suddenly there are all these wall streeters and hedge fund guys fleeing manhattan and running to florida right then you see the elite the beltway media for example they're starting to vibrate and nervousness about the people the people no longer have faith in them we must stop them from communicating with each other we need to shut down web sites we need to start looking at at like a telegram or clubhouse where they're talking to each other without us listening in so you're starting to see actions like that around the edge yeah you know there will be fear and the fear is omnipresent it's all is a situation where there's fear going back to millennia to beginning of life on earth because there's always 'd a threat to life and then you have institutions that evolve to mitigate that fear like political institutions or social institutions but

occasionally like the animals running away from me out during the boxing day tsunami they sensed to tsunamis was coming the humans on the beach were like what's going on what's happening meanwhile the elephants are like. high tailing it we're getting out of here and so the vibrations are in the air the headphones are leaving the people are panicking they sense that seismic bongs reversal is a man the 40 year bull market in u.s. treasury bonds is on the edge of collapse this is the biggest thing to happen in markets in a century so you know we've also been watching this adam curtis series his latest series and one thing that humans do too throughout the decades as well is the powerful people blame the people and the people blame the powerful so there's going to be a lot of blame going around very soon and you see that already starting to organize

itself in especially with the media the elite media versus the people but here we're seeing our combats so if you know there is no market more controlled than the bond market since the central banks since the treasury destroyed annihilated and slay the bond vigilantes back in 1904 again that thing goes back to hillary clinton right like they destroyed the bond market the bond vigilante because they dared to say no to hillary clinton and her she wanted to have basically like an obamacare back then and they they they couldn't basically that her got her husband's government couldn't because of the bond vigilantes they've been destroyed since then so here are the bond vigilant like if bond prices start to rise well this could be the ultimate adam curtis. day so kathy would just say you know she founded our can best and she's a she was a big very early investor in tesla big very early investor in between as well so

you know she was there way before paul tudor jones in terms of the investment space she was there and she was on c.m.t. see there will be fear our can best cathy would warns of stock market correction she said quote i do believe if rates were to take a sharp turn on. up that we would see a valuation reset and our portfolios would be prime candidates for that valuation reset of course so she's talking about our portfolio the arkan best which is heavily invested in and tech stocks and stuff like that so this will get hit hard when interest rates start to rise and of course after she said this well you know the 10 year yield is as they see spiking card interest to be clear it's rising rates not bonds and that means actually bonds are taking down but so a rise in rates is the benchmark instrument by which all financial instruments are priced the reference rate being the u.s. treasury 10 year treasury bond and what we've seen since reagan's day was this

extend and pretend like every single problem that came up in america they would just float more bonds and extend the maturity to serious all over the world argentina recently did a 100 year bond america's talking about a 100 year bond actually so it's just like let's just push the problems into the future and we're going to lower the interest rate and of the central bank will buy up all this paper and solve the debt monetization that's called and will never have to suffer the consequences wow this thing is this like you are throwing tumbles into a volcano hoping that it won't blow up you know eventually the forces of nature assert themselves and having central banks collude and take on hundreds of trillions of dollars of bad debt does eventually cause the earthquake of toxic risk to blow like krakatoa and spread a cloud of risk globally resulting in huge market chaos

and a flight to hard assets like coin principle is benefiting from this but also gold to some degree starts you know they have benefited from the chaos and the money printing for 20 years we could see some choppiness in those growth stocks that she is referring to right there will be fear. there will be fear and she goes on to say in that interview and it sounds to me a lot like what you said here on keiser report before because she said now one of the things that i found interesting over the last really 20 years is that the s. and p's p. e. ratio tends to peak out in the 20 to 25 times range of forward earnings and i think the reason for that is most portfolio managers and maybe quantitative research researchers are looking at normalized nominal g.d.p.

