even of letting its impartiality slip oh no the impartiality slip b.b.c. . right well i've read the tory manifesto that boris johnson wants to try to encourage the b.b.c. to. take more of the government line and to make it more of an organ of the government officially an organ of the government as though it's kind of on officially the the organ of the government and i think for me that is quite important about this is something you and i have observed is something we've said on kai's report we've said it on all sorts of media outlets social media our blog or things like that that we've discussed that is that we have the same problem in america all of the presenters on the mainstream news on the cable news are centered entirely out of new york entirely out of washington d.c. all of the newspapers across america we used to have local television we have local newspapers we have used the regional newspapers regional press outlets now we only

have from the major financial centers and it reminded me of a contact i have in the intelligence community i know that's big now and these days i would be a hero on m.s.m. b.c. but he was telling me that under dick cheney that dick cheney was really furious when the intelligence community basically did not agree that there was working in iraq and that saddam hussein's was friends with iraq with al qaeda and that there were w m d's there so he basically got rid of all of the agents in the field and the reason why he did that is he said they had gone native and they had too much sympathy with the natives and that they needed to just have the imperial line and said so it strikes me as that's very similar to a scene in the media space is that we haven't had anybody child we don't have rachel maddow when was the last time she ever left new york city arm and hand right she doesn't have the perspective and that's why they missed it that's why they failed so much and had. concoct then all these conspiracy theories to explain away

their failure to see what was going to happen in 2016 or rick bragg's and johnson being ria and elected to the to the prime ministership like they missed all that well in the us i mean used to have more regional media and local media and stories would make their way from the local news to national news but now it's all based on 3 or 4 major corporations i think actually there are 6 major corporations that own all the news and so they don't really pay any attention to anything outside of the where those people who are clustered are live in those areas as part of a function of the way that we've seen also consolidation in the abandonment of news as information gathering and dissemination of truth and in the more of us a product like cheese that's sold by the pound but that notion of being concerned by whether it's the vice president and the case of the intelligence community or

the corporations that finance m.s.m. b.c. and fox and c.n.n. being concerned if the presenters are have gone gone need if they if they are too sympathetic to the ordinary person then that doesn't work does it because then they can't sell the box he'd marinen boeing ads against rachel maddow show they can't sell war they can't sell the things they say they have to abide by whatever the you know the corporate line is a rental car or there is stark is true right you've got this idea as you point out the anecdotally cheney fired all the cia agents in the field because they were too sympathetic to the locals and he felt that was a liability in the major media spheres in washington d.c. they don't want those reporters those stars to rub elbows in the great unwashed of the flyover states because they may become sympathetic to the working class. they

may become sympathetic to the to the disenfranchised in america so they keep them in their little bubble and this i guess is what we're seeing over at the b.b.c. that they were they suggest that these stars that are paying enormous amounts of money in in the u.k. should go out there and actually talk to real people but if they were to do that they might actually become sympathetic to the plight of those real people and that could be a problem in getting the official propaganda message over the line and as very strange that we've seen a week since especially 2016 when both the banks and the trumbo happened and the elite 2 are again are in the capital city they're not on the ground they're not seeing and talking to the deplorable so since then we've seen this fake news and what dick cheney for example what he wanted at that time in the lead up to the invasion of iraq was fake news he wanted a dodgy dossier he wanted a sexed up dossier remember he wanted to sell the war here the same thing they want

to sell war that's what m.s.m. b.c. and fox do they sell war and if you're talking to people on the ground who if you talk to people on the ground they they want an end of globalization at this point it's too fast and furious is too much war it's too much poverty for the bottom with the top running away with all the quantitative easing funds they are i find remarkable i just read a statistic on this recently something like 40 or 50 of the talking heads on m.s.n. b.c. and these other cable outlets are actually our current or former cia operatives so that's if that's not a that's government this a mouthpiece of the of the in this case the deep state and this is why there's so much confusion with this impeachment circus going on because the media is not independent they're mouthing the talking points of the deep state and we're going to see continuation of this fake news theme going into 2020 because there is another election and you know even the polls are showing that trump. can beat all

of these in a back in 2016 they didn't but still because they will refuse in the united states they will refuse in the cable news to go native to see the deplorable to talk to all our deplorable to even understand the deplorable they'll they'll rachel maddow won't leave manhattan that's my prediction for 20 and 20 she'll stay there until pontificate from there and shout at people from there but i also want to now talk about 2020 in terms of the stock market because 21000 and it was the remarkable story i felt because it was record outflows from mutual funds an e.t.s. u.s. equity fund flows 21000 a scene the largest outflows from u.s. equity mutual funds an e.t.f. in 28 years this $340000000000.00 in total meanwhile the s. and p. $500.00 is be in the m's sci world excluding us an index by 20 percent since the $2800.00 started so i looked at this data and he says welcome to the outsized effects of of passive indexation the market still goes up into massive outflows as

