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's life 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 to survive. the i am at kaiser this is the kaiser report in perez, hey, you know we have moved on from just printing loss of money and incurring losses. dad for dom reasons to printing loss of money and incurring lots of debt for extraordinarily dom reasons. stating right, well,

you know, france is a place that knows revolution based on inflation and inflation prices. i remember at all came down to let them eat cake when the food prices were too high. well, today where and more inflation around the world and just that we've been covering this for the last few months now with a status 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. while 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 printing, 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 banks printing credit, but stimulus coming from the government to the pocket books of americans. as it's 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 china was the only economy left standing in 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 ports are only so big and can handle so many ships. so you're seeing that a huge amount of cas me and limited supply u. s. producer price inflation jump, 8.3 percent in august, the largest year on year increase on record. remember j how the fed, the treasury, janet ellen, she also says 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 stuff, 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 stay in categorically falsehoods like this unchecked. then you know, that's part of the problem. of course, germany is always the worse 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 $974.00. after the 1st oil crisis,

you could 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 would 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 going to 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 repeat them by hyper inflating their currency by rewarding the worst that it's a caca stock r. c. 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 that 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 e. c, b 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's own, in terms of how they're going to keep on feeding this policy. because max, you've always said you can't taper a ponzi, right?

e to propose exempting green bonds from deficit and debt when my calculations christine regard over at the e. 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 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 government 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 1900 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 a set to reach 102.4 percent of g d p, there is no way this number can ever again dropped back to 60 percent. so we know from the episode of grace that they shirked the rules of the g d. b to fraudulently allow greece in the you, somebody call miss acts in the leadership of grace could attack with credit the falls off to make billions of dollars on its destruction. so they don't respect laws, they write laws as the benefits there need to steal. it's called larceny. it's also called entropy and the inevitable immutable future outcome of

any debt based system. it's always going to collapse and an avalanche of bad debts always. it doesn't matter what sort of tricks, what sort of rules, what sort of thing thank say, what sort of ideas they come up with it. there's no magic solution to it. other than bitcoin. yeah, exactly where you could slow the entropy by having someone other than a crook run the system. so the way these barricading systems work is it's thing tanks. economists commissions that come up with these ideas. we didn't think of this, but we'll allow it because these think tanks, very smart people came up with these ideas. so the green golden rule, and the m m t argument are being presented on one hand, 0 had your 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 the most promising option to address the tension, this tension being the deficit and the debt levels. so the debt levels are over 100 percent gdp, 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 downs, the shut down that are ongoing, it's impossible to get back down to they e rules from here as fast as all these variance emerge. so the green golden rule, remember it was i think it was gordon brown and the u. k. came up with 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 argue 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 makes 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 violates 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 s e b 's balance sheet because that hit all time highs. i think it's a point 65 trillion euros, a greater percentage of g d p than the u. s. fed. the us fed is 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 cove and sort of cry. fisk,

who knows? well, i think the hague is still up and running. court of human rights. i think this is christy and the guy that said it, when we finally do an accounting and understand that this was a massive fraud and 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. the pacific leg around the world expedition. 5000 miles round the clock of

cobb. miss wilson in every country close by like the crew. gavin's food and water and food to chat for a little. i know i said it's got everybody locked down or no food and no one really getting them up. so somebody either stuck a species in the cove. it, you're living like the theme of own, but in the 21st century, i ah,

working machine, she popped in. she said, well, i'm getting ready to go shopping for christmas. and we, we said 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 15, semi automatic rifle. when the issue comes home, it's time to act when we're filing on this issues, the other side wind by default, lady that lived over there because i was walking one of the dogs. she said, why do you wear again? were you scared? i 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 that i the me welcome back to the kaiser report.

i max kaiser time now to turn to appear was that he's the c e o and founder of pay me m been writing some brilliant stuff on energy and money. but 1st pierre, let us do a little look back in history. here you were at the very 1st big coin conference as we were max and stacy took place in prague and 2011. you're a big coin o g for sure. you've flown us here to paris to celebrate your company's 10th anniversary. it sounds like it's going to be an exciting event, but tell us briefly about pay me him and what you've seen over the past 10 years. wow, that's the 1st the one of the very 1st bit clinic 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 dealing in dora and the other 2 disappears appeared. so we, we did most of the oldest the longest running between a change in the word. yeah, it's been quite a right. and i'd say it's been basically about raising frictions with the know the legacy system with your banking system. yeah, let's 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 treated it like a novelty magic internet money. but now with al sob and are taking 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 would they can do is dealing 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 money was not magic money. money is really just printed out of thin air. i keep saying you're 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 incumbent. so just trying to draw attention to something else like energy as if there was an energy issue with 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 minus incentivized to go for the cheapest one. otherwise, i'll just not profitable compared 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 coin protocol is designed. so it's typically a co competition for gold because gold is also proof of energy. when i get the piece of gold coin, good coin, it's in fact the proof of energy that the energy that's been required to extract it

