illin tap is clearing for us at the democratic hopefuls as 2 candidates amy called bashar impede put a judge drop out of the race for the 2020 presidential election. the taliban says it will resume operations against afghanistan's security forces after the country's president refused to commit to a peace deal between the u.s. and he is the most group elsewhere. in. greece warns of a threat to its national security as turkey allows thousands of desperate asylum seekers to amass along the country's shared border athens is accusing entre of exploiting refugees in pursuit of its political goals. and an unprecedented elections in israel benjamin netanyahu declares victory for his party but exit

polls indicate he may fall short of a majority. all right that doesn't mean coming up at the top of the hour we've got more headlines with. keyser this is the kaiser report you know we talk a lot on the show many years about economy and currencies and what makes a currency really what makes a currency is scarcity for example gold is a currency it's money because it's scarce that's the primary reason people use it as money keynesian economics or socialism is usually unworkable because the people who are organizing it think that well you can just print all the money you need you need a program print more money there's socialism for banks on wall street as was pointed out recently one of the big presidential debates you know bank gets in trouble just

print more money well what's the ultimate scarce commodity what is the ultimate scarce commodity think about it what is the ultimate scarce commodity. the most scarce commodity of all time and that isn't the headline here ikea becomes 1st retailer to let customers pay using time ikea is now letting customers pay for goods with their time yes that's right the more time customers spend travelling to ikea the more they can buy because beginning from this month ikea dubai is running a campaign that will allow customers to spend their time as a currency simply by showing ikea checkout staff their google maps timeline which proves how much time they spent travelling to ikea stores now this is fascinating on a number of different levels 1st of all ikea is recognizing that time has value time has value in traditional financial markets time also has values and it's expressed in an interest rate

a 2 year bond 5 year bond 10 year bond would yield greater interest because it is good for a greater amount of time and time has value so it's remarkable that we live in an era in the 21st century the era of negative interest rates which implies. is that not only does time have no value but the value of time is negative that's what wall street wants you to believe that's what central banks in europe that's what denmark wants its savers who put deposits at saxo bank to believe that they can confiscate wealth with a negative interest rate because according to sachs so not only does time have no value but it has less than 0 value here's ikea saying oh you know what time has value we're going to pay you for that time in the discount you make a purchase at our store the point i think is that going forward now the ultimate scarce commodity of time will factor heavily into all kinds of financial products in our lives and i'm waiting for someone to invent the time futures contract

rematch and if you can trade time on a futures contract you could travel backwards and forwards through time which would be great especially for goldman sachs if they want to go backwards in time and steal from customers from 20 years ago they can do so with the time futures contract we've kind of have that in a way and that's what you're seeing here in the u.s. elections i believe either it's like some other nation and there diabolical means or it's the young people who are basically witness saying time travel the boomers collateralized they pull forward the next 4050 years of consumption and it was their millennialism generations e that they they they consumed their lives so that's why there is this offered moment of when where is 0 rates interest rates time no longer has value because 40 years ago when interest rates were up at 20 percent. they seem more value to time

now we're all the way down to 0 percent and where do we go from here we're trying to do negative we're trying to go back in time and and take back some of that future consumption that we already spent so yeah this is an interesting right by lowering interest rates down to 0 you encourage hyper consumption in hyper consumption consumption for 203040 years in the future consume today you end up with 2 things number one the gen z. inherit a lot of debt because you know the way you can bring interest rates down to 0 is if you issue a lot of debt and have a central bank buy that debt paul krugman at the new york times remember he said it's only debt that we owe ourselves he's wrong that this debt we owe generations e generation millennial is accent or a so that's where the circle is squared is that the future generations are left with this hyper consume world of nothing the 2nd corollary would be something like the coronavirus coronaviruses the product of hyper consumption due to 0 percent interest rates due to china's attempt to compete with america on

a compressed timeline by floating their economy with trillions of dollars with the debt and having everyone engage in hyper consumption now we've got the coronavirus that's a direct result and so will the now we go back to the middle ages as we've been saying for years though a return to neo feudalism is upon us since some parts of china today they are now revisiting feudal times they've been stripped of all the modern era of technological advances and they're digging in the ground with hoes trying to find roots and vegetable soup survive ikea of course you know cut down chopped down a lot of forests around the world and turns them into you know betting and and cupboards and stuff like that so in a way maybe this is also them trying to realize that we're running out of time and they themselves want to cap. all eyes on that nevertheless this program is only

