max keiser this is the kaiser report well gold new all time high against the u.s. dollar the last currency that it had failed to make a new all time high against has fallen the dollar has fallen. quick quick oh no the dollar has fallen well there is no help if they say well you know what when life imitates art has made it to the front cover of the economist magazine what we see is the economist saying free money when government spending news no limits of course the big calling and gold community saw it 1st by coming up

with that mean money printer go broke and of course they saw it the mean was powerful and that unleashed the crack and in big point it unleashed a crack in solver it unleashed a crack and in gold it unleashed the crack a number of the you know the. receivers. were just rubbish out of the. blue. print. what do you who who. yes it's free money and they economists quenching out that

this could be something to be worried about 'd and it of course because why it's so worrying is that it's the psychology once the mind changes once the mind expects that this is the way things can be going forward that we don't need to work we don't need to go to labor and and spend 10 hours a day away from our family we could just sit home and speculate via you know various online trading apps and so that mindset is setting in and can we ever step back from that can we step back from this global m.m.t. or is this the last days. of you know we can step back from you know ben bernanke you could he said as chairman of the federal reserve bank that he could reverse the quantitative easing in 15 minutes and nobody know the difference is just a temporary measure around greenspan thought it was later after he retired repudiated his entire career and mentioned that his thought about the economy we're all completely wrong about we know that it can't possibly taper opposed it cannot possibly taper a ponzi scheme gold is going to $3005.00. 100.

we told you here 1st and the most because we're the best of course it's the dollar it's all the fear out balling against gold gold is just a real thing that has had value for 5000 years and again another thing that we've pointed out is so much money printing so little velocity and you've seen the money printing just go this is it going but it wouldn't like it's always been pretty high but now it's gone exponential this is the sort of hyper inflationary moment i guess if you look at the chart the red line has shown that the money velocity is collapse so all those central bankers christine legarde you know jay powell all they can do is give money to the banks right to the member rests they actually vomit money either by vomiting money.

well that's what they've been doing but into their friends breakfast bowl you know have if you've ever seen a doll do that that's what they'd like to do is vomit into the breakfast bowl and they give it to their friends and of course they'd have enough houses they have enough islands that they own and yachts and at this point in the game 50 years into this system they just can't buy anything else there's nothing of value anyway being produced anymore there's no good art there's no good anything to buy really except for i guess a spot on the lawn musts. you know spaceship to mars maybe that's worth something. well yeah the money velocity chart shows clearly that all the cash that has been printed has been hoarded by the bankers to keep their balance sheets solvent by filling up the tank even though the tank has a massive leak and that leak goes magically into the pockets of just a few of their friends in what we call financial apartheid and it

continuing unabated at the moment but the goal of vigilantes and the sober vigilantes of a big coin vigilantes are now riding into town though the 3 horses of the apocalypse goltz over a bit coy is the new sheriff in town you know i actually as we're speaking about means and images and how just looking at a number or some data can really alter your mindset like that they could alter the feeling in the mood amongst the population and that's what fed speak is all about right this is that they're trying to give the animal spirits the markets so i want to look at gold dollar and u.s. fed funds rate going back to 1971 and this 1st one is gold and you see that's the peak back in 1980 then when paul volcker stepped in and

raised interest rates to 20 percent and global investors were like ok the dollar is going to be as good as gold because when we went off the gold standard $71.00 you know there was a lot of volatility people were doubtful whether or not the dollar could survive and then in 2008 through 10 the other peak that happened and you know when i look at that chart and an obviously it's broke through in 1900 again as it's becoming volatile again on its way up but if you look at that point 198-2008 through 2010 those are the 2 great interventionist moments of the u.s. federal we. into this u.s. dollar fiat's system paul volcker interest rates slam them up to defend the dollar then in $2800.00 to 2010 that ben bernanke and the fed slammed interest rates down to near 0 and these are the 2 moments the conflicts between like the global financial system gold dollar gold dollar gold dollar and at those points where

you know they hit its peak and then it crashes because people seem to believe that the fed has been able to maintain this value of the dollar right i guess you know paul fall for by raising interest rates like he did to 20 percent or so around 1980 he really set the stage for this greenspan bernanke the janet yellen jay powell herea of dropping rates from 20 percent down to now it's just about at 0 and talk about it going negative so he did a really good job in 1980 restoring faith in the dollar but he also set the stage for a series of federal reserve chairman after he left to take his good work and to constantly extend and pretend so every crisis in america has been packaged as a bond and sold into the junk bond market with a longer maturity at a slightly lower coupon rate and they've been doing this now for 40 years to the

