later, it was the shortest recession ever. so that little recession we had from february 2020 to april 20. 20 was just 2 months. it's a short recession in history. and i thought, you know what, with the accelerated parabolic printing of the money that we've seen, especially since 2008. but every single little dip in the market number used to cause back that it used as a pretty substantial crash on the market for any sort of intervention. but max worked and wall street in 1987. it took a 20 percent crash over 20 percent crash one day. well now it takes like a, like less than 2 percent crash and they start intervening. so i think in the future, you know, everyone will suffer 15 minutes of recession. so what happens when the length of the recession goes to 0? what's another word for that pop quiz? recession is 0 time in length. what do you call that? what does that word?

is called communism, right? only in communism or state run countries, they have no recession, but they also have no way for anybody to have a life other than being a slave. so ok, that's where america is. that is certainly, it would seem that it would eventually start to invite a sort, a zombie economy, right? rope is on be economy and 8. so in other words, the volatility is the stuff of life. you need volatility to create life. because if it's a just one, like the k g machine, you notice if it's going like this and that means you're dead. you know what fish flow with the current stead fish, right? in k g of a healthy person think don't think don't think damped as volatility. that's the volatility of life. look at the salmon spawning in the river. you see it's

volatile because it's alive. it's alive. if you're trying to reduce volatility in your economy, you're trying to create either one, a prison, to a slave ship, or 3 america in the 21st century. as many of the western economies, including europe, australia, the english speaking language, sort of economies and the interventions are greater and greater. and the united kingdom is pretty amazing. the amount of a debt they've had to accumulate to make sure that the economy stays like constant . there is no recession, the recessions are business cycles, right? they used to be what was called the business cycle, and badly poorly run companies would go out of business. and unemployment might rise. yes. but that would force people to move to where jobs were. and it would reallocate capital and labor in the economy. we don't have that anymore. and they hope to eradicate recessions for good. and you can see that in this and next tweet

here from charlie below. one stocks all time highs to home prices all time high for 3 incomes all time highs for job openings all time highs. 5 u. s. corps inflation highest is 991. 6 fed, we need 0 percent rates through at least 2023, and trillions more in bond buying to boost asset prices, an increase inflation. let's be clear about that. so these markets and after prices are all time highs in the money terms. ok, so whenever you have a dictatorship or authoritarianism, as you do in the united states, now you've got the top dogs to get free money from the central bank and they bid up prices their assets to all time highs. and then you have now permanent underclass of wage slaves that are, you know, scrounging for ham sandwich who are part of the poor that's growing quite rapidly in lot of countries including the u. s. so that's the has to be taken in

context in fee money terms. if you look at the big coin world and big coin, well it's a completely different picture. but in terms of money, this is what this characteristic of a dictatorship and i'll talk or see whether it's saudi arabia or the united states . so the thing is we've talked about the 4th term and we talked about this, this sort of cycles outside of the control of the command to control central bank. so you have generational cycle that can't be stopped even, even though their entire wealth has already been spent by a debt, right? that's just pulling forward all the consumption for the past. 50 years. it's coming due, the generation is arriving generation z is here, and they're here to say, we're not going to stick with this program, right. on the other hand, you have this facility strap that's also 50 years in the making. i think it was $972.00, wasn't that nixon went to china,

started to bring them in to the global economy then, and of course in 2001 they became part of the w t o and favored nation status. so these are cycles that are all coming to ahead and you can only control one part of the cycle, right, right. the cycle that is the recession has been effectively managed or canceled through central bank machinations and manipulation of the money supply and, and the co option of the banker's buy authoritarian and the bigger cycles that you're talking about there in terms of the 4th turning, as it's called or the 3 cities trap, which is a multi decade kind of cycle. the cycles like the cycles of the planets cannot be changed using fear by dictate, by pronouncing the sun will rise in the west. that's not going to work. so at some point, like putting a beach ball under water, you know, a little kid. he's pushing the beach paul underwater at some point that it can't do

it anymore and it pops up to the surface. so no matter how much the central banks try to pretend that there is no inflation as a result of the money printing, no matter how many imbecilic snell i'll idiocies. the president joe biden uttered by trying to push that beach ball inflation under water. at some point his feeble, let his hands give out and the inflation is like, you know, and it's actually out of control. i like the way that you said that recessions have been cancelled. because it does make sense that all of these, the domestic, at least on the domestic front of this 50 years of fi out. and of course the u. s. the out is the most important because the world reserve currency, but that cancel culture that has emerged in the last few years of its life seems to be not accidental. it seems to be a natural progression out of a desire to control all to agree that the dollar is still

