and actually trillions of money printing recently and had to be small kept relation so the feds expanded the balance sheet by $3.00 trillion within a very short time recently so what is 3 trillion $1.03 trillion dollars if you make a staple of $1.00 coin this is a mind boggling staple of 3003700000 miles and this is a chilly. 28 seconds high so this is actually several times the distance to the moon and this was just created out of nothing within a few weeks and that's i think the real problem which we are facing and and people are waking up to this problem and i think that's a very interesting time when good analogy there with the staples and all that stuff it's amazing when you put these graphics and you look at them how really incredible trillions and trillions of dollars as now of course gold has been making all time

highs against just about every other currency in the world except the dollar now it's made a new u.s. dollar high and as you point out it's an indictment a family for you have money is really crashing against against galled now going forward you know does that mean in inflation or deflation right this is weird topic because people have different definitions for these 2 words and it usually only goes in june interesting conversation and but what it what year take on it mark my on the accent already takes it away and i'm austrian and i'm also austrian in the economic sense of terms and the austrian school of economics defines inflation this this. is an increase of the money supply of i'm pick money supply if you talk about price inflation len we again have to specify what a price inflation are we talking about are we talking about asset price inflation are we talking. the consumer price inflation and so on but i mean this year it is

inflation i agree to do that different issue and apparently we have seen price deflation which is it's usually what people refer to when they call the buy the talk about inflation or consumer price deflation we have seen a panic but if you ask me i really do not see it i'm sorry so at least at this side of the plant take with a few weeks perhaps you have a few prices went lower a little bit but if you go into the supermarket groceries in my view are just going to under each and that's is up so inflation is already creeping up even in the end the consumer price level and i think there's really no other way out if you want to try to read it develop these that bucks then you just have to reflate reflate them that sooner or later this price inflation will get much more severe so

the goldman sachs even just came out and this summer this in july and they mentioned that the u.s. dollars role as a reserve currency could be you know addicts and do you agree with us and what exactly happens when it ends as the u.s. dollar reserve currency we've been writing about this topic for years now in gold we trust report i think this is a gradual hope process which has been ongoing this what we are calling the doris ational of the a lot of other people call it the dolorous ation and then this is a process and it could could have been gradually gradually and then suddenly basically but i don't think that that things will change so soon i mean we have this historic precedents of the of the british pound which was the reserve currency for for quite a while and and this status really also didn't. didn't change overnight i mean the

whole infrastructure is you to do international trade with with the list but still i mean the central banks over the around the world are increasing their gold supplies and stocks and that's happening for a reason so they are preparing for a change and it could have been more more reputably and excel rate also but i wouldn't i wouldn't go overboard with this topic for full knowledge but that's a topic for this decade that i would say so yes mark sounded dollars ation definitely a theme oh the next decade and the currency great around the world and central bankers around the world are all kind of scrambling to adjust to a new world order i guess you could say oh over there in russia the russian central bank alvira not believe she's the head of the russian central banks you converted u.s. dollar reserves into $25.00 here's a 520 tons of gold in the last 3 years alone will history see her as the charles de

gaulle of central bankers justice france managed to get. 300000000 worth of gold before the u.s. shut the gold window in 1971 so too will russia be the last central bank to have stacked goal before it became unavailable at any price mark well i think that's a quite an interesting in the elegy you bring up. i don't think it's quite comparable though because. you really have this cold war situation when when the cold was there so you had the west and within the west france which was challenging the u.s. a little bit. and right now you really have a different situation my view you have the u.s. as a skillful economic power and it has been a challenge but more than one state and also within within the perhaps western alliance this is happening if you look at the cold reception germany recreate the recreate the. results. some years ago but also china

obviously is doing this in the in the large scale so so it is really looking as if we would be going into mum multi-polar world but yes russia is obviously very elementary in this development and the russian policy on gold has been very consistent and they are stacking gold and they're probably no why that definitely have the strategy and they're in my view they're they're doing a very smart move preparing for for the small to cola global order somebody did point out to us i believe it was josh crumb who used to be at goldman sachs as one and they are commodities task so he did mention that what russia you could clearly see was doing was looking at the oil gold ratio the gold oil may shout and stockpiling gold when you know it only took 17 barrels of oil to buy.

