incredible wealth and income gap that's why we have such a distorted economy that's why wages are not keeping up that's why we've got inflation raging that's your smoking gun end of story thank you it's been great have a great life no kidding as i said the rand corporation had revealed through daniel ellsberg the the sacrifice of all the young people that the then you know boomers were being sacrificed in the vietnam war for a point for no reason and the same here is basically their data showing that generation z. and the younger malign eels have also been sacrificed to this you know this this war on wealth that can't be won and here's what they say about the actual data so remember this when you see people the conflicts going on right now between boomers and you know they're the winners of the situation and they call people deplorable for wanting to make america great again the data actually shows that america was

great before it was better for a certain class of people i.e. the bottom 99 percent it wasn't as great for the top one percent back then this is not some back of the napkin approximation according to a groundbreaking new working paper by carcassi price catherine edwards of the rand corporation have the more equitable income distributions of the 3 decades following world war 2945 through 1974 really held steady the aggregate annual income of americans earning below the 90th percentile would have been $2.00 trillion dollars higher in the year 2018 alone this is an amount equal to nearly 12 percent of g.d.p. enough to more than double median income enough to pay every single american in the bottom $9.00 deciles an additional $1144.00 a month every month every single year see the jamison of the scam perpetrated by wall street and the likes of warren buffett and the people over a black rock and all the private equity firms and j.p. morgan and jamie diamond and all the global banks is that they take advantage of comp. down interest in

a way that makes them multi 100 billionaires because it doesn't take much in terms of a percentage increase to realize extraordinary gains the difference between compound and their money let's say point 01 percent which is available to the vast majority of those who are not friends of goldman sachs and compound in their money at 20 percent as warren buffett does or 22 percent is the difference between having let's say a few $100000000000.00 or a few $100000000.00 or even a few $1000000.00 here name and having as in the case of jeff bezos that over $200000000000.00 that's it's a small percentage gain but over 1020 years you know it's the old analogy if you start off crossing the ocean if you set your compass even one degree difference you will end up in a very very very different place that's the magic of compound interest and it's subtle and it's insidious and most people don't see it but they do see their poverty and now we've got the smoking gun the 50 trillion dollars was stolen from

him that's it that's the using all the techniques have been talked about here for 10 years this is now the conclusion this is the ultimate kaiser report stat this is now everyone naysayer and those who have questioned our approach they can now i accept your apologies i accept them i guess you might say we're kind of leaking this rand report where the daniel ellsberg of the financial world because nobody else is reporting on the 2nd this isn't mine and time magazine but we're reporting it on the news to explain the situation we coined that phrase cantillon air we being max coined that phrase can tell you and this kind of explains it i also want to point out that you know america you speak way back in the seventy's we had this thing called the mimeograph and you know it was a very reliable was messy and dirty but it was reliable no matter what lake you get in call over you but. you could make a copy of

a piece of paper here like with all these high tech gadgets we now have half the time they don't work so my printer i could not get to work that's why i have my laptop here set unlike usual times but i'm just saying like america used to have great mimeographs very back to movie a graph but you know with that i have something else to say about this is that what they're saying when they look at the data from. people back in the seventy's and compared to today is even when they're looking at the bottom percentiles they're comparing the wages is there actually working more hours they're not even counting that they're just counting though they're over always in the year so their wages this situation is actually worse than the 50 trillion if you count the fact that they're actually having to spend more time working how we would ported on this without the benefit of the rand corporation's multitude of analysts crunching the numbers is by looking at some very obvious anomalies for example all companies

buying back their own stock like apple something that used to be a legal up and told the reagan years be province reasons it's immoral it's unethical and it's to stop while they distorting we simply ok here's now a 2 trillion dollar company their stock has float has shrunk they've bought back their own stock multiply this time certain number of s. and p. 500 there's a few trillion right there of that 50 trillion that's been stolen. the lehman brothers repo scandal repro $105.00 or 4 or 5 where they were playing whack a mole with regulators in terms of how they were reporting their earnings that was good for a few $1000000000.00 ok we can say pretty was a great deal certainly that this is the practice used by the multitude of s. and p. $500.00 companies there's another couple of trillion dollars so all these scams individual either all worth to a trillion or 2 they only add a ball up to put 50 trillion dollars so this number i think use pretty closely to what we've been reporting on for the last 10 years because. every single one of

