taps into people who trade means and these are generations e.a.a. and the millennial is on the robin of apps and other platforms and means have no fundamental value there's nothing better to just it's a murmur ation like starlings in the sky they congregate and then they disperse and people congregated around this room aeration of a stock called tesla another dispersant there's no fundamental value to come but the that would suggest it's worth more than you know 80 percent below its current price or market cap and to show you how easy it is to create a new mame to take the place of the tesla mame nickel nicola. they just did a deal ford and their stock went up by 50 percent based on their mean of electric cars so. you know i mean i don't know what to tell you. this was

predictable if all value derives from human consciousness and human consciousness is now so you know attention deficit disorder sort of television short attention span jumping from idea to idea multitasking and multiprocessor is hundreds of browsers open yes i'm talking about myself and you know your attention span only has a few moment your consciousness of any single me more idea is very limited for a few moments sometimes 3 seconds so this is subject to that so day fortnight i was huge on social media for a few weeks and now he's gone he's over because the mean is. well here you know he was like that they have kramer for the same or that jim cramer you know those green are and you know i mean i mean this is jim cramer had a plastic hammer as well during his in told us you know that jon stewart who was. big on cable kids he was a comedian who was on t.v.

for a while he ripped james cramer apart in an interview and exposed him as a he because he admits he likes the manipulate prices james kramer and he has a tape of him saying this and jon stewart replated for him and he felt quite embarrassed but so this is just a repeat of that scene and so who will be the new dave portland's somebody is in the wings they'll be the new dave portnoy i might add in response to history i found this one tesla announces $5000000000.00 at the market stock sale so certainly iran must did a good job as the c.e.o. dumping on chumps on robin hood out following day fortnight so they dumped right there and the stock collapse plus the market composition i believe triggered a vesting schedule for him that's worth hundreds of billions of dollars alternately . perhaps so he's and the lot of innuendo and allegations of manipulation in the options market in terms of the stock price so you know you're dealing with some

pretty sophisticated folks out there particularly the options traders the know they've lost billions of dollars they're trying to discourage people from doing that but they did it anyway yeah we cover the options market the last episode and they apparently did have some play in the whole tesla thing and it could've been solved bank it could have been all these robin hood traders because retail investors were the largest options traders in the world but you know back in the real economy one of the smart guys in the room always has allegedly been dr copper so you know we're going to look at this weird copper story out of china and there's a few explanations for it possibly wow check out china's copper binge over $2000000.00 tons imported change into august never seen the scale of by before and you can see it's way off the chart this is going back well past 2001 and this

chart and there copper consumption has been climbing relentlessly over the past 20 years. there was a huge gap in january and february during the coronavirus crisis where there's no imports at all of copper so it could just be making up for that mark malloch over there at incrementing he he says that this is basically them shorting the dollar it could be them getting ready for inflation and many of the comments were of course saying suggesting that this could be them preparing for war as well but copper is a strategic metal and all those 3 things could be implied and so to ignore this would be at your peril because this is an important. feature and they say that the underlying implications for inflation we see that across the board for assets are moving in price and with the exception of oil but that is a very political politicized the potential for set up for a conflict is real because you know nobody outlawed conflict and that's been going

on for millions of years the men tend to get in the conflicts and periods of peace are somewhat rare and the i.d.f. shorting the dollar by hoarding copper is also very real because the copper the dollars were period of dollars ations so if that's the case then you've got to load up on some of these things now and so that should be a very important warning signal terms of the argument for inflation of course the supply chain those we've known for the past few months 67 months of this pandemic have been knocked offline so that is causing inflation in china and food prices and you know that that's one of the most important inflation's to look at this is a headline in july chinese food prices rose by 13 percent year over year amidst trade wars with the u.s. strongly and swine flu beijing is worried about food security she orders food saving drive school principal shame pupils by demonstrative lee consuming food

