you know the dollar as the global currency a so if you want to schlep a country in line that's out of line or taking advantage of our country you know you you just. you destroy the currency that's the 1st thing you do when you deny them the right to access you know what markets are so when the markets are good examples venezuela destroy the currency you really push them into concessions so every country out there knows that it's currency of destruction it's manipulating the international pregnant system. find out who's violating your selling shoes you know the dollar the seriousness of them the sanctions on trade war are all part of the way that the u.s. economic empire has come to mind just a touch upon something you said earlier in terms of be of action how much do you think doing something implementing pace will will give a bump to the trump vote in november. not very much not very much but it may help

him in certain states that rich certain goods exported from vietnam raised more money. very interesting jack thanks as always for your time we've been speaking to jack rosalys professor of political economy aunts and mary's college in california have a good evening time for a saturday night visits to the house report next mocks on stacy get going and moments to stay close goodbye for now. max kaiser this is the kaiser report well we've got another scandal or is it a scandal i'm not sure sure it is a scandal could be a big nothing burger not sure people say that anymore but it deftly qualifies as a nothing burger i think stacy well once again kaiser report was right we were

right 4 years ago on this whole tax story regarding trump's tax returns but i want to say you know this fits in this with the theme that we've been covering here and on orangeville pod cast every sunday which is that the the real world out in the real world outside of the beltway outside of california silicon valley washington d.c. new york manhattan like outside of those locations the world is actually pretty fine and people are not hysterical and it is not as hysterical as what you might see on the cable news where it is all entertainment this is gladiator style delivery of the news and it's hyperventilating and screeching it's not really like that if you look down deeper that there is a calm ockham's razor sort of natural explanation for most stories so back in 2016 everybody was like why is trump trying to hide his tax returns well this is what the mainstream media the cable news who since

this point of 2016 have been empowered to determine for all these ordinary people out in the rest of america what is fake and what is real news is they they are on these boards they get to sit over facebook and determine what should be deleted from ordinary joe baggett donuts who somehow is like too stupid to know what the likes of jeffrey zucker the head of c.n.n. knows. so here's what they said was going on back in 20161718 we have a few headlines here of what they said at the time why trump wanted to hide his tax returns. could tom's tax returns reveal the republican presidential nominee has ties to russia done. that was july 27th 2016 here's chuck schumer in july of 2018 he's the senate minority leader he says chuck

schumer july 28th president inexplicable behavior has many americans asking what does putin have over him well that's why his tax weaker turns would be so important and then finally here is a resistance hero you know to the democratic resistance the lead the hillary clinton brigade of poor losers well he gets on c.n.n. and m s n b c all the time he's a professor and a lawyer his name is seth abramson and he said back in 2017 we know trump jr said a disproportionate amount of the trump fortune comes from russia then refused to release his tax returns oh right yeah this old shack story is a lot of fun because we get to comes into our wheel house other markets finance and scandals or lack thereof and that's right the vacuum that was caused by not releasing the tax return created this need to fill it with conspiracy theories

coming at the highest levels of american media yet these are like the highest levels the elite media they get to determine what the ordinary person is allowed now to hear now we've looked at that same story as journalist as opinion you know have an opinion show here where looking at the story and say why does donald trump not want to release his tax returns. he's a new york property developer why would a new york property developer. who is very thin skinned he's very narcissistic why would he want to hide these from the voter that he has to go before well as we show we're going to turn back to august 11th 2016 this is a kaiser report episode where you talk to francine mccann and we laid out exactly as it turns out to be. francine let's talk politics you've written about

what donald trump's tax returns might show tell us about that well i wrote about it a while back before he started having to deny that he was going to release them every week seems like i think that based on his real estate investments we're going to see losses year after year and that's going to be really hard to explain to the less sophisticated reader why does a successful guy like donald trump have losses because tax losses are not regular losses and he's going to have a hard time explaining why there's always negative numbers in the real estate plus all of his overseas royalty and licensing stuff i think that all that income is being kept overseas that's why you have such a disparity between but showing in this financial disclosures and what people think you know in what he's saying are his his income in his assets it's very hard to match it all up because i think that incomes not coming back to the united states

and he's probably not paying taxes i mean so in terms of losses you have a company like jeff bezos over there amazon who manufactures losses for years to and then you have apple computer which is keeping cash offshore for years huge tax liability so what he's doing as a billionaire businessman is mimicked by other big corporations nothing unusual about it losses are a way not to pay taxes right corporations don't like to pay taxes amazon doesn't like to pay taxes jeff bezos says season against taxes you just like to pay taxes so this is simply a business is appraiser perception problem because this clearly it's not unusual well real estate is something most people go in because they want to generate tax losses because they want to offset income from somewhere else he has income from other places that the real estate works really well probably to offset jeff bezos he only reports income when he has a tax loss carryforward that he needs to use because it's going to expire and i. good on that that's been what's happened so no it's not unusual taxes is one thing

