right, well, you know, france is a place that knows revolution based on inflation and inflation prices. and remember, it all came down to about the meat cake when the food prices were too high. well, today where and more inflation around the world and just but we've been covering this for the last few months now with a stab lation emerging. but here's some more shocking information. first, we'll go back to the u. s. of these 1st to the national average. rent and multi family buildings. a apartment buildings rose 10.3 percent from a year earlier to 1539. the 1st double digit rise, and the data sets history from e r d data. over the past 10 years. the average pace of growth has been 2 percent, but it's now 10 percent. well, as we've been saying, the purchasing power of the money us dollar has always been falling.

it was kept away from utter a collapse by transporting on america manufacturing capacity in china for a while, but that trick is finished. so now all this money printing is just causing the purchasing power to, to fall dramatically. that's called inflation. and so people's quality of life is now deteriorating rapidly because of money print thing, which is something that doesn't have to be the case. they don't have to do it. they don't have to print the money they do. so because they're lazy and they're corrupt, remember what we've seen is extraordinary amounts of money printing. not only from the central bank printing credit, but stimulus coming from the government to the pocket books of americans. as we've covered, a lot of americans actually earned a lot more unemployed and locked down at home. but importantly, there were no expansion in goods and services, right. it's only what?

hi nina was the only economy left standing and the entire past year and a half. so whatever they were able to produce and ship importantly, there's only so many ships in the world right. and the ports are only so big and can handle so many ships. so you're seeing that a huge amount of cas me unlimited supply u. s. producer price inflation jump, 8.3 percent and august the largest year on year increase on record. remember j, how the fed? the treasury, janet ellen, she also said like this is transitory. don't worry, it's going to be fine. we hope so. everybody hope so, but right now the numbers look the biggest ever on history of the united states. anyway, of course, europe has had some big hyperinflation in their past. right? and they categorically state that the problem is deflation, j pal, jackie allen and policymakers and politicians overtly lie in

a way that is disingenuous. you know, it's, they call deflation people's prices 1st off, energy and food is going up, but they say that's deflation. so again, when you have public officials who are, who are allowed to simply state categorically falsehoods like this unchecked, then you know, that's part of the problem. of course, germany is always the worst one in terms of nobody wants inflation there. right? and however, good morning from germany where inflation pressures keep rising. germany's wholesale prices jump 12.3 percent year on year in august versus 11.3 percent in june. this was the highest monthly annual rate of change since october of 1974 after the 1st oil crisis. to see the chart,

they're looking out pretty steep over in germany. right, when mary dragging was running the pay in central bank, which is really the leftover from the german central bank to bundle bank. everyone thought that all the quantitative easing and money printing was and they wouldn't go into europe. they wouldn't because they know the, the tragedy of inflation and 1930 lead to the rise of to tell terry newsome and the death of millions. and they said, you know, right, we're not gonna let hyperinflation come in, but, but draggy and the european central bank. what did it anyway? so they clearly did not learn any of the lessons of the 1930 are trying to in fact, to repeat them by hyper and plating their currency by rewarding the worst. it's a caca stock or see you've got out of control bureaucrats who are acting in as lunatics, and they're being rewarded as such. right? well, it's kind of the entropy of the system, right? this debt saturation happens and at

a certain point you could only pile. so much more debt on top, on top of the old promises that will never be met. and at certain point you reach a generation whether it's millennial or a z that you've brought forward. all. busy of their consumption over the previous 50 years, and there becomes a moment of collision, the generations of societies of food prices. so we could be at that now. you never know, it usually happens slowly and then suddenly, and what are they going to do that easily be has started to taper a little bit. they were purchasing $80000000000.00 euros per month of assets. now they're down to between 60 and 70000000000, but they need more. so let's look at what's happening in the euro zone in terms of how are they going to keep on feeding this policy? because max, you've always said you can't taper ponce right

e to propose exempting green bonds from deficit and debt limit calculations. christine, regard over at the u. c. b was saying like we okay what the e c b as tapering, but we need some more money, right? we need fiscal support, i, the nation states within the euro zone need to increase how much they're spending on stimulus and domestically. so remember that with europe, the way it's set up, the structure of the monetary union is that you budget rules created in 1997 and changed 3 times since then. set limits on government borrowing to protect the value of the euro. they require you countries to cut debt below 60 percent of gdp, an annual deficits to below 3 percent of g d, p, or face fines. while the rules are temporarily suspended and 2020 to give governments more scope to fight the corona virus pandemic. they are due to be

