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i am kaiser and this is the kaiser report. i'm here with stacy herbert and this is summer solutions. every year. we try to dig into the solutions and we've got a special guest at a gym console of consular dot com, stacy. right? remember james was a guess on our series front running. so at that time we were looking at all the radical platforms of the various candidates for the democratic presidential nomination. and they were radical things like u. b, i m, m t and all sorts of other ideas. well, they've all become basically law. now we all have them implemented, so we're going to talk to him about a few of these. but jim, welcome to summer solutions. pleasure to be with you about. well, the money printing continue until morale improves and just how much more can morale improve anyway? like stock market at all time highs, housing prices storing wages or at all time highs. so like how much more money

printing are we going to endure a happy, happy, happy is american. now, it kinda depends on the how worthless the money becomes as the punishments of money printing continue. and i think we can probably all agree that there is a great hazard in printing, no end of money with quotation marks around it. because it's becoming increasingly detached from any real productive activity in the arm and on the ground economy. i remember back during the time of f d r. there was a lot of money for in thing going on, but there was also a big worked program. so people were out there working and building and infrastructure and bright bridges and roads. but this time they're just printing and money and giving it to works. and they're not expecting anything in return. and we're getting a lot of inflation. but we're not getting anything done. jim,

let's remember that even back during the 1900 thirty's, in the great depression, that notwithstanding the high rates of unemployment, we still had a great deal of productive infrastructure. and we were still in fact, producing a great deal of value and goods and things of, of worth. and you know, what we, what we had could still be classified as something like real industrial growth. the problem that we have now, especially with the shenanigans of the central banks, is that we are entering a period of history of non growth and the reversal of growth. and if you don't have that thing called growth, you don't, you don't produce enough surplus wealth to service the debts that you're piling up . and now that we're piling up the debts at a kind of astronomical hockey stick path. we're,

we're guaranteeing that we're going to have a debt system in which there's no expectation that debt ever gets paid back, which is not a credible debt system. and that's kind of the hinge of the problem. so we're kind of going through a period as well, of d, globalization are certainly tensions between the rising power and the declining power and the declining power of the united states and everybody else, essentially including europe. so it will that be a solution in a, in a way to the problem with, especially the rust belt and all of the, the people who hillary declared were deplorable people who used to have jobs and manufactured wealth and had great jobs and stuff like that. like will that be a solution for them? solution is a bit of a tricky word because we must remember that reality has mandates of its own reality compels us to have to endure certain conditions. and one of the conditions

that were being asked to endure now is the withering and reorganizing of international trade. you can call that the global economy, you know, where there's going to continue to be exchanges between nations. but you know, the power differentials are going to change, not just in, in the ability to project force, but the ability to project economic, dom ation and power. and that's now changing a great deal. and i think the bottom line is that for the west, the world is going to become a bigger place again, rather than a smart the smaller place that you know, when tom friedman published the lexus in the olive tree, he made the point that globalism was going to become a permanent installation of the human condition. and that's proving not to be exactly true. and now that it's withering, you know, we are facing

a new disposition of things, including basically a lower standard of living for the western advanced economies. and probably in the united states, considerably lower than, than what we've been used to. and we're trying desperately to compensate for that by printing all this money to pay for the stuff to pay for the standard of living we have now, which is actually leading us behind the ability to add value in a manufacturing economy and very export lead economies shrinks what it sounds like you're saying there and so global standards of living deteriorate as everything becomes kind of commodified. and there is no i guess david ricardo's sense of competitive advantage amongst nations. it just becomes one big global commodified go a commodified musical chairs. maybe you know where,

where we're constantly shifting around in the, in the, the circle of futility. trying to keep ahead of everybody else when in fact the general pool of what's available is shrinking in and the most crucial part of that is the energy pool. and you know, we've discussed this before, i'm kind of, i regard the, the energy inputs to the economy as being central and crucial. and we're facing the situation now. you know, the michelle oil miracle which was supporting american energy production at a very high level, was already being challenged before coven 19 hit. and the main problem with the shale oil miracle was that they spent 10 years jacking up production of oil to a tremendous level, much higher than the previous 970 peak. but at the same time, they were proving that they couldn't make any money doing it. and so they had

gotten all this tremendous amount of investments in the 10 years after the 2009 great financial emergency. and now that they've demonstrated that they can't make money producing all the shell oil, they can't get additional investment to continue those operations, which have to be continually, you know, re upped and re up because this is a resource that deplete so rapidly. you know, the average shell oil well loses 60 percent of its mojo after the 1st year and is generally out of business after 4 years. so they have to constantly re drill and refract. these are tremendously costly operations. you know, the old oil cost $400000.00 in today's money to drill and oil well. and it was like a cash register that ran for 30 years. michelle wells, you know, costs between $6.00 and $12000000.00 per well to drill. and there, you know, they, they, they start cropping out after the 1st year at 60 percent of loss. so,

