just ellis cashmore professor of sociology at austen university in building new technology expert excellent discussion thank you all very much. pleasure and we go straight to the break that is all the time this is our 2 international. max kaiser this is the kaiser report max and stacey i've been talking about the global insurrection against banker occupation now for more than 15 years it's coming to a head. right the new york times doesn't use giago the global insurrection against

banker occupation what they use instead is the revolt of the public how they're looking at the whole situation we've seen with wall street bets taking on reviving on practically dead company called game stop and using that zombie to against the zombie if a kid zim the zombified the people who's on the fight they conned me the hedge funds the private equity and stuff like that so let's look at this have like the game stop reckoning was a long time coming this week gleeful online hordes turned the stock market upside down this shouldn't come as a surprise while watching the game stop drama i've been reflecting on what the author martin gurrey calls the revolt of the public mr gurrey writes that the internet has empowered ordinary citizens by giving them new information and tools which they then use to discover the flaws in the systems and institutions that

govern their lives once they discovered these shortcomings he writes the citizens often rebel tearing down elites and dominant institutions out of anger and haven't been light to and withheld from we've been ahead of this curve we invented karma bank which was a way to use short sales to completely re establish the balance of the powerful and those who were being powerfully exploited and we invented crash j.p. morgan by silver right here on this show back in 2010 and then we started talking about decline which is the ultimate equaliser. big coin is to finance what the smith and wesson was to the old west the other important thing that we've identified and we've been talking about is that this this loss of faith in the institution so once it's gone throughout history we've seen this happen quite a few dozens of times were seemingly indomitable permanent institutions just disintegrate like a sandcastle overnight and i think that's part of what we're seeing and it really

started back in 20082009 when the game was exposed if it's if this is all a game of redistributing wealth towards them through the can tell in effect of the money printing it was all exposed like that it's a rigged game in 2008 when who got rescued for their horrible mistakes and their outright obvious fraud wall street and we everybody saw everybody in the world and they're all doing that nod like max is doing right now it's like ok now we see if this is going to be a great game that we're going to look for any of your vulnerabilities within this game and we get back against you right the new york times says the wall street was one of the last bastions of power to be overrun by the populist movement because of the high barriers to entry yes and that's right those barriers to entry have been eliminated because of free online trading because of all the stimulus checks that made a lot of people lots of free cash to have available to do something like this there

is a call apparently $65000000000.00 in the war chest of the biggest has fun in the world which is reddit and wall street bets so they've got a lot of cash and energy and expertise to go after targets out there that they perceived to have stolen their money in 2008 agree that's true they are now impacting retribution in more power to them the new york times does say that there is no clear kind of end game where this is all going to i of course would disagree with the new york times and the. point because the end game is bitcoin you mentioned the stimulus tax and on the one him that these concern trolls in the new york times to say well these people are going to lose all their money well they know it's a game that was given to them for free and they know there's more free money coming to them right now but i also want to point out that this definitely cements trumps rule as a chaos agent because i also read in the past week that in 2020 it was the biggest

transfer of wealth in u.s. history to the bottom 50 percent so the bottom 50 percent got the most transfer of wealth to them and us history so they have all this money of this free stimulus and they and they have these robinhood apps that allow them not only to trade for free but also to trade like really sophisticated weapons like these sophisticated options not just basic options like deep crazy options and borrowing leverage himself up just like a hedge fund yeah that's an amazing point that they know that more free money is coming just like the hedge funds on wall street have banked on bailouts ever sence really 187 they were bailed out they were belt out in 2008 they were bailed out after the dot com crash they were bailed out continuously and as a matter of fact that bailout continues to this day in the form of quantitative easing which is just

a rolling bell out of crooked banks now the reddit crowd understands that because the federal reserve bank has painted itself into a corner and that the is impossible for them to raise rates now they can only they can only print money to keep the american economy ponzi scheme going these reddit crowd knows that they have a margin of error here because they could make the occasional mistake it'll be papered over they're going to get another huge stimulus check and so once they have that power and the economies of size and they're angry and the hedge funds are really vulnerable because they have oversold their position. and with these naked short sales in the case of game stop they sold something like 2 times more stock that exists of game stop in the universe that is an incredibly vulnerable position so now these reddit wall street bets crowd is going in for the kill go for it go for it right but you know again there are certain trolls who say reddit are these anonymous people with some sometimes goofy names like kiddy and stuff like that