meant it get it to pay for the transaction, etc. so that's the stock of energy and energy comes into forms. these are the flow or the stock and as a flow, it's what people, quarterly newell energy, so it's solar electricity potential energy also her energy is can see, but it'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 and stocks of energy like that are also open systems on the dynamic standpoint from the standpoint of the science of energy and receiving energy and energy force. so 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, 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. the piano money for future energy to promise to get future energy and judging, going to be produced by people that are in debt with the system. so it's monetizing the fuel system is monetizing future energy wise. bitcoin is when it dies in johnson passenger 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. so the 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 i'll give you all the money you want a 0 percent interest rate, then they'll say, go out there and spend energy. go pay off. that 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? equity is also promised to promise on the future dividends of the company. so it's also a promissory for. so some, some kind of future energy. it's a future of the company, actually, equity, the share of that energy. whereas gold or bitcoin is we approve of energy. so it's

something that proves that you have expanded or utilize this energy. you've monetized energy into a technology that 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, from the future into the transaction. but the problem with translating energy from the future is that, you know, the patient is going to monetize more energy. and that's going to be produced by, by the bars. it's attempting, whereas if it's fast energy, you can't fake 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 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. bit going was that right?

and you mentioned some thermodynamics in there. let's talk about does the use of energy make bitcoin and today in tropic 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 is still amounts of gold and people still accepted 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? how do you explain that? it's a tough one because the goal is perceived as something physical so you can touch it . in fact, as you know,

at times are mostly avoid 99 percent over 99 percent of the natural media. boyd so well old voice, well, clearly teaching over the seats because we are not touching the items i 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 something that's sitting on your hand, but you've taken the orange pill and you're deep the rabbit hole. i'm the year thing in all i'm trying to get out of the information is perceived as abstract and intangible, whereas it's this of the same nature as, as you know, your dna is information. i toms for information entropy. very entropy is about energy also because as you know, entropy to describe shall be for, for the listener. it is, let's say the owner's manual of,

of your so of your universe, you know, and to, when they get the owner's manual, i will use my entropy. i will use my uncertainty around because about my surroundings. so that's energy because because i produce this uncertainty, i will save energy into, for instance, bidding a piece of furniture and get the plan for the so piece of furniture you spend less energy been thing of the piece of furniture. let's take this a little bit here. is the same, it's the same energy using bitcoin. so it's equivalent to energy just like gold, but it's going to be an entropy and even more abstract notion as energy energy to abstract entropy, even more strict for most people. in fact, some scientist has told defining entropy, you could say it's information is negative entropy, 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 but say systems, a symmetric risk develop into crashes in the financial markets. you know, one stuff like it's the side of a mountain and it's too much and it starts an avalanche. and so this is something that's part of the 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 bitcoin, it almost seems, pierre, that big coin possesses attributes of what's called spontaneous order. that would be something that's anti and tropic. that's the 3rd law of thermodynamics. this will open systems and bitcoin is an open system. so as such, a social been isaac,

so he will reduce it central to maximize the proven energy through it. so that's exactly what we do as, as human beings, we minimize, i'm will be sort of proven that you guys going to us is maximize. that's the 3rd north, tim dynamics. and as a result, we're not in a stable label. there is no such thing as a stable increase in real life is to take the image on the flag. you know, the flag is, is kept floating through because the wind is going so it, 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 to a 2nd segment. thanks so much pierre was up and that's going to do it for this edition of kaiser report with may max guys or stacy herbert on a think, i guess piazza until next time via the me. ah.

in the 1920s infinity, several 100 african americans move to the soviet union. and many of their descendants still live in russia. no, no rush, presto. yes, to be truthful, nice things. back home, back, american suffered from racism and a complete lack of prospects. i cannot but mother ill be losing one by one by the truth. so they decided to leave everything behind and start a new life in a country about which they knew almost nothing at all. some of the african americans who went to the union in 1930 found great success, monet blown to me. and almost a 100 years later,

history is repeating itself. my great grandfather george times, went to russia on probably the worst time to go anywhere. why not mean what if i come here? ah, ah, i am now convinced that as many as 10 to the engine, including up to 7 children, were tragically killed in that strike. that was a mistake. and i offer my sincere apology. the us admit it's drones try can cobbled last month right before the military pull out killed civilians including 10, excuse me, 7 children. it did take 3 weeks for washington to acknowledge what it now calls a horrible mistake. after initially claiming a terrorist had been targeted, we speak to the relatives of the victims in our special project. it's called unheard voices. and.