the long term. actually suggests that. the long term effects may not just be absence of benefit. to. us republican senators complained of being physically harassed. this is they leave the party's convention and call for an f.b.i. investigation over. the lead police try to break up tens of thousands of protesters the activists complained of double standards. at rallies were allowed to take place in. the pentagon moves ahead with an artificial intelligence project to make life or death decisions on the battlefield.

for the top story so far here in moscow i'm kevin comprehensive news review of the week and now if you join me for. watching hope you have a great weekend. hi imax to answer this is the kaiser report we're back from summer solutions no more solutions not only problems now for the next 10 months. well let's talk about the biggest thing that happened while we were away on vacation and that is warren buffet has obviously used that opportunity while we were away to make a major major major change and his portfolio and which indicates that kaiser report has been right for the past 10 years he dumped many of his banking shares

and went long gold miner barrack the biggest gold miner in the world so max what do you think about this sea change in his portfolio right well it was obvious that he would have to get into gold gold mining gold bullion at some point he had too much calf he was underperforming the stock market for 15 years he had made an enormous mistake at airlines again for the 2nd time in his career took a huge loss. and you never understood technology got in very late and he's got a problem now with all the money that he helped bring into existence by having the government bail him out perpetually not not not not in 2008 was a huge bailout of warren buffett and they had to print trillions of dollars he used to base the value of this figure out money the u.s. dollar and the only protection now we have as

a way to preserve wealth is to get into gold so this is the 1st foray into gold just a pay that within 2 years 20 to 30 percent of the berkshire portfolio will be gold or exposed to gold buffett celebrating 90 years you know 90 year birthday on a spring chicken anymore i think charlie monger is a few years old or so they've got him out think about preservation of capital they may have tons of mistakes now they decide to salvage what they can of course one thing you can point to this and say is that this is part of perhaps a dispute with the fed because remember he did want to bail out the airlines i in a way that would give him a good deal and a bigger percentage of the big 4 airlines in america but who outbid him that was the u.s. federal reserve they gave no strings attached to their free money to the airlines which is basically never going to have to be paid back so of course warren buffet

then dumped his airline shares and then dumped his banking shares in the 2nd quarter and while he was buying gold i'm buying back at half a $1000000000.00 with the barrick gold he and i want to point out that colombia a country you know they sold 2 thirds of their gold in june alone so you know they were getting out there's always down money and there's always smart money at the table so if you don't know that a sucker is at the table it could be you. if you were right well you know the fed is out buffeting buffet right if it were taught fraud how to commit fraud to the central bank you put a lot of money in and buy stocks that go up because you're buying stocks that go up right so he made that game possible and so but the fed figured out wait a minute why are we letting warren take all this fraud money we should get some of those fraud money so now the fed is i've often buffett so something will for buffett to do you know he is entering the game of precious metals and precious

metals is a nonstop sort of manipulated market j.p. morgan has been fined over the past 2 years for manipulating the prices gold and silver i think they're still under criminal indictment actually they're there there's a criminal investigation from the department of justice but the biggest oldest 1000000000 bank in the world is scotiabank and they've just been fined $127000000.00 for manipulating gold prices 3 spoofing this is on top of a $100000000.00 that they were already fine like one or 2 years ago and then they failed to disclose some information in that settlement so the c. f.t.c. and the department of justice are fining them some more 127000000 but again this is something that kaiser report has had right where the major you know mainstream media has wrong where they say it's a total conspiracy theory to think that prices can be manipulated because for every buyer there's a seller right now that's clear i hope by now that these gold prices in

markets all over the world are manipulated using in this case they highlight spoofing you know putting in fake orders to nudge the price up and down and but there's 20 different ways you can manipulate prices and we've talked about it before you know the world is on a gold standard it's been on the gold standard for a 1000 years central banks are on a gold standard when i saw trades with gold they don't use paper. this idea that we have a fear of money standard is a complete hoax in order for that to be perpetuate. they've had to suppress the price of gold manipulating the price of gold somebody banks been fined for this now it's such and such a documented historical fact that they've been playing the price of gold but like the gold pulled in $196.00 days you can only do it for so long and then the market ultimately wins out and now the market saying you know what without the manipulation of the price of gold would be 3000 dollars right now and now we have to go to $3000.00 and spank you we have to spank you hard really hard and buffett

sees the trend and goes i don't want to be spanked i gotta get into gold. and of course you know that part of the resistance to say that this exists is because a lot of people don't want to say well you know that why would the u.s. treasury or u.s. government care the value about the value of the dollar obviously they do they care about the value of all. currencies but nevertheless you know what they've been doing is this manipulation by the way it's been going on since from 2008 to 2016 this is what scotiabank was fined for even though kaiser reports been covering this nonstop so they were never afraid of being exposed even though we were talking about spoofing and you know what spoofing does is they pretend they put it in order for a massive buyer massive sell mostly usually a massive sell to to panic other investors in the market they think oh my god everybody's about to dump their gold and so they dump their gold fast and the and

