americans in order to help them recover from coronavirus their covert 19 so while they were laughing at them the very same day they were laughing at tom for saying that they announced this by didn't anyone wait until the official nomination to bring in the ghouls yes that's larry summers advising biden campaign on economic recovery just a reminder that summers in 1901 of running the world bank issued a memo saying that we should dump our toxic waste from the west developed nations onto the least developed nations to those who can't fight back because they don't have the you know the wealth or the sophistication to appreciates how toxic waste can ruin their environment they don't understand beauty like somebody like larry summers he also was instrumental in passing the commodity futures modernization act which legalized gambling turned derivatives into a giant pile of risk that could be dumped on to pension funds because allegedly they're sophisticated enough to understand the toxic risk they are taking for their

pension fund even members and then he also got rid of glass steagall by helping to pass the graham leach bliley act which removed the separation between investment and commercial banks so this is that guy that biden is now bringing in to help with the economic recovery like any guru would want to help with any recovery they feast of corpses this was an attempt to keep a wall between the most reckless of speculators on wall street and the banks that hold people's money was these laws that were in place for a long long time and then he was able to get rid of those laws and get rid of those barriers which opened the floodgates of the predatory and reckless speculators into the banking system they made many many. off the charts risky bets that last which then resulted in huge belly. and the destruction of the economy the

glass steagall had been in place after the crash of 29 put another barrier between the worst elements and finance the most reckless speculators and your money your savings he decided no we want to be able to use people's savings as our collateral to engage in a wild speculation like long term capital management would never have existed and that and the destruction of long term capital management the destruction of enron enron's evisceration and disappearance world com disappearing in a heartbeat that's all thanks to larry summers getting rid of all barriers between the worst predatory financier earth and your money and of course the response by other people like nugent treasury secretary who is kind of a disciple of larry suppers is to simply again pay no attention to the rule of law and to just take out an enormous pitchfork and shovel money into their friends' pockets as fast as possible you mention and ron and of course larry summers was

friends with those sort of guys can lay all these big brains member they believe they're so smart and so much better than everybody else ken lay was the. you know the previous guy to jeffrey epstein who was also a friend of larry summers who under federal custody mysteriously died and all their case disappeared and their wealth remain to intact so when he was under bill clinton as then deputy secretary of the treasury summers testified before the us congress on july 30th 1908 about the commodities futures modernization act and remember this was basically legalizing total gambling and derivatives and the explosion of the derivatives that we had the parties to these kinds of contracts are largely sophisticated financial institutions he argued that would appear to be eminently capable of protecting themselves from fraud and counterparty insolvency

is let's talk about what the commodity futures modernization act of eval that enabled sophisticated wall street financier to package call of their risk and to dump it into pension accounts so pension accounts are either under funded or they get rated in the various hostile raids but the toxic dump where these ghouls come out of this toxic dump think of the ph the teachers' pension account or the fireman's pension account or the unions public workers pension accounts as a swamp of risk that were these ghouls like larry summers come out like godzilla or some the thing or the blob and every couple years they're they're pulled out of the swamp of risk and they're given a new job here joe biden was given a new job and so this blob larry summers just excluding risk and kind of like the line is that back in place to create more financial

terrorism and it's quite sad remember also what we saw with the primaries for 2020 was that joe biden has no support whatsoever from the money else anybody $40.00 and under so. here is that risk because remember larry summers how he operated as when he was at the world bank in 1901 he did that famous memo on december 12th 1901 where he said that we need to ship more of this toxic waste that is costing you know the developed countries like europe and america it's costing us so much money to have to get rid of this waste why not just sent it to the least developed nations like latin america and africa so he's already got this in his mindset of how to get rid of the risk onto somebody who can't fight it right who doesn't have the power or the agency to fight it well 3 catastrophes in 20 years are hammering millennial finances so these 3 catastrophes followed on bill clinton

larry summers robert rubin the financial is the ghoulish financialization that they impose so you have the dot com crash you have the 2008 crash and now you have this 2020 crash and massive bailouts the ones now are happening when millennial are 40 the one before that was when they were 30 and the one before that the dot com crash was just when they were turning 1020 and graduating from university well let me explain how very simple way the pension fund of the passive money and losing money in kind of inheriting or being subjected to massive risk toxic risk thanks to larry summers and thanks to the laws that he had changed or the new laws that he brought him so i mean i worked on wall street for many years and i have observed this many times very simply. a trader at a wall street bank makes

a highly speculative trade but they do not give an account number for that trade it's done in street name. they waited a day or 2 or 3. and if the trade is profitable all then they supply the account number which happens to be one of their friends if it fact it's a massive loss then they supply the account number and it's that it it's a pension fund. and the records look like the account number was given upon execution but that's not what happened and that's called parking a trade it's illegal but with thanks to larry summers the way to track whether that's going on or not the mechanics of regulatory oversight or above are made opaque. to the point where the there they are rendered impotent so that means that this is how j.p.