reinstated in 2023 and max. i want to change that again. obviously in 2023. they won't be able to unwind this that because the data on that, according to the commission, the $900.00 countries that share the euro will have a budget deficit of 8 percent of g d p this year out from 7.2 percent last year. while their public debt is set to reach 102.4 percent of g d p, there is no way this number can ever again dropped back to 60 percent. we know from the episode of grace that they shirked the rules of debt, the g d p to fraudulently allow greece in the you so that i call miss acts and the leadership of grace could attack and with credit to fall off to make billions of dollars on its destruction, so they don't respect laws, they write laws as the benefits there need to still it's called larceny. it's also called n happy. the inevitable immutable future outcome of any death based system is

always going to collapse in an avalanche of bad debts. always, it doesn't matter what sort of tricks was sort of rules, what sort of thing tank say, what sort of ideas they come up with it. there's no magic solution to it. other them bitcoin. yeah, exactly where you could slow the entropy by having someone other than a crook run the system. so the way these bureaucratic systems work is it's thing tanks, economists commissions that come up with these ideas that we didn't think of this, but we'll allow it because these think tanks of very smart people came up with these ideas. so the green golden rule, and that m m t argument are being presented on one hand, the 0 hedge article points out a think tank has come up with a green golden rule excluding net green investment from the fiscal indicators used

to measure fiscal rural compliance. as a most promising option to address the tension, this tension being the deficit and that levels. so the debt levels are over 100 percent. sure. g d p, which is obviously the point where the mouse itself is always saying that's the danger zone when a country is likely to default. so because of all the stimulus, all that locked down, the shut down that are ongoing, it's impossible to get back down to they e rules from here as best as all these variance emerge. so the green golden rule, remember it was i think it was gordon brown and the u. k. came of the golden rule right. that you could only borrow to invest. that was the only thing that the government would do to borrow it to invest. so here is the green golden rule. and the other thing they point out is that predictably some u officials argued the rules reflect past realities. when debt was relatively low

and interest rates were relatively high, as opposed to the high debt and very low or even negative cost of borrowing now, which means high debt, more sustainable. this is also known as the m t r u human. right, the, the, the point of tension or the, what they're running up against is their respect for human rights. money printing violate human rights. christina guard is violating human rights by killing the purchasing power of the hard earned money of the people living in europe. who therefore are having trouble surviving. and she is dealing with every money printer in the history as all was done, justified her abuse of human rights by calling it's something else. it's new

speak. it's are well, he knew the big big because she has an expensive haircut and nice clothes doesn't mean she's any less of a authoritarian disaster. i thought the german newspapers had images of the e. c. b 's balance sheet because that hit all time highs. i think it's a point 65 trillion euro's a greater percentage of g d p than the u. s. fed the u. s. fed as under 40 percent, which is still the biggest in history and the u. s. right. and the of the u. s. fed and in the euro's own, it's double that. so you know, it's over 80 percent of g, the debt to g, d, p on the, on the balance sheet of the e. c. b. so they're piling on that debt for sure. and how it ever gets on wound a miss, an ongoing lockdown, and coven, sort of cry fisk, who knows?

well, i think the hague is still up and running. the court of human rights. i think this is christy, and the guy said it. when we finally do an accounting and understand that this was a massive fraud, and then people were absolutely disenfranchised to benefit a few career criminals. all right, we're going to take a break and when we come back, much more coming your way the me ah, western civilization and culture have been infected by a mindset that prizes ideology over competent virtue over reason and democracy is only a good idea if and when it's sort of a lead interest. then there's the issue of competence,

competence used to be rewarded. now incompetent is overlooked with serving ideology . ah, working machine, she popped in, she said, well, i'm getting ready to go shopping for christmas. and we, we say goodbye. there was a good device to another, shooting another safe part of american life. shattered by violence. the gunman was armed with an a r 1570 automatic rifle. when the issue comes home, it's time to act. when we're filing on this issue, the other side wins by default, lady that lived over there was walked in, one of the dogs. why do you wear again? were you scared? nothing but took it off and i think the people need to take responsibility in their own hands and be prepared if those kind of weapons were less available. we wouldn't

have a lot of shootings and we certainly wouldn't have the number down i the me welcome back to the kaiser report. i'm at kaiser time now to turn to pier and was that he's the c e o and founder of pay me. m been writing some brilliant stuff, bond energy and money. but 1st pierre, let us do a little look back in history. here you were at the very 1st big point conference as we were max and stacy took place in prague in 2011. you're a big coin o g for sure. you've flown us here to paris to celebrate your company's 10th anniversary and sounds like it is going to be an exciting event. but tell us briefly about pay me m and what you've seen over the past 10 years. wow, that's pam is the 1st one of the very 1st bit. gwinnett changes in the world. we