you know, it's, it's unfortunately a loser game. and we got a lot of kind of, we, we, it allowed us to postpone our problems. are reckoning with with energy, but now that's over. and, you know, it's coincided with the terrible destruction of the kobe 19. you know, the reaction to the virus. and it's place that's in a great deal apparel. the absurdity of cracking as he said, it kept on losing money and are pointing it out. of course, saw us. our program be mentioned in the whole director of national intelligence was saying that was somehow us saying that somehow cause hillary to lose the election and 2016. but nevertheless, it was, it was possible because of 0 percent interest rates. it was possible because of the exorbitant privilege of the us dollar. so james,

tell me the us dollar turns 50 in august, as we know at the all fee, our global reserve standard know backing by gold. no need to send are gold overseas due to our huge trade deficit? does it survive much longer? how much longer can this live is? are we going to the least enjoy the exorbitant privilege, but the majority seem not to have any sort of privilege off of this? at all? the financial economy has been detaching from the real on the ground economy during that whole period. and it's become, it's become especially extreme over the last few years, really the last 10 years since we, since the central bank started messing around with exorbitant money creation, from nowhere. and you know, it now that the, the, the amount of creation has become just out of this world, you know,

going from a death in its annual deficits, less than a trillion dollars a year to now. something like, you know, i think we're, the, the us budget is like 10 trillion dollars. if you're including all of the, you know, the various rescue plans of this kind and that kind, 10 trillion dollars a year out of nowhere where you just can't match that with production of real wealth. that means that your, you know, your financial system is completely abstracted from real economic activity and that tends to suggest that you're going to harm your currency. so i would be of the group that, that believes that the currency is going to be damaged sooner rather than later. and, you know, look, we're seeing it already in the price of cars. i think the average price of cars over $30000.00. now, just in the last year, you know, you go to the supermarket, there's not a single item that's under $4.00, you know, including a gera peanut butter. and, you know, we're seeing it, but you know,

the old saying goes, there's 2 ways to go in broke. you can have no money or you can have plenty of money that's not worth anything. and we seem to be choosing that, you know, the 2nd one because it's easier for the authorities to get away with that. by the way, you know, the whole modern monetary theory that this exorbitant money printing and spending and fiscal spending is based on, you know, it represents kind of the final horizon of detachment from, from being real, from having a real economy. i don't think we're going to get beyond m m t. all right, that's incredible. we're going to pick us up in part 2 with jim counsellor, don't go away. the me ah!

one of the persian gulf, the wealthiest country is, has spend billions of dollars on state of the art stadiums. wow. look at this stadium is really taking shape. you can see the bowl and most of the stands now, when we were here a little bit over a year ago, at the same construction site, it was just a foundation and a few metal structures. so it seems that time why this idea to use shipping containers as building blocks has definitely paid off. i mean, they're easy to assemble and easy to dismantle, just like playing with lego the, for the 1st time in world history, the stadium will be billed from shipping containers. and what's more, it will be completely dismantled after the turn in the me. ah

ah, ah. the the me welcome back to the kaiser report with nice guys or stacy, robert and james tower counselor are going to pick up where we left off and our summer solutions conversation with james james. it seems that all this money

printing now really it's taken on a different character. you know, people aren't really expecting there to be genuine growth. it feels more like palliative care in a hospice. i feel as america's become a giant hospice and the money printing is to ease our pain as we essentially command financial suicide. that's a very good way of putting it and nobody else has put it that way. very interesting . you know, if you really want to talk about solutions, i think that the best way to go with that is probably for americans to somehow wrap their minds around the following dynamic. you know, it's not that complicated reality is sending us this message about, you know, what kind of conditions where we're going to be meeting of, you know, resource scarcity and capital scarcity. and the real message is

to get smaller to get more local to down scale the gigantism of the things that we do. you know, for example, you know, we've got a nation that is now relying almost solely on super duper giant corporations to deliver goods that are, you know, made 12000 miles away. if you really want to have an economy, you've got to employ people where you live. you know, i also, along with that you've got to have people who occupy not only economic, but social niches in your community so that they play different roles in your community. so you actually have a society that has some dimension to it, not just the society of consumers who are like patman, you know, going across the board, you know, gobbling up cheese doodles. so to rebuild that kind of economy is going to be a tremendous task. i think we're going to be forced into it by necessity,

