am i have my. car at. max kaiser this is the kaiser report it's 21 days 22 days i forget the number of days that run lockdown the corona virus a lockdown and. it's so the what is it is what evidence stacey well of course everybody in the world is on a different day of their lockdown some people like him who hound but have been on lockdown for 070 weeks now in america we're starting to see walling lockdowns across america but you know as the world everybody out there everybody watching is now in some form of lockdown where finding some entertaining diffs and means coming

up on line as the people are at home and becoming very creative and i want to look at this these 2 little sets of money printing go. and they're quite interesting as you can see here is this one guy printed page a picture of pretend its face is turning red he's going red he's pointing predicting fast and then we have this other one here of a whole bunch of central bankers printing money so that seems to be their solution from the at least the neo liberal elite the keynesian sort of old school ivory tower economic thinking elite is money printing is going to solve all these pandemic problems now it's like the child of ron paul and a lot of ways because you started talking about the problems associated with money printing in the federal reserve 2025 years ago during the 2008 crisis people started to more aware of this when big question came around suddenly a whole new generation started to understand the connection between money printing

and the said and economic weakness and now i think it's becoming mainstream knowledge that the problem is the say the problem is money printing the problem is social banks and so that problem goes away. say that expect more pandemics and more financial catastrophes of course the money printing for the past 20 years in particular since the crash of 200-2001 the dot com crash has really covered up all of this malfeasance and and basically stealing from the future all those generations that got to live back in 20 years ago and accumulate assets got to basically pull for the wealth of the generations but i want to look at some of the headlines and the data points that i've been looking at over the past week aside from the pandemic is the pandemic of money printing and currencies because currency markets are the biggest market in the wallet 6 trillion dollars today but there have been moments where there's actually been no the quiddity there's nobody been

willing to take the other side of the dollar trade so the 6 trillion dollars in daily for explaining has evaporated and we've seen chaos absolute chaos there we see enough strong in dollar fall over 21 percent against the u.s. dollar in just the past 2 weeks we've seen the euro down 7 percent in just one week it's down well over that now or oil prices were down 22 percent then up 25 percent shoot volatility there of course we're still kind of on a petrodollar standard so that's also a proxy for the dollar and the oil price collapse has also been part of the situation because it's caused a shortage of dollars because every what everybody in the world has to buy their oil in dollars and because the prices collapsed and demand has collapsed there are fewer dollars out there on the rest of the world outside of america which is causing this liquidity shortage last like heisenberg's uncertainty principle applied to be for export it for the currency markets these currencies

only exist to the extent that they're being observed right because they are phantoms they are holograms they don't tie that anything economic there's no economic activity to support a $5.00 to $6.00 trillion $1.04 x. market there's no economy that what's. part that it's purely a. kind of a manifestation of algorithms that are controlled by computers controlled by banks who have made it to reflect profit at trading phantom money this money and so now that no one's looking at it they're looking at their shelves full of canned soup instead because of the pandemic then the family disappears it only exists if you're looking at it no one's looking at it right now. so it's gone i want to look at this interesting tweet that happened in the past week from denton pirro we're going to actually interview him here on kai's report but he's been talking about this dollar the dollar is the problem right now for the global financial system that's why you see so much of the chaos it is obviously the pandemic in the fact that everybody in

the world out there high watching this you know they're all at home and trapped in home and not able to work not able to produce and not be able to create wealth but the dollar is the linchpin to this global debt based system which is collapsing deflationary bust accelerating now with oil down 22 percent today 75 percent from january higher us 5 year real rates driving up u.s. dollars driving liquidation of growth assets time for real donald trump to intervene and for its markets to weaken dollar before it destroys entire system markets not functioning right then a dollar is a runaway freight train and you know it goes back to our old friend the character when we started doing kaiser report more than 10 years ago the story was icelandic economy collapsing irish economy collapsing the swiss a commie was in trouble because of the carry trade so people were doing interest rate arbitrage the monks different currencies over the past 5 or 6 years very aggressively people have sold dollars to buy these emerging market currencies

