and every night the highest profit margin warren buffett loves that zombie companies may soon represent 20 percent of u.s. firms this is a chart showing the percentage of us the zombie firms who are unable to meet their present interest payments from their actual earnings zombie companies destroy the economy in the long term so everything is about the short term right now as we you know becomes shorter and shorter term over the past 20 years and now we're at the point where. well everybody's already spent the next 30 years so that's why we're at this collision course between generations and the boomers and where it goes we don't know right well this statistic referring to zombie companies is very telling you know it's it's really the pictorial graphic representation of something we've been saying on this show or i've been saying on the shelf for some time now is that money printing doesn't cause a rebound in inflation it in fact causes deflation and you

have no statistic that proves that more than the rise of zombie companies right this is why money printing doesn't fight the flesh and it causes deflation because you're pouring money into companies that are zombies that have inability to function as ongoing enterprises but because they are friends of the central bank and because steven knutson and donald trump in the all those folks in washington believe it strategically important to keep their donors these are donors that's who are being kept alive here are the corporate donors into trump's campaign are being flooded with cash even though their underlying businesses are not viable and no longer able to sustain themselves and you end up with as zombie economy and this is growing by leaps and bounds and anybody knows that in a zombie film the zombie is the living dead the walking dead right they're dead they're walking around and they try to kill everybody else. around them to keep

themselves going and this is the same thing that we're seeing in this cat so-called capitalist system in i don't think they're protecting just so zombie companies yes are there you know donors but there must be the underlying derivatives which were many many times bigger so many many more corpses there than there are in that real economy we have the zombie companies so it makes perfect sense that we have zombie investors as well you will almost certainly lose all your money if you buy our stock or it sells perspective new equity investors yes 5 times in their prospectus for these new share offerings they said you will lose money it will go to 0 you are about to lose everything and the walking dead the zombie investor is on robin hood like give me your bad shares right there camels i'd like to eat the carrion of equity. it's like betting on which and of the titanic will sink 1st if you're buying her stock the whole ship is sinking but you make

a bet as to which one it will you know which end will end up in the water 1st i mean this is worse than going to a casino because at a casino you have a very small chance of winning when you're involved in the hertz float of the sabi stock offering you have 0 chance of winning it is worse than casino economy it's worse than buying a lottery ticket it's the most egregious example 'd of blatant captured regulators who are essentially distorting the economy so that they if you make a point or you ask the question well it's not just the donors know it's not just a donors because behind the dollars of the banks this is all about bailing out the banks on wall street and why because they are the biggest contributors and owners of the fed the fed is bailing itself out the fed owns all these stocks the fed has all these loans the fed owns all these bonds when a prince money and keep zombie companies alive it's to keep itself alive it's printing money for itself and by the way who's a huge shareholder in all this nightmare jay powell jay powell is bailing himself

out why can't people who are underwater on their mortgages or just been laid off in america simply print money to bail themselves out like a pal is printing money to bail themselves out that's not right is it that they are in a start you are in the position to 2nd. is burning but i'm going but i'm going but i think highest pay pal and to bail out myself but i'm going about doing but i'm going to print the money all day long to pay a lot myself because i'm a crook i'm a crook i'm a crook right and but meanwhile ben bernanke you the previous fed chairman is over at citadel yes we're going to get to citadel because that is of course part of this hurt story and you know it emerged the data is coming out about just how much they are robinhood the app is giving away these free trading but the free trading actually costs a lot i.e. they're selling their. data the the the flow they stung that information to high frequency traders and the number one company they're selling it to is citadel which

where ben bernanke you work so that would seem like on the surface it looks pretty dodgy so on the topic of dodgy corrupt central bankers like jay powell there's ben bernanke the the guy who was sitting in the chair of a fortune a pal over citadel big head fun run by ken graphic that just bought an apartment in hatton for $250000000.00 with the money that printed by ben bernanke and he gets given the trades on robin hood before they hit the floor before the trades are hit the floor of the exchange to be executed ben bernanke the looks at the robin hood traders and he says oh my god these idiots are buying hertz so he puts an order in before they do they flood the market with their orders price moves up and he's out so he scalping scalping scalping the robber to traders he's stealing from them he's like sticking a hose in the gas tank and siphoning gas out of the neighbor's car he's a larcenous dick pilfer and just so you understand max keiser has the patent on

