it's too busy reading twitter all the time and not enough time to devote to reading a tell 2 cities i want to read the rest of that quote from the opening of a tele to cities because it's quite relevant i think to our time because that book was written in the period leading up to the french revolution and then through the reign of terror which i think is similar to what we have today it was the best of times it was the worst of times it was age of wisdom it was the age of foolishness it was that the pock of belief it was a part of incredulity it was the season of light it was a season of darkness it was the spring of hope it was the winter of despair we had everything before us we had nothing before us well well done charles dickens captured the guys at that moment to make a christmas carol being a condemnation of capitalism wasn't yes you know the ghost of christmas future was neoliberalism visiting upon the president to try to warn people what happens when you financial eyes the global economy and you do 3 or 400 years with the

consumption today christmas being a holiday of consumption or losing its its significance as a spiritual soulful occasion and here we are you know we've all been very very naughty and we've all been sent to our room and we're all sitting in our rooms now thinking about what we did this is a moment of self reflection for the global community to sit in your room and think about what you've done because you've been very very naughty and there's a sort of sense that yes it is bad on the way to something better ok yes for example the revolution and france and the reign of terror were not pleasant events in themselves but at the end of the day they led to a republic and. a wealth and income gap that declined rapidly and you know a flourishing of the ordinary person the same here what we're seeing is we're seeing the end of a financial system a debt based system. i'm

a fee based system it was never going to be nice it was never going to be great it was never going to be easy but you had that insurance of your gold position for this sort of situation and i want to look at the fact that it is over no matter what you think it is over now the world has permanently changed the fed is attempting to stop this repricing from going any further they essentially announced they are nationalizing the markets and he's looking at a headline from the f.t. nationalization a bond markets helps calm nerves fed's promise of unlimited buying will not be enough on its own says investors mean this is the culmination of what we've been talking about for a number of years here on the kaiser report for those of you just catching up now this is what we've been warning about and talking about for years so in other words no price discovery is allowed no risk borne by the financier allowed no risk

for the billionaire class no possibility of losing a penny. as long as the central bank is committed to infinite money printing infinite those of their words infinit money printing so that means that the stock market the s. and p. $500.00 the bond market is being taken private ok all those stocks and bonds will no longer be publicly traded or publicly listed or the vast majority of them will no longer be they'll be then priced like dell computer remember michael dell decided a few years ago being a public company and so much work and my stocks terrible i'm just going to go private oh ok apply that now to the majority of the s.p. 500 deaths is going to go private so what will be left is a fast penny stock like junk bond market for idiots and casino operators to lose money in every single day for the benefit of the rons yes pretty much that's the future if you notice the stock market is not going down particularly at this very

moment as the flood of the wall of the tsunami of money will go flows into the pockets of the billionaires the bond market dwarfs the equity markets the stock market so it's way vastly bigger ordinary people don't know the size of it and the numbers wouldn't even make sense them but the fact that that is the internationalized and presumably that's part also bailing out pension funds the mutual market funds like a whole sector of the economy that you're not even looking at you're just looking at the shortage of toilet paper the shortage of real goods and services like that's something that everybody can see but the the wall street knows that there's a shortage in the bond market there's a crisis there and nobody wants to hold that this is what we've seen way back from september when the repo market was being intervened in by well now is that a trillion dollars and that well let's be clear about our term nationalized because it doesn't refer to like a government let's say france or the united kingdom taking over public transport

and for the benefit of public who will then. bring in pricing that is in the public interest this is american style nationalism where you have the fed which is a private bank owned by private bankers lending out infinite amount of paper money so that the billionaires can be assured of never ever taking a risk or losing any money that's the american style nationalism is to go private that's what they call nationalism stiffer than european nationalism now it's the best of times and the worst of times in the gold market as well as we've been covering and i have a tweet here from royce a bog the situation on the gold market has not improved there is no metal and bully on banks have now stopped offering 2 way markets for gold the spot price is disconnected and seems to be discovering the price for some thing that isn't gold if you have gold to sell contact us right now there's $2.00 parts to the financialization of the world and the increase in debt to many hundreds of trillions of dollars around the world many hundreds of times g.d.p.

