hello there i'm max kaiser this is the kaiser report. why you bargain. well here are the bullet points for those of you at home keeping score. cities are on fire. 40000000 unemployed in america. g.d.p. of the climbed by 50 percent in the 2nd quarter. the velocity of money is dead

small businesses are dead and j.p.l. said chairman says this is fine because it's fine this is fun to find a monkey beautiful again. well this is fine you know the only solution they seem to have over and over is more money printing and the fed is at that again nonstop since 2008 really as paul says fed policies will absolutely not lead to more income inequality this is what he claimed last week while cities across america were on fire and notice that he said income inequality you know money printing does it causes asset prices to increase and tech capital gains to increase he didn't mention that he didn't mention the wealth gap so i did want to turn to a chart from pew and it shows the share of u.s.

aggregate wealth since 1983 to 2016 this is what the fed has been doing this is the upper income went from having 60 percent of all wealth in america back in 1903 to 179 percent and it's probably much higher even now middle income has been the huge collapse as you see down from 32 percent to 17 percent so they're nearly cut in half well this is the latest chapter in the global insurrection against banker occupation you know we saw it with occupy wall street there was a concerted effort to talk about how wall street and the federal reserve bank are creating wealth and income disparities and distorting the economy and bankrupting the nation and we had an uprising in cairo we have an uprising in athens that we covered in the 5. uprisings all over the world as part of the global insurrection against banker occupation and now it's in the united states and the u.s.

dollar i guess is going to have to be sacrificed if there's going to bandy hope here the thing is they are printing for everybody for the entire world and there are only at the moment fiat's currencies so if you disregard gold and you disregard big queen it like most people in the world don't notice that of course the dollar is the strongest of them all of all of the fiasco urgencies because everybody it is the reserve currency so here's jay powell. you know printing money for everything here's his story right here fed boss $3000000000.00 in e.t.f. and may junk bond holdings here include hertz j.c. penney neiman marcus and whiting petroleum because of course they do l o l nothing matters. so you know they basically bought the bag off huge private equity and hedge funds that otherwise

would have perhaps closed the gap in the wealth gap between those wealthiest of americans and the poorest but they're both the bags off the likes of you know carl icahn and warren buffett these sort of people the billionaires right i mean the standout on that list would be hurts so hurts was heading into bankruptcy for a year now and just before they did declare bankruptcy the central bank buys a bunch of her stock and you know to give some backup to carl icahn the private investor a private equity guys this reminds me of the e.c.b. funding for the louis of a tall entrepreneur made a huge purchase recently and that was all funded by the european central bank a private company so the private banks they're buying junk corporations and they're actually buying an e.t.f. with the ticker symbol j. and k. which stands for junk. that means that we've kind of crossed over to it and

to know you know there's no turning back now because. the said it's balance sheet of approximately 7 trillion dollars and it's adding maybe a trillion dollars every $7.00 to $10.00 days the resale value of everything on the books there is 0 i mean you can obviously resell hurt stock because it just went bankrupt a few days ago so that's clearly worth 0 everything on the junk e.t.f. 0 black rock that sells the e.t.f. is charged with buying e.t.f. for the fed so the fed and the government is to all black rock by e.t.f. those things that you sell for us with the government with the printed money that we're printing ok that's obviously corruption at the highest level and it's horrible economics. that bonk they might convert to equity which apparently the fed's not supposed to own so you know the but they did not buy the actual shares

and hurts but they have these junk bonds which there's confusion out there whether or not it converts the equity now they own equity which they say are not supposed but the people are always so smart right let's look at that with the people on the other and of all of this free money printing you know what they really think. of all this money printing people are mistaking stimulus payments for junk or scam now no they're not mistaken yet it is junk it is scam it is junk this is this is a scam. let that be a lesson to you money printing eventually comes to an end and the only thing that you hear is the jammed money printer and then you're wondering where's my food where's my government where where am i and you know i'm sorry but i have to ask what was that last point you made that the people of the united states of america are receiving these debit card oh yeah right so i got it i

got it i got it i was so taken by by this flotilla of cast. yeah the people the government is standing united states citizens debit cards with loaded with cash and they just assume a chunk of the throwing of the garbage and what is john you know is this should be sort of the garbage just no difference between a plastic e.t.f. card or you know an a.t.m. card loaded loaded with money from the government and those trash bags full of venezuelan bowl of ours you see on you tube now people are just carting away trash bags full of venezuela a bowl of ours all free up money for 300 years has gone has lost 90 percent or more of its value its gault garbage garbage. those are all they are going to get and that are. really.