these scams from wall street corporate america the s. and p. 500 all the big 4 accounting firms what a joke and here i work at a big 4 accounting firm but i didn't see 50 trillion dollars go out the door missing how could that have happened how could that happen big 4 accounting firms. oh oh yeah all right well if the actual system itself and rand corporation is part of that system in the system as a system the fed can print money only for bankers and they hand the money to bankers on this and it doesn't trickle down that's the problem with this system it creates cantillon errors and can tell us come at the expense of everybody else and so as the can tell you start to compete against each other for how many can tell us they have you know they have to take it from the bottom that doesn't ever trickle down and also you have a system but the rest of the system you have an i.r.s. that only prosecutes and goes after people are running under $100000.00 a year because they said just this year that they said they can't go after people

who have too much money because their they have better lawyers so it's not worth it for them they don't get anything back so like everything every the whole entire fabric of our economy and our financial system our fiscal system our government system our central banking system are all rigged against the bottom 99 percent and here it is rigged in favor of the one percent and i'm going to show you another headline that's been happening and this deal this detail was came out of a september 8th filing from the fed so unsanitized the fed is overpaying banks and hedge funds for corporate bonds so the fed was authorized by congress as you know just recently the main street lending program to lend to small and medium sized enterprises throughout this code to keep them in business right 99.8 percent of the funding is left on tapped at this point and why well because the fed can deal with stinky peasants the right they only deal with the banks and the banks therefore have to issue these loans they have to dispense these loans so the banks

do take on a very very very tiny risk but for the present that's just way too much like small medium sized enterprises and this sort of autonomy not going to survive right so the banks don't even want to take a one percent risk even though they'll be paid back eventually no matter what they could always dump their toxic debts and bad. as for the fed they won't they won't lend it so therefore the main street lending program is not being used because nobody wants to help the ordinary person because they know as the rulers of the system that there is no chance ever for these companies to survive or for this to get better without it being resolved in another way by the generations e a millennial is taking back control so americans for financial reform ferreted out this information in a criminally understood discussed revelation the fed reports is corporate bond purchases and loans under the carer's act to congress the most recent one came out september 8th if you go to the trade level data for bond purchases you see this

very clearly there's a par value a market rate for the bond purchases the fed is making it is paying more than par with virtually every purchase. of the marble and jewel people bonds at 109.9 percent a bought columbia pipeline group at 116.7 percent above principal financial group 112 percent all but a very few hundreds of purchases totaling tens of billions of dollars are made above par on average the price is 107 percent so yeah the money for it to go better they just throw money at there and demand nothing in return and that the main street lending program which is funded by the congress they won't lend it out because they can they're not sure if these joe baca donuts with his little coffee shop is really worth investing in right the only time you see. buyers purchasing items above market price is with. in a mafia scam to launder money you know to discuss the this is money laundering yes

essentially the it's a classic money laundering it conforms to the basics of money laundering if and in a court of law this went to jury they would be convicted for money laundering and i quickly i know we're running over time but i do want to say that critically the fed isn't buying these bonds directly but on the 2nd do. market so when they overpay they're lining the pockets of the investors in corporate bonds like hedge funds and institutional investors like pimco big banks who handle transactions as the primary dealers and corporate bonds also make out blackrock the asset manager giant that manages these purchases on the behalf of the fed is likely getting at a taste of centrally every while wall street is getting rich from the fed over paying for bonds right it's money laundering you know again we've been saying it and it resulted in 50 trillion dollars of missing money ok take a break and when we come back much more coming your way.

always gauge with confrontational. don't get into any conversation or start answering questions just. to survive and. definitely don't want to.

jump ship. you're more likely to walk free if you're rich. or if you're poor and. you've got. one now. so you should be seen in here and a whole lot more than you're saying if you don't take that advice easy going to do it yourself. join me every thursday. i'm show business. welcome back to the kaiser report i'm nice keyser time now to turn to part 2 of our

interview with michael saylor he's the c.e.o. of micro strategy a racially swap 425000000 dollars dirty feet money for what is 838000. 250 bitcoin michael welcome back thanks max set a follow up on the sol discussion of inflation and what you do with a big cash position and the possibility of gold as an alternative you said that big cowen is harder than gold you know when you think about. gold you realize they're going to they're going to meant 2 percent more of it or mine 2 percent more of it under the status quo if the price of gold goes up the miners are going to make out on vestments expand their capacity and mine more if the price goes way up the expand their capacity to keep mining when the price goes down they've got to count on investment act irrationally and keep mining so you under the best case you're looking at 2 to 3 percent inflation of gold if you look out

