i was, i didn't know each given famous caught up by both of us people in the max times remember, oh man like 3 years ago, every year since then i've been saying that. yeah, of course wages in america going down, but prices from stuff important from china going down more. so the quality of life in america doesn't seem like it's getting worse because the flat screen tv and closer. so cheap. and then i said, you know what, somebody that's going to reverse. ok, let's check in with stacy max. we have gone through the looking glass.

remember when the red queen said to alice that you have to run faster and faster just to stay in the same place. she said, in fact, my dear here, we must run as fast as we can just to stay in place. and if you wish to go anywhere, you must run twice as fast as that. so 50 years of the out. we're looking at the headlines today. and it looks like we're straight back to where we started at the 970 stagflation, right? because people made heroic efforts to spend inflation 8 their lunch, says wall street dot com. the big shift from durable goods to services is underway . this is all in the latest data coming out of government agencies. real, inflation adjusted personal income without transfer payments, personal income, including income, from interest, dividends, rental property, etc. but without stimulus payments,

unemployment payments and other transfer payments from the government. and all of it adjusted for inflation was still below where it had been in february 2020, according to the bureau of economic analysis. this is a function of how many people are earning money and higher wages and higher income from rental properties, etc. but inflation is the insidious counter force adjusted for inflation. real personal income without transfer payments hasn't improved much. and a recent months, despite many more people getting back to work and despite higher wages, because inflation eat up the increase and aggregate income. and here, note the pre pandemic trend line max. this is green. this is real personal income. and as you see, a dove during the beginning, early stages of the pandemic, unlocked downs, and it's still below trends. right? so we're right again, as we were saying, shipping, all of our jobs factors to china was a bad idea. but the american people were ok with it because although their wages

were going down, the stuff they were getting from china via wal mart was cheaper than ever. ok, now the chickens have come home, the roof. now the china labor sank is finished. inflation is kicking in for rail and wages are going up, but not as fast as inflation. i was right again. i man, it's so easy. right? so personal income including transfers, including all those stimulus check, including the enhance unemployment benefits that has gone up. but still, even with inflation, it's starting to go down, right? so personal income from all sources including transfer payments, not adjusted for inflation ticked up a smidgen for the month and was up to point 3 percent year over year, but adjusted for inflation. personal income from all sources fell by 0.4 percent in june from may, and was down 1.6 percent from june of last year. you know what the red queen is,

is basically jerome, pow, and before him janet yellen. and before her been pronounced, alan greenspan ok. they want you to run faster and faster just to stay in the same place. and they call that positive economic growth. that this is what they're seeking to achieve with never ending money printing. and now like with the, the notion that we're going to have some central bank, digital currency, c, b, c's as are known. whereby the take your money from you, if you don't spend it fast enough so that they can stay in the same place so that their profit levels and profit margins and their control stays in the same place. right, well we've talked about the ratio money printing versus g d p growth and going back 20 years. you know, you, you, you centrally to get one unit of g d p growth. you would print for dollars. yes. and over time,

what's happening today is that an infinite amount of money printing as created 0 g v p graph. by g d, p growth is stalled, the sun flee flat, the china is going up, but america is flat because they overprint it, right? they euthanize the economy by over printing. they printed too much and no matter how much they print, they're not going to get any g d p growth. then that trend has been clear for a decade. 15 years is a very, very, very clear trend. the fact that no politician or policy maker clear to look at that trend, it's a failure of our political leader. sadly, we don't have any good ones here in america. well, the problem with that is it doesn't really matter what, who the leader is or what country it is, because the incentive structure of the economic governance model that is an ever depreciating fiarty currency. it doesn't matter who's in charge of that.

nobody, not even the red queen herself, could stop this like, no matter who participates in that economy based around a fee, our currency is going to have to keep on running faster and faster just to say in the same place. and that's why you see that in the huge explosion of a debt household, corporate and government debt all across the world over the past few decades. that is them having to run faster and faster just the same, the same place. and part of that is pulling from the future because there's only a certain limit to how fast you can grow now. so they, they pulled ahead the consumption from 4050 years out into the future. and that is the, the conundrum that a lot of economies, not just the united states, but many economies to the western world. you're seeing a problem with the generation z of the younger people coming on board. and unfortunately there's the internet and they can kind of research stuff and find stuff and, and figure out that, hey, the boomers spent our future like our now our,

