why yes let's look at this data because it's a lot different from 2005 to 2007 housing bubble they crashed they were giving out loans high amount of leverage to people who couldn't afford it now you have a lot of people who can't afford it because there's a lot of money printing say had $5.00 trillion dollars pumped into the economy last year 25 percent increase in the money supply and mostly went to those who had assets who were close to the fed so you're in san francisco you're in los angeles you're in new york you're in d.c. you're getting the money 1st you've got here getting huge surge of of wealth look at jeff bezos or or even mosque how many truly hundreds of billions of dollars they earned earned from paper last year so you're seeing a lot of people who are able to buy many homes or upsize or keep their place in manhattan or the cities and there are ex sitting that and now buying places out in florida or texas or north carolina so there's a huge demand for properties and so you're seeing

a calls and the media and the calls from the blue check twitter are that we have to do something we have to send people $1400.00 we have to send them $600.00 we have to get them $600.00 extra a week a lot of that is just being sprayed it's to people who are already working the article here in bloomberg points out that a lot of these people are working from home for like a google they're ready you know they're making close at the top of that range they were getting a lot of money extra money and they're pouring into property but as you will see in this next paragraph that i'm going to read it's it's causing long term damage and long term wealth that just struction to the poor it all threatens to freeze brod sways of the population out of the market leaving millions of americans and a less secure financial position i am going to stop for that sentence less secure financial position so you know you have been rated and called all sorts of name. on

twitter buy blue checked twitter if you say that this is going to cause inflation they're saying that you're some sort of horrible person that doesn't want to send this person money you're like you're putting them in a less secure financial position that's a horrible place to be right why didn't the racial wealth gap and forcing the millennial already lagging previous generations of building wealth and forming families to fall even further behind quote the dream of homeownership is out of reach for so many working people said senate banking chair sherrod brown rising home prices and flat wages mean that many families especially families of color may never be able to afford their 1st home they make a good point contrasting 2008 and today in the housing market and in the 2008 crisis the subprime a sexily people owned their homes to begin when they were fraudulent induced to take on huge mortgages which then they couldn't pay letter line of credit off their he locked. the home equity loan and when they couldn't pay it and if there were

fraudulent land dues to take these loans those houses were lost and that's how warren buffett became one of the biggest landlords in america today he's the he ended up with all of those homes now that those homes are in the proposition of private equity groups like warren buffett the 2021 variant of a housing crisis is to pump money into the economy so that all the assets held on the balance sheet of warren buffett and other banks go up in value and the people that lost a lot of wealth in 2008 i rarely people of color are now getting raked over the coals again through disinflationary pass at their assets again remember because it is on confiscated won't i say that to the folks of color because it's one of the only assets they can have that people like warren buffett can steal right and you see again the rhetoric in the cable news on on twitter blew check twitter is that they'll be talking ever more about how anti-racist they are and yet they're.

policies themselves what they're actually doing have racist the results they're excluding as sherrod brown points out black families from owning homes and then cut to another thing that almost passed with this and yet another 1.9 trillion dollars stimulus bill and just like a couple $100000000000.00 goes to people in the stimulus everything else is like all sorts of boondoggles of course like $1.00 trillion is to all these corporations and cities and towns in place like that but they you know the democrats are also trying to get through at the same time they're saying we care about people look how good we are where we support $1400.00 to individuals even if it's going to cost them a whole lot more in the long term right just like sending their jobs * to china reduce their grocery bill and their goods you know their child's school school clothing by 20 percent their wages by 60 percent and their long term job prospects by even further well here is something that the democrats want to get through the same people in cable news the same people who are blue check twitter who tell everybody

else that they're racist even though they're the ones that keep on supporting that implementing and creating racist policies cap repeal unlikely to be added to 1000 relief bill so the democrats are trying to get this all the people of manhattan of california want this bill back because trump repealed this assault hopes among millions of upper middle and middle class taxpayers for a repeal of the trumpet ministrations limits on their federal deductions will likely be on hold for now as an effort to include the measure in the covert 1980 package is poised to fail the house ways and means committee is slated to clear the tax portions of president biden stimulus legislation calls by some new jersey democrats to repeal the $10000.00 cap and state and local tax or salt right off of the gone unheeded in the legislations so far just so you understand like the people who benefit most from these tax write offs they solve. about. 52 percent