over 100 years that means you start with $100000000.00 worth of gold and when with 12 candid 12000000 dollars worth of gold so you can lose 90 percent of your value in gold over 100 years and if you factor in counter party risk the fact that the bank might fail or the government might seize the gold both of which of happened over the last 100 years the best case is you lose 90 percent of your wealth and gold and the worst case is you lose it all and so gold is an entirely inflationary pick or it's fully diluted bitcoin counts 21000000 which means that once you understand that you don't lose in anything and and there's nothing else like it so you know my analogy would be if you had a $100000000.00 and you wanted to wanted to go a 100 years and you put theocracy. best case is you lose 99 percent of your money and worst case is you put your money in a country in a bank that fails and you lose it all and it's like when you point lost it all if

you had your money in germany or japan or france 100 years ago if you put your $100000000.00 into gold you can lose 90 percent of it best case maybe lose 95 percent or all of the worst case. you put your money in decline you're not losing your money it's like crossing the atlantic in a rubber raft with a leak in it that's fear not crossing the atlantic in a wooden ship that's gold or across the atlantic in a steel hold container ship that's because it's pretty obvious what you would do if you had a choice the best case scenario your listen 2 percent purchasing power with gold as it is and you have the possible or tail risk that he has gold as founder asteroid as founder ocean gold mining has discovered and there is a you know risk on the outside with bitcoin why not take that purchasing power istana 0 effectively is what you're saying and so it's harder in that sense then gold now. you know you said recently on anthony papa be honest pot podcast

the pop cast our good friend over there that you mentioned the toxic big clink humanity actually helped you get on the big coin can you talk about this a little bit i think there's always giving you suggestions of you know they'll send me articles they'll send me any sites if i mention anything that leads you to a better answer a better insight into the security of the network into the into the technology of the network you know i think that if you look at the big client community it's a bunch of a bunch of people all joined together with a common goal which is to create something that's lasting you know. imortal solver in bitcoin is value in order to achieve what it is you want to achieve with your life whatever your values are if you look at the traditional

media. you know they they tend to be just as negative as they are causative and since everyone has has divergent values and diversion portfolios they're not really working together to accomplish i think constructive as much as they're shredding each other or tearing each other down much of the time there is a free soul that counsels competition and it's they survival of the fittest it's darwinian it's a everyone trying everything and seeing which one works that on that score you recently tweeted the chart about bitcoin dominance being at 93 percent not what commonly is quoted as the 62 or 63 percent because you're saying look we got to strip out everything but the proof of war coins these other projects are crypto applications they're not the same ballpark you also mention a network a fact and play for big cohen where it's once a chief 100000000000 dollar value ation or more it is cheese escape velocity if you're well and it's the winner and as

a runaway freight train at that point south year you did look at these other coins including a ferry m. and the conclusion was now it's kind of silly to say the big corn is only 60 percent of the market because you're throwing in like like feel tokens like heather or serco that's kind of like saying apple computer is only 5 percent of the market because there's hundreds of billions of dollars worth of cash and bonds floating around or is just as silly as saying that the air b.n. b. is 4 percent of the mobile network market because google and facebook and amazon and apple have mobile apps right i mean and the end of the day a theory on this is a different type of application if you could not work on crypto. and it's totally unsuitable as a store of value you want to proof you want your network were committed to proof of

work so if you look at some that were committed to proof of work it's because i'm declaring cash recording has to be and of course the 1st one's 50 times better than bigger than the 2nd one was you know why would you even consider going to something which is 2 percent or one percent of the size of the dominant player and it's more confusing anything else a tether puts $100000000000.00 of kether coin on the network that's not going to have any impact on the dominance of bitcoin one where the other it's transcendental thing about it is this community but i've been in this community now for almost 10 years you're the 1st actual all c.e.o. with the whole boardroom full of lawyers and board members to do a lot of due diligence and take all these considerations on board do the analysis crunch the numbers and come up to this conclusion you know this is the professionalization suddenly of this industry just became real and i think we're going to see a lot of the marginal projects kind of fade away to 0 let me ask you

a question purely as a data geek which i sounds like you are being in the data business day pass rate of decline is over 150 quintillion calculations per 2nd when you look at that number does it kind of what does it do to your brain is it because it's the biggest fastest meanest network ever. put out the perspective i went to the beach see dot com security page and it showed how the difficulty adjustment gone up from one to 17.3 trillion or something and it showed the hash array going to 13540 x. a half whatever i thought it was such a thing of beauty i had to stop myself from tweeting to everybody isn't this the most beautiful table you've ever seed in your entire life i thought they'd think i'm crazy but you know what i look at it what i think is maybe if we're marketers

