various groups that are worse than on the head of the anniversary of 911 arch. he's been looking at the lasting impacts of the us led war on terror. a british army veteran described the devastating toll of the 20 year. ap can cut it off to many people for situations which we just gave up. also as the taliban unveils its new government for up dennis dad, including a terrorist on the f. b i most wanted leave washington left with no other option. it must cooperate with the incoming leadership and the australian high court rules that media companies can be held liable for defamatory through 3rd party

comments posted on their facebook page. the decision didn't go down well with many news outlets, and the ruling gets a mixed reaction. needs to be accountability directly on those post thing, the comments where people are basically able to do their own research and looking in the things that people are claiming and the section should have been mentioned. and also what is that, what goes on? that's all for this our on behalf of our team to national thanks a lot for watching and we hope to see you again soon. the max kaiser. this is the kaiser report. stacey? right, well, max, you know what? 2 things i want to point out are guessing the 2nd half michael hudson,

he was right. death 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 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 it's 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 use of the mainstream media normally is that this wealth gap is caused by the boomers right, that they have all the wealth. but 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 use that the fed is 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 suicidal 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 the controlling 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 $971.00. 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 widen 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 produce as everything. right? so that means that they, they're the biggest debt holders. they all 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 slaves. why, why a new leader or a new government, or regime hassle wife way all those old tests because it gets to the point of a doom loop and the doom loop. they point out that and the names of these, the researchers are man strout and sushi who they released 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, flashing 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 sac 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, debt, 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 the get none of the risk of that deflationary economy for the 99 percent. one of those debts collapse, they just take the pile of contracts and go here for head, 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 a manufacturing base economy to

a pure financial ization. right. and i witnessed it 1st hand starting in the 1980s under the reagans factor, the regulatory boom. and so now we have a ron t, 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's 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 old 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 an 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 is like, well there's, there's no getting ahead. there is no meritocracy and i'm not going to ever be friends. with the 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 for 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, you know, break apart, right? and we 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, 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 a 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, accessed savings of the rich depress 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 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 and 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 hurt us more than 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. doug, go what the me ah, i have often said transfer fee for the powerful receipt for the last bit cares about privacy. what people care about is power. juliana sons is become a symbol of the battles of brevity. information is power. that's what's going on and a huge struggle with governments and corporations who want to keep information secret and others who democratic rights should be pushed forward. and people have a right to know what to do. watch houses help shift the conversation around

transparency. see what that battle has done to him. i feel like julian might be coming to an end. we are in a conflict situation with the largest and most powerful employer in such a situation. it's remarkable survive. this is your media a reflection of reality. the in a world transformed what will make you feel safe. tyson lation community? are you going the right way or are you being that somewhere? direct? what is true? what is faith?

in the world corrupted, you need to defend the so join us in the depths. will remain in the shallows ah, in the me, welcome back to the kaiser report. i'm time gotta turn to dr. michael hudson is the author of super imperialism which is about to be available once again. it's 30 this coming out at the end of the month, dr. michael watson. 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 that the, the replacing bold with us treasury securities meant that other countries are international reserves by financing the u. s. military balance and payments that was because all throughout the 19 fifties and 960 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 arise and resist the dollars. but a mediately a publishing book within a month, herman con asked me to join and the defense department gave me an $85000.00, much more than i got the book for me to explain to them how very it was worked. and herman come so that i'll explain how american and monetary and realism 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 crated old forces. other countries in, by us dollars was all and was a dollar inflow. so the more we spend abroad, whether on military spending or, or industry all this money, recycled and actually it's the balance of was financing the domestic budget. what is foreign countries by us treasury. so there it goes. they don't buy corporate spock's 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, it shows how the world back out against other countries independent and their own, who had to rely on us agriculture. showed us control world,

great organization was designed to break in the foreign markets. and especially united states had essentially set out during world war 2 story england arrival, 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, 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 u. s. dollar promote it is all based on war since $971.00 for sure. well, the us trade balance is not anywhere near as bad as just report it. 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. profits. it's rent, 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 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. so they've left the minute span. who knows what kind of stands going to use them, or certainly is not going to use the airplanes or 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 half down to stand 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 is what's interesting now is dr. mike lawson 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 reach. 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 an a is, i guess the propaganda is they're going to afraid the people of i get out of stan 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 that 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 get an enormous amount of money to renters and mortgage borrowers so that they don't get, well, they give them 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 by way of the renters, and by way of the families that are borrowed they go to mortgage and buy a home. but can pay because of in all this money that's been given to help us 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 in the united states. to talk about your book super imperialism outs. coming on to 3rd edition sin, 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 gold by 960 and had become a debtor nation. and yet the united states is built history is most powerful and apple an empire. ok. how did they do that? that's exactly the point. how is the united states can rule, is a creditor against the 3rd world countries that american bondholders and yet 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 bold and united states and reserves. united states simply brand,

and it's doing the same understand almost always reserve the united states said, well, we don't wake up, so we're going to grab all of your reserves. now you can 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, iran, and other countries 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 it at home. not like way to the bank that grant it to 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 ends in style. so without running a bunch of deficit, there aren't euro securities for people to buy, all right, they're going to pick it up on a 2nd segment back to 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 dr. michael hudson. and so much time via the me ah, ah, the, the thick lag around the world expedition by 1000 ocean mile

round the clock and the dead. com. spanish as every country close by the crew. gavin's food and water and to check those for sure. let me know, i got everybody locked down or almost no food and no water but really i'm not sure somebody either stuck in the cove it you're living like the female.