around the world and that is the suppression of goal we started doing all this content business back when the gold antitrust action committee in the early 2000 issued a report on gold suppression this is one of the 1st things we cover and this has been the story a sense that early 2000 period gold is safe and sober have not been allowed to express their market price there's been no true price discovery because you can't have a financial ization going on rampant with hundreds of trillions of dollars worth of worthless debt and paper money without suppressing the price of gold now we're at the point where the money is starting to finally hit the buffers and so gold is allowed to be valued in the true price discovery as the comix in the l b m a collapse as they did the early sixty's during the gold pool days that means you're going to see i believe my opinion the price of gold that currently in the you know 13141500 dollars 600 dollar ainge will gap open the $2500.00. and head

over to 5000 to to make up for all that last time you're seeing a demand for physical people want physical gold these investors these multibillionaires want gold nation states central banks want gold and that's what you're seeing this shortage of the gold supply the paper markets are unable to deliver physical gold that's what we're seeing but these exchange for physical contracts being broken on the other hand also what you're saying about what they've been able to do or what they've done since the 1980 s. for sure is that there is you know since the plaza coord in all this sort of stuff that you are you need to maintain faith in the fiat's currency right for this whole system to survive as it is this is the worst of times for that system as not coming back they all think it's coming back it's not coming back for them because what you're seeing with this desire for physical gold is not just speculative exposure to the price because that's where you go in the fist in the paper markets you want

the actual thing because you are starting to lose faith in the system and i notice ordinary people are starting to question this as well not biased necessarily buying gold but if you've noticed on twitter a lot of people have noticed since we're printing up trillions of dollars all over the world every government's printing uro's or pounds or dollars is they're saying well why do we have to pay taxes anyway and as you and i have pointed out here the taxes are just in order to maintain people's belief that there's some value in it like i have to work to i have to pay these taxes that means the government really thinks these are valuable and well if they were just printing it up you know you would not have faith in the currency so again you know everybody's called for hyperinflation has been the widow maker for of trades for decades since 1971 essentially but it could happen it could happen and when it does it will happen suddenly and it's gradually happening but then it'll suddenly happen right i think you're already starting to see this in things like arms juice prices so are shoes

prices due to the pandemic which is. caused in part by the pool look for ration of paper money in the absence of goal price discovery is now skyrocketing prices due to shortages because it's a physical thing and people say oh i need my help i want my orange juice while the prices are skyrocketing same thing is happening on the commodities and the same thing is happening with gold and silver remember billionaires think of gold and silver the way the unemployed people think about toilet paper yet you've said this and you said a few episodes ago you did warn that what would happen is just as you see people stampeding to the supermarket to buy toilet paper you still can't 2 weeks later you cannot get any on amazon there's a shortage of toilet paper and you can't find a role for any price you said the same thing would happen with gold that once once you needed it it wouldn't be there for you and you see that in this tweet related to the gold market as well from its bits gold market is facing unprecedented

turmoil worldwide panic over corona virus outbreak and flood of stimulus by central banks has ignited demand for one of humanity's oldest methods of storing wealth as suddenly much harder to get metal when it's needed i predict the ultimate and this is not only the ultimate use case but the ultimate irony is that once people realize they cannot get gold. they all star flocking on masse into bitcoin because that'll be the only way they can protect their wealth with this reliable store of value and that's so funny because everyone in the gold community the big point we've been warning back and forth for years ultimately the ultimate use case for because when no gold is available at any price because they're simply billionaires of scarfed it all up unlike 2008 when gold prices did decline by 30 percent as everybody sold off all they had in order to meet that margin calls we saw that briefly but he could about the situation of the pandemic is that many

mines are actually having to shut down so you're going to have a serious shortage of supply the refineries as you mentioned in switzerland are also shut down so we could be encountering a real crisis in the gold markets just like in the toilet paper markets. right mines or shutting down supplies the drying up as you point the key is that when you most need it most it won't be there that's why people like myself and others in the gold community have always been saying you can't wait for that people all say one is going to move once you've got to move well you have to better be a year too early than a day too late because once you're too late you're too late the door is shut you're out hey you know what's been going to great books for the pandemic you like charles dickens so he's a good one from our bookshelves here who the play right this is a classic this is really you know detailing all the emotional turmoil that goes with the it is it's a pandemic so is it worse off than the some new it's happened before and you have

got to take a break and when we come back much more coming your way. micrographs sions our slights against you know whites or men. and for example there's there's fights against women or nonwhites so it's always you know the idea is that statements that directed toward a privileged group are interpreted differently than a statement directed toward an oppressed group and so that's kind of the whole framework and it's a it's a political framework that's used the result is of course focusing at least on certain kinds of minor slights and say well rather than a north shore then we need to call attention to them but it's not all slights so it's a very political in this context and. in

this community there are people who believe that it's ok. it's really hard there are no jobs and you see that i've got kids that ask and as a parent. i can come up with lots of arguments and there's a lot of conflict within the game and between the teams most of the conflict i would say over most rahmani and most of them is me. close one you know the children's clothes he know each other and this could be just the state of california alone to make $6000000000.00 you have to prison complex just to get some point in your life where. you don't care anymore nobody cares about you so you don't care mind anything. going. on.

