in the in the. book from a little can the goals of me with questions or should you give me mr. good commission someone to go from. oh max keiser this is the kaiser report last the cover today on the new era of inflation we're heading into a secular bull market for interest rates oh what does that mean hey stacey hey max well ok you know you and i have been talking about price signals in the absence of price signals and how that makes all of the markets dishonest really and we're going to start 1st of all with this headline that could have been ripped sheree out of an analysis from kaiser report over any time over the past 10 years

and here it is there is growing concern that market based inflation expectations have become unreliable as indicators this is due to the fed hoovering up a significant proportion of treasury inflation protected securities otherwise known as tips outstanding creating a scarcity for other investors you know stacy we are often referred to as heterodox thinkers or we have on heterodox guests but now those heterodox guests are becoming the new orthodoxy in other words the last few years we've been warning about this inflation warning what happens when price signal is destroyed by money printing in central banks buying back their own paper and austan centered heterodox but now the new arthur doxy is

to recognize that there's been complete and utter market failure now for years and we're about the reap the whirlwind and in the form of uncontainable inflation then now the evidence is piling on and one thing that we saw with calm. it is they would set targets and the target became the issue and actual free markets obviously weren't and the economies collapsed people starve to death and it was a pretty horrible situation so when you hide this price ignore that markets market rates you know interest rates used to be set by the market and the treasury and the fed and the elites then demonized what were called bond vigilantes that these are evil people they didn't let us do what we wanted to do with government policies they would start to cause interest rates to rise if we wanted to spend a lot of money and therefore less destroy the price signal that they send to the

rest of the population so here they target so they've after decades now 2030 years they keep on targeting that inflation number represented in the in the treasury yield so they that they're always targeting that and that's their primary objective the fed says it's like full employment and says it's stable prices but in fact they're targeting the signals that are signaling to the market how sound or not government policy is jim bianco says about that 1st tweet i just read the fed has bought more tips than the treasury has issued they own 21 percent of all issues outstanding good hearts law when a measure becomes a target it ceases to be a good measure the fed has a giant foot print stomping on this market it no longer measures its now targeted write the tips these are inflation adjusted paper essentially they are being

manipulative because the message or signal that they're sending they don't like it so they're going to manipulate it again under that idea of price targeting instead of allowing markets to organically generate price signals it is like communism. more price targeting was set by the central committee in the economy collapsed in the us they have similarly adopted those policies with price targeting for the inflation number but then when you ask them how they got to that a number they tell you how they define inflation which of course has nothing to do with monetary policy or inflation it's a idealogue it's not economics and it's just go down the list and same thing with vix you know the volatility index is supposed to signal when markets are involved syllabi modes but what's happened now is that the central bank is to be letting the volatility index because they don't like what the signal they're getting from that

either yeah and you end up with the same sort of sudden collapse but it's actually been happening for decades behind the scenes just like with communism basically that said they set production figures like you have to produce $10000.00 cars no matter even if you're losing $10000.00 on every single one you have to keep on making it well that's kind of been way has been caused by the central banks intervening in the in the signal sent out by the free market in terms of what the price of money should be so they don't like that price money they want a certain quantity of money you know pushed into the economy no matter what whether or not there's any productive capacity there whether or not anybody has any ideas for new businesses or not so that's what you're going to see it's just like it'll be a sudden collabs but looking back on it you see for decades what was wrong and that was as these you know commentators market commentators of pointing out it's the fed targeted that signal and then thus destroy that signal if you don't have price

signals then you don't have a free market right you see that in corporate america to where they decide months in advance what their quarterly earnings they want them to be and so they buy back their own stock or they engage in accounting irregularities to get to that number. or that they know wall street will interpret in a way to encourage them to buy back the stock again it's market manipulation stock buybacks or market manipulation we know that the price of a lot of things like gold and some are the price is determined 1st and then the banks fail in the trades to get to that price so some price discovery is price fixing and whether it's production fixing or price fixing whenever you have a centralized command and control group of poll appear alike deciding outcomes before anything happens it's a guaranteed catastrophe and now in the us case what we're seeing is the result of all this price fixing for so many years spilling out as real inflation so it's