that you know they're buying these options so they don't understand that they have unlimited losses but they could possibly incur but they're like hey all i have to my name is my $2000.00 stimulus check if i loose you know $2000000000.00 it's not my problem with robin hood's or whoever their prime broker is or you know they're that side and they only have that $2000.00 as the other side as the hedge funds are also despite being sophisticated they're also facing unlimited losses say for example with their game stop thing until regulators obviously will intervene on their behalf but the fact is like they'll lose they'll go from like having $44000000.00 homes that they're buying on the mahameed beachfront as is the case with the guy from melvin capital to having just waiting for a $2000.00 stimulus check that's the drop that they'll take but the only way to losses will ultimately be paid by the regulators the taxpayers the the banks like

the whole system right the more losses they create the more stimulus is going to be printed so you increase the war chest of the wall street bets crowd to make more bets against the hedge funds to increase their profits you know you talk about the funny name some of these wall street best people have online don't forget that during 2000 or a crisis we discovered a lot of hedge funds had funny names like naming themselves after star wars characters to chew baccarat and to block a hedge fund exciter and things like that so once you become in a position where you are mastering the game you get cocky you get full of yourself and you make funny names for yourself or your hedge funds. we're already at that stage with wall street bets it's the biggest such fun in the world and those guys a citadel ken griffey a company they're vulnerable stevie cohen over there to search for me now owns the mets the super vulnerable going to go to a mets game this year that's for sure they're losers well i do want to point out that we don't know who any of these people are on wall street bets and at least 10000000 people there could be one there could be 10 there could be

a 1000 hedge fund traders you know there's like 20000 hedge funds who knows like not all of them are the size of citadel so you know they might be at going after their competitors who knows like who who is in this market but nevertheless it's a free and fair open market right you're seeing some more price discovery at least happen or at least be restored to the system as a fight that is worth watching how it unfolds and whether or not you know when when this is happening in the past when a short squeeze was forced in silver back in late 1970 s. or 1980 with the hunt brothers what the regulators did is they came in and basically forced liquidation that you could only sell so we saw the same inklings of that that was presented as you know the private companies like robin saying you could only sell game stop or amc or these other shares but there might be a day if this catches on if there is any you know if all the short squeezes

attacks do work that the regulators say that you can only sell you know a certain share and it'll be interesting to see if it ever gets to that point it will get to that point because it always does with the hunt brothers they had to increase margin requirements for example we see that all the time of the commodities market because commodity cornering in the market of commodities happens quite frequently we have choco finger a couple years ago trying to be corner the chocolate the cocoa market the hunt brothers crashed j.p. morgan by silver was it responded from the regulators expanding jape. morgan's ability just sell short sober and to sell short make it's over komisarek so they've stepped in and they re architected the market remember when it comes to financial markets in the 21st century there are no laws are no regulations and they're all written by the bankers remember obama's banking team were from citibank they came in and they rewrote the financial regulations for the obama administration so they write their own their self regulated right that's the buzz phrase that we always

hear like government should regulate wall street they're squat self regulated which means that hands we win tails you lose that's what that means well wall street presses up turn the apple cart and saying hey you know what we want our money back here's how we're going to do it and it doesn't matter if they're a professional hedge funds and they're making bets on other professional which ones that's what you want you want to attract as many into your side of the trade as you possibly can against that side of the trade until that side of the trade disappears you've got all the money and then something else happens and by the way that's something else it's called pick point. and again you know pointing back to this new york times article looking at the revolt of the public because of course the public institutions are revolting themselves and in a different and an adjective way rather than a verb way or is that an adverb they are revolting anyway smartphone based trading apps like robin hood changed the situation by introducing commission free trades and an interface that meet executing a gamma squeeze a straightforward as ordering

a burrito from. suddenly millions of amateurs could organize themselves generate their own market research and investment theses drum up excitement on reddit threads and tick tock videos and enter the casino with the big boys whether storming the high roller tables has helped them financially is another question entirely right when i was a stock broker on wall street i traded a lot of options and to calculate for example the margin requirement on an option spread is difficult and it would take you know hand to do it myself a on paper a pencil and like oh my gosh you know how to what's the margin requirement here on these out. they're serving all this data in real time and you've got mark to market and you got just about everything an office trader could ever want in real time for free and these are powerful weapons and powerful tools in the right hands anyway speaking of whatever we're talking about which is probably the end of wall street stay tuned much more coming your way.