welcome back to the kaiser report imax keyser time now to turn to journalist author podcast or matt taibbi his podcast is called useful idiots not to be confused of course with the useless that is once again destroyed our economy and financial system matt welcome back as a go max a fabulous. yes that davies now nobody captured the 2008 financial crash site guys better than you with their talk about goldman sachs is a vampire squid have you come up with a similar metaphor for the 2020 pandemic collapse yet i have not i have to go into the metaphor factory for this one i'll just leave this this whole thing it is this size of it is so hard to get your head wrapped around that just conceptually i just don't really have a firm grasp on what's happening here i mean clearly this is going to dwarf and up

the works in 2008 in so many different directions in including with the bill a package so it's really hard to really hard to have a a line on it well a lot of ways it's a continuation of 2008 it's part 2 of 2008 because as you documented in your work at that time the solution at that time was to simply give the guys who did the bad things more money to do more bad things so here we are in 2020 and suddenly the outcome is much much worse now the u.s. spends 18 percent of their g.d.p. on health care and yet health care and health workers in the top hospitals in new york city are wearing garbage bags for medical gowns what does that tell us well obviously we have a health care system that's completely inefficient and it's based on a series of incentives that don't really make sense in terms of your aim is to

provide good and efficient health care to everybody that's really. care system is designed to do is designed to drive profits to a few people in a few industries the pharmaceutical insurance industry is made mainly hospitals as well one of things we're finding out with this crisis is that there's there's just a mismatch so set of incentives for just providing basic care so for instance hospitals are going to be killed through this this whole affair because just putting a sick person in a bit for 7 today and 10 days and putting them on a ventilator is not a money making activity for them so even though they're going to be overwhelmed they're going to be busier than ever they're actually going to lose cash they're going to forego elective surgeries they're not going to be doing the more more serious surgeries that make their big money. disciplines of things like masks and downs there are rules for how you maintain the inventory of those that are preventing them from having stockpiles so all of this is exposing profound flaws in

it and how we structure health care now back in 2008 there was the tarp money and a $750000000000.00 or so and then that metastasized became many trillions of dollars this 2020 repeat of the $28.00 crisis has started off what they 6 trillion dollar bailout i'm sure that a balloon to much bigger numbers in the in the months that followed the vast majority go to the same bankers private equity corporations that wrecked the economy stephen itchin has been granted an enormous powers over trillions to be dispensed to banks and corporations another daylight robbery in the works but this is again it's a repeat of 2008 but just $1020.00 times bigger and it doesn't same like there's anything in place that would put any brakes on this at all matt no there are there oh there won't be and i think the difference with this as opposed

to 2008 is that it doesn't if there wasn't one. there wasn't a predicate event that the public could look at and say this organically caused the financial crisis i mean if anybody bothered to actually look they would find that the 2 dozen it crash was caused by. a lengthy period of gambling in the mortgage markets particularly the subprime mortgage markets and they would be able to draw didn't direct line between that and the people who are. the companies that were most in crisis that ended up receiving most of the 8 in this case i think it's going to be very very hard to 'd train public eyes on the financial disaster and see and have them be upset in the same way as they ultimately were after 2000 it because people are going to say this is an organic natural disaster that we just had to deal with one way or the other and they're they're going to ignore the juno

the enormous profiteering that's going to go on because they're going to see it as a rational response to a real crisis now leading up the years up to they have this crisis airlines this is one thing though that people are really starting to figure out matt is that the airlines spent in other companies 96 percent of their cash flow on the stock buybacks boeing spend 100000000000 on buybacks now they're getting bailed out. so there's a direct cause and effect here the airlines spent all of their free cash flow boosting their own stock and essentially transferring that wealth to the executives now when they need the cash they don't have it and they go for a bailout and this is being understood by the public now they understand this that there was a wholesale thievery going on in these industries including they particularly in the airline industry another mame that's gaining enormous traction is the bit central banks go burn or bird on a you know they they're trying to inflate the market by printing money so there's i

mean. you know a pink whoa jack psyche. guy printing money quickly to keep up the market so there is a connection people do see the connection now between artificial money printing and the for the facade of a functioning market so i think the public same to be catching on and that. your got your finger on the pulse of that the rolling stone. meme i wrong what they'll eventually see is that there were serious flaws in the economy i was that what you're talking about when we said this artificially overheated stock market this economy that's you know that's been based on all these rosy numbers that are continually reported coming out of wall street but as you point out you know it was really it was really a party that the executives movement of these publicly traded companies were throwing for themselves and they were just piling more and more cash into their

into their own share prices in order to perth personally profit so when this happens it's not like we just said hey that's not a healthy way to structure the economy and that's not the best way to actually equitably distribute resources and invest and grow and all these things know that the response was just let's just throw a bunch of money at the stock market so it keeps going in that direction and we can keep this party going then you see you're right there's absolute correlation and that's because that's exactly what happened in 2008 similarly you know with with the money printing of course we had more or less exactly the same situation 2000 in it with you know their various quantitative easing programs so it's the same i just think the public it's going to take them one extra step to get to get there it to get to the ridge just because of because of the coronavirus thing that people are going to say way it's a it's a real problem let's turn to politics and i know you've been writing a lot and tweeting

