max keiser this is the kaiser report hey did you know that on sundays 1 pm eastern standard time it's locked down with the kaiser's. archives or report twitter periscope that's right oh yeah it's becoming the go to sunday show thanks max you might say it is down on a no it's good times they're guaranteed well in fact you know what in our global economy a monetary system right now good times are promising the economic system based on jades a pal at the printing press you know this past week he went on 60 minutes and he

was saying oh well you know we print money digitally and when there's no limit to the amount of money we can print good times for all a stripey for there was didier j.c.a. or kanye west there was j.j. walker who was keep it real in the projects in chicago with his famous tagline dion oh my and that there was such a strange rumor a few months ago that he was dating and coulter now they're very good friends apparently and that's according to his book e.p.l. but they are not dating jay jay powell was the star of good times his phrase was dying no my it became super famous 74 to 79 where in similar time period now perhaps of stagflation many people are calling for stagflation a slowing economy and rising prices for you know goods and services so now as promised to print however and keep the good times rolling no matter how bad things might be it's going to be good times one banksy said balance sheet heading

a $130.00 trillion dollars if pow buy everything this one bank is deutsche bank and . they see that the fed could possibly buy all outstanding equities hans everything and it would be $130.00 trillion dollars right now their balance sheet is between $7.00 and $8.00 trillion you heard it here 1st right i mean i've been saying now for a few years that the goal of the federal reserve bank would be to take the american economy private that is the say it would buy all stocks all bonds all property and now deutsche bank and other banks are saying yeah they're going to print $130.00 trillion dollars they're not go stop at 6 or 7 trillion the number of dollars going to print is going to exceed the g.d.p. of america by a huge factor. and they're going to buy by everything same with the other 3 or 4 major central banks around the world this is what neo feudalism looks like ok if

they fuse central banks print hundreds of trillions and take everything off the board and now they own 99.99999 percent of all assets and everyone else is living a subsistence click farm right click on an ad get a protein fill in the casino that's what near futile is amiss so now it's becoming more of accepted wisdom by we set it on the show now for a few years so 130 tell us we did say it quite a few years ago i think it was 2011 when the meeting happened and they said they need $100.00 they already told you they they signaled it because they have to signal it to the insiders because they want the insiders to create a citadel of absolute wealth whereby they never they promise each other they've got each other's back so they already told us it would be a 100 children here you know to get your bank is saying that there's 38.5 trillion in equities there's 37.8 trillion in residential real estate so the government

already backstops a lot of the residential real estate in america but nevertheless they're going to do that so in this sort of project this grand you know monetary projects they there are some winners and some losers the 130 trillion is also a number which even m.m. tears would have mit is the end game as there will be nothing left to nationalized or privatized depending on one's view of who ultimately owns the federal reserve this is something you've said many times about being privatized right nationalization of industries would be socialism or communism and privatization of these industries would be a culture so called capitalism but near futile ism is when you just take it all and we're seeing this in the cove at 19 people are prepping for neil feudal times and the casino go. sheltering at home stuck on line click on an ad get a protein pill known line because more money is going to be printed and if you've

got a multilevel marketing scheme you might want to issue some junk bonds today because the fed j.j. pal has got your back ok because herbalife is looking to sell $600000000.00 worth of junk bonds to finance share buybacks debt they may yield about 8 percent the move is a bit odd given the backdrop of economic collapse and corporate desperation for liquidity she had a whole bunch of comments responding to this tweet of hers about this bloomberg article and many pointed out that because j.j. powell is there you know to provide good times for all even a multilevel marketing scheme like herbalife well somebody responded getting the fed to buy your stuff is the ultimate multilevel marketing scheme well done so herbalife is a legal ponzi scheme otherwise known as a multi-level marketing scam they have always been dubious and always and they're under perpetual attack from regulators around the world because there

are there's a bit of a ponzi scheme to their multi-level marketing scheme and so to buy back their own stock which is something that only a few weeks ago during the initial crash corporations pledged never to do again and i predicted on the show that they would break that pledge within days kerry have herbalife breaking that pledge to buy back their own stock they're going to shoot junk bonds hundreds of millions of dollars worth that according to jay powell and his $130.00 trillion dollars brazuca where he's going to buy everything and he's already started to buy junk. they will end up on the balance sheet of the fed. which means that american taxpayers will start getting herbalife products in the mail that they will need to consume to keep the economy from going bankrupt or to keep the fed from going bankrupt so the only thing collateralize in the federal reserve bank within a few months will be herbalife products and so it will be

