money in the system created by i.o.c. officials and convenient for them athletes have almost 0 chance to prove themselves not guilty we demand the c.i.s. set a new precedent and we want facts compensation for damage to their finances and reputations such a serious organization does not have the right to deliver accusations in such an unprofessional way it's worth reminding here that the future of the entire russian sport is now in the hands of as well because the separate case that the court is considering right now is the one against wada the world anti-doping agency that russia has when water banned russia for 4 years from but dissipation in almost all major competitions and just think for a 2nd if these allegations that the signatures were forged prove to be true that could send liberations on that case as well because that case largely stems from what watching gov blew the whistle on back in the day so it's an interesting story and we actually are waiting for the reaction from the i.o.c. to. explore the concept of time as currency in the cause reports that kevin is here

in the studio to give you the latest update and half an hour join us again. oh max keiser 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 usually 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 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 a 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 or imagine if you could 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 a 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 a 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 the interest rate 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 vegetables to survive ikea of course you know cuts 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 ikea 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 that was on 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's 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 ikea and buy just a 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 mosque 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 the 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 doomsday 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 on some manufacturers will go into soon right well capitalism works if the price signals are clearer and they reflect true supply and 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 oh that gallon of oil in a true free market capitalist system means 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 bidding 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 $4000000.00 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 in 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 a coronavirus and gaia pushing back against humans is big gaia pushing back against money i would posit yes absolutely it all i think goes back to the seti project of the mid ninety's they 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 actual trust rules and i believe they reversed engineered their way back into our collective unconscious that's to invent a big coin 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.

time after time corporations repeat the same mantra sustainability. it's accelerated transition sustainable transport sustainability. the more equitable and sustainable. they claim their production is complete the hamas. has. companies want us to feel good about buying their products while the damage is being done far away this is something else this let's keep going to any minute i need money. in unison we didn't do any minute. so when it.

seemed wrong. but old rules. the old biddies get to shape out these days to come out to it and engagement equals betrayal. when so many find themselves worlds apart we choose to look for common ground. welcome back to the kaiser report i'm max 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 bill 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 be derived from looking at the change. 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 now 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. is lie 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. that the whole k y c kind of thing. during the day it's another speak on chain analysis we don't deal with it 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 into capital flows. and you're seeing where this capital is coming from where it's going and before this what was your were you into financial markets. rated the banking collapse in 2008. 2008 but i'm a tick what drew me into becoming this is a new sort of field bleeding edge and i really like bleeding each right now cash

flow 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 the coins in your wallet institutions to hold a 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 so i think we'll start to lose some of the signal they're getting from the from from county got the retail side but institutional stuff is still sort of. in the shadows again more right where there's a whole shadow banking system and there is there used to trading in the shadows i wouldn't be surprising that they've expanded the shadow soon clude been 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 advice by the way to anyone you need to do your own research but this is an 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 the you saw this $20000.00 blow off top 2017 beginning that is a massive correction 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 investor is you know priced 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 picked every single top in the history of the coin in 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 was the 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 havening and if you measure and it's like a bath tub and you just pushing that water and it just sloshes every 4 years that's the kind of the cycle with that we cycle in with them because if you make a piece case. it's about $100000.00 and 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 big 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 go through 12 and a half to fix the quarter because. and this is talk a little bit about what this means to the supply so the plot the this why is being constrained right this is a this is significant because when we do this. the inflation rate of bitcoin drops below the inflation rate of go. there becomes you know gold being the gold standard of which we have traditionally made money 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 skilled. and

find this very significant like gold is not. launched a few rockets mind 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 this. city which is not ski it's technologically limited but it's not right now it's going it's big point is absolute scarcity absolute myth medical game theory to excuse the significant and we're in a digital age which gold doesn't go to so many say that if i started all 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 tons 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 it's one in we when even mine go because someone's going to figure out how to mine go in the gold market will collapse because it's pricing that in india just discovered i believe i'm just working off my head i think they just found a 33500 ton 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 wave that you have observed as a long term observer indicate that this thing's not going to start topping out

210-012-0000 let me ask you this will we see a transition at some point big cowen what 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 they don't like to spend it but at some point if i can buy a house for one because 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 know with a bowl so you see high right and people think we need to get to the slow 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 a you need of the in what we'll see. it is like you know i feel it currency being the bolus one but like. it's a while away the creaked way to look at it because we know as a story about you need to get big and 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 it then needs to get above go before we can even stop to think of payments ok and i don't know what i think the price of almost 400004 exactly get to the gold level and you 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 you know count that we spin from. right so now when you look at these 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 gonna have 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 that if the price drop. with these numbers like i think down in the $1000.00 range. becomes light will start to. the last strongest miner that can keep running right on on that now let me ask you this what it is very pretty steep price or price precede hash trade 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 to your mind 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 it all peels to people who want to make money they'll always put some hash trade up there because they say they're going to what they want to make some money. so you're all going to see hash and then price after work yeah ok i thought well you

know 1st off if would just down to a few minus and these 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 price goes up it 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 mix pleased to be here and that's going to do it for this edition of the cause report with me max kaiser and stacey herbert one thing our guest will be whoops if you want to catch us on twitter it's kaiser report it's all next on.

join me every thursday on the alex salmond show and i'll be speaking to us from the world of politics. i'm show business i'll see you then. 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 a world of energy and oil. this

chews day right now in the headlines the e.u. deploys a rapid intervention team to the greek border with turkey and scrambles to prevent a huge influx of refugees covering up for you also this. to indorse in support joe biden president. choose day gets underway in the u.s. with voters in 14 states turning out to pick their preferred democratic presidential candidate establishment favorite joe biden has already had a major boost to we can report after 2 challenges dropped out through their support behind him. and his team climate. continues to make waves in the media ah.