the what we've got to do is identify the threats that we have. it's crazy foundation, let it be an arms race is on, often very dramatic development. only personally, i'm going to resist. i don't see how that strategy will be successful, very political time. time to sit down and talk the ah, i a 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 he wished 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 in the 1970 stag place, 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 of 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 recent months, despite many more people getting back to work and despite higher wages, because inflation eat up the increase in 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 and shipping all of our jobs and 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 jaelyn. and before her been pronouncing 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 use actually 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 d p growth by g d, p growth is stalled, the sun flee flat the, china's 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. and that trend has been clear for a decade. 15 years is a very, very,

very clear trend. the fact that no politician or policymaker 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 out 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've pulled ahead the consumption from 4050 years out into the future. and that is the, the conundrum that a lot of economies not to see is safe, but many economies to the western world. you're seeing a problem with the generation. see 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 who are 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 and that 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 taxed 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 data 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 till comes up, it's all the game is over. well, you know, they'll try to come up with other stuff and we can only imagine how long they'll keep the ponzi scheme going. because the ponzi is that you have to run faster and faster. stay in place. first we took the nation off the gold standard that expanded 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, an 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's like a subscription model, you're 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. you coven vaccine prices? once the cdc comes out with their new guidelines saying essentially math or back

lockdown 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 a pfizer shot was $19.00 euros and 50 pants against $1550.00. previously, according to portions of the contract, the price of a more darren, a job was $25.50. a dose. contract show up from about $22.60 and how is that different than quantitative even? right. i mean, the bank, they're technically and solvent, but they get the government to tax every already 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, you know, 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 dystopian. mickey mouse, 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 paldon survive another 4 hours to get my dad to get my brothers to get my not crazy. i bet 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 out 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 the 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 in, in our conversation here in kaiser for you could say, if you are running that fast in a hard currency world, in a gold standard world, in a big point, standard world,

you would've got somewhere. that's what alice told the red queen. 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 thea 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 the palace when she was 10 feet all remembers at jefferson airplane and grace lick. 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 know what would be the log

and by the in the can, can hard while we're on by now, i know i should know moment a new york on mon deals on miles like on them and that will, that will allow you on mobile for have an association national before we get off the so give me a shout and one out my my name is the

the welcome back to the kaiser report. i'm back because our time now to return to our conversation with egon bond. grier of gold, switzerland dot com, a gold vaulting service egon welcome back. thank you, ma'am. it's 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 you say, russia quite a substantial holding in you as trash true 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 that point to view so they know what's happening and that you have a precedent and 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 there are until now at least coach and has had no problems of winning any election when they are out of that stuff. so they don't have to please the people and therefore they do what every central bank should do. is 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 look at the as, or any european country or western european countries, 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 it was at the peak in $8852.00 down to eventually to 50. so, and 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 down their hold about 34000 tons of gold and there. but on the other hand, they want to suppress the gold price because the gold price tells their people that they're mismanaging. they've called 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 1970. and if you look at the gold price in 197071, if you want was $35.00 and the gold and then in 2000, it 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 is use gold 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 than 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 the 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 seems 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 many theories that are being discussed. you know, you have on the, on the one on the central bank and then util bother will be kind of a forum. 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 in 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. that is what current systems cetera. i think as all nebulae to, to duration is that one would fail to reset gold to $1020000.00 at the time in order to write down the debt. 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, i'll reprise spent based on supply and demand based on real money,

and that will be the nasty one as will be when the depths, the debt implodes and currencies implode and stock market to also say to real terms, implode and bond market to that is going to happen. 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? well, does 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 are gone for

a 114 trillion. i think the biggest 3 biggest central banks. 14 trillion policy is to 24. to go off trent trinidad. just in the, in the last year now for 2 or 2 years since the crisis started in august, september 2019. so its coming inevitable and i think we are, we are quite mayor now so, so, but i have page because if i have to wait to list and you know, i don't want it to happen but, but i'm just starting history and i know it will happen it's only a matter of time. yeah, 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 the less than

last the united states, the united states used to really set price is around the world. and 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 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 while they 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 offended 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. 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, you know, you buying everything they kind of as we know there by that, by into the old 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 yes,

they are going to be powerful nation definitely from the point to be trade an industry. they also going to be powerful military. well, we don't know, but certainly that's a big risk for the south east racial region, a mob. you know that you take any, anything from sealant to trailer, to singapore trauma. i think there they are physically quite near the next by the, in that field. but i would say that yes, china is going to all the time it takes time. empire is don't shift open on. it takes a long time, but china is correct. gradually i just said to go, looking up the trade. 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, well,

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

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