search efforts does continue, the governor said no one is going to be left behind, but obviously as the decimal increases. and it's certainly a grim reminder of the catastrophe about a career now, a week ago. just staying with this story, we got the thoughts of a former head of the american society of civil engineers as to what could have led to the disaster failures of this magnitude in a structure that has been occupied successfully for 40 years. just don't happen. thank goodness, very often it's extremely rare c condominium association. they have a 2018 report by a structural engineer that does not indicate that the the corrosion issues would require immediate evacuation, but did indicate that they should be taken care of immediately. and so that was what condominium association of doing, getting the financing because this was a big ticket item, getting the financing all in in hand from,

from hewing that video that is from a neighboring building. you see some of the buildings just implode. and from what i understand from folks that are in the demolition arena, it surely looks like the lower column which are the most heavily loaded. those are the columns, including above, it looks like some columns may have been compromised. so if the initial failure within the pool areas that might have caused those lower columns to then be more to be compromised, they may be, have been impacted by corrosion. we have a series of test stating failures that ultimately to most of that building down. ok, more grey programs are just around the corner here on our team that on back in 30 with all the latest global use updates, hope you'll join us that the

everything we associate with modern life has been digitalized. in fact, we live within ecosystems created by big tech. they decide what we can see, what we can buy, and even what we can say. the systems no longer serve us, they actually control us. is there a way out from this growing dystopian? the the the higher max kaiser that says the kaiser re port, things are happening. secular changes, big changes, historic changes,

stacy and you know, that's true because we have some charts and we even have mich fire sign in the 2nd half with some more charts. so the charts are now, let's look at what the fed has been doing and what the fed is causing. and we're some interesting takes in the 2nd half of this 1st half about what the fed is doing . taiwan semi conductor is hiking chip prices up to 20 percent t s. m. c's chips are in a 1000000000 products, including i, phones, computers, and cars, the wall street journal rights and a new profile of the company. the company has slowly become the world's 11th. most valuable company with a market cap of about $550000000000.00. the companies reported 17600000000 and profits last year on revenues of about 45500000000. t s m. c makes around 92 percent of the world. most sophisticated chips, very poor ads, they have

a monopoly position. now what's interesting here is that micro chips are, let's call it the steel of the 21st century. steel was the primary component to build the iron age, you know, to build the modern infrastructure, the railway, and tall buildings. but now the summit conductors are really the, the basic building block of our global economy. now here's the interesting bit for 10152025 years. the price of micro chips has gone down and gone down drastically. and it goes down in a, a way that everyone fully understands. because what happens is they get faster the and that faster chip, according to the inflation statisticians means by definition, how they calculate inflation. that inflation is low. and even if you pay the same

amount of say, $100.00 for a chip, if it's twice as fast, the bureau of labor statistics in washington d. c, will say that inflation is falling 50 percent with microchips. now if this basic building block of the global economy is no longer on that a, some part occur on a price point called 0. and in fact, you're going to start to see monopoly pricing and prices kick out. then that is structurally a huge change, a huge see change. we know we've had jeff booth on, for example, you wrote a book called the price of tomorrow about how the price of technology is dropping faster than they can print money. and that in deflation is a permanent feature and the economy. well, this kind of belies that point a little bit and suggests that even microchips are prone to this type of disruptive mal investments. they come from too much money printing and now are having real inflation and it's trickling through on so many

different level. somebody different price points and the central bank because for them to admit there is inflation would mean they would have to raise rates and therefore put all of their friends on wall street out of business. they will continue the propaganda campaign by saying no, there's no inflation, don't believe the prices you're paying at the store. believe us, there is no inflation and this is catastrophic in the 2nd have i'm, we're going to get to the, the feds role in the economy and making economic decisions. because the politicians themselves have actually advocated any role in the economy or having any plan for the future of the economy. but right now with this article about semi conductor chips and you could see what happens. so in 1909, the 37 percent of chips were made in the us. now, 12 percent. and the politicians are started to notice this. they noticed the supply chain disruptions, the chaos being caused across all sectors from, you know,