available right now in dubai it's called dubbed by with your time the idea behind the new promotion is that customers usually spend an inordinate amount of time traveling to ikea outlets usually because said outlets reside on the outskirts of town in view of this ikea has added time currency prices for every item in its dubai stores which are based on the average dubai salary as such customers are now able to buy products using all the time they spent traveling to ikea over the years in addition to the usual derms so i guess it's kind of like airline miles be your encouraging i guess are having problems with people wanting. to i really want to drive an hour and a half. but if you're being discounts at the time. well yeah they're competing with amazon out there in other words amazon they don't have the problem of the super stores located 30 miles away from where you live they have overnight delivery so i

keep saying especially sometimes i was probably going to branch out into those areas like furniture that ikea does and amazon doesn't currently do so well and they'll say look will compensate you for that distance they arbitrage between ikea and amazon will be close because we're going to pay you for the distance and time that you spent getting to the ikea store but you said something just there that's kind of interesting maybe ikea recognizes that we're running out of time and i think that that is something that people are starting to realize you know member the doomsday clock and every 6 months or year that some organization i don't even know what the organization is they say here is the doomsday clock and we're 10 seconds closer to midnight and up until recently i think people thought that was a marketing gimmick but i think now people are understanding that that is in fact a documentary of where we are as a species we may actually be approaching the end of the species so why not rush out to a kid and buy chester drawer for your 6 year old before the end of time another person who. i think we've already discussed this see so we're running out of time as iran

musk and his electric cars now his you know mad max sort of vehicle that is apparently doing very well and of course his plan b. perhaps e.s.p. queen i believe he does but his other plan b. is to get to mars to abandon this planet and try to find more time there but this electric car story is also in the news because again this is you know time is one of the major ingredient in terms of financial markets and pricing commodities and anything equities but is also important for what we're going to listen to here as electric car sales soar the industry faces a cobalt crisis 1st it was lithium now it's cobalt electric vehicles need them for batteries but supply issues will only worsen as demand rises so there is an increasing demand for electric cars in

a mosque has you know helped popularize it we're also running into the same old conflict that we had with the combustion engine and oil based cars in the resource how to get that resource and again that heads us towards that dooms day of more war we have some would argue or some do suggest that the situation in bolivia is due to all of them having a huge part of the global lithium supply cobalt could be the same thing because apparently they're running out of cobalt and everybody's fighting to get supplies is actually hitting production and some manufacturers will go in to see right well capitalism works if the price signals are clearer and they reflect true supply demand the problem with fossil fuels in particular oil for 50 years is that we haven't had an accurate price signal given the fact that the amount of credit and capital needed to drill in the environmental consequences of burning the price of a gallon of oil should. be at this time probably $90.00 to $100.00

a gallon to truly reflect the actual cost of that gallon of oil in a true free market capitalist system they use to say when the price started to get to $23040.00 a gallon you know maybe 20 years ago 25 years ago then we would have already been on the fast track to developing alternatives to fossil fuels by now and we wouldn't have waited to the very last doomsday 2nd to say oh my god we didn't allow capitalism to clear these markets in an efficient way so now we're going to become prematurely extinct but i'm going to upload my subconscious to a computer somewhere and put it on a lawn mosques were building platform to get to mars and hope there's not just another place where i can't get a date going back to this story just so you know for electric cars global production of electric vehicles is predicted to top 4000000 globally this year in 2020 providing the coronavirus doesn't go full pandemic and destroy demand

like it has in china and there is a 92 percent collapse and car purchases. it is expected to grow again providing everything continues as it has in the past and there is you know that is always an assumption for many investors they think oh times being great you know interest rates keep falling forever for the last 40 years stock markets keep going up for the last 40 years it's going to continue like this for the next 40 years so right now if they continue on the same trajectory they're predicting that there will be $12000000.00. cars sold in 2025 right well look up on the search engine there the concept of g a a this is the idea pretty much the holistically we live in one to rare am of inputs and outputs and if you have an exaggeration of the inputs let's say global cancer that is. the combustion engine going for too long it will kill the entire to rarity

of this destroyed but gaia is not without their own ability to push back so is the coronavirus of gaia pushing back against humans is big coin gaia pushing back against money i would posit yes absolutely i don't i think goes back to the seti project of the mid ninety's the search for an extraterrestrial intelligence a massively parallel computing project that i was participating in the mid ninety's i believe we made contact with extra terrestrials and i believe they reversed engineered their way back into our collective unconscious that's who invented big coing and that is now part of the move toward extinguishing everything except what is truly sustainable what's not sustainable is the segment we have to take a break and when we come back i have no idea what's happening don't go away.