a paper it will be that will be a law be passed that you must accept in exchange not save a tax refund you won't get cash you'll get rable life products and you must consume them or you're breaking the new patriot act so the new patriot act will be a you must buy consumer products on behalf of the federal reserve bank that just bailed out herbalife a ponzi scheme that's the placing of hedge funds and we have an economy oh we do have an effective ponzi scheme thank you sign and this will be signed by jay powell not donald trump you mean k.j. pal signing it die no no my yes he's guaranteeing good times for all and this is trillions and trillions of dollars so with with the future alike for these good times well assets on the balance sheets of the 4 major central banks approach 20 trillion dollars for math purposes if you were to count

to one trillion it would take you 31709.79 near. 20 trillion down the 4 major central banks right america's got between $6.00 and $7.00 of that trillion so yeah 30 percent 33 percent japan is already 100 percent g.d.p. on their balance sheet the bank of japan. so they've pledged now to take that 20 trillion to a global g.d.p. number which would be. over $100.00 trillion so they're going to boost the purchases on their books by another 4500 percent. so and then capitalism as we know it and everything that's happened in the west sense the end of world war 2 will be finished they'll all be able if we all had 31709 years to count to a trillion in now that's also what jeff bezos is going to be worth apparently and for years if you compound at the same rate that amazon shares have been rising but

you know in terms of these good times back in 74 to 79 we did have really high inflation due to as we've covered recently you know the 73 or oil embargo the 73 to 74 oil embargo in one $1079.00 the iranian revolution caused the oil prices to spike so we had those long lines at the gas station odds and even license plate numbers and that sort of thing but you know today at that point we still had manufacturing we had a lot of assets a hollow out we had the private equity hadn't started yet you know is another 10 years away just are hollowing out our economy and swapping our assets for massive loads of debt. so at this point you know these good times are going to in order to convince us that there are some good times ahead and they've got to keep on doing that because remember that it's all confidence game that's all any currency yes but especially because you have to have confidence that it's going to mean something one day so the confidence game to sustain this this hollowed

out economy we have we're all trapped in the house and no goods and services are actually made in america anymore so like i mean there is there is the good times it's going to be weird to see how much. any actually does need to be printed and order for us to believe we have good time it seems like the robin hood app holders for example really believe we're in good times because there is super active at the moment for example versus a and c. and b. c. where you see all these huge famous hedge fund guys who are really saying this is the most over mt valued market they've ever seen like truckin miller recently said that he's one of the most famous best investors ever and yet robin hood app guys think like good taverns where in j.j. pal's project and he's got. the right role you know the old saying is don't fight the fed yes and the best strategy has been a winner for 40 years so it's like doesn't make any economic sense to buy into this

market except if the fed is going to take your back and buy everything no matter what what any price now in venezuela they is the ball 'd of ours confetti and so in america the dollar will be used as confetti similarly it'll be completely trashed to oblivion but they'll be a black market so the american black market will explode in the next 2 or 3 or 5 years and that most that commerce will be happening person to person in the shadows. lawlessly effectively so that's where the economy is moving completely into the black market well you know again good times that original t.v. series happened in 74 to 79 at the beginning of the petrodollar all the petrodollar had started earlier this is that this is where it was like tested its strength when we went off the gold standard in $71.00 and here we only had oil backing and then

the oil embargo happened the rainy revolutions of people were in doubt now we've come full circle to these good times at the very end like that was the beginning this is the end and in terms of how much longer like this full circle we've come pandemic could cost the global economy $82.00 trillion dollars in a depression scenario of course to get to $82.00 trillion to count to $82.00 trillion would take 2600000 years which is kind of halfway to the point it would take us full circle from when humans 1st emerged 2600000 years ago to 2600000 to in the future it's all ending than. just becoming a black market really it's well it's got to pay any attention to the government of any more any we're going to take a break when we come back much more coming your way.

you know in the face of a pandemic a face of the virus that spread so rapidly and so quickly throughout the global population you can't really think in the short run about changing people's underlying metabolic states one hopes that we can learn something from this. in the long. run develop healthier lifestyles to create a more healthy plant. 'd that. 'd could. put the book.

down but. the new tuna fish a very good citizen who said look no problem for the local our parking. lot that just look up one. of the biggest in the whole ensure that all this stuff but don't take her son was faked fixing to force you to put stinky giving body we noticed more like pig a lot more see if we more. or less defy you realize the macaques if the swift movement agreed to function it to the bank lydia the police in the uk and i know them both is likely to finish it she's vicious perhaps. yes sure.