get a lower price than they what they would have i mean this is a smash and grab but in very sophisticated form because you know if any ordinary joe back down a said this they would be doing you know 102030 years in prison but here they get a fine who knows how much their gains were by the way and we'll never know because they settled with with the authorities right let me let me in a little secret right there is no such thing as money and there is no inflation and there is no deflation and the only thing there is to think about are interest rates and interest rate apartheid the value the money is important relation to gold and that you can keep interest rates near 0 so that if you're a white guy like jake i mean on wall street your cost of borrowing is 0 if you're a black guy living in the ghetto your cost of borrowing is 2000 percent it's called interest rate apartheid and it's practice right here in america and all over the world ghetto of high interest rates if you don't borrowing money to 0 percent of the strike you live in the ghetto and that's the fact so if you can't deal with it

then you're going. i have to maybe go to a psychiatrist and adjust your thinking so you can perceive the truth in its fullest straight off speaking of perception and market participants is something interesting has been happening over the summer and that is tesla rocketing continuing to rocket is up 5 and a half percent since march but the interesting thing is they really went off on a tear when it was it did a stock split which if you know just like the people piled in on the bankrupt companies like hertz and whiting petroleum even though they're going to lose everything here is like splitting your stock does it add any value to the company but it makes people feel wealthier because they have instead of having $100.00 and they have $400.00 shares right now there's a couple of stories there 1st of all tesla is i mean that's worth close to $400000000000.00 in the main economy and i've been saying that for years now you don't can't find an auto company it's not our technological company it's

a mamal that is embraced by the robin traders and other main traders around the world and has a $400000000000.00 me that's what it's worth that's how you value it 2nd of all it's funny people are saying oh tussles up on the stock split it is and they don't mention that all that apple computers up on stock split news apple computer splits its stock for for want and it's up by 30 or 40 a $1000000000.00 much more in dollar terms than tussle was purely on a stock split knows this is an old wall street saw stocks go up on stock splits that's been going on for 100 years white house was being pointed out versus apple i don't know but tesla is more importantly a mima it exists as a name that's pretty much its value so i also here did mention test lever other than apple because tesla you know grab the headlines and it's it does drive people crazy because you know apple sells a lot of products and tesla doesn't necessarily sell so many products so the fact

that they just keep. going up despite being like such a target unlike my twitter stream i don't see a single mention of apple up on split i see thousands of mentions of tussle up on splitsville just like a my twitter as a as a analysis of what the perception is out there for some reason people don't say that the there isn't that something else going on. so there was also big news while we were away in the bitcoin space and that was this guy dave portnoy from barstool sports bought some big calling after the winkle vi went out there to talk them into it and dumped it 2 or 3 days later and that was the end of the story he did say interestingly he did tweet that he is perhaps going to enter back into the bitcoin space with half a 1000000 dollars because simply because he likes the means right he's the typical trader of all coins a 3rd call and he got sucked in. into

a garbage going and won the pretense of being after the big coing and he was suckered into that coin through the window why who have an exchange that trade a lot of junk as does coin based these are on regulated casinos in america should be regulated ask to see those to comply with the law but they're not for some reason and just like if you can go into a casino you get a free drink and then they take all your money they put in a he went into the casino saying oh this is big going and within less than 3 days he was losing money on the casino of terrible all going you know now because he's being the poster child of getting wrecked he's like oh wait i need to redeem myself as a mima and i'm going to go back in a wrecked again and saw this wrecking so the wrecking cycle is about to chew up this guy pretty badly i might add that something like 97 percent of all investors and decline have made money with whatever price you bought so they've said he's

done. good job losing money and finally like while we were away we also started a new podcast called orange pill podcast it's a long deep dive into all sorts of stories that are really important to you as like a mix of summer solutions and chis report and our old podcast truth about markets and like it's a whole assembly it's a camera it's a kind there of a fun and shenanigans aren't spells there is orange shells as the next thing you take after the red pill and you know if we're in entering a new renaissance as we had said in the 1st of our summer solutions that this is the place to go to understand what the rebirth will look like and what options we have coming forward unfortunately we don't have it in spanish dubbed in spanish because we know we have a huge audience out there for kaiser report in the spanish language it is the biggest best audience in the world i have to say this is the number one reason we

do kaiser report is for the spanish speaking audience hey we got to take a break when we come back much more coming your way oh you're.