tesla's to other auto manufacturers to a load of consumer electronic production. but in terms of like what they can do about it, the wall street journal points out that analysts aren't confident of their being a more diversified semiconductor supply chain co anytime soon they attribute this to t. s. m, c's hard drive and culture, and deep pockets. the industry has become so complex that once one producer falls behind, it becomes tough to catch up. and i'm going to turn to some of the charts that the wall street journal provides in this 0 had coverage of the wall street journal article. and it's called chipping away over the past few years. t s m c has increased its r and d spending and saw its market cap become the biggest and semiconductors. so you see t s, m, c is red and the blue line and the market cap is samsung way down their declining,

ever declining as intel was, you sort of be the biggest of the manufacturers. but what have they done since the ninety's hollowed out the company? right, like all us companies, all us manufacturer is use the opportunity of the china deflation move of the export of our jobs there to just hollow out the remnants of whatever was left of technology, innovation and production here in the united states and financially that. so you can see that in the are in d numbers as well. the r and d is so crucial to anything, any manufacturer, you've got to invest in research and development. the u. s. corporations aren't going to do that. shareholders do not reward them for that. they do what the shareholders reward them for, and the shareholders reward them for stock buybacks and loading up the company with debt. so this is the stalemate. that's this, this is a situation where we find ourselves in today, right?

remember the indiana jones were doing that swap under temple under the bag of sand for the gold and then the bolder calms and chases. i'm out right. this is the fact that we're in taos done. and every major american corporation has done a swap debt for equity. so they loaded up to these companies with debt and america's got the most indebted corporations in the world by factor of incredible factor and the equity. those hundreds of billions of dollars was essentially stolen . i defy anyone to describe in any way how this was not fast and, and now they're live in large. you know, they're happy li take the hundreds of billions of dollars that they stole and that carcass of a company in tell, loaded with dad and know our day, no cap, x is withering on the vine and now it's causing, we'll inflation and people have to eventually pay, so the money that was stolen by the executives, by the stat correctly swap is now being paid by the consumer is going to see the

quality of life collapse because all of the equity of american economy was stolen by a few people. well, we're going to come to this next article also from 0 hedge. and it's a reprint of a letter from eric peters of one river asset management, who describes himself as a guy who used to work in the pits, the trading pets and chicago from 1989. and his observations of, of basically why we get these more and more unstable moments, these moments of huge market crashes because of stability. right? so that politicians intervened after $978.00 and said, you know, during that whole inflationary period that we've talked about, looking at the seventy's, a stag playstation and said the fed has to have a mandate for full employment as well. so you know, that resulted and investors kind of like for the next decade thinking like every the fed has everything to control until then suddenly didn't. and then the marks like where we are today with all this data that you talk about. because everybody

thinks bad has everything under control will always step in. so every time now that the fed steps in to fix a crash is causing the next crash, make a way bigger because everybody believes all investors. and now every robin hood trader, like everybody throughout the economy, believes that the fed has their bag. so it started. he said in when u. s. g b p in 1994 was 4 percent. unemployment was 5 and a half percent. and inflation, 2.7 percent greenspan hyped rates by 25 basis points to 3.25 percent. and february of 990 for employment gains had been on a tear. and yet somehow no one expected the rate hike naturally. he hadn't pre signaled a change. he says, naturally, he hadn't pre signal because this was green spans. bang his godly good because famous, sped speak, nobody understood what he meant. he never signaled anything like is now standard

for the life of pal jaelyn and bernacki. they tell you, in 3 months we're going to do this like they're always signaling, while greenspan didn't. so naturally, he hadn't signaled a change. the bond market collapsed. most people don't think bond markets can crash, but that's only because they haven't traded long enough to live through one, like all crashes, that one happened for all sorts of complex reasons. but the biggest was that the system was highly leveraged to a certain future. so each interest rate cycle has been different over the course of the 2 decades. he says, but the point that the over the decades the fed has become more transparent. this transformation he points out was as a result of that 94 bond market crash. that all agreed whether the politicians for media or investors that the fed needed to be more transparent, so as not to cause