causing real harm now right it's causing real harm based on the inflation that is coming down the pipe regardless of how much they hide the signal right they don't want everybody to know but the closer you are to all the other data there's plenty of data and the markets and a lot of the big hedge fund players and the big banks know what the actual data is they're seeing all the wrong wrong raw data most americans don't have time to pay attention to that right they're working several jobs or whatever but if they're looking at the raw data they see what the inflation is that's why you see the excess then drop in miller gone very very short the dollar because he sees inflation coming down the line now we have paul saying or ok maybe not as nice a guy as then dr miller but he's a hedge a big billionaire hedge fund guy and here's there's an interesting crease he uses in the paragraph here within the article briefs for rampant inflation hedge fund

billionaire stunned that market craziness sees trouble ahead so he says trouble ahead is signaled by a rare combination of low quality securities staggering valuation metrics over leveraged capital structures a scarcity of honest profits. a desperate dearth of understanding evinced by the most active traders and economic macro prospects that are not as thrilling as the mobs braying by by by seem to think he wrote so that that phrase a scarcity of honest profits. and economy with fake prices re on the money and this is the situation you see ok maybe the party goes on for a few more months extra few quarters extra but the disaster scene on the other side will be so much more magnificent to disappear entire structures like when

communism fell it fell and it's gone it's never coming back none of the structures all of the institutions the parties the officials the way people's lives are run gone overnight and that sort of thing could happen here with this as well right where there's 2 types of collapses where there is the story collapse and a deflationary collapse so the deflationary collapse we would point to something like the 1930 s. which shows a deflationary collapse and then on the inflationary collapse you have things like why more republic where prices of speculation as paul singer is alluding to price speculation is off the charts and prices are engaged in the crack up so this would fall in the category of inflationary depression or an inflationary collapse where the value of the money in the confidence and the paper money is collapsing and

people are engaged in a while speculation to try to preserve whatever purchasing power they can and we see evidence of this in markets now for a couple of years and now we see evidence of that inflation creeping into the every day combustibles of the ordinary person energy food. except. obviously because when selling this for 10 years the results are the same a collapse is a collapse whether it's a hyper inflationary collapse or a deflationary collapse it's still a collapse yeah so again it all starts with what we've pointed out and tries report now for 10 years and that is that the fed has been intervening in the market so that there are no more reliable indicators and you know when a free market is a free market because all participants are able to look at indicators and prices and understand what they're buying so everybody's getting

a fair price whether they're for it for their sale or their purchase we're also speaking it but if you're hiding that the numbers and. you know after decades now since $97.00 while we went off the gold standard after decades were so far off course that we have no idea at all where we are so this is why he's saying that even the the most active traders have no idea at all what they're buying you've seen that a few times like we've gone off course like during the dot com bubble when you were involved at that time in the markets this time it was different right there in new math tricks that were suddenly added about why why the price is justified right now anecdotally it's like women this dress sizes right there a size 6 is that they is constantly changing to accommodate the fact that women are getting bigger and they don't want to admit that they are getting bigger so the

gest manufacturers simply make what is considered a size 6 to be a different size and that's similar to what's happening in the economy the economy is deteriorating rapidly but the government is redefining c.p.i. redefining g.d.p. redefining everything and all the metrics on the the tips and the vix and they're redefining all these measurements to give a different to give a more favorable picture of something that is deteriorating you know we've got to continue this this stacy is on a roll going to take a break and when we come back more don't go away. oh look forward to talking to you all. that technology should work for people. a

robot must obey the orders given it by human beings except where such orders would conflict with the 1st law show your identification for should be very careful but official intelligence at the point of view screen is too great trust ever. played on there is chas in with artificial intelligence will summon the demon. must protect its own existence or excuse the. small seemed wrong. rowles just don't call. me to believe yet to shape out of disdain become agitated and engage with equals betrayal.

when so many find themselves worlds apart we choose to look for common ground. welcome back to the kaiser report imax ties are time now to continue whether stacy roll or she just blows people's minds with what's happening out there i'm shocked right so we're talking about all the dishonesty in the markets due to the price signals which no longer indicate anything reliable and you know the past week we did see with the. 10 year yield 7 year 5 year they all spiked and went up dramatically and the headline was that humbling we can bond market leads to fears of paradigm shift that's what we're saying that we've chosen as a population to not have like

a slow gradual evolution where you know business cycles recession's drive out dead companies zombie companies those that can't compete in the global market and said we'd like maintain them at all costs and we have to lie further more more and deeper and deeper and harder about various price signals and inflation and interest rates and all that stuff so we're instead choosing a thought in paradigm shift like a sudden earthquake flipping your party or continent up up a couple feet yeah yeah paradigm shift that's a major shift that's a seismic shift that's a redefinition of all the parameters you're using to view quote unquote reality now what despair paradigm shift if it if it really is a paradigm shift it would be a change from a secular bull market in bonds to a secular bear market in bonds right bonds are roughly $200.00 trillion dollars in