of the benefit from repealing the cap flows to households earning at least $1000000.00 a year so it's the very top those earning a $1000000.00 and more like most likely to vote democrat most likely to be like hillary supporters so they're also the ones shouting the loudest and telling everybody else like i just think it's psychological projection they feel guilty for all of their actual policies that are in fact indeed racist they're the ones causing these a low tax take that thus there's less money for housing and urban development for example or or public housing because of the salt deductions and at the same time they're all for printing more more money because for every dollar that goes to stimulus for that people collected $1400.00 well $10.00 goes to their corporation so it's so win win situation but they get the loudest megaphone to tell everybody else you're the ones doing this like you're the ones causing these racist out counts when it's like their system is the one that is horrible and unfair yeah it's

really humorous that these blue chick. on the in the new york area are not getting the relief on the salt that they were hoping for when they were voting in 2020 you know there was a lot of pigeon chested puffy puffy proud moment of the blue checks about the 2020 election and i think it was either newsweek our time they ran a cover story kind of celebrating how they had to take extraordinary measures in the 2020 alexion rank way and that's all because they figured they could get their tax breaks back and they felt than urgency to like when you don't tax break spared and now it turns out they're not going to get their tax breaks back jokes at least for this year of course they have next year before the midterms to pass. the

sol thing. or even like there might be there will probably be more stimulus packages going through this year in terms of what the amount that wealthy people 50 percent of the salt adduction benefits those earning a $1000000.00 or more that would have been $88700000000.00 they got to keep this year instead of paying towards taxes that are thus going toward stimulus packages so they have the megaphone of being the elite media and their elite think tankers and stuff like that and saying everybody we need big stimulus we need huge stimulus we need big stimulus we ourselves want a tax break ok we want to pay $88700000000.00 last to all those people were telling you to help write of course that's the bottom model right donna gets to you know use all sorts of tax loopholes to ireland and netherlands for his copyright and then tell everybody else hey let's go save the world and pay more in taxes which is

fine if we all agree on it but if you're the $1.00 pushing it but you should also support it the stop the tax rate that you pay if you're a just a tax or a. yes right so everyone's in a certain tax bracket but not everyone has the same ability to just their taxes so we know that there are millions of americans and corporations who adjusted their tax rate to 0 i'm just thinking general electric i remember a couple years ago they filed a $70000.00 page tax return and not only did they not pay tax they got a tax credit of course also as a property developer that's why you go into property to have tax write offs deductions for you know depreciation. that's all engineering the office where the banks are and that's not the same place where the people of color are living so it's what i call the interest rate of. it's systemic racism for sure

through the banking system we're going to take a break and when we come back much more coming your way. to. 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 to you the person who falsely fast 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. as

you read the stand in here from us and. our overall approval on one of. our show i think that there are rather than what are the 4 for. i'm going to let him but i'm going to cut him a new cut and keep an eye on what i had seen as a channel for truffle that it. felt. like it was then

now modeling hi michelle it's also i know it does you know the family owned mind. number set up around the hey i'm not doing. good it's whole food but choice the i knew you had an unfair awesome time in syria says. she ought to have a. model for them after the couple fights around the missing if that for jim and then the oil for food are fed him and of course. the money. this is crude oil. so they need to actually physically pump it out of the ground you would have well well well well.

there's a lot of money with the oil and with that comes. a lot of a lot of people from all over the country. if you don't make a $100000.00 a year. there's an issue. here maybe. they were told $60.00 a day hard work will work it's not easy work and so they want to relieve their stress of how do they relieve their stress. that outlay. that comfort these many. people have been murdered up here people can raise their massive drug issues up here you have a boom you have everything else that comes along with money. welcome

back to the kaiser report imax keyser time now to go to paddy lowe is the man behind 0 petroleum he's got a background as a formula one engineer with the likes of williams racing mclaren mercedes working with hakon in lewis hamilton and he joins us now to talk about their petroleum battery welcome thank you thank you max now the white paper which i have a copy of right here look this is a. 0 petroleum it's called petros cent the success the completion of the industrial revolution elaborate on this what is petro sent us this is a term that i have coined myself because i don't think there is a term at the moment. if we look at the current sort of situation in human development with where in you know we had the industrial revolution but actually if you look really big picture. you know i don't care how far you want to jump you know let's say a 1000 years we won't have fossil fuels anymore you know they die they will either

