or 2 he is very long commodities and taken 3 is also very very short the dollar while the us dollar is a mame there's nothing backing it except more money printing and so that would be the same cost as generating more means the same effort it takes to create imeem on a computer by a teenager living in their basement is the same effort it takes the folks at the federal reserve bank of the treasury to counterfeit more paper money. and. as we know in the me market they have spectacular rises a spectacular crashes it didn't always exist as a mayme one time the dollar was backed by an economy that was growing by employee ease that were manufacturing and by military that wasn't effect of fully too big to fund me for too big to fail pentagon is too big to fund it's simply too big and the dollar can't possibly do it his

argument is exactly the one that max and i made quite a few months ago and that is that china and asia is open there they're actually transferring energy and capital and human resources into wealth they're creating their manufacturing their economies are open because of the pandemic the pandemic has locked down the u.s. has locked down europe and us and how are they compensating the people for that they're throwing a lot of money at that so he is pointing out that all of the money printing is just remarkable and it will hit the u.s. that's why he's short treasuries which of course is a widow trade but he's like short the long end of the treasury market because he says inflation is going to come somebody has to pay for all this money printing he says in fact the recession we had was $5.00 x. the average since world war 2 but it occurred in 25 percent of the time dr miller said adding that more bizarrely in a year when 11000000 more people were unemployed we had the largest increase in personal income in 20 years during the economic downturn due to massive policy

support the keris act added trillions in fiscal stimulus how big was that in 3 months and 2020 we increase the deficit more than the past 5 recessions combined 173-175-1902 the early ninety's the dotcom bust and the global financial crisis the fed in 6 weeks bought more treasuries than in 10 years under bernanke corporate borrowing which almost always goes down in a recession which had already increased from 6 trillion to 10 shilling going into the crisis due to the fed's free my. the policies we're now $400000000000.00 putting that in perspective it went down by $500000000000.00 there in the great financial crisis right we've got the 3 headed vigilante coming our way we have got the bond vigilantes are coming back strand druckenmiller shorting bonds now it means that he is going to try to force bond collapse like we saw in 1993 so the bond vigilantes back the he's talking about gold then so are others us the gold the jewel auntie's they were snuffed out in 2008 but they are coming back. and

the big point vigilantes i've been here since $22009.00 and they're growing exponentially now in the price of course as it goes under a chile and in this year 2021 it'll be worth more than 4 trillion so those are the 3 headed vigilantes that are now coming for the dollar the dollar is a sitting duck so again the points are take one dr miller short long and treasuries is very long commodities and he's very very short the dollar interestingly he also mentions that he is long big client but not as much as all the headlines made out to be he says he still doesn't quite understand it up but he understands that there's momentum behind it so he's going to go along that he also might fit in with his thesis he says like that he likes to you know invest in the bond and currency markets because he's a macro investor but also because they're open 247 and he doesn't like being stuck

in equities over a long weekends and holidays and shutting down at 4 o'clock in the afternoon so he likes to if he's made a mistake and he says he's makes mistakes all the time he likes to cut his losses you know if it's at 1 in the morning he could do in the currency market so to because i'm open 247365 get with the program stan you know it is right of course the cove it was like a world war moment where like the u.s. came out of world war 2 the winner. and had the american century and the covert crisis we've got we've got a winner and that's china and now we've got the china china's century yes he's long he says china japan and korea so he's just with his own 2 isis like we've been reporting here despite what the mainstream media here in the u.s. reports is that. is open for business we're not and that has to add up right and he points out the juxtaposition of the various policy responses is somewhat breathtaking since 2018 m 2 in the us has grown 25 percent

more than nominal g.d.p. a 25 percent increase in liquidity he calls it in china and 2 to nominal g.d.p. is where it was 3 years ago so china hasn't borrowed anything from their future and we've had a massive liquidity input and frankly very little investment it's primarily bench transfer payments and fed stimulus we've done a horrific job with the virus the chinese and asia in general they've pretty much defeat the virus and you know i've seen a lot of mainstream financial news sorts from sam b.c.m. bloomberg joe wiesenthal as one of them for example he mocks people who are making fun of the increase in mt money supply and here's you know joe isn't all central can miller which one are you going to guess understands more like the met the the fundamental story behind this increase in empty money so yeah exactly you know it's

