set prices and things like that but in terms of what's happening right now one thing that you and i always talk about kaiser report since we began over 10 years ago now is we talk about gold we talk about bitcoin and a lot of people say oh you can't eat bitcoin and you can't eat gold and and there's an argument against it but here we're going to look at some headlines guarding the individual economic sovereignty that is granted to you if you own your own wealth if you own your own assets and their real assets because not your settlements layer not your money and this is responding to a wall street journal scoop u.s. officials warned iraq that it risks losing access to its account at the new york fed where international oil sale revenue is kept if it moves to expel u.s. troops so iraq is theoretically an independent sovereign nation and they should be able to invite other militaries in to help them fight somebody or whatever and they should be able to expel foreign military troops should they wish them not to be

there while the u.s. is saying should you choose to expel our military bases we will seize your assets at the new york fed you know i mean this is what fascinating and people are starting to see really how the world works and how the american empire works and how the empire of debt some of called it works it all clear so the new york fed and so these countries in the middle east can throw a hissy fit and throw themselves on the ground and cry and scream and they can do all kinds of stuff but it doesn't really matter because everything goes through the new york fed and member the 2008 crisis was resolved through the new york fed when timothy geithner was in charge and every time there's a crisis anywhere in the world pretty much it's all resolved through the new york fed the new york fed has the ability to censor if you want to that they want to cut you off from the global economy they can do so at the flick of a switch because sense the 1940 s. all commodities are settled in dollars ever ever since the 1970 s. and the emergence of the. dollar everything all oil all energy is settled in u.s.

dollars all commodities are priced in dollars and settled in dollars and all happens at the new york fed and everyone around new york gets a lot of money because they are in proximity to the new york fed and that's the way the world works of course the new york fed is the one in charge of the repo interventions at the moment they do say now that there is going to last through the tax season because they have another new excuse it was supposed to last for 24 hours and then 48 hours and then 72 hours then a few weeks and then a few months and now it's going to last until at least april they say and we also covered back in may remember representative brad sherman of california he's a congressman from out there he said about bitcoin that big point we must stop it now because what they're trying to do is replace the new york fed for exactly this sort of thing is what he was forecasting is that we need to control the settlements layer and the u.s. dollar is the settlements layer when people say oh you know the you know oil is priced in euro's and that's

a threat to the dollar that's not the threat this threat is the settlements layer so all trade for oil has to settle through the new york fed and this is how they're controlling that all you're you can't exist you have no sovereign rights unless you cut in as the middleman where the middleman you have to we have to approve of everything so that is why we talk about bitcoin and this is an exact lesson and what we were talking about for the last 10 years right this is why we talk about bitcoin exactly because it gives countries and individuals a way to opt out of the censorship that happens on the subtle middle layer of places like the new york fed and you know personally i have no idea why these countries who are being censored by the new york and who are being subjected to the empire of debt otherwise known as the united states of america don't simply cross over and switch to bit coin and achieve sovereignty i'm sure they. have some sort

of plan they take a while they don't move as fast as the individual can and that's why the individual is actually at a uniquely positioned place at the moment they can move faster the nation states can or central banks and governments can so you can get ahead of this this the thing we see coming because remember again you talk about censorship you know there are all these laws and stuff like that introduced it's always about the bad guy we're just you know these you know the patriot act is just to stop bad guys like bin ladin who does it end up like there's been almost 0 application to bad guys like bin ladin and who gets caught in the net all these good guys like aaron swartz for example he gets caught by all these bad laws that were meant for bad guys but it ends up like aaron swartz who was you know driven to suicide a few years ago just passes the anniversary is of his suicide just passed and look him up and you'll see that here you know when brad sherman said last year when he

warned in may that bitcoin was after him like basically replacing the new york fed he said we don't want iran our enemies he is this play here they're saying we're going to cut iraq where we occupy the nation we're supposedly some sort of ally at least they're occupier like you know there's a certain international obligations to if you're occupying a nation but here they're saying we're going to cut them off right so. what trump was said was that the new york fed has something like $30000000000.00 i think it's $3000000000.00 in carrying a 1000000000 men ok and he said they would owe him $30000000000.00 in total if they 3000000000 in cash parked there and he says you owe us 30000000000 and so he's simply going to cut them off and take that 3000000000 seize the 3000000000 and slap him with a invoice for 30000000000. develop a casino in atlantic city and he gets all the contractors to build it and says. i'm

