on the team sawing off for the small young but with more now from when i will be off the moon if you're looking at the clock it's not coming up to exactly 30 minutes past the hour of a good day. seemed wrong. just don't all. get to shape out just to get educated and in again try it equals betrayal. when so many find themselves worlds apart we choose to look for common ground.

i am max kaiser this is the kaiser report as always incredible things happening globally stacie k.-max well guess what china will dominate a i unless us invest war commission warns ai is artificial intelligence and the commission is headed by eric schmidt the former head of google well apparently you know because essentially u.s. corporations and shareholders don't allow r. and d. don't allow an investment into the economy don't allow innovation to happen that's bad they don't want production they just want stock buybacks they want all the money to go to stock buybacks the company up with debt well they have to go to the government and they're looking for the government instead to do with it i tax fair

to take all the risk of innovation they will get to keep their reward but this one thing really stood out for me here because of our experience of moving from europe to the united states in the fast few years eric schmidt says china already holds a lead in some areas including some aspects of payment technology and facial recognition while mass surveillance may not be an area where the u.s. needs to be ahead of china schmidt said he is concerned that china has a 5 year lead in e-commerce systems and electronic payments i think that's a very big deal he said but it's like you know wal-mart gets the government to pay their employees right wal-mart doesn't play their employees the government pays wal-mart's employees so that the people a wal-mart run wal-mart can take more money for themselves now it's going on here is that these tech companies one of the american taxpayer to go fund some ai some artificial intelligence for them they don't want to spend the money on the ai

themselves because they were. keep it for their stock bonuses they don't want to do any actual work they just want the transfer payments from the fed put it in their pockets and then if there's a complaint about oh china's leading an ai like okotoks a taxpayer we're just company we're just corporations we don't know how to do anything anymore so yet in terms of wal-mart their employees get paid because they themselves the employees don't get paid well enough to not receive food stamps not receive welfare benefits it's not receive free health care through medicaid so that's how wal-mart taps the taxpayer here they're also the actual financial system that we have now is like even if you know the heads of any of these companies wanted to do something wanted to invest in their company the stockholders would not allow that they would be totally punished they would be hit by a hostile like you know policy or sort of investors who come in and say why is this guy that sing in and actually research like what is this guy

a madman like let's get rid of the c.e.o. so they can even do that like it's not even set up that he eric schmidt doesn't of course he likes that system because he's done well out of it but he doesn't want to tell the population that this what this is actually what happens why we can't have animation in this country and yet china seems to be able to have so much innovation thus right eric schmidt doesn't want to spill the beans because it's an unpalatable truth you know it's an inconvenient truth that you just can't actually get that innovation in the u.s. anymore because all the corporations that are in a position to innovate our shareholders and pilfering the taxpayers and using financial leisure demain on wall street to line their pockets they're not interested they can't be bothered it's like if paris hilton ran the s. and p. $500.00 she wouldn't really be bothered by all of this and that's the way these leaders at the s. and p. 500 are saying like i want to go find my little doggies out in the park i don't care about the american worker i don't care about the american economy i only care

about me me me. because i'm a narcissistic kleptomaniac that somehow got this job and i steal every single moment of every single day and that's my job i do want to point out as well china's not just 5 years ahead of the u.s. in terms of payments they went technology right london i would say living there it's about 10 years ahead of what the united states is so i know for a fact that asia is way ahead of europe so who knows how far ahead they are i think this is this is where you say this is a sales pitch right eric schmidt is trying to get money for his cronies and you don't want to say the problems insurmountable you can't get there from here and so you're saying oh we're just like 5 years it's easy to close that gap just in half a trillion they will close down a little. right it is a sales because just like when tim geithner and hank paulson went to congress and said we we don't want to trillion dollars for the 2008 a crisis we want 750000000000 they end up spending 17 trillion now we're going to

