another flare up in the syrian conflict taki carries out attacks against government targets in providence according to reports i thought i'm cursed days 33 turkish troops were killed in northwest syria. a.b.c. news to spend one of its veteran reporters off that he appears on i secretly recorded video slamming his network and outs of himself with the socialist. rivals to bernie sanders in the race for the democratic us presidential nomination result with 2016 playbook suggesting he's backed by russia. jaclyn viewers have with your next news updates in its past 60 minutes right now on r.t. it's the kinds of.

guys are this is the poor boy we've got a shocking story involving a french guy bernard arnault you gotta love it well bernie erno you know he owns a major versus luxury goods they do louis v. tahn and all these other luxury brands out of france i remember a few years ago when notre dame burned down he was so generous and gave billions of dollars. i want to look at this notion of these billionaires increasingly showering us deplorable zz with their benevolent large jest right because bezos also recently he's now worth 130000000000 he recently gave 10000000000 he says towards climate change a few years ago about a decade ago it was mike microsoft's bill gates and warren buffett who were then worth about 40 to 60000000000 and they said we're going to give all of our wealth

away to charity now they're each worth over $100000000000.00 and this is the process that we're always talking about about the cantillon in fact all the money printing is going to these billionaires directly so we're going to show you how the cantle in effect is not only help the billionaires but now the central banks are directly intervening and gifting these billionaires this money the e.c.b. bots l v m h bonds to finance tiffany acquisition are no is one of the richest men in the world e.c.b. q.e. is nuts sold some bonds and apparently the e.c.b. is in the corporate bond market just like janet yellen as we mentioned last episode is planning on that or suggest that the us federal reserve does that eventually they change the laws so that the federal reserve can buy corporate bonds well 2 of the 5 euro traunch as were placed at negative yields meaning investors are paying single a rated l v m h to borrow money thanks to the e.c.b. i mean this is really the end game because you had

a period in global finance where banks got in trouble you know in 2008 they may have horrible loans and they were insolvent they became technically insolvent so the central banks got together and they said let's lower interest rates down artificially to near 0 so that banks can borrow unlimited amount of money at 0 percent interest rate and recapitalize themselves in paper over all the mistakes and it made a lot of billionaires as you mentioned jeff bezos bill gates michael bloomberg say made like a 40 or $50000000000.00 in the last 10 years based entirely on money printing from the fed and his relationship to. new york fed so now we are in 2020 and bernard are no of a luxury brand wants to so more high priced trenchard's to his billionaire friends who have been given billions of dollars so he took the money from the european central bank that has near 0 percent interest rates to bail out the banks and he took that to acquire tiffany so that he can so more high priced trinkets to his billionaire friends even a negative interest rate so that means that people who have money in pension

accounts people who have money in savings are actually digging into their pockets because their savings rate their pension accounts are now yielding close to 0 or negative they're taking money out of their pockets thanks to the central bankers and they're giving it to a billionaire so they can buy tiffany so they can sew trinkets to more billionaires this is louis the 16th i believe living off the a labor of the peasants forget about the global insurrection against banker occupation let's talk about a basic global peasant uprising the french revolution was open ultimately started not only because of the enlightenment ideas but because the king opened his books to the people and the people had did not have the imagination to understand just how much money and luxury asli these these the royal family that they were financing how how how luxury as their lives were so again the same thing with with this when you realize like most people will focus on just what the cable news will

tell them the cable news will tell them that our know is so generous and he's giving money toward notre don bezos is so generous he's giving 10000000000 to climate change he cares about you people same with bill gates and warren buffett they won't talk about the systemic structure they won't talk about the cantillon effects they won't talk about the central banks giving them trillions of dollars of which they benevolently give you some a few peanuts mike bloomberg he went from being worth $3000000000.00 in 2000 and. to worth 60000000000 now i think he was worth 57000000000 when he started running for president for the nomination and now he's were 62000000000 i think i see in the last thing so he he's going to give 2000000000 back to the creative class to make as for his no doubt doomed campaign but they'll be happy now they'll be generous with him in the future when they're running offices or think tanks or a political office and they think like well we should get somebody to help these

poor people with food stamp program we'll give it to mike bloomberg will have a trillion and if he gives 50000000000 of it to the people it'll look so good i mean that's an exe an exaggeration but this is the sort of this is what canton effect does well psychological warfare because you know people can get over paying in fear but it's hard to get over shame so what these billionaires are doing to people is that they are trying to get them to feel ashamed that they're not rich like venom and this psychologically has a very dilatory a suspect in that it creates self loathing and we see other american with the thousands of opiate overdoses these are this is the result of the console in effect in my plan work he's encouraging people to take opiates until they are dead if you're in a room of $100.00 people that is the nation and the central bank gives you max

