me owner property, which is facebook, you know, the new york times or someone at the facebook page is in the comments. you are kind of the owner page facebook, and that's very clear. the 3rd serve as a facebook owns everything you put on their site. so it's, does it seem suspicious that this comes down onto the publisher and not the publisher being the news organization and not facebook itself? and i would still say that black people talk because the truth is going to get out there. of course, there are certain things that people, that we can most people agree you don't want to see online even comments section. things like, i think it's just that we're a little bit short to tom. this is going to get bill in the chance to comment and bill, i just want to talk about the cost of moderating, you know, for a job like facebook that might not be such a big deal to hard people to moderate. but is this going to possibly the cost of it cause some media organizations to shut down the comments? i think maybe organizations crying about when actually there are 2 very sensible

means they how about the disposable to address? first of all, within facebook, they can shut off comment, and they're not particularly worried about having driving up a big, big for role. they can simply turn off comments, and secondly, they told be sued directly. if a comment appears in against their all, they have to be given the opportunity to take it down. and therefore if somebody points out the farmer tree comment just being published and they the public, it publish as a job to take you down, then publish. you should do so if the publisher ignore this opportunity and doesn't take it down both very, very brightly. the publisher should buy the music search of enormous amounts of risk resort for them to take action on that. but just don't have a look at come come and actually be flag to them. and if they choose to remove them, and that's one thing, or they think that they are not particularly derogatory inflammatory,

then they can choose to keep them up, or they can just disable cummins and i think it's a little bit over blue. but the publishers do have to do this, and i certainly don't want to moderate your comments, but we're absolutely have time if we're late. really appreciate it's chadwick moore, jennifer domestic bill, me my guess. thanks so much bye for now. the max kaiser. this is the kaiser report stating, right, well max, you know what, 2 things i want to point out are guessing the 2nd half michael hudson, he was right. does that can't be repaid, won't be repaid. and secondly, you are right over the past 2 years of kaiser report where you said that the fed is causing deflation through all of their money printing and their negative interest

rates. ever a driving interest rates down the headline reads the rich get richer and rates go lower. maybe it's not about demographics after all. so this is a financial times piece. and us looking at a recent report that i guess came out of the same week as jackson hole, the virtual jackson hole. and what they find is that the argument used in the mainstream media normally is that this wealth gap is caused by the boomers, right? that they have all the wealth. what in fact the data shows from the feds own data is that it's actually just the very, very wealthiest, even higher than the top one percent are gathering all the gains from the past 203040 years of growth. yeah. yeah. that's right, the top 110th one percent are capturing almost all the gains and that trend x l

rating over the past 20 or 30 years. and the nomenclature used that the fed as fighting deflation by money printing. as we've been saying now for a long time is actually the exact opposite. they're causing deflation. so in this case, to understand what deflation means in this context, it would be societal collapse. because when you allow for the top 110th of one percent, to simply move trillions from the public economy that the publicly owned economy into their private pockets, you are fostering societal collapse. and that is for sure, deflationary when it, when a society collapses, you can definitely call that deflation. well, even before it collapses, what happens is what they, the data shows is that as manufacturing was sent overseas and wealth creation, normal wealth creation for ordinary people was sent overseas. all you had were

racket right and ponzi schemes available here. so whoever had a can tell an effect, whoever was closest to the fed got the cheapest money, whoever already had the huge assets when the ponzi scheme started, i believe in august 15th 1971. when whoever had that got to gain the most of all the money printing all the credit pushed into the economy, where by the bottom didn't. and they do ask and they, they look at the point that why didn't all of the savings. so all the vast savings, the savings go, what is actually with the top point one percent of the population. they have massive ones. wealth jeff bezos has $200000000000.00. his ex wife has like 6575000000000. she can't give it away fast enough, right there. for the most part, those people are not investing into productive assets in this economy,

because obviously we don't have that like china produced as everything. right? so that means that they, they're the biggest debt holders. they are the muni bonds, treasury bonds, all that sort of stuff. they own all of that. so the government and the bottom. 99 percent. oh that the top point one percent. all this money and they're paying more and more of their income to them. and they're gaining more buying more assets. but also that capital that's going from the bottom to them is obviously a sucking sound causing deflation for the vast majority. not for that top point one percent, which is enjoying a very high inflation rates in their assets are right. the, the way the us government funded is through the issuance of treasury bonds. and they pay the interest on those bonds by collecting taxes who owns most of those bonds, if not virtually all those bonds, the top 110th of one percent. so the government simply becomes

a pastor mechanism for people to pay money from their pockets through something called taxes that are just a fig leaf that hides the transmission mechanism of your money through the government, into those who own these bonds. and because they own so many of these bonds, the interest rates available are quite low for them to go out and borrow and to speculate. and oh, guess what? whenever they make a mistake speculating, they get bailed out again and again and again. so it's, it's deflationary in the sense that society in america is collapsing. we haven't seen a society collapse on this scale since the soviet union collapsed. and this is exactly what we're seeing in america right now. right. and the inevitable doom loop, and maybe this is just something that has to happen throughout history. why we have like slates. why, why a new leader or a new government, or