this is all fine so let's look at the headlines about this alleged no wealth and income gap being created by a cantillon sort of effect that is happening in the united states this nonstop since 2000 really when we off shored all of our creative capital all our industrial capital to china since we allowed derivatives trading to happen in the explosion on that and we ended glass steagall let's look at some of the data here that shows otherwise to what jay powell asserted this is what happens when predominantly workers with low salaries lose their jobs average salaries go up so here's a year on your change of the average hourly earnings of employers so going back years and years and years hourly wages have just soared why well because this is our only wages so this is not the transfers from the government yet in this data

what this show is is that all the low income workers got laid off now you have just all of the white collar workers all the people in new york city in san francisco los angeles some places like that still have their job they're able to work remotely from home. oh yeah this is remarkable that the hourly wages suddenly skyrocketed because of the money giveaways from the feds and it shows that up until that moment the average worker hourly wages were below subsistence right people are working below subsistence wage levels they have to they're living in their car and they're working under minimum wage and they work 2 or 3 jobs and so a task injection from the government suddenly spikes that hourly wage it proves that they're living in america on a subsistence wage which is just one notch above slave wages right the slave wages

then they're subsistence wages and that's where america's 200000000 americans are subsistence wages and we're going to get to that data right now because incomes for all americans beyond the hour of those who are still working and now and getting paid by their jobs their incomes have gone up as i showed in the last chart have gone up by about 5 percent because they got rid of they fired all the other workers but all those people who fired are now represented in this chart these are the people that are at home they're not working they're collecting unemployment benefits but are now called enhanced unemployment benefits so they're making $600.00 extra dollars a week that shows up and this data us incomes for all americans rose by 10.5 percent in april on the heels of enhanced unemployment benefits the expectation was for a 5.9 percent decline so how do we ever get out of this situation where jay powell

is printing his money he's giving it away the government is borrowing money and 3 trillion this quarter alone cause wages to go up this is end of empire kind of stuff this is bread and circuses and it's really really hard to end bread and circuses once you start right while the primary component and money in the u.s. dollar is cotton. so america is going to get back to cotton pickin right. that's it cotton picking is going to be number one employee to save that money printer in washington money printer go birth there's jay powell he's in the big house looking out over cotton pickers pick me some more cotton so i can print some morphia americans like ok we'll do. well the fed it is if you are looking for a job and your unemployment your enhanced unemployment benefits are not good enough for you here the fed is still hiring apparently so these are the sectors in the economy in the united states still hiring only

a few of the hundreds of track categories added jobs last month so this is for april warehouse clubs and super centers so if you're working at amazon or wal-mart there are plenty of jobs available central banks number 2 adding jobs so it takes a lot of effort to have parent lee print that i guess i could be employed i could start working part time. more taught him more talk about their more cotton go. do it and finally americans are doing something surprising with their money right now gretchen howard c.e.o. of robin to describe the spike in deposits of $1200.24 reflecting the amount in stimulus many individuals and couples received during the week of april 13th so people are again bread and circuses they love joining the speculative bubble and they also along with fed the fed buying all these junk bonds they were buying

warren buffet's bags they were buying stand late druckenmiller bags they were buying car icon's bags he don't hurt guess who was buying it was robin hood apps people with the free free money from the fed the fed knew you're going to give it to car icon and warren buffett and justin miller to exit right well turns out the fed is the dumb money. it's our money who are so dumb all right we'll take a break they will make a much more coming your way. rage and destruction fear and despair how has the united states found itself in such a state of turmoil growing income inequality systemic racism or policing politics take your pick what is the difference between a protest and

a riot and is it accurate to say the us has become a state. and. israel media a reflection of reality. in a world transformed. what will make you feel safe. tyson nation full community. are you going the right way or are you being led so. direct. what is true what is faith. in the world corrupted you need to descend. to join us in the depths. or remain in the shallows.

