ah, ah, european gas prices fall off to lead him of putin towns, russia, john gas, pronto, russia, top supplies, americans are losing faith and jo biden's ability to turn the economy round up to cove. it with new polling showing it's democrats who are becoming disillusioned. the latest also freedom or possible 175 year prison centers. julian, a soldiers fate rests in the hands of the u. k. high court. as an appeal hearing on a u. s. extradition request gets underway and the he orders poland to come up a 1000000 years every single day until it abandons a controversial reform for system policy will. so to accuse brussels or blackmail

those are the headlines carry up next onasia international. it's the kaiser of hoard and for our you came years. it's boom bust oh, i'm ex kaiser. this is the kaiser report. yeah. you can follow me on twitter at max kaiser. do it now? stacy? right, well max, you know, that we've been having this money printing and money printing until morale improves and the wealth gap exporting. so i have these 2 headlines at the top of this episode to highlight the and let's say the problem with it, especially with the power. you know, both political parties seem to love the can tell them a fact, because the elite always benefit from it. but we'll look at the prescription of

higher taxes and how this is, you know, you can stop the cause in the beginning rather than have to wait to in a tax and use force against people. so the wealthiest 10 percent of americans own a record, 89 percent of all us stocks. so we've been printing and printing unprecedented amounts of money, especially in the last 18 months. and it was all done in the name of just like we invade, invaded afghanistan to help the women and children iraq to help the women and children, and got you to help the women and children yemen to help the women and children. here it was to help the poor working class people who or forced to work from home or not go into jobs during the pandemic. well, during that time of all, that money printing the top one percent gained more than $6.00 trillion dollars in corporate equities, a mutual fund wealth during the coven 19 pandemic. while the bottom 90 percent

added, just 1.2 trillion, according to the latest data from the federal reserve, the sheriff corporate equities and mutual funds owned by the top 10 percent reach the record high in the 2nd quarter, while the bottom 90 percent of americans held about 11 percent of individually held stocks, which was down from 12 percent before the pandemic. right. you know, in a meritocracy, if you bring something useful into the world, you can make a lot of money, like thomas edison or other entrepreneurs. so you say this statistic that 90 percent of the wealth of cell by 10 percent of the population and they added trillions of dollars to their net worth. since the pandemic, one would look out on to the american landscape and look at all the wonderful innovation. these folks have brought people to their lives. oh wait, hold on. life expectancy is down into mortality is up whilst an income gap is

widening the genie coefficient looks terrible. deaths of despair are exploding. so i think it's natural to conclude that all this money printing is not feeding ameristock or c. in fact, it's feeding a caca stock or c rule by the least qualified rule by the malevolent in society. have game the system to give themselves a huge raise at the expense of everyone else. so don't tommy, this because all they're so bright, young and shiny that they deserve all this money now they stolen. so your guess in the 2nd half charles, who smith does call it a klepto chrissy. and yeah, i mean, i guess you could have seen it for over the last few administrations. the president himself has always pointed out the stock market, whatever the stock market is doing is it tells you how i'm doing and that filters down to the political pie being fiercely fought over at so they all focus on the

stock market. so that's the number that's all they care about, the number go up. so that is the cause of the data here, according to the fed, the stock market, which is nearly doubled since the march 2020 drop and is up nearly 40 percent since january of 20. 20 was the main source of wealth creation on america during the pandemic, as well as the main driver of inequality. the total wealth of the top one percent now top 32 percent a record according to fed data, nearly 70 percent of their wealth gains over the past year and a half. one of the fastest wealth booms in recent history came from stocks. so that's how in the likes of eli mosque is worth $250000000000.00 on paper before it . he was worth like, 40000000000 before the pandemic. 50000000000. so that's why the stock gains the money printing goes into the stock gains, which goes into further policy, which goes into the pockets of all these fed, you know, executives,

chairman's presidents. all of these are politicians like nancy pelosi or a king, it in on the consequences of their own policies, further invites more of the same policies of the money printing to cause these huge gaps up in the stock prices. right. i remember back of the 1000 eighty's on i was on wall street. we had the big scandals like mike milk and we had a wall. we had a movie called wall street, which was about insider trading. and the tragedy that this was directed by oliver stone, you know, today in 2021 we have actively senators, central bankers, congresspeople, all trading on inside information to an extent, much greater than that. what was depicted in the movie wall street, the 1980s. they've turned essentially their sole purpose in washington d. c. if you're nancy pelosi is to front, run the bills. she's over looking to profit in her personal account. that's how civil servant got to make. you know, close to 100000000 dollars by trading on insight information which last i checked

