m.-x. kaiser this is the kaiser a port with stacy herbert and special year end guest misfires stein the man could do i must say have the kind of sensitivity to world events and markets really seen anywhere except here on kaiser report minutes welcome back thanks for having me max and happy new year on a recent episode of our long form podcast called orange pill pod cast we described america as we see it today as the grapes of gatsby and that is that we have the economic collapse of the great depression of the thirty's for most people

but we have the roaring twenty's of the stock market booms for the top one percent would you agree with this assessment absolutely i mean i think what we're having is we're in an extraordinary time warp where you have extreme bubbles in different markets that are not indicative of what's going on in means to me on main street and in main across america so i think what we have is it is a fundamental disconnect and i think the media is not covering the story they're missing which is even a bigger problem because people lost trust in the government to remedy things and people lost trust in the media to tell the truth he said something there interesting you said running an incredible time warp now in financial markets there's a way to value time it's called interest rates and what we've seen in the last few years is this trend towards 0 percent interest rates and even make it of interest rates as close to 20 trillion now and sovereign debt around the world with a negative enter stray so explain to me how this all works because you just

mentioned a time warp and i get worried a time warp and it's clear we are looking at interest rates and how did it get that way. because it's not an economics policy it's never been done in the history of economics who's behind this who's doing this to study economics at this point if something else is going up better explain place you have this all which we've been talking about for years that's been running several jurors and misguide goal central bank policies have been absolutely bizarre it's been planned bizarre they've kept interest rates in store because they need to service the in or the hundreds of trillions of dollars in debt that's the new group so interest rates if you might remember we did a year and special in 2018 for calendar year 2019 when the fed chairman said we're going to raise rates we're in a raise rates and on your program i said they're never going to raise rates we're going to get to meet you since you're going to be q.e. 4 i remember this like it was yesterday and i said no there's not only a b.

chewy forms going to be q.e. 5 q.e. 6 they're never going to stop a key because they can't the problem with what they've done is they've backed themselves into a corner now and their show much debt if interest rates were ever to normalized it would default on the debt there are 2 ways to get out of this either a debt default or trying to inflate out of this these are the 2 most prominent ways to get rid of the massive amounts of debt so we're close to $270.00 trillion dollars in debt when you include the programs like medicare medicaid now they've got these crazy ideas of m.m.t. modern monetary sciri or magic money tree where they think they can print unlimited quantum's of money without any consequence of course there's going to be terrible consequences what we've done is created and janet yellen when she was at the fed ben bernanke he now cow you created the greatest wealth inequality in history so you've got a world that's run by

a bunch of oligarchs and silicon valley are now selling their souls to china because it's their biggest revenue stream coming into into play they're saying this 2 ways out of this thing. debt to fall for or inflate your way out of the debt by printing more money now let's look at inflate your way out of the debt by printing money in the past when countries have done that take a look at venezuela take a look at the why more republic take a look at zimbabwe they print a lot of money to inflate their way out of debt and we see prices go up as a result in the united states we haven't seen prices go up because the banks take that printed money and they hoard it they're not lending it out when there is no money multiplier there's no velocity of money they owe her acting extend the extreme bad faith i would characterize it but my question to you is if the banks are going to continue to stop that liquidity from reaching the general economy.

then what happens then because i can just to set this up a little bit you could have other countries would effectively default on the dollar or you have social unrest in other words if same sapir opening up a couple of different avenues than just the classic notion of hyperinflation versus a debt default because of the bank's actions in the middle there so how does this kind of name mutate care it's a little bit different than the classic anomic puts it just because we've got 0 and negative rates of course this is a whole new playing field met i couldn't agree more men i think the scenario trying to. get across the mirrors what we have is a very unique situation right now that's never never happened in history so when the 2008 to recount the 2008 credit crisis was a liquidity crisis the next grayson's is going to be a solvent see crisis and the new scouting central bankers around the world at the federal reserve the european central bank christine lagarde and the bank and

believe the problem is latin quitted the problem is going to be lack of solvency knew give an insolvent institution more allor in news burns that it doesn't solve the underlying structural problems you've got so many triple b. lines so much sure will be debt that's out there that can never be repaid in a leads that they can never repay all that they have it's when interest rates are at historic lows basically they may make interest rates at 0 so they never paid back well eventually wants not lines like the biggest buyer of european bonds is the european central bank and what i've been saying for many years is we saw this happen in japan and we have learned absolutely nothing from the street last decade they have sealed monetary policy the japan i mean intense 0 growth 0 growth for the past 30 years and. and actually meet on market they own all the options