point where america's indebtedness has been. engineer to the point of an extinction event as have many countries as has the globe so the globe right now is so deep and buried into debt that we are now entering into a hot war situation and that's usually what happens when you have a debt like this all over the world you go from currency war trade war hot war and the u.s. and china because of money. are now entering into a hot war and it's because of money all those jobs warning against china and hatred against china remember it's based on. money if you understand that. you understand we have course could not open up to china unless we had a global. reserve standard based on the dollar because we were never going to send

them our gold so we could send them all the dollars we wanted and you could see that in this chart by the way so you know here's the gold chart again and it declined as bottom was in 200-2001 what happened in that in 2000 when december 11th 2001 well china became a member of the world trade organization and they got to as a developing nation so they get to impose huge share of u.s. cat but that's a way to of course make the dollar supreme because you sent you have to send them your dollar you have to that's that's how that trade relationship works and you see that gold's figured out we long ago i mean we're all it's only been coming to a head today in 2020 but gold figured out immediately they saw this 20 years ago as soon as it happens here is the dollar you know from 1980 and then you know it's volatile but all the way down you see the clear trend is down and interest rates you know by the way that dollar chart is just against other fiat's so it's kind of

like how they monitor the c.p.i. the consumer price index but they take out anything that anybody actually uses like housing and and food and and energy and education those sort of costs they take them out and then they put like trousers made in china and obviously your prices are going down so they don't actually compare it to gold gold is not in that chart of the u.s. dollar index so you're not you're not seeing a genuine index it's just against all their fiat's and finally on the charts i want to show you the fed funds rate amounts where we talk about 20 percent. the all time high under of paul volcker and then since he did that is suspend all the way down but again the mindset of these are the boomers have lived in an ever declining rate of interest rate the fed funds rate so they're always able to roll over the debt the american empire could be built on being able to roll over your debt so we're at that point and it's no coincidence that all the conflict and

globalization and the dollars of the nation a starting to happen right coming off a 20 percent interest rate in 1900 course and those the birth of financial derivatives so that allowed for the expansion almost into the expansion of debt without any need of accounting because they put all of those bad debts off balance sheet and they quote unquote head them with derivatives that would occasionally blow up but then they would get a bailout and that's been the cycle we've ever been you know speaking about gold trading at $250.00 an ounce of the low at that time i remember public intellectual francis fukuyama wrote of influential the essay called the end of history right that's how crazy of people's brains were that you know gold would never have value anymore everything was dollar based and that was a bad call again so the fed funds rate has been declining all this time and what has also and the derivatives the explosion of derivatives again under clinton the same right before exact same time is trying to answer the debt b.t.o. we ship all our jobs overseas exact same time to get rid of glass steagall and

introduce the commodity futures modernization act in 2000 that allows us to print so much money and send it all overseas that which reduces inflation at home but also hide it into this pile of of quadrillions and quadrillions of derivatives floating on top of this little tiny a khana me and you see that in this final chart here i want to say the s. and p. 500 this is somebody who responded to jimi hendrix i don't know if it's really jimmy and. now i don't saying because the copyright cartel will get you but here you see that number of shares outstanding in. s. and p. $500.00 and you see as being taken private that's part of the hoarding that you see the money velocity collapsing is they're all like hoarding all the assets all the property all the land all the stock everything is hoarded and held for a b.s. or let's shift to from it out of. all of the food but the people approve the do view prob do you move but i miss you know you. know by pa rest de gras.

aha no no crowd. no shots no. action well to. drive no. points your thirst for action. us secretary of state might some day oh yes on a mission he claims the world must change china or china will change just how should we interpret this the cold war to be waged against me this is also implying

force regime change china is certainly a major global competitor but is it now or in. a dark industry comes to life in los angeles every night. dozens of women sells their bodies on the streets many of them under-age. los angeles police reveal. taste of their daily challenge no if you're going to exploit our child here in los angeles they were going to come out as a officers going undercover as 6 workers and customers to fight the 6 trade.

welcome back to the kaiser report imax keyser time out of turn to jack mahler c e o of zap he's been building some amazing tools for the big space jack welcome back to knox how you doing by thanks for having me always a pleasure it seems like things are happening out there in chicago now last we spoke to you about a year ago in new york city remind the audience what the lightning network is and how your company fits within that ecosystem yeah so whitening is a protocol on topic y. and it's really interesting because for the 1st time we can move because when instantly and or essentially sri anywhere in the world and so previously i was not possible it adds a lot of utility to the asset it was previously impossible and we just capture that utility and offer it to consumers we want consumers all over the world to be able to benefit from decline not only as an asset class but the utility of value transparent settlement so we use decline as