was illegal. so this is a dire circumstance. and when she goes and walks through the piles of human excrement on the street to tell her constituents what a great job she's doing there to smacked up on drugs to know what the heck she's saying. so they don't notice. ok, so these politicians, their stock portfolios are making them, you know, multi millionaires, 100 millionaires in their earning a huge amount on they could say it's the fed causing us with the money printing and the quantitative easing the fed themselves have introduced a new policy that any of their, you know, anybody on the policy committee, any of the bed presents, none of these people can own any individual shares. i guess i could own a or you know, an e t f or a tracker of the s and p 500 or something like that index fund. so rather than target that, because look at the incentive structure. remember,

this is you have to look at the whole incentive structure of, of that's what checks and balances are all about. that's what a republic is all about. that's what, why you have rules and regulations. so are they gonna look at the money printing at their stimulus? checks, but all the money they're printing and say, oh, we need to stop that when they're getting so rich from now, this is what they're going to do. and who they're targeting needs are the hidden ways. america's billionaires passed wealth to their airs, tax free, and that's filled light of mike nike. some people say over in europe wrongly the past decade record low interest rates, rising asset prices and ever loose or tax rules has made this in a storage ideal time for the top 0 point one percent to pass wealth to their errors . these trends have turned once minor loopholes in the tax code into gaping flaws. they cover the fact that night has gone from a market cap of 25 of 25000000012 years ago. i 2009

in the beginning of the money printing the epic money fronting to 250000000000 now . and now they want to chase with taxes. it's like, well, i mean to print all that money and give it to those closest to the fed. this is a can tell the and our effect break here stop the can tell in our effect, and you won't have to sit there and waste all our time passing all these legislation. now increasing taxes, which never get will never get paid by the likes to fill my. he's got $250000000000.00. you think he's going to pay taxes? no, it's going to be somebody with $2000000.00. plus, as the article indicates, everyone agrees it's a loophole. so closing the loop all shouldn't take more than one or 2 days of debate in congress. instead, they're spending weeks and weeks talking about raising the corporate tax from 21 percent to 28 percent. when they could just leave the corporate tax where it is and close the loophole, and it would have the same impact. and the story is about how he's passing the

wealth onto his errors without it come bring a tax burden as well. and i think that's an important point to consider is that when they say that while you know the wealthy pay the majority of taxes in america, let's be clear about something. this is only on reported income. ok, let me be clear about this. that if we were to study the 20, the $25000000.00 worth of on tax capital floating around the world, thanks to the big for accounting firms for the m excuse by these guys like phil night to avoid inheritance tax, etc. well, you end up with is a miniscule amount of their wealth and income is actually reported. and yes, on reported income is the majority still of the total tax pi. but think per 2nd. if in fact, they had to pay taxes on all the income, including unreported income instead of $3000000.00 and collected in taxes last year in america, it would be closer to 10 trillion dollars smoke. i'm not nancy pelosi. well,

the thing is like right there in front of you, we just covered it, you know, $6.00 trillion $1.06 trillion dollars. went to the top one percent in stock market gains. 1.2 trillion is a much smaller number than 6.5 trillion, 1.2 trillion went to the bottom, 90 percent. so yes, obviously they're going to have way more money to tax it. what even if you just do a flat 10 percent tax, if you do fall flat 5 percent tax or a one percent tax, that's it like it would still be they would pay more because all the gains go to them, right. but can tell on a back date, there are gifted trillions. yes. and some of that is taxed. yeah. and the volume of that taxation is greater than what's left given to the bottom portion. that's given the last amount due to the can tell the fact that's true. and i'm just just saying

that if they're in fact taxed on all reported income, it would be a much different situation. they don't have much reported income now. so here is still night is went from 25000000000 to 250000000000. that's an asset price increase. what does he do? he borrows against it, which is donald trump, to borrow against it. they don't sell it. they don't realize any gains because then they would be tax. so of course they're going to do that. now. you know, if there were a way to allow that ordinary jo baggett donuts to do that, the, it would stops. right? because that's what the fed does, right? the fed policy is they don't want wages to rise because inflation, they're afraid of. they don't want the normal 90 percent if those numbers were flipped at the $6.00 till we went to the 90 percent. and the $1.00 trillion went to the top one percent policy would change, right. even as recently as 6 months ago, policy makers at the fred and in washington were telling you that because wages

were not going up due to the fact that they were artificially kept cheap. hello. that in fact, america was experiencing deflation. ok, but now because they can tell it a fact as reached and the game in terms of hiding the fact that this is just a transfer payment to the ultra wealthy, they're now saying it's inflation always transitory inflation. now it's intractable, inflation and inflationary spiral. and now wages are finally going up after being if wages had reflected the true inflation numbers for the past 30 years, the minimum wage in america would be $65.00 an hour. right? well, you know, i think if they, if they reduced taxes, income taxes to 0 percent, it'd be a huge boom for the bottom, 90 percent, they're the ones actually play most percentage of their income, actual income working go to a job, standing in line doing stuff. you know, they're the ones that would gain them, right. it's not regressive. in fact, it's progressive. the 0 percent interest rate would be the most aggressive thing.