with number 3, i believe, of antique ox and bid you see back then. and we offered people to exchange bitcoin for euro's so that also was new because the others were doing in dora. and the other 2 disappears, appeared. so we, we did most the oldest, longest running between a change in the word. it's been quite a right and i'd say it's been basically about using frictions with the know the legacy system, with the euro banking system to talk about that for a 2nd. because right now, seems like the legacy banking system is finally figuring out the threat that bitcoin imposes. at 1st they traded it like a novelty magic internet money. but now with al sabah are taking it on as legal currency, ukraine. legalizing other countries following suit. it seems like the revolution is

really, really happening, is it is happening and there is nothing they can do about it. so what they can do is delaying delaying tactics and trying to make spite further about it. so people don't invest in bitcoin, still think it's, you said magic money internet one year lease the euro is not magic money. money is really just printed out of thin air. i keep saying the euro just stable coin using an obsolete technology that's, that's, that's what the euro is today. and people start realizing it. and obviously the, the incumbents are just trying to draw attention to something else, like energy as if there was an energy issue is bitcoin, which doesn't exist. yeah, we're going to get into that. now. of course, your background is an engineering. i noticed a lot of people who stay in big coin the longest have backgrounds in engineering.

it's what there was, attracts them to this project. and so speaking about the engineering side of bitcoin, let's talk about the proof of work algorithm. so briefly described to the audience what it is and how important it is to big kline the glory of the protocol of bitcoin is designed to monetize energy and the economics search. it's about monetizing energy services. that is the cheapest possible energy, so it provides some kind of flow price for the energy because miners incentivized to go for the cheapest one. otherwise, i'll just not profitable compare to their competitors. so it's a global system. therefore, there is a global arbitrage for the cheapest energy price. and that's, that's how the protocol is designed. so it's typically

a co competition for gold because gold is also proof of energy. when i get a piece of gold coin calling, it's in fact the proof of energy that the energy that's required to extract it meant it get it to the pace of the transaction, et cetera. so that's a stock of energy and energy comes into forms. these can and the flow or the stock, and as a flow, it's what people call renewable energy. so it's solar, electricity, potential energy, her energy can see, but that's there. and stocks is miss. can the finish good is the stock of energy. piece of goal is a stock of energy. we are stuff g and stocks of energy like that are also open systems on the term with dynamic standpoint, from the standpoint of the science of energy, we are receiving energy and energy force through source. right?

so just take a look at the energy picture, $170000.00, tara watts of energy per year. we use here on planet earth, less than 110th of one percent of that is dedicated to big coin. and that energy is generally discarded. energy and roughly a 3rd of all energy usage in the world is or, or generation is, is discarded, because it takes a lot of energy to move energy and it is wasted in transmission. so it's not so much about bitcoin using energy. it's about the rest of the world, turning to a system for monetary networks, that's more energy efficient because the current energy efficiency of the money world is horrible. yeah, the piano money is really a future energy. it's a promise to get future energy and judging. going to be produced by people that are in that was the system. so it's monetizing the fuel system is monetizing future energy wise. bitcoin is when it dies in johnson passed an issue in the form of

surplus. all right, because the money system is all about debt, right? we live in the world, the promise to get energy in the future from the to write the global economy. like the debt to equity for the world is like 300 percent of the g d p. the world is about $100.00 trillion dollars and there's more than $300.00 trillion dollars or that it so that bad g, d, p of the world is dedicated to try to pay off that debt. absolutely. and the ease and what you can incurred debt is extraordinarily simple and easy to do. you just need to call up the central bank and they'll give you all the money you want a 0 percent interest rate, then they'll say, go out there and spend energy to go pay off their coin is saying, wait, now, debt is not necessary in a situation that's right, entirely by equity, that is big coin is 100 percent equity. you could say or is that, is that a misstatement? how would you say about that? yeah, equity is also a promise to promise on the future dividends. you know that companies. so it's also

a promise that for so some, some kind of future energy. it's a future nature of the company. actually equities a share of that energy. whereas gold or bitcoin is a proof of energy. so it's something that proves that you have expanded or utilize this energy and you've monetize the energy into a technology. and the purpose of that technology of money is to transfer the energy from the past into the present of the transaction. and as you said, you can also translate energy from the, from the future into the transaction. but the problem with translating energy from the future is that you know, that the patient is going to monetize more energy. and that's going to be produced by, by the bars. it's very tempting, whereas if it's fast energy, you can't take it, you can't make it up and play games with it. so that's very different. it's a very different view of the world. it's and proof is and proof and promise 2