a bar me market crash again. and so he says this transformation was well and, and then seeking to reduce the risk are creating crises, life and 94 crash. but as i guess it's not seem to lab has a quantify this in his book about black swans is that the more stable assistant becomes, the more fragile it becomes. alright, well, 2 points and the 2nd one is about hillary clinton. the 1st point is moral hazard. so there's a concept in economics called moral hazard, and that is that if you constantly bail out the worst actors in the economy, they will act with, with morality. and so the fact is they've got moral hazard on steroids. they're rewarding the worst factors who are doing things like intel and stealing hundreds of billions of dollars from people and destroying their own country in a trees. in the fact i argue with me, go ahead. try the 2nd thing about the 9394 bond crash was that hillary clinton wanted to do universal health care and wall street didn't like that. so alan greenspan very politically raise rates to crash the bond market and bill clinton

say when it comes back to life some day. if that ever happens, you want to come back as the bond market, because that is the most power of anyone in the world. so the political is ation of the fed and they would do it today, but whether the interest rates at 0 percent, they are beyond the political is ation window. they're out the outside of that pail of the being political and now they're in a trap. perpetual 0, the negative rates, and they're just waiting for the country essentially to go bankrupt. and those who can, like i was just reading how in lebanon people just have been leaving their country and putting their money to switzerland. while the country completely goes into the trash and us same exact same thing, you've got the top one with 10 to one percent. they're pulling it all out and they're just watching, helping collapse. like, you know, mohammed ali and foreman and you know, just watching him collapse. it's a beautiful thing, sometimes decay and collapse and that's the american ally. they want to see the country class just for the aesthetic of the horror of it, because they're psychopaths and the interest rates. and the reserve bank is colonel

kurtz. we're going to take a break. and when we come back, more, our bar the join me every thursday on the alex summon, show, and i'll be speaking to guess in the world, the politics sport. business. i'm show business. i'll see you then me the me. welcome back to the kaiser report. i max kaiser time, not to go to mitch firestone. he's the author of planet palsy. you can find a planet palsy, dot com mich, welcome back. great to be here, max. i hope everybody's well, their little cold here in london. yes, said that he can't print your way to prosperity and yet us household while increased at the fastest pace on record in the past year,

data shows that house all wealth is up by 313 and a half trillion. sounds like we did print wiles match, what do you say was just party like it's 1929? could possibly go where we need to start. max is the discussion. the root cause of skyrocket, h inflation well inequality. any other precedent had credit or g? that's about right to explode. it's all caused by the central bank policy, rec, was central bank policies, and systemic corruption. hidden by what i would call a diversionary woke wash. look, we've had decades of wrongheaded federal reserve and policies been created insane volume evaluations, inflating. epic asset bubbles in every class, no matter where it is, and they've diminished diminished trust. this is form of a perfect store. so we've got in the past 15 months or so, we've got more than 30 trillion dollars in, in sydney. and they want more,

you know, they're just printing money like it's going out of style. the market cap of the stock market is up nearly 60 trillion dollars in the past year. we've got the highest level and valuation of commercial property when everybody is staying at home, residential, real estate, equities and bonds. this is craziness. look, we've got an oil chart. we can take a look at. oil is a life blood of the economy. so is this transitory i don't think so? prices have been searching since last november. oh and consumers are not stupid. when they go to this grocery store, they go to the pumps to fill the car up. they realize that their dollars are not going, as far as they used to do, is apply jeans are broken and we're headed for a big storm and people need to wake up and understand what's coming. you know, look at, it's not just isolated to that, but all the big talking heads on the media are going to tell you the inflation is transitory. don't worry, don't worry. but they, they've, they've been wrong about

a lot of stuff. but if we look at this further copper char, you'll see that every commodities price across the board is on the increase in inflation is a tax. it's a stealth tax on those who can least afford to pay. so while the 0 point point, one percent are raking in the capital, the middle class is getting eviscerate. why, what's going on now? so we've got decades a group thing at the federal reserve with burning key. any ellen who have several decades, if you add their, their skill sets together that how long they've been at the fed that have eroded trust. as you recall, 2008, renee, he said that sub prime was contained, then we had the biggest subprime bank and crisis in history. this was amazing. what happened to congress guarantee? no more bailout. the fed said no more bail out in 2017 janet yellen, who took over the reins of this mad money printing for ben burnett. he came in and