our future is now and because of course, they ran faster and faster to stay in place, but they took, they consumed my life very well. what was the rhetorical nonsense that they put forward to legitimize and justify this insanity they, they all, as we're going along the theory that while we're just going to increase the money printing debt. now because we're going to get a boost in g d p growth and then that of course will give us the taxes we need to pay down the debt. ok, that's the economic theory guiding american monetary policy and fiscal policy now for 30 years. and every single year, the situation only gets worse. and now we're at a point where if you tax americans 100 percent of their income, you would not pay down the debt for something like 15 to 20 years. maybe all the, all the debt and not just the national debt, but close about the unfunded liabilities of pensions and medicaid and medicare, etc. so therefore it's game over tilt, right, you're playing pinball, and the,

till comes up. it's all that game is over. well, you know, they'll try to come up with other stuff and we could only imagine how long they'll keep the ponzi scheme going. because the ponzi is that you have to run fast and fast to stay in place. first we took the nation off the gold standard that extended it for another 50 years. then we exported all of our manufacturing capacity that extended it for 20 years. so, you know, there is always some new way they might come, they might fabricate to come up with justifying money printing. so like, for example, like we've been locked down for a year and a half, much of their global economy. and they've, that has been a, a good excuse to print a lot of money more in emergency situation. and it looks like it might continue. and this brings me to the notion that of the subscription model, because you brought that up, that america is like

a subscription model. you going to have to keep on paying some sort of fee to belong to the system. and especially that it's all based on intellectual property rights, right. so we see that with this headline that was out last week in europe, and it really struck me as that subscription model number go up biotechnology. i said in reference to this financial times, headline or tweet pfizer, m o dana ramp up e u. covert vaccine prices. once the cdc comes out with their new guidelines saying essentially masks are back locked down, might be back. delta variance spreading, it's more contagious, blah, blah, blah, all these sort of things. well then we see the racking up of prices. if you want to participate in the global economy, you're going to have to pay these prices are going to have to pay the subscription to be part of this model. and i want to say that that financial times also follow up with this. the new price for 5 or shot was 19 euros and 50 hands against 1550.

previously, according to portions of the contract, the price of a more daring job was $25.50. a dose contract show up from about $22.60. so how is that different than quantitative easing? right, i mean the bank, they're technically and solvent, but they get the government to tax everybody with inflation to keep them running and to pay their huge bonuses. now the pharmaceutical industry has taken a page out of the banks book and said, hey, now we're going to create the thing we're going to create quantitative bio easing. and we're going to force everyone to keep paying for these things. and if they refuse, we're going to crash the stock market because these are huge, probably traded stocks that they can easily crash themselves. so it's all the same thing, really. it's all jamie diamond, you know, you go in there and you get a new toaster. when you open a new account and you get a jab and you get a subscription to netflix, you know it's all bundled together into one this dopey and mickey mouth. this thing

you need the subscription for the rest of the answer to your subscription. i ran out. i give me another 20, it's the casino. do like, you know, you're going to be cutting on it to get a protein pill to survive another 4 hours. i need a protein pal, do survive another 4 hours to get my dad to get my brother's to get my not crazy by bit going well, that's another story. but nevertheless, the world is essentially on a u. s. passport. everybody doesn't matter who you are. you are on a u. s. past where you are on a u. s. inflationary system. you are on the u. s. the standard you are on that center because this is the american world, that is a fact. and this is what we're covering here over these past week. and, and the upcoming week as we head towards august 15th, not the 2021. that is the 50 year anniversary of nixon closing the gold window. putting us all on the treadmill of having to run faster and faster. just to say

ahead. you see that in all of our headlines for the past 10 years, essentially it's been covering the consequences of that act and, and the inevitability of the collapse of it because at a certain point, just like alice, when she was a wonder lamb and she had gone through the looking glass, she mentioned to the red queen how exhausted she was and that had she and her world been running so fast. i. and in our conversation here in kaiser for you to say, if you were running that fast in a hard currency world and a gold standard world in a big point, standard world, you would've got somewhere. that's what alice told, the red green. if i, if i were this exhausted, i would have actually got somewhere in my world. and she and the red queen says, and our world, my world and the red queen via the world and the 50 years of the world, you have to run faster and faster and faster and faster just to stay even. and you have to run twice as fast as that to get ahead. well, go ask alice. when she was 10 feet all remembers at jefferson airplane and gray