the world is driven by shaped. by dares thinks. we dare to ask. welcome back to the kaiser report i'm nice keyser time now to go to tyler linda bilmes he is the representative for wyoming house district 01 for those outside of america wyoming is not only the most bitcoins friendly state in america it's also

the 10th largest state in the union and the least populated it's born for social distancing are i thought i welcome the kaiser report yet thanks for having me really appreciate the opportunity not many people here wyoming and think not only of yellowstone national park ranching farming with the cover 19 pandemic we saw livestock destroyed while supermarket shelves were empty what caused this and what legislation did wyoming introduce to address this tiler i think the 1st thing that we should make very clear though is the coronavirus did not cause the collapse itself of the meat supply chain meat supply chain was always pretty horrible it was a centralized mass. kind of propping up or big monopolies and that's where everybody gets their meat whether it's from the back of a beef track or from a grocery store or whatever it's all going through these or. and so the coronavirus was essentially just the straw that broke the camel's back wyoming didn't we

inadvertently it was just really good timing on our part i've been working on this issue or oh right around 6 years and what i did is i drafted a piece of legislation that took advantage of the federal means section of the federal means action access that all meat sold in the united states retail asked to go through a u.s.d.a. packing facility and so in the state of wyoming ways we what we did is we rationalized cattle we said that you can you can sell shares on a on an animal or you can sell shares on an entire herd of animals and that way that share grants you access. those animals without going through all of the red tape and regulations and ins action processes all of those that add quite a bit of cost and also what more money on the actors are so i am ing is really taking out some great initiatives and put some great legislation in place and particularly in the big clean space you have been a huge proponent of a coin have helped pave the way for wyoming to become the krypto friendly state in

america why. well it's all about that centralized nation i mean nobody likes centralized asian right centralized government i'm sure was money centralized made supply chain and so i became a big fan of big quiet black and technology back and you know i cursed learned about it back in 2012 or on all or arms and i really studied down on it and so when we when i got going in the legislature i realized there were some issues in the state of wyoming as far as our laws were constructed we were actually one of the worst in the nation for bitcoin our money transfer transmitters license was blocking any exchange for betting on wyoming customers were able to fix that and then we just picked it up a gear and now we've asked right around 20 disallowed just placed on the handle everything from security laws to banking law to a lot of those different aspects that have stood in the way for essentially this currency going industrialise and been able to really be utilized by individuals

even even not yet not not so much mainstream individuals but more of you are you know average folks that may not necessarily even know what bitcoin is this is an opportunity for them because it's much more mainstream now in the state of wyoming right iow making you know that a message of individual sovereignty seems to fit in with the 8000 of wyoming and that wyoming state motto is equal rights now it was the 1st state to give women the right to vote out of the cessna t. wyoming needed the votes to gain statehood and you know this is part of the interesting dynamic in the united states between the states and the cetera. government so these 2 are competing with each other on some level and could the same thing happen for bitcoin in other words you look at the american states and you said you know there's a state out there called delaware and it gets a lot of business by being the number one state that companies incorporate and why don't we do that be the delaware for big oil why can't wyoming be the destination

for bitcoin and now this is exactly what you've done my question is could the same thing happen for bitcoin where other states see your success in this hyper and deflationary necessity as the federal government paper money collapses the states and by the way in the constitution i believe it says this only the states can create money the states take it upon themselves to preserve america tyler what do you think you know absolutely that's not going to home run and that's exactly what we're chasing down it's all about economic development it's our it's all about making sure there's a safe spot a lab for these companies and also an area that they can flourish and so as states realize that their currency is being devalued in the purchasing power is going in the toilet i think there's going to be a lot of a lot of state governments and a lot of it maybe even smaller governments that start turning towards different types of assets to protect their well and just like individuals have done and so

wyoming is definitely leading the way and they're in that caused by but it's important to remember that we are nowhere close to even being done we're still all steam ahead we're looking at some really interesting stuff right now in regards to the banking secrecy that are now your customer and i money laundering laws and so i think we're going to have some for next year that really. on that note the wyoming legislature has just formed a select committee on block chain and financial technology are you a member or what are the plans for wyoming in terms of fin tac and bitcoin yeah i definite. i am a member as you know we have the task force before and we were a little different then like other states have passed courses we were different in regards we actually do things and actually accomplish things so we were very successful we make it on the big like committee so we could sponsor on legislation and we could do even more added on it and it i myself i'm

a member were chaired the chairman a back to many our chairman shared olson of cheyenne wyoming and chairman chris rock us out of one army wyoming both great individuals and of course we've got a long on that on that cable along certainly has been. firestarter and this area of getting decline to the masses the using the and existing infrastructure because he has that incredible background on wall street and the banking sector and he's a very high level executive and she kind of defected over to the pic when space and i know wyoming is the right to become the destination for bitcoin based startups are you seeing that already are becoming base startups moving to wyoming when we 1st started this whole journey and started a little task force we had people showing up to our meetings without shoes on and just kind of some wild apps now that the folks that we got showing up are very much suit and tie and kind of oh jeez on the space we've got car i always k.