because they could get a better yield on those currencies suddenly when all liquidity disappears during doing the highs of burning uncertainty for its market the schrodinger's cat of markets everyone is then short dollars they have to buy those dollars back because there are losing catastrophic way in all their non dollar plays in the market and this is causing a runaway freight train of the u.s. dollar going higher which is did it deflationary deflationary which means that all bond market collapses and i'm really impressed with the speed and veracity which the bond market is collapsing final. lee after 5 or 6 years of calling the top of the bond market it looks like we've finally did hit the top of the bond market instead of harassing me i think you meant velocity the velocity of the collapse in the bond market of course what you're suggesting there is that you know

people are essentially shorting the dollar by going along all those other markets and this is a huge short squeeze as people try to find dollars to close out their trades or take the other side of the trade or whatever you know as we're seeing we're seeing like all these sort of bailouts for the consumer coming the citizen under certain income and that's coming from the treasury the fiscal side congress is really saying that then we have the fed printing a lot of money for bankers printing credit essentially not money and we've seen this pressure for bailing out all these industries like the airline industry and people it's interesting to see on twitter because people are starting to really notice that all the airlines for example spent 96 percent of their pas all of their net cash flow over the past few years on stock buybacks so now they're seeing what a balance sheet a destruction looks like right so just to review a company like boeing or american airlines or berkshire hathaway they give themselves options to buy stock so let's say the stocks are $100.00 and the

executives are given free options to buy stock of a $100.00 and the value of that option might be $1.00 going to $1.00 option to buy the stock at a $100.00 then the company borrows lots of money from the fed for a 0 percent interest rate 0 cost and they buy back their own stock so makes them look earnings look better because earnings are now distributed or applied to less shares of stock so the stock goes up 203-040-5100 percent so that $1.00 option is that worth $567080.00 and you got it for free so they just cashed out and they're just taking all that money especially from the company it's insider trading and it's also. counting fraud and it's it was used to be illegal until 1902 when reagan came in and made it legal suddenly and i want to point out because we're not going to go too much into stock buybacks because i want to talk some more about the observations during this pandemic because we've talked a lot about stock buybacks but the important thing here is they're not only taking

credit credit is one thing you can go bust you can just the faults on your loans that you owe the fed whatever but here they're using cash actual cash from their balance sheet the most precious thing of all cash is king as we're saying and this class you can't conjure it up out of thin air and the fed can only print you more credit they they can't give you cash they can't give you earnings they can't give you real money and that's really important to you know we'll continue looking at the story going forward but in terms of like the grocery business that's a great cash business people go in there and get cash for real goods and commodities that they need to eat to sustain themselves so i want to you know tell the people an interesting point i heard this week from an investment adviser i know and they were looking at the grocery sector as a whole all the huge supermarket chains that you could think of in the united states listed on the stock market they have already reaped achieved their profit hopes for the entirety of 2020 by march 15th so that can suggest

a whole bunch of different things either that every american has 9 months worth of supply that they have bought so because if you've already achieved in the 1st quarter that means all the next 3 quarters they've already bought all the food that they were ever going to buy you know humans can't eat more calories than they are designed to eat you know you eat 2000 calories a day it's not a you're going to like suddenly $6000.00 calories a day so either everybody has bought 9 month supply gallagher's have bought loews a supply and they're selling it reselling it on amazon or e.-bay it could mean like a few of those people who fled manhattan to live out in the hamptons turning this that they've bought 6 years supply or 5 years supply each. you know or it could be of course there's a law. out of high margin products in the supermarket shelves like all the packaged foods beer wine all that sort of stuff that people are just buying whatever so there will be some winners in this chaos those who are able to deliver food in

a way that makes sense in a pandemic are going to generate a lot of revenue is the 2020 revenue goal were met already in the 1st quarter 2020 for a lot of these a grocery stores i think amazon obviously they had to hire 100000 people to kate to to pick up the demand in their warehouses so it be it the distortions in the. way that the economy in the stock market is buckling and doing all kinds of you know it we are going to be some winners and some losers just as you could see from the great depression you also had a very similar thing which was the cereal companies everybody knows kellogg's cereal that survived the great depression because it had cash on hand that it was willing to spend on advertising everybody knows a snap crackle pop rice krispies well that advertisement went out across radio stations across america in 1933 that was when they took over they were became the only big cereal company left and the out there caught that their competitor nobody