what people report for for regular profits on their financial statements is something else the thing is it's really hard to explain to the average reader what does this mean why does he have all the money of an enormous level of financial illiteracy in america so it's hard to really explain how business is done. right and we cover the story in france the mechanic did a great job but the tax return which oh he's not paying any taxes and that's very difficult for the average person to grasp what what that's all about and it's completely. normal you know you could say in that industry now i did a poll on my twitter and i asked people i said would you be willing to not pay taxes while simultaneously maintaining an enormous hugely leveraged. properties portfolio speculating on property and take the risk that the property in that portfolio could crash at any moment like copan 1000 prices for example and 60

percent said no they wouldn't right so in other words you're exchanging you don't pay taxes but you're carrying this enormous debt attach this highly speculative portfolio of property that that is wildly spector you know it's all tile so that's not that that that's the trade off and that's the industry private equity is a different issue hedge funds typically they defer taxes continuously under an exemption to hedge funds and they end up paying a very low low rate. in some industries and are tax intensive but it's a different industry jeff bezos had to pay taxes for many years general electric submitted $80000.00 page tax returns they got a tax credit i think basis actually got a tax credit you get paid by the government so taxes there's not that thing illegal here it's just like the industry of property speculation means you're carrying a huge debts which gobble up that the write offs are huge and so the tax net taxes are could be 0 and francis mccann it was correct and to put the perception is what

needs to be managed right because people see that number $750.00 and they don't 100 they you know most people are financially illiterate aren't they don't those going on they just like say well i paid 5000 dollars last year geez was a little bit well i do think. the scam we're going to go into this i think is totally totally 100 percent wrong that trump gets away with only paying $750.00 and yeah give me a $35000000000.00 property portfolio and i don't care if it defaults and goes away and crumbles i don't care as long as i don't have to pay taxes what's wrong with this system here is that you have silicon valley and hollywood on the west coast you have new york city and d.c. on the east coast and you have texas and chicago those 3 power centers those $3.00 money centers have huge tax advantages over the rest of the economy and population the 99 percent have to pay taxes those people don't and they have their own special

loopholes so donald trump is a real estate developer from manhattan no real estate developer in manhattan pays taxes none of them every single $1.00 of the billionaires and rachel maddow chris hayes anderson cooper they live in manhattan they will be friends with these people they will also be beneficiaries of all the tax breaks that these people get they get to live in an amazing city highrises all this stuff because none of those people have to pay taxes because they're writing it off the losses against another thing wall street so they have s.p.v. they have they have carried interest all these sort of laws and of course the fed underwriting all their debts and taking all their bad bets so every one has their special interests property developers have the depreciation that's the thing that most benefits the likes of manhattan real estate developers so for 3040 years even while interest rates keep on going down and down and down and all your debts keep on being rolled over they get to claim that the value of their asset is going down

and we all know right that property has been going up decade after decade after decade in manhattan but they get to claim otherwise d.c. all the you know the richest zip code in america is all around d.c. these are people that get to claim cost plus contracts with the taxpayer right so they get to. right money basically print money for themselves silicon valley ip parts and netherlands ireland and the caribbean hollywood and we're going to get into the hollywood accounting in the 2nd half but you know basically every all the elite and they are the elite the people making 203040 1000000 a year on c.n.n. and amazon b.c. and fox like they're pointing finger is and like that's their entire elite start all their d.c. friends all their manhattan friends all their hollywood friends all the valley friends are all getting the same thing you become a billionaire in america by not paying taxes like you can't give 50 percent over to the schmucks. that's a huge part of it member leona helmsley but it's back in $88.00 i believe said the

only little people pay taxes right she was a real estate developer but like commercial real estate america responsible last year for 9200000 jobs right so the entrepreneurs who are developers like trump's entrepreneur he's they take risk they know they're risking that these properties could blow up and not be worth anything of value and that's what entrepreneurs do and they get taxed the government gives them tax incentives to be entrepreneurial to be property developers that's what those tax incentives are for to encourage entrepreneurs to go create millions of jobs by being property developers who don't get the whole picture here after this break and then we come back in the i was a stop to go away. as

the u.s. economy was booming growing numbers of people were made homeless. you can work 40 hours in a week and still not have enough to get housing everybody believes america still has the lead up to the reality of the we're not financial inequality and the lack of affordable housing for a living minimum wage give many people no choice though that's been a problem with the city will always turn

a return and told me stay away almost. half the food if there is no answer because yes that requires the source the most vulnerable or abandoned on the streets to become invisible comes. right welcome back to the concert for a with max and stacey a we're talking about taxes talking about the non scandal the trump tax reveal and let's continue stacey ok and again remember in that 2016 the august 26th report episode where we calmly predicted exactly what would what was the reason that trump was hiding his tax returns why he didn't want to show it it was the simple ockham's razor for property developer in new york city who want to who