growth in the 4 to 5 percent range which is where long term interest rates should be normalized we actually think normalize g.d.p. growth is probably closer to 3 percent growth is not there as much as what people think this is the great irony in u.s. economics is that they say it's a free market capitalist system and yet there's no free market for money itself the market doesn't determine the price of money the interest rates or the price of money and the price of money is the term and by really a poll of bureau of the federal open market committee headed up by the chairman who is currently jay powell and they unilaterally non new market outside of the market decide what they believe to be the correct price this price fixing you know any country that attempts to fix the price of commodities within that economy

always collapses that's just history the u.s. will similarly face the exact same result you cannot have a one in an economy that's free for autocrats and plutocrats and kleptocrats to use that free money to go out there and agglomerate most of the income producing assets with very little risk. and for tennis if that is somehow fostering competition it's a there's a test like that underlying a lie that is at the base of the entire ponzi scheme and it works in so suddenly you lose faith in the ponzi scheme and like bernie madoff one day it just blew apart or enron remember it was going great for a few years and then one day it just blew apart hyperinflationary collapse of the u.s. dollar is happening right now against bitcoin it's happening right now people it's not in the news because it's scary like if you were to say oh my gosh there's

a tsunami coming and the people on the beach would say that's too scary selected a process that information is just too scary and then they just sit there on the beach and they get swept away everybody is not prepared for the tsunami of hyperinflationary collapse against the u.s. dollar stopping 2021 will get wiped away as swiftly as they did in the tsunami the only escape valve as christine lagarde calls it is bitcoin she called it i believe christine legarde she said your escape from the catastrophe that i christine created is a good one for a catastrophe market that mark falak had mentioned in the last episode and i just think it's it's interesting to observe that the 2 bluest most elite states in america california and new york are would be new york and california to blue states very democratic they're seeing massive outpouring of people fleeing the states heading to texas in the case of california or florida to red states and no income

tax states and florida and texas of course and new york and california have the highest income tax states it's over 13 percent if you live in new york city it's even higher so they're all fleeing those high income tax states suddenly they i mean if feels like they know something's happening they because they themselves those elite in manhattan and los angeles and san for says the. they are the ones that created the situation they know what they wrought upon the world and they are fleeing to the places where they don't want to have to pay for the disaster that they themselves created this is catastrophe markets. right exactly all the people that voted against the blue states are living in the states that all the blue states are moving to so they've got to get rid of those people even though those people the red states knew this a long time ago and voted accordingly the blue state people are going to be running in there pushing them out and saying wait a minute where the blue state people even though you were right red state people like you did the last 8 years voted the way you did we're going to push you out get

out of the blue state people will get all the tax breaks i think it's interesting to look at what people do rather than what they say they will go on m.s.n. b.c. they will go on c.n.n. and say just like that guy from. bano and he said everybody should pay a huge amount of taxes and go save the world except for me but i'm good friends with your prime minister and your president i'm going to convince them on your behalf to raise your taxes and but fleet same thing going out with manhattan and california elites and you see it in the numbers and there will be fear there will be fear that's the question how did bond become a schmuck our right but we have to take a break and when they come back much more coming your way.

or more politicized than ever before more polarized than ever the 21st century when speed is measured in megabytes per 2nd syllable supposed on the cookies in human casualties and of course he had a chronic male electronic money at it tony media infinite possibilities for extra. changing information i mean when. freedom of speech and social media bans censorship and double standards who should judge what can be said online. the internet audience snow totals almost 4500000000 almost all of them active social network users but one wrong move from their pages deleted digital. not who runs the show on the web how can anyone stand up to the tech giants if he

from the heads of state face the threat of being is there any limits to hold a. revolution will. join me every thursday on the alex salmond short and i'll be speaking to the world

of politics or business i'm show business i'll see you then. in the early ninety's seventy's helmet a psychologist just proposed to the west but an experiment wanted to live paedophiles and neglected boys experiment was a. good word. on those who want to. go to believe that sex with older men would help with the boy's socialization over 30 years many children were handed

paedophiles to raise. to. work looking for. work rooms or should meet mr hope for good research going on through the roof. welcome back to the kaiser report imax keyser time now to return to our conversation mark malloch of incremental is out with its annual gold we trust report mark welcome back i mixed so black rock the largest asset manager in the world recently said that bitcoin is displacing gold from the numbers they see from their clients young people are just not interested in gold they're buying bitcoin is bitcoin eating gold lunch mark well we do see