a settlement real with lightning which is pretty exciting and now right you've got a new product called strike it it's big news and the big calling press i'm reading about it every day tell us what it is and what problem it solves so this idea that we use bitcoin as a settlement real now so if i can transfer value anywhere in the world for free and instantly that's a pretty big deal a lot of plies to remend says commerce brick and mortar micro payments and so we simply allow users to connect a typical payment method like a bank account or debit card and interact with this payment rail they don't have to deal with taxes volatility they don't have to custody asset majority of our users don't even know that they're interacting with behind the scenes we're using their client to more efficiently transfer unsubtle value which is a huge huge deal we can do pretty much any financial activity for a consumer cheaper faster and easier so i'm excited everyone seems a. sighted and it's the beginning all right so according to corning desk quote

strike gives its user a unique public web site where people can send bitcoin just by scanning a q.r. code so that's basically what you've just been describing there a lot of people have been complaining over the years that the you x. or user interface for big calling is no good but you know this seems like the 1st step toward actually creating a much more user friendly experience of decline right jack. yeah i think the question that we pose is if consumers are looking for utility with yes or do they actually need to touch it number standing their targets you know the technological details on the only reason in my opinion you should never hold because if you're speculating on it and you're using as a store of value are looking for censorship resistant financial activity but for a settlement rael people don't have to touch it we can deliver a consumer experience just like cash after that mark if i were a lot of popular banks out today and just use dick went behind the scenes to gain really unlimited amount of stations right so

a lot of people have been in pick land for a while we remember back in 2017 they have the block size wars we had some hard forks we have got all these all coins and they all claim to be making big point easier to you know they got more transactions and all married have things and features but it seems like they claim big quien pretty much does it all just a matter of being patient and letting developers develop well rise to the top and here's a good example of it right so this this product essentially obviates all those claims made by competing coyness to have features that obsolescence bitcoin that's kind of a long question but what do you think i agree i think they all coins generally have been what i like to describe as an arbitrage. is you see a lot of people coming into this space looking to invest capital looking to take advantage of what seems to be an opportunity but lack knowledge and so you have people arbitrage not spread and selling someone who's really interested would join

our team coiner orange point but time typically cures all and at the end of the day this is a software project and building software sound software production level software just takes time and so i think that arbitrage opportunity continues to shrink it was easier to sell an all coin 10 years ago than it is today and that genre continue to go on so i have no fears when it comes. the big quints quote unquote competition or believe it has any competition frankly and it's just the way it's us drown out yeti it's chance their value from those who don't deserve it so those that do honestly but i fair enough now you know it seems like what you're saying here is kind of the opposite of what some in the technology industry say this idea of bill thing is fast and break things are fill things and break things right so this idea where it's ok to break stuff because you're going really fast and you're you're innovating but in the case of bitcoin because people use it as a store of value and money actually is the opposite right you want to go slowly

because there's a hundreds of billions of dollars at stake in the protocol and so i think that's what a lot of people the tech space don't get and certainly a lot of people have big quiet space who are working on the core the last because it just wasn't happening fast enough and i got bored with it but. here we are now with it having all kinds of major banks and companies get involved like visa so tell us about your company's relationship with visa how does that help the owner a consumer or retail outlet of course what's the significance of multinational regulated anthy like visa getting involved with bitcoin what's going on there jack yes and i have a really close relationship with diesel which is a story within itself union their huge company really well ran and based his skin in their knowledge because they know about as much as any axe i've been really impressed with and our relationship as a business is we're coming out with

a piece of backyard so the idea is to further off. when the users interacting with bitcoin bringing a mentioning experience to consumers with the acquiring you can swipe a v.c. card and pay a lightning invoice pay a normal decline transaction and use dollars back by your strike accounting the consumer will be so far beyond it from where the big client is actually helping. seems and just really trying to drive a mention consumer experience and partnership with where because it is helping mainstream users all in the world really right now you've got a family background in derivatives your grandfather helped found the chicago board options exchange or c. bio your father founded one of the largest discount futures brokerages what are your feelings about the bitcoin derivative market is that maturing you know we spoke a while ago about a product you were thinking about which i believe are hash rate futures contracts

which you know i love the idea of this i mean it just sounds so chicago you know chicago is really the epicenter of the rabbit as a futures trading in america and for and probably the world and here are your last 3rd generation in this in this market is is what's happening with bitcoin derivatives and futures as a futures contract give me the inside scoop from from chicago what's going on and i think that they've been really successful i think the c.m.e. really kicked off with their castle a private product in the winter of 2017 and since then it points gaining a lot of headway gold's price action recently is a really big deal and i think more and more screens and monitors are keeping a close pulse on pick who aren't in the drilled space particularly i know the c m e auctions product is one that everyone had an eye on and has been really excited about their futures product is continuing to grow really smashing all expectations

