mersa lucian's that's right where we come up with solutions to the problems they cover on the other shows we don't have any way today we've got a goal to the moon edition with a special guest mark valiquette of incremental i'm stating there is no bigger solution needed than to the exorbitant privilege that has been the us dollar in the past 50 years all the trade imbalances all the trade deficits that are required by the united states and the mass unemployment that is the result of that us dollar policy so we're talking to mark malloch about this and mark i want to ask you gold has gone supernova again and it's one of the best performing assets of 2020 so far how high does this go and is the price of gold an indictment of the front cover of the economist magazine free money as they see yeah well it the real question probably is not how high is gold going but holo is the dollar and all of the fear

currency is falling and that's i think what we're seeing is that is this this fall has been accelerating recently as you said and. to the moon i think i've got a nice comparison for you here i mean we've saw this billions and actually trillions of money printing recently in the small calculation so the feds expanded the balance sheet by 3 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. 20 light seconds so this is actually several times to distance to the moon and this was just. rate it 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 a 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 new 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 of family fab money is really crashing against against called 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 into nitrous in conversation and but what it what's your take on it mark my army 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 if i'm pick money supply if you talk about price inflation len we again have to specify what the price inflation are we talking about are we talking about i guess the price inflation are we talking about consumer price inflation and so on well i mean this community is inflation i agree to that different issue and apparently we have seen price deflation which is usually what people refer to when they call the focus of the inflation or consumer price deflation we have seen apparently but if you ask me i really do not see it i'm sorry so it lists the east side of the atlantic with a few weeks perhaps who have a few prices went low 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 in

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 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 pope process which has been ongoing this is what we are calling the doris ational of the a lot of other people call it the dollar a station 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 the psystar of presidents 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 here 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 accelerate also but i wouldn't i wouldn't go overboard with this topic for from now but that's a topic for this decade that i would say so yes mark souder dollars ation definitely a theme oh the next decade and the currency great around the world and central bankers are. 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 that she's the head of the russian central banks you converted us dollar reserves into 25 here's the 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 us 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 had this cold war situation when when the cold was there so you had the west and within the west france which was challenging the us a little bit. and right now you really have

a different situation my view you have the us as a skillful economic power and it is being challenged by it by more than one state and also within within the perhaps a 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 probably know why that definitely have the strategy and there in my view then they're doing a very smart move preparing for this multipolar the. 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 out the oil gold ratio the gold oil ratio 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 so they've stopped so you can see them playing that energy versus real money arbitrage or trading some commodity for commodity money right that's also a group quite i mean there are quite a few analysts who are watching this story or grace who we also featured in all report well i think i think always the obvious the uncoated key is the number one commodity when it comes to consumption it's the biggest commodity by far in terms

of markets bail you out 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 gold or hold them perhaps so that may really be the reason i agree with george martin cover the gold market extensively here report is widely read as kind of the industry standard i would say so you've got your ear to the ground let me ask you what about peak gold the site there really that we've hit an air of a time now in gold mining where we're kind of running out of gold you know that of south africa they've actually getting so far deep into the earth's crust they're hitting the lava right there so it's like they can't going deeper can you give me an update on that well people are always comes up when the price goes up and the think it's a new and interesting story i mean you. yes obviously this planet is finite so so

there are a finite numbers of gold at times on this planet. but still. i really don't subscribe to to peak gold at the anytime 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 constant and to see regret regardless of the price 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 as 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 between 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 the 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 a overblown this as being a potential risk for for the price of gold that we suddenly start to get gold from out of space i really do not subscribe to the theory this actually really reminds me a little bit of the story that one actually can also extract some pots of gold from the scene. from the oceans and this also comes up from time to times it was

already 100 years ago off the gemini of last will one people said now we can we can perhaps find the golden in the oceans and 100 years late as we are still able to do this in a feasible manna so i think straight mining is is nothing which will come in the next and the next time mark valley we're going to take i start break and come back and talk to you some more mark malloch of incremental gold hyper because it is a sin all time to get stuff coming your way to go away. 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.

fall. for most of those in the early ninety's. a psychologist mixologist proposed to the senate a social experiment wanted to let paedophiles and top down the neglected boys experiment was a. good. one goal. for girls to tend to believe that sex with older men would help with the boys' socialization of the 30 years many children were paedophiles to raise. her to the dogs. were the. least workers or she just told for. someone to go to.

50. 1000000. 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'd like bitcoin can you just describe your your journey into becoming a big point 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 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 ratio i mean back then they actually had 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. huge lee 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 covering 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 bet coin 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 big claim

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 because it's very austrian i mean even the e.c.b. 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 the international aid station of cards seized in the seventy's i think that probably did inspire the create the creators of bitcoin to to to start this whole thing. and also there were a way of wealth gold a way 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 that and a 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 but i think also gold has a play a role to play if for bitcoin us why i think the problem of can still is the volatility and the volatility could actually be dampened if one basically if many investors basically arbitrage to gold big question ratio 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 a stupid at least investors could start doing that it makes a great investment and it also affects them the whole the tillage you saw 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 all them 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. the 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 super 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 they arise or let's be quite frank great points they're 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 model particularly with a competitor like big point 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 the 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 day kate and the think this ticket will be very well full for gold investors indeed the other big story of 2020 so far has been the rapid escalation in tension what 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 i think so but i think that's mostly used as a new spike to perhaps talk about very short term development goals 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. deeper 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 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 new level if you ask me i'll ask in the konami economist and you get a very different audience of probably i think. if negative interest rates do come to the us then that's probably the final case of this too to the reservist status because i mean that's the perfect incentive to to really grow up your

reserves if you are a true international central bank and then it's obviously full for gold and also bitcoin that will be the ranching of a very hyper bull market so if they want to do it yeah 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 was also very small amounts of money i mean there for we mentioned super is perhaps $1.00 ounce or but also suppose she's another answer so you can really you can really stack these kind of things. you just need to make sure that you don't have 2 small denominations when it comes to gold and silver because the prices are really not good for small terminations 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 the at current say. they're definitely are i agree. so yes we need a good unit of account which cannot be created by any individual party and then we

will also have to perhaps belen straight and also balanced budgets which are i think both important components for sound economy for a peaceful economy at the end of the day yeah bitcoin is perhaps the best attempt we've we've had to to to create a monetary system which is out of scope of any single individual or any group who can actually increase the money supply and do 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 forward 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 to that the next big step forward right mark resolutions for. kaiser reports summer solutions thanks for being on mark thanks max. and that's going to do it for this edition of

kaiser report summer solutions with max and stacy 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. hiroshima. standing up claiming any. one. chin it's. like most americans growing up after the war the bombs were a great thing they ended 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 there was american poor planning in october 19th 45 chosen 20 targets in russia. so what we've got to do is identify the threats that we have it's crazy. let it be an arms race. very dramatic development only mostly exists i don't see how that strategy will be ready. to sit.

the. protesters and storm several government buildings in beirut calling for justice and accountability after tuesday's devastating explosion security forces used tear gas and rubber bullets to disperse crowds gathered in the center of the lebanese capital. the country's prime minister says corruption that was to blame for the tragedy and calls for early elections. rescue teams continue to search for survivors in the ruins of the beirut area we hear from a nurse who saved 3 newborns minutes after that well. we need to intensive care units in the top of the rubble as well and i started calling when you were in songs of the units.