remembers their name at the moment but it just they disappeared because they retreated they pulled back they didn't have the cash they were unwilling to spend the money on advertising but you know in terms of what's happening in the world one thing i want to point out in terms of the structure of our economy and the financial system is that generation's e who are between the ages of 4 and 24 at the moment they might have a really good opportunity not only for you know really low stock prices is like buying in $1033.00 or $9034.00 and the structure of the economy is obviously going to have to change the crisis in america is a crisis because it's quite clear they were lying to us or were keeping quiet or not really warning everybody. not only because like senator richard burr here from from north carolina had to sell and dump his stocks 1st but what you saw is that america doesn't make any crucial vital manufacturing products like all the

medical supplies so we don't have any of those so all of the manufacturing is so much money factoring is going to have to return and that could be better for the next generation jobs hawley who is a senator from missouri maybe his congressperson but he said to any multinational corporations that come to congress asking for taxpayer money you better come prepared to explain how you move supply chains and jobs back to america if you want my vote via any major crisis the depression the world war there's a group of folks that rises to the occasion and they define that generation you know one a great novel that came out during world war 2 with joseph heller catch 22 which show the insanity of war and how some people within that situation were profiteering and doing great and making tons of money you know this isn't one of those situations where it's a catch 22 except it might be catch $23.00 anyway we're going to take a break and when we come back what's more coming your way.

truth.

welcome back to the fort i'm max keyser time now to turn to alistair macleod of

gold money dot com and as always i should mention that i am an investor in gold money al so welcome back to the program max already let's talk about some important things here the u.s. dollar has absolutely soared over the past 2 weeks some major economy currencies like the british pound or the australian dollar are down double digits against the dollar what's going on alister well the instinct i think is just is to rush towards the dollar in times of trouble. that if you like is the up to the full the full the full will be when the foreign as who already we've said this before on your show around about $25.00 trillion dollars the problem is that they lack a quiddity they've got the dollars they need to raise the liquidity out of their existing dollars which they will do by selling u.s. . assets in the full 'd mo portfolio investments and u.s.

treasuries and so on so full so there will be off to this a liquidation wave of the dollar right let's talk about oil and how that relates to the some have suggested that the crash of oil prices has led to a dollar shortage if that's what you do you agree with this can you walk us through the relationship between oil price the oil 'd price crass and the dollar if any ouster well the oil price crash has set me being an engineer it to an extent i think by russia deciding to withdraw from any cooperation with opec saudi arabia which needs the money i had no excuse no alternative but to follow as far as the effect on the dollar itself is consent i mean you know you. sort of play around with numbers about how you know sort of the value of oil imports will fall actually i think you're in you're actually self-sufficient in oil now i don't see there's

any real connection between what's happening in the dollar and oil oil is the separatists you but nonetheless important because it will have a lock on effect on the whole of the shoah business and consequently i suspect that there will be major bankruptcies in the last area some people say that this is a deliberate act on. the possibly russia i don't know i think probably less reading too much into it as far as the dollar itself is concerned i think there are bigger forces at play and those are to do with payments payments through the supreme through all the supply trades if you look at the total value of all the transactions that go up to make g.d.p. that's in capsulated and something who grows it now that truly does capture all in numbers gross output is around about $38.00 trillion dollars in america so what is happening is happening in that sort of number it's

a very very big deal you are right yes just to pre-clear for the audience than the saudi arabia started this kerfuffle in the oil paths and they're highly indebted and they kind of poke the russian bear and of course russia doesn't have any national debt and is buying all by thousands of tons south keep in my mind now presumably the 3 major bubbles and crashes we've seen in the past 20 years are a sign instability and for gelati of the fiat's system and you've been writing recently that you see the end of the fi out era so talk about that alistair yes we have come up with really a real real crisis and the template for this is an interesting. none of that was john roll 300 years ago france mississippi bubble at the tail end of 7019 he was trying desperately to puff up the mississippi bubble

before backing it with a bone cryo which that state was effectively the french central bank now he had control over the printing of money off that bank and he he puffed up the share price by printing money the currency started to fail 1st and then the major failed and when the measure failed by september 17th 20 there was meant to be some value in the share price like it had fallen from a bus $11000.00 libra down to around about 2000 lever but tellingly the value of the lever a itself in the foreign exchanges was a 0 there was no exchange for it so in other words the whole thing got wiped out all that model in less than a year and it looks to me like we're doing the same thing here i mean for decades the central banks and particularly the fed has been trying to maintain a full fledged all of value in government securities that force level of value in

if you like in financial assets as a ho is beginning to fall apart the fed is losing control so far we haven't really seen this effect government treasuries but i think they have begun to turn higher in terms of year old and i think that's going to continue now the point but this is that if you look at what the right price level is for say the 10 year u.s. treasury that must at least give you a return over the rate of inflation the fed says the rate of inflation is 2 percent if you actually talk to anybody in america anybody in the u.k. anybody in europe they'll say oh it's a lot closer to 10 percent and indeed she. that is stats dot com at the chat would index say exactly that that facial price inflation is running at 10 percent that is that close a figure that we should be looking at if the u.s.