a lot about this upcoming 2020 race because it's got some fantastic cast of characters and some rail. drama developing hair on the democratic side we've got joe biden. there seems to base and question surrounding what's going on in that camp. and the truth of their look at twitter apparently the american voters are still a lot of support of the way trump handling the coronas coronavirus pandemic. but what's your take here looks like they looks like the democrats might be underestimating trump again but what what what how do you see what's happening here such a repeat of 2016 i cover trump's campaign in 2016 and right from the start one of the things i noticed was there was a there was a gap between how trump was perceived by people people like me in the media you know who worked in new york l.a. and washington and how he was being pursued by people in the rest of the country by the bulk of voters particularly by the bulk of conservative and independent voters

so trump the more he was exposed to people the more people actually liked him i mean when he went on the campaign trail they love going to his rallies you get enormous amounts of enthusiasm but the the press and the political class continually registered this is some kind of error like they would like it wasn't real they thought that it was some there was eventually going to be some kind of correction the more they wrote about him the more they they complained about among television it didn't happen like that again more the more trump got out in front of voters the better he did ultimately and the more condemnation he got from from people in new york l.a. in washington the more people seem to like him and that's what we're seeing now again with this coronavirus thing and what this election cycle there's been this is something and then it seems we get somebody who's you know the superficially not a lunatic that person is automatically going to. win this enormous amount of

support but no like you didn't even in this. basis trump's approval rating goes up his approval rating during the impeachment hearings went up during rush it went up and it's the same miscalculation of the same people are making it just boggles my mind that they think that there's going to be a different outcome this time well into $26.00 tame and living up to 2020 their same step a the dead hand of hillary clinton in play right i mean whatever happens is that you know if she denied bernie 2016 the d.n.c. have what's a palace he still has influence has maneuvered bernie out through a lot of dirty tricks and now with biden it looks like a straw man. to somehow maybe parachute hillary in at the last minute to save the day and that is that the reason trump gained the so much popularity is because people see through the machinations of hillary clinton well whether it's

hillary personally or just the party as backed by hillary and all of the clinton acolytes yeah it's those people i don't know that there's actually a plan to replace joe biden with somebody like hillary or injure cuomo that's the popular conspiracy theory lately. but certainly they think that their formula that that formula of politics is going to somehow prevail this time around and they're just wrong they did they don't understand how there's a there's a ceiling there for how how much support that brand of politics can get with a selector it in their day also don't understand that there's a there's an enormous level of. anger interests restoration and just already dislike of that brand of politics out there they're not sensitive

to it they think actually that they do or they're like much more than they are and desist. frustrating to watch the like the thing with bernie sanders i think he's a flawed candidate look when you have known him forever and ever written a lot about him over the years he does have his flaws but. the reason he was interesting as a candidate because he presented a different kind of politics something that was substantively different from what they ran last time and i think you would have had a better chance with independents and with other kinds of voters. but no they want to go back and just you know run it back he's you know and they think it's going to be different i don't understand right ok well that nice to speak with there again matt taibbi hope to talk to you again soon absolutely max hang in there well do well that's going to do it for this edition of the kaiser report with me max kaiser and stacey ebert like to thank our guest mats a big star writer on the rolling stone if you want to catch us on twitter it's kaiser report and so next time by.

your government our government and all the other major governments of the world know what's going to happen and when it's going to. but they haven't told you and they haven't told me they haven't announced. imagine something as big as the earth . is going to cause tidal waves or earthquakes volcanoes erupt and it's going to chill. so very for a while right. my great grandfather's quote. nobody would care about the law or prison so you'd have wallace the should have. a terrible

life of between now and the. israel media a reflection of reality. in a world transformed. what will make you feel safe from. isolation full community. are you going the right way or are you being led to some. direction. what is true what is faith. in the world corrupted you need to descend. to join us in the depths. aura maybe in the shallows.

a bit of let me. ask i wouldn't. take i could. not. to show me one. thing you love who you know nothing. to make it a secret is don't want to touch. don't want to have all of the kook on the spindle it's in the out now as you had checked on bush. then most of the football team. i knew of those damone. much of this news for learning one thing for not. so would you hire them and when he tried to use in did.

not. want to meet you house on the net passing them. german officials accuse school swear giant of exploiting a law that was supposed to protect low income tenets refuses to pay rent on its stores because of the codes that $19.00 of them. governments around the world face a stark choice between saving their economies and saving lives in the countries or trying to strike a balance. i'm far from expresses his appreciation for medical aid by russia and china to fight the corona virus which is now a few more people in the united states than anywhere else.