active strategies sell i.e. the baby boomers are retiring and selling at all time highs and passive buys. for a one k.'s and are driving the index higher and taking in ever larger share of the market let's put this into context there's a lot of talk now about how social media platforms like facebook and and others rely on algorithms and these algorithms are programmed to exclude certain talking points and discussion points to emphasize others they appear to be in the province of the management of these huge corporations that have their own agenda based on the public good but this or algorithm has become very fashionable now we've been talking about on the show for many years but now you find hollywood celebrities and talking and talking about the algorithms ok the fact is that algorithms on wall street as well what 80 to 90 percent of volume is by robot and a lot of a stir. as the robots key off on are written by algorithms like forms uses

digitally assisted editorial mechanical robots to write stories based on prices and they film the narrative and then the robots look at what the robots wrote in the robots buy and sell the changes prices then the robots comment on the price change and then the robots on the trading floor look at what the robots wrote about the price change and then they buy and sell again so does daisy chain or mobius strip of a of algorithms feeding on each other and so it would remove that story there the algorithms are showing that the market is moving up which is drawing in a lot of passive money the pension money that must invest based on algorithms or the human there and so the robots are buying all these stocks meanwhile the humans the people who look at the market in terms of the price to earnings ratio price them market capitalization ratios are dumping they're getting out of the market the

luckiest generation ever to stock american history that we were in generation is getting out at all time highs thanks to quantitative easing it's it's the money owns and younger who are buying this they're passive funds are buying that and now finally speaking of rachel maddow or one of her biggest sponsors certainly have m s n b c's boeing boeing is a huge defense contractor in america but they also make planes that fly that fall out of the air boeing shares tumble after company suspend 737 max production so that suspended it they're going to have to wait probably until march or april to get any f.a.a. approval for speaking of algorithms this is a plane that structurally cannot fly it can't fly on its own it needs software and then algorithm and order to make it airworthy because of the design flaws of the actual plane so they're waiting for you know the f.a.a. to approve this i want to point out when the stock price tumbles and still over $300.00 which is up nearly 3 and 2 fold since. trump came into office so you could

see that as soon as trump came into office it spikes because there has been a huge increase in the budget for the military industrial complex underwriting saw algorithms destroy the public discourse over social media algorithms destroy the public marketplace. relying on robots to talk about and then trade stocks and so the aviation industry is saying hold my beer let's take these algorithms and put them in charge of flying around planes and if people fly out of the sky they crash out of the sky well it's not our fault it's the algorithms fault it's the robot blame robby the robot that the c.e.o. of boeing when nothing to do with it before the end of 21000 there was some sort of leak of information or some data that came out of the f.a.a. who are the regulators for the airline industry in america they're supposed to be the regulators and it showed that they knew that this plane the 737 max had problems with flying and they expected there to be one or 2 crashes every 3 years

so they already knew this and they took this as part of their their willingness to you know keep up the share price i don't want to impact a company member under the holder doctrine would like they say these regulators stay up late at night if they think that the stock price or these c.e.o.'s and the executive suites they might lose some income or options trade you know that's not quite a problem you know they put people on the board who maybe came from an ice cream industry if they can accept certain number right here as per kilogram of ice cream so it's acceptable in the manufacturing process they figure ok some of these planes are going to fall out of the sky a few 100 people will die but that's an acceptable risk to hit our profit margins get people on your board who value human life how to be a good 1st step stay tuned after the break we have jimmy song from uruguay go away .

join me every thursday on the all excitement short and i'll be speaking to get a feel of the world of politics small business i'm show business i'll see that.

mother who used to leave school was leave because the old. the old. when you're. old as a political force of the look of it is too close to the book of luis a but. it's going strong it's the it's about some new yorkers. just for a little. show