to. join me every. time i'm sure.

i'll see you. i might. show somebody an accident where car goes through a field sign at the intersection but suggested the witness said they saw stop signs instead of a eel's sign. in these experiments many people will adopt the suggestion the we call it misinformation and claim it as their own memory. welcome back to the kaiser report imax keyser it's time to go to bali indonesia and

speak with de rosa kicked of last bit calling day a welcome to the kaiser report thank you max glad to be here all right i should mention you have a podcast also my bitcoin story is the name of it now 1st why not tell us your because story how living in bali made your story unique my i but big car in 2016 from a bit going a.t.m. it was installed. in indonesia and it was really interesting in 2016 so i guess that's like the the golden age of becoming where everyone can pay bitcoin so we have also a a website called bit island that shows all the places in bali where you can buy. it when you can pay with bitcoin basically so that's my 1st encounter at because i am and then i use it for my business and then fell in

love with it helped me a lot of time with my business so yeah it's been really great your company spec cawing provide education for indonesia so what groups are you looking to educate who is really taking a big point and where do you find some resistance right now like you know in indonesia is actually the biggest one of the biggest country when it comes to like internet user especially in southeast asia we have like 300000000 population and almost 50 percent of them are internet user so like i'm targeting like mostly millennial and especially at the ching them how to save in bit client because as indonesia we don't have. really like a saving technology where yeah you can save your money and store your wealth so this is my primary focus which is teaching people how to save but i guess the

resistance is coming from. you know like because in a nation there's a lot of scam going on so like people always think when they see something from internet they thought like yeah it's a scam or like there's something like some kind of hidden agenda so we're going to try to educate people what is the benefit of storing their wealth in bitcoin. and also just like you know maybe teach them a little bit how to earn money through trading like that people i talked to today people a millennial generation they think about big cowen as a saving technology they don't think of it as a get rich quick scheme they're thinking about in terms of the future in terms of having hard money that will be worth something in the future and this is something that i talk to people all over the world that they have this different way of

thinking and now the way the economy has grown around the world particularly in consumer countries high consumer countries like the united states for example has been the opposite the message is always bent don't save your money spend all of it as a matter of fact go into debt. now which came 1st you were interested in savings or you got into big corning and then after getting into because you got into interested in savings how did that happen for me personally obviously in 2000 sixteen's i guess is just a matter of yeah you know like you see the price goes up so like oh great i make money you know but i guess a lot of people especially in indonesia right now during dependent make they use a lot of crypto currency like you know people are getting into trading and see like how yeah how we are like this whole economy catastrophe

happening around the world also fact that and then like you know we also see lie prices is going up so i like. what can we do to say to save ourselves during this if there is an odd or demick happening in the world so i guess like obviously the 1st thing to check people is actually yeah like you know hey you can you can make money probably but more and more disloyalty just the teach them how to save their wealth in a secure and private matter because. in indonesia right now we have like a huge case where mutual fun is like being. corrupted by the yeah like government and then like people didn't get their claim for insurance going like that or even like we have like some kind of syntax where you can store even money and then people cannot withdraw their money so there's

a lot of like kind of censorship going on but also like maybe not not educated in terms of like how they can store it so it's slowly like people will wake up about like how to store their wealth now it's i or your tweets is what really caught my attention and the reason i have. today and because bitcoin there are some themes are very common as you're talking about the savings thing the thing that governments can sometimes not be completely reliable that technology and financial . institutions are sometimes very unreliable and brickell improvise individual sovereignty provide savings that on confiscated all but then within every country there is different cultural things happening and you tweeted quote mythology is an ancient way to encrypt messages but i thought this was very intriguing so can you speak on this i mean i live in bali so like. like the majority in here like

hindus in hinduism there's a lot of like you know i like mythology and stories and i have personally like really captivated by the story itself and how it really presents something you know like for instance for example like in hinduism there is goddess locks me where a guy just locks me is representing wealth and if you really know the story of like lakshmi it's it's also very fascinating how it's almost similar like how it related to bitcoin basically because for example lakshmi always been guarded by alef and then in hinduism elephant is re present as the protector of where that's like ok let's me use wealth and then there's the protector of wealth so like bitcoin is like protect their own wealth and then. yeah like how in

