b.b.c. fight back over election savaging as chiefs plan to increase broadcast the midlands and the north b.b.c. chiefs are planning a big expansion of broadcast from outside of london to assuage critics as they came under fire today from both sides of the new house of commons the corporation is aiming to demonstrate that it is listening to the whole of britain following the general election campaign when it was accused of glossing over the strong views of leave voters in the north and even of letting its impartiality slip oh no the impartiality slip b.b.c. . write well i've read the tory manifesto that boris johnson wants to try to encourage the b.b.c. to 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.n. 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 they 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 to 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 real 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 and the abandonment of news as information gathering and dissemination of truth and 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 of 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 these things like they have to abide by whatever the you know the corporate line is a rental car or there is stark. it is true right. 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 and actually our current or former cia. operatives

that's if that's 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 a 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 and she'll 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 with a remarkable story i felt because there was record outflows from mutual funds and he asked us equity fund flows $21000.00 a c.

in the largest outflows from us equity mutual funds an e.t.f. and 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 i for one k.'s and stuff like that 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 war algorithm is 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 robots and a lot of the stories of the robots key off on are written by algorithms like forbes 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 in 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 algorithm speeding 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 then 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 their 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 can't fly on its own it needs software and then algorithm an 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 $3.00 and $2.00 fold since chump came into office so you can see that as soon as trump came into office it spiked because there has been a huge increase in the budget for the military industrial complex underwriting so our 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 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 they knew this and they took this as part of their their willingness to you know keep up the share price i didn'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 so. these planes are

gonna fall out of the sky if you want to people will die but that's acceptable rest of it are profit margins get people on your board who value human life well going out to be a good 1st step stay tune after the break we have jimmy song from uruguay go away. with. the pumpkin.

join me every thursday on the alex simon show and i'll be speaking to guest of the world of politics sports business i'm showbusiness i'll see that. when you. look at the. new.

please. it. just insecure stalls that it's about seeing me up there's. just too little. sleep. welcome back to the kaiser report imax keyser time that it started jimmy song is an author and he's asano well very very well known in the big point 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 so if that want to learn about their corner

teaches you everything that you need to know to learn the brooklyn watching the other book is a little bit corny book is more for a 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 relatives 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 in a fact which we mentioned on the show quite often and as a bit coin guy wants a 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 this 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 the cantillon tend to want to count

a lot of fact is essentially this fact named after this economist richard kemp 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 back at 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 trade 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 right 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 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 effect 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 the 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. mary 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 by 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 not vestment 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 jobs that 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 so 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 there are way too big to feel anything really but

there they end up abusing the system for their own benefit and lining the pockets of people in cities like new york and london 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 fact is operating in a big time and 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 a proud 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 summers the connection between gold and the u.s. dollar finally defaulting on sovereign debt in america and shortly thereafter with

all that free of 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 flash forward 292020 populations here from my observation take the lead argentina and seemingly believe that big coin 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 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 inflation sort of gets exploited 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 tech play in these 2 you know there's better because they're coming so i better invest in them or something like that inside 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 means trash or mention there's some sirens in the back. to hear that that's what that's all about now you mention that everything is being treated as a star a value and utility value is being overwritten and let's talk about your hat for 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 buying the status for. as a store of value because you're auctioning them off at presumably a bit higher price and you're buying them that but if 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 tell us 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 good crossed no i'm not because 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 out there oh you know me you're writing books i don't. know. 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

a factor in their thinking they're not hoarding necessarily i mean it's a mental disorder and stuff like that but their justification is usually about resale price of these things if you weren't really out money and yet saturday because if 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 sort of value but because money is so bad at it when nothing is a. i mean when when nothing is a good store of value 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 and 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 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 to have i think yeah it's going to point yeah all right well thanks we're going to report thanks are. going to do it for this edition of the times report with me max i just thank our guest jimmy song author and bitcoin influencer so next time if i catch us on twitter it's guys are parts all the. things. seem wrong. just don't hold. any world yet to see how disdain. and in the game equals betrayal. when so many find themselves worlds apart. choose to look for common ground.

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 raised to be instructed is you know told to shut up or they'd kill me and i see how i would destroy. any screamed at me and he made me come in the gram my arm and he raped me with his birthing area if you take into account that women don't report because of the extreme retaliation and it's probably somewhere near about half a 1000000 women have now been sexually assaulted in the us military rape is a very very traumatizing tat happen but i've never seen trauma like i've seen women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished don't be offended and almost 10 year career or chose very invested in and i gave

a sex offender who was not even put to justice or put on the registry this is simply an issue of tower and violence male sexual predators for the large part of target whoever is there to prey upon whether that's a man or a one. time of the time corporations repeat the same mantra sustainability it's very important. transition to sustainable prize board sustainability sustainable amana a more equitable and sustainable world. they claim their production is completely harmless. it. companies want us to feel good about buying their products while the damage is being done far away and this is something else this is the point in even us i mean look. since i'm in news and we do mean when i'm stunned seemed to be based on just .

we. saw as in strong street sylvia rocky capital holding funeral processions for those killed in front of us or raping looting or general washington insists the strike was to have more planes and to deescalating tensions with tehran. also and on the program a senior police chief ses levels of child criminal exploitation in. victorian era levels naming a stereo and increasingly powerful drugs gangs. unfundable children at risk in armenia to criminal schemes being revealed helping foreigners and legally adopt him .