treasury 10 year bond folds to reflect that rate of inflation then you can see that we've got prices falling to under hof where they are and the effect on the u.s. government's finances 'd would be to expose the u.s. government as completely bankrupt now that would be reflected in the purchasing power of the dollar now not only that but this coronavirus has accelerated the printing of the dollar in the last week we have seen $2.00 trillion announced by the fed the fed alone on top of that they have reopened swap lines with the e.c.b. the bank of england the swiss national bank the bank of japan and this is not a country but anyway so major banks and that is it now that a lot of the problem is the supply chains which said to stay they said they will completely backstop did stop at the u.s.

border you got dollar denominated supply chains going into east asia and elsewhere i mean i think that they manufacture a model of apple is a very very good example of this so this is a very very big deal in terms of the amount of currency that is going to be issued in the next 2 to 3 months it is follow that anyone really suspects now if you impose that sort of a john role model you can see exactly how by the end of this year we should not be surprised to find that not only has the ho industry a financial asses collapsed but the current system fit currencies have gone with it let me continue on here for a 2nd do you think the current. market crash situation is event driven and will return normal 'd after these a lot downs are lifted you kind of answered that the last the last go but to

what extent would there be any relief if any once the lock downs are removed out there do you see that having a material impact or is it just going to be the end of a 40 year bubble and we're back to. very very dire a kind of normality alister well when you get something like this quite hopelessly there is no most hope in the investing public that this is not as bad as i have said it is so at the 1st stage of some good news maybe the pace of the virus slows down a base or something like that and it appears as if governments are getting on top of it so that could get a bit of a rally in the markets whether it's from here or whether it's from low levels i think is immaterial but you can have that period of consolidation and a very good example of this is if you go back 29292932 the 1st hit straight was from the end of september through to the end of october $929.00 event had

a consolidation phase which tokyo i think to around about the middle of $9930.00 and then the market just went down and down and down now that took 3 yes we didn't have vast amount of time we have a fit currency unlike in 1929 to 32 where the currency was exchangeable for cote so this is a very different situation and i think good for a policy extremely quickly but i would expect a period of sums some stage in the collapse of everybody have it heaving a sigh of relief and thinking well perhaps it's very cheap perhaps ill to buy the market and some sort of rally developing but i think it will be a rally and help rather than and subs. right well getting back to john law example as ari member my history correctly they outlawed specie as they called it that would be a golden summer at that time to enable that scheme to continue to collapse and i

think that's an afghan paris announcer absolutely i mean various times that speccy was outlawed and secondly towards the end of $79000.00 that was the case now once the whole thing had sort of fallen a pop through 17 twenties of course the police went round from house to house or the equivalent of the police the army if you like. collecting specie on behalf of the king so you know this is something which is ahead of us i don't know whether because in specie i doubt it very much but one wonders what the blowback from government is likely to be i suspect it will be. more in terms of controlling our lives rather than let's say just completely robbing us in that way but you know the jury's out i mean you know the 70 references think of high up in the road to serfdom i mean what's happening on the political side is actually frighteningly

close to the story they thought that he put into it to that work i mean we're seeing the grab for power this coronavirus i know it's not intended in this way but the coronavirus is giving governments an awful lot of power weight should after it save it will they really wish it we've yet to see i think in the case of a collapsing currency i think they're likely to try and tighten that power rather than ease up on it right well out says all is truly enlightening thanks for being on the kaiser report that was my pleasure max all right well that's going to do it for this edition of the cause report with me max kaiser and stacey herbert thanks to our guest alsa mcleod gold money dot com you can catch his essays and writings at gold money dot com available right there for. we all that checked out if you want to catch up with us on twitter it's kaiser report until next time to.

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