is running on a campaign of being a man of the people he knew the people would not understand massive losses and in particular he understood what hillary clinton and all the you know the democratic media b. c. what they would do and they did it and we predicted it they said trump is a loser trending trump is broke that's how they presented it again because they know that this tax system is so corrupt. it's thousands of pages long and they get to benefit from it so like the ordinary person and you'll see this on twitter it's like people are like well the ordinary person could also take advantage of these but you have to have like $2345000000.02 pay to the tax lawyers who wrote this legislation on behalf of property developers or in the case of silicon valley the silicon valley tax lawyers that wrote the legislation on our tax code or hollywood accounting or any of that so you have to

have that you have to be you have to have that cash upfront to pay them to get access to the loopholes to understand what it is because the ordinary person you'd wouldn't get the access to lupo's somebody like trump or bezos or you know bill gates their tax returns are thousands of pages long because just like the tax code the people they hire wrote the tax code right well real estate so it's been a tax advantaged investment and the house flippers you know whether it's in the u.s. or the u.k. have been doing this for many years and it's a well established path toward accumulating wealth that some people enjoy doing as my poll suggested 60 percent of the people would rather pay the tax than go through the misery of working 247 and 100 hours a week to maintain a specter of residential and commercial real estate portfolio as an ally unwilling to put that much time into my bread and butter i'm essentially lasered i am not the entrepreneur that donald trump is i am

a lazy guy who likes the passive stocks bonds and because and i like my free time. and again i just can't stress this enough is that we get vilified by the likes of m s n b c c.n.n. and all of these outfits new york times washington post they all have headlines this whole time and not once did any of their articles or any of their pieces and look through them not once did they suggest that this could be the reason why trump was being so cagey about releasing his his truck his tax returns and it would seem so obvious to me that that would be exact i mean i saw on twitter for example chris hayes was on the mess i mean being schooled by people saying you know what this is actually the way real estate investment works chris there's a huge tax advantages to it he's like really i never do that so that's the problem again you don't have anyone except for lou dobbs you know of course is to he's a big wall street guy who knows a little bit about business but other than the everyone's mode no idea well just

consider that chris hayes lives and manhattan he's a creature of manhattan he's well grew up in elite schools in manhattan he's part of the elite of manhattan and yet he can't even do simple observation is what journalists do right you observe and report on that he doesn't observe like he asked on twitter is this what all real estate developers do with this be normal for them you're like like how can you not know that like i don't live in manhattan i haven't grown up in manhattan i don't present i'm. in show on c.n.n. or m s n b c wherever he is on you know and surrounded by these people and yet he couldn't see it like he was in the fishbowl and that's the problem with a lot of our media now is we have these w w e sort of entertainment style wrestling people you know drange the wrestlers on cable news and they can't see the they can't see that they are the

chaos they cause they call trump a chaos agent but they are also chaos a chance. they are part of the problem they don't see it well once again the big trump gotcha moment is backfiring because the tax side of the story is a nothing burger as i said at the top of the show but it does now firmly solidify and prove foreign influence was a nonstarter and propaganda by b. c. of the new york times straight out propaganda and that's now been proven that said well following up on that theme of propaganda david frum who was a speechwriter for george w. bush he came up with that axis of evil sort of thing never he was he paved the way for the invasion of iraq and the decline of our moral superiority because you know we lost our moral high road by invading and killing all those people but you know he's now become a resistance hero so he's a hero to the chris hayes is rachel maddow so the world because he doesn't like

trump and here he brings up another very important topic because ultimately it leads me to hollywood accounting the most corrupt of all and i worked in hollywood for many years and i was involved with film distribution as well so i know how hollywood accounting works and it defrauds a lot of potential voile t. holders but it also enables these you know rachel maddow and chris hayes are paid tens of millions of dollars a year because hollywood accounting they're the corporate owners of these of n.b.c. universal they basically don't pay taxes because of hollywood accounting so from had said score one point for the people who defended trump against russia charges many of us guessed that trump covered the losses on his courses his taxes i suppose by laundering russian money and looks instead like that's where the poor shmendrik squandered almost half a 1000000000 from the apprentice so he you know he brings up as you predicted back

in 26 team francine mccann that you know he does have income from appearances celebrity appearances on. the apprentice and he gets to write it off against those losses well that's hollywood accounting ok and the reason why comcast n.b.c. universal have so much money and to pay rachel maddow is because they don't pay taxes because of hollywood accounting and always with the 1st paragraph of what wikipedia says hollywood accounting also known as hollywood bookkeeping the 1st of the opaque or creative accounting methods used by film video and television industry to budget and record profits for film projects expenditures can be inflated to reduce or eliminate the reported profit of the project thereby reducing the amount which the corporation must pay in taxes and royalties or other profit sharing agreements as these are based on the net profits and there's a famous case of art buchwald and i believe the movie was coming to america to america and so in this case he never got any royalties and never got any paid for

