ah, so what we've got to do is identify the threats that we have is crazy confrontation, let it be an arms race is on, often very dramatic development only personally and getting to resist. i don't see how that strategy will be successful, very difficult time. time to sit down and talk with good.

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 exploiting. 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 of, you know, both political parties seem to love the can tell an effect 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 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 are 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 and mutual fund wealth during the coven. 19 pandemic all 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. while the bottom 90 percent of americans held about 11 percent of individually held stock's, 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 well to sell by 10 percent of the population and they added trillions of dollars to their net worth. since the pandemic, one would look out onto 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 while some 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 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. and 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 only 40 percent since january of 2020 was the main source of wealth creation in america. during the pandemic, as well as the main driver of inequality, the total wealth of the top one percent now tops 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 you know, the likes of 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 money printing goes into the stock gains, which goes into further policy, which goes into the pockets of all these fed executives, chairman's presidents, all of these politicians like nancy pelosi raking it in on the consequences of their own policies. further invite more of those same policies of the money printing to causes huge gaps up in the stock prices. right. i remember back of 19 eighties and i was on wall street. we had the big scandals like mike milken, we had a wall, we had a movie called wall street,

which was about insider trading. and the tragedy that this was drafted 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 dc. if you're nancy pelosi is the front, we're on the bills, she's over looking to profit in her personal account. that's how the civil servant got to make, you know, cost $100000000.00 by trading on inside 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 smack up on drugs to know what the heck she's saying. so they don't notice, okay, so these politicians, their stock portfolios are making them, you know,

multimillionaires, 100 millionaires, you know, they're earning a huge amount of that. they could say it's the fed causing this with the money printing and the quantitative easing the fed themselves have introduce a new policy that any of their, you know, anybody on the policy committee, any of the bed presents 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 going to 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 head and

ways, america's billionaires pass wealth to the airs, tax free. and that's phil night of mike nike, as some people say over in europe wrongly the past decade of record low interest rates, rising asset prices, an ever loose or tax rules has made this in a storage li, 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 it gaping flaws. they cover the fact that night has gone from a market cap of 25 of 25000000000. 12 years ago. i 2009 in the beginning of the money printing the epic money fronting to 250000000000 now . and now they want to chase and taxes. it's like, well, maybe to hope print all that money and give it to those closest and head. this is a can tell in our effect break here stop the can tell in our fact and you won't

have to sit there and waste all our time passing all these legislation. increasing taxes, which never get, we'll 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 expanding 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 on to his heirs 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, well, 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 $25000000000.00 worth of on tax capital floating around the world. thanks to