like me like you know like the things that if you want to be surround by well. you have to also you have to also like you know understand like sit for a symbolism like you know she has like a gold in her pot and then like if she has. or hen they represent righteousness desire wealth and. and also liberty so debt slake i don't know like this kind of key phrases like also a rip present bitcoin. so i found like it's very interesting there it's that mythology is is slake being passed on through human generation and if you can decipher your mythology you can get wisdom and the same thing like how it bit going it's an encrypted incident it's a good crypto currency right and then if you can decipher it you get the private keys then you can get the wealth as well so it's very interesting to know i really

like this idea basically that mythology and symbolism is a way to pass knowledge and wisdom from generations of to the following generations and of course into as i'm one of the major religions in the world it has a tremendously rich history of this type of mythological origins and many symbol and i've been to bali and i was completely immersed in the culture there it's it's very beautiful the aesthetic of it is tremendous so when you say that because in the encrypted part of declining cryptocurrency there's a relation to hindu is a menu the culture there we did were you given a fresh look it gave you a different look on on big coin but did it also get a different look on hindu ism absolutely yeah like i mean the whole point why i was late getting this idea is actually that through like i mean i helped retreats

unlike us in the country retreat and then we were talking about you know like all the symbolism goddesses the gods in hinduism kind of like that so it's very fascinating. like it makes me really really look back again to our ancient civilization obviously our ancient civilization is really advance an . old people like our ancestors knows a lot about about wealth about happiness about a lot of things right the so there must be there must be like. something that you can learn from mythology and something that you can learn from. from this thing that we can implemented now day which is which is yeah i mean like right now we are we are we see it that people of people mix between them and modern technologies and

also like ancient wisdom meditation kind of like that we are going back in that era as well and then in western cultures of course under the work of karl young it was a concern prairie sigmund freud there are tremendous look at the mythological continuities between different theme parks and how some bowls carry that message forward and so it's interesting how what the current see it because in the same sippin other ribbon tying this bow all together let's leave the world of mythology for a 2nd and talk about the government in indonesia what's their attitude toward bitcoin if they have any attitude at all this is something every country is going through right now what's the status in indonesia it's very interesting because now as i mentioned before indonesia has a big population right we have like 300000000 population and then half house of them like internet user but there's

a lot of people there are unbanked right now so and it's made it's because like the country is so fast we have like $17000.00 islands so to create an infrastructure of bang branches this not very it's not very cost effective i guess and. it's very hard so the government is actually promoting financial technology. and there's a lot of like startups that that focus on fin tag and also keep the currency in 2018 basically crypto currency is being regulated as one of the commodity asset that we can trade and then like all of the crypto exchanges actually list it like you know you need to get some kind of a government license to to have a crypto exchange and just recently i guess a few months ago the government also like announced like 200 different call ins that that you can trade in indonesia so it seems that more and more indonesian

government is warming up to keep the currency and bitcoin in and. i guess like right now is just a matter of adoption you know like oh whether people will be will will use crypto currency but actually like i have i don't have the current data but like from 2018. 30000000 users are in like crypto exchange and then they trade like almost like. a thing like $10000000.00 like every day kind of like that and there's also like a one island in indonesia where 90 percent of their. of their population is actually they get their money from trading so there are like traders in this one tiny island very unsure how to live there it's been said i don't know of big coins and. hindu paradise all right. reza cute we must say goodbye but

thanks for being on the kaiser report thank you thank you for having me and that's going to do it for this edition of kaiser report with me max kaiser states or i would want to thank our guest they are as a kick ass but coined by. indonesia until next time. so what we've got to do is identify the threats that we have it's crazy confrontation let it be an arms race in this on off and spearing dramatic development only personally i'm going to resist i don't see how that strategy will be successful very critical of time time to sit down and talk.

look at the bullies sneer those who really can show you. show that they can just be suitably. route without us apart on. something that. you know none of the stupina blow up a source didn't go to see you sure the. clear during your force wake would be near must of missed if not thoughts about spirit i pity you it was more sinister experiment done in no. stage gear group should. show. for you to post here to post to or to move to. the story q. what is.

diplomacy is by the ballots they claim of joe biden in his. first foreign policy speech the president. has a tougher line towards russia. coming. its way taken off china's flight share. in the u.k. over. its ownership. urges the e.u. drugs regulator to file structure the valuation of russia. europe continues to be plagued. we speak to the head. of. my whole family received sputnik.