leftovers and this is a chinese teacher is finished. leftovers to heed she's antiflu do waste call it kind of feels like it should be a good analogy for what's going on in the stock markets and dave portnoy and his followers and the pleading for them to like somebody has to eat these losses right this is the fed policy jim cramer you know one day a day for tonight we'll go to jim cramer and not not to jim cramer but to jay powerful plead with say pal to eat his unused lunch on eating lunch right now he's still in the old school of light capitalism you appeal to the c.e.o.'s like do something make your stock price go up he realized that that. is not where the power lies as with the the fed and you've got to have the fed start eating your own in bags of stocks right so you've got it get see that woman eating that food the principle we have to get a pal to eat dave courtney's bag of tesla shares yeah exactly at their 40th on the

learning curve you know he hasn't reached the the the head of the state get in terms of the fed he will figure that out but you never are even a year ago 2 enormous problems in the world war over tourism in all major cities and raging obesity everywhere in the world so what mother nature do she gave us this covert virus and there's not a tourism problem anymore in these major cities of our fact america's those in $3000000000.00 a week in lost tourist dollars and the looks like based on this photo the obesity problem is going to be addressed as well yeah ok but there's a supply issue that's going to continue into this the 2nd you know we've if there's a 2nd wave of this pandemic we have new fiscal policies coming out new fiscal stimulus so who knows how many more chileans are going to be added to our budget deficit which is going to cause more inflation we know that the likes of day

fortnight are going to send his army of robin hood apparatus to jay powell and to manage it. i don't hear that because as we have discovered that money printing can't fix supply chains exactly right and so the food is is beholden to the supply chain to a large degree and so no matter how much they print those twinkies might not get into the lunch boxes of folks and therefore they may have a cure for obesity you know i'm just looking at history and what happened in the great depression and if this is like another great depression even though the fed thinks they can print to the way you know we saw the same thing with supply chains and disorder in the food market and prices back in the 1930 s. during the great depression we saw people leave berlin and germany for example and go attack farmers because they blamed them for the hyperinflation of food prices that it was the farmers fault here is the same situation but what i'm saying is at the end of the day portnoy's going to appeal to jay powell to bail out his his used

lunch jay powell will do it because he has to because of the public perception so he's got to maintain perception for the bag holders that there will be a fed put the fed will buy their bags down they'll do that so there's a way to do it is you've got a classified as a strategically important institution for the american economy that's like all the banks got under that category yes they lost a good bench a pile that tesla is a strategically important financial institution then jay powell will be buying tussle stock and bailout day for me but doesn't care he's already bailed out he's already sold all his shares he's got billions and billions of dollars he's got tens of billions of dollars when he had access to the media and he said go on joe rogan you need to go on day 40 show so therefore he would have to classify tesla as a strategic underlying a valuable asset to get the bail out for dave portnoy and to help his being remember it's all about me management well dave portnoy is the jim cramer of this

era perhaps we don't know it like. he's buying also he's been pumping false sorts of stocks and he stocks also some random names so we don't know what what sort of industries he could possibly push to be strategic industries and get a bailout from the fed but i think the bailouts are coming i think we're going to see the equivalent of this this is my last point here with this medium and this analogy that we're going to have these principles eating your used lunch and order to that's that's what the fiscal stimulus says that's what the fed quantitative easing is it's just as absurd as this and desperate there's a sense that there's no real plan they've even though it's a planned economy like they want to have a planned economy and a planned financial system a plan to markets that are always going up but they don't really have a plan for when that plan goes wrong remember never confuse brains with a bull market i am going to take a break and when we come back much more common and i think you know way.

elderly forward to talking to you all. about technology should work for people. must obey the orders given by human beings except we're such orders that conflict with the 1st law your identification or should be very careful about artificial intelligence and the point all of you seem to crave trust. ariel sharon with artificial intelligence will summon the demon. the robot most protect its own existence and existence.

