ah, i use the i am now convinced that as many as 10 civilians, including up to 7 children, were tragically killed in that feel like it was a mistake. and i offer my sincere apology. i tell you, j o is mis addressed. striking carver law was killed. 10 civilians including 7 children and leading human rights group claims washington only own because increased global terese. any support of the rest? ensuring the trainer is 6, run it out in washington. the run has been peaceful, decide fees to help and the media about potential gone and

and russians continue to call that balance. and the countries elections to say, do you rushes, half of parliament will bring you all the latest on that and on lines on the day here on all seem to nash those are the headlines. this are no use in about 60 minutes of the next scene. financial is the kinds of reports and for our years it's putting with george galloway the hey max kaiser. this is the kaiser report in perez. hey, you know, we have moved on from just printing loss of money and incurring lots of dead 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. remember, it 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 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. that 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 other collapse by transporting on america's 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 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 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 unlimited 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 yellow and 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. why? in a way that is disingenuous. you know, it's, they call deflation people's prices for 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 1974. after the 1st oil crisis need 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 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 the child tearing as 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 1930s are trying to in fact to repeat them by hyper inflating their currency by rewarding the worst that 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 z, that you've brought forward all of their consumption over the previous 50 years. and there becomes a moment of collision of 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 they're going to keep on feeding this policy. because max, you've always said you can't taper ponzi right. e to propose exempting green bonds come deficit and debt. when my 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 a budget rules created in 1997 and change 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 in 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 has 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 the g. d, p to fraudulently allow greece in the you, somebody call ms acts and the leadership of grace could attack and with credit 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, 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 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 think 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, 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 to 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 down, the shut down that are ongoing, it's impossible to get back down to they. e, you 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 you 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 hi debt more sustainable. this is also known as the m 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 print dang violates human rights christine the 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, you know, 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's 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 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 cove and 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 who said it, when we finally do an accounting and understand that this was a massive fraud and the 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, ah, look forward to talking to you all. that technology should work for people. a robot must obey the orders given by human beings, except when the shorter the conflict with the 1st law show your identification. we

should be very careful about artificial intelligence. the point obviously is to great truck rather than fear take on various jobs with the artificial intelligence real summoning the theme in a robot must protect this phone existence was exist. so what we've got to do is identify the threats that we have is crazy for cation let it be an arms race is often very dramatic development. only personally, i'm going to resist. i don't see how that strategy will be successful, a very critical time. time to sit down and talk

the is your media reflection of reality in a world transformed what will make you feel safe? tyson lation community? are you going the right way or are you being somewhere direct? what is true? what is breaking in a world corrupted? you need to defend the so join us in the depths will remain in the shallows. ah oh right now. there are 2000000000 people who are overweight or

obese. it's profitable to sell food that is pricey and sugary and faulty and addicted. not at the individual level. it's not individual willpower. and if we go on believing that will never change as obesity epidemic, that industry has been influencing very deeply. the medical and scientific establishment, ah, what's driving the b m if it's corporate. mm . 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 on 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 maximus, daisy took place in prague and 2011 year. 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 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 payment is the 1st one of the very 1st bit quick 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 are, we are in most the oldest the longest running because in the word it's been quite a right. and i'd say it's been basically about raising 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 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 we 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 money, your was not magic money. money is really just printed out of thin air. i keep saying you just stable coin using an obsolete technology that's, that's,

that's what the euro is today. and people will 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 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 economy search. it's about monetizing energy services that use 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, 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 big 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 a piece of the transaction, et cetera. so that's a stock of energy and energy comes into forms. these can either flow or the stock and as a flow, it's what people call renewable energy. so it's solar electricity or potential energy. 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 the stock and we are stuff g and stocks of energy like that are also open systems from the term with dynamic standpoint, from the standpoint of the science of energy, we are receiving energy and energy from 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 debt with 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 of 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 that bad g, d, p of the world is dedicated to try to pay off that debt food 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. the 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 as we approve of energy. so it's something that proves that you have expanded or utilize this energy and you've monetized energy into a technology that and the purpose of that technology of money is to trans, showing 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 is going to be produced 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 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 money. bitcoin was that. right? and you mentioned some thermodynamics in there. let's talk about does the use of energy make bitcoin and say 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 is 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 god 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 them. not only is void so well or void, why it's likely teaching over the seats because we are not touching on that just well on a change in their body. we're levitating on the see, we're not, we're not here. it's all. boy, when you have a piece of gold in your, in your hand,

you're not actually touching it. just something that's sitting on your hand, but you've taken the orange pill and you're deep the rabbit hole. i'm here and all i'm trying to get out of it for information is perceived as abstract and intangible. whereas it's this of the same nature as, as you know, your dna is information items for information and trapeze very entropy is about energy also because as you know, entropy to describe it will 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 would use my entropy. i would use my uncertainty around because 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, the plan for the so piece of furniture. you spend less energy been, think of the piece of furniture. let's take this a little bit, is 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, the abstract entropy, even more strict for most people. in fact, some scientist has told defining entropy, you could say information is negative entropy. so, but that'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 anti and tropic. that's the 3rd law of time dynamics. this will open systems and with coin is an open system. so as such a social bon isaac, 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 we minimize items will be for the, for the 90. that's going to it is maximized. that's the 3rd north, tim dynamics, and as a result, we're not in a stable is actually 1000000000. 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, 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 civilizations. 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 me mascot or stacy herbert on a think. i guess pianos are until next on bio. the me. ah ah ah ah ah ah ah.