king. yeah, the council culture is part of the millennial generation seems to be really in favor of the council of culture. and the generation z then are just getting out of college. now we're actually anti count council culture. so with a generation z, they're actually going to start to see a return to hyper volatility in millennials already or into big coined as a generation is not yet firmly on the big coin that she will change. and now then you'll have 2 generations simultaneously, heavily into big coin, and then you'll see fab money, which is already freaking out the central bank, already resorting to a pure of neil feudalism to try to control the wildfire. that is big point and that will fail. remember we just pointed out that stocks are all time highs home prices that all time high income set all time highs. job openings at all time highs. well, he also just opposes that headline, that tweet with this chart here. the feds balance sheet had another record high this week at $8.00 trillion dollars. so this is really the chart to look at

for 50 years of fi out. this is print 2008, pretty flat balance sheet. then it jumped up, kept on climbing slowly, and then we saw that little tiny, tiny, tiny taper when they tried to taper the pansy. and obviously it didn't work. unfortunately, perhaps for these money printers, there was a global lockdown on pandemic. but the, the balance sheet has certainly gone parabolic exponential, right. another way to look at that central bank balance, she would be the apartheid wall. the financial apartheid was getting higher and higher and higher in excluding greater percentage of the population. and just like all a cycles tend to revert to their mean, you know, the apartheid was eventually collapse. and so again, what on the other side of that would be a bond collapse arise and interest rate and the gen z, inheriting total chaos that they have to reconfigure reality from an a

disenfranchisement of the baby boomer. so by that time already falling off the demographics chart entirely, something like, you know, 20000 a day are dying. the so you know, they're, they're trying to stick and hold on to that last glimmer of the post world war 2 american century. buy it at shop t, a drop mentality, but we're in the final thrust. again, you can't taper a ponzi and the, the problem with that is as encapsulated in the final headline. because all of those plans of, of, of keeping of actually being able to extract other equity from those record high house prices. a record high crisis is you need new suckers to come in. right? well, after slashing 33 percent of the workers and 6 years, roads complain about labor shortages. i mean, uproar over slow shipments. so there are a few hiccups in the u. s. economy right now. james, for the chief executive,

a c s x, one of the largest railroads in the u. s. put it this way during the early call. recently, i've never seen any kind of thing like this in the transportation environment in my entire career, where everything seems to be going 5 ways. at the same time. they're saying that they did not anticipate that nobody would want to actually work. and that, in fact, a lot of their workers would actually decide to just leave because they were adding more money on enhanced unemployment benefits. but we do seem at that again, one of the cycles like the solar system of the planets revolving around its star, is that the inevitability that the central bank can't control this. they can't control. they can put all this money in there. but at a certain point, if you're, you have to keep them putting too much money and you're now having to put money in the hands of the consumers. you're going to reach a situation where nobody wants to work to support it, right? although the rail up roads are a perfect example because it's the economies of scale networks that occupy vast

stretches of land mass they, they need to have certain economies of scale that work on a very small margin to be impactful, are to sustain any kind of profit whatsoever, and if their workers decide to go on strike, bend, that entire network fails, which has incredible ripple effects data, the transportation of energy and food. and so these workers are figuring out that a, they do get federal transfer payments from the government that are in excess of whatever wages they would get from the railway to there are so many opportunities. now these micro economies doing local, sustainable, all activities, commerce that are within ones community that is fine to aggregate or to make some cash flow. and a lot of that cash was going into perfect money like like bitcoin and what the expectation that in 10 years is that money is going to have gone up 100-200-3000 percent in purchasing value. so there's a real dynamic evolving. we're going to take a break and when we come back,

much more coming your way the me ah, no look forward to talking to you all. that technology should work for people. a robot must obey the orders given it by human beings, except when the shorter the conflict with the 1st law show your identification. we should be very careful about artificial intelligence. the point obviously is to great truck rather than fear take on various jobs with the artificial intelligence real summoning the theme in a robot must protect its own existence with

algorithm. so neural networks have been following us everywhere. we look online because our relationships are what matters most of us and that's how we find meaning and how we make sense in our place in the silicon valley. see, don't mention in the slick presentations. however, i think ghost workers who train the software humans are involved in every step of the process when you're using anything online. but we're sold as this miracle of automation behind your screen. it's workforce. the scenes algorithm is for next to nothing on a very good day. i could do $5.00 now. a really bad day. i could do 10 years workers or movable by design. it's about labor costs, but it's also about creating layers of lessening responsibility between those who solicit the kind of work and need it and those who do it