why do we go to war because we view the key to economic growth as oil

and energy we go to war is vice president cheney said for the oil that's why they invaded iraq for the oil that's why trump says the one thing we want syria we really don't want to go to war with russia we want to just control the oil. and the gas lines and the pipelines through afghanistan so the military is really an extension of controlling of world energy and oil. welcome back to the kaiser report imax hisor time now to turn to willie wu he is a partner at the adaptive fun crafting hyper sheet and a specialist on chain analysis of bitcoin willie welcome thank you makes great to see you were here in vegas and confiscate a bull conference lot of great people like yourself and others are here and

a good time now on trade analysis what is that why do you do it what sort of analysis can you derive from looking at the changes. like new stuff. being a financial instrument is there unique we don't see this in wall street it has a legion we can look on to it lead you we see capital flows if you can divine that date or you can get a read into with the market's going and you are also well known on twitter and elsewhere for making some good pressure and calls about the direction of break we'll get into that a 2nd but let's talk about this on chain analysis there was a recent brouhaha over a company that's been paid $50000000.00 per year by the u.s. government to trace coins on the block is that separate to what you do this function else is. it says like who are these people with the funds going. to track with the financial modeling the whole market movements of capital

but actually the forensics come into it sometimes you want to see we are leaving exchanges are they going to personal wallets mine is selling will they going they going to. that sort of thing is predicting provides a predictive signal to the market. the whole k y c kind of thing. during the day it's another speak on chain analysis we don't do that so capital flows and as you point out what that chain analysis is you get a unique look you don't get in other markets and so you are dealing in capital flows. and you're seeing where this capital is coming from where it's going and before this war was your were you in to financial markets. traded the banking collapse in 200-820-0720 extension 08 but i'm a tick what drew me into becoming seems to me this is a new sort of field bleeding edge and i really like bleeding each right now cashflow is very important for example you know morgan stanley i believe came out

with that whole acronym the brics you know brazil russia india china this was the cash flow is flowing into these developing countries and it was a new trend and it was set in motion a whole period of investment do you see those types of macro trends do you see can you tell us looking at the data that now we've got more institutional money coming in because people talk about it but is it verified is it borne out by the data that stuff a little bit how to with institutions because they don't actually teen to use the block chain like retail you hold hold the coins in your wallet institutions to hold as a custody provider and. some of it is shielded because they phase we we do custody ownership of those coins and they don't actually move on chain just legal agreements sort of a. legal way so i think we'll stop to lose some of the signal that we're

getting from the from from weld county got the retail side but institutional stuff is still sort of. in the shadows again. right where there's a whole shadow banking system and there is there used to trading in the shadows so i wouldn't be surprising that they've expanded the shadow soon clude going but let's so let's get into this idea then that studying the capital flows you can kind of make some good guesses about which way the price is going right so you've been tweeting recently that the bull market is back but this is a trading advised by the way to anyone need to do your own research but this is interesting topic what sort of range d'you see. for the next talked well the bull market is back so we got down to $3500.00 so that you saw this $20000.00 blow off top 2017 beginning 20 that is a massive correction that we've had at least 4 times

a big point that i remember when i lived through and so your work suggests that that is correction is over and we're back to a bull market and so where were we going to go the next 6912 months ok so a lot of the stuff. you kind of see with the top those with. not so happy moving clings around new guys and coming in we got very good clues at the bottom you can see the sort of train reversal happening between investors you know price sort of reflects that on the markets you know maybe 4 weeks 6 weeks later. we don't really need to get. the price at which it's going to trade it we know the direction ality we can do other models of trying to pick the top right like for example you could go $30.00 times $35.00 times the cumulative every inch of the price and they every single top in the history of the coin. right now i believe

they're sitting around about $50000.00. but it keeps climbing the longer runs full so it's time to we don't know the future we don't know how long with a run generally these things a 4 year cycles if you stretch fellated the current cycle with the general 4 year cycle which is kind of like a reason and so what you're getting is these pushes because the mining happening in a few minutes like a bath tub and you just pushing that would just sloshes every 4 years that's the kind of the cycle we cycle in with them because if you make your peace case. it's about $100000.00 i think one of the more common sense predictions would be around $100.00. 5000 based on the timing sic to. 35. so i'm looking at around the 102250000 range depending on how long this bull market runs rice imagine every 4 years and then you mention the happening so the protocol pick quite

every 4 years the output the reward to mining cut in half this is the way that the protocol works and this year are somewhere in may i believe that reward goes from 12 and a half to 6 a quarter because. and this is talk a little bit about what this means to the supply so the plots the so that's why it's being constrained right this is this is significant because when we do this. the inflation rate of big drops below the inflation rate of go. there becomes you know gold being the gold standard of which we have traditionally. since the fee it will hundreds of years before that and now we've got this new digital ski city which is more perfect which to continue to be more scarce. and find this very significant like gold is not its case. launched