any progressives could imagine, by implementing a 0 percent interest rate. and then also, i mean at the very, very most let's call it a 15 percent tax rate. would be the most progressive thing imaginable for america's working for hey, we're going to take a break when we come back much for coming your way. ah, a a ah ah

ah ah ah, welcome back to the kaiser report, i max taiser time now to turn to charles you spread the website is called of 2 minds dot com. welcome back, charles. i think you're max. all right, last episode we're talking about the globalization and our supply chains. this episode we're going to take a look at the imperial center amidst this entropic process collapsing the financial fabric. i didn't write that, stacy wrote that. but in m. m. nevertheless, charles,

we're talking about supply chain problems. the u. s. over the past 15 years as increasingly turn to sanctions. that is to say cutting off the supply of dollars an access to the global sediment layer. biden just admitted, however, that big coin has made this a garage and impossible here thought, well, that's a great topic, max, and i'm seeing more mainstream, you know, corporate media coverage of the downside of trying to rely on the exorbitant privilege of the dollar as a way to pressure countries to do our bidding and of course, crypto currencies. of course we, we've discussed that in the past and there are a seismic shift in, in the system of money. and, and of course the system of money is the system of finance. and so the powers that be, are, are,

are struggling with how to control crypto. and many of the people who are in the crypto world are attempting to figure out how to evade those controls. and so there's a real battle going on globally, which is playing out in real time. why would it be claire? when bitcoin 1st came on the scene in 2009, it did. so having successfully evaded any control by any outside influence, any outside force, any country. and it was born free in that respect, then it's uncomplicated ball. and so it's happening on the sovereign level. is that countries that have been victimized by america's act of war? that is to say, sanctions are saying, you know, we can actually bypass the dollar completely and countries are divesting out of the dollar. so the dollar is at risk of being thrown overboard as world reserve currency. what implications is that have globally?

well, that's a great question backs and i wrote a piece, i think it was probably 5 or 6 years ago where i, i think it was based on one of our programs where i discussed the idea of bitcoin or another trip to currency becoming a reserve currency for specific countries and the worst where countries could, could eventually choose to use crypto currencies as their reserve currencies. and instead of relying on field currencies like accumulating new honor dollars or euros . and of course, this would shake up the foundations of the global financial system, because you wouldn't be relying on currencies that can be manipulated by the issuer . and other words, the issuing central bank, right. and this would be a very positive development in my mind. because the core element we're trying to get here is competition, right?

we're trying to get accountability, transparency, and competition within currency. so every individual and every nation can choose whatever currency they want, which works best for them. and that would create well, much more stable and less manipulable system. right, well probably the greatest colonial playground for america has been latin america. and we now from reading john perkins book, confessions of an economic man that usually involved in comparing these countries with enormous debts. and if they don't pay, we sat in the ca and the assassins, and that's not high per billy, that's the starkly fact. one country is now stood up to the eye map and the ca and a dollar. that would be all salvador, the president to cali, openly mocking the i m f on twitter, and essentially summing his nose of them. it doesn't, this gave us some hope. charles. yes, it does, and in my, as you guys know,

one of my little particular interests is, is within the crypto currency universe. i see a potential for a development in local crypto currency. so in other words, you can have global currencies like if they're in the coin. but locally, i'd like to see a country like el salvador, pursue a labor back crypto currency, in other words, local crypto currency. this issued for people actually doing useful work. and of course, that, that system, it idea here would be there's, there's still developmental opportunities in the crypto currency space, you know, and i think that what i'm looking for is a country like el salvador to say we can use crypto currencies across the entire spectrum. and where we need a local crypto currency to encourage local development and local wages, we're going to just generate that ourselves or perhaps in or in a regional context. right?

well, if i can plug bitcoin for a 2nd, you know, it does give access to a global currency. and the productivity and el salvador is now set to go higher, g d p a set to go higher. and there is no lack of incentive now for the entrepreneurs about it or to start working hard for bitcoin because they recognize bitcoin has the decentralization necessary to maintain the purchasing power or to increase the purchasing power going forward. anytime you step away from bitcoin, you're entering into something that's more centralized or has variable like determining what would be quote, unquote useful labor. and that means the degradation of that role as pure money. so it's already playing out in el salvador and they've already figured out that big coin is really the answer. now it does and what you've described, then we describe the these 3 cities traps. 4th turning trevon, delana,

