meanwhile farewell farewell soaring home prices are starting to arm policy makers own prices in january typically a slow month for the market were up 14 percent over the same month the previous year while sales jumped 24 percent despite an unemployment rate that was almost twice as high demand for existing homes is so strong that the average residence is on the market for just 3 weeks and inventory is at a record low after seeing a steep us drop last year since the data was 1st tracked in 1999 remember the 2008 crisis was kind of kicked off by the sub prime crisis and remember that was wall street repackaging subprime loans with good debt and selling it off as packaged products to hedge funds and pension funds and they did it so much and so hard for so long that it eventually blew up and it gave us the global financial crisis of 2008 and we said you know they're not going to change anything they're just going to give them a bigger credit line and 1012 years later we're going to be the exact same thing happen again but much worse so here we are in 2021 once again housing is

a huge problem because of all the money printing that's gone into the economy we have now rampant speculation in homes and this means that for average people homes are becoming unaffordable so add that to the average person health care is unaffordable for the average person education is an affordable and you have a picture that tells us that all this money printing is causing inflation which is a tax on the average person and because of the can't sell in effect. in riches those people who live near the central bank where they do all the money printing those people are insensitive to the needs of the average person who is getting crushed by inflation and people say well what are you talking about. there is no inflation the government doesn't include housing the government doesn't include education or health care it's a lie 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 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 here 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 trillion 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 x. sitting that are 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 cause 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 that they were getting a lot of money extra money and they're pouring into property but as you. you'll see in this next paragraph that i'm going to read it's it's causing long term damage and long term wealth destruction 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'll get paraded and called all sorts of names on twitter

by blue check 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 the rarely people of color are. now getting raked over the coals again through disinflationary pass their assets again remember because it is on confiscated will 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 their policies

themselves what they're actually doing have racist 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 $1.00 trillion dollars stimulus bill and just like a couple 100000000000 goes to people in the stimulus everything else is like all sorts of boondoggles of course like 1.4 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 to 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 i keep on supporting that implementing and creating racist policies cap repeal unlikely to be added to 1900 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 $908.00 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 the solids write offs 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 or 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 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 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 the people collecting $1400.00 well $10.00 goes to their corporation. 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. however 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 the urgency to like when you don't tax breaks back 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 induction 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 to 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 site 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 870000 pay. 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 at 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 interest rate a part in it 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. 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 the person who falsely from 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 confession and one that isn't. l. look forward to talking to you all that technology should work for people. i robot must obey the orders given by human beings except where such orders would conflict with the 1st law should your identification we should be very careful about official intelligence and the point obesity is to face trust every one of them shia

. muslims like to take on various shots in with artificial intelligence will summon the demon. must protect its own existence as a mixer. in . the sand and hear from us and. our all of whom one has. a good armor on our trophy for our brother a prophet of the for 4th america of america. i'm going to let him but i don't cut him then you cut him and keep an eye on what i

have found is a channel for truffle that it is living. below the water then i'm all in. the hey how nice and. good its whole food place choice i knew where you're from and pay i think time in theory has said. pretty she ought to have a. model for that in africa will fuck around with mr hates it for jim and then boil the whole thing that are from him in the course. of the money. welcome back to the kaiser report imax keyser time now to go to paddy lo fi is the man behind the 0 petroleum he's got a background as

a formula one engineer with the likes of williams racing mclaren mercedes writing with hakon in lewis hamilton and he joins us now to talk about their petroleum battery welcome thank you thank you man 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 at 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. we've only really done the 1st half which is the consuming part so we can see more of the tajik carbons in all of our machines and engines. back if the sa current standard of living but it's a linear system you know linear systems that they run out on the inputs and they create problems on the output which is why story the current moment carbon dioxide . so what we're going to do is make petroleum from scratch in the same way.

you want to. store the horse it's the same chemistry actually. and that is in an industry that will be in the next one or 200 years and it doesn't have a name at the moment sequence of photosynthesis but an industry so given it this new name patches since it's 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 what 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 since this is rather than digging fossils out of the ground which are legacy focused and since you know. we're going to make those hard 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 high. and you carbon as a fuel or a plastic whatever precursor we need and so that's the general process of of your

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 isn't the process is attempting to right a balance in the ecosystem where you've got now represent you've got a petro center says that 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 day 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 sounds like mosque seems 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 fuel is new. 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 had 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 s. 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 there and then with coal gas i save recall a project from not too long ago where microbes are eating sea wade and the byproduct is petroleum 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 is 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 just you know it's physically it's not really sticking 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 but i'm more interested on the kind of the other side of the equation what where do you find bottlenecks in your process of scaling is

a tough to source 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 you and 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. 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 big question 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 mine co he would see make synthetic if you. saw there is 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 an 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. amy energy any 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 so 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.

the world is driven by a dream shaped by. the day or thinks. we dare to ask.

you to. this is crude oil. so they need to actually physically hold it out of the ground you would have well well well well well. there's a lot of money with fuel 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. as a minimum there's an issue. here maybe. they were all $16.00 a day hard work for the workers not used to work and so they want to relieve their stress of how do they relieve the stress these men move that outlet these men that comfort these men that. people have been murdered up here people been raped they're

massive drug issues up here you have a boom you have everything also. along with money. headlining this hour norway probes the safety of the astra zeneca covert vaccine as 3 health workers were hospitalized with blood conditions after receiving the job. medical experts are divided after a german doctor is criminally charged for inventing his own kovi jab and then administering it to volunteers. there are certain procedures that we normally follow when developing drugs and vaccines those procedures were not followed he was just. taking in. long lines form outside london food bank as many families.