. welcome back to the kaiser report imax kaiser timed out it started jimmy song as an author and he's well very very well known in the big coin space jimi welcome back thanks for having me again all right so yeah i mentioned you're not you've written i think 2 books out on the right well one of these 2 books it is programming because it's for developers that want to learn about their corner teaches you everything that you need to know to learn to because watching the other book is a little bit corny book is more for laid audience that doesn't know anything about the coin become learn all about it or if you already know because this is a good way to save time when explaining it to your relative knows nothing about it perfect so we are in montenegro we are in montevideo uruguay and that the

a lot american conference or law bit calm and you gave a very compelling talk and at the centerpiece of that tok was something called the can tell it a fact which we mentioned on the show quite often and as a bit coin guy you don't say maximalist but i'm sure you can i don't think that's an insult not to as a big climax wellstone has been really deep dive into the space for a while talk about it because i think this is a concept that really needs to be understood in a broader sense yeah so. cantillon tend to want to continue can't a lot of fact is essentially this fact named after this economist richard tan someone who's a french irish economist from the 17th hundreds who noticed that with the bank of england the people that 1st got the newly printed money got all of the benefits and and what it was i've noticed as i've studied the various of facts of back from the u.s. dollar is that you know largely bay benefit

a lot of rich people get companies you know we were talking earlier about nationalization essentially of a lot of companies. through the central banks that are taking on some of the stock on balance sheets and some want to but bet that that's who benefits it's the people that get the spender 1st and you can always kind of see it with the interest rates that they're getting all of the u.s. dollars are debt at this point so whoever gets a lower interest rate they're the people back at the most amount of benefit out of it and who are those people were it's the big companies that are getting you know point 5 percent and it's the bankers that you know get to print that money and make all of this money essentially for free credit i mean to put it in simple terms it's almost like living upstream you get the clean water you know and as the water slows down it gets dirtier and dirtier and so if you live near a central bank and the zip codes around the federal reserve meeting in washington are very very rich interests and they tend to be all the industries they get their 1st day of on the money tend to be very rich the hedge fund industry we have one

has found a guy in new york just bought an apartment for $250000000.00 so he's that's money that's essentially just being piped from the central bank into his property speculation and by the way he just put one a former central banker on his board. so there's a very close relationship there and so how does this relate to bitcoin in terms of money because actually i was reading that some austrian economists are also critical of this council in fact and sato a chorus that's another theme here in the conference is austrian economics and austrian economics interesting way enough big point is legitimized in a way it had been overridden by keynesianism been overridden by the paul krugman of the worlds but it's made a huge comeback because of the things predicted about currencies competing with each other in a multitude of currencies out there is there a connection do you see

a connection and as a technologist do you how do you find it interesting that you've now got into the realm of economic theory. eerie and how do those 2 things work together yeah i never would have imagined that this is the direction but i would have gone down when i started my programming career like 20 years ago but unfortunately that's kind of where it's led and and i have studied a lot more of austrian economics especially since 2008 and i have noticed that you know a lot of the predictions of austrian economic business cycle theory mal investments leading to all sorts of you know bad effects in the economy and stuff like that we're we've been seeing that especially since 2008 bad investments are now vestments only because the money it just flows into the pockets of those near the money is not based on the fact that they're smarter are building anything that's trained job not to have a proximity to the money and this crowds out good businesses and good banks yeah and you know like instead of capital capital crew cumulation right now you have

just that base but so right whoever can get access to that debt at the cheapest price and the price is not determined by current savings it's newly printed money or what at what rate you can get those and that those are all inevitably the big companies or trickle down through v.c. money toward startups and things like that so you have all sorts of perverse incentives in the economy and that causes these giant corporations that are like not feeling at all you know like they're they're way too big to feel anything really but they're they end up abusing the system for their own benefit and lining the pockets of people in cities like new york and london and you wonder why those 2 cities for example or prosperous because their financial sectors it's because they had their near the money like you said now another financial center that's experiencing quite a different reaction right now beyond and it seems like they can tell us act is

operating in a big time on them when the prices of property just skyrocket and they're not trickling down. and is that now what the future of these other financial centers can look for is is on content of the canary in the coal mine here could be it's are it's hard for for us to say and i'm sure it'll be a lot clearer and retrospect but yeah there's. a store of value premium on almost every asset that exists right now which is which is kind of scary because that means that instead of things being valued for their utility like a house is valuable because you can you know rent it out or live in it or whatever instead there's an additional premium on top of that. for store value because there's no good store of value in the world today i mean other than decline which is making inroads in that regard but because of that these resources end up going to people that want to store value and set up people that want to use it that that means that it crowds out people that want to buy homes to live in instead it's

going to people that want to bet it's gone so crazy that in china. you know 2nd homes are there more people buying 2nd homes the 1st ones they're not living in them probably and there are entire ghost cities of apartments because the chinese government feels the need to have more assets that people can invest in and i mean that's absolutely crazy so let's talk a lot america and also 971 nixon severs the connection between gold and the u.s. dollar finally defaulting on sovereign debt in america and shortly thereafter with all that field money around the u.s. decides to go on a colonialization spree overthrowing the government in chile only when the government in argentina nawaf out money now slash 42292020 populations here from my observation take it all day in argentina and seemingly believe that big point is the way out of this so hard money we can we can we can get really is colonial us masters and adoption rights are quite high what what it