morgan remember last year i believe they reported 90 or $100.00 straight days of straight profitable trades without a down day that was a clear example of what's called a look back trade to use the professional parlance the binocular of a wall street financial terrorist they simply take the winning trades and give the losing trades to typically a pension fund who is run by a very low level person that has no agency as you point out so many of these pension funds they can't understand why their performance is so horrible. but they don't have the ability to actually own challenge there are these weapons of mass financial destruction as warren buffett called so just so you understand why our system is so toxic why these ghouls and financialization rule the world why we have this messed up system with trillions and trillions and trillions and trillions and trillions dollars a bailout chileans of dollars for bailouts for those that are friends and so so smart like larry summers right the smart guys because commodity futures

modernization act because of glass steagall risk emmy award was able to be separated obviously with options 2 in the black initials options formula so they were able to separate risk and reward and this thinking that larry summers himself which he says was sarcastic but you know it's the truth is that the risk should be dumped on to those who are not as smart as us not as good as us their reward should just be kept for those like us because we are so smart without us the rest of the economy can't survive they need us that's why you have situations like this bailout for small businesses mom and pop it went j.p. morgan gave it all to their super wealthiest clients and none went to their small business and clients write your message jeffrey abstainer earlier i mean if you were to create a more ality index moralities. well you know certainly he would be at the most reprehensible moral character is ghoulish ghoulish and reprehensible so on that

that scale you would have to put very very close you'd have to put a larry summers right next to jeffrey epstein on the more ality scale and jamie diamond and a lloyd blankfein as well that's really they occupy that that position on the reprehensible ghoulish morality scale that for some reason our political class keeps digging out of the ground digging out of the swamp and giving some storage and political position to continue their financial. the they're there as jihad against america well it's just pure ghoulishness their ghouls prey on the dead prey on the helpless prey on those who can't fight back prey on those who are not given agency these agencies have iras are put at the disposal of the sarasota larry summers who architected the system who behind the scenes everybody you know these are the architects the larry summers the jeffrey epstein's the 10 lays who are behind the scenes architect in the system and finally

i want to say again here that the smartest guys in the room get bailed out all you idiots and imbeciles get all the toxic waste you will pay for their ballots well bailout treasury secretary steven nugent said he's considering creating a government lending program for us oil companies us oil companies who were so stupid that they kept losing money for 10 years and kept pouring money into what why stop with bailing out the oil industry that is dysfunctional why not also bail out the buggy whip industry and the ladies petticoat industry and the stake oil industry and every ringling brothers and barnum and bailey circus you know why not just bail out everything in the present and go back 300 years you get a free 60 if you get a fee. all right we're taking a break when we come back much more coming your way.

i. thank. god. thank. yous are sort of in the. book who are people. going to get it. you're definitely walking into the words all in all we no longer know what we're walking into. on march. what she needs to break she what about.

who she is possible sensible stuff. so what we've got to do is identify the threats that we have it's crazy isn't foundation let it be an arms race is often spearing dramatic development is only a silly i'm going to resist i don't see how that strategy will be successful very critical time time to sit down and talk. time after time called parisian to repeat the same mantra sustainability it's very

important it's accelerated transitions to sustainable prize board sustainability space where man at a more equitable and sustainable world. they claim their production is completely hama's paulo does need to. look. into compass numbers and got it into something companies want us to feel good about buying their products while the damage is being done far away and this is something else this must be going to mean and i need much of. this is the move in unison to do nieminen einstein seem to me understood so when. welcome back to the kaiser a for imax kaiser the news with great pleasure that i introduce my guests the big

egg head top thinker research director and all around nice guy from gold money out the mccloud unfold exposure i'm an investor and gold money out there welcome back boss an introduction yes you should put that on your twitter handle all ready well let's get into it time is short and your intelligence is vast so let us begin. bank of america is calling for $3000.00 gold by october of 2021 they blamed the central banks and said quote the fed can't print gold i think it was the statement of the o.p.'s that if they really understood what they were talking about us then they would understand that infinite printing bain's an infinite price of gold or more correctly no price for gold measured in fish that's one thing that people i don't think quite understand they owe us say well gold is quite volatile but in fact the gold price doesn't really move at all it's maintain the same more or less purchasing power for thousands of years is the fear of money surrounding gold