program back to the kaiser report i'm max kaiser time now to go to canada to talk to marshall are back and despite the fact that he's a perennial fan of the kearney a loser tronto maple leaves we still have them on the show occasionally marshall welcome back thanks max in point of fact i'm in the the beautiful city of new york right now so i'm not in toronto at all on my right the belly of the beast so to speak you're a high flying jet setting economist and deep thinker let's get your thoughts on something here 5 months in the pandemic the u.s. still seems incapable of manufacturing basic supplies like facemasks what does this tell you about our economy what needs to change if anything marshall it tells us that we went way too far in taber of a model where we said well let's offshore as much manufacturing it's possible and retain the software on shore it's non-viable model you can't be said to be

a serious 1st will economy when you can't produce even the most basic of medical needs for your citizenry so hopefully that will induce a reached rethink and towards more self-sufficiency we don't have to go all the way towards total autokey but we certainly need to rethink this goal will globalization this is why we have you on today because you knew it tweeted something to the effect that if you can't even manufacture basic supplies like pharmaceuticals and masks you know you have a serious economy you mention autarky there you know this is a phrase or a word that describes it's kind of a self-contained economy doesn't france for example is more of an autarky than any other country that i know of but so to your point out the you know if a country can take care of itself by basic manufacturing like a mask of a friend to trillions and trillions of dollars but they can't seem to get masks out there it opens up you know some serious question. ns about this economy this

american economy and other countries and you know where you go what how do you perceive your right 1 i mean you mentioned the trillions and trillions of dollars we have no problem doing that but you know the problem we have and we've discussed this many times before we have an overly financial ised economy we emphasize financialization we don't emphasize producer ism so we've always taken the view that somehow all you have to do is keep the printing presses going and everything else will take care of itself and that's clearly shown to be highly efficient especially during this this crisis by contrast countries like germany which have retained buyable manufacturing systems who seem to have done a much better job in terms of their response to the crisis and likewise the economies of asia and you can if you can exclude china that's becoming very politically weighted but you can look at countries like taiwan south korea even

japan which is kept its economy open for the entire time and it's also retained a viable manufacturing system so i don't think there's any coincidence of these of the countries that have done the best during this crisis i've created an index i call it a macho bonehead index it seems like countries that are run by macho boneheads and let's put into this group america brazil and the united kingdom to name 3 countries are doing this coronavirus poorly some countries like the ones you mention in asia also new zealand. are not run by necessarily i don't think by macho boneheads and this is coming at the end of the need to movement so you know maybe men you know after losing horribly during the me too movement maybe men should just forget about leadership roles they don't appear to be doing any thing right anymore marshall a member christine legarde once saying that if lehman brothers had been called lehmann sisters maybe the problems in 2008 would have been a as bad i think she meant that happened jess. there's something to be said for

that if you look at the people in in previous financial crises that have offered the best solutions they've generally been women so in the asian financial crisis in 9798 that that came on the heels of a big derivatives disaster where you had brooksley born who was then have who hen headed up the c.r.t.c. in the u.s. she wanted to regulate these instruments and she was overruled by rubin greenspan and summers the so-called committee to save the world likewise in 2008 you could argue that the people that had the best responses to this were people like sheila bair at the see and. likewise elizabeth warren who was would have been inclined to been much more strict to be with the banking system and likewise christine romer who had the calls for the most robust fiscal package which would have really offset the last one of the half trillion dollar hit to

g.d.p. but we instead called the advice of people like summers you know who seems to feature recurrently in these policy failures and yet he still seems to have a major position of influence in as far as democratic regimes go when they print all this money and they print trying to trying to dollar some people are saying you know what this is like m.m.t. the modern monetary theory or this is like u.b.i. universal basic income so suddenly that was kind of pilloried during the run up to the nomination here in the us the democratic nominee when that was suggested during the debates but now it seems like we're living in a world that's like. our u.b.i. what do you think certainly operationally the whole idea there some sort of arbitrary financially can financial constraint that's been blown out the window and that was a key m.m.t. insight but you know you have to also to give the m. and here's a do they also said that it's not how much money it's what you do. with that that

really matters and i don't think any m.m.t. worth his or her salt would argue that for the most part these dollars have been deployed in hands in the economy's productive capacity or indeed responding adequately to the pandemic so in that sense it's a bastardised haitien of m.m.t. where you've really got is a lot of money being spun out of the printing presses and used in the further and so crony capitalism you know there's something vaguely fascistic about it it's more akin to most of the new style fascism than it is to what you would call an ideal. economy as you point out what we've seen now is arbitrary financial printing and want what would prevent folks on the other side of this from asking well if the money printing is arbitrary spurious doesn't seem any basis for why am i paying taxes what's the answer to that the value of a fee