kaiser gives you $100.00 to every dollar you give everybody else you no matter what will psychologically come up with an ideology and some think tanks to support your ideology to why you deserve this uniquely it's just it's just a process of human nature everything around us as human nature but we can change it we can alter the course of this we don't have to continue to give these people money and hope that they trickle down to us i was looking at a story so this pandemic hitting around the world and of course there will be vulnerable nations. would include the united states and that because of our health care system and how expensive it is but the world bank a few years ago when ebola was going on introduce this notion of a pandemic beyond there is a corona virus pandemic bond which should theoretically pay out $250000000.00 when this pandemic hits but it's not yet a pandemic and not enough people have died and the bankers were able to set the

terms of when this pays out and it's almost impossible to reach the world bank has paid $115000000.00 in premiums and banking fees for this bond that probably won't pay out and but they come up with these elaborate schemes always the elaborate schemes always give wall street bankers or the elite more money you know it's all about fees on for products that never pay out we saw the gold inside straight and many many products that all failed they even made bets against their own customers or took their own products because they knew they would fail before the us healthcare system and they get the fees they get the fees but to your point look i understand what you're saying that if you give $100.00 people or a few people excess of killings of dollars i mean you can't blame those people for taking that free money what i'm saying is what stops a peasant revolt and what stops the peasants from revolting is toxic shame that comes with the money from the central bank because they put up a message to folks there m s n b c and c.n.n. that if you're not down with the billionaires it's because you're shameful individual that's very hard psychologically to deal with max and i have this unique

ability to observe the world outside of a partisan sort of nationalistic bent and just look at the facts and the data and say this doesn't make any sense and. about maybe 78 years ago we started looking at fracking and saying this doesn't make any sense they seem to be losing money over and over and as we keep on reporting over the years the losses could greater and greater and fracking investors are losing money. mostly pension funds buying their bonds stock. all there is of course in the these companies are down 90 percent those are different class of investors those jobs lost and however fracking continues and continues so here's a paper out of finland from the government backed research and they found that government agency warns global oil industry is on the brink of a meltdown they found that we are not running out of oil there's plenty of it but that it's having to go to extremes to extract it whether deep deep water or

fracking and what they peer reviewed report calls for the european commission to consider oil as the world's most important critical raw material despite offering a scathing critique of the conventual peak oil theory the report arrives at the shop conclusion that the economic viability of the entire global oil market could come undone within the next few years so they point out that fracking has like yes provided some oil but it's created the delusion that this is continue this could be possible to continue and the credit only quantitative easing in free money i fracking can only continue if the money keeps some pouring for free and if the money keeps pouring for free we have all these distortions like the stock market bubbles like these generous billionaires who get wealthier and wealthier and wealthier and wealthier and told the entire system to become so fragile that it falls apart once again the global economy in the global oil industry is mimicking soviet union member and soviet union it wasn't about doing something economically

it was about just delivering units more units give us more units and then we'll figure out the economics someday and then they went bankrupt so here the oil industry is saying we don't care that fracking doesn't make any money we don't care that it's actually more energy and more energy out we're just want units we want to deliver barrels we want to be able to show that we have more barrels and saudi arabia until that day when they say oh by the way it's collapsed so this is a global collapse that's now baked into the cake the soviet union already been there that's why their position probably better than anyone right now russia to deal with the global collapse because they've been were. thing post collapse already like america has to go through its collapse now unfortunately but that's part of growing up now there is a book called the empire of debt and this is part of what is going on here with this story is that it's the economy our economy of the us dollar since $97.00 he want to structured around debt so that is always the answer is just printing more and more debt and eventually. we run out of the capacity to pull

forward the real world consumption that is starting to hit all over the world whether sees viruses or antarctica melting or things like that so we see what they say is the plateau ing of conventional crude oil production in january 2005 was one of the triggers of events leading to the 2008 global financial crash according to the report as debt built up in the subprime mortgage sector the crude oil plateau drove up the underlying energy costs for the entire economy making that debt more difficult to repay and eventually resulting in catastrophic defaults they report warns that unresolved dynamics of the global energy system are only temporary relieved due to quantitative easing the creation of new money by central banks correction is now overdue and warrants and like what you talked about with jim councilor in the 2nd half is this magical thinking that allows us a situation where we don't even try to come up with alternatives because there's

always more debt we think to keep on adding and adding in the debt seems to work there's no fiscal policy there's no industrial policy there's no environmental policy there's no long term policy we don't do any long term planning we have to think more and more to the nanosecond because that's the only thing we can control and we can't think about tomorrow we can think about the next say we've gone the opposite of scarlett o'hara there's never tomorrow like don't think about tomorrow well as mark famously said then anna all right we're going to take a break and when we come back much more coming. no way. is you'll be via reflection of reality.