his contribution as a writer and he went to court and they were able to get rid of some of the abuses of hollywood accounting but the idea is that you never show a profit these movies the biggest money makers in the world that make billions of dollars in the box office won't show their accounting to the i.r.s. they're still still in a loss because every single thing is is used as an expense against that budget it also leads to the budget bloating because people are paid in hollywood by the size of the budget and so there's an incentive to increase the budget and then to offset that you've got to engage in more hollywood accounting so it becomes that's why the film industry is as horrible as it is with sequel after sequel after sequel there's no room for creativity really as such because it's driven by this hollywood accounting model yes and ok coming to america made no profit they lost money they say batman spider-man none of the marvel comics stan lee who wrote them are marvel comics he got ripped off he didn't get paid because he had net profits no films

he's net profits none of that and yet they keep doing all these marvel comic. movies somewhere for some reason because they're doing it for the art if they keep losing money millions and millions of dollars they say but that's what they say forrest gump made no money the writers of that got paid less than a $1000000.00 they did they had 3 percent of the net profit they were so it's to get but there's no net profit in which project the creators of that didn't make any money men in black and this is the biggest of warner brothers the biggest grossing box office of all time is the harry potter series no profit oh just losses and the only guy who's ever bucked that is jack nicholson he has the nicholson deal going it's 20 percent of gross not net other than that if you have a deal based on that that means you get nothing but like as we said is like that the fact that you look across the entire industry you look across the lagoon valley

and none of their businesses make money and you think well only in a money laundering business does that happen right so all of those the biggest losers are the richest wealthiest most powerful people they're all loser so when trump is called the loser because he's an elite all the elite are losers on paper because that's the only way to avoid paying taxes and that in $86.00 ronald reagan introduced a tax act that got rid of all these tax shelters i was on wall street at the time to give an idea of how bad it used to be we were selling shares of chinchilla farms and for every $10000.00 you put into this chinchilla farm you could write $90000.00 off on your taxes but you got rid of all those yeah you used to sell just random like just make up tax losses right to sell to those corporations they would call up brokers like myself and say we're reporting earnings in 3 days and we need to reduce our taxes we need a loss so their firm park losses in their in their accounts own

report of the council are just trading losses and so you sell a loss to a corporation to us that. again to make it and actually the guy who wrote the book the number mark cuban is a book called the number where he goes into this how the reporting on wall street every quarter is completely. close call fraudulent to be nice so jeff bezos of course owns the washington post he's worth over $200000000000.00 but amazon received a federal tax refund of 129000000 and 2018 and they received a refund of 137000000 so the fact is what i'm saying is that that when you tune into the cable news ice i understand you might have you know they might make your personal bias feel good and you like a good guy and that you like the characters they present as the good guy bad guy and that makes you feel good and that's a happy story for you let me jump in you know these cable t.v. channels are part of conglomerates that own studios that's when they not only are

the losses of the film cooked into the hollywood accounting but they bleed over losses from their cable networks as well like let's say somebody who's on a cable network bang $30000000.00 you know at the end of the year you say how did that end up as an expense on batman part 9 yeah it's all one that's where they borrowed money losing studios is because for the whole conglomerate they're not paying taxes and they these people on cable news are just being used for their tax losses yet they actually don't add any value except to create tax losses for the current climate and the like that rachel maddow you are for a tax loss and that's the only reason you serve. yet and of course the washington post is for jeff bezos by the last few seconds here i want to say that this when they're shouting at you and say. something to lose out there. they're convincing you that you know they don't want you to look at that like don't you the ordinary

person and go seek losses on your taxes because then the government will have to end it if everybody plunderers the tax code then it. we always like the elite lose that access to it so they they push the propaganda that he's a loser look only so that's part of the game that's part of this whole bread and circuses gladiator games and just so you know you might enjoy and want to stay in that bubble and you would like to attend the the me is real but whatever i always pay more than a couple taxes i feel sorry for those people in washington who watch on t.v. they look pretty pathetic i get a few extra bucks. hey we got to go if you joined our telegram group aren't pill pot are still pot telegram groups like 2000 people and they're having a great time what about you well say next time but you know.

what we've got to do is identify the threats that we have it's crazy. let it be an arms race. dramatic to follow only. i don't see how that strategy will be successful very critical time to sit down and talk. everybody's reaching for the. key and i mean it's a rush and i think the resolution of this is going to be a gnostic that's going to go on for maybe months. already rejected. to mediate this fighting is to early on the people. to see what territory they can get and i think when the fighting settles down and the lines are drawn and people realize that they're not going to move forward then they're going to.

time. just. as soon as possible.