a currency in many respects is ultimately depend on the the credibility of our institutions and that includes the taxing authority and if you're not spending that money correctly then you do risk undermining the taxation authority of your federal of the federal government and that in turn does create real a pose a real existential threat to a currency so it's a perfectly legitimate question to be asking my preference all the way through this crisis would have been actions in the 1st instance would have gone to sustain relief more effectively so i would have said nationalizing payroll and per capita distributions to the states rather than creating all these newfangled programs with minimal oversight and discretion and and get it to the people so that at least you create a floor on the economy but the problem you have right now is that you have a man and a government mandated shut down and you're telling everyone to stay home and to not

work and not earn a paycheck. but you're not giving them the means to sustain that backlog down politically and this is a real problem and i think it does create an almost revolutionary fervor in the country it's not good if it's not handled correctly this is applied to canada i mean we always talk about different you know the global situation and the u.s. situation simming that sense you are canadian live in canada most of the time what is this what's going on account of economists and i catch kevin has actually had a pretty good crisis i mean 1st of all the number of deaths has been i think it's under 6000 and most of that has been on terry went back and largely very tragically it's been in nursing homes but i'd say that's been over 60 percent of the deaths so you know if you look at a place like british columbia there's been less than 60 fatalities the last time i looked they they have implemented many of the same. it's the u.s. but the relief provisions have been far more generous so therefore they've been

able to sustain much greater political support for them and there's been much less cronyism involved you know that in general the programs themselves have been administered well it's taken most people anywhere from 7 to 10 days to get their money so you don't have this ridiculous situation where people are waiting you know literally months to get a date by a paycheck or bottle support payment from the government to in order to survive and the as a result the case loads of comedown of the taliban to remain low and now the government is slowly and steadily reopening the economy going to i think they will do so with considerably less damage going forward than the united states which is i think one of the most dysfunctional responses in any government around the world you know more on you could say the social side of the political spectrum and it's got more government direct contact with people we see that in their health system etc so to get the checks to people it was easier task in the united states the checks went to

the banks 1st and then they told the banks oh distribute it to people but then the banks just held on to the money as they always do and the people don't get anything particularly in a small business world so this is kind of another interesting contrast between 2 political systems and this cover 19 same to shows catarina system to be slightly more effective impactful marshall yeah i think that's right look you use the banking system in the way that the us has done and naturally it's going to buy a bias towards people that have preexisting banking relationships with the entities concerned so course if you're a medium or large sized business that does a lot of banking with bank of america or wells fargo you're in a much more advantageous position than a small business that has maybe 50 employees and that's why. as i said earlier nationalizing payroll and doing per capita. revenue distributions to the states

would have been a much more equitable program because you wouldn't have to reinvent the wheel you would have a situation where for example the states you you have the federal government crediting the bank accounts of the states the states can go ahead and then keeps sustaining the the programs they're doing to handle the pandemic and also to maintain relate there is no reason to set up all these new programs so what's actually happened is that you had the same thing that happened in 2008 there's been massive political favoritism it's happened under the cover of a national pandemic but it's exacerbated many preexisting inequities that were already evident in the us system now apparently the 4 major central banks the world now 20 trillion in assets they've bought the last couple of years they've stated their goal is to take that up to 100 trillion and i mean from my observation as a wall street veteran i would say this looks like a few players are taking the world's economy private in a leverage buyout by printing their own money and we're going to end up with feudalism when i think that i think we are on the way towards feudalism we already

have a feudal system in many respects i mean you look at them are essential the way we distribute food for example we have these highly concentrated number of meat processors that seem to depend on surfer labor who operate in inadequate protected conditions which is why many of these proceeds in plants became hotspots for the virus likewise you know we depend on undocumented. immigrants coming in from central america to pick the fruit and vegetables because again we refuse to pay a living wage to americans to do it and you know as i jokingly have said to people in the past i thought the civil war was fought in part to get rid of slavery but we we seem to recall to do that in this country in a different for. well martial law thanks again for ban on the cars report that's going to do it for this edition of the cause report was made backstabbers day

sherbert like it's our guest marshal are back you can follow him on twitter i do this guy's got the dope so if you are like get in touch with us it's kaiser report on twitter and so next time i'll. go to work. stream. and i'm on the phone of guys in my way or both the food. bank itself movie theater i.

got to do all. the things in the lobby decide the 6 o'clock that i want and i know from the start then if. this is the only thing that we do is music because everybody fights his way to. the floor from the filthy little town visible to school and. leave it at the top of the. what i think is this is the fund that is a welcome thing. tell

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