a great trend into into fits kind of specially the last few months but still i would not go so far to say that it is the monetizing gold as a lot of big quantised like to claim 1st of all gold isn't more ties to currently so or gold at best is a store of value outside of its youth currency system but going forward think a lot of people look for instance in asia or in the middle east who's so. connected to to the physical metal that i really don't think that these people who are also the gold and just buy into a big club but i do agree that big question is an alternative. is taking pep some part of the market share for non inflatable es it's well on the

other said 11 should note that this market is a growing market we are in a negative real interest in violence of demand for not inflate the bliss it's growing so it actually really busy doesn't matter medium term if it's because of gross gold gold can can can increase in belly of this wealth since that the men for whom. yes it's structurally increasing right actually mention that over there an incremental new been involved with decline for a number of years you have a find actually that does some strategic trading in and out of gold a big point trying to capture absolute rate of return and any really written brilliantly about it and so you have a 1st you know front row seat on how these markets are developing over there are invest they're forecasting for a big coin a 6 trillion dollar market cap so a 6 x. from current levels by 2025 that's about 300000 proclaim. some of this will come

from displacing the dollar as a subtle one slayer some from displacing gold as a store of value. were a worry for on that on that prognosis let's obviously quite foolish but i wouldn't against it that much i think that the coffee and the cost the sun's quote unquote really stick to me but again i think the markets will follow an inflatable as its root would be growing a lot so in 2025 i think the market cap of total gold will look the to of been any more like it's like it's currently rather p. probably like like 20 oz so i could imagine some some could this will go close between $3500.00 so $4000.00 perhaps in 2025 so so again. may have outgrown the market of

the outgrown the market share of of gold the gold's market kept increase i'm very convinced of that as well you know we know it's not a long time you know we go back a few years i recall our crash j.p. morgan by summer campaign it was an attempt to squeeze some of our squeeze j.p. morgan in their cell and their summer possession and now here we are 2021 and. it was st pat's reddit crowd has suddenly put on this squeeze over a campaign to follow up on their screens game stop campaign there's a whole new movement out there with robin hood traders day traders as earning a greater likelihood that there is a mass movement that could squeeze the sharks in the summer this time and bust up kind of the only god play that keeps prices low this time thank mark 1st of all supers this is really a small 'd market obviously it's a much bigger market than gainst game stop the present terms of the big yes attests

it is a very small market and the bullion banks to play a major role in that markets more than through i could go out this whole movement was i think that was a big p r. 44 super as an investment because a lot of these younger people were not really aware that the book could be an interesting investment generally so people started to ready to to inform them so from what actually are the properties of super and they missed and cases so. in my view at least has a very strong investment case for the 'd next decade. so a lot of people may have realized that when they 1st stumbled over the super misspent case during the super squeeze. i think the 1st momentum obviously has stopped in the super squeeze but what i think it could reignite. i

think regardless if if if this super squeeze as. goat barks and the cute myself in this category to some extent think that could could happen. i think silver will who rise in price regardless if this short squeeze will succeed or not the fundamentalist. just extremely strong so i wouldn't think too too much about it if the short squeeze succeeds but i would rather stick to fundamentals of the fundamentals to really people wish to sit with someone only with gold you know they expend trouble getting goal to move you know we alluded to in our previous conversation that other commodities seems to they're moving higher gold seems to be lagging and a lot of it has to do with exactly what you're saying there the bullion banks have a vested interest in keeping the gold and some a price suppressed visiting the dollar and so my question as you know they own most

of the gold or a huge percentage of the gold over there at the member banks and the fad is that ever what's what's going to take to break gold 'd free from the clutches of the solid gobbling loss of confidence at the end of the day i think that's probably the final answer when really the general public mood has confidence in in currencies and this is as we discussed this is part of the already taking place but not to an extent which is really on a broad scale so if the spiffed crisis which daily prices really rise so fast that people really need to get rid of the currency fast when they will really use all kind of stores of their years which which they came get ripped off and gold as i said we will stay a part of the spectrum of top of the viable options where one can store one's

well it's one of the chinese. currencies so 'd so so this this will need a little bit more but it will come i'm pretty sure gold prices will continue to rise let's take a look at micro strategy of course headed up by my michael saylor he's done something with us treasury over there he started buying billions of dollars of the . because i mean loading up on this big coing also taking advantage of the near 0 percent debt that they are able to avail themselves of to kenya like and what they're doing over there to a speculative attack on the currency itself as a collapse and again going back to why my republic there is actually a lot of bankers who take took advantage of the low low rates that were on offer and a similar strike out of attack that they profited from magnificently to become very very rich another telltale sign of a why our like republic situation here's here's