in a world transformed. what will make you feel safe from. the isolation community. are you going the right way or are you being led to. direct. what is true what is faith. in the world corrupted you need to descend. to join us in the depths. or in maybe in the shallows. in london julian assange is standing trial on whether he will be extradited to the u.s. to face espionage charges the stakes could not be higher i saw inches libya even life is on the line freedom of speech is also on trial though you wouldn't know that looming stream media.

welcome back to the kaiser report time now to go to jim counsellor now he is the author of a new book called living in the long emergency it's a follow up to his smash hit the long emergency published in 2005 the book will be available in march jan consular welcome back a pleasure to be with you max and stacey so we've been talking to you for a while and you have a said you a sleigh and accurately predicted all of the chaos and mayhem that we are currently living in unfortunately have been absolutely correct now before we get to your book let's talk about the coronavirus it's cutting off supply chains turns out there's a great deal of our medical supplies are made in china so there's a shortage of medical masks in the u.s. hospitals is this part of one long just in time globalized emergency

jim well it sure don't look good you know i got an e-mail from a lady i correspond with up in toronto actually and she's actually a great military and naval analyst for you know someone who's just a basically a canadian grandmother but she's very concerned about her family and. they're trying to lay an insulin supplies and insulin out there is only like $35.00 a month insulin down here is a lot more expensive so you know we have no idea what's going to happen with that whole scene with the supply chain seeing but the most interesting feature of all that at the moment is that there's no chatter about that in the media or the news it's like just another day at the beach for america you know we don't seem really that concerned about it it's interesting that they outsourcing of jobs and manufacturing to china has led america into this illusion that there is no

inflation but once they supply lines get cut suddenly things that people are thinking are worth are buying a $0.10 on the dollar so they skyrocket and we're going to see some of that i think now the subtitle of your new book is called the global crisis the failure of the futurists and the early adopters who are. showing us the way forward so let's start with the future as the future is a failed why they failed well mostly because they think that the future is going to be a continuation of what we're doing now you know i came from a place where i was studying the growth and development of cities and writing a lot about cities and suburbs 2025 years ago and i'm still involved in that area and you know you've got people like ed glaeser at harvard you know who are saying that well just our cities are just going to continue to be bigger higher denser larger you know more spread out with more of the world's population in them you

know i think that ideas like that are pretty. out of scale with reality and that in fact you know we're going to see our cities contract substantially this scale of them is going to have to get much smaller is going to have to be consistent with the resource and capital realities of the future and you know people like that don't see it at all just like people today have no idea what will happen when supply chains start to break down and we really can't put anything together anymore you know whether it's you know parts for our hydroelectric dams or the electric grid our you know all the motors that are running everything in america you know just about anything you can think of yeah i see that you have a little pet gecko there maybe i do for the folks at home i want to see that all right. here you know this is one of my ornaments in the in the office well and this happens to be easy to the democratic party are. so let's talk about take

oil for a 2nd so this is got to be something that would have your name all over because you were talking about this for a while ago and really laying out that the case for this and the problem the peak oil story is not necessarily that their world is running out of oil it's that the world is running out of oil that is affordable to drill and this was put aside for a few years with the fracking explosion but now it's very much back on the table you know that was the subject of their book the long emergency of public 15 years ago so quantitative easing in 0 percent interest rates helped keep this fracking boom going and extended the life of oil but it looks like now way are at the point i'm seeing more and more headlines to the effect that the cost of energy extraction and fossil fuel extraction is now at the point where it's we're looking at

a complete and complete breakdown what was the current status there we went through this 10 year period and that's a long period and people really got to get their minds right about it because you know for 10 years they've kind of been sandbagged and guess lighted about the energy situation the bottom line is we spent 10 years proving that shell oil is an unprofitable business that the shale oil producers can't make a buck producing shell oil and the this stunt worked it was a financial stunt you know the whole thing was based on. a lot of low interest lending and the problem is that now that they've demonstrated they can make any money they're not going to get more lending in the future to continue. operations that they're they're doing and they have to keep them going incessantly because the depletion profiles of the wells is so steep you know it's way different from the

old conventional oil that oil you know cost about 4 $100000.00 per well in today's dollars for the old you know texas $150.00 well and it produced for 30 years and it produced thousands of barrels a day and the new shell oil cost between 6 and $12000000.00 per well yet it produces maybe a little more than $100.00 barrels a day for the 1st year and then it goes down by 60 percent and after 3 years it's gone so the whole thing was really a fabulous financial stunt that really messed with the minds of america and we're going to wake up very shortly to find out that you know that the shell oil companies are going out of business and that we're not going to be able to maintain this level of production i have to add finally that it was a fantastic stunt you know they produced a lot of oil i meant it was for real didn't happen to be great oil it was