so what we've got to do is identify the threats that we have it's crazy. let it be an arms race. theory dramatic development that only those. who will be successful. to sit down and talk. welcome back to the kaiser report i'm max keyser time now to go to crack happy over there to file for port dot com welcome back crag imax you know this episode

airs of kaiser report virtual jackson hole has just ended now we're going to talk about your own pow do you expect he'll have actually said anything consequential in any way or it ultimately just be about the idea of central bankers have again and again money printer go berzerk and what do you think about these guys over there jackson hole and virtual jackson hole starting up a new punk band called virtual jackson hole in the wannabes. as pretty i mean they've missed out of their big trip this year they go out there every year you know nay have a little hoedown have their fun they can't do that this year and will it be consequential i guess it depends on how we define consequential but i i think the tea leaves have been out there to be read the trial balloons have been floated least for the last month gold and silver really took off on july 17th if they want to open chart look at that and also on july 17th in the wee hours the morning an

article magically appeared on bloomberg stating that a major policy change was going to be coming from the fed and soon and that policy change was going to be too full when it was going to be a reassessment of how hot the inlet inflation go before they start hiking rates and because they can't rates go up there on the long term they're also going to combine some form of yield curve control with it that institutionalizes really sharply negative real interest rates and i know you and i have talked about this the past help bullish that is for the precious metals and that happens and that's why we rallied so sharply late in july and in early august so we'll see other reports have indicated. this speech is coming and that's what he's going to be talking about and then we've got the next step away to see meeting in. guess 3 weeks from now 2 and a half weeks from now so i think all the stuff is pending for september which is if you kick start it let's focus on something here so you might have a it institutionalizes negative interest rates ok so let's unpack them

a bit because for people to think that they might be confused because the standard objection is to raise rates or to raise inflation to 2 percent or higher right that's the stated objection and in so doing they're going to create more negative interest rates right so explain how that works well negative real or inflation adjusted interest rate says the key the key metric here you know the whole nominal rate so i mean a 10 year treasury note is yielded under one percent now since april and it almost looks like someone or somebody has already put any on her control because any time it falls below but 60 basis points are to magically goes back up and if it gets above 75 it goes back down this go through the mathematics here in other words if in fact rates or if in fact inflation is stated a 2 percent breda gets a real rate as you take that numbering subtract it from the nominal rate right and

you turn it in turn that bond into a guaranteed loser from purchasing power standpoint and you might think that one but let me just walk through this for a 2nd so they say ok want to increase inflation. and they have a target of inflation that's higher than where it is now that will guarantee absolutely guarantee that they're going to go down the rabbit hole of more negative rates which is in fact inflation so they are stating a categorical why that they're trying to create inflation by increasing the rates of inflation that will cause real rates to be absolutely negative so by yield curve of management right that's an attempt to say well we know actually what we're saying is false that we're going to create inflation by raising rates because it actually creates an in negative interest rates so we're going to therefore. expand the remit of the fed from the short term discount window the discount rate we're

now going to say we control everything we control the 10 year to 20 year 30 year we control it all and you out there in the world no matter what you see a it's false because now we own it all the fed and we control the horizontal and the vertical we control everything right so they then other words are signaling a dictatorship right now thank you good night that's it yeah more or less we could be in a more centrally planned global economy than we'd have at that point i mean there are no market forces left and i think you nailed it then i don't see any other way out max i mean they don't want to call it modern monetary theory at this point but in all sense that's what it is i mean we are printing dollars in every single nation and every single nations are not dollars but currency and every single nation central bank is monetizing it and here in the u.s.

summits they're monetizing basically every single new issuance of debt and so is that modern monetary theory not maybe not name but i mean i think we're there so the. the emperors of the past whether it's caesar or emperors of the roman emperor or emperors in the east right byzantine emperor they all of the eventually started to clip coins right they debase the currency as a way to exert dictatorship over the economy by giving people less alas for their work until such time as the empire collapses so america now is in without doubt we can state categorically they've entered into a fatal state of the empire by clipping their coins so horribly by giving the fed it dictatorship power that we can expect very quickly now a total collapse of the american economy and its influence around the world thanks to the fed full stop craig your thoughts well those mathematical certainty at some point i'm not sure if are on the verge of total collapse yet but we're headed that

direction you know you and i joke in the past actually don't go around predict me of the world should only be right once so it may not be a total collapse in the next couple of months but we're certainly had that direction and every every single fiacha hern see regime that's been tried the past has been as you suggest completely wiped out over time because you get you know go by marseille you know eventually you just printing so much of it it all just trends to be worthless we're headed that direction again you know it's initiating think about this inflation fight max and it kind of ties back to the stuff you and i talked on off about our off and on about the last 10 years is this overt now manipulation that we saw precious metals prices really going all the way back to 975 when the futures contracts were started trading so you could clearly see it we now have. she finds being paid and rico statutes being invoked in india