a disability or money printing and china applied it. and the patient got up and the economy grow america. put the toe tag on it's done. right but again you know report reported on that we we suggested that this would happen that this would be the post world war 2 sort of marshall plan moment for china and here we have the situation and i think this is also why you know you know what they're betting on is exactly what the i.m.f. said it's time for a new bretton woods we saw the world economic forum which was opened in the opening speech the keynote speech by president xi of china so that you know they're calling for a great reset so just like all the signs were there that tesla had bought 1500000000

dollars with a big point it was there if you want if you cared to see all the signs are there as well that there is a great reset whether or not the u.s. dollar can even live to its 50th birthday which is an august of this year you know is is very much in doubt according to the greek this you know this guy has lost since 1901 and he's very very short that's his big position very very short the u.s. dollar either because it's in a bubble or the u.s. dollars in a bubble flood say they are stahl or the u.s. bond market has never been a science owner in 40 years are the british dealt for that reason. so it's saying about decline is a stop a bubble it's the pin that's popping the bubble of the u.s. dollar the u.s. dollar and all feel money isn't a hyperinflationary collapse against because it's so obvious if you simply look at things with an unbiased view you can see the truth and but it's difficult to see the truth with an unbiased view because especially in

a world without any standers and surviving institutions people live exclusively on their biases so the truth is beyond their perception but those who listen to because i understand the truth and say money is collapsing just so you know it is almost summer. like here in north carolina and we do you might start to hear some people out in the in the yard like we're doing some summer sort of work prepping the plants and stuff like that so if you hear america cleaned out or next door i'm having them chop down i thought you can say it's a defibrillator as i thought it would be later it's coming it's a flock of the 50 later is coming for the u.s. dollar. yeah right so again here's a guy saying he's very very short the us dollar look at what the actual biggest most famous investors are doing stendra similar hasn't lost since $1000.00 a day on warren buffett has certainly been down and he's underperformed say the s. and p. 500 for the last 10 years but he is one of the biggest most famous hedge you know

value investors in america and he doesn't find value in america at the moment because he's going along japan of course you also see what is happening with the biden ministration as they're you know starting to spout war more about what their policies might be it's just remarkable they want u.b.i. m.m.t. child tax credits not child just like child credits for every child they want to send $3000.00 a month without an economy to back it without producing goods and services that's a recipe for somebody like send druckenmiller said i'm going to go very very short the u.s. dollar you know there's the administration seems to be alike and like they also policy in washington. a lot on. a lot of our u.b.i. . mount mount mount magic money terry printing blow up

one such assange no longer have a. great great administration great country well you know work for say 40 of the past 50 years i think it stopped working about 10 years ago 2008 because of the drop in faith of the participants especially in the u.s. economy because they. saw that the elites got bailed out the wall street got bailed out in 2008 and now they see the same thing they see what happened in 2020 yes certainly they got a lot of money in ordinary person got sent all sorts of checks and free unemployment benefits and stuff like that but they saw that even more going to wall street and thus the gap between the wealthiest and the rest of us blue wider that's right to money printing created the gap yes and the solution has a print more money which is going to create a bigger gap which is going to drive stand talking miller to go very very short the u.s. dollar if he's going very very short the u.s. dollar and he's also betting on the fastest horse in the very very short dollar bet

you know that everybody else is going to fall like we're just telling you you're going to look back on this in a year from now next year i guarantee you you're going to watch this episode 1658 you know. they told me i should have should have listened to them yeah exactly there are data. take a break don't go away recovering back. a

new gold rush is underway in guyana. flocking to the gold fields hoping to strike it rich. as. those that were children between gold. my family was very poor i thought i was doing my best to get back to school which side will have the strongest appeal. knowing through the woods that there could be. good.

and bad and it can matter. and about national. belong to them. and. said it's out. of. this out of. you know good feel good. shot and know it and when i'm. in my name it.