move on to the next headline about this in a way the tweet immense is it coin could be the new currency for global trade citibank says press says dorian namo so we often have a image of him hanging here and this is the much talked about reports out of citibank that many academic economists were very upset with but it's basically what citibank is saying and they're one of the biggest recipients of bailouts in american history and part of this financial system whereby you know china's eating their lunch and payment system because the likes of citibank never bothered to get out of bed they wouldn't get out of bed for $10000.00 a year they can't be bothered to come up with any innovations well they were in a report entitled big queen at the tipping point it's hard to evolution a big question from a form of payment to its current status as the store of value the authors forecast that bitcoins core properties combined with his global reach and neutrality could

see. morphed into the currency of choice for international trade and around 7 years stopping right now because the transaction is the settlement so you don't need citibank obviates citibank to make citibank redundant as are all banks redundant with because i can trade with you as a currency and it doesn't require any bank doesn't require a central bank and they've got a little bit reverse are saying they started off as a means of payment and people are looking at it as a store of value but in fact it started off as a store of value and now it's morphing into a means of payment that's the whole history of money so citibank should know at least the history of money and how money comes into existence but nevertheless a good effort and i applaud them for at least recognizing that they're about to go out of business but being involved in between early in those days there were many participants who thought it was like we're going to compete with pay pal we're going to p. compete with it's going to be settlements you know it's going to be used for as

a means of exchange like that as your point out it was actually always a sort of value and in fact they point out the perceptions they say perceptions about what makes bitcoin important continue to evolve and create new opportunities long creasing as perception towards becoming mainstream is becoming more mainstream because people's perceptions of the thing that the fed drawing power is always trying to manage perceptions i think that's what they fed speak is all about they go out there to speak to the market and say don't worry we're going to take care of inflation don't worry we're not printing too much money you might perceive it if you look over there like. food costs like you might perceive it as a situation but listen to me. you know massaging your perception about the situation well here the situation as being perceived as being a better store of value than the u.s. dollar and perceived by international participants in the global market anybody who

has. anything to sell anywhere on any confidence or any country on earth they're perceiving this as a more neutral. better to use settlements layer right there is $15.00 trillion dollars a day in forex market foreign exchange and that can be completely and replaced with a big coin as the base layer and we've seen that demonstrated now by sending currency from country to country starting off in one currency arriving at the destination in the local currency instantaneously virtually and the cost eric schmidt pointed out that china he lied a little bit that china is only 5 years ahead of us in payment technology you know in london for well over 5 years ago you could just tap your card instant payment you could transfer it's somebody instantly at another bank another bank account here it's face up to 6 days to transfer from a bank account in america to another bank account while they use the pony express. the feeling good about those ponies right so here this is also the same country

that oversees the global settlements layer so everybody else in the world is already on a much faster system. now we have to go to the global par. lomo asses having to deal with that system so city points out that the report explains that big point in the role of a global trade currency could be used by importers in exports to pay for goods and services directly simplifying the process of international trade a decentralized cryptocurrency may be preferred to a central bank digital currency it argues because no government or outside entity can take steps that might affect the supply of the trade currency helping to decouple trade from political considerations right so they just threw the idea of central bank digital currencies under the bus they're like central bank digital currency is by definition our central therefore they cannot compete with because so citibank again just to another industry and of the bust yeah i mean because of course the central bankers are going to look at this threat the competitor

a better competitor of bitcoin and say well how do we. how do we would like maybe we just form a black chain that's all you need right that's what it's all about but no it's the neutrality and the permission less nature of it censorship resistant they cause this is another thing that as you know whoever controls that system and has a dollar system right now like obviously they were pretty fair and open about it when they were the world they were out competed everybody when we produced all the semiconductor chips when we produced all the cars when we produced all the high sag but now that other countries are are way ahead of us in some aspects well like well you know what we're going to slow your payments down that's how we can outcompete we're going to make it harder for you to even trade with anyone he said this is what citibank to say they're agreeing with us once again for it was right citibank was wrong until now yeah i mean it's a remarkable that it's an indictment on the bank their very own bank it's like