a guy michael saylor at a multi-billion dollar corporation who is who says to the money printers basically i've got a unit strap you're going to lend me a 0 and i'm going to attack their currency by buying because i'm. it is done it wouldn't this be the game plan for a lot of corporations that want to escape the money printers in the janet yellen lunacies yeah i. was very influenced by the book when money dies which is clear part the topic of the wind hyper inflation. greely. extensively describes quite a few some of these kind of cases which then when people actually leveled up to buy a real s. it's commodities back then for instance or gold but before the horse industrial commodities and real big fortunes were mate doing this kind of environment so

it's the inflationary environment is this is this question is the rather perhaps for ready folks who speculate that at the end of the day and yes it gives a lot of opportunities to 2 in this and speculate this but unfortunately the general public loses out and is impoverished that's that's the. best part of the story. but i really recommend everybody to to to perhaps read or really read this book it's a magnificent welcome to think a lot of. myths. a lot of good learning spoken one can find there also for the times which i had to bring it all together going back to our previous conversation janet yellen thinks that there wasn't enough money printed last year even though the money supply increased by 25 percent to offset the downturn of an imploding debt ponzi scheme and michael saylor looked at that and said you're out

of your mind i can borrow it 0 and i'm going to crash the u.s. dollar and off me out money. oh what what what or 'd there's a way if you look at the book when many guys where are we in the cycle in that book how how close are we to the point when in the 1924 when you actually had that a catastrophic 100 percent loss of purchasing power side say the very big difference is that a lot of the capital the real s. it's actually destroyed during the war where one obviously took a huge toll on the and the real industrial capacity. otoh the current economic system is highly so distorted due to this decade of syria interest rates a lot of sectors were basically he helped unsubsidized which which perhaps shouldn't have being this this big. industrial

capacity that right now is much much higher than then in 19212223 so and so this is a think if difficult fact that to to to to calculate but rather think that's that's why osama was bit skeptical of that type of inflation is around the corner if we do have. parts of 4 could economy which. is extremely efficient. also obviously parts of the growth look at asia are getting more and more efficient so so the question is perhaps rather when when will these parts of the world with this really strong economy is cut for instance the u.s. all of the exports because then then i think perhaps the u.s. oil importing countries generally. perhaps

a great the problem. and that may be the time when when trade should really get. gets bad so. there are so many factors in there well i think the seventy's scenario is 1st has to to play out so $101215.00 percentage points of price inflation let me be the 1st step and then it things could go pretty fast so the loss of confidence in the area can can come rather fast if if one is already in this kind of inflation every stage but 1st we need to see feast feast that ship inflation statistics $2.00 to $2.00 to come and then 2 this is the hyperinflationary face right mark malloch a bank amount of last year when you put out your report is it people could get it for free as i can happen etc yes they do that you can download the report on the

w.w.w. in gold we trust dot reports. 'd group be published in 'd 'd end of may every year but it's fantastic report and the converse because as well thanks so much for being i guys are a part b. to be here and that's going to do it for this edition of kaiser report with me max kaiser stay here but want to thank our guest mark malloch of anchorman tom and so next time by. world is driven by a dream shaped by. the

dares thinks. we dare to ask. the british and american governments have often been accused of destroying lives in their own interest or you see in this these techniques is the state devising methods to him to essentially destroy the personality of an individual. by scientific means this is how one doctor's theories were allegedly used in psychological warfare against prisoners deemed a danger to the state that was the foundation for the method of psychological interrogation psychological court for the cia disseminated within the us intelligence community and worldwide among our allies for the next 30 years and how the victims say they still live with the consequences today.

found marino becomes the latest european country to talk about facing at the fence with russia sputnik shot up to supply until a you thought the interview approved jobs the labor minister explains why the look to me. moscow for help. being an independent state even within the territory of italy and the european union we have the right to make independent decisions the french government faces flak over its covert inoculation program after it's repealed hundreds of millions of here is what handed to controversial foreign and consulted. armenia's prime minister raises the stakes sending an order to dismiss the country's top john.