join me every thursday on the alex song i'm sure and i'll be speaking to us of the world of politics. this list i'm show business i'll see you then. so what we've got to do is identify the threats that we have it's crazy to confront dacian let it be an arms race off and spearing dramatic development only personally i'm going to resist i don't see how that strategy will be successful very critical time time to sit down and talk. if. you just have to fly between 2 kinds of moon and as fast as you can. do much of it i was watching the produce from which to push for the purser as quebec. took massless nature 1st

from the bleachers to. the original stores in bushnell suspension grill of course where all the russians in racing use competition in the extreme to have a full use the specified route between the lines with the fastest time just a beautiful little boy loses nothing could go to church every church or dish but you must lose should be there really for you to. get the ball really to sneer those who really can show you. show it they can just be suitably. flat with that are supposed to stop us they have something that. no no no has to

put in a bull episode. good to see you sure the receive at the slayer during your force wake would be near my stubbornness 3 if not thoughts about spirits i believe was a more sinister experiment than you know. if de gea cruel. shows the stress of ski schulman's for leave them closely at top up by some sort of move will the rest of. the story king live so they will bow why is. back to the kaiser report i max keiser time now to go to david the want of a bit wiser and best friends david welcome hello max it's a pleasure to be here big fan of the show well big fan of yours may follow you on

various social media got some great things are writing about you write that metallic money did not survive the age of globalization and nation states because it did not say well so lab raid on the sets of scale ability how does that relate if it all to what we're saying at the moment in the global fear out currency grid david's that's an awesome question and a pretty broad topic i'll try to get this custis in brief but i think it's always one thing i always like to think about why the gold standard failed and i actually how the gold standard say ok because i think sometimes we like to think that after 97 we 71 with 11 and c s currency world and that before that it was just the gold standard but i taste at the realities that were a number of different gold standards that were implemented over the years and some are just as the add as currency but usually when those sound money and it was he

asked salt about the gold standard usually refer to the state called the classical gold standard which was basically originated in the mids late $1800.00 and that's basically lasted until world war one after that it has been only downhill for gold we went to a gold exchange standard it at least in my view 1971 was. a natural consequence. of that whole process but i take the point i was trying to make. that tax is that gold has these amazing monetary corrector a stakes that we are all aware os what's regards to fungibility divisibility and scarcity but one thing that gold severely lacks the ability to

transfer and i believe that had this started to become an issue over time especially as commerce the came more and more globalized so then we started to see people he said i'll say exchanging. gold bullion they started to use gold receipts and from then on. the shia takeover off the system was was a lot easier to do so i think that was a very very short and reason why the gold standard failed and this is exactly where i think one of the points 10 x. prove mints are right we all know that basic point is extremely easy to transfer if you can transfer it over to enter nat without introducing any 3rd party risk in order for us to do that we go with node we have to introduce

a lot else congress party rest that over time leads to centralisation off the monetary base so you have a lot of gold stored in and say no place which and that's why it doesn't have to be best way and i believe this is why not the big big big losses that the twin has over go simply put gold is really having and as a result you have to store it in places and that tends toward centralization is what you just said and when you have a big store of gold centralised then you need people to protect it and i've got a military on hand to protect her golden now in the military. not only have you got a family currency that's probably a fraction of the gold circulating and that causes problems when i've got a bunch of soldiers with guns hanging around and the days off you know they're out there are doing stuff that they shouldn't do and anyway you get to pick coin when it's essentially solve this problem you say got a 10 x.

advantage over a gold to 10 x. advantage that's a big advantage david tell us more well i think i was there for a basically 2 it is at least an order of magnitude better rate i do think sad bitter and don't get me wrong i love go actually i say go does great i just they thout big winners better. and in a number off way and in some ways that point as mentally better than those but i do think that on this transports ability requirements are on the stress or ability aspect i do think that we're talking about orders of magnitude off you prove meant as as you just said how you can transfer between extremely easily while i go there is the smoky it has all these problems that you have mentioned i take away when we look at history the golds didn't die suddenly rake goes the gold

monetary base is starting to become more and more concentrated over time like from gold coins to gold and then to go all ours and then gold bars soared in central banks this whole process off monetary centralisation is walk makes gold relatively fragile to a takeover orts to be caught by governments in the future and i think basically has see an order of magnitude at least advantage of that on that side while at last year's tax and hall meeting former bank of england had mark carney. one u.s. dollar no longer fit to function as a global unit of account do you agree and are we about to see a bretton woods to point out what does a post dollar monetary and trade system look like david wow that's that's a big question i think my heel on that i not i thank you be maybe