whether we like it or not. you know, we're going to be dragged, kicking and screaming into rebuilding our local economies, making something even if it, even if it ends up occurring at a lower kind of standard of living than what we're used to. because, you know, the human project has to go on, including the american version of it. and this is going to be quite an emergency that we're going to have to really put our shoulders to the wheel through and somehow bull our way through. i have a question about that kiss. can we get there from here? because it seems like we would need a civil society as well. we would need to have adult conversations between these various tribes in america. it does seem like, i mean, i've never seen it like this before. sure. there were problems in the sixties and seventies, but it was like the people against the government essentially. and now it's like

the government with one set of people, the ally, it's the cable news hosts and think tankers against the deplorable. so how can you ever even want to bring, how can we get to the point where they bring manufacturing or wealth creation or, or hiring local if, if you think most americans are deplorable and that they're white supremacists and horrible people. so how do we get to the point where we want to help them? i think you're describing what i would call the woke hysteria, which has become a tremendous interruption in our history and in our national life. and i would look at, at this way that you know, when you're in an economy and, and a society that is under tremendous stress and is generating a huge amount of anxiety, ah, and uncertainty you're going to in the society is going to respond by doing crazy things and this happens in history, you know, the,

we had the medieval hysteria and you know, we have all kinds of tremendous social upsets when, when things like this happens. so, you know, we're just going to have to probably wait it out. i think that it's a lot, it's liable to kind of solve itself because his theory is tend to burn themselves out. this one has quite a resemblance to the jacobin rebellion in the latter stages of the french revolution, where the jacobin come along in 1793. and they are really quite crazy. this is robes pierre and said just and that all gun. and they start to impose all these crazy new social conditions on the population. they say, you know, you're not going to have the catholic church anymore. we're going to have the worship of great spiritual being. you're not going to have a 7 day week anymore. you're going to have a 10 day week. we're going to change all the names are the months of the year. and

this went on for about a period of 11 months. and finally, the french people just turned around and said, well, we've had enough of this. you know, you guys are ad here and they cut off robes, fear his head. and that was the end of jack, ben ism, and, you know, the world didn't hear about them again. you know, after that, that was it. well, you know, different versions of them sort of rebounded and came back in the, in the, in the form of, let's say, the, the linen s and 917, and the nazis, you know, and, but periodically you get the stereos in there. a product of this tremendous anxiety that is caused by a culture that seems and fears that it's going to lose so much stuff, a value to them, including, you know, there were there well, the whole way of life. their daily routines, their ability to pay for their shelter in their food. these are very crucial things . and the cobra 19 emergency actually ruined a lot of households. and now i suppose that that's causing just

a tremendous amount of pain and suffering out there. and a lot of those aren't the work serious because they work through tend to be the people who are doing better, you know, and they want to teach us all 10, then 10 benches, moral lessons about how to live. right? and you know, it's becoming extremely tedious. i've lost a lot of friends over this and you know, i hear that other people have to and so i don't think that sent them. it has been more divided in this country since the civil war. i hope it doesn't get to that, you know, the bottom line of what we're talking about now is simply this is under these conditions, expect a lot of disorder, you know, of one kind or another, whether it's financial disorder, you know, the bottom falling out of the dollar or social disorder, riots and looting, or intellectual disorder. you know, being asked to believe things that are palpably untrue. or, you know, even disorder in science or both science says we're calling it lately where,

you know, the scientific authorities present ideas as being truthful. and we find out 9 months later that they're not and that's a terrible blow to the, you know, to the intellectual life of the country. so, lot of disorder. and i think that people discount that and don't pay sufficient attention to the potential for that. what you're describing there is, you know, a breakdown of institutions, right? education, religious self, social institutions. but i guess because in the last 30 or 40 years, every bright spark and the boxes gravitated to wall street. right. people don't go into education anymore. they become kwansa, the hedge fund. people don't believe in god anymore. they believe in the wall street is the america's vatican. we pray to the likes of jamie diamond is our god. so we have no underlying fundamental institutions anymore. we only have greed. the problem with everybody, you know, with half

a brain trying to go to wall street to make a gazillion dollars. it represents essentially racketeering, which is racketeering. is defined as you know, making money dishonestly. and unfortunately that's, that's now inspected all of these institutions. and, and ironically, 2 of the worst places that it's infected, our education and medicine and you know, both of them have very, there they are. fields are sectors of our daily life that had very high ideals and aspirations, you know, in medicine. the whole point is to do no harm and in education, the idea is to search for the truth. and we've got racketeering going on in medicine. that's so bad that nobody wants to really go to the hospital anymore because they know they're going to come out bankrupt if not harmed even further. medically. and the colleges are now doing 2 kinds of racketeering. they're. they're