said, we will never have another financial crisis in our lifetime. so that didn't work out very well, did it? so the fed has proved itself to be wrong. i'm working on that, but then they are right about policy. this is a great policy or the fed is not independent either because now janet y'all and after receiving $8000000.00 in speaking fees as become the treasury secretary, regular contact with the federal reserve to martial policies that she put place. so this is just monetizing get and it conspiracy theory. no, it's actually a fact. everybody knows what's happening, but they just don't see it tie it together. q a quantitative easing was money. money printing matters was originally sold, the people, the temporary emergency measure. in reality, 14 years later, it's still bigger and better. it's, you know, zombie companies are being kept

a lot by, by what's going on with the money for, you know, don't take my word for it. you can look at this money velocity chart that we have here pull out, and you can see that after the central bank magic hundreds of trillions in stimulation of the economy and guarantees. you know, you see that the velocity money is going down down, down, down, down on just chart. so really they've made matters worse. they haven't, they haven't made things better. right? yeah, let me ask, you know, following up on this money velocity number because it's plain that what they say they're doing is incorrect. it's like 2 plus 2 equals 4. you know, they print money, it's not showing any velocity. why? because it's being hoarded by few people who are buying, who are causing incredible inflation and asset out and mis allocation. is there any want to government that supposed to their job was supposed to call the west alumnus? i mean, the media is not doing it. government is not doing it the, the they banker certainly are doing it. meanwhile,

the rest of the world is kind of saying, hey, you know what, you guys are crazy. we got the 3rd richest brand in mexico. now saying that the dollar is a fraud, and he's buying, bitcoin, rushes, divested completely out of the balance. basically, it's a fraud. they're, they're doing, they're buying other assets by there are the currencies. so are, is, is the us just gonna wait until it's, there's now, but there's just collapses. that the idea just is just as stale as much as you possibly can run away from it as quickly as you can. is that the plan you think managed? well i think what's going on. i mean the media obviously is the lead, whatever the petitions of the day want to do. and the politicians are cow, cow, and to whatever, who's going to pay them the money, they sell it to the highest bidder. i mean, the legislation used to be written by the congress people, but now it's outsourced to goldman sachs or whoever the biggest,

highest lobbyist is they right. glad lation. they have lobbyists go in and pay people for speeches, right? to get their legislation passed. and that's the way it seems to work. and then you have companies like twitter and people like jack dorsey that sensor like planet ponzi on twitter. anything that i say that they don't like. you'll notice i lost 20000 followers. and then you'll see that there's all this stuff going on that you can't tell because they set their algorithms. so you're kept out and a certain number of followers and they don't let you get the word out. what they do is broadcast or echo like an echo chamber. they repeat stuff, repeat stuff, and repeat stuff they want people to hear. now i get at them as far as being out of band. but stan, dr. maler, paul, tutor jones. michael burry are screaming at the top of their lungs that the fed is a fraud. they're causing massive inflation. they don't think it's transitory. and they're putting the entire countries economy at risk again. well, you know,

michael murray is gone so far as to short us treasury bonds. i mean that's traditionally as it worked, but this guy seemed to know what he's doing. i get the air being shadow band, but you know, it's alarming. i find that personally alarming when the government seems to be committing financial suicide, the congress is the only is the only possible avenue they can, that can take a look into the fed because it's certainly not independent. and they, they don't want you for some reason. and i guess it's because the big banks, like the federal reserve bank is not a bad. it's not any part of the federal government. it's supposed it's owned by a member banks, which is like j. p. morgan, goldman sachs. they're not looking out for the people in america, they're looking out for the interest of the bank to battle out everybody. and what they tell you is not necessarily true. so look, you had 40 years of fail neo liberal policy right? or 35 years. and so what happens,

they come up with something to blame. now they're going to say, if you look, go back to that philosophy chart and you can see everything was a bail out. they bailed out, printed more belt out printed more, and the bell i was just kept getting bigger and bigger and bigger. from when we had the 1999 fail of long term capital management, and they just got increased moral hazard and they got bigger and bigger, and the congress would say, oh, we're never gonna let this happen again. but it kept happening. it happens. now this time they've gone far too far. they've destroyed the dark, the dollars value. there, there is this rating the middle class, and this is going to end terribly abilene because assets are totally miss price. you've got, you've got high unemployment. there's still probably at least $20000000.00 of, of americans that are, that are looking for work. that's the next thing. if you look at the labor participation rate on this chart that we have, you can see that it hasn't been this bad 1975, but nobody's talking about that. instead your faith data and faith economic numbers