a bit simpler on that site i think for now i don't know what's going to happen i do think that the dollar will be the leading currency in the world for a long time but one thing is for sure in my view we're shifting from a unit of polar to a low tipler currency system break so right now as it probably doesn't make a lot of sense and china advice and energy from russia they have to do this transaction on u.s. dollars and ultimately settled as at the federal reserve off new york of course both parties are not interested in doing that so they have been doing their transactions and not their currencies and actually get they a large part of off that. sort of transactions are or are not happening to us all as a new war so i definitely believe that there is this change from like having only the dollar to having most of hope lobel settlement naturally exclude

one way when i my bet is is of course on but point over time but just simply the fact that we are starting to see nice competing platforms i thanks nat enough for people to start paying attention this is the sort of stuff that breaks very soundly shoe relationships are usually tend to have in our mind strike i thought i believe these are big events that we were vertebrates were in for many many years if not decades so i'm not i'm not very. or what the endgame is done to be that things are changing on that strong safe and yeah we can all see that it is and that they will be major for sure i think that point is a great some tender i think gold is a good tender by saying we're probably going to see a number of different alternatives that have the us dollar there's the chinese

currency we're going to have maybe some of the central bank there's i don't care and see so it's going to be interesting to see how this will play out right now at this year's virtual jackson hall jay powell fed chairman said he is quote willing to tolerate more inflation you know this is a statement that says her you know rife with where there's a lot of ways but what do you think it's definitely a historic. speech reagan and we're actually a bit wiser right about that right now i think there's a number of things that we need to keep in mind 1st i think that's extremely dangerous i don't think that history will judge. decision as a wise one but but but the relationship between a few things so for example the relationship between the federal reserve balance sheet side and inflation to say it is

a lot less transparent than it used to be i remember you guys mentioned this in a previous show but a lot of these when we say that the threat that prints money they're actually preaching bank reserves that banks might or might not lend rake and that could or could not be inflationary from a price inflation perspective in the short run that there were some important differences in the on the operating framework that the federal reserve operates on after the global financial crisis so that this relationship is becoming weaker and weaker but having that's sad. i think does that mean that although sadly luminaries and the micro konami wants does that mean that they have solved the business cycle that they are going to be able to tame the business cycle i think the answer is a clear no i and i.i. i'm not very sure when we're going to see the consequences these actions but i'm

pretty sure that this is not the end well many oxley's. many of these measures they have been taken in the past the difference right now is they're mad right and these things never end well as we now see i think that's why having at least one flood and. that is outside this whole financial system. or best point or so here are a combination of these assets today so making more and more sense right now he just said something and i want to focus on it here because i think the audience probably their parents. picked up and they would appreciate a deeper dive into this you said that they the central bank prints bank reserves and that the bank may or may not lend those reserves this is an interesting point it's a subtle point and i think the audience might been. helpful to dig into that

a little bit david in the time we have remaining so i think so in this i want to say to the sad print money what they usually do as they kind of withdraw chakra bond themselves these accounts that banks have with the chatter reserves this is what we call the bank reserves or the fed funds. was so so the sad can like for example by the. treasury from a bank and in exchange they will credit these reserves for a back and these reserves the banks can use to do fractional reserve banking and land to the economy. one thing that has changed significantly this mike look like it's acne now the well actually i think it's a very very important point is that. in the past the banks usually didn't have a lot of these access reserves or at the federal reserve basically because they didn't

pay any interest they paid 0 interest one thing that has changed after the global financial crisis is that in order for the sads to be able to do a limited amount of t. re they they they started paying interest on these research so actually if we look at if we plotted chart also how these access reserves that are are up to the sad are looking like a looming and and they're growing a lot and that's basically one of the big reasons why this money is not slowing the economy and why we're not seeing a lot of price inflation frank david perfect route of time but thanks so much for being on kaiser report. thank you max thank stacey all right well that's going to do it for this edition of kaiser report with me max kaiser stacy arbor want to thank our guest david lavoie of bit why if you want to get in touch with us do so

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in the headlines this weekend germany agrees to cooperate with moscow now want to. think of the opposition figure. as the russian side looks to travel to. the royals. to deal with the kremlin in a fiery debate. why does novell need such a level of protection from the security services. part of the putin system why would the russian government be so stupid and even lead to germany instead of hiding him in russian. british counties will pose coronavirus.