a mea culpa it's like you know at refining it to admit something to everybody in the world what we do here is redundant slow costly unnecessary and overly expensive and a drag on the economy and we're sorry we're sorry sessile citibank is saying yeah well they're saying way eric schmidt said it's like we can't do it ourselves taxpayer you better do something about it or for whatever we need another bailout 2008 was it or not biggest bailout history no no no we need another bailout because i have to work on my golf game that's their that's their pitch to america ok buddy sure who do i write the check out to and by the time you get it china and the rest the world will be another light year ahead well. the 2nd half much more coming your way. some control for a middle class time. most of our very hard working people who want to get ahead either

have some some health issues or have some of how district about look the whole time june. and always pay for a place to live and missing just a month's rent can get you a victim to gunpoint if anything bad happens to any thing that just throws your budget off slightly. you better catch up real quick or you're going to have a judgment of possession against you and get addicted anyone that's homeless is treated like garbage people look at you like a monster or someone bad or you chose to be there most of the time it's not the case see how it is to be put on in the world's richest country. the world is driven by.

the dairies thinks. we dare to ask. but going back to the kaiser report i'm max guys it's time to go to chris fenton author of feeding the dragon chris let's get into it as you point out in your book feeding the dragon hollywood where you spend most of your career is really set the tempo the global tempo of our culture seems to be a i just saw the china report of the biggest box office month ever in history and that theaters are full what's going on it's obviously the business day you and i experienced met in ollywood and it's a really unbelievable situation where lasts months february which obviously had the chinese new year national holiday and ne'er the month this south did almost

$2000000000.00 u.s. in box office it's disappointing part of that is the amount of money that hollywood movies grows during that period was a whopping $14000000.00 of us there's 2 things that i've been very vocal about on the hollywood front with its engagement to china one is obviously the cowtown in this if you a secrets made of our freedom of speech and censorship rights here in the united states number one but number 2 is one that can be extrapolated to every other business that's engaged with china as the united states and our western allies and that's the fact that you were to get access to that market we had to placate the government of china get in there in the 1st place and part of that was the military to teach our processes to you check swaps to create joint ventures and to get them to understand how we actually create these products and services that their

consumers want and now at this point they are replicating it themselves and they are 18 the market away from our own american companies because we've taught them to well so eric schmidt farmer ago golf chair he says that china. as a 5 year lead over the u.s. and e-commerce payments china is already working on 6 g. whereas us as yet the roll out of 5 days the u.s. has now 5 day the product from verizon is a hoax they are half ivy so we borrowed 4 trillion dollars last year increase the money supply by 25 percent a same site where really far behind on technology and are borrowing too much money for as i man what a house is playing in washington are the alarm bell sounding are they slip of the sweats your audience is awesome super insightful super tough guy me and the engagement with them has been a lot of fun and i've learned a lot so 1st of all i would love anybody this listening this he's found me on the

dragon fear and give me whatever you want as far as opinion criticism because i'm working on another book and we're actually adapting my book my present book into a documentary and i want to focus on how we can remedy this issue how we can unite a very divided america in order to go after this chinese challenge that we're facing and to answer your question you go upon what eric was talking about one of the things that china does is they play along if play a 25 if the 100 year game of chess while we play checkers all day long on share price fluctuations on a day to day basis quarterly results 2 to 4 year old action cycle successor and now it's a real problem for us to invest in infrastructure and for us to invest in r. in d. they are doing achree and by the way if you want to look at case studies the best