the global economy that's worth about $400.00 trillion dollars of stuff whether it's bonds stocks currencies properties yachts painting. you know it's about $400.00 trillion dollars bonds are half of that $200.00 chilean paradigm shift in this case means that instead of having those bonds go up as they have for the past 40 years they have on average gone. up they start to go down down down and the bonds of course are time of the foundational layer upon which all economies are built and therefore if there is a paradigm shift in bonds or starting about a price then the ripple effect into every other aspect the economy becomes also paradigm shifting right you know prior to 1971 we had you know gold was the ultimate indicator of how a economy was doing how the monetary systems were doing then we had bond vigilantes

just like gold you know treasury bonds are layer $1.00 money and so here we had to layer one moneys that would send a price signal about the state of the economy a state of the global financial system and then we destroyed bond vigilantes after what they did to hillary clinton in 1903 by the bond collapse essentially that was brought about by introducing a plan for universal health care in america anyway since then we had the bond vigilantes killed so then we have. but you know the other indicator has always spend jobs and income right because that tethers people to a sense of the real world a memory of the real world just like gold and bonds where my memory a fragment of a world not controlled by the fed so there is a sense that you need some sort of income people still feel tethered to that income but i think we've we split we have we jumped the shark we the paradigm shift

happened last year this data and this story from wall street dot com are so amazing that you just can't believe it really but just don't expect pent up demand from consumers here's why free money whips consume. as into a rollicking 8 months splurge on goods there's nothing pent up left and services are not a shoo in for pent up demand so he's looking at the data everybody all these market analysts are like don't worry about market turmoil right now there's pent up demand and as soon as everybody gets their vaccination they're going to go out and spend like they did there's no tomorrow they have been according to the data in january spending on durable goods spikes by a stunning 18.6 percent from a year ago according to the bureau of economic analysis today to a seasonally adjusted annual rate of $1.00 trillion dollars the spending spree has been going on since june so here you see since the financial crisis back you know normally in

a financial crisis spending on durable goods like refrigerators you know washing machines things like that collapses as it did during the financial crisis in 2008 and then the source to recover here if you've seen the exact opposite as free money just poor it's in $3.00 and half unemployment benefits through stimulus checks through more free money through we get cents like $2.00 buy some like random person like company they just spending dollars like they have too many of them they can't get rid of it oh yeah the pandemic accelerated spending up to 47 years of toilet paper stored away in the garage and in the attic but that and cans of food and things like that you know i've bought a 20 year supply of pens and paper right so but the point being that it's actually accelerated we saw that with amazon right amazon reported massive interest in all these things and they ran out of shortages and all these people had shortages

because they couldn't get enough of the stuff so that was all the spending was already accelerated right so now they're saying that oh the pent up demand is going to be unleashed but we already had demand off the charts so i guess the point being that that might not. happen right well again the usually the signals in the economy about the terms of how healthy the economy is are things like interest rates are things like the inflation rate are things like whether or not you have a job or not whether you have an income or not whether or not there are supplies on the shelves when you go to the shop in the you need stuff and they're supposed to be there well not only do we have shortages of steel we have shortages of semiconductor microchips all over the world and certainly in the united states production is shutting down an automobile manufacturing due to a shortage of microchips we also see production shutting down because of shortage of steel so there's actual shortages because a lot of people aren't actually working their plants and the manufacturing centers

factories are not open but here's the normally when you're sitting at home all day and you're not actually doing anything productive normally you would think well this economy isn't so great well 5 incomes are soaring according to the data as well along with income from interest dividends rental properties farm income income from social security and other transfer payments total income in january and america all together jumped by 13 percent from a year ago to a record $21.00 trillion dollars the stimulus payments made for a majestic free money based overshoes. that's. that's jumping the shark like massively again here's the trend line. up with inflation all the money printing that keeping up well like this is like a huge surge in income 13 percent and yet inflation they say

the fed says there's no inflation they're not concerned about inflation jerome powell says he's not concerned about inflation and there's no productive to. half the behind us right we know people aren't going to a job we know they're not creating any wealth so like we have to start to question well where are we what wonderland is this well what's remarkable is that for years and years we were on this show to talk about quantitative easing and it's basically just a transfer payment to hedge funds and they live on that money and it's not productive in any way and they're just shuffling paper around and they're lobbying the government to give them more transfer payments more free money more quantitative easing and i think a lot of people out there watching the show would say oh that's pretty interesting i'm not really sure what you're talking about ok now they kind of know what we're talking about because the average person in america now has been getting these transfer payments are money printing directly into their inbox into their mailbox

