before that but the important thing about this is the central bank is you know banning banks from doing business with any companies within one geria who deal with crypto currency of course india tried this about 2 years ago and then that ruling got overturned by the supreme court so now nigeria is doing this amidst you know some pretty high inflation rates of 13 percent and of course the scope of lockdown which is restricting already the financial grid built on top of the dollar so i want to remind nigeria an important point that one of the greatest investors in america said just this past year about 6 months ago he said. is a bet on human ingenuity that's really important when you look at nigeria because nigeria is blessed on the one hand with a lot of oil. but it's really blessed uniquely so for for many of many countries with human ingenuity i mean they have entrepreneurs that you just can't believe

like the huge nollywood industry the huge rap industry the local decentralized locally own sort of distribution of music content things i think it is a boom boom in entrepreneurial country with a young population who took to bitcoin readily because it superseded all of the banking infrastructure that nigerians had been blocked from using the international banking sector and also banking between countries between african countries just moving money from next door to a country is almost impossible all over the continent of africa and once bitcoin unlocked the entrepreneurial ism oh the nigerians we saw a boom in that economy and we saw something that nobody had expected and that is a way out of

a lot of the interference that comes from outside nigeria and i want to point out i had mentioned that nigeria is a huge oil producer and i say these photos to avoid any copyright issues this is just google images of flaring flaring see so they flare which is a total waste of the opportunity of that you could have used that energy to create value. and now because of bitcoin you could actually capture that energy and convert it directly that flaring no longer needs to happen thanks to big coin and big queens very close to send relationship with energy and energy consumption so you can capture that and directly into bitcoin so like they lose so much money from that that's not not only causes eat environmental disaster but it wastes money the government of nigeria like individuals they they have

a problem when it comes to bitcoin because it doesn't fit any model that they have ever seen that they've ever been used to figure out how to run an economy and at 1st there's resistance then then they notice that their paper money it becomes increasingly worthless and that's true of all paper money is spent so far 300 years of money goes to loss of 99.9 percent of purchasing power without exception and now what smart individuals are doing and smart corporations are doing and increasingly now smart countries are doing is stockpiling because by using flaring gas rigs to convert it into the hardest money ever known in human history that is because so it's it's a bump in the road but i trust that eventually the. the smart enough codger area of folks in the country will will 12 figure this out of course the champ ban bitcoin is the thing all they could do is ban banks from taking fee out. or u.s.

dollars are also use there and converting it to using any company that uses that so you're likely to just cause a whole stampede out of both the u.s. dollar which is happening anyway and your own currency so as u.s. is the hardest currency of all but importantly you know that u.s. financial grid where all trades have to settle even for a 2nd and dollars you know we saw bank perry bot of france caught up in that because of doing trade one company in france during lunch for a company with in iran they got fined a $1000000000.00 in the us for like that we had nothing to do with us other than for a fraction the 2nd has to get converted to dollars so most of your most of africa is cut off from the financial grid anyway because it's not worth the k y c and now for the u.s. banks to even bother with dealing with with africa and even if it is then it's like it's not just like direct between banks it's like between 3 or 4 banks that have to

go jumping between correspondent banks so as a cost so what we found is that nigeria is now the number 2 between market on this fast growing global marketplace this is a story from the mainstream of courts sort of press in the united states they were talking about paxil and this was in december so nigeria by far 7 over that 345 and 6 in the in this list where like she would volume of trade happening because of big question and why it was well it's mostly to do with international trade because they're not able to access any dollars to import there's a huge import business from japan in particular from used cars but they couldn't get any dollars and then they found decline and they started using decline for trade. which is what like that's what the international settlements layer is supposed to be about well you know aren't heading for a very interesting showdown. you know here's a fact with because anyone can transact with anyone and anyone can store value

which is on confiscated ball on confiscated all from any state on confiscated ball in any context one of these countries where the government tries to quote unquote ban decline they're going to find that their population essentially ignores the government and wants the president assess them we're going to see that like dominance central banks all over the world will start to realize that they are not they're no longer needed as the horse and buggy era something new has come along but you and i have been pointing out for quite a long time now that it's a lot of the things you're seeing in the global economic and financial systems are due to declining empire this is happened like 18 times in recorded human history of an empire collapsing and that's always an opportunity for all the other countries of the world to escape that system right so you can use this opportunity because