is now a now wyoming business we take a lot of testimony like consensus and crack and those types of folks and so yeah they're common they're here already i always k. just dropped half a $1000000.00 on the university of wyoming to help with their walking labs so it's it's happening and if you're not in wyoming yet you're going to miss the boat sticking with the long gone head start of the bank can you give us the details on that what's the status where is that house that they're going to be honest with the i kind of once once a legislate. and in place i kind of take a step back and let them work out their business and how things are going to move forward last night i thought today when most she said things were moving well and that they were they were getting close you know there's probably there's probably a total of 8 and it is right now they're looking at starting up their their own banks and the state of wyoming in regards in regards to its real assets and all of

those guys are moving almost in my hand i've got you know i i think i think a couple are probably going to finish or at the top but it's fun to watch because we didn't spend as a state any money on attracting these businesses we took a very unconventional route out others it's economic diversification we just legal precedents we were smart we sat down and we studied the laws and we figured out how we can actually move the laws in such a manner that still provides consumer protection but at the same time is inviting to business and so far so good it's been successful and i want to return to kind of this. state versus federal government tension or the existence of this because it's a checks and balances built into the american system of governance that eveline many many checks and balances the various the. you know houses of government and also between the state governors of states and the president united states and so

when you're talking big going to people in wyoming right they're not from silicon valley they're not financier's wyoming as we said at the top a show is mostly about agriculture and ranching and you know correct me if i'm wrong here i might be stereotyping what's going on there but that's my perception but isn't isn't the urgency in the pitch isn't about south sovereign say and it isn't about hard money and the fact that the federal government you know needs to be captain and check tyler that's right it's all about the 10th amendment it's all about state sovereignty it's all about. you know keeping arse our citizens in our state and a safe place regardless of what congress does because let's be very real about this congress isn't competent what they're what they're currently doing right now it is a hot hot mass it any kind of reaction that they're doing it whether it's in regards to krone virus or the meat packing the l. all of it's

a hot mess they can fix the meat acting with legislation that just the regulates and let states that set their own course and it costs nothing for them to do that but instead of going to do the whole pump and dump scheme into ranchers across the west turn every rancher on it and the west and go see it and to see our armors and it's just a map sleeve rack so when we're talking about state versus federal. we really stretched our legs in regards to cryptocurrency but we also stretch our legs in regards to gold and silver also and this is why i mean gold and silver is considered legal tender are the co-sponsor of the legislation and and so you constantly see why i'm a doing the saying and it's because we want to separate ourselves from some of the horrible mistakes that are being made by the federal government we don't really want to be associated the place guys are quite a bit wait wait wait one minute they're gold is legal tender in wyoming holy mackerel i was on the fence now i'm headed to wyoming how hard is it to master

riding a horse. you know is it to be honest with you it's one of those things that when we're when we're talking about the self sovereignty type type of concept. the state of wyoming we do those things for breakfast right i mean it's it's normal day of course for us but and other states are such wild concepts and it's it's going to i don't know if it's wild for me to hear about the regulatory scheme that other states but implies somehow control there or there are set a sense and the state of wyoming we just want to leave it alone so if you're not here like i said max if you're not here going to message. oh did i know so you very graciously avoided the question of how long will it take me to learn how to ride a horse i guess because it doesn't seem like it's even possible thanks so much tyler i'm filled with confidence now all right no only joking thanks for being on the show it sounds fascinating we'll check in again send thanks for being on kaiser report if you alright well that's going to do it for this edition of the kaiser

report with me max kaiser and stacy herbert want to thank our gas tire limp home he's over in the wyoming house of representatives john again touch with us on twitter it's guys report and the next time it's by you all. you can be go with yeah you.

know what's a clip of she will show us the book club. but the way it's always the case it was because who knows what. not so much you didn't see me that. they could do to us the wouldn't get the clue to the. smithsonian bush knew it than to get through to the can. get to. the. yes. seemed wrong. but old rules just don't call. any of you get to shape out these days to come to educate and in the game equals betrayal. when so many find themselves worlds apart if we choose to look for common ground.

this is the one business show you can't afford to miss. in washington coming up protests and heavy police continue across the country we'll talk to 2 state lawmakers about the inequalities leading up to this moment and the fight untracked on a global pandemic wall street is in the green room with a pretty i will join us to break it down we have a show today so let's go and dive right that. we start off here in washington d.c. at the city join the dozens of cities with mass demonstrations that are connected to the killing of joy.