to go is the u.s. making amends for the tragedy in laos. to the people needed in the too little and of mines. submariner becomes the latest european country to stop vaccinating its citizens with russia sputnik shot up to supply delays of the e.u. approved jobs the labor minister explains why they looked to moscow for how. the new independent states even within the territory of the european union we have the route to make independent decisions the french government faces flak over its covert not kill nation program after it's revealed hundreds of millions of here is what hunted to punch a hole far in consultants. armenia's prime minister raises the state sending an order to dismiss the country's top general back to the president after he rejected it setting the stage for a constitutional showdown meanwhile crowds in the capital continue to demand the pm

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would the c.e.o. of arc invest is saying the same thing she said this on c n b c but you know she's talking about the fear coming as rates rise that the rates are going to start rising and fear will descend and you know as human beings are organisms and in a group a collective together operating in society you can see it in their sort of actions like the one fear is coming in and some like powerful big investors know stuff is about to happen and they start moving suddenly like suddenly there are all these wall streeters and hedge fund guys fleeing manhattan and running to floor right then you see the elite in 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 oh 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 a threat to life and then you have institutions that evolve to mitigate that fear. like political institutions or social institutions but to cage it only like the animals running away from the austan 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 again 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 the us treasury bonds is on the edge of collapse this is the biggest thing to happen in markets in a century it's 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 combat 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 are can best cathy would warns of stock market correction she said quote i do believe if rates were to take a sharp turn up. 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 he see spiking card interest to be clear it's the rise in 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 came up in america they would just float more bonds and extend the maturity you 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 we'll never have to suffer the consequences wow this thing is this like you are throwing camels 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 stocks 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 kaiser 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 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. crowe's 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 interest rates or the price of money the price of money is determined 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 market outside of the market decide what they believe to be the correct price this price fixing and 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 right 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 made off 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 stood 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 21 i'll get wiped away as swiftly as they did in the tsunami the

only escape valve is 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 2 blue states very democratic they're seeing massive outpouring of people fleeing the states heading to texas in the case of california or florida 2 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 francisco 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 don't have 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 we're the blue state people even though you were right red state people like you did the last 8 years of the way you did we're going to push you out go to the blue state people who 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 bano become a schmuck our right well we'll take a break they will be come back much more coming your way. carmen's this those books. in the early ninety's seventy's helmet a psychologist flicks all just proposed to the west but incentive to social experiment wanted to live paedophiles and don't care for neglected boys experiment

was a. good model. good on those who want your. girls to believe that sex with older men would help with the boy's socialization over 30 years many children were handed paedophiles to raise. new questions a little heard more blogs and go to work looking for. work groups or should meet mr hope for good research going on through google groups.

welcome back to the kaiser report imax keyser time now to return to our conversation on mark valid to increment he's now with his 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 saved from their clients young people are just not interested in gold they're buying bitcoin is bitcoin eating gold launch mark well we do see a great friend into into fits kind of specially the last few months but still i would not go so far to say that because it is the monetizing gold as a lot of bitcoin us like to claim 1st of all gold isn't moral it ties currently so all gold at best is a store of value oxide if that's your currency system 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 hold so the gold and just buy into a big club but i do agree that big question is an alternative. is taking up 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 environment so the demand for not inflate the bliss it's growing so it actually really busy doesn't matter the 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 their forecasts staying 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 settlement slayer some from displacing gold as a store of value. were where you fall on that on that prognosis let's obviously quite foolish but i wouldn't against that much i think that the coffee in the cost the sun's quote unquote really stick to 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 2 of them in any more like it's like it's currently rather p. probably like like 20 oz so i could imagine some some close up to go cross 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 some very convinced of that as well you know we know it's not a long time you know we go back a few years or recall our crash j.p. morgan by summer campaign it was an attempt to squeeze some of our squeeze j.p. morgan in their show and their summer possession and now here we are 2021 and. it was st pat's read it crowd is 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 greater likelihood that there is a mass movement that could squeeze the sharks in the summer this time and bust up kind of the oligarch play that keeps prices low this time thank mark 1st of all super is this is really a small 'd market obviously it's a much bigger market than gainst game stop the present terms of the big s. attests it is a very small market and the bullion banks to play a major role in that markets more than through i could buy out this this whole movement was i think that was a big p.r. . coup for for 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. what actually are the properties of super and they 'd missed and cases so.

in my view at least has a very strong investment case for the next decade. so a lot of people may have realized that when they 1st 'd 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 ringback if if this super squeeze as. goat barks and they 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 that 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 push for silver similarly with gold you know they it's been 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 are the bullion banks have a vested interest in keeping the gold and some a price suppress 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 infield currencies and this is as we discussed this is part of the already taking

place but not to an extent which is really on the broad scale so if if if prices which daily prices freely 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 use which which they came get the rip off and gold as a said state a part of the spectrum of part of the viable options where one can store one's once one of the any. currencies so 'd so so this this will need a little bit more off 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 michael saylor he's done something with us treasury over there he started buying billions of dollars of the. quine 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 y m r 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 trap you're going to lend me at 0 and i'm going to attack their currency by buying because i mean. it is done it would 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

except 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 live up to by really as it's commodities back then for instance or gold but before the us industrial commodities and real big fortunes were mate doing this kind of environment so it's inflationary environment is is this question is the rather perhaps for ready folks who speculate that's at the end of the day and yes it gives a lot of opportunities to to 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. i really recommend everybody to to to perhaps read or really

read this book it's a magnificent book and i think a lot of. myths. a lot of good learning spoken one can find there also for the times which i hit 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 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 you saw distorted due to this decade of syria interest rates a lot of sectors were basically helped and subsidized which which perhaps shouldn't have being this this big. 'd 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 a bit skeptical of that type of inflation is around the corner if we do have. parts of for economy which. are 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. will importing countries generally who perhaps have a great a problem. and that may be the time when when trade should really get. gets bad so. there are so many factors in there but 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 implication every stage but 1st we need to see feast feast to chip 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 together 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 icons are part b. to be here all right 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 a banker mentum and so next time by.

all.

alone and well controlled apart according to my guest today a world is undergoing crises of crises and if you switch on the news or scroll through us social media i'm definitely seems to be the case although it would be different depending on the country to do those crises for all polarizations of power to a phone call that might seem to climate change. a call or denominator will to discuss that i'm now i'm joined by. dean of the school world economics and international affairs at the higher school of economics and law school is to grow up it's always a pleasure talking to you thank you very much for example now when.