a virtual specialist technology and citadel all these derivatives traders all the high frequency traders j.p. morgan black rock which is now managing this bailout fund for the fed all of those companies have their own patents that rest on top of max's patton you can see the references if you go to the google patent on line with your patent number 595-0176 so this is the this is the expertise they're building on that macs create well i feel like robert oppenheimer you know who created the atomic bomb and then regretted it you know i created the virtual specialist technology just for its market manipulation to create this fairest exchange in the world the hollywood stock exchange but it fell into the hands of wall street and now it's used to rip people off and i'm very sad about that talking about ripping people off we have another headline about how much private equity costs mostly to the pension fund industry but 1st we'll talk about cowper's which is. biggest pension fund in the world certainly in america it's there it's for public sector and california and

cowhorse the biggest us public pension is considering boosting leverage to as high as 20 percent of the value of the fund or nearly $80000000000.00 based on current assets in order to achieve its 7 percent annual returns target so this is j. pow this is janet yellen this is ben bernanke he and this is alan greenspan they cause a situation of allowing that that the pile of fraudulent debt the black hole of debt that causes the inflation that they keep on printing money to throw into they have caused these that this is the next mess this is where the risk has been transferred because remember the tyrant in the central bank that they don't want price discovery what they're trying to do is to prevent anybody from understanding the risk they're taking well the risk doesn't disappear it disappears off of citadels balance sheet perhaps but it's put here in these gallant sheets of the pension funds absolutely this public pension fund cowper's long term toxic risk

dump i remember when i was on wall street you know working for a big firm on wall street a lot of times firms make mistakes right you take down a big order take on a big trade and somebody messed up the order and suddenly you know you've got a $5000000000.00 loss or $20000000.00 loss or a $50000000.00 loss and so the firm is on the hook for that money now i personally have seen executives big wall street firms call up the pension manager at a big firm like cal pers and dump that loser guaranteed loser into that fund and that's the job of the pension manager at a place like calipers is to be compliant in a fraud being a toxic risk dump and so now they're saying you know our returns are terrible well yeah they're terrible because you're not you don't have access to winning trades you're only given the losing trades oh so you get a lever jump the fund to try to make up for that so what wall street remedy they're going to triple down on the fraud and you know we're going to get to this next

headline but just google out there google cowper's. bear stearns c.e.o.'s credit default obligations they've got a large debt obligations so cowper's during that period of 20082008 so read that and you can see where risk goes to die again risk dice in your pension fund dies in your municipality guys where it's going to her harm the most people right spread out across the peasantry away from the top 0 point one percent and that is this really is a staggering statistic investors paid $230000000000.00 in performance fees over a 10 year period for returns that could have been matched by an inexpensive tracker fund costing just a few basis points so that is private equity was handed all this money mostly by pension funds like calipers and they took 230000000000 in fees and they did not

outperform just buying a simple index that costs you know a fraction of a percent right it's a it's an enormous down the private equity industry as as it is the hedge fund industry hedge funds very rarely outperform the market and it in any consistent way and even warren buffett has failed to outperform the market for 15 years in private equity is huge you dump of fees but you know they have great marketing and they're out there in the hamptons like monks people that don't know anything about anything railing and they get them to put millions of dollars into this great private equity fund mitt romney you know over there bain capital all hell you know will make a lot of money for folks well no mitt actually you down and that's a giant scam well all our presidents all our former treasury secretaries all our federal reserve chairman they all work a private equity or hedge funds and write the presidency is just a way to get something on your on your resume so that you could leave and then do something like productive in your life all right well we'll take

a break and when we come back much more coming your way. the simple things workshops hymns and petersburg up public spaces where adults with learning disabilities can engage on equal terms with creative activities like graphics sewing ceramics. cookery and joinery. just living with these just what's it you know because. they are very young life just is what it did one case to come up with. the underlying idea of the workshop is a calendar of happiness which they feel thrilled to find joy in the little things of

