i'm max kaiser this is the kaiser report we're going to talk about something near and dear to everybody's heart money. writes well i want to actually go back in time because exactly 100 episodes before this one episode k r 1555 so good to you to book that up kaiser report episode 155 the title of the episode was called the cantillon monopoly because this is in the news today what 10 months later 8 months later and the synopsis for episode 155 was in this episode a kaiser report max and stacy discuss the history of the monopoly board that is the u.s. economy whereby the fee out pyramid scheme started in 1971 only a few short years after the civil rights act those who held all the assets in 1971

became fabulously wealthy compared to those without assets as the central bank began printing money furiously over the ensuing decades that's a cantillon effect whoever has all the assets whoever's closest to the money printing they get all the wealth right so this comes into effect because the new york fed has finally conceded that kaiser report was right they have issued a new study which finds the new york fed says in a new research paper that easy monetary policy does little to cut racial income inequality ultra easy monetary policy may not help reduce racial economic disparities anywhere near as much as many now believe and will go into some of it but in fact it's not even if it's like it doesn't help at all it causes the opposite right that's right not only to. not helping but it

causes racial inequality and wealth and gap inequality because you're substituting something that was not horrible money that is to say the u.s. dollar pre $971.00 that at least some ostensible tided goal was something that was completely horrible in the establishment's hands in a ways that would mitigate the effect of the equal rights movement of the sixty's when it looked like there would be more equal rights in america central bankers very quickly said wait a minute we can't let this happen let's let's get off the gold standard and take control of money supply they control the dollar and this way we can keep our monopoly positions and not share anything right so the important date is august of 1971 that is when the fia pyramid scheme that is the current us dollar iteration started whoever had the assets at that time who ever had that jobs at that time

that were still linked to inflation whoever got to be the generation whether it was the boomer generation versus now the generation z. who are at the last siege of this pyramid scheme or at the same time you know that the racial inequality that did not get even the beginnings of the disintegration of that didn't happen until after the mid sixty's so they were already they had been for hundreds the years cut out of owning the assets so when the pyramid scheme started in 1971 whoever was there 1st has the enjoys the most wealth today so that's why you see the pyramid scheme set up that we have now the study that they did at the new york fed easy monetary policy may not help reduce racial economic disparities anywhere near as much as many now believe of course many are not max and stacey and piously for as we as you can go back 100 episodes and look that we said this there is little reason to think that a comedy. if monetary policy plays

a significant role in reducing racial inequities in the way often discuss road economists alina march or more it's khun moritz schiller kurt and paul walked l. and in fact the paper released on friday on the contrary very easy fed policy may well accent inequalities for extended periods. right exactly right the money printing a central bank policies as you point out it is basically a pyramid scheme that came into existence in force in 1971 and the people who owned assets back then were able to ride the pyramid scheme for 45 years as more money is being printed and the value of those assets goes up like park avenue apartments like fine art like chateaus these are the things that are owned by the folks that started this pyramid scheme that are the purveyors of this permits game and the racial inequality exacerbated it worse. and also

just of basically the divide between rich and poor in america is at its most extreme because of this pyramid scheme for this reason by design prate and it's by design whether it'll intentions or not that is the fact of this system that we have is the pyramid scheme neater of it and why we have to keep on expanding debt if you look back to 971 versus today you see a huge pile of debt but the other thing is that you'll see a lot of say the democratic party the progressive side of politics says we need to end these wealth and income gaps between the sexes and the genders and between the races so let's look at you know they'll often say they totally support the central bank and they totally support printing more money you'll see by and large it's the democrats who will support that position in america because they say it helps it helps black people with their jobs it does show that in one way but. it works on

the other side so let's read this while there is evidence that easy monetary policy helps lift employment for black americans it has a bigger impact on asset values which benefits white americans who are much wealthier on average and better positioned to benefit from the impact of stimulative monetary policy the authors wrote quote and a comma today of monetary policy shock exacerbates the wealth difference between black and white households because black households own less financial assets appreciate in value compared with white families the median black household has no stock holdings nor owns a house by definition any effect that monetary policy has on the price of such assets bypasses the majority of black households which is exactly what we said and

episode 1555 is that because they did not have the black households did not hold assets in the beginning of this pyramid scheme that this is why their wealth gap is now at the gap is now bigger than it was pre $968.00 right well let's bring the simplified down to what happened so the progressive the left wing they say hey we got to make this fair so here's the big pile of money and we notice that a lot of it's over here in the way people can here's what we're going to pay we're going to take 10 percent of it or so via taxes maybe they we're going to move it over to the lowest economic spectrum of the economy and the white people say ok that's cool here's our we're going to do it we're going to print up some more money and we're going to print a trillion or 5 trillion and we're going to give the amount that you just suggested 10 percent of the amount pre this new cram down or this new stock flirtation this