actually one ounce of gold. but 700 barrels of oil and now it's something like 40 or 50 south they've stopped so you can see them playing that energy versus real money arbitrage trading some commodity for commodity money right that's also a group point i mean there are quite a few analysts who are watching this story or it ratio we also featured in all report well i think i think oh i still obviously on the key is the number one commodity when it comes to consumption it's the biggest commodity by far in terms of markets bail us and all that so it's hugely important from a cheap political point a few so so this go gold oil ratio is something i think which one should look at and i think josh could have a point there. as you correctly mentioned russia stop their purchases of called

halston perhaps so that may really be the reason i agree with judge mark to cover the gold market extensively here report is widely read as kind of the industry standard i would say so you guys are here to the ground let me ask you what about peak gold aside there really that we've had a narrow a time now in gold mining where we're kind of running out of all the now down to south africa they've actually getting so far deep into the earth's crust they're hitting a lava right there so a spike that can't going deeper is can you give me an update on that well people are always comes up when the price goes up and i think it's a new and interesting story and i mean yes obviously the splendid is finite so so there are a finite numbers of gold at times on this planet but but still. i really don't subscribe to to peak gold at any time soon because this is also i think proven by the constant stock to flow ratio which has been constant for so

many many years so the amount of gold would just go out of the ground every year is very. recons said and did see regret regardless of the prize development so people really get more and more efficient in looking for gold and searching for gold but they also conned over supply the market because because it's just this magical thing a poke gold it has the most constant stock to flow ratio and the high the stock the freight through its low ratio in the material well at least. and that's why it's such an interesting story about whether you and the 2nd half will talk about hype or big queen as a shannon the stock inflow ratio in an bitcoin and how bitcoin might position itself in a post dollar world but you know follow up on this last few minutes here in this 1st segment here i want to ask you about that asteroids everybody keeps on talking about the asteroid belt and how there's all this gold in there and you know every single multi-billionaire in america where there's jeff bezos or eli mosque is

trying to get into outer space do you think that is actually ever a genuine risk that we could have this huge supply of a gold made asteroid well i mean ever this is obviously a strong case of know about very far into the future but but for the time being i really think this is always way overblown this as being a potential risk for for the price of gold that we suddenly start to get gold from out of space. really do not subscribe to the theory this is actually really reminds me a little bit of the story that one actually can also extract some pots of gold from the senior from the oceans and this also comes up from time to time so it was already 100 years ago off the gemini of last will where one people said now we can we can perhaps find the gold in the oceans and 100 years later we're still able to do this in a feasible mannah so i think asteroid mining is is nothing which will come in the

next. well next time marvelling we're going to take our start break and come back and talk to us some more mark malloch of incremental i'm. going to zation all kinds of good stuff coming your way go away. as the u.s. economy was booming growing numbers of people made homeless. you can work 40 hours 'd in a week and still not have enough to get housing everybody believes america still is the land of opportunity the reality of it is that we're not financially equality and the lack of affordable housing for a living minimum wage gave many people new choice. there's been a problem with the city knows turn the temperature on a cold to stay way oh miss colton it's worth it if there is no answer because the records resource the most vulnerable are abandoned on the streets to become the

invisible canucks. so what we've got to do is identify the threats that we have it's crazy confrontation let it be an arms race off and spearing dramatic to follow through the only really i'm going to resist i don't see how that strategy will be successful very. time to sit down and talk. thinking of getting a new puppy once we've gotten here she. didn't know it's still trapped in this tiny little wire we don't need to create with the wall. reaching out into the wall when it's pretty much anywhere near. breeding dogs or caged in the in human conditions on puppy farm i mean 67 years you know they've been locked up in a cage outside you see no protection from the weather the heat you know the courtier the rain the snow the funder nothing they have no protection. could get

you. it's true chaos across the u.s. crude puppy mills are supported by dog shows and stores most of the puppies are coming from this large scale factory farming kind of operations are being sold and at stores even joined a good businesses are involved like agoa mom center there has been a shocking amount of organized opposition to adverts to increase the sands of care for dogs bred in commercial breeding facilities most of that opposition is coming from huge agricultural groups and industries that have nothing to do with jobs don't buy dog. welcome back to kaiser apart summer. and back to stacy and our gas

mark valley over there from incremental they put out an incredible report we should check it out if you can now mark you are a gold guy who also likes bitcoin and that's unusual because a lot of the gold folks don't like to climb but you do so 1st can you explain why you seem to go against some of the gold bugs and you like bad coin can you just describe your your journey into becoming a big coin fan yeah that's absolutely correct so as you mentioned we've been looking at gold very intensively fought for many use. we are writing a report on gold and food for this report we do extensive preparations extensive research we basically cover all the news which was happening during one year and and and therefore we always are looking at what is happening on the monetary in the