boom and bust. and other words, you're sticking on bitcoin for a 2nd. it does take a lot of the cyclic calorie out of these economies because you are removing the tendency to get it set to to as it used to say the central bank. remove the punch ball when the party got to rockets. well, the party ever gets to rock us and that the economy never gets to debt is just simply one unit of standard of account. and the economy takes along nicely. how does, does that put an end to what you elegantly described as the clipped accuracy was certainly a part of it max and just speaking about just picking up that thread of bitcoin and, and latin america. you know, we know, i know personally that john, i page 2 translators and venezuela a few years ago in did coin and it bitcoin is from what i can gather the informal

national currency. i've been as a waiver as well. so that's my, my point here is that when countries go into economic crisis, bitcoin serves a as a rule as a foundation. in other words, you can always, if you can get that, then you, you have preserved some, some agency and some and some assets. and so that's another aspect to bitcoin is that it, when countries go into crisis, then it serves as the kind of go to solution. let's kind of try to tie this together to like re, re, local wising economies. you know, you need a stable currency that can't be undermined by a sovereign central bank, right? so that's, that's the rule that big coins offering, right? and so to that degree, if it encourages local development and local localization, it's going to be true. it's going to offer tremendous leverage, right? and we're, we're saying is flat real time and that contagion is spreading. i mean,

in the 2008 crisis in the layman brothers crisis, there was a financial contagion where the bad debts on wall street spread and triggered an avalanche of defaults around the world. and we responded by printing in america anyway, close to 18 trillion dollars, which is now 12 years later, causing the inflation. when people say wise gas now so high, why is food prices so high? while it started 101112 years ago when that money was printed, the oligarchs got used at 1st for a decade. and they became went from being multi billionaires to being multi 100, billionaires and now trickling down 10 years later because of the kind of talent effect. and people are saying, all my god, gas and food are so high, i can't afford them anymore. but that started, that was, that was a guaranteed outcome when you decide to inject 18 or 19 trillion dollars of funny money and to the economy the bail out wall street as it what happened in 2000 or 8 . pretty much thing that you said,

and we said have played out exactly to script charles and we know that as this crisis gets worse, the response from these folks will be to do exactly the same. they're going to keep printing charles. right. and as you said, it was easily predictable and, and so now we're facing this sort of double, we're in a vice because as you say, the value of the currency is declining as your purchasing power is dropping. but then meanwhile, there's global hoarding. in other words, like, what's the response of every enterprise in every household to like shortages when you try to stock up on whenever that's available, then you, you get as much as you can. it's a totally rational. well, that, of course, exacerbates the scarcity cycle. we're talking about so another kind of danger here, or maybe that's not the right words. the threat, whatever is of course, the sovereign nations and central banks are trying to go online to the crypto

currency revolution by issuing their own digital currency. right. and as if that's going to solve the problem, but of course, if you're going to print trillions and digital currencies, yes, no different than printing trillions as he won. yeah. the euro threat. so it's like it is, these are 2 crises which are linked as you just described. right in the 900 thirty's, america experienced a deflationary depression. the purchasing power of the dollar actually went up. but there was no, not speaking, but to support any meaningful g d, p, g. or other matter fact i wanted to reverse, but this is actually something i don't think america has ever experienced except maybe during the revolutionary war and during the civil war. and that is an inflationary depression. your thoughts on that? well, it's a great, that's a great topic, max and i, i have started calling all she, i currencies,

counterfeit currency. and this is not unique to me. other people use this term term because in a way economic activity generates value by creating a good or service, right? and so if there's, there's currency that's involved in that, that, that's actually legitimate. in other words, right, i've created a value and i've exchange this value for a currency. but when you just create 18 trillion or 20 trillion, or 36 trillion out of thin air, and then give it to the oligarchs, that's counterfeit money. it actually didn't, wasn't associated with the creation of the values. and that's why the system is going to collapse. you can't just create currency, it's unconnected to the creation of value and think that you're going to get away with that. well, charles to smith, thanks so much for being on kaiser report. and thanks again for last year, sending us those lovely macadamia cookies, which we enjoy directly from the island of hawaii. thanks for being on the show.

thank you so much. me access are always my pleasure. all right, that's going to do for this edition, because a report with me mascot or say here would like to thank our guys charles, you spent the website is called of 2 minds dot com. it's the next time buyer. the me ah, he died on the way for the surgery. his lungs failed. 30 seconds for they killed him. i had gotten stuck with so many needles that day. in 2019 doctor started talking about a new wide spread disease that caused severe lung damage. there's

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when so many find themselves worlds apart, we choose to look for common ground. ah, they've been bustling business. you can't afford to med, i'm ready to love it and i'm ready for. it wasn't coming up. the united states and battle on the tax front is taking another turn, barring china telecom, from operating within a border. great ad we discussed the development and what it mean related between the world to largest the.