new money. over there that pile over there they were going to keep the amount of percent and then the pile left wing politicians say oh that's great and then a year or 2 later they're like wait a minute you bamboozled me here is exactly the same thing and nothing's changed and they're like white folks be saying yeah you're right let's do it let's put another 5 trillion ok and then just like you said we're going to put this amount of money over there those folks if we keep the other man 2 percent well that's the can till effect that is the can tell in effect so in effect and they feel like let's get the system and spewing money is good because if we spew money to everybody then the poor people will get it if the set up of the system of the entire country and all of the land and all of the assets and all the stocks are held mostly by the jeff bezos by the law must buy those people in the world and it's held by the top 0 point one percent essentially they own most of it all that cantillon in fact goes

into their at the same argument by the it's the same effect so they're saying print more money so that those people that we want to help over there get some money ok but they end up getting $1.00 of the new $100.00 where they're the wealthy get the $99.00 we see that with everything we see that with the council in effect with the fed money we saw that with the cares act and almost entirely went to you know that was treasury money that went almost entirely to wealthy people and the same thing we saw we see with the argument that the democrats made under bill clinton is that let's send all of our jobs overseas because you know what getting chinese people to make all these goods and services well they'll at a lower your costs at wal-mart and you don't want like you're not progressive if you don't want cheaper prices at wal-mart right so yet their wages kept on going down while the asset prices kept going up so this is a situation that chis report has been covering for the past 11 years now right it's exactly correct the 2nd tell the fact it's you know the important story here is why

the progressives the left wing arm. failing continuously to impact any social reform that would satisfy their objectives because they refuse to look at the money itself yes they believe in the fear of money they believe the central bank they yell and they believe ben bernanke he they believe jay powell they believe the words coming out of their mouth and that's the 1st fail and then every single fail comes after that that foundational failure to understand the money it's so when it's not backed by anything it's just paper and only a few people control it and they get to divvy the pie so they can tell in effect kicks in and they keep $0.90 of every dollar they print this is not going to change progressives over ok but you know the point as as well that what we're seeing now under biden what will happen with the progressives want because the progress are mostly you know upper middle class upper class elite class sort of

people who live in washington d.c. they live in new york city they live in san francisco they live in los angeles they live in chicago and what are those places property bubbles right they have property high property prices high property taxes and before trump they for decades they were able to write off their taxes anything above $10000.00 in taxes on their property in manhattan and they got to write it off against the federal taxes they they owed it was very not progressive so they got they it was a unprogressive tax a regressive tax right and now they want to bring it back in because all of these people in manhattan who are like oh let's just print up some more money and give it to the people and drive up my asset price and then i get a discount on my taxes it's the bomb no effect right this is the way bano does policy as well he himself has set up his his tax arrangements so all of his money flows to the netherlands and ireland and that double dutch tax sort of sandwich

thing and and they get texas accounts but then they are. fly around the world getting bill clinton or tony blair in there you know they're the people after them to al you know impose higher taxes in order to help other people around the world so this is the same thing you're seeing here because they're not fixing the taxes as you see it in the race situation you see it in the gender situation you see and the generational thing that is now rising up right and you're seeing it in this new administration big time and they are really going down this path so they say see the headlines the central bank's going to cure racial inequality no the central bank created racial inequality and the policy of printing more is going to widen racial inequality you have got 40 years of proof very aggressive 50. goal unquestionable truth to verify that statement and no way to do nobody wants to give up their own wealth that's the thing that's what

they're saying here they don't want to give out the assets that will indeed ultimately end racial inequality if they give some of the assets that should have been had by the you know other populations whether by race gender or other factors that were pre-one 1071 discriminated against. pal of the year that's true we're going to take a break and when we come back much more coming your way. that the belief is smear those who really can show you. show if they can just be suitably.

flat with that i suppose he noticed that i stated something that. no numbers stupina blow up a source didn't go to see sheesh q you're the. slithering your force wake would be near my stubbornness today if not thoughts about spirit i pity you it was a morsel 6 been thrown in there which. if de gea could. show us the stress of school issuance for you to closely a top up ice sort of move will those of us alone will be able couldn't go full story q. they were both ways. i don't think there's any perception united states that russia has them clear superiority over the united states and i think you see there's a fairly balanced relationship. in the nuclear story or and i think. by the ministration wants to have negotiations for what we've talked about strategic

stability they want predictability they want they want to secure situation in europe in asia and with russia and they want to be able to focus on other issues to mr mix that bilateral relationship a more general. a dark industry comes to life in los angeles every night. dozens of women sells their bodies on the street many of them under-age. los angeles police reveal a taste of their daily challenge no if you're going to exploit a child here in los angeles then we're going to come after you see officers going undercover as 6 workers and customers to fight the l.a. 6 trade.