monetary system and we therefore also discovered bitcoin pretty early on we i think got it conceptually pretty early because we knew the stock to flow rate show i mean back then they actually nobody was talking about the stock to flow ratio we featured it you know report i think the 1st time in 2011 also. so that's why we knew what bitcoin was trying to achieve and is probably going to achieve at the end of the day it is attempt of creating deflationary monetary system in my view and that's something very interesting and also from the point of view of investments let something very interesting if you find such thing and it actually. manifests then and then it's a huge. hugely huge. investment which which can make a lot of money and therefore we've been following you've been investing and we've

been also know. offering investment solutions for professional investors and that's a very interesting time for us as well therefore some marked yeah you've been contrarian sense 2011 and you take a commonsense approach you look at in terms of stock to flow which is a great way to look at it and you have migrated easily from gold to bed point and there's another dimension to this which is that also fits sent to an austrian school of economics once again the gold bugs that that are critical of bitcoin identify themselves as austrian school economists and yet they don't identify bitcoin it seems like an oxymoron are some kind of separation there but you see the connection so what is the connection between and the austrians call well i think it's very austrian i mean even the supreme you wrote in a paper i think 2012 was that that bitcoin has its roots in the austrian school of

economics high you wrote the part in national aid sation of currencies in the seventy's i think that probably didn't spiral create the creators of the question to to to start this whole thing. and also there were a way of wealth gold away a way off the stock to flow ratio of the code or code all this knowledge together and combine that with with a very interesting take you can all the great incentive structure but anyway i think it's crucial to to think bitcoin as a complement to gold i really i really want to bring out the message it's on the one hand it is a competitor but on the other hand it's very complimentary and again from an investment point of view combining these 2 is so attractive one can really make very in. misting risk adjusted returns with with a combination of both and i think also gold has a play a role to play if for bitcoin us why i think the problem of quinn still is the

volatility and the volatility could actually be dampened if one basically if many investors basically arbitrage to gold big question re sure so if the big question rises too fast they perhaps a little of the big question and go back into gold and vice versa so that could actually be something which also perhaps one day even central bank just to put at least investors could start doing that it makes a great investment and it also helps them the whole the till the so i really would like to put out this kind of world do you. like to hear what what you guys think about that for instance but i think that's pretty genius but i do want to talk further about volatility and let's go to the poor man's gold silver do you see self are falling gold and decline higher in this post dollar world war and this whole process of the post dollar world starting to happen well super super is

a very interesting one. as kind of a gold bug i mean to say yes the silver is straight and it's a great investment it is but i really to some extent see. bitcoin as a little bit of a competitor to civil books i don't think that super will regain a real monetary role in a mall in in the world so so for for that point a few i think the upside is is not so great for instance as in bitcoin still as you said so but is the poor man's gold and during potentially inflationary environment the upside still is very interesting but just the case for super as a monetary metal i think has weakened during the during the last. kate since the rise of let's be quite frank great points there sort of medicate the risk or the volatility of bad coin you can do some arbitrage between bitcoin and gold and the

stock to flow ratio for sober is probably not as attractive as it once was and maybe would be deescalating in terms of a monetary battle particularly with a competitor like big plane now. kind of nipping at its heels and. kind of looking at these from the big picture mark you know we've been following gold you've been following gold for quite a number of years now we've seen 2 major legs of a bull market we've been waiting for the 3rd leg which is typically the most explosive leg up are we now entering the 3rd leg of this bull on the gold market well it certainly does look like it because i mean all fundamentals focal just look really brilliant i mean it's got this huge debt load you've got this increasing the insane amount of money printing so and then you have a chart which technically really looks good i think i mean. we saw all time highs

recently and now gold a speck in the media so i think you put it exactly right this part of the bull market is to keep the strongest and that's what we are expecting in this day kate so do you knowing what we trust report we talk a lot of up to the potential developments within this decade and the think this ticket will be very good well for for gold investors indeed the other big story of 2020 so far has been the rapid escalation in tension with china how much do you think that sort of tension is a result of like it's hard to determine cause and effect which came 1st the tension or the dollar crisis like was that built into that relationship. it has a part in there a theme so. i think that's most. mostly used as a new spike to perhaps talk about very short term development of gold i really think the long term that the fundamental problem is that unsustainability of this

monetary system of this debt based monetary system which needs to go. deep into debt and needs to print more money and so it's built in to the system that it actually has. limited lifespan and we're ending the lifespan so that's i think that the core problem when we're looking at some mark around the last time we spoke with you know i believe some major economic monetary history has been made and i need to get your take on it and that's the creation of negative interest rates so a negative interest rates i think believe it may have started in japan and europe people are saying it may end up in the united states with the world reserve currency it's never been done before in 5000 years time negative interest rates it's an incredible phenomenon and you talk to different economists and the tie in differently what it means what what's your take on negative interest rates mark.