a regime hassle wife, way all those old tests because it gets to this point of a doom loop and the doom loop. they point out that and the names of these, the researchers are me, and stroud and sushi who they released the, the paper that argued that it's not demographics, but it's actually the rich getting richer that is causing all of this chaos. they disagree about why there are more ever more saving sloshing around it is not because the huge baby boom generation is getting older and saving more, a trend that will change direction soon anyway, when they all retire. rather, it's because a larger and larger slice of national income is going to the top decimal of owners, because a person can only consume so much the wealthy few tend to save much of this income rather than spend it. this pushes rate down directly when a savings are invested, driving asset prices up and yields down and indirectly by fac,

bang aggregate demand. so there's that deflation they're causing. now that consequent deflationary economy for the vast majority leads them all into debt, whether it's credit card debt, mortgage, that student debt, housing, that all, that stuff is owned by that top one percent. i remember, as you've pointed out as well, they get all of that reward, all of that reward. we get none of the risk of that deflationary economy for the 99 percent, one of those debt collapse. they just take the pile of contracts and go here fed, but it on your balance sheet. so that's why it's gotten even worse. that's why it's like, don't parabolic at the moment, right? and as dr. michael, us and points out in his many books, you know, the, the us went through a transition from our manufacturing base economy to a pure financial ization. right. and i witnessed it 1st hand starting in the 1980s under the reagan factor, the regulatory boom. and so now we have a raunchy, a economy that's 99 percent of the u. s. economy is the top 110th of one percent

charging interest on everything. if you notice, just about everything out there. now the prices are going up because the ron ca, economy, feels that they're in an oligarchy position. there is no pushback by regulators and there's no manufacturing competition. there's nobody competing with anybody in the financial markets. it's all big. been turned into a very small oligarchy. and we have all the guards, we have the same thing. again, we go back to the soviet union, america as an oligarchy problem, there's too many oleg marks, not enough actual productive jobs. well, oligarchs tend to arise out of like the commodities business. so you're blessed with this huge abundance of gold or oil, or any commodity that just there to be taken. there is no wealth creation needed, like you don't need to be super sophisticated vent a great technology or anything. you just take it out of the ground and sell it

right. that's what we have in the united states as we just, there's no amazing technology beyond the printing press which was invented very long ago. it's not something new and it doesn't add any productivity or g d p growth for real, real g d, p growth to the economy. and in terms of like, where this does, the societal sort of breakdown. i mean, you do see it max and i are starting to see it where everybody is. on one hand it's like maybe an atlas shrugged sort of thing. it's like, well there's, there's no getting ahead. there is no meritocracy. i'm not going to ever be friends with a new york fed. i'm not going to be friends with john williams. he's not going to give me free money. so i might as well just stay at home, eat bond bonds and watch kaiser report like there's a set sense of that and you see it at all the retail jobs and the retail sector. if you have to go to the supermarket, if you have to use the pharmacy, you'll notice that there are no workers there and it's total chaos and ramshackle

supplies, empty shelves. all that stuff like you talk about what happened at the end of the soviet union. and on the other hand is kind of what, you know, you have the national problem of this wealth gap, but also international. so americans are, and some of the western economies are able to stay home, not locked down and get paid more. but somebody's paying for it somewhere like that, that the gap between us and what they can do in latin america or parts of asia or africa, is that's also starting to break apart. right? and the have to remember, of course, that the money printing is causing inflation to rise. a lot faster. purchasing power is falling apart faster than people are getting transfer payments from the government. now if you're hank paulson or john paul sam, or any one of these hedge fund managers out there, you can insulate yourself and profit by this unfortunate circumstance where the

finance hairs are captured, the rest of the economy. but for the vast majority of folks out there, they simply take the brunt of it. they simply have a quality of life adjustment down. and they and they're getting angrier and angrier and, and one would understand why americans are getting angry because they're going from meritocracy. to neal feudalism. right? or as gerald salenti calls it, the slab slave landey a slave landey. oh, well yeah, it happened. it's too late. so they're only just beginning to notice that. and that's what the f t opinion piece concludes. with that they say that a further no, i think if these are me an style but soupy are right. the political implications are particularly nasty inequality and their view is self perpetuating. with the feedback loop running through low rates, access savings of the rich depressed rates, low rates, push asset prices up, the rich get richer. still, many governments, however, are engaging and monetary policies that in all likelihood make the fly. we'll turn

faster, right? so what we're going to have in the us starting right now is class war. and we've lived in europe. we live in the u. k. u k, is mired in class war, you know, and that's on mistaken ball. and it's, it's pernicious and it's ugly. and, and look, look at what they say on the news. the cable news is they're part of the top one percent. obviously rachel matto, for example, making 30000000 a year for one show a weak. right? so that puts you in the top one percent that they keep on saying is the fed needs to keep printing to help the poor to help support to help the poor we doing it for you, hurts us more than it hurt to. so that's that propaganda to continue this policy that the data shows is causing the stripe. exactly. well, we're going to take a break and when we come back, dr. michael hudson don't go what the me,