we would stop calling it difficulty adjustment and we would just call security and x. and we would say that it's 17 trillion times more secure than it was when we started and we might divide that security index into the other competing networks and people would realize that this thing as a 1000000 times more secure than the other thing and that that's just extraordinary and that's what makes this buy that's that's why i think the crypt the big point community is anti-fragile the miners are making such a and vestments all the time to make the network better stronger and faster it's just a wall of it's not a wall of electricity it's a wall of encrypted electricity because you're running the electricity through the s h a 256 algorithm and the fact that it's unique the a 6 year need the algorithm is unique the electricity is monstrous those 3 things

together creating ensor man nearly insurmountable not insurmountable wall for anybody that might want to screw it that i love that it's beautiful so gold is roughly a 8 or 9 trillion dollar market cap because hovering around the $200000000000.00 while there will we see a parity between these 2 and if it's harder than galled will way it will of exceed parity you know max i thought of buying about spending half my cash. golden half my cash in bitcoin and then i thought that's credible foolish trade because bitcoin is going to eat gold as a store of value technology is acid you know and then surely if you can deem materialize gold into virtual gold which is what they point is all of the energy in the physical gold is going to drain into the virtual gold it would be like go will be like black berry was to apple computer you know and we used to use it people

talked about it and you can't find them anywhere except in people's drawers anymore everything you're saying being in this community my software 9 years it echoes so much of that work and you mentioned safe dana this book the bitcoin standard you've been talking about it you read it it had an impact on you we've done safety in for 15 years and when the book came out i was gobsmacked this is like the rosetta stone of this whole industry it just is so perfect and but if in fact a year or wave of thinking goes into the c.e.o. suites around the world that right there is an awful lot of demand for a bit coy now also you've tweeted recently and i kind of what you were just saying there about the beauty of the technology and the aesthetic of it which i think is under rated and not talked about enough but you also mentioned and we have about a minute or so you mentioned. and i'm not going to tongue in cheek or what have you

but it was you mentioned about the project being alive to some degree. is that pure metaphorical or is that just. an appreciation. it's like i cyber a swarm of cyber hornets. and serving the goddess of wisdom you know fired up by truth and getting getting ever stronger harder and faster and i wasn't being metaphorical i mean i could talk about it for hours you don't have the point is it's not just harder than gold because it's never going to debase it's harder than gold because people keep improving the protocol improving the mining rigs they keep making it harder and better and faster and stronger every day rolls not doing that and most other software doesn't do that it is true anti-fragile all right michael saylor thanks for being on the kaiser park thanks

for having me max that's going to do it for this edition the kaiser in part what may backs kaiser and stay share but i think our guest michael saylor of micro strategy until next time. well whatever the americans are saying about. this anxious balance of taking humanitarian items is just is just like we have been trying to transfer money for the code 19. kovacs do doodoo w h o x e n you haven't been able to we've been trying to transfer money even for influenza vaccine. the united states restrictions prevents us from even transferring money to buy vaccines so it's basically made the cost header so that the u.s.

history. birds or head. or if you are. harder. every day is that you. just. come out if you did. not have to move. to manage to finish it oh my gosh before. they are the house of. god since we. need. to meet the enemy. any. kind of system definition in. our newscycle.

my name is stuck. on. this jack see what i don't see it's a. bit older. but enough. to cause. the movement you know these kids and i use sixty's to make any babies you know suits me to school on fridays to pull this. movie before school closed because who comes during his child who said if the life of a music. student is because he makes me copy.

because he makes me copy playing. and when you go to. the author spot. that i don't. always be polite never engage with a negative aided or confrontational officer. don't get into any conversation or start answering questions just ask for an attorney. survivor charities. definitely don't want to. jump on cops. you're more likely to walk free if you're

rich. or poor. you've got 2 eyes and ears and one now. so you should be seen in here and a whole lot more than you're saying if you don't take that advice easy going to dig yourself. the world is driven by shaped by one person. thinks. we dare to ask.

a military plane crash in eastern ukraine leaves 26 people dead the sole survivor is in a serious but stable condition. hundreds of on to go from one protesters turned out to get in the the russian capital with several early arrests reported the latest demonstration follows alec's on the new inauguration this week for his sick term as president. on their wrong grounds america's new sanctions regime against it as medical terrorism and foreign minister speaks to our. united states restrictions prevent us from even transferring money to buy.