run out or we won't manage it with the climate which is the current current crisis or any way they'll just become too expensive to extract i'm already seeing that that renewable electricity is actually in the u.k. cheaper to. set up a power station than for traditional process so the process is already starting so 8 in the long term we will synthesize all of our petroleum from it in the same way that happens in biology. so we've only really done the 1st half which is the consuming part so we can see more of these hydrocarbons in all of our machines and engines. that gives us our current standard of living but it's a linear system you know linear systems they they run out on the inputs and they create problems on the output which is waste or in

a current moment carbon dioxide. so what we're going to do is make petroleum from scratch in the same way that. you would do. store the horse the same chemistry actually and that is in an industry that will be in the next one to 200 years and it doesn't have a name at the moment sequence of photosynthesis but an industry so given it this new 9 patch a synthesis photo sent the says you know i've been reading some of your stuff you know you talk about how it creates kind of a perfect balance between carbon and oxygen that is used obviously by living organisms on planet earth the sunlight hits the green leaf photosynthesis occurs and carbon is transformed and dirt from the industrial revolution forward that balance has been disrupted disrupted to the point of dire circumstances so it's

not that we are saying that carbon is bad we're just saying that there's going to run out of an appropriate amount of oxygen. to to sustain life you know that's the problem the problem is no more oxygen has been crowded out so. so therefore there is an analog petro synthesis so i guess you got to get into this a little bit about the petro synthesis of what exactly is happening at the point of petro synthesis what's going on there in general and i don't know specifically about what we do in 0 charlie but in general what you're saying you know it's. a rather than digging fossils out of the ground which are legacy folks it's you know . we're going to maintain those high end you coughlan's from carbon dioxide coming out of the atmosphere. and from the energy from the sun and we will produce oxygen

and the. carbon as a fuel or a plastic whatever precursor we need and so that's the general process so of the senses which which balances with our consumption and 00 hydrocarbons that we do in the moment there is a balancing that's going on between the creation of the petroleum synthetic petroleum and oxygen so there's a crack there so there's a there's an the process is attempting to right a balance in the ecosystem where you've got now represent you've got a petro center says and so oxygen is also being created at the same 3 you know we look at nature has been in balance for hundreds of millions of years and through this chemistry which we call the carbon cycle and what we need to do you want to carry on with our current civilization is to recreate that same balance but on an

industrial level so we've done the burning big and we need to make the bit that creates these fuels and these plastics and all these materials that we consume pharmaceuticals etc so you're right it's about you know what we do and actually since this is affectively a forest in a factory it will create oxygen it will create the hydrocarbons taking carbon dioxide out and yeah you have a background where formula one racing and and even had a spectacular career their engine on the engineering side so petra center says comes out of basically your love for engineering and then you also know it spills or at least you see the eco system essentially as a as an act of engineering and sounds like mosques seem to think that everything is engineering and he can go to mars based on his idea that everything is basically just engineering is great you put it like that max because that you know doing

let's say new fusion. you energy can be seen as you know i'm absolutely not an environmentalist i'm an engineer and you know all of these problems will be solved by engineering so yeah the census and synthetic petroleum which we're doing in 0 petroleum is an engineering challenge which we will mate. and that does excite me you know i've spent my year my my career and my life really you know burning fossil fuels either for work or for leisure you know and we all enjoy and one of the messages around environmental is ms that everything we do is at a you know we're going to stop doing it you know stop flying stop eating meat stop you know and 1st very 1st of all as not going to happen you know people just aren't going to stop doing all that stuff and anyways not the answer i mean even if you reduce it doesn't solve the problem you need she need to engineer proper solutions

and week we can do it we know how to do it all problem at the moment is only around economics ready because faso energy is so cheap and we need to develop the technology to come along side and meet that but it's happening as a said with a lecture state already you know cheaper to build a power station in renewable was than than with coal gas i save recall a project from not too long ago where microbes are eating sea wade and the byproduct is but there's that ring a bell or did i dream that you know you didn't that's code 3rd generation biofuels so that's an alkie process. so we've had 1st generation which is what happens in brazil they made sugarcane to make ethanol now people are saying that's bad because you know you're putting pressure on farmland which is totally true 2nd generation