a fixed income market doesn't trade there at all and that's exactly what we're doing here except it's not going to work in european markets and it's not going to work in u.s. markets because japan has forced a lot of their government debt on savers in their pension funds and it's totally different here because what they're doing is they're monetizing the debt which is what needs to either inflation and people will lose faith in the currency so if you go from 1913 you know the 100 years or show the federal reserve has been around the value of the dollar has depreciated by 97 percent as a gigantic number so you obviously you can't make the dollar worth less than 0 but it's going to depreciate even further and u.s. dollars a gemini will end and it happens very quickly and people will not have time to get out so you know you're trading at ridiculous multiples multiples higher than during dot com in certain nasdaq stocks and you know out of debt during the credit crisis

and some of these hybrid derivative products is now larger than it was in 2008 and people are like oh you have to worry and you've got these crazies that are coming out saying green new deal we're going to spend 100 trillion dollars it's like where do you think is money's going to come from where they're going to get this money and this needs to be asked same thing this is where people don't trust the government or whatever you have that you have it have a very bad cycle going and you get civil unrest a problem and i think what they're trying to do is use the kovac crisis to blame all the people the high unemployment numbers the business closures and they're saying oh it's all covert it's all good no actually it's not it's central banking problems that were caused by 40 years of neo liberalism and we need to pay the price for it now and it's coming due notes are coming so they can try to blanco me up relation is fed up with it and. i realize they're being lied to on many fronts

so i asked some kind of historical context there so when a time you have a huge wealth concentration and that's what's the result of this low interest rate or 0 percent rate is that you just have this enormous wealth concentration in america by the people who are interested in having a huge wealth conference concentration are the ones behind these policies going back historically back in roman days when there was a huge concentration of wealth the romans were actually inviting the barbarians they were not regretting the barbarians coming in because they had totally fed up with the system now flash forward to the 1930 s. in america after the wealth concentration awat robber barrons of the crash of the stock market a lot of people think the united states welcome communism communism was on the ascent communism was and austine an alternative people were moving to the soviet union that's how i dislocated the situation have become so my question here isn't 2021 well this plutocratic wealth confiscation confiscation will

result in 2021 we can start to hear people saying you know what maybe we should invite china in or maybe i will love the china there and maybe they they can bust it up maybe that's all we me you know in the mass of out a sympathetic outpouring to the chinese to help bust up the american plutocracy meche i don't think that will it will quite happen that way but i think that there's a massive indoctrination program in the educational system that's been going on for 40 years that's trying to pitch socialism and cultural marxism and i think look i didn't big check and the media and the democratic party have been working to censor all news stories i mean if you think about the will biden corruption scandal what was going on that the media actually covered for the blight became you know i'm eric gnostic. you think about what the media is probably worse than the crimes that were committed you know the pay to play crimes crane with china that were proven is they had sacked we testify. worked for them by turned state's evidence and actually

testified that user documents showed only accounts we have that the payments that came in from countries and yet the media decided to censor that and twitter censored it stay stuck sense of it all the social media censored it and they actually prevented the new york post story that was 100 percent factual 'd and all the media talking heads said oh this is a lie it is russian descent from asia and then now after the election all of them have to reach can't because these guys being being hauled in front of the department of justice just apply 100 by now they're saying oh yeah well there might be some merit we're going to try to put lipstick on there is no lipstick to put on most people are really fed up and they're realizing now look this is the possibility now. that. that. is president for 4 years is probably only about 20 percent camilla harris will be the president

probably with the year and this is i think what the end goal was to begin with but that distrust in the media just trust in the government or big problem or well that's a good point to go to the 2nd half because he left a little you know prediction for 2020 while we're going to come back in the 2nd half and talk more about 2021 well a cliffhanger doubt though i stay right there more with mitch firesign from plot a ponzi.

when i was so wrong. why don't we all just don't call. me. yet to seep out the attic. and indeed from. the trail. when something find themselves worlds apart we choose to look for common ground. welcome back to the kaiser reports i'm going to continue with our conversation best firesign author of planet ponzi valve elbel in 3 languages anyway

stacy mit we have a good question for you here because you've kind of brought up some of these things and the 1st half but as we go into the 2nd half and talk about 2021 biden is coming in at the end of january he plans a 7 trillion dollars stimulus in 2020 we saw am one money supply increased by 64.5 percent stock markets are hitting all time high so my question to you is twofold is this the hyper inflationary bust up parts of. the cycle that we're in the end of the u.s. dollar as it is 2021 is of course the 50 and 50th birthday of the u.s. dollar went off the gold standard in 1971 so this makes it 50 years old will it survive will the dollar even survive 2021 and i ask that because we have the remarkable situation of right on the eve of the election we saw the i.m.f.