ones to look at right now are 993 when they said they are not going to produce a a r g.p.s. or our. satellite system they were going to create their own and guess what they have in 1997 they said they are not going to participate in. world wide web it wanted to create their own an eye for kid from wrestle world guess what they have they're doing the same thing with i.g.n. 60 and they're going to do it with microchips under 2025 vision we are getting left behind and we need to spark not one thing about donald trump with white them or hated a hold of fire alarm and said we need to wake up to this china challenge crime is running out and we need to get serious about whether he apply any serious to it or not is one thing to debate what he did do is pull the fire alarm we need to keep all in it we need to implement change now if we trust the quid pro father was transfigured cheap stuff you know we don't work you know we get faster payments

from the government they send us all this free pass to buy chinese goods which are super cheap so why are what's my incentive to get to up an estimated go back into the factory work 60 hours away an hour and everything more expensive because they can't get it from china anymore so my quality my life in a crash what's the point of that if chinese i want to do all the work and get and the governments want to give us off free money was my incentive a enix shame's they're going to read cut it's a wonderful life and make jimmy stewart a chinese actor i don't i'm fine with that i don't care so what what's my what's my upside in this i mean we have off shore essentially deflationary pressures because of the cheap labor over there and that does allow us cheap products and services the fact of the matter is that all your audience knows this really well kisser getting super wealthy off events and it's why it coin is rising might it is that there is a real push for china to remove the u.s.

dollar as the world's reserve currency and wish that happens this whole great oh you don't have to work everything is cheap we can just print money into unfit any that all goes away and then the really tough start happens on the resat. and unfortunately at that point china's going to have a big head star on what that new world norm is to know look like and we're going to be left behind in the dust this is not something that we can literally sit and go hey look at how great our lives are today it's just going to continue like that that is not the case we've seen many canaries in the coal mine there's lots of experts that are now coming out about it and even those little sort of oh what do we care about censorship of hollywood or whatever it is well guess what it's tripling throughout the world air $800.00 how we tell stories for other markets including our own not just bears and that is going across the board to every other american company just like they do with how you would they're doing it with mary

out and saying you've got to take taiwan off of your maps they're doing it with activision insane you can't show the trailer for your latest game because it has a little segment of the tiananmen square massacre in this incident and they are doing it with every one of our companies on freedom of speech rights but even worse they have taken our ability to be best in class what we do they have learned from it is a forced us to teach them how to do it and now they are being nice and our own game in the stuff we were already world leaders in and they're using nat in order to be world leaders and things like you said 60 which we haven't even started to think about yet president biden has opted to do nothing about mohammad and salam chopping up the washington post journalist and flushing them down the toilet. later it's the same they really care about these issues chris i love i wish they did let me hit

that really quick ok this is really interesting to me because i if people have read my book i did a week out there a little bit i happen to be a democrat even though i don't really affiliate year party i'm a nonpartisan patriots but if you look at the way we deal with m.b.a.'s in the. we punish in a way we. even approach these human rights issues there it tends to be something from the left and they go after because it's energy trade it's defense contract the military industrial complex that saudi is made up of when you look at china it's more left leaning stuff so the right gets tougher on it right you got the ninety's and you got the n.b.a. you got hollywood you got apple and starbucks more liberal leaning corporate interests rights what we need to do is combine forces and get a common shall and sort of protocol were actually bonding over something that's not this cultural warfare and who believes in gun rights and god and all that kind of stuff we have a real threat here we need to unite on it e.a.

solidarity form united front to create the leverage to fix this to your point about the u.s. dollar there not as a stand back and meller. very famous money manager is set is going very very sore at the dollar and along asia. money flows to where the returns are the greatest and the sum of money buys what industry does a sale unfazed by these issues chris it's disheartening because quite frankly our capital markets and arm vester base is really would scouring the engine of china so . you know i have no problem with capitals and in fact i love cat smell of free markets and as united discussed both online and offline i don't even know if we really have capitalism it's more of a cronyism it's a situation that i think is overtaking our capital as a system but let's pretend we have capitalism one thing that we need to think of in regards to the way we engage china now is on