that's volatile what your thoughts on that i think what you say is absolutely right the mistake people make is they think gold is a safe is an investment or something to speculate with they don't understand that it's money if they understood it was money and asked you to also it would be completely different now donald trump got trouble recently because apparently he said during a press conference that people might want to take disinfectant as part of the covert 19 infection and that's start of iran disinfectants and people started to imbibe them not sure about the why exactly looking at gold is a kind of a actually a disinfected against. a toxic monetary system it's certainly not proving to work in that respect because they're printing regardless i mean the central banks are agreeing amongst themselves we're talking about she said she said in level that all

of them are going to print added for nice it doesn't matter what happens print print print and of course they've also got to counteract contracting back credit because the bank of terrified of what's going on being asked by the central banks to just pos money through to cloud so again bust and this is a situation that i've seen folks they are becoming risk averse so not only have they central banks to prints enough money to get through to save everybody save the world but they've also got to print the extra 2 if you like counteract the contraction of bank credits i mean it really is absolutely crazy it's going to battle the money printing going out the central bank the federal reserve bank of america now has over 6 trillion dollars in assets that have no resale value they're effectively worthless that they bought by frank thing up a fresh 6 trillion dollars souther 1st part of question as can they go to japan

like levels of 100 percent of g.d.p. and that would mean $20.00 to $22.00 trillion dollars of printing number one and number 2 year recent post is titled anatomy of a fear of currency collapse will fear of money survive the covert $19.00 pandemic of money printing what does the collapse the look like so the 1st part is can they get the point to china and the 2nd part is walk us through your recent essay 22 trillion easy pieces in fact again out to print a lot more not just to make up for 'd the payment failures in all the supply chains the supply chains total not just g.d.p. but all in to mediate steps towards a final product and you're really looking as a figure which is more in tune with. grace output which is 38 trillion and that's just in the united states and it doesn't take account of the supply chains coming from outside the united states so i mean this is really infinity just in that one

thing and the other thing which is def desperately important to nestle through to ontario 2nd question is that you can sum up the whole of monetary policy as being the in paris if to keep financial assets from falling in value and particularly the lead financial assets which of course are government bonds so this is something that john lord did 300 years ago or he tried to do and he failed so he only had one asset to keep up and that was his mississippi venture he printed lever a french lever he's a lever in order to sustain the price and eventually it failed this will fail because it's not just one security it is every financial security in the world the task is massive and the attempt to sustain value in these financial assets will destroy the currencies and i love the john locke comparison and anyone interested in this topic said it really explored john law and then more recently

a similar not quite the same would be what happened iceland when the icelandic banks were printing essentially money to buy back their own shares ad infinitum and then they all in concert collapsed but you know we were talking about negative interest rates face of play and how that is an historical anomaly now and had ever thought about doing this before it seemed crazy and yet it did exist and is an ongoing policy initiative well you know there's something new even more ridiculous some might argue and that would be a negative price on oil so oil prices went negative which is just as toxic i would think as negative interest rates the other 2 related no not really as i understand it in. the next best on the oil markets the real price of oil you have to look out if you like the long futures curve to 612 months and that gives you an idea as to exactly what prices the fluctuation is all at the from ted and it's because of

delivery problems we had the situation and climax where people had bought the oil if you like oil contracts not realizing that the seller could actually dump the oil on them and that's actually what happened they got no way to put it i mean it was it was like a. sort of a fast i mean a complete farce and the consequences were already quite dramatic got the headlines know the rest of it but it doesn't mean anything beyond that i mean certainly i would say that with the way the global economy is going which is reportedly downhill then demand for oil is likely to fall substantially as well so they're going to continue to have this problem i don't see a meaningful recovery and oil prices for some time i looking out along the futures curve i would have thought that prices there would tend to drift anyway so we're not out of the woods the far as oil is concerned but i think what happened last week was a pure fruit company it was a freak of markets right we're going to push back

a little bit on that because with strikes me is there for the exchanges and the regulators to allow for a negative oil price prince to exist they're setting a precedent which says $2.00 things number one no no laws of matter pertaining to this physical commodity and no rules on the books are also being applied no one's enforcing any rules on these exchanges one particular e.t.f. which has the ticker symbol of you asked oh no flagrantly violating multiple securities laws for suitability and position limits and the idea being that we're financier's in the. laws don't apply to us and this does belong to the bond market with negative interest rates and it does spill over the gold market with naked short selling market suppressant market manipulation so in total this does