different things for, for, for, for most people don't realize for money, it applies to money. this distinction applies to money when it comes from waste of money as bit going. was that right? and you mentioned some thermodynamics in there, let's talk about does the use of energy make bitcoin and a entropic money as opposed to being, let's say pro, entropy mother and a live in a world of entropy. everything is degrading. everything is falling apart. you know, gold is something that doesn't have a lot of problems in terms of anchor big. the goals from a 1000 years ago can be still used today. it's still the same way. it's the amount of gold 1000 years ago and still amounts of gold and people still accept that in terms of money. does bitcoin share the same attribute? because this is very hard for me, a lot of people to wrap their minds around because it's purely electronic, it's virtual to mean. so how do you bridge that gap and mean if you're saying it's

anti and tropic, like gold. busy how do you explain that? it's a tough one because a good is perceived as something physical so you can touch it. in fact, as you know at times are most key void 99 percent over 99 percent of the not don't leave a voicemail or voice. why it's like lady teaching over the seats because we are not touching on that just went on a change in their body were levitating on the see, we're not, we're not here. it's all. when you have a piece of gold in your, in your hand, you're not actually touching it just, it's just something that's sitting on your hand, but you've taken the orange pill and you're deep the rabbit hole. i'm deep after year and all i'm trying to get other information is perceived as abstract and intangible, whereas it's this of the same nature as, as you know,

dna is information items for information and trapeze. very entropy is about energy also because as you know, entropy to just wait until before for the listener, it is, let's say it's the owner's manual of, of your so from your universe, you know, and to, when they get the manual, i would use my entropy. i would use my uncertainty around about my surroundings. so that's energy because because i produce the uncertainty, i will save energy into, for instance, bidding a piece of furniture. you should get the plan for the so piece of furniture. you spend less energy bending of the piece of furniture. let's take this a little bit here and it's the same. it's the same energy using bitcoin. so it's equivalent to energy just like gold, but it's going for the entropy an entropy and even more abstract notion as energy energy to abstract the penalty even more abstract. for most people in folks,

some scientists have totally defining entropy. you could say information is negative entropy. so, but it's not helping right. ok, so continuing with this idea here, you also speak about a concept avalanche. and so in the physical world and in the digital world, the systems become a lopsided, let's say systems, a symmetric risk develop into crashes in the financial markets. you know, one stuff like it's the side of a mountain, it's too much and it starts an avalanche. and so this is something that's part of this physical and non physical world. it exists both digitally and in the physical world this the, the need to make equal librium between system. so i guess that goes back to thermodynamics in some way. so in the case of big coin, it almost seems, pierre, that big coin possesses attributes of what's called spontaneous order. that would

be something that's an anti and tropic. that's the 3rd law of time of dynamics. this will open systems and with coin is an open system. so as such a social going, i think so he will reduce its central pete to maximize the flow and energy through it. so that's exactly what we do as, as beings where minimize items will be for the for when you go into it is maximized . that's the 3rd north temple dynamics. and as a result, we're not in a stable actually 1000000000. there is no such thing as a stable increase in real life is to the image on the flag. you know, the flag is, is kept floating through because the wind is going so it if, if there is no wind the flow, when we cut apps, it's the same for, for open systems like living bands and societies and civilization. right. got all that there carry over just 2nd segment. thanks so much pierre was up and that's what i do for this additional kaiser report with may max guys are and stacy herbert

on a think, i guess pianos are until next on bio. the me . ah ah, the me the pacific lag around the world expedition by 1000 ocean miles round the clock in the dead every country close

by it was like the crew cabins, food and water fortune to go to church source for us. also, the liberal in this thing is got everybody locked down or home or no food, no water. but really i'm not sure somebody either stuck in the coven, you're living like the semen of own, but in the 21st century, ah ah, beautiful ocean was time. what it says i'm just sort of in the middle, so i was

her freshman weekly stuff. would you like something you would leave them with the whole sunday? yeah. but it was for what fin the but only the feel sort of what's like you want to do it. i'm sure commuters seem, some of them went you've got the west point when left for them. so we'll just show what the peach coming from from the meals are kind of still the same. i was given your logo to bring me as a senior on one of those little lip with some coaches, but are one why do you think that us on i believe that we still live

the the, the, the, the, the, the top headlines are not t at a tried to trick and outcomes, dependent on admits it's drones dry, can cobble last month. that was meant to target terrorists only claimed innocent live in civilians including up to 7 children for tragically killed that strike. we now with that it is on why the way that the vehicle and those who died or associated with isis k or a direct threat of their mission becomes 3 weeks off of that deadly drone strike, which was supposed to take out. and i still have suicide bomber in the father of some of the victims and speak of their anguish in our special.