welcome back to the kaiser report imax keyser time now to go to mike maloney of gold so over dot com mike welcome back thanks for having me max it's great to be here sure i should note you were the 1st gold and silver dealer to get into a bit coin i should mention that and unlike a lot of other folks you saw the value proposition there but let's get into some of these recent developments here mike your thoughts on the overall short squeeze activism triggered by wall street bets campaign against game stop what do you make of this well it's pretty cool that there are certain exposing the underbelly it's basically a corrupt system in the finance world because there's 2 sets of rules to play by if you're on the inside you've got carte blanche to pretty much do anything $100.00 snow on the outside you've got him comes to buying and selling this thing with

robin hood really showed that it's interesting to have portnoy from barstool sports you know for the 1st year or so of lockdown he was celebrating his day trading games and screaming out stocks only go up now today's match and he's taken almost a $1000000.00 last because of these name stocks seem to all go down so there's an education here there's a learning curve in terms of what's going on with the stock market and as we know in the gold and silver market it's not so much supply and demand it's who's making the markets it's who's in charge of the specialists that are reporting prices right now in the summer market the physical sober is quoted at a price above the paper market but this is been the story all going all the way back to the gold antitrust action committee now almost 20 years ago is reporting on this real hard evidence the smoking gun evidence that they have regulators including the c f t c showing massive manipulation of him. these markets but so far no action mike

yeah well you know they keep the price of as you know very well known the prices suppressed through creating fictional gold and silver they're just gold and silver iou needs futures and selling them and they create paper gold and silver far beyond what really exists and so when you can sell more than there is the price is going to be lower than it should be and it definitely is but to me that's the opportunity if they were. perfect at suppressing the price of the president still be $250.00 like it was in the year 2000 they are slowly losing control system and gold and silver are finding your own price but as a dealer what we're seeing right now is it's very difficult to source it when you source it the cost above spot is you know the premiums that you pay for physical versus fictitious paper gold or silver is enormous right now yeah i guess let's go

back to 2010 we were talking and doing content then reporting on gold and silver max stacy launch the crash j.p. morgan by summer campaign but that was against a very specific target j.p. morgan that was short millions of ounces a summer that they inherited through the bear stearns deal as part of the reorganization that was the fallout of the global financial crisis of 2008 so are priceless 7 from 15 to 50 because of that campaign then j.p. morgan was able to get the government to allow them to sell more of these naked shorts instead they into the market and to increase margin requirements and to engage in all kinds of financial fraud as we know that they usually did but that was a specific target with a specific problem like game stop had a short naked short position well in excess of 100 percent of the float with j.p. morgan and 20. san had naked shorts or short sales of silver that were probably 10

times what their entire market capitalization of the company was potentially this idea so far short of going globally. it seems like it's a tough road to hoe mike is and it's a they're taking on a fairly you know even though the silver market is a small market it's a miniscule market compared to gold and some other commodities it's still a large you know if you take 9 games that's just a single stock and it's not a big stock. when you're take non something like this you're taking on a much larger task and a lot of people you know the game stop these traders that are on wall street bets they're mostly short term traders looking for some huge bounce gains and i see precious metals as a much more long term way in and they play that is

a you know it's a safe haven asset play that is going to do really well in the next crisis and we're sort of all pretending right now like there's not going to be another crisis and there always is there's always a crisis around the corner i mean we should point out in the case of all and again we've been following this for 15 years or more it made new all time highs against all currencies including the u.s. dollar and within the last 6 or 7 months i mean doing the job of maintaining purchasing power and it does it for 15 years it does it for 100 years it's been doing it for a 1000 years so if that's what you're looking for you're going to get it with gold and silver now along comes a big coin and in out this is the entering story as i mentioned at the top of the show you are right on top of because as it came out in the early days and recognizing it had merit what do you tell gold bugs that don't like big client what are they missing i seem. both of these as

a safe haven asset and in the next with each consecutive crisis and with the massive debt that governments are taking on you've got to remember that all of the treasuries around the world that are sold sovereign debt that's considered the safe haven normally except it's backed by the promise of future taxation they have to tax their own populations to pay the prince on the interest on these bonds and and the more debt that you have the less likely they are to be able to pay it back and so i believe that the u.s. treasuries are going to be come a little bit more suspect in the next crisis and that the safe havens are the alternative assets like crypto currencies and precious metals crypto currency is have tremendous value in the fact that the value is you know this system bitcoin is a you know measurement of value with something where there's only going to be