not going to pay you i think is roy cohn a lawyer affairs at the time to hire a leg breaker like ray donovan they go strange things out right i mean that's the way the world works at the moment and the new york fed is is little private kitty it's right downtown from worry as a big office well beyond that because it's like he built that casino in your backyard land that you own and you're like wait who told you you could build a casino on my land he said give me 30000000000 for it and you're like ok i you know you give me 30000000000 this this should be the way it works you talk about iraq yes that's right he just pulled the number out of thin air that this is what you. all self respect new york developer would do yes somebody in times square would do that to you they shake you down here's another story i found this interesting because it was from the guardian simon jenkins wrote this and it's really kind of fascinating because it's more mainstream media so this is what he's looking at what is happening in iraq and iran and all this conflict

going on and he says donald trump's rant against iran is the how of a dying empire all empires out stay there declared purpose let alone their welcome all and messily the operative word is all be they roman napoleonic british or soviet all are vanquished not by superior power but by self-delusion and geography the british empire had neither the right nor the need to invade far flung parts of asia and africa it was defeated by them the us has claimed the right to intervene in theatres as diverse as south america the far east east africa and a portfolio of muslim states justification varies from retaliation and deterrence to self-defense and the instilling of democracy again this is something that you and i have talked about for 10 years we're saying it's not just uniquely american it's happened to every empire before and that's we're just saying history usually repeats you know they have their own sort of rhythm going on as they deplete deplete their power via hubris they all get this point they all get this thing that they use. but you see new york fed we're going to take your money we're going to

cut you off from swift germany you can't do that germany you know you might be an economic powerhouse but you know listen to us what we say goes you know they all end up like that it's not uniquely you know anti-american or it just like it wouldn't have been anti you know poli onic or anti roman are anti british or into a soviet it was like this is just the inevitability of history it happens every single time for the exact same reason that i get what simon jenkins is saying there in terms of the history of empires and they never survive and they tend to crumble from within and i understand that the difference with the american empire of the 21st century is that it's constructed entirely out of digits of algorithms out of debt creation out of money printing and the cost of increasing the debt indebtedness to our vassal states which every single country that's not america is right imagine if you were in the prison business and the cost of building the

prisons i mean you could build prisons for everyone in the world because your cost 0 america is built a prison called the world and it's the prison it's the it runs the prison and the cost of building that prison is 0 because it's all based on everyone in the world is still willing to accept dollars trade in dollars a clear through the new york fed and worship the u.s. dollar wherever you go you'll find a.t.m.'s in countries where as the local currency and dollars right dollar is god no matter what religion you say you are around the world the fact is you to pray to the u.s. dollar every day every single empire has also looked like uniquely this time it's different this time they're also powerful nobody could stop room nobody could stop you know napoleon every everyone seems like that until they don't suddenly it's usually suddenly and then all the looking back it's like all the signs were there and then i want to look at part of what you're saying here and this interesting chart that divergence of s. and p. 500 and u.s. nominal g.d.p. . we began in the age of alan greenspan any coincidence there used to be

a relationship between the fundamentals of the non-con me g.d.p. growth your actual production of goods and services your wealth creation and the stock market since greenspan and the intervention by the fed the activists fed who came in and the greenspan put that you would never ever lose money if you just continued to believe in the s. and p. 500 because the fed would have your back well you see the divergence really take off that you know nominal g.d.p. has just been the same slowly rising just like gold over the past few decades since alan greenspan but the s. and p. 500 is taken off doesn't care about earnings or anything like that you know because the g.d.p. is based on consumption and tied to wages and earnings and economic activity and manufacturing and things like that are tangible the s. and p. is based entirely on the ability to as zeros to your earnings statements based on

the money that's being given to you by your king god the federal reserve bank and so there is no connection and there is no need as i've said before the 3 trillion dollars or so that are collected every year by america's internal revenue service to fund the budget is is not needed whatsoever they can simply print all the money they need it's a token amount compared to the amount of they print 16 trillion and they collect 3 trillion in taxes it's a now it's a start it's a rounding error in nobody needs money well these 2 are required like taxes to make it feel real so if you didn't have to pay taxes like it's all of monopoly game but it feels real especially if you might face 1020 years in prison for not giving this money they must think it's really important and really real it's like gold and that that i think creates the helps them sustain this then money is not go doesn't go.

increase saying they wealth of the nation it goes toward increasing the incarceration of a nation that's pretty much went to as you said in the beginning you tops of the world is our prison well of i've done it again well we're going to take a break and when we come back much more coming your way. through descriptions sound up to tell using even for the owners so how to choose just pet food industry is telling us what to feed our pets is really more based on what they want to sell us and then what's necessarily good for the pet turns out put food may not be associate this people believe we have animals that have you know diabetes in arthritis they have auto immune disorders they've cut allergies we are actually creating these problems and it's a huge epidemic of toms all of them i believe can be linked to sherry simple

problem of diet and some dog owners so heartbreaking stories about their pets less treats to larger corporations are not very interested in proving or disproving the value of their food because they're already making it a $1000000000.00 on it and there's no reason to do that research. and. wisdom is the output of a product the cold knowledge in a group where you have ways in novel called but if you learn a particular scenario. in a class could be brilliant and you encounter that exact same scenario knowing what to do is just memory that's not wisdom the thought learning it's just memorizing some wisdom comes when you are facing a brain new context and you can draw upon tools to learn the other contexts systematically to know what to do.