one is going to be replace the u.s. dollar in the global financial as a settlement layer as a unit of account your people already figure that out like they're way ahead of the of europe the u.k. of australia of the united states but nobody uses that as a unit of accounting yet but the nigerian people do because they need to because of necessity but why not try to pull them back to the horse and buggy as you say like why try to drag them back especially in the future china is going to be the number one trading partner anyway because china doesn't use the u.s. dollar system as you know they're trying to break away from it. they want free trade that's all they care about is just free trade so i don't understand why they don't just like foster this like plus you're the oil age is almost over so like you've received a lot of hard currency in a us dollar system it's relative to the rest of the currencies the hardest current currency of all so like use that as an opportunity to launch yourself into this

next phase because you know it's open it's up for grabs who's going to be the but the fastest horse in the fastest horse race right now i'm not worried about cyanide because what's going to happen it could be nigeria or will be nigeria or the brown china venezuela a lot of these countries pakistan that are now in spare mensing with bitcoin in a big way what will happen is that the countries will attempt to ban and the population will simply sissy and they'll use it anyway and what that will do the response of the government and this is beautiful is built and it's a bit quaint protocol it's almost divine i think it is divine the government in response will print morphia money and that only drive the price of big client higher and drive more people into becoming so they're trapped in a bit of a chinese torture trap you know the 2 fingers are in there and you can pull it out the nigerian government this is the 1st step down or that this step had to happen but now now what also has to happen is that people are just going to say well you

know what we don't choose to recognise that and we don't need to well ok this is the headline from 2018 oil rich nigeria outstrips india as a country with most people in poverty so number one in the world for the absolute number not relative number but absolute number of people in poverty a nigerian one of africa's 2 wealthiest economies has overtaken india as home to the world's greatest concentration of extreme poverty amid warnings that the continent will host 9 out of the 10 world's poorest people within 12 years there are 8. 7000000 people and nigeria living an extreme poverty because of twofold because the oil curse right the resource curse but can tell in effect so that's what you're seeing bitcoin destroys the capital in fact you want to help lift these people out of poverty we know everybody has seen that the people of nigeria are some of the most entrepreneur on the world so you don't even know all

you have to do is get out of their way and just give them a hard currency like bitcoin that is permission list so they don't have to you know all of africa suffers from this problem is. a very very permission financial grid that they're caught off from so they make it seem like it's a meritocracy like it's free trade and globalization for all well just try to trade right try to get anybody to accept your currency try to get anybody to allow you to have banking facilities to pay that car dealership in japan. like it levels the playing field for all right well as 87000000 in extreme poverty this is actually a huge bonus because they to 7000000 people have nothing left to lose and the government will not be able to paper over that by one of the money prints or go and the people will simply say well you had your chance you made

a score now we're leaving you by government. in the last 5 years nigeria has treated $60215.00 bitcoins valued at more than $566000000.00 which apart from the us is the largest volume worldwide on paxil a leading peer to peer bitcoin marketplace the data scraped from coin dance shows from the beginning of may 2015 to the middle of november this year because in trade in nigeria has increased yearly at least 19 percent and volume since 2017 and the highest volume was traded in 20202020 because of prove it be. because of the lockdown because of the crash and the velocity of money because they were cut off from the grid of the financial world especially the western governments which are all in lock down well nigeria's not a lot speaking of pax let's take a break and when we come back talk to the c.e.o. of pax paul don't go away.

imagine picking up a future textbook on the early years of the 21st century what are the chapters called gun violence school shootings. first it was my job it was my. savings i have nothing i have nothing that is not. aloof or resources i look for jobs i look for everything i can to make this. annoying the doing is. the road to the american dream paved with did refuse to use this very idealized image of. americans to look hostile the deaths that happen every single day this is a history of the usa america. 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 our child here in los angeles there we're going to come out to see officers going undercover as 6 workers and customers to fight the las 6 trade.

show seemed wrong. but all in all just all. the world is yet to shape out this day to come after. and engagement equals betrayal. when so many find themselves worlds apart we choose to look for common ground. welcome back to the kaiser report imax keyser time out to go to re-assess face the c e o of pax well re welcome to the kaiser report appeared max finally gets me to yell

launch on follower and i glad to get on that tell us about paxil what does the company do and tell us also about the focus on africa. reason she peaceful nemer calls when you believe the oldest once when he says i'm committed for a more peaceful world so bestial sort of 5 years ago with my co-founder the ground very 1st because we meet up we bonded over the fact there was a belief rather that the queen could be used as a means of ensuring news of truth little girl and those who are here the sort of those who believe people should have the system for the. social freedom the show that's just the room and they should have asked for permission for it yeah interesting packs a pace they. met the equation a making there and we often say that fia money is backed by as potro going to new york times as men with guns you know there's a direct connection between a war in fayette money and that what bitcoin wastes a kind of