is to use the waste let's say the husks from whatever very very difficult. because it's so sunny los it doesn't break down the 3rd generation is this hour you're right but unfortunately none of those systems will scale the degree to which we consume energy coming out of the ground at the moment in the in the form of fossils is just colossal you know globally and and putting nature on the line to make up for that it's just you know it's physically it's not released it can just basic numbers just doesn't compute and secondly it's completely unfair you know to expect biology to suddenly pick up the reins from all of our consumption so let's talk about scaling and 0 petroleum sceptically scaling there are 2 constraints one is capital and the 2nd scaling. issue would get into the specifics of the enterprise itself so on on the

capital side we can talk about that in your process of scaling is a tough test so are some of the you know how it works how does it scale in other words this is like i can understand how a software company scales they add more servers you know right and i understand scaling in many contexts how does this scale you're right it is very capital intensive because you've got to scale the energy creation in the renewal that has to be done you go to scale the plant which which process is the energy. but you know something to build it is very. compatible with renewable power and this is where there's a very interesting link up to 2 big queen actually funnily enough because. in order to make synthetic gasoline which is what we're going to do you need a lot of electricity but most of your your cost is in the renewable electricity and renewable letters to he is great but it's it's highly intermittent it's not cool to

bo it's not easy to store. and this is where the making few is freight it can work instead synergistically because you can make fuel when there's too much renewable power when it's sunny and windy and you can store some of that either for use as petroleum directly or to go back to run power stations when there's no wind no sun. and actually to me bitcoin mining works in a in it's a very similar model actually and you know we've seen a lot of criticism of bitcoin prince consumption of energy for me that's an old mindset because. the that the conversation is about carbon emissions but reality in the future the grid will be entirely for so free. and so that for which way and to get there we have to manage this problem of variability

in the supply and bitcoin is actually as a mining exercise is is just like making gasoline synthetically it will go where the power is is abundant and in excess. and so on that might be on a seasonal basis going north south or it might be on a daily basis going to east west so you know you go to where the power is cheapest to either make. it to mind. make synthetic for you. so there's there's quite an on again right you go where the where the energy is cheap best and this ends up being environmentally a great environmental boost because some of the environmental problems with energy are in transporting energy and through the pipelines and the fact that energy and electricity degrade over certain periods of time so that's incredible loss of

energy a gas flaring by natural gas and oil exploration is now being captured by bitcoin miners in the converted into bitcoin so and you're talking about and again and from an engineering perspective. a energy hydrocarbon burning substitution which has the added benefit of lowering the cost of bitcoin mining so it's all france asdic i'm going to look through the white paper in great detail now and want to follow up and see how this is going patty thanks for being on the kaiser report thank you very much not the great measure all right that's going to do it for this edition of the kaiser report was made back kaiser stacy herbert like to thank our guest patty low of 0 petroleum until next time by.

one of the worst of a mess shootings in america was in less than $27.00 to. the tragedy exposed a little of the real last big women who say elected officials are controlled by can see you know know the dangers shooting and reveal where v m p d really is and now it's part of the standish in person the american public barely remembers that happens that just shows you the power of money in las vegas the powerful showed that true colors when the pandemic hit the most contagious contagion that we've seen in decades and then you have a mayor who doesn't care so here's caroline goodman offering the lives of the vegas residents to the control group to the shiny facades conceal a deep indifference to the people could have been saved if they were to take an

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some control for a middle class the homeless of the night muslim are very hardworking people who want to get ahead that either have some some health issues or have some of how this trick about luck a full time job won't always pay for a place to live and missing just a month's rent can get she will 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 paul in the world's richest country.

medical experts are divided after a german doctor is criminally charged for inventing his own covert japp and giving it to volunteers. there are certain procedures that we normally follow when developing drugs and vaccines those procedures were not followed he was just an ingenious inventor and. instead of taking him into his approach kicked him out there and. long lines for him outside a london food bank as many families struggle to feed themselves admit the pandemic . of the 1st new generation 5 g. mobile network is no instead popular gathering spots in the russian capital we tested out.