the me welcome back to the guys report, i'm ash guys are time now to turn to jane. howard consular an audience favorite all got amazing insights, stacy. right, jim, we are happy to tell you, you are part of our 50th anniversary special of the nixon shock. that is the 50th anniversary on august 15th, we're asking our guest just for their general views on basically what your feelings are of 50 years of fi out. well, i look back on the nixon era with a great deal of fun. this i was in young newspaper reporter and it was a great time to be in the news room. and i remember august 15th, and i kinda miss nick, see now, don't you considering that, you know, we have the living dead in the white house. so at least he was a lively fellow. it,

i didn't know you were news person in the news room actually on august 15th. so what was the vibe and like, was it anticipated? was it expected where people prepared for this? like what was the mood in the country like, i don't think anybody. i think very few people even understood what it was about or even cared that much at the time. but it was the lead up to basically really momentous. it was amendment this thing. but like many, many things that happened in history, a kind of just, you know, went over people's head and you know what, we're talking about the, shutting the door on the gold window. correct? yeah, yeah. shut the door, i'm a golden know and basically defaulted to the united kingdom because i don't, people understood what that man as a general thing, including educated people. you know, it was just something that happened in the abstract. and, you know, proof of that is that it didn't really become part of the public conversely,

all for years and years and years really. except among academic economists. right. i mean, at the time, of course, you are in, in vietnam, the country was in vietnam. there approach us all over the place. i don't really remember the protests, but i'm sure you do if you were a new person at that time. oh yeah, we're going to compare draft the ball. yeah. so i had a really high lottery number. well, let's compare that to this day in age, but 50 years later since we went off the gold standard in 1970. the obesity rate in the united states was 15 percent. it's now $42.00 and a half percent. the average real wages down since 970 desa despair are way up. but we have a similar sort of stagflation situation. we have a similar sort of that situation of domestic unrest back then describe what it was done because it seemed like from the footage i watch, it was like the ordinary young person against the government. now we have

a weird situation where by half of the young people are with the government and with the f b i n c a against another half of the population. yeah, it was certainly a curious thing that, you know, the left at that time was against tyranny, and against dest spotted action and against censorship, and against so many of the things that are now characteristic of the less than, you know, i, i never consider myself a person to the left, but i was a registered democrat and you know i, i can't identify with that factual at all anymore. so it was. 1 it was a try, i'm looking back. looks like it was relatively orderly despite the fact that we were engaged in as far as war it was a kind of a tough economy for a lot of young people. and i'm writing a book about that now called young man blues about my own youth. but, you know, i eventually was employed as a journalist and it was, you know,

the music was good. it was probably 1971 or 27171971 was a great year for music and i ended up only a few years later working for rolling stone. just at the time the disco came out. so that was kind of a bad development for me. right. so what's the starting about the nixon years is that you did have a response from the free press. there was a press that was doing a vigorous job and investigating the white house at that time, which led to the resignation of the president. and the also had an adherence to the constitution. so the whole case went to court and the precepts of the constitution or apply vigorously. and that's kind of what people i think are installed you about is that there was a guy, the president who broke laws and he was ended up resigning these days. we do

not have an impactful or meaningful press in any sense of the word. and to me this represents a catastrophic failure across many, many aspects and parts of, of our culture and society. again, of course. 2 you know, the watergate thing hadn't started $971.00 when we went off the gold standard. that didn't start until after the election of $972.00 and really got going $973.00. so that was a different thing. but, you know, it's, it's hard to really understand what's going on with our press today unless you subscribe to the idea that somehow the, the chinese are possibly influencing them in some way. because otherwise, it's such a massive institutional failure that you can't account for it by, you know, just as simple as a logical failure is something much deeper and more dangerous about it. and

certainly, you know, looks kind of treacherous as far as our country is concerned. there is no, there is no governor in the mechanical sense on any of the institutions that can really do a lot of damage to people, especially the justice department. you know, and it's that child the f b i. yeah. and to make the next and reference again, of course, he brought china into world trade again, setting up for their eventual entrance through the world trade organization. so that's another book. and between now and 197 days, you know that now inclusion of china in the world trade organization led to, as you write about in your work extensively, a massive problems in terms of shipping america's jobs over to china. and the resultant rust bells and loss of any kind of organized labor or wage ability to increase wages. jim. yeah, and at the time that when that process began, we were sending our jobs to mexico and sending the, you know,

industrial production to japan for a while. now that's where we were getting our cars in the, you know, and after the mid seventy's. and that's, that process is continued and has been extremely destructive. what i notice happening really is that, you know, this process of what appears to be kind of slow motion, train wreck of a whole culture is throwing off a lot of what i would call entropic after burn. you know, a lot of just disorganization failure. you know, things strange things happening that seem to be inexplicable. and yet we're not really capable of doing anything to halt it. and the institutional destruction is so bad that you know, even availing to the court doesn't work anymore. so, you know, i don't know how we're going to fix this thing. as far as the money thing is