a trend toward more peaceful interactions because it. bitcoins being on confiscated all he cannot coerce somebody into getting are stealing their bad clients now let me ask you about africa more generally i understand in nigeria it's the 2nd it's 2nd only by the united states in terms of bitcoin penetration what's your experience there in terms of volume velocity i'm hearing really that nigeria is leading the world in a lot of ways us going hyper bitcoin is asian up to 30 percent of the population is using it who is using it what's going on there right we opened up for 2 worms right there so bustles a leading group of prince who are changing more race in nigeria it's our number one merchant the job of the united states a year ago its human body consumer or volumes are we consume one point doug burns 100 year in the entire world live you tens of millions go through there or be

reached so nigeria is an incredible place them telling people that managerial is the next america i've been saying that for the past 4 years or new to be lasting in the entire islam this little thing but things are going to start showing insights 5 years ago when the out of service rule out that some number of sugar because you know it's a bit after one week $2.00 a day to really be able to sort of the point. buzzwords of the future when the peoples of our done especially their interior. notching the tallest would be the corn. and this it doesn't have to be a way for us for starbucks all. they call it is a means of exchange and been passionate about turns being corn to reverse and translator and transporter would give you some examples if you'd like biscuit any form of money in the world can be converted to any other form money of the nigerians especially in

a straight any used for example someone let me an odd look at us or relative in california to buy them a gift called code with cash right cinema gift card holder take the give her coat the solid. someone in china from declining to take the big on this old soul in nigeria and they get a bank transfer remotely from their ranks non-so their hands but they basically did was turn a new as the gift or into minority of benjamin's from. to peer to peer transfers any form of money can be true and you know that this is amazing the implications for payments for millions for almost any use face imaginable and the nigerian people are also very ingenious they figured out almost any use i can give you some more examples as well but wealth preservation is another great use case for major the major narya has been under attack as we've been with the principal victims of the currency wars now many people talk about this but this is a real saying you know nigeria is the leading economy in africa and we all know what africa has been through these past 100 years in financial apartheid has shown

no signs of letting down and ultimately what council does is a tool against financial apartheid a sure not a p.r. problem so not to use the word reframes as controversial but that's what it is if you look at. the obstacles the blockades against the peoples of africa their money is not as good as our money in the western golden circle of finance and they have to wrestle with that for an african to make a payment in china is nearly a nightmare to take there by us the on the black market go through 4 or 5 rings and then finally they get to hong kong get to china you lose 2 weeks of time 4050 percent if you can do it all or they can just go on to powerful and saw the big one someone who do an hourly pay transfer for them the deal is done and businesses are stored is beautiful so so long when the question lands or for a long time tough question but nigeria's absolutely blown the united states away considering the amount of money at play here and the sheer energy

a plane or the jury is orders of magnitude ahead of the united states in terms of adoption the sheer intensity of adoption is it's remarkable now probably financial apartheid and i often is a phrase interest rate apartheid to describe an ally ship or trained as a 0 percent and the other people are forced to borrow at 16 to 20 to 30 and higher percent but this nigerian story is fantastic because. they've been cut out of the banking system for decades and africa is typically where for other countries go to still wealth and yet we have got an incredibly entrepreneurial country with nigeria everyone is on you know out there making you know bach if you well and that's incredibly entrepreneurial and in the u.s. they seem to and other countries seem to be falling back to more of a center ship round controlled command and control economy and they see air bitcoin because it's a challenge to paper money and money you know there's

a race going on right now different countries are looking at big corn in different ways i and i liken it to the sputnik moment when soviet union put that satellite up in orbit and suddenly america was in the space race it seems like right now the question is not will governments regulate big coin the question is which government is going to dominate in that bitcoin lead 21st century and my bet for last year so i'm i've been saying this a lot is nigeria nigeria is the lead the lead horse in this race they've got the entrepreneurs' they've got the urgency because they've been cut out of the banking system for so long now they're free finally to transact do business and it is that. a good way to look at it. and i want to dig into a little bit more here so it's already a unit of account in nigeria that is to say bitcoin they're already thinking in

terms of bitcoin it's become hyper because it has a shadow over there. they do a lot of import export on used cars partly due to the cove it and partly what the u.s. banking regulation. that used car business is a big business just to keep on this topic a little bit dig into how that all works sure so presume some years you. will bring the alone 1000000 syrians. send nari out as u.s.d. in your us right was there once hold on to the euros and you as the a for themselves to buy weapons miracles wise whatever what happened was this whole industry wanted noise and a jury there were buying used cars in detroit and selling will reside here it's make or anywhere from 100 to 400 percent profit you couldn't do their business and so all these guys keen on line in the country because inch and they had no way to really buy because it was no colin bass in nigeria right there was old news all the of the changes were around back then right there was only possible when i would