you know that's something fascinating i mean it's obviously contrary to to all human intuitive. reason that because i mean negative interest rates just doesn't make sense on the level if you ask me asking the konami economist and you get a very different audience of probably i think. if negative interest rates do come to the u.s. then that's probably the final case of this too to the reserve status because i mean that's the perfect incentive to to really grow up your reserves if you are international central bank and then it's obviously full for gold and also big question that that will be the ranching of a very high per bull market so if they want to do it you have to go for it but it won't solve the problems and it will make gold and be much more attractive than i

think it will reduce the lifespan of this field money system ok so you're an austrian economist in the last few moments of this summer solutions offer some solutions to the ordinary investor out there because austrian economics really deals with currency collapse what happens during that time so how can the ordinary person maybe they only have a 1000 euros to their name like how did they start or start to prepare for this. yeah well that's a very good question i mean i think. saving heart my money which is not inflate support on a regular basis can be actually achieved with also very small amounts of money i mean therefore we mentioned super is perhaps $1.00 ounce or but also suppose she's another and so so you can really you can really stack these kind of things. you just need to make sure that you don't have too small denominations when it comes to gold and silver because the prices are really not good for small dominations there

you have a vantage for bitcoin so if you stacking hard money i think that's that's a very good 1st starting point and you also work on your personal sovereignty so that's also a good thing in my view and ok that's the individual what about on the nation state level what comes afterwards how can big queen help resolve these global trade imbalances that are. seemingly a consequence of current say. that definitely i agree. so yes we need a good unit of account which cannot be created by the need individual party and then we will also have perhaps melons and also balanced budgets which i think both important components for sound economy for a peaceful economy at the end of the day yeah is perhaps the best attempt we've we've had to to to create the monetary system which is out of scope of any single

individual or you need a group who can actually increase the money supply and through this old trick of inflation. i'm i'm hoping so i mean this this is a perhaps for humanity the chance to to to really take a leap of forwards and separate money from the states as we separate religion from the state i really think that's the mission we have to achieve to to get that that the next big step forward right mike great solutions for kaiser report summer solutions thanks for being on mark thanks max take care and that's going to do it for this edition of kaiser report summer solution to max and stacey want to thank our guest mark baloch of incremental join to catch us on twitter it's kaiser report and so next time.

a short time ago an american airplane down to one bomb on hiroshima. not trying any. someone to constantly have to produce our own to me. to. my like most americans. growing up after the war the bombs were a great thing and in the war they say hundreds of thousands of lives on both sides and that's what my grandfather always said was his reason for the decision. truman was hoping for a dual strategy one was to drop the bombs and hope that japan would surrender and number 2 the americans were trying to send a message to the soviet union and there was american poor planning in october 1045 chosen 20 targets and russia.

54 jets and more than 1300 military personnel are headed to air force base in alaska where is that to say come on i'll show you what's the reason for any type of enhanced u.s. military presence in this area rush up. what is it suddenly about the south china sea that makes it so that it 11000000000 barrels of oil. take a look at this map who really owns what kind of says no it belongs to us india says no we claim that that belongs to us both of these countries have nuclear weapons capabilities there is reason for concern so that's why we're going to drill down on this story for you today right here on the news with rick sanchez where you know as

we always like to say we do believe by golly it's time to do news again. and illegal takeover of the government by a small group. rather than revolution result. that small group the operation when you have a tiny people who have all the power you have to have some means to make sure the rest of us don't get together and take it back. these are sacrifice. places that capitalism exploited and destroyed for profit and left behind misery poverty environmental devastation and so you see things like voter suppression building more prisons you seem gerrymandering sorts of democratic practices are well in that world are well into.

question that the caribbean. with recovering from tuesday's devastating explosion lebanon's already severe economic crisis is now being aggravated by food supply and housing shortages with rescue teams still searching for people under the rubble we'll speak to a nurse who saved newborns minutes after the blast. and she needed me to intensive care units the problem in the rubble is when it started when we were inside the units i was terrified because i thought the babies might because from the rubble. whoever wins the next us presidential election the country's national counter-intelligence and security center already knows whose fault it will be either russia or china and iran going underground discusses the difficult choice facing american voters with the loss of a political.