racketeering. the college loan system. and they're engaging in intellectual racketeering by presenting fields of study that are unreal and that that are, you know, religious fantasia se, so ah, you know, they've both rendered themselves to be failures and you can have this kind of intense failure institutional failure in a culture. and hope to survive. and tat, well we're also kind of like idiocracy heading towards any accuracy at a time when, as you mentioned, like a lot of these institutions are collapsing our economy as we're being out competed where, like getting rid of like states like california getting rid of advanced math because there it was, like they said, white supremacy, even though most of the students were actually asian who were getting into the

advanced math classes. the things like that, like it just doesn't make any sense. but the whole racketeering as well. like in this new infrastructure bill, or maybe it's in the 6 trillion dollar budget, who knows. but in there there's something like between 50 and 100000000000. none of it's ever transparent or open or discussed. but there's like a 100000000000 to build for the chip manufacturers to build some conductor chips that you know, the bottom line of racketeering. is that it's simply dishonest? yes. and when you have and so what we're seeing is in a society that is absolutely pervasively dishonest, that can't tell itself and on a story, you know, that can't discharge real justice, that can't x that never accepts any consequences for the things that it does. and that's just extremely dangerous, but i must say in the case of medicine and education, the solutions are there, but they're a little on appetizing because once again, they're going to be mandated by reality, not, not, not by our wishes,

in our preferences. and the way that will shake out is this, the system of higher education is going to collapse. you know, a lot of colleges are going to go out of business. and universities are going to downsize drastically, even the state universities and in medicine, you're going to see the complete collapse of the amalgamated hospital insurance rackets. and that's going to devolve by necessity into local clinical care. that's what i'm saying with the summer conductor chip is health care is a racket and therefore the government ends up spending paying for medicare, medicaid. they have to pay for it all because nobody could afford it. the same thing with education and nobody could afford tens of thousands, hundreds of thousands of dollars, the debt trillions over the whole population. they want to wipe the, gets out because nobody could pay them the same thing with a semi conductor chips. it's like intel spent a $100000000000.00 a share buyback instead of innovation and building factories. they turned down steve jobs when he came to them with an iphone. so it's

a total racket and what's going to happen and said, well, the government taxpayer has to come forward again to bail out the summer conductor chip thing because our whole structure, everything is a lie, as you say. well, yeah, and you know, one of the main ideas in my long emergency book that came out a while ago, quite a while ago was the idea that as this long emergency gain traction, one of the manifestations would be that the federal government would become increasingly ineffectual. and impotent and unable to discharge its obligations or fulfill its promises. and i think we're seeing that climax now in the extravagant promises of you know, getting billions of dollars to keep existing rackets going that are already you know, dishonest that aren't really working. for example, the one you, you just mentioned about education, they seek to wipe clean the college debt, flayed right. but why so they can continue a new round of debt and a new round of,

you know, running education exactly the same way. you know, reality is that we're not going to keep most of these rackets or maybe any of these rackets going, you know, we're going to have to rearrange daily life and the activities of daily life. and the, we're gonna have to reconstruct real communities. it's going to be very hard, it's going to be attended by a certain amount of disorder, and we're just going to have to grid our teeth and get through it. wow, blustering jam counselor, counselor, dot com. thanks for being on summer solutions. a pleasure to be with you both. all right, and i'm going to do for this additional max kaiser and stacy herbert kaiser report summer solutions. thanks. special gas, jim counselor, counselor, dot com until next time, bye. all the in the news

in a korea professionals board is much tougher on some than others. she was a year old myer by everybody. so why would somebody believe me? i was just a little girl. the price paid to, to, to achieve really was was how to read in the paper this morning. usa swimming coach, arrested, allegedly had sex with a 12 year old girls. this happens almost every week. we get calls at the office. i get informed about one of my greatest fears is someone's going to start linking all this together. there's going to be a 60 minute documentary about youth coaches in sports like gymnastics

swimming. is that documentary? see it on our t v t? yes, to the different direction. the attacks over various matters, very sorts and degrees of gravity, but i'm not done by build up. let me put in. i'm speaking to america, nbc network, head of is meeting with joe biden in geneva. next week. we've got the highlights of what was said by the russian leader. family whistleblower julia sanchez, calling on the u. s. government to drop the case against a will making a trip across the country to publicize it all. but with the u. s. still desperate to expedite this is supporters believe washington sending a warning message to others he is being held up as an example. keep your mouth shut. all this will happen to you.