a few rockets mine the asteroid belt people think it's not coming but it is coming right the cost of space launch is going to go $100.00 times cheaper and that opens up abundant resources so you go from the. city which is not in a logically limited. it's not right now it's going a big point of absolute scarcity absolute medical game theory to excuse the significant and we're in a digital age which goal doesn't go to so many say that if i started gold this refers to the mining output per year and all the gold mines around the world which is roughly 2 percent or so yes that's right ok so there's about $160000.00 tonnes of gold above ground right now and so that supplies increasing through mining and the mining you know the other factor on the gold side of course is that the cost of mining is goes higher because the gold that is available is getting more costly to

access in south africa for example they're getting down to the lava you know they're gone down so deep there is that this concept of peak gold which could become a factor for gold but to your point it's not absolute scarcity like bitcoin is and yeah it's going to put up $66.00 satellites or 1000 satellites and the satellites are now out there and we're going to start to the cost of putting that type of equipment in tatters space is dropping then sure we could actually start mining gold and we went even mine go because someone's going to figure out how to mine go in the the gold market will collapse because it's pricing that in but india just discovered i believe i'm just working off my head here i think they just found a 33500 tonne deposit in the last week really yeah it's like a huge supply shock coming out of india but anyway to your point so you have mathematically certain scarcity and the having is happening this year and the 4 we are waves that you have observed as a long term observer indicate that this thing is not going to start topping out

100120000 when. i ask you this will we see a transition at some point because primarily from a store of value starts to become a medium of exchange right one of the issues that we have in the big point is that people like the hadal they like to say they don't like to spend it but at some point if i can buy a house for one brick wine i'm going to do it right so it becomes a medium of exchange as it is on the there you go but it's really you will have also these 3 high right and people think we need to get to this low of volatility before we use it we will spend it because you're going to spin the money that doesn't go up. so i think that you know these this you know if the coin wins and then that becomes the unit of account the in what we'll see is like you know feet currency being the ball is one. like. it's a while away the create way to look at the coin now is a story about again much bigger you know point one 6th of

a trillion dollars you know see it is what 90 trillion real estate is 220 trillion gold is 78 trillion exactly and then needs to get above go before we can even stop to think of payments and ok i don't know what i think i have a price of almost 400004 exactly get to the gold level and use think that this is certainly within the realm of possible possible then i think we'll go to wait at least 7 years maybe even 10 years before we can use that as a mainstream unit count that we spin from. right so now when you look at this numbers is there a price a point where you would look at it and say oh you know this is a trend reversal i'm actually got to revise my thinking on this that this bull market didn't come in if we got down to some level that would kind of change our thinking what level might that be. i think a lot of it has to do with the sustainability of mining i think the. the price drop

. with these numbers like i think down in the $1000.00 range they become as light will start to. the last strongest miner that can keep running right on on that now let me ask you this what does hatchery perceive price or price perceived hash rate this is kind of a philosophical question nobody i think they have multiple pins on this i'm in a minority opinion on this but 2 year mark my thought is that. miners will always speculate always take a speculation that they won't they're going to make money in the mining space if it all it appeals to people who want to make money they'll always put the masquerade up there because they say they're going to what they want to make some money. so you're all going to see hash array and then price after work yeah ok i thought well

you know 1st off like if we're just down to a few minus and he's known office right it's very cheap nation states to take it and i think it was soon price point this thing is not defeat simple against a very large opponent. but the point of which is fists i think is chicken albeit i think that the 2 things are open with each other and you can say one of the other if price goes up a strike goes up it goes down the in price also goes down sounds like you're more like price prissy's hash rate which is fine to being argued down on this point but thanks so much for being on the kaiser report thank you max pleased to be here and that's going to do it for this edition of the cars report with me max kaiser and stacey everett one thing our guest will he was going to catch us on twitter it's kaiser report it's all next on.

seemed wrong. wrong just don't. let me get you to see the out of this thing you can't answer. and in detroit equals betrayal. when something you find themselves worlds apart we choose to look for common ground

. greetings and sal you take. after this weekend i'm afraid i just have to say it my friends politics and professional wrestling i was sensually become pretty much the same thing you've got your faces and you've got your heels you've got your factions you even have your managers in ring ballets and just like professional wrestling most of the characters you see on t.v. are being manipulated and created by the one percent who owns the business all in an effort to get you to par ways with your money and your free time modern politics today even runs the same story lines.