slick. half. that's right. i'm a boomer. hey, we're going to take a break when we come back much more coming your way. the me the other stuff. and then need to talk to someone will actually be able to pay more than that even when i'm in a position where they need to go on it for me. which mobile phone bill. and it

isn't about what i was looking for the day join me. but it was easy, i got to know good. how do you, they can put an office and going to be as long as i can that what you need to do is that quote, the new gold rush is underway, and gunner thousands of ill equipped workers are flocking to the goldfields, hoping to strike it rich children are torn between gold and education. my family was very poor. i thought i was doing my best to get back to school, which still will have the strongest appeal the

the me welcome back to the kaiser report back because our time now to return to our conversation with egon bond, grier of gold, switzerland dot com, a gold waltzing service egon, welcome back. thank you max. good to see you again. so egon, we've talked a few times about central banks and their, their, their tenuous grasp on reality as they print the world into financial oblivion. ah, there does seem to be one stand out, one bank seems to be going the other way and raising rates. that would be the bank of russia. what do they know? are they making a colossal mistake? you got? well, max, yeah, there are some central banks who understand what's happening and but they are

exceptional. and as you say, russia quite a substantial holding in us trash. truth is, for example, liquid liquidated those in the last few years, totally. and they have continues to build up their gold position and substantially from their point of view. so they know what's happening and that you have a precedent that doesn't have to buy boats. of course, in the same way, most people do vote but, but it's as, as we know until now at least coach and has had no problems that winning any election when that's done so they don't have to please the people. and therefore they do what every central bank should do. it's been said in the last few years

that central bank buying of gold has gone out. well, that's not quite true, it has from some countries. but if you look at the western countries, if you'd look at the as, or any european country or western europe income, which no, but he has bought gold to haven't bought gold for years. and they all liquidated their positions in the 90s, as we know. and to push the price of gold down from what he was at the peak in $8852.00 down to eventually to 50. so that was the countries like the u. k. and switzerland, more than all their positions. so central bags that they have a love hate relationship with gold. on the one hand, they have to hold it down there, hold about $34000.00 tons of gold and but on the other hand, they want to suppress the gold price because the gold price tells their people that there are mismanaging,

they call me and so far they've done the pretty good job in holding the gold price . well below where it should be. i often show a graph max, where i compare the gold price to the u. s. money supply. and going back to 1979. if you look at the gold price in $97071.00, if you want to study $5.00 and the gold and then in 2000 was $290.00. the gold prize today at $1800.00 in relation to us money supply is as cheap as it was in $2035.00 on, sorry, into those in $71.00 that $35.00 and in 2000 at $290.00. so gold is incredibly cheap in relation to the

money printing that we have seen in the us 20 years. and that isn't the result of central banks through be through the b. i s that issues golds 12, so central banks are managing to hold the gold prize down in the paper market. and as we know, my paper gold has nothing to do with physical gold. and at some point, the real price of gold will be reflected when, when its central bank lose control of that tape market, which is probably several $100.00 times bigger than that and the physical block. yeah, i've heard those numbers before they but they bear repeating their stuff and mental so gold relative to the money print thing is as cheap today as it was in $71.00, a $35.00 an ounce. and as cheap as it was in the year, 2290 dollars, about $1800.00 an ounce. that's out. it's the cheap nose levels relative to the

amount of money printing that's gone on. and you mentioned that there hasn't been any real price discovery in gold now for really 151620 years due to the mash nations of these bankers because they like to support the money. it appears as though price discovery won't happen, but we're going to have quote, a reset. and we're going to have a new bretton woods according to the i m f that we need a new bretton woods. so it's same thing that they don't want price discovery, but they want to be able to sit around a table and re architect the global economy. they won't be able to avoid gold. gold will have to be part of that conversation. you know, i've been talking about writing about the reset menu and there are many, there are theories that are being discussed, you know, you're on the one on the central bank and then util, bother with the kinetic forum. but in my view, that might very well be a reset from west and central bank. so i don't think russia or china will be on