pity. you or smear. you so he's. going to want. to see you. know what is. it. welcome back to the kaiser report imax keyser time now to turn to account. of gold

switzerland that com egon welcome back thank you max and a bit of a late happy new year to you right on your web site little piece called we just left the 20 tan the stay decade a fantasy as you call it what it what is a saw about a decade a fantasy and what's coming up in the next decade the decade of fantasy once the deck was a decade the world managed to artificially or the world's central banks to artificially. let the patients who bought it for another 10 years which was absolutely a lot longer than i ever expected was possible but nevertheless by printing fake money by charging 0 or negative rates for it they fool the world who are up for another almost 10 years what actually was 10 years. ago therefore we are at the peak of bubbles that we are at the bubbles. i think the

20s will not take until 29 like it did in the 190-0000 till the whole system collapses i think it will happen a lot sooner. will is likely to start this this year and any time now the risk is at a maximum. things don't always turn when you expect to but it could happen it could happen this week or next week or it might take a bit longer but i don't i don't see these bubbles last thing for much longer this is banned the story for a number of years as you point out we've been talking about this for 10 years that on a valuation basis on a price earnings base basis on historical basis the markets are over a value to certainly the bond markets in a 300 air bubble in the. not a kingdom it's a 240 year high in the united states or bubble in the united states and yet there

doesn't seem to be any end to this down during the 10 years i just talked about there the federal reserve bank in the u.s. alone printed over 16 trillion dollars to keep the zombie banks and zombie corporations alive remember a lot of these corporations report no earnings at all they're only kept alive through stock buybacks and cash infusions from the central bank but my question is i don't see that ending anytime soon because the central banks could very easily buy another 15 to try to 20 trillion dollars worth of bad assets they all work together that all the major central banks work together they don't there's no sense of competition in the world like david ricardo talked about in during the 1st years of classic economics it's all collusion and they're all buying horrible junk and they're all working together and they have printing presses

a so why with this and any time soon things don't always end when you expect them to and we just said this bubble has been going on for 10 years you should have collapsed 2009 at the latest or 7 even it didn't and you know the theory is very simple if you if you grow 2006 when the grocery store to world global debt was 125 trillion since then another 140 trillion has been printed so we are around 20665 through you know and remember all of that is just it's bubbles it's nothing to do with real money and that money has been invested into main in the stock market is not going into the real economy so then manufacture. fake money and created fake well now i'll long you think the world can continue to live on just scenario or on fake money and

fake asses i think we are not a reach to point one that sheer weight of the debt will actually mean that this is don't call absent in the next it could be this year or include the obviously will take a few years but that the start will be this year now while you call fundamentally argue that it's going to happen now technically markets now and the stock market big stream evaluable are just what these yesterday. you know you are looking at a massive negative divergence on the new highs and the dow and the s. and p. for example new highs in the stock market is not confirmed by momentum indicators now that doesn't mean that it will turn immediately but that means that the market now is at a very very high level of risk and for it is likely to sometime in the near term future i don't think that central banks can continue the game of fake money

and fake assets you know let's remember that this is that they're printed under the 40 trillion roughly in the last in the last was in 13 years by that and that has created the same fate as when i made a calculation in one of my articles to say that that extra. money that they have printed which which is is that $19.00 stars is 2006 that extra money of about $70.00 or let's say near 70 trillion. that equals 2. 0 and yield global output of actually every everybody in the world 3000000 there are 3000000 workers in the world. today or supposed to be $33000000000.00 workers in the world today and their output or with 2 years it was them money printing in that we have scenes is 2006 so

it so the world is just created 2 years about put by printing money and that's why i'm sayin that is not sustainable that doesn't mean that you know fundamentally there will collapse today or tomorrow but technically in my view marcus looks extremely vulnerable on on the timing in the cycles a center of that i look at we could i have top in the market at any time now on that and starting it downturn whether the downtime will be slow initially it or way when there will start with a crash she doesn't matter risk is at a maximum em from our point to our company we look at risk we don't look at in the final final of rise in the market and tried to catch that we look at protect in the downs of because the upside is maybe a few percent the downside is 95 percent in my view i'd think that go you know if we measure at the stock market against real money which is gold course ip that we