$21000000.00 of them that exist but it's also the system all of those millions and millions of computers running the ledger and that's without you guys just a big clam like over there at all solver dot com. can customers trade back and forth from becoming a golden solver is that what's going on there is not possible right now we don't issue we we aren't able to sell decline but we can accept big klein in exchange for gold and silver and i do believe that every precious metals investor should have some crypto currencies in every crypto currency investor should also have some gold and silver there are just scenarios where one could be better than the other and we don't know what's going to happen you know there is possibilities of power outages like we've seen lately and there's possibilities of the internet going down we've seen things where google had problems and so on lately where you may not have your. currencies for sure period of time or possibly longer who knows none of us

know the future and if you want to be invested in the safe haven assets this is the safest are things like bitcoin that are outside of the government reach and precious metals and i think any. crypto currency investor that doesn't have precious metals is sort of taking a risk you know the house in the washing day say it's going to have hearings on this game stop fandango and talking about what's going on in these markets and what is a short sale and what is a naked short sale you know it strikes me that these folks are financially illiterate to begin with they only know how to print money they don't actually know how to count money or do any accounting for say are they going to struggle to be able to explain to their constituents how naked short selling us manipulating the price of the stocks going forward and is there any way to restore integrity to

these markets or have we reached the point of no return where everything is a member right so dave porteous perform no you're for to refer to these stocks as meaning stocks and everything is driven by means are we are we a post post capitalist economy now driven purely by mames a bit philosophical maybe mike but what do you think of that. i had never really thought about it in that dept before but i think you're absolutely right and we've been opposed capitalist economy for years who was and doesn't currently exist we've manipulated market cronyism instead of free market capitalism. and it skews the economy and as far as these hearings and shirt sales it will be good for some of the lawmakers to learn something about economics at least but it really shouldn't it shouldn't be legal to sell your house to 2 different people you know. to sell

more homes than exists that should not be legal and it's not legal you can't do that. how can they sell i mean shares of stock or ownership in a company and you know they're short 140 percent of the shares that exist that means they've sold into the market 140 percent of that company to people not only that but when you create a service your musician your broker is borrowing shares that exist out of people's accounts and then loaning them to you and you so has now 2 people the person that you just sold it to i mean you've got to buy it back some day and return and that's all sure positions they have to be brought down but in the meantime there's 2 people that own the shame same share of stock it's fraudulent and the way the markets were is all rigged to to enrich the people that run the game and if something happens to where they're not liking the game because they're

losing they get to change the rules and bets should be allowed these concert rule changes there should be one game that everybody has equal access to and can play on an equal footing that's why people love decline as they can't change the rules whereas the names on the markets you can't change the rules on the fly and it's highly destructive you know it's not like selling shares that don't exist as an illegal it is illegal but there's no enforcement of the law and that's the big problem is that there is no law enforcement and the side to make a short sales is well known in the sober industry because they've been talking about it for 20 years gold antitrust action committee pointed out these market makers are selling nonexistence over contracts that force the price down even people in the silver and gold community deny the existence of make a char sells claiming all for every buyer there's a salary but we know now this game stop should prove irrevocably that we do have make it start selling people are selling stuff into this market that doesn't exist to force the price down all right we're going to hold a server for

a 2nd segment but for this segment mike going to say thanks for being on kaiser report thank you matt. all right that's going to do it for this edition of kaiser report with may backs kaiser and stacy herbert want to thank our guest mike bellone of gold silver dot com so like stunned by all. that i'm going to learn how to not that i'm not out of luck though that i'm not out of the i'm not of the money that they let it to me. this was a good time to. try to move. families that have not why not again why x.

chanting in the old people we believe is the beginning. little of i can say they're not the muppets i john even they are of the moment on account of motherhood there is a little i'm a little like a mad building looking at the people i don't want to put out a look to most of them of the clothing. so what we've got to do is identify the threats that we have it's crazy confrontation let it be an arms race off and spearing dramatic development only going to exist i don't see how that strategy will be successful very critical. to sit down and talk.

more seen woes for europe this time it's a. feeling to secure a vaccine ahead of the u.k. as country struggles to get supplies it is a shame for us we have missed a good chance in france it's a little bit of the priority given to the united kingdom england is better managed because it has been liberated from the european union while the government and euro are failing at everything. desperate times call for desperate measures them or tell me and tell on issues an order of the bombing residents from getting sick to draw attention to the fact they have no doctors. no i did it as a provocation my ruling can.