and then also the physical delivery which is very important right was saying probably the end of 2 big cycles going back a decade to the $71.00 cycle that you mention nixon to destress about the tie between the dollar and gold broke it and it essentially defaulted on u.s. debt i mean it's about argentina we have sing on their debt or whether they should with argentina should recall that america defaulted on its sovereign debt in 1971 by disconnecting the association with gold so i mean if america the united states can do it why can't argentina default on their i.m.f. loan so there's nothing sacrosanct about those types of. paper that's on back to begin with absolutely yes that is and it's very important point people don't realize that that was

a default if you promise somebody to pay them in gold and the like sorry just kidding i'm going to give you these pieces of paper i just create a out of thin air that's that's a default you know right no matter what you call it they say own fault argentina can't afford the i.m.f. loan the united states default it a hugely bigly yes 971 people do it all the time it doesn't destroy your credit rating as a matter of fact argentina went right back into the credit market and did under your bond because there's always going to be insatiable thirst but anyway so the $71.00 is when central bank started to be net sellers a gold because it looked like the paper the world was going on a u.s. dollar reserve standard and that gold was not going to really be the thing you want your central bank that has reverse now in the last couple of years central banks are buying gold 'd not since the early seventy's in the quantities that they're buying gold and that buyers of gold are not selling their national gold the other major cyclists seem to be turning here nic is the neoliberal cycle introduced by reagan factor era of this deregulatory hyper hyper

empire building. using paper and debt that the reagan and thatcher introduced by essentially giving the banks free rein to make all the mistakes that they wanted to do and then they can just paper them over with with money so that they basically said as was later codified by obama d a bamma administration that banks would not be subject to any rule of law that started under reagan and thatcher but now looks like that's also turning that the law of the marketplace is coming back the law the price signaling of gold is coming back as only both of these cycles are turning and refreshing back to a commodity where commodity has real value then doesn't that favor a country like argentina absolutely because argentina is a commodity producer you know the beef here it's not just beef argentina is is has plenty of natural resources they have uranium here they have lots of energy here argentina is big on commodities so but i think you're absolutely right and yes the

banks are above the law i mean even before that it's when you have a least a license to legally counterfeit that's above the law if you did that if i did that if i ran a fractional reserve shoes store i'd go to jail but banks have this license to engage and they've had it for you know since 1913 or maybe even earlier they've had it for a very long time but yes i do think there is a turning against these institutions like the i.m.f. and the world bank which you know they do horrible things they're not based on sound economics they're based on you know basically their tools the u.s. uses as part of their foreign policy so going to test going to air about helicopters with pallets full of $100.00 bills being air dropped into iraq after the u.s. kills half a 1000000 people it's like those like big of the 21st century is america's dollar and they just go around the world and murder people it's so gross yes it's terrible if the iraqis really wanted to do something about it they'd send those dollars back

and they'd accept gold or bitcoin for their oil instead of dollars right. because it is impossible to counterfeit yes but it also doesn't need a 3rd party to verify it yes so in a lot of ways it's better than gold over there casey research or your guys i think casey was a bit resistant to big coin initially i think is more on board now we'll get into that some other time yes but in the case of gold this this trend of repatriation seems to be gaining pace these countries are saying we don't want to store it in the u.s. or in britain we want it back we want it home poland turkey all these guys we want the gold in our vault is that going to continue oh absolutely it's going to accelerate and what's going to accelerate that ironically is the actions of the u.s. government when they least sanctions on people they try to cut people off from the dollar system what is the i mean they're shooting themselves in the foot not that i want the u.s. to be a more efficient empire i don't i want to disintegrate as an empire but nonetheless they're taking you there so they're doing the self-inflicted wounds when they're

cutting people off from the dollar they're doing the same since a swiss yes cut off the sanctioning that's going on so these other countries are saying actually you know if we can create our own swift in like 20 minutes we don't need your stupid exactly in the us loses there's so stupid so goldman sachs recently noted that now is the time to buy gold but also there were large unexplained flows of gold as it's a large buyers but not in the exchange traded funds or any publicly announced purchases what what is going on there some big player is sees the same kind of big picture trends that we've been talking about in the what's going on in the world geo politically financially culturally it you know this is this is the perfect environment for gold so i'm not surprised that there are big buyers of gold in these kinds of details are important but for me in my analysis of the situation what is important is the fundamentals and fundamentals for gold are as strong as ever and getting stronger who is trying to says they've got 3000 tons is that true