[000:00:00;00] i for many of us the end of the american war enough dennis and was inevitable in the end, the conflict was more about a massive grip than about nation building and smart, strategic thinking. jo bible says the us is done with we making foreign countries through the use of force. there is no reason to take the american president. i just work the the the, the the me welcome back to the kaiser report. i'm time at

a turn to dr. michael hudson is the author of super imperialism which is about to be available once again. it's 3rd edition and coming out at the end of the month dr . michael watson and welcome back. all righty. so the book is called super imperialism, the origin and fundamentals of us world dominance. when did you 1st publish it? or in what's the main faces? i published it in september of 1972. just 13 months. united states went off bowl and at that time, people were wringing their hands and saying, oh, now that the u. s. law told us to civility, to control of the country. and i pointed out that one countries in central banks, gold anymore to cash, and the us balance of payments deficit which isn't higher late military, there was nothing they could do was saved by foreign reserves, but by us treasury security. and my argument was by replacing bold

with us treasury securities meant that other countries are international reserves by financing the u. s. military balance and payment status. because all throughout the 19 days and $960.00 days and after the 7 days, the entire us balance of payments deficit was the result of the war and southeast asia and elsewhere around the world. the private sector was exactly in balance. so when people talked about the dollar glove, this is the dollar coming out from military spending abroad. well, i wrote the book thinking that well this will created react, be supported by socialist left. dollar is resist the dollars. but immediately upon publishing that book, within a month, herman con asked me to join and the defense department

gave them $85000.00, much more than i got the book for me to explain to them how a very it was worked. and herman come so that i would explain how american and monetary and ariel engine was running rings around british colonial imperialism, and of the biggest, great. and instead of being spurring and a reaction on foreign countries, not so dollars. it became a how to do a department ca. i was brought up to the white house to meet treasury secretaries rather than everybody. and they said she would have thought of leaving noah created old forces. other countries in, by us dollars was all of our dollar inflow. so the more we spend abroad, whether on military spending or the buyer or industry, all this money, recycled and actually it's the balance was financing the domestic budget. what is

foreign countries by us treasury. so there it goes. they don't buy corporate sparks work or not. so this is an explanation of how the us use the international monetary fun to control and the operation other countries and make better countries. it can be one u. s. foreign policy. it's, it shows how the world back out against other countries independent and their own, who had to rely on us agriculture. showed us control great organization was designed to break in the foreign markets. and especially united states had essentially set out during world war 2 story england, a rival imperialist power and taken over the british empire. why basically using that leverage over,

like later years. ridge again. we just heard reports recently that the u. s. upon evacuating capital. busy left behind, $85000000000.00 worth of the us taxpayer weapons put this into context for us because it sounds like what you're talking about here. since 1971. what america went off the gold standard. you wrote the yearbook and super imperialism in 1972. you're talking about foreign exchange rates and it's relation to the military and ok. so it seems to me that this is a good example of what he's talking about. so being on a dollar standard as we happened now, since $971.00, a money standard, i should say not gold back allows america to do stuff like just shower money all over the world because it just printed right. and that has no

accountability. and as just printing money, number one, and number 2, the wars in these foreign territories, you mentioned the south east asia, which of course is vietnam. and what we're seeing in the middle east and america's empire. it's one where to maintain a trade. we have to maintain a trade balance, right? a stacy is always saying to keep the dollar as world reserve currency. so you're suggesting, of course, that this is, this is why we have so many wars and so many military bases. and so is it, is it too far to say that the us dollar promote is all based on war since $971.00 for sure. well, the us trade balance is not anywhere near as bad as it's reported. for instance, when we import oil, that looks as if it's a big problem in the balance, but hardly any money we pay for oil is actually paid to foreign countries. only 10

percent of what america pays for. oil met ends up being paid abroad because it's paid all of the oil is imported, american companies, and this money that we pay, the oil companies really never leave this country as profits as rents, it's machinery that we use to produce the oil. so the trade balance and the investment balance is really a problem. almost the entire problem with the american balance of payments, like the budget deficit is military spending. well, regarding your question about a demo stand of that was supposed to cost $2.00 trillion dollars. hardly any of this was given to us. it was all spent in the united states. so basically because of all of that is the military industrial complex. and the military industrial complex basically operates on a cost plus basis. in other words, it, it maximizes the cost of the weapons that reduces like the $35.00 and