a particular kind of ultra light oil didn't have a lot of diesel or aviation fuel in it but you know we produced a lot of it and it was a very steep journey up that new peak probably going to be a pretty steep journey back to where they have their 5 debt right because they say that debt is not to worry about it that you can incur as much stat you know that maxed out deference pa krugman at the new york times says well it's only debt that we owe our selves it doesn't same to think that future generations matter they in other words some kind of debt assistant genocide oh my god is something wrong no i think you're right because what we've essentially been doing is buying tons of money from the future in order to run america today you know in order to run walt disney world the interstate highway system suburbia has superball and. military you know we've been buying from all the generations to come and we're you know we're not to be able to pay that money back and they're going to be stuck with you know

the debt doesn't go away in one way or another it's going to there's going to be a work out and the worked out will probably be in the form of a much poorer society in the decades ahead so let's just chat a little bit more about those coronavirus and its implications on the economy we know that biologically and the health in a considerations are quite dire but on the economy when you have china going through what it's going through now they the response so far major economies around the world have said yes we believe coronavirus is a threat so we're going to print more money and apple has said yes our supply lines will be cut but we're going to buy back more of our stock sun other words there seem to be a disconnect between human life and stock price like they have tim cook at apple he doesn't seem to think that. his idea of being humane is to install more suicide nets at the slave camps in china right he doesn't the same to all the stock prices

going up because you look at mitt more financial fraud and the people like the debt don't matter it seems to be an incredible disconnect between human life and stock price jim you know the distortions in perversions that have been introduced into. financial and banking system in the last 20 years or so extreme that it's now it's no surprise that they've just produced a lot of disorder not only in the banking system itself and in the whole infrastructure of lending and paying money back but you know this is sort of bled over into our moral system in our value system and you know it's tremendously disorderly what. i think people also ought to keep in mind that many of the political disorders of the moment you know the the insanity the democrat. atic party and by the way i'm still a registered democrat the insanity of the democratic party and you know whatever mr

trump represents is also kind of a manifestation all of these disorders and as far as the virus goes i think one thing we're not planning on is it looks to me like we are on a direct course for the virus to develop into a problem outside of china and possibly in the united states around the time of this summer and fall when we had the nominating conventions and the election and i'm beginning to wonder if we're going to be able to hold the conventions you know people are not going to want to get on airplanes they're not going to want to be in a big hall with 5000 other people breathing the same air and i wonder if we can hold an election if there are some kind of quarantines in effect and that might sound kind of extreme but you know we got to think about that now you know before it happens rather than you know 3 and a half days before it happens you know it's interesting these democrats are going into meltdown they're still grieving over the loss hillary suffered twice 16 and we

can look at the 7 stages of grief one of them i think as the 2nd or 3rd has to do with bargaining so that democrats same could be bargaining with bloomberg like we lost to a billionaire all of our so now we're going to bargain with us on the billionaire all dark right and they're just going through the 7 stages of grief maybe they should just get over it and start thinking of some policies you know you mentioned also the early adaptors showing us the way forward give us some examples of who an adapter would be and how they are showing us the way forward the middle of my book is a set of profiles of about 7 individuals who are leading alternatives lives and making alternative careers for themselves some of whom are kind of strange you know i actually interviewed a white nationalist because it's out there and i thought that people. ought to be and would be interested in seeing what it what that's a bet really and what it represents. i interviewed a guy who's

a distiller up in vermont who dropped out of corporate america to buy a farm grow his own grain and make just old spirits and raise a family so he's leading an alternate existence is. a wonderfully brave woman up in vermont in up in the med river ski area who has been running a an artisan bakery for the last 10 years or so 20 years actually i think if you include her adventures in new york state and there's. a black intellectual living in the baltimore ghetto i wrote about these are all interesting figures you know homesteaders. a silver cultural list people who believe that we should be growing a lot more tree crops than grains. you know it's kind of an odd selection of people who have encountered and really confronted the disorders that we face and made some interesting choices sounds fascinating at 1000

a good rate jam concert thanks so much for being on the kaiser reports a pleasure to visit with you always and that's going to do it for this edition of the kaiser report with a max kaiser and stacy herbert want to thank our guests jim constant he's got a new book out eat gotta check it out living in the long emergence a if you want to catch us on twitter it's kaiser reported by.

liz. oh.

and a very warm welcome to you watching us in such. lulu why. oh. why nobody does it not only in a lucky i'll live an anonymous thought a long way and i don't anybody don't go on about.