welcome back to the kaiser report imax keyser time now to churn frequent keyser report guest rick ackerman of the legendary ricks pax he was a market maker on the pacific stock exchange for 12 years i think that's actually the pacific options exchange rick welcome back oh he's a pleasure max enjoyed my chats with you fantastic now let's get into the south stan druckenmiller that's fund manager extraordinaire never had it down here since 1981 he says he's very very very short the dollar ersatz well i've been a dollar bull for a long long time and. i have to say that it's hard to be bullish looking at the charts right now but you know all things considered the dollar has been hit so hard by let's say the stimulus and the inflation fears that that is created that but you notice that it still survived the long term upturn in the dollar's

intact and when i talk about when i say that i'm a dollar bull it's not based on some turnaround that's going to happen right away and in fact i see a strong dollar as kind of a feature of the the the end game were a tightening of the dollar let's say a shortage of supplies believe it or not centrally increases the real burden of debt on everyone who's borrowed in dollars so this goes back to the old inflation versus the flesh and the pay you now printing of dollars and the response to the 2008 crisis lot of people said hey this is going to be inflation rick ackerman one of the very few people out there who said whoa whoa wait a minute we're looking at this in terms of day flashman so i guess here are saying more of the same but i wanted to really dig down with you into this wall street bets because. as manson farmer market maker in the absence of market the wall

street bats phenomenon against naked short sellers very heavily involved with options. what did the campaign succeed at least in exposing a lot of of the rigged the game on wall street what what's your take on that well i've never viewed sure an interest to say rigging of the game i think that sure thing plays a fundamental role in bow markets and bear markets and the point i made was that the kind of buying power that you get when shorts are covering is much more powerful than anything you get from merely bullish buying so so short covering is a is a is an absolutely crucial factor in driving bo markets through layers of supply in previous peaks and correspondingly in bear markets the short covering gives you rallies that are so ferocious that essentially keeps the rubes in the

game you know they think oh well the bull markets back and of course we know that bear rallies only sort of get you high enough to raise your hopes that not quite enough to get you out even so. and so i think that the shorting will still be there but you know that the nature of the game has changed and you're going to see short interest diminish over time with an impact on both of the things that i just described but in this case with game stop there was more than 200 percent of all stars outstanding at band short it saw this as. make it starting a counterfeiting a cell orders and. this is why there were solve honorable to a raid by the reddit crowd 2008 it was official a made a law that make a chart sallying has to be illegal up until then it was merely a guy. i blind but here we are 2021 and we see this naked shorting this counterfeit

sell orders to drive prices down rampant in many markets particularly the silver market or spend proven time and time again that most of the volume is counterfeit so orders do you think the law will come a time when this particular. crime has claimed up are are the regulators as south captured badly we would never expect there to ban a kind of return to the rule of law well i've never seen it is as criminal activity irish fact i work once for a private eye and some of his clients for there were well known short side players and we used to do everything from rooting around in trash cans one time we uncovered a company that was repackaging sterile goods. and you know the tactics of of people who. try to go after stocks to short them have really sort of run to gamut from just sort of creating fear the stock is.

manipulated but it's no more for argument to be shorting stocks and i think it is to push the stocks higher you know there was you know enormous short interest in a. in equity funding a standard scandal from years back where stocks was tied to kind of life insurance policy and the shorts got rained on the way down but eventually they were proven correct. but you know he's the when you get out there. short big positions in stocks are pretty vulnerable so they're really taking a risk of course of who are criminally rig game. they wouldn't have that risk really they'd find a way to win no matter what so the shorts get blown out of the water and and it's a kind of it's really a very asymmetrical kind of warfare because now it's clear that the reddit crowd

has discovered a little trick that it's just going to work there's no way it can without putting any skin in the game but merely going into a chat room and saying hey guys check this out we've got a stock here with 40 percent of the float is it a short. they'll go after it and it so the game has changed the way the big guys can never win anymore it's too costly for them and it's too easy to drive a short squeeze so my point is that over time that's going to force. the level of short interest is going to diminish and the net effect will be the bull markets will be less bush lacking the powerful short squeeze and bear rallies bear markets will be more bearish with their rallies that aren't quite as persuasive right well there are regulations on the books thing about regs show that's sh out that address this problem and you mentioned

a symmetry there and i mean if a stock has x. number of shares outstanding and i decide to buy them all and take delivery of that stock i can't take delivery of more stock than there is outstanding. therefore i should not be able to sell short more stock then there is outstanding and reg show clearly points to this as fraudulent behavior and the regulators clearly then enforce the laws and their wall street bets folks picked up on this and they exploited this that and the stock one from my 20 to 500 but what was interesting subsequently was that melman capital then got a bailout from senator l. capital and the money the senate out capital is to bail out melvin capital was the money that sent it out got bailed out was from the taxpayer last year and of course senator al sets ben bernanke the former fed chairman is there a problem here rick. you know i'd have to concede that the way things showed you