and they are incomes are soaring like they've never stored before so they're living like hedge fund managers and living like an griffith they're living like warren buffett who did to just sit around and get the transfer payments from the government all day long for doing nothing so now the average person is having the exact same spirit experience as a paul singer or as a stand doc a mile or so how they're going to go back here are you now going to go to these population and say ok fun times over we need to put that money back into the hedge funds accounts and you've got to go and get him a job that is completely worthless and get minimum wage so fun no i don't see how they're going to go back i don't see how you go back as well that's that's going to be the problem has living so well but it really really really relies on one thing and that is the rest of the world by taking your dollars that you're earning sitting at home and sending you actual labor that they have to go to a factory that if them put together the self build it for you and send it to you if

they're if they start to look at these charts and go away how are these people making so much money when we know their schools are close we know their manufacturing outlets are close we know everything's close they're alike. how exactly or where are they getting this money right so when you go and you take the money from the u.s. government that arrives as a transfer frame it and you go to wal-mart and you buy something the government printed in the u.s. money goes to a chinese laborer that's where the money goes it goes to the per the country where we outsourced our labor to china so at some point though china if china decides that for whatever reason it could be politics you know could be political problems simmering on the periphery that they don't want to be in the u.s. dollar business anymore and they've already signaled that they don't then when you go down to wal-mart and you say ok here's the free paper funny coupon confetti money that the government sent me i want to buy some groceries and suddenly the

message you get back is well you know you're right we really want that same deal we had last week we're going to charge a double now because we're really just a dollar so much and you're like wait a minute and then you go back to the government he said take government the chinese want to take my dollars anymore send me more and the government like well we don't want to get anybody to upset so we'll just send you more and then being bangle buying hyperinflation the most important part of it is that even if like all trade stops us and china go to war you still need to figure out how to build stuff again so the price signals over the past 2030 years in particular as the fed light in light harder and harder and the lice always have to get bigger and bigger to hide the old lies say the lie always was that there's no cost to you the american fact when when for you to send all your jobs to china so ok the wages obviously the chinese laborers get wages the wal-mart heirs receive the most right there multibillion arest over each year get more billions and billions of

dollars the laborers in china get some money they have the middle class burgeoning there but they gain knowledge on the factory floor that is impossible. to go back and regain 20 years of the knowledge that americans no longer have so when the system collapse they're going to be starting from scratch again and trying to gain knowledge of how how these systems work how they simply mind works out how things get made and built and delivered to everybody it's at the shelves at the wal-mart you know the america got benched you know 30 years ago and they haven't played in the game for 30 years now suddenly it's 4th down 2nd goal and the team on the field is being carried off on a stretcher and they're sending in all the replacements and like wait a minute we haven't had a practice we don't know what's going on what do we do what's this a football they'd have no idea so it's a very unhealthy situation but just as the people who in america were not able to

work in a factory floor to create wealth to be part of that process to learn how to innovate because innovation happens there on the factory floor the same thing as happened at the fed is like here after so many years the lies like it's you see this all the time it's a common trope in movies like you just you just collapsed from exhaustion because you forget what the original truth was like you even forget where what it's supposed to look like like what is this economy supposed to look like what is the monetary system supposed to look like what is supposed to happen like this the portrait of dorian gray america just climbed into the attic and saw its true reflection in the mirror and it doesn't look good but we're going to have to say goodbye for now will be back soon cogitate on those thoughts in the meantime till next time by l. .

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. does she don't consume don't judge me then and i can do it on joking dealing with this thing i'm done or soon enough that equal who tunes is my son's or what he calls a still sleep i. don't. know him to deal with that to those putting me in a zone as a pseudo so to us it all took to sitting on. join me everything on the alex i'm unsure when i'll be speaking to get off of the world of politics sports business i'm show business i'll see that.

the end of nations being bombed into democracy biden's administration says no more u.s. backed regime change although we asked whether i would hobbits might die hard also to come the international criminal court which is a probe into alleged israelis war crimes and how it's done but israel hits back. because the i.c.c. ibut with the international circus of clouds. and children's books by famous author dr seuss to shelter over claims they contain stereotypes but the band then sends them to the top of bestsellers list on amazon and meanwhile a poll finds that 64 percent of americans still believe that council culture poses a threat to freedoms we put the issue.