that at all. so that it has a very large cause of success. but nevertheless, they will try it most probably. and then we'll touch it with the maybe a new digital central bank, digital car systems cetera. i think as all an appeal lated to duration that one would fail to reset gold to $1020000.00 at the time in order to write down the debt. and i don't, i, i am not a great believer in manipulation. anything that is on that show, there's not a lot for a long time and here there. well this is not your back mass, so they're going to try to just make the debt disappeared, which i not going to succeed with. so i think that the real reset will be a disorderly reset. one mock is our reprice, spent based on supply and demand based on real money,

and that will be the nasty $1.00 will be when the debts, the debt implodes and currencies implode and stock market to also of course, the real terms implode and bond market to that got been, i'm absolutely convinced the i'm, i'm not profit. i'm doing a group. i just rate the i study history and i know that babs, just like dust as it has happened in history regularly throughout, throughout the time. it's going to happen this time again. and that's for sure, it could take another few years. i think we're pretty, are there was that never been in a situation what, what every single nation is bankrupt and every single nation is printing money and, you know, you just take now the money printing that's taken place since since 2019,

you know, central banks that were gone for a laundry. 14 trillion. i think the biggest 3 biggest central banks, 14 trillion policies to 2014, to go off trend trillion just in the, in the last year now for 22 years since the crisis started in august, september 2019. so it's coming inevitable and i think we, we are quite mayor now so, so, but i have page because if i have to wait a little bit and you know, i don't want it to happen but, but i'm just studying history and i know it will happen it's only a matter of time. you know, it's interesting that you said that, oh yeah, they probably will try and new bretton woods, but russia, china would not be part of it. you know that, that's fascinating to think that, that, that back type, mating could, could happen. meantime, it seems like more and more, the country is setting the price for labor for goods, even for gold,

is china. so china seems to be the price that are now less than last the united states, the united states, used to really set price is around the world. and the lou they're seeing that now to china, who is also exporting a lot of cultural soft power as it's called are we talking about the historic history and we, we mentioned the facilities trap were one empire gives way to another empire. are we at the moment now in history, where the u. s. empire, which has been roughly a 100 years, is giving way to china? you got? yes, i think that's inevitable. china has its problems to china, has that problems too, and they go to sort that out, but relatively, it's much easier for them because most of their debt is internal. so they can deal with it. they don't need the whole world. i haven't got a tetra or a petra, you on they have a domestic one that can easily be dealt with and you know,

they are older credit conquering the world as we know, you know, be i looked at the graph and, and i think it was back to 2000 went well and the main trading part of most countries in the world at 75 countries 75, because that was the us over 75 percent of all countries. that was the us. the main trading part are today 21 years later it's, it's china that is the main trading part as we're 75 percent of all countries in the world. and you've gone down to $25.00. the said from 75 percent using is happening already. the china is taking over and you know, you're buying everything they can as we know there by there, by, into all kind of natural resources in africa and south america said they've been doing that for years and years. they're buying ports everywhere in the world. they are buying control and major infrastructure in the world. so it, yes,

they are going to be a powerful nation definitely from the point to be trade an industry. they also going to be powerful, me return. well, we don't know, but certainly there's a bigger risk for the south east ratio region in my view. you know that you take any, anything from sealant to trailer, to singapore trauma. i think there they are physically quite near you know, the next, but in that feel, but i would say that yes, china is going to all the time. it takes time. empires don't shift overnight. it takes a long time. but china is growing gradually, as i just said, we're looking at the trait. it's there on the up and in a big way. yes. and that will continue faster than anybody can believe. since you're in switzerland, you might have the inside dope on this, this west central bank. are they experimenting with a digital currency while they are like every central bank, but it's,

it's still under still right now. i mean, sweet summer holiday and mr. bolton behind me. but the sweden, of course, has no cash at all. basically you call in many shop, so they don't take cash. use cash. only credit card. the sandra bank sweetness even warned that, you know, your boss, have some cash. there was a crisis. you're not going to, you know, you're not gonna be able to buy things. now switzerland still uses cash. i'm still, there's a conservative country, so i don't i think switch my digital currency to but it's going to take many years and it's not going to be exclusive to normal money in my view. i'm going to come out there. you got my garage thanks so much for being on ca report. thank you back . it's good to see again. alrighty. i was going to do it for this edition of kaiser report with may max kaiser and stacy herbert want to thank i guess you got my grades of gold, switzerland dot com it gold vaulting service until next time via the

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