know there was there were figures out on the number of shares it sure did that were french essentially g folded you know that the regulators didn't say well you know you're out of business or or they didn't sure settlement of quite a few of those shares so. some of the big players i guess you could say they were allowed to slide i don't i still don't see the shorting itself as criminal activity but yes you're right i think there was complicity to make sure that somebody as big guys didn't get hurt but probably somewhere in there or warning like you guys were going to bail us out this time but you better be careful the next time and you know there's one other factor that i guess the reddit guys aren't aware of you have to be an options trader to understand to know about this but. but auctions can be exercised when they're out of the money and well prior to expiration and what can happen really is

a lot of the little guys like to buy the stock and then they do covered rights against it when it takes off with the shorts but they're leaving themselves vulnerable there because if you get a notice that you've been assigned that you have to deliver stock. based on an option that you've sold against it. there's the sentiment tom comes into place because you can't take you can't buy stock quickly enough at the 5 day settlement to cover the exercise notice so there's a mismatch there and what you would occasionally happens is that there develops a cash market for the stock so that you know game stock might be trading for $86.00 but in order to buy it for instance settlement you would have to go in the cash market and you could pay $3.00 or $400.00 a share for it so you know i was an office trader on wall street for many arest and when i look at a map like robin hood where they allow customers not having any means its form of

said ability requirement whatsoever simply check a box and now they can trade any off and the strategy they want is that so that be allowed rick when you start examining issues of suitability you've got this. amazing market right now in private equity capital and and all kinds of hedge fund activity and if you were to scrutinize all of their customers i think a lot of people who check boxes wouldn't qualify so it's opening a can of worms and and there's some there's some areas where you can say yes it's just not right this should happen but we're too far to run too deep really to do anything about it yesterday on ops and sarah you know the leader of soft bank in japan that's the way it's described in really want to get your input on this is that he was basically using options to manipulate his part fawley of stocks higher by buying basically out of the money calls doing some office tragedies 1st of all

is that does that work as a strategy to any bully the price of a stock higher by kind of man handling the options market wreck it's very difficult because you're completely exposed you know when the when the open interest in a particular series increases everybody sees it and actually they see it but they don't you know in the case of bernie made off if anybody had examined the options trades that he did that he used to explain these amazing profits he was making they would have discovered that the options that he was fooling with there was nowhere near the open interest in those options to account for the money to be made but in any case you know if you're trying to screw around with the options you're very exposed everybody can see what you're doing and you know typically people say oh i see that there was just a block of 10000 options that traded on on that you know here or there the bigger

the trade probably the less consequential it is the more likely you know to shoot options trades that settle are in in some sort of hedge fashion you know they're just it's an arbitrage it could be a reversal. conversions boxes things like that that have no risk so i ignore all the big trades fair enough akermanis wreck specs thanks ring unconscious or report x. for inviting me on max always a pleasure all right that's going to do it for this edition of kaiser report with me max kaiser and stacy herbert want to thank our our guest rick ackerman of rick's picks and so next time by a. little must not conflate all elites with corruption there are many bureaucrats and many

public servants that are daily and that are patriotic that know what civic duties and if anything must be associated with a new order that comes that comes up that many of the success stories in all this is the one. intelligent leaders and these movements tell you know people or the corrupt elites on the other side look we will give you a fair chance and we will give you an honorable exit from the system if you let your peers which are clear and which have no blood on their hands come in and manage this is with us. join me every thursday on the alex simon show and i'll be speaking to guest of the world of politics sports business i'm show business i'll see you then.

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a modern history of the usa. america on our tea. parties the weekend our headlines than a major development in the children of santa cases america appeals britain's decision not to extradite the whistleblower to the u.s. despite growing calls for president biden to drop the case against wiki leaks founder. washington sold more than a 1000000 barrels were raiding oil seized in raids on to run vessels with much more potential in the way 2 questions are being asked about who actually gets the money . on the new york governor's administration comes to the rising pressure of a massive under-reporting of care home deaths in the pandemic we speak to the daughter of one victim. the sad part is that the seniors and everything that the.