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a symbol of the country's most significant victory around it runs a memory room. a gallery honoring the name of every soldier who made much sacrifice to gain that victory. coca-cola smuts the thesis of the new class the foolish made them play attempt. museum explain how does your. name make yet if i think that says i'm an indoor run in and on and on you know probably isn't even with using the brain it's. my cue fisher still used to say let's see the need for the tears to get close to shut although cool is a plea. deal or could we be sure. it's you can't argue with nature and its nature that has to live through this

message and so people will be no only in the long term i'm going to have to adjust the way they live and conduct business to take into account this new vitally important aspect of our life the need to insist we coded 98 so i think that some changes in a positive direction are going to happen out of interest as a species you can't survive without changing. welcome back to they report imax ties are time now to turn to stephen call it if it's going has that investor stephen call welcome to the kaiser report and welcome back thanks for having me so let's discuss inflation and war so one of your recent

quotes is that bitcoin lets you legally opt out of the inflation tax can you elaborate on this what's war what inflation stamp absolutely the endless war that is all are around us all the time that we've gotten way too used to there was once a time when going to war was a big deal and it was voted on and taken very seriously and now we live in image in which that's unfortunately not the case we're kind of bleeding trillions every year maintaining these presidents since for better or worse overseas. fighting a lot of fights and in some cases maybe going on a national weapon. so what that means for individuals in the country is that your savings are often used to fund these wars and these government programs and often that happens in a way in bit most people don't understand so rather than the government having to go to citizens and say hey we want to fund this institution go on this campaign

provide the social service whatever it is whether it's good or bad that should be a conversation it shouldn't be that the government is able to quietly in hidden behind complicated jargon be able to steal the value from people who are trying to save money so if you have dollars in a savings account the central banks printed a lot of dollars in the last few weeks somewhere in marion's or $3.00 trillion dollars were created out of thin air in recent weeks and those that dilutes the value of your savings doesn't necessarily happen instantly takes time got it. trickle through the system a lot of complicated supply and demand but eventually if you increase the supply of an asset there is no escaping from the effect of that on the holders of that asset and unfortunately in many people are paying an inflation tax today in the us and they do and in virtually every country and they don't realize it because the

government doesn't talk about it and doesn't frame it that way but if you hold your wealth in something like bitcoin that is scarce that they cannot print more of and you effectively opt out of that tax and doing so is beagle in a lot of people are calling for defunding the police you're saying why stop there want to defund the pentagon right the pentagon one and a half the $1.00 trillion dollars of our tax money that's over half the taxes are out of the pentagon and they start wars without any approval and that family wars of convenience as they're noun simply to keep the defense contractors you know flush right there's no point to it then profiteering and so with bitcoin it's a way to define the pentagon and you know i still a lot of. kind of a spinoff from black lives matter now you've got several groups in the black

community saying you know we can opt out of the american system completely with bitcoin are they right they are right they're absolutely right you can for the 1st time in our lifetimes there is a practical way to opt out and escape from underneath that system. back in 1930 you know gold has been the soundest money man ad for the last few 1000 years and back in the 1930 s. the government made it illegal to own gold to maintain their violent monopoly over the monetary supply so f.d.r. issued an executive order 6102. said anyone holding gold you have to give back to the government here's how much money we'll give you for it it's not a conversation and bitcoin has many strengths that make it resistance to that same type of central control and that same type of attack vector governments cannot easily use physical violence in the same way that they can with assets like

gold to force you to hand them over if they want your value with the wealth that you've created for your hard work and time and effort and you hold that in bitcoin they have to come ask you for it and that's it sounds small but that is a game changer because it is effectively on confiscated dollars was being indestructible and on the sensor ball which is also very important in the geopolitical stage where the dollars used as a weapon the us to call a sanctions and or the law censor the swift network for transferring dollars all around the world and using the dollar politically now another big kind of interesting division that's opened up in society right now is an intergenerational division saying got the boomers versus the millennial rights the boomers are really trying to hold on to the status quo the millennial are saying wait a minute you took all the money of ours and you know you little gave us all the debt all the student debt all this other debt and this again is an interesting way

for a millennialist to do battle with the boehmer because they can defund the boomers your thoughts agree very much i think that's one of many examples of specific sectors of society waking up to the realisation that they are futures has kind of been decided for them they've been signed up for these that and these obligations in ways that they you know they did not have autonomy over and it wasn't a conscious decision on their part and so as a practical way to kind of make that conversation take back some of that power and that lever. ridge they can opt into bitcoin and that's true for you know maybe it's millennia old and the younger generation who are already more comfortable in the digital realm anyway more naturally amenable to digital assets like bitcoin i do see that as a huge trend kind of them starting to and will continue to

a greater degree to reclaim some of that leverage in the discussion and say hey i know that you said i'm signing up for this why let's talk about it because i've got this big going thing you can just take it from me speaking of defunding how about defunding man same financial press you know we live in an era where hertz remarkably bankrupt companies trying to float a $1000000000.00 worth of stock and chesapeake energy another bankrupt company is becoming braced by day traders on various stock trading apps and the mainstream media and particularly when it comes to hertz this is obviously a fraudulent move on the part of hurts i worked on wall street for many years this is fraud they're selling bogus worthless paper hoping to go directly into the pockets of the creditors but at the same time you know this is coming at the tail end of the 2017 period where we saw in the so-called crypto space they floatation a lot of i.c.'s that were patently worthless but there was