and i think a lot of the offering derivatives like a hash rate future are really exciting i know that i've worked with firms such a c.n.c. instability on such a product i mean it's gaining a lot of traction it's a problem that we have to solve and i think it just comes with the maturity of the space but the institutional demand for not only decline but a lot of more advanced derivative products is. really know joe i think like paul tudor jones for example earlier this year i think he he uses this in the products these products have been largely successful and are sharing in a new class of investors to this asset class which is really their job right now congratulations on closing a funding round you've got a major bracket v.c. from the west coast involved you've got our friends over at the pomp and his folks mark you sco at morgan creek that all morgan creek they're involved and so i

think it was a $3000000.00 raise so you are right now in the hot seat of a startup you're a startup c.e.o. this is one of the hardest jobs in the world it's also one of the most satisfying jobs in the world you wrote a brilliant letter kind of outlying your passion in the project that circulated and so wow what you want your feelings like right now because you're embarking now on this incredible journey of us of the startup in a hot space how how do you how do you prepare for that i mean i know from experience it takes a lot of stamina it takes a lot of a lot of life goes into it how are you jack mahler's kind of prepping for that and doing it. it is a lot sometimes going to be quite honest with you max i haven't changed i think the projects we've been working on have gotten more successful we've got some really interesting strategic partners to back us and to really grow this thing globally but in my heart of hearts fundamentally having change i've always been loud mouth on twitter yelling at big blockers really strong opinions very passionate about

working guy and so i sleep well at night knowing that i've lived a dream this is nothing i'd rather do if i were in my left again i would hope to be where i am right now and that i haven't changed and i continue to really just bite your dick when you do what i think is best for this assa class and i do that because i think this asset class is what's best for the world so a lot of other stuff a lot of mouse. twitter now i get some showing some hate actually a lot of the money hasn't really changed at all and i'm still you know the kid in there is going hacking so i find solace. yeah sure i bet i don't believe it you know jack i know is that it's it's time to. do things i mean it's exciting in fact you know it's exciting and i think they said you get extra love you get extra trolling right so there's why you know that everything is always split like this you know this like people come out of the woodwork in so many different ways and so what do you i guess what i'm asking is

what do you focus on a daily basis to keep the shift going in the right direction what's the discipline i realize kind of an esoteric question but you know you've got to get up and you've got you've got shareholders you've got customers your business out what do you focus on to keep you going in the right direction. i think it's something i preach to my team actually is that it's one thing to come up with an idea it's a nice thing to have done and then it's a 3rd to execute and that's the noise and sticks focus and that's when you know a good project becomes a good company in my opinion so yeah i think we really just hang our hat on our beliefs as a group i mean we have very strong beliefs and what it points out is what it represents and how it's going to change the world over the next decade and 100 years and so we stay focused on that i mean i think you have asked you the 1st step

to winning is understanding that you could lose and coming to terms that you know risks that you take could could fail and so as a group we know that we hang our hat on what we believe and just trying to keep things very simple and focused not trying to change the world just one line of code at a time the next item on the to do us a lot of knocking down and yeah we're very strong strong beliefs with this group and so outside opinions don't really affect us to march right one line of code time excellent already jack mahler stacks of man on the kaiser report we share. all right well that's going to do it for this episode of the kaiser report with me max kaiser as they say but want to thank our guest jack mahler c.e.o. of zap if you want to get out of touch with us tweet us a kaiser report and so next time by all. going to.

be in by north it's a many people because a cop beat him he's so good that even such a bad cop be sending. i'm not feel too good anybody and got on the field to find the next guy. a lot talking about getting the done deal fell to feed the dog she went on party of . the deflect some 40 c.e.o. slaves to the deflection board have to say. that is a god that i got up for many observers.

and there's a. lot about. that that you can thank god you got to get the book up. a . long long while and then you also on the bottom there's a bonus which i don't control glottal. handle a new person and they've done a move 100 gandhi the new normal i'm going to run the cities across the river to go to you then good luck you then game and join you. need to. try to. point out a lot it. already. and

a white 20. even. do you really need to 5 weeks to realize that we need each other. the headlines this hour the u.s. is pulling the only $12000.00 troops from germany to pay back the white house says for not paying enough into nato and secretary choice of words for something of an eye in the. ports open and nato any alliance sharing the burden so we can all deter russia and avoid peace and open war. big tex for most powerful c.e.o.'s get a grilling by the u.s. congress over political censorship and competition concerns and hundreds of british health workers march on downing street to demand.