what have been your observations anything so. more to that what do you add to that the i mean all around the world i think everyone kind of has this idea that there is a dollar germany that the dollar controls everything that there is a monetary imperialism but the u.s. is essentially you know putting out to everybody else they can you know for example enforce sanctions in or on iran because they anybody that does business they're going to have to have some sort of banking relationship and he needs a relationship with the u.s. fed in some way and if you cut that off they run out of business or they go out of business so that has been the method of control and you can see that the inflation sort of gets export it to a lot of these 3rd world countries or latin america especially and you get hyper inflation because they really have no other choice in terms of white balancing their books or something like that so. talk to anybody in these countries they

understand the dollar germany almost right away and they understand that because it is a politically neutral money it's the money of peace as you would say and that causes them to get it much faster than say a silicon valley insider that thinks because some type player in these 2 you know there's better because they're coming so i better invest in them or something like that instead it's like yeah i get it it's a politically neutral money it's something that i can store my value in and i don't have to you know like you know be abused by my government who's oppressing me through monetary and trash i mentioned there are some signs and they have access. to here that that's what that's all about now you mention that everything is being treated as a store of value and utility value is being overwritten and let's talk about your hat for a 2nd. that's a typically would buy as utility to keep the sun from your eyes or to keep the rain off your face and yet you seem to turn this into a little bit of

a cottage industry launching off your hat again so you're finally sat this forum. as a store of value because you're auctioning them off at presumably a bit higher price and you're buying them that so this whole trend toward commodification and the ignoring utility value has extended to your chapeau to follow in the cantillon effect link linguistic paradigm here jealous of more about that when will this happy auctioning off and how's that business going to mean i guess you're calling me out for being a scammer and i think i'm going to have to kind of agree a little bit here but it's for a good cause max it's for a good cross no i'm not i'm not suggesting that i'm saying that it's a great example of exactly where you're talking about people look at the world in terms of what the resale value is on the average 3 and then nothing is utility anymore and that extends socially into the family and some of the institutions that have been responsible for social cohesion are being ripped apart at the seams by

this trend toward the modification of my own too fast for a jury because i. didn't know you really you know like what's this guy going up there oh you know me you're writing books i don't. know. where you're absolutely right. there is sort of like this thing where people think in terms of what resale value that they're going to get and how much value they're storing and stuff even even people that are hoarders it's kind of. you know a consequence of that in fact they're thinking they're not hoarding necessarily mean it's a mental disorder and stuff like that but their justification is usually about resale price of these things if you want to play out money and yes saturday because you look at it this year oh yeah and that sense it's that way too but but yeah even even stuff like my hat or whatever people do think in terms of how much can i sell it for later and there is a desire to store about you but because fiat money is so bad at it when nothing is

a. i mean when when nothing is a good story about everything takes on some of the sort. well you characteristics and having a separation i think would be very good because then you start thinking of things in terms of utility out what you need and how you can make more money doing a business or being an entrepreneur or find providing value and so on and that's that's very good for civilization that adds good new goods and services whereas you know like of the mentality is i need to get my share and i need to make sure that i'm not screwed when you know blah blah blah and that that's a much better mentality for everyone i think yeah it's going point yeah all right well thanks madonna concert for thanks are. going to do it for this edition of the times report with me max. just like our guest jimi song author and bitcoin influencer and so next time if i catch us on twitter it's guys are part of the by. the way.

live. play. lists lists. lists. and very well might continue watching on since last. thousands of american men and women choose to serve in the country's military and the decision. every song came to

a complete. the day that i was right. here you know told a shot to kill me and i see how it destroyed my life any screamed at me and he made me come in and he grabbed my arm and he write me with this bird thinking if you take into account that women don't report because of the extreme retaliation it's probably somewhere near about half a 1000000 women have now been sexually assaulted in the u.s. military rape is a very very traumatizing had happened but i've never seen trauma like i've seen from women who are veterans who suffered military sexual trauma reporting rape is more likely to get the victim punished the offender and almost 10 year career which i was very invested in and i gave a sex offender who was not even going to justice or put on the registry this is simply an hour in violence male sexual predators for the large part of target whoever is there to prey upon whether that's a man or woman. in

the news today thousands throng the streets of the iraqi capital holding funeral processions for those killed in friday's us including iran's top general washington insists the strike was to avert war and claims it's committed to deescalate tensions with. the police chief says levels of child exploitation in britain but to victorian era levels leaving austerity an increasingly powerful drug. vulnerable children at risk it all mean you too were a criminal scheme has been revealed helping foreigners a legally adult to youngsters.