the markup on how much it's able to spend. so the military industrial complex basically told the government to things, you know, we need to make our profits. and in boy labor, by building these weapons choice, you can either drop the men to the pacific ocean or you can drop them into work. so it drop the weapons into a piano stand. and as far as the military is concerned, ok, we've already spend money on the weapons. we've given the profit. so write down and boeing and the other companies, us companies. so it doesn't matter what happens to them. so they've left the minutes, dana, stan, and who knows what kind of stands going to use them or certainly is not going to use the airplane. so helicopters, states, the us doesn't care all the carriers, aid, they can and contributors the military for the,

for the, for these weapons. and it's sort of a circular, circular flow between the u. s. government and the military producers and all of this and to the contractors and all the generals who got rich shops. so you make the point that 90 percent of the $2.00 trillion dollars for at the afghan stan war state essentially in the u. s. and so the money is printed and it's basically gifted to the military, industrial complex, the defense contractors, etc. and but what's interesting now is dr. michael watson is that we see the exact same thing happening with the banks and their relationship to the government in terms of the money they're supposed to be distributing for programs like food stamps and other transfer payments. 90 percent of it stays at the banks that doesn't actually rate reach the people, but it says they're supposed to rate. so here you have 2 sectors of the economy, military and banks, which are probably by extension you'd have to say that would be more than 50

percent of g. d. p is probably closer to 75 percent of the entire g. d. p of the united states is based on 2 major industries that are engaged in this fraud of inducing the government to print money and then keeping it as and they use, i guess the propaganda is, they're going to frame the people of i get f data stand by keeping $0.90 of every dollar they print and they're going to, they're going to help the poor people in america by keeping $0.90 of every dollar they print or so is that about right? yes, the price of the prime directive, the federal reserve, and the treasury is the banks and the one percent and not lose the money, any money. and so we're a great now because it's priced, so they said we're going to give an enormous amount of money to renters and mortgage borrowers so that they don't get, well, they give the money for the renters. pay the landlords so the landlords can pay the

banks on the mortgages that they've taken out to buy that property. and essentially, it's a circular flow, by way of the renters, and by way of the families that are borrowed they go to mortgage and buy a home, but can't pay because they live in all this money that's been given to homeowners and rogers is paid all ends up getting paid right to the bank. so the renters and the homeowners are simply intermediaries for the reserve, the transfer money to the bank, to make sure that the banks don't lose any money on the mortgage loans which take up about 80 percent of bank lending. and the united states are talk about your book super imperialism now. it's coming out in a 3rd edition and it's a classic, but it's a great book. so you right, quote, in 1949, the united states held 3 quarters of the world's gold. by 960 and had become

a debtor nation. and yet the united states is built history is most powerful, an apple empire. ok. how do they do that? that's exactly the point. how is that? the united states can rule is a creditor against the 3rd world countries that american bondholders control europe and other countries by being better. it controls them by saying, well, all of your foreign reserves are now held in the united states. for instance, layla held us gold in the united states and reserves united states simply brad, and it's doing the same understand almost always research. united states said, well, we don't wake up. so we're going to grab all of your reserves. now you have it. and the united states and other countries in europe, japan, china, other countries, any holdings, you go to the u. s. banking system we,

we can grab any plan and we can grab it through your swiss settlement system. and that's finally leading china, russia around, and other countries. so the dollars they say now that we have to hold our money and dollars the guns that they were still, but now they're not as good as gold. and so china, russia and other countries instead are buying go and keeping at home. not like the bank, england, graham, the americans, they're keeping their way. and so you're saying that the world fracture between a dollar area and the area, the dollar area will be shrinking. united states, europe so that you're not run a budget deficit engine style. so, without running a bunch of deficit,

there aren't euro securities for people to buy out. they're going to pick it up on a 2nd segment, dr. michael out of thanks for being on as a report. and that's going to do for this edition of kaiser report with me. my guys are in, stacy, herbert want to think, i guess talk to michael hudson and so much time via the me. ah, ah, the service play by a whole set of different rules, it's going to force us in your words to get mean 30 and nasty in order to take them on, right. we'll use all tools at our disposal to do so. my name is same on our committee and i'm the head with family members. can, can, will they attacked and killed our children? and we will never forgive them to leave this place a bit. am i, what i did states was doing that. they were bringing people to this torture site as guns ordering and abusing them outside of the law and then allowing some of them to

go back home and they would go home and tell people this is what the americans we know, look it up. it was a pointless exercise the head of the 911 anniversary and he's been looking at the last thing impacted the us led war on terror. today we'll hear from a british army veteran on the devastating told of the 20 year african conflict. off to many people for situations which we just gave up. also the taliban involves this new government for afghan is done including a terrorist who's on the f. b. i most wanted list washington's left and no option