or do they have more well i would say that's probably not true. yeah i think that that's the big surprise at the com so you know is gold entering its 3rd leg of the bull market since 2000 it's been now the 1st 2 legs you know bull markets tend to go in 3 spasms the 3rd spasm of a bull market tend to be the most. parabolic if you will are we now at the beginning after getting over $1500.00 ready to go it's own i saw the market made a huge call 184000 price of gold coming out for the next year or so that's pretty aggressive and that would be a big move is that what we're talking about well i think possibly yes but i think even more important than the dollar price of gold and making forecasts on that is looking at the underlying fundamentals as we talked about earlier and what's going to turbo charge this bull gold bull market unlike one that we have probably seen in all of our lifetimes is what's driving this gold bull market is the remounts ization of gold this isn't just a cyclical gold bull market we're talking about

a trend of the reman it's ization of gold and out of all the things we've talked about that's the underlying trend gold is coming back is money that's the big deal that's what's that's the big picture whether it's takes one year 2 years 3 years 5 years to happen that's ultimately what's going to happen and i think that's what people who write a couple points are number one it's never been not monetized if you look at the central bank level they always subtle in gold they've always use gold as money number 2. using gold back gold back money the 1st country that does that when is the 21st century so the 1st country to back their currency with gold i'm hearing china is launching a crypt of back currency backed by gold and again they can also announced they've got $20000.00 tons of gold and police going to be like a pearl harbor bomb and they're going to make a move on the united states and the world to be number one ok that would be modest as ation of gold but russia's also in the mix because they've been buying

a lots and lots and lots of gold. so it would it would to fair to say the 1st country that makes the move is going to have a huge comparative advantage in the 21st century absolutely and i think it's china's already made some incremental moves as you've noted but even more important than that what's really underpinned the dollar as the world's reserve currency since nixon took a completely off of gold in 1971 has been this petro dollar system whereby the u.s. has this partnership with saudi arabia and saudi arabia sells all its oil only in dollars like creates a lot of artificial demand for dollars so when saudi sells oil to china china has to pay saudi in dollars well that creates demand for dollars well china doesn't like that and what china created and has been trying to do for many years but actually launched last year was a direct attack on this petro dollar system china launched in oils futures trading contracts denominated in one that is immediately convertible into physical gold via

the gold exchanges in shanghai and hong kong so they've already laid the groundwork for this attack to your total dollar is under threat yes and saudi arabia is selling saudi aramco is a public offering and they'll have a lot of money if they start buying gold now. that would only put the kybosh on the dollar it would but they won't and i'll tell you why because donald trump said something that was actually true he said without the cloak of american protection saudi arabia would disappear within a week or so and he's totally right so the saudis won't do anything that will anger the americans too much because they lose that umbrella of protection maybe they can try to get the russians or the chinese to do it but really the america they're tied at the hip with the americans and i don't really see them making a decisive break they could but that doesn't matter because china is the largest oil consumer the largest oil importer and they're moving away from dollar transactions and that's huge with this exchange and then of course as you noted to

before this this pipeline that's now this energy pipeline between russia and china that is now active they're not transacting in dollars on that so what you really want to look to as the signs for china launching this attack on the dollar that you're talking about is energy look at how energy is priced and this is a big indication. from casey research you can find your work on that website and international man thanks for being on the kaiser report thanks max and that's going to do it for this edition of the kaiser report with me max kaiser and stacey who would like to thank our guest nick chan bruno from casey research if you'd like to find us on twitter it's kaiser report until next time by oh.

we're going to feel. this is probably for the people come on you know we've got. really really low. now you want to. know. they. can link up. in the troubled 19

seventies a group of killers rampage 3 parts of northern ireland that was coordinated loyalists attacks protecting only population and tens of thousands were forced to flee their homes a mob was striking to put these attacks was a p.r. you see the police actually took part in the attacks so instead of preventing they were active participants in the burning of coal streets in belfast. more than a 100 innocent civilians women. as the review can seniors and we found out more i was surprised about the extent and its occurrence in which the solution was involved in some of those cases the killers would later be named into than a gang i think it went to the very very top i think it is. the water where all the tastes and you thought was going on and give the go ahead.

one person is killed in a shooting at the federal security service building in central moscow witnesses have described the attack. to the 10 minutes past 6 the gunfire and it was not just a few shots that came in bursts we saw this is taking cover behind the car as the newly released footage reportedly shows the shooter at the moment of the attack police say the attacker acted alone in the shooter's identity has still not been confirmed.