and 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 yellen corporate borrowing which almost always goes down in a recession which had already increased from 6 trillion potential in going into the crisis due to the fed's free money policies we're now $400000000000.00 putting that in perspective it went down by $500000000000.00 they're 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 and druckenmiller shorting bonds down it means that he is going to try to force bond collapse like we saw in 1993 so the bond vigilantes back he 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 chilean 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 a currency market so to because i'm open 247365 debt 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. open for business where 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 u.s. 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 joey something can miller which one are you going to guess understands more like the met the the fundamental story behind this increase an 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 8 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 wishes in august of this year you know is is very much in doubt according to the greek this you know this guy hasn't 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. dollar is that a bubble let's say they are stahl or the u.s. bond market has never been a science owner in 40 years are the british felt 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 see how 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 on that big line dad or next door i'm having them chop down i thought you can say it's a defibrillator because i thought maybe 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 miller has 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 stan druckenmiller said i'm going to go very very short the u.s. dollar you know there's the ministrations same sibylla like they also policy in washington. a lot on. a lot of our u.b.i. . mt mt mt magic money to bury printing only. one such a little or 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 face of the participants especially in the us economy because they see. 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 as a print more money which is going to create a bigger gap which is going to drive standoff in miller to go very very short the u.s. dollar if he's going very very short the us 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. he

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 civil duties and if anything must be associated with the new order that comes up that many of the success stories and this is the one. intelligent leaders and these movements tell you no 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 cleaner and which have no blood on their hands come in and manage this with us.

knowing through the woods and the. good will. and your own back in a can matter. and a bad national. she cannot deny. them the has human. and they are in effect. and national shaken and. must know how to set the community. a little bit all small and. not. this not even the most you know me get

a good. shot and know it and when i. see my name if you have the. in the 1920 s. and thirty's several 100 african-americans moved to the soviet union and many of their descendants still live in russia. or going at the risk of quote no no wish for us the up of stuff yes we've got troops for leadership on things on your bios at the dock nationals back home black american suffered from racism and a complete lack of prospects. is that not the smug the real lybia losing show one by elsa store or by doing. so they decided to leave everything behind and start a new life in a country about which they knew almost nothing at all some of the rear groups who are looking over your new. found great secret. moulay

a dwarf you going to call. you and now almost a 100 years later the history is repeating itself my great grandfather george time went through russia. on probable worst crime to go anywhere why not me. when i come here. 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 field bill it was my savings i have nothing i have nothing it is not like i don't trust aloof or resources i look for jobs i look for everything i can to make this house. in oil of doing is. the road to the american dream paved

with good refuse it's this barry idealized image i want. americans to look possed the deaths that happen. every single day there is a modern history of the usa my america the monarchy. the rich. country. illegally. welcome back to the kaiser report imax keyser time now to churn a frequent kaiser report guest rick ackerman of the legendary rick's pics 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 always

a pleasure max enjoyed my chats with you fantastic now let's get into this a stand dr mellor that's fund manager extraordinary never had a down year 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 all the inflation versus deflation debate and 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 is several oh 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 want to really dig down with you into this wall street bets because. as manson farmer market maker and the options 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 the of the reg the game on wall street what what's your take on that well i've never viewed sure an interest to rigging of the game i think that suring 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 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. they could starting a counterfeiting a sell orders and. this is why they 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 i backed 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 fraud you want 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 you're pretty vulnerable so they're really taking a risk of course of or 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 is short. we'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 when 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 so 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 $500.00 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 as 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 is 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

a sentiment problem 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 form of cit ability requirement whatsoever simply check a box and now they can trade any option 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 his 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 it's a should happen but we're too far to win too deep really to do anything about it yesterday on options here 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 off a strategy is 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 wrecked 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 the options that he was fooling with there was nowhere near the open interest in those options to account for the mud. needed a mate 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 $10000.00 options to traded on on that you know here or there the bigger the trade probably the less consequential it is the more likely you know the shoe jockeys trades to channel are in in some sort of hedge fashion you know they're just it's an arbitrage it could be reversals conversions boxes things like that that have no risk so i ignore all the big trades fair enough akermanis rex packs

thanks rang 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 i signed by a. new gold rush is underway and gonna thousands of ill equipped workers are flocking to the gold fields hoping to strike it rich. as a day over to those that work children are torn between gold. from me was very poor i thought i was doing my best to get back to school which side will have the strongest appeal.

the less luck conflate all elites with corruption there are many bureaucrats and many public servants that are failing in their patriotic that know what civil duties and if anything must be associated with the new order that comes that comes up that many of the success. oris in other words this is the one. intelligent leaders and yes movements tell you no 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 process with us. in the 1920 s. and thirty's several 100 african-americans moved to the soviet union and many of

their descendants still live in russia. again at the risk of no no wish for us the up us took us into. going things on their way. back home like american suffered from racism and a complete lack of prospects. the real. one by elsa store but by doing. so they decided to leave everything behind and start a new life in a country about which they knew almost nothing at all some of the african americans who were through the union you know if you heard around the crowd. to move golf you you're going to call. you and now almost a 100 years later history is repeating itself made great by the tour it's time we went to russia. and probable worst time to go anywhere why not me.

when i come here. are today's headlines breaking news for the 2nd time donald trump has been cleared by. an impeachment trial at the u.s. senate we've got live coverage from our correspondent in less than one minute. also this hour america appeals against britain's decision not to extradite julian assange for the united states despite growing calls for president biden to drop the case against the wiki leaks founder. washington sold more than a 1000000 barrels of oil seized from iranian tankers raising questions about who actually gets the money. and the new york governor's administration comes under increasing pressure over massive under-reporting of deaths during the pandemic we speak to the daughter.