department of justice investigations all this kind of stuff and there is always an effort made to kind of suppress the prices so as to insult instill confidence in the dollar in. the feedback heard see but i wonder if now we're seeing kind of a regime change if you will in that mindset because the central bankers have bigger fish to fry and the biggest fish is trying to spark this inflation that we talked about so that you can manage that debt of yesterday in kind of a cheaper currency of tomorrow and how if they're not successful in doing it just by printing cash because as you said i mean you kind of get this loot that keeps it from being successful maybe one of their final tools the tool box will be just to simply revalue gold and silver hire you know yeah us yellow to get the gold and silver crappy this is the 1st of oz you point out they keep talking about inflation it's the same way jim jones suggested everyone thank the kool-aid to stick their bottom right i mean he's a cult leader he's a death cult the fad is

a death cult let's be let's be clear one guy who's not fool is warren buffett who realizes that when the fed outbid him for airline stocks the game was up for berkshire hathaway and their modus operandi of the past 40 years to essentially game the system but when the fed starts the gaming part buffett more than warren buffett can game the system it's game over so he dumped in bank stocks based her gold stocks something that he said he would never do or ever his career did a complete about face and he's gone out of god's right he says the system is about to blow up and he's preparing for it cracked ice i suppose and obviously that will greaseballs i mean he's no dummy he just wants to make money and what other sector besides the precious metals mining sector is now steadily increasing earnings and increasing dividends you know in a postcode world nobody no other sector is the gold sector is so case we put some money there it's i you know i don't know how much i want to read into the fact that

he bought some barrack other than for anybody wanting to trade and make their own little feet i'd you know they always say just follow what war does kind of like you know don't fight the fed. well look he's going to lead a lot of institutional money to take another look if not make some additional investments in the sector and you and i have talked about this before i mean as the global asset allocation shifts even just a little bit from maybe one percent of all assets in gold and silver in the shares to 2 percent oh my gosh that's a lot of additional money chasing a finite amount of companies and so i you know what his all to me what you can read into ultimately what he may be doing or trying to say it same time now if you just want to play along i think that's a signal that there's a lot of institutional i mean big time is situational hedge fund pension fund money that's probably going to be coming into gold sober in the us but i put this in a context where he bought this gold stock barrick and it down financials down to a background where it's clear that he had it he's going to be facing the head

when's a falling fee out money falling dollar and he's trying to position himself ahead of this in a way that is wealth preservation at this point and in terms of being in context of what of what he's doing overall i think it speaks volumes about his complete lack of confidence in the american economy yeah and i mean again guys no dummy and anybody we began this conversation talking about negative real interest rates negative inflation adjusted interest rates where the nominal rate just one inflation rate is 3 and so you're losing 2 percent here and that historically those negative real rates have been the key driver of gold prices i mean the link is almost a one to one correlation going back decades and if they're going to get more negative real rates going to more negative in the months and years to come than gold prices are just going to keep going up even just simply by that metric i moved buffett's

gotta understand that and he's got to understand that these negative real rates are coming in so therefore certainly see why he'd want to start. it in the sector ok let's talk about scotiabank because you cover the sector quite you know they've been 527000000 on top of the 800000000 they already paid for manipulating precious metals markets who's going to back what do the story tell you correct yeah max i mean scotia banks one of the largest bullion banks and to see them now not only being fined but actually moving out of the business is part of the trend you know that i think you're seeing the profitability of being a bully and bank is falling off and now you've got your compliance department breathing down your neck as well you know what are you doing here you know in your cost us money and hurt our reputation so the big news is that this is driving scotia out of the business of major more william banks other business and m.x. we may finally get that sea change you would have been open for for the last decade finally get this pricing system to change so it's good news is the scotiabank. get

slapped like that all right greg hampikian battle for part thanks for being on the kaiser report hey thanks max always a pleasure and that's going to do it for this edition of the kaiser report with me max kaiser stacy herbert like to thank our guests craig of t f metals report if you want to catch us on twitter at kaiser report until next time by the all. seem wrong. lol just don't hold. me. to seep out the attic. and in again. the trailer. once i find themselves worlds apart. just to look for common ground.

said she stressed to make sure that the british at the bill of books had out that if you had the will to. stop the show was to write your story then taste the paste fishies ok so i pushed it off shore. which she never happened and now look what you've seen in the investments future. for shit. or to talk to me short of my it's your bonus for trivia you. kids are missed as alerts are still for them to spilled over or do they seem to be arguable that it's a student actually of course a person has to be wrong or should stop them spinning. spurs to.

do no harm and old shattered by little before it up to them. in this episode we explore the ignorance and greed that led to our current crisis one of the 1st in medicine is do no harm. said that poverty is was the 1st to say this and what that means is that the cure for any medical problem shouldn't be worse than the disease that you're trying to treat a big chunk of america is in chronic pain and pain meds back pain pain arthritis.