ask for a new brand was so are we going to see hyperinflation many have been calling for lessons 2008 by the way and it's never happened but will we have that and and or will we have an orderly shift to a new currency a new global crypto currency or something like that play i think there are several several things to pick apart with that i mean you know the i.m.f. e.c.b. all these institutions especially the world economic forum's never let a good crisis go to waste you know which is what you've got to look at me going to examine combet and what they're using code it for you try to have a global economic reset whining it on crude and you know is the globalists pushing an agenda lower what us dollar gemini's finished when people realize that debt can never be repaid it's going to come up with an alternative we're going to want of course 100 percent control what we have right now 'd is a 2 tyrannical endemic power grab that's never going to end it's the gift that

keeps on giving you know what with coves it would people should be looking at is the morbidity rate in the hospitals asian rates we shouldn't listen to the hyperventilating talking heads telling you oh my god it's the end of the world i don't want to get into the whole virus because we're not me that none of us are doctors here are medical doctors or anything like that i am really curious about the dollar at 50 is is you know biden himself also came into power in 1972 just as he went off the us dollar so it seems. the right year for it to go away i'm asking like will it be gentle you know organized shift like we're all going to meet with the i.m.f. or we're going to say hey let's go on to a new global gold standard or crypto currency standard or a bank or standard or is it going to be hyperinflation are they going to print as much as possible like what will happen with the u.s. dollar just that with that alone what they're trying to do is use it as

a trigger but it's going to be a disorderly market and it happens i mean it will happen very quickly there won't be an orderly and orderly situation when it happens it will happen all the sudden and i for inflation is a likely scenario but look they want a global economic reset and they need to find a way to do it and you know they've been trying to do this for 10 years i said last year or the year before it was about 5 a 5 year window for u.s. dollars a gemini and and the reason for that is the excessive amounts of debt that have been accrue and just keep getting bigger and bigger bigger so yes the dollar will fall apart people lose confidence the currency is a governmental promise to repay their debt when people realize that the promise to repay is a lie like the central banks have been telling you they're going to do this this this in this these are temporary emergency measures and they've been going on for 12 years now people realize wait

a 2nd something doesn't make sense well this is economic plunder on unprecedented scale by the point 001 percent so people will lose faith in the currency lose faith in the bomber that's the way it happens you won't be able to refinance anymore and that's how i quit inflation will i mean the the sour use the valuations of stocks equities and property a ridiculous rate you know this is telling you that there's danger at the red lights are flashing no one's heeding the warning we're just putting their pedal up to the floor and buying sure. of tesla ridiculously priced assets think that the fed can build them out of the said chant and i think the problem is going to occur 2021 i want to follow up with that because you mentioned the emergency measures of want a tape of easing we've been in emergency measures for 12 years of course going off the gold standard was also an emergency measure that was supposed to be temporary and that's been going on for 50 years so that's what i'm saying is we're seeming to

collide into these 2 emergency measures that are getting bigger and bigger the emergency is growing and growing and growing and there is there are fewer options to put out the fire but when you mention the bond market that is the widowmaker of all widowmaker over the past 3040 years now so what do you see for the bond market and you know i mean everybody's been predicting that it's all going to go to hack but like it is will we see a confrontation there will we see something actually happen and what does it look like to do we see a repeat of 1904 or worse you're going to see the same thing with the bank of japan's do you're going to hear next year you hear about huge curve control well it didn't work in japan it won't work in the u.s. it just won't work period i mean they can they're monetizing debt or printing money to buy their own bonds that's garbage it's what the united kingdom is doing it's what the u.s. is doing and it's what didn't work for 30 years in japan so you know one of these

knuckleheads going to realize that you know insanity definition of insanity is doing the same thing over and over and expecting to achieve a different result it's just not going to work it's like i said and you just repeat it the government has lied about raising rates they've lied about temporary emergency measures and they're lying about where i'm asked for 100 days and you think you're going to ever have that the power grab you're going back over covert that's are going to happen you either so you know we've got a lot of problems ahead i think you're now very unhappy people across many continent. they're fed up with not going to tolerate it and then you're going to have civil unrest which is in the worst or worse you know it's been a great trade for wall street to borrow this cheap money buy back their own stock and if you've got stock options executive stock options sides of their stock you can make billions of dollars and so there's a lot of complicity in the boardrooms across america and nobody is speaking out against the wealth concentration tracing and the other social problems because

they're getting stinking rich by taking advantage of these cheap rates but one man a stood up now one man who runs a publicly listed company called micro strategy is saying wait a minute you know what i think i'm going to call the fed's bluff i'm going to borrow at their 0 percent rate or close to it and i'm going to load up the balance sheet of my company a $1000000000.00 worth and who knows where that's going to end in bitcoin with hard money that's that would be michael saylor over a micro strategy he's he's $1.00 guy who's taken on the fed his take it's the michael saylor put on bitcoin versus the jay powell put or the whoever runs the fed going forward they're put so here's a guy that only takes one guy who's standing up and saying ok fed it's just mano a mano i'll take your 0 percent money and i'm going to buy this asset that's going up an average it's been averaging 250 percent compound at rates of return for 10