a serious multibillion dollar market for them as almost as if wall street looked at the i.c.l. market and said hey i.c.l. all the fraud taking place on your market hold my beer you know we're going to commit even more fraud you know how how much longer can this go on. particularly i mean is that all coins face the man you have 27 tame is dead now finally great question i worry that there might be another way a long term i think all coins are worthless i don't think there's any promise in the digital asset that i have seen except for. point. 2817 it was a mania and you're right i think that unfortunately a lot of the mainstream institutional money considered bitcoin guilty by association they had it lumped into the same bucket of digital assets as these i c o things and they don't understand the difference between decentralization and the

fact that it is immutable that no one can change its monetary policy not dollars not minors not any single portion of the ecosystem makes it very very different value proposition from any of the many outgoings i do worry however that it will take a lot of time we are still so early in this entire digital asset movement and that it will take a long time for that knowledge to dissipate and who knows maybe there's a 2nd wave of retail money coming in looking for the next point which i think is a lot like looking for the next internet bites i think as people who understand bickering we know we have a responsibility to those in our lives as we educate others making it clear why because it is different and why because in a special can hopefully help others avoid the pitfalls of the 27th united c.e.o.'s the rampant fraud in all the media you know they all fines that came in after that

time and that's trying to kind of cash in on because it bought with pyrite you know fake gold basically and then another generation on top of that came along called distributed finance with sames like even another layer of fraud on top of fraud can you explain the mayor and the distributed finance for all when they talk about a trust and price or a call how that's not just centralization. and why add is that are they completely off base they're now you're you're absolutely right in my opinion it's complexity theatre and are often times i think. the hearts are in a good place in some of these projects some are outright blatant scams done by scammers and you know that's kind of the worst end of the spectrum i do think that there are some well intentioned people who are brilliant in terms of technology and they're trying with a good heart to apply it to solve these problems but i worry that in many cases

when you connect enough dots through all of the layers of complexity such as price or goals you ultimately get to a place where at the end of the day you are still relying on a small group of individuals corporations entities that could be. black they could be malicious actors they could be blackmailed they could make mistakes be subject to human error at the end of the day if you connect enough dots i think it does lead back to centralisation and many of those projects so i think that some of the use cases being explored on top of all points maybe they are noble use cases maybe they're valid use cases but over time i see those migrating over to the security and immutability that you did by virtue of building on top of bitcoin having all of that proof work and unforgivable costliness in bitcoins base layer could go on top all right i love that phrase that complexity faster that's really

interesting you know getting back to because now so that one of the core value propositions something that's not talked about enough is that for the 1st time in history we're separating state from money right up until pickle and this was not only a pa you know it was a concern of possible basically but now it is possible it has such a profound impact on society at large all over the world and there is talk about bitcoin replacing the dollar as rolled reserve currency what the timing seems good because. reserve currencies usually last about 100 years of the time the u.s. dollars time is up do you say because i am becoming kind of. this world a world reserve currency and kind of a string and a whole new era of state less money i do indeed i think big point is going to destroy currencies the dollar is the strongest be our currency but i think ultimately the fact that that point exists makes the whole nation state paradigm

including all of the beyond money associated with it unsustainable and impractical they cannot escape the gravity of. strengths as the strongest money we've ever known of staving call thanks so much for being on kaiser report thanks for having me and that's what's going to do it for this edition of kaiser a park with me max kaiser and stacy ever like to thank our guest david call if you want to catch us on twitter it's kaiser report until next time by al.

kooper all those driven by dream. day or so. thinks. we dared to ask.

in the troubled 19 seventies a group of killers rampage through parts of northern ireland that was coordinated loyalist attacks particularly on the population of belfast tens of thousands were forced to flee their homes and what was striking to put these attacks was a fear you see the police actually took part in the attacks so instead of preventing it they were active participants in the burning of coal streets in belfast at the plague more than a 100 innocent civilians were unloaded as the review can seniors and we found out more i was surprised about the extent and of the currents which the collusion was involved in some of those cases that killers would later be named into than a gang i think it went to the very very top i think if he crossed the water where all the taste and so you thought was going on and give the go ahead.

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