are going to see the dow for example or the s. and p. for home around $95.00 was sand at least again as gold him and that's not that would only take it down to the level a one is in the did the down walls one doubt equals one gold just like you was it in in or one i also go just like it was in 1080 when gold was 850 m. the dow's a 50 that was their racial one to one olds of the of the dow gold ration i think we going to go down a leads to one again and i think we probably go below on but going down just to one would mean a fall of 95 percent of the dow against real money go and i can that's going to happen now i come to say exactly how and when but i think the risk is there today and i think people should be protected today sought us f. gauld on of view asters are suffering from this that i think all the investors are looking at this bubble really more out of curiosity because gold in fact since the

air 2000 has outperform stocks gold in fact against every major currency in the world is making new all time highs except the us dollar gold investors are doing great thank you very much so i think they it's more of a curiosity here because the stock market bubble fueled by all the money printing is really a once and no one's ever seen this before ever in the history of the world has there been so much injection of ersatz fake fee out money to support. really companies that don't make any profits the companies that are going public don't make any profits they have no hope of ever making profits a lot of the listed companies 60 percent of the list of companies are not making appreciable profits right so this is a profit less prosperity fed by all this money printing they have the nasdaq up 40 percent last year but it could be you know on the verge of war in these situations

like 1909 where you do see a final of blow off on the nasdaq another 85 percent jump in the nasdaq would be in keeping with the recent manias on your thoughts on that as we know market can extend. and we everything is possible but you know you have to remember max that the nasdaq is up 7 times since 2007 ton this is a bubble now we choose equal to the 2000 i did before because of the time. that. you were in the almost just before the great and i think i can say going to do more of course i can but i can say that the risk is not a level which is totally unacceptable and should be unacceptable for anyone. whose investing lives most people will hang on just like they did in 2002000 to well the

nasdaq fell 90 over 90 percent so i see the people who now hang on i think they're going to lose the biggest part of their fortune or at least a fortune on the wealth of average stock market so i'm not you don't get catching that last bit you know i remember every x. but everyone in the world whether they were. cattle station or gas station attendant or whether they were had threats or whether they were you know a wealthy person whatever everyone was an expert on the nasdaq in 1900 and everybody jumped on the bandwagon the last year and then they lost it all and that was in the next but to be found in 2001 or 2 when the market crashed and i think it's not just sure you can have been i don't think it's worth waiting for i think we are it's imminent i might be wrong i don't but i don't care if it happens today or this week or next week or examples in 6 months time the risk is there and as you said you know the dow gold for example looked at the what we just chart yesterday

and the dow go on a quarterly basis has now turned down on the what is called m a z d which is a trending indicator you know that's a term that turned down is the 1st time in 9 years that he's turned i've been going up since since 2010 and now it's turned down that is a very strong sign that the stock market is now are in real time against gold going to turn down to see that to me is very significant so i think we're they're almost there and i don't really care if it goes up a bit because i certainly wouldn't recommend anyone to ride that but i know that all investors are in the market today they're going to think that the fed is just just mentioned before going to bed and all the other central banks are going to continue to pump in money but i think the market will soon realize that this money you know this was as. money make money that they've printed is just just creating fake and therefore the money to. pay and that's what the world is going to be

experiencing in the next few years that all of that money all of those fairly bad news i just going to disappear out of the market it will be for a lot of investors and they'll be in much the well destruction i'm not a person is just reading risk and i'm just reading the markets and he's inevitable that this will happen in my view well this moving average of they may say days are fast ending i think we should talk about that and next segment if you can stay with us well do another segment that's going to do it for this edition of kaiser apart with me max geyser and stacey are but like to thank our guests. switzerland dot com if you want to reach us on twitter it's kaiser important to like side by.

you no offense to you no longer a young woman in fact one of the last living survivors of the nazi. i'm aware of it . relieves redact all the life. you can never forget. to be in jail she would never believe it was. due to as. 3 years ago for the. very best. when i get out on the farm so you know when you take my song to her next to you so he can listen in hopefully bless her. what holds if you should. put themselves on the line to get accepted or rejected.

so when you want to be president and you. want to be rich. but you'd like to be 1st which is what before 3 of the people that live in the studio always at the water's edge. there should be. no money and onions and money i'm not one. of them saddam. was of a time about what it was it was a bit. more about the. one with more than the side of the ultimate. scene that i'm going to get but i'm before . him by the. him out by now embody i'm not one that.

the pentagon rocks through accusations that washington has routinely lie about america's longest war made by the top u.s. official overseeing afghanistan reconstruction. program or alexander remake arrested in greece on washington's work process rights free for help saying he has been tortured and refused the most basic rights. in dramatic scenes the french president has rushed out of the paris theater under a hail of boos as furious protesters chanting resign tried to confront him. and russia marks 77 years since the breaking of the siege of london brought one of the.