years and it looks like it's going to continue children 50 percent a year for the next 10 years bets can michael saylor effectively kill the fed and put these people in euthanize them as they need to be done i don't know if he's going to be the one that does i think they're doing it to. me they're stupid policies i mean their policies won't work and so you know that's why i've always been a big advocate i said look everybody's portfolio should be extremely diversified and try to the next crisis that happens is going to be as a set solvency drew. and people are going to flock to the u.s. dollar now only last time i think in our lifetime you'll see the u.s. dollar appreciate after that the dollar will be a sale and then u.s. dollar gemini will end and i think it's going to end in tears for all the central banks but much too late i think the governments picked up on what the fed and all the central banks are doing by printing money and saying oh the treasury now should

pick up that functionality because if they can print as much money as they've printed without consequence why can't our treasuries print as much as we can create these really ridiculous programs and enhanced our constituents who have funded our campaigns so this is where you're going to can't you're in and in a very bad way they start printing you know trillions and trillions more and people realize that it can't be repaid when you have absolute dollar destruction and that's where you want to be out of the u.s. dollar in bihar hard asset based maybe some commodities that irks changeable for dollars maybe some inflation proof metrics big coin you know i would buy on the debt i always said i never buy the all time highs but it when it dips down you should have accumulated every asset class that will get you your u.s. dollar exposure here said they you have a diversified portfolio max and i we have a very concentrated in big claim now i want to ask you about your cohorts over there ad so paul tudor jones then druckenmiller. blackrock you know

these are small that somebody like paul tudor jones coming out in march and april and now saying that he had bought decline and then coming out again in september october and saying he likes to coin better at that time was 14000 then he liked it when he bought it at 4000 so then stand up and miller came out soon after and said he had started buying back wine and now black rock is also saying the same black rod. as you know is the biggest asset management firm in the world like it is this thing i mean it's not it 2020 was the year that the institution started to come 2021 if there's a flood of these institutions coming in you know this all time high that we just hit in december it's going to be blown away i mean even even citibank is is saying that they see bitcoin hitting 318005 december of 2021 you know what you're seeing

of this you're right you're seeing c.t.s. get involved so nice guys are looking at church action volume in between has gone up significantly because people are starting to dip their toe in the water and that's why there's a lot of interest because you know i told you back in the early days because before big quinn would ever take off you have to see managers dipping their toe or dipping their toe blackrock makes most of their money on commissions basically they don't care if some products to people and they take a spread out they're not taking proprietary risk the problem that i saw a big point in the early days was the extreme volatility and it's very difficult to manage a portfolio that has you know the swings in your head from 20000 a decline in the trade down to 4000. so you know unless it's a tiny fraction of your entire portfolio it's difficult to justify that kind of a move to your investor because you're you know you're getting chopped up so i think what we're seeing now is with more entrants in the market and more volume

traded volumetric trades are getting bigger and you're seeing a more stable price and less of a west large drawdowns which make it more attractive and the price action is something we can be a lot more tolerable these levels so once you take out all time highs then you'll say ok it will develop more interest of monks the c.t.a. is and the fund investors to get from a dollar to $20000.00 he going to have a little volatility match and the surviving folks are to stick with utilities for their whole life and clip coupons. and be no good old coupon clippers what elsinore fans but you know we like alpha over on this side of the of of the camera we want to see action we want to see a performance we want to go with the heavyweights but how about some closing thoughts match on 2021 your thoughts if you need to get out of u.s. dollar exposure i think you need to look at getting some medals and a bit of bitcoin in the pullbacks that's where i would look to get our i like that

this was this is the beginning of a great new year week of kaiser report episodes 'd and that's going to do it for this end of year special of kaiser report stay tuned for the next episode that's going to be our new year's eve special we recorded it we had fun and it's awesome until next month by all. of the research is. this. miscommunication is already. tedious. devices. contaminated come to interviews on you

tube of stick to your mug. used obstacles to. take. to. the media. did it is safe. if you get exposed to all t. active waves deacon's i would if you. you always. heard or you could defend yourself enjoy a. good indication. of

the enemy us. americans love buying homes. this was a fundamental part of how our political leadership and our country a large understood the bargain you get a hope and then you know rebel right that's the things you don't revolt if you have a stake in the system. of the really interesting dialing back and think about the longer deeper history. housings men in the united states not just that old

question of the american dream but the bigger question of who the dream is and for . the headlines here on our team new york threatens 1000000 dollar fines from vaccine for old off to a medical sundries accused. jobs. the e.u. launches a mass rock sedation campaign against cope with 19 minute fractures reported laser and distribution challenges. rather to the french residents demobbed visiting rules be relaxed warning the risk. even more damaging to health than code but it's. a luxury to the most nursing homes are only learn visits and receiving rooms produce visits other residents in our newscycle home are physically and mentally exhausted.