talk to each one of these guys and ask why you can forbid clips i don't know i just i'm looking for anything that can help me restore my business i thought oh no problem when i buy a car in detroit buy you know it's 4000 bucks by 4000 bucks with because i'm gone to pass will sell it to this dude in america and ask him to make a bank transfer for you from his bank account to the auction house bank accounts which upload the invoice for him and they were like no way this is a scam they tried it word boom their business was are sort they could get across this this internal blockade that their own central bank put on them for you know whatever reason was it was sternal pressure from the currency wars and their business was restored and there's so many examples like that you know for example in nigeria if you have a debit card and you have a lot of money in the account they limit you to $100.00 u.s.d. that you can spend online per month you're not even buying an x.-box so for every let every single op school or limit or blockade in the way of nigerians they have

found a way around it with peer to peer and because it was literally gives them access to every financial network in the world and in fact i give you a look at his a little touch of the story should so 5 years ago when we got to nigeria the price of because anywhere from 40 to 60 percent above market no one knew how to get we knew we had to get big points into africa and we knew i know jerry was the gateway how do you get because it's after how are they going to pay for it you know. how do you get money out of nigeria that's a huge problem that whole corporations have been set up to fix we had to figure that out 1st so what do we do you know cal beams we're in the answer you have to buy $10000.00 ton 10 tons of canal means a $10000000.00 it would get them other countries we have to find something else what we found 3 shown to digital. that we could give nigerians to export for because in the digital as it was gift cards we should connect a nigerian gift card sellers to chinese gamers and that is

a trade route the god of all the 1st break into africa that's a fascinating story it's a fantastic story it shows a child of trade peaceful trade a loving tray and enabled by because is there a secondary monetary velocity consequence of all this trade in other words as the big quite phenomenon spilling over to generally greater g.d.p. growth and nigeria wouldn't be able to say it would be able to say right now but we see the big rigs certainly spilling over into other countries surrounding nigeria like donna for example like kenya like south africa like cameroon is really blowing up on paxil so people are certain to figure this out i mean when you look at africa it's an amazing concert but there's you know there's 2000 payment networks in africa and only 3 percent of them talk to each other so any money from $1.00 country to the country next door is a nightmare with their banking system is you just to go on a plane with a suitcase full of cash and here comes before it solves the problem of cross border payments whether there's remittance whether it's

a corporation peeing its v.a.'s whatever it may be it is an absolutely absolutely indispensable tool for the ingenious african people tell us about some of the projects i've got going how you're building schools what's what's going on there yes sir her mission is to build 100 schools in the next 5 years in africa in the emerging world we're also building wells so it's not just a pipe dream we've actually finished our 4th school we started in rwanda with 2 schools there for $400.00 students and we don't just build schools and forget about them we continuously of going to schools we had a clinic solar panels sports fields all kinds of things or schools it's almost like a game of sin city for me you know in 2017 up in the ballroom was going to mean a co-founder outside it doesn't exercise where we do the. we're going to buy lamb bows we decided to build schools and wells in africa and the emerging world the reason why i did this that's a long story but to macos cut it short i was in new orleans when the hurricane

katrina happened actually came there the 1st day the city was open as i wanted to help an illusion rebuild the 1st school to open up in new orleans because a school opened up us all the police and fire department could come that was at a place of potential initially a city actually opened up so it showed me the power of education to be able to sponsor and promote greater development so there we built to that point 100 schools and we're just getting started our 4th school just finished in nigeria and could do in the state we're going to be opening up soon you're invited next hour awesome count me in ray yourself c.e.o. of paxil thanks for the report thank you so much next hour and that's going to do it for this edition of kaiser report let's me max kaiser and stacy herbert want to thank ray you staff c.e.o. of pax hall and so on next time by all.

knowing. good. and bad national. and.

feel good. about. my name and. the reason for doing this study and the reason it's. most controversial still important. demonstrates the power of social situations and. good ordinary people. really. flocking to the goldfields hoping to strike it rich. as. children are torn between gold. for.

get back to school which side will have the strongest appeal. in the day's headlines they had of the u.k.'s parliamentary health committee and mitt's mishandling the covert response and says prime minister boris johnson reveals the country will need to vaccinate all over again in autumn. as britain defends draconian new laws with 10 year jail terms or massive 10000 pound fines for arrivals who lie about coming from states with high code rates or fail to quarantine but the issue for debate. the big issues that we should treat these people coming. from countries. other shows. also this hour germany extends its lock down to.