concerned, you know, we're stuck in really a terrible quandary that we've engineered system where that's based on issuing debt in which there is no longer any expectation that debt will be paid back. and you just can't have that. if you have a system based on lending and the borrowers no longer pay the money back, then it's a totally broken system. and you know, it ends up just being kind of an act of magical levitation to keep it going. i don't know how they're keeping it going and i daresay, just about every observer watching it is just kind of stupified watching this whole infernal machine. just click along, but i think many of us are convinced that some something bad is going to happen at some point when some important crucial creditor fails to pay back

a particular loan. you know, it's going to set in motion some kind of cascade of defaults. that's going to put it into the game. we don't know when it's going to happen and people like me, i've kind of given up trying to predict that it's going to happen. but how could it be otherwise? let's pick up on that young man blues because comparing today to the 1900 seventy's, there's quite something quite remarkable as nobody's working anymore, right. we all have a difference between now and 50 years ago for young people, i think is that despite the difficulties that people go through and they're young, you know, and we, we are all, as boomers did back then, we at least felt that there was some kind of a future, and it's easy to see that young people today can barely conceive of a plausible future in our we're certainly not one that includes making a living, having a house, raising a family,

having something to believe in carrying about your country. you know, and these are all kind of fundamental things in there, they are now out the window. so you end up with a kind of vivid nihilism that's being expressed. it was expressed in the streets last year and p for and b l m. and we really don't know where it's going from here, but it doesn't look good, vivid nihilism, and tropic after burn. these are good words, but i want to continue again on this. the young people. we have a situation where everybody does have a universal basic income. incomes rose last year. remarkably average household well set up. remarkably, thanks a huge stimulus checks that's very unlike the 1970s. nobody got welfare you. nobody, you got anything, right? even the federal government, which is when ford, he told new york city to drop dead. right. let's go bankruptcy, nobody goes bankrupt anymore. like, do you think that's a better or worse situation compared to 50 years ago when we were still kind of

linked to the gold standard mentality? at least. yeah, i think we are just inviting an enormous large scale immersion in unreality. and that is never a good thing, right? this phrase and tropic afterburner is great. and to us, to stacy's point, you know, going back to 71 and closing the gold window. and then shortly thereafter, next, involved and huge scandal. is there a humorous involved with dis associating your currency with gold and other words? does gold aside from the monetary value and is a bedrock of the economy? does it also help people stop from straying into ultra hubris activity? and is it bringing gold back? what it is still some kind of you know, rectitude back well, i think that that was the theory for a couple of 1000 years where at least through the industrial experience that if you

had a currency and it was associated with gold, that it would enforce a certain discipline on, on both sovereign nation and on people doing business. and you know what we seemed or we appeared to replace that with after 1971 was the idea that the currency was based on the full faith and credit. not just of the nation as an abstract thing, but on the productive capacity of the nation. and the problem now is that we can't pretend that the productive capacity of the nation is behind the dollar because we've off short and gotten rid of the productive capacity. and what's really left is kind of a nation composed of racketeering of different kinds. all right, hold right there. thanks, james. our counselor. well you're welcome. all right, that's going to do it for this edition of kaiser report with re max kaiser and stacy eric want to think, i guess james howard counselor of counselor dot com. and so next time via the

me in the wake of the 2nd high level meeting. where does the fraught china us relationship stand? the 1st meeting in anchorage alaska was an embarrassing failure for secretary of state, blinking at the 2nd meeting. the chinese presented the americans with a set of demands. it would seem to stay just set for real negotiations and not just the act roof. ah, will be someone like me seeking the best rights for people children. and that should have the best education as learners to eval, if the thought about and continue to oppose this wouldn't be confronted. i want to

just confirmation to be political if they don't allow that. and if they continue to, to, to seek their own domination of, of the way they incorporate, that will give rise to a national uprising without a doubt. and i'll be want to use my phone are 69. i've done a lot of them i just saw under the dollar a former isis fighters and they're now boarding a philippine naval ship with

$900.00. just aren't abdulla still don't know what's waiting for them to do. can i get a hold of me i i lose

me disturbing revelations? bible gary is health minister as he admits cobra. to vaccination failures, of course the country will much $10000.00 lives as russian athletes at the target with him fixed. keep not seeing gold, it's left with the media. and i think increasingly seeing read has a question of teams, right. to be that the us comes under attack in the latest round of on. and i've got to stop by the headquarters that are attacked by what are being called anti government settlement. with one security guard confirmed that up next it's crosstalk. and just a few moments time and he will be with you in an hour to bring it right up to speed on the morning level. he's headlines. that's it on the team, on my cell phone. now, if you want us again at 8 am most good time.