affect gold in a big way but i would imagine that there is a point where the fraud in oil interest rates and gold catches up to the market and we see a genuine france based on genuine demand if suddenly the price of gold reflected the genuine demand absent of all this financial fraud by exchanges and regulators what is the fraud adjusted actual physical price for an ounce of gold today alister i mean i think what you're describing is frauds with then why defraud the whole of the banking system is a fraud the idea that a bank could just it's your credit center is procida that this is something goes back to roman law justinian except that the idea that banks can actually create money was fraud i mean it is a fraud on the on the people so yeah those fraud and fraud and for a lot of as far as the go block is concerned i mean it's bain the whole intention

has been to suppress the price of gold ever since 1971 by expanding the amount of paper supply to absorb any added to mond and by not that's worked and it's worked actually until very recently and we're now in the situation where that is no longer working so i think the whole of the fraud is beginning to unravel we're seeing the early stages of it and i think this is very important from i think all of points of view the sooner that aspect of things edwin's the better now having said that it's going to be extremely uncomfortable for people who are not prepared for it let me get your opinion on something i a statement i made recently about the 25 or 30000000 folks in america that are unemployed are sent to be unemployed. you have no money and they have 2 weeks worth of cast and then they are entirely bankrupt one of the points i made curious what you think about this is that in america since the fall a keynesian economics that hates the idea of savings where people i call krugman at

the new york times refer to a quote savings glut as if they're vilifying savings as if savings are evil isn't that part of the problem and if you were to contrast keynesianism with something like the austrian school which actually celebrates savings wouldn't wouldn't that be a conversation worth having why don't we save per an austrian model to build the capital in the economy and therefore we can enjoy capitalism because under keynesianism you can't have tap alyson because after all without capital you can't have capitalism i agree with you entirely. that the wish expressed by keynes in his. general theory was that the savior would be euthanized and that the states would provide the capital necessary for investment he also seemed to think that the orchard print was happy to do his work and the profits were secondary

consideration i mean this is the mad well we've actually ended up in. with spoken about this before i think 80 percent of americans 80 percent of brits i mean i'm talking about salary. i think paycheck to paycheck so you're absolutely right they've got no you save things no nothing whatsoever and it's really backfired on the state with this coronavirus because the state has decided to look after us the state has taken basic functions our families and everything else and on the city prefer to provide for ourselves and our we have this virus and now they're running our lives even more deep. the cost of course is going to be completely destabilizing for every economy in the world $1.00 final question sensor over there in london we're talking about supply chains around the world being challenge by now there's issues there in the u.k.

what's happening on the ground the strains i think mainly are some psychological small businesses are in deep trouble because again like individuals they don't have to question of savings in order to see through a crisis like this the whole saying i mean it's all emerging that this is a lot whilst that anybody thought it would be and the idea that you know we return back to work. we just continue as normal so i guess it's got to be a lot more serious than bask alstom a plan of thanks for being on the kaiser report thank you for having me max all right well that's going to do it for this edition of the kaiser report with me max keiser stay starboard like to thank our guest a lot of gold money if you want to catch us on twitter it's kaiser report until next time by off. to war we've got to do is identify the threats that we have it's crazy

confrontation let it be an arms race in this on all fronts clearly a dramatic development the only really i'm going to resist i don't see how that strategy will be successful very critical time time to sit down and talk. one else seemed wrong why don't we all just don't hold. any role yet to see how does the conflict and to. end in detroit because betrayal. when something you find themselves worlds apart we choose to look for common ground.

yes let's see yes. i was on the floor some things in my basket over you know trying praying. yes it's time for us to. i was having children fever i didn't have any sense of so you know i'm in the most you know from the looks of the world would you. recently she you know sometimes you just used to. comment is on. her didn't. push myself to the for me in the 5 years ago to. go.

after weeks of lockdown large parts of europe announce their easing restrictions facing a hard choice between kickstarting their economy and putting lives at risk. also that's our french doctors petition the prime minister to boost the relatively small pay of foreign medics working on the front lines of the country's coronavirus battle. it is not right to keep these doctors in a humiliating position both in terms of status and salaries. and a u.s. senator called to block chinese students from studying the sciences in america in case they steal a coronavirus vaccine that hasn't been.