and the stuff is broadcast. so you don't know what the truth is anymore. so people lose confidence in the government, media, confidence, government, confidence is an all time low. so what can you do? people need to wake up and protect themselves. that's why i of 10 years ago, i never imagine that markets would get this out of control, and central banks would is much, much it's absolute insanity. it's not going to last. and the trust issue is a big problem for the government. we have no more due process. we've weaponized law and the due judiciary. it reminds me of a bolshevik revolution, where you had bert barrier, he said, show me the man and i'll show you, find the crime. that's the way they do it. reverse engineering the same thing with the markets, whatever you want the result to be it. well, this is the problem we're facing now max here you have the shadow banking system which is put in place a few decades ago. and then the derivatives market which are away for banks, the hedge, the rest. remember one of the reasons the banks make so much money is that they

themselves never take any risk. they make a lot of bets. and if it goes right, they take the profits. but if it goes wrong, they dump the losses into what's called the shadow banking system. and so that sets up a situation where those losses have to be continuously made. haul by money printing from the fed. that's why the money printing from the fred is in the multi millions of dollars because banks are committing multi trillion dollar errors. and when i was working on wall street, lisa called the error account here in the globe. now you just call the shadow banking dark pool, but structurally, and we saw this in 2000 or a sometimes that, that gender, you know, that game jango where you stack up all the little wooden blocks. sometimes it collapses. and you have a global financial crisis. where are we now right now, the think on that timeline, it seems like we're getting close to another global financial crisis where the plumbing collapses under the weight of all the strong valuations will tell you that

this is absolute insanity. and people, you know, people are, it's goal. you remember when you're back in wall street, when people start to dash for trash, just to get yield freight, you know, be a disaster coming. i mean, look, i've seen this, i've seen this movie repeated cell several times and then you have the younger generation tell you it's different. this time, look is not different this time next time or any time it's never different evaluations still mean something. the cost of capital is never free, even though the fed things it's free, you know, for 20 years they've been pushing this insanity and now they box themselves into a quarter. and if you, what i think you'll see, you'll see the inflation running rampant. and then there's going to be even a bigger problem because the commercial real estate, i don't know what, let me jump in on the inflation questionnaire. you know, we're saying and again, the lack of faith and the dollar has made. let's say taiwan. not

taiwan, but i think korea very, you know, imposing monopoly pricing in the semiconductor market upon which they own a more than 80 percent. and they see semi conductor prices of 20 percent. that's real inflation and talk about oil being a main component of the economy. it's actually semiconductors. so again, because the dollar is now considered such a weak link in the global economy, these are, these countries are saying, hey, you know what? we're going to raise prices. yeah. right. but they will, everybody's going to raise prices. so the price is 20 percent, i'm semi conductors, but when the semiconductors get to america and products are, are made with the semi conductors they have to be transported usually by a truck or usually buy something that's going to use fossil fuel. right? mess you gotta cut it off there. all right, and that's going to do it for this episode of cause a report with me, my pfizer and stacy herbert one think i guess, but fire sign out of policy dot com until next time, via the me.

ah, me one make no certainly no borders and the blind numbers. he's new as a mortgage, we don't have authority. we go to the bank seen the whole world needs to take action and be ready. not a joke. people are judge governors, crisis, we can do better, we should be better. everyone is contributing each in their own way. but we also know that this crisis will not go on forever. the challenges to response has been massive. so many good people are helping us. it makes us feel very proud that we need together in

the headline stories this or more on mark graves of indigenous children are found in canada on the grounds of a former catholic school bringing the total over a 1000 people. it's fronted the prime minister to us hope to make amends to that community. i really hope that this time it will lead towards hope coming onto the canadian soil and apologizing apologizing directly. also ahead as the highly infectious delta strain of cobra plunges russia into a new wave of the pandemic. moscow make proof of vaccinations, q r codes.