a patriotism 1st level and then capital as long as we start to realize that our capital is the base of our capital is the ace of the freedoms that we have and is yes have the foundation of a strong republic elite i have a united states of america that you built over the last 200 years and the security interests in the welfare of the next capitalism will continue to flourish the problem is we've been selling out a nation that is allowed us to have this form of capitalism just for returns on quick quarterly results and key analysis and revenue growth center pumping up our stocks and making investors rich it's as simple as the s.c.c. for instance if you look at the way china gets access to our capital markets staging not have to apply the same accounting standards as every other company around the world why because they hide behind state secrets laws which they say apply to them because technically all these private companies are as so we source

state owned enterprise it's got to end that if you want access to u.s. capital markets if you want access to private eye. we if you want access to any activity we need to in olden syfy ists even stronger the committee on foreign investment in the united states and we need to allow the assy seed to control these chinese companies and regulate in the exact same way every other company gets access to our markets which would be more effective more impactful for they the us government to get quote tough on china or be for the us government to get tough on wall street that's in gaves and all kinds of worthless stock buybacks floating companies up what that hollowing out industries private equity rating these companies making them less competitive or not competitive trading zombie companies rewarding zombie banks and of serial recidivists who are lawbreakers on wall street right so the question is what's what's where we get the biggest bang for our tax

buck clean up with the wall street trucks or try to manage china better well worth a better but dollar spent dress there's a real need for the way we construct capital markets the way we created our exchanges way back in the day but we have definitely lost our way in a lot of stacks and on top of it the regulators and the revolving door and a curse between wall street and regulators is something that needs to get specs but the fact is miley is china and if i want to can onto that wall street subject i can go on all day long because it affected me and my family really hard and i'm still upset about it something that i can't get rid of and i'm still. but the fact is i'm also about the way we're addressing china and the fact that there's so much money being made on wall street by trying to put their heads in the sand and pretend like this isn't a long term issue that's going to bite us is ridiculous and we need to address it

from the government level and say these are the ground rules moving forward and there's simple simple fixes i mean don't you tio designate china as a developed nation. is just simply one that will start to rectify be an airbus number 2 is the accounting practices that the f.c.c. needs to start lying to chinese companies number 3 is to make sure that we're actually overseeing these companies that are trying to get listed on on the u.s. exchange and scrutinized her all their paperwork to make sure it is right now for both retail investors and large fish sure out there trying to make a lot of money on it i mean you look at chip stocks and big private equity interests in stake in that light and situation and the fact is they were just trying to lay off a national security issue into something that created profits yeah i've been a folies put feeding the dragon is the title of the book chris fenton the author

thanks for bringing a kaiser report by the way max sorry got me all wound up but this is really serious stuff and we do have exciting clock everybody please you gave me a book to follow me out at the dragon theater love being on the show have me back any time yeah well do that's going to do it for this edition of kaiser apart with may max kaiser stacy everett well i think i guess chris fenton the next time by all . is you'll be a reflection of reality. in a world transformed. what will make you feel safe right. tyson lation whole community. are you going the right way or are you being

led so. directly. what is. or is way. in the world corrupted you. you need to descend. to join us in the depths. aura maybe in the shallows. the or tactics that can be used to get innocent people to confess to crimes they didn't commit i don't even think people in the us really get that the police are allowed to lie until the person who falsely confessed actually came to believe the lie that they were told about their own behavior once a false confession is taken the case is closed and nobody really can tell the difference between a good confession and one that isn't. made

a moscow time in the headlines this month of march the e.u. chief shifts the blame to astra zeneca for block supply failures with just 10 percent of orders delivered. nonsenses how the kremlin brands fresh u.s. claims of moscow meddling this time to supposedly discredit american vaccines in favor of russian shots. and switzerland becomes the latest state in europe to ban face covering such as the burka in public drawing criticism from muslim communities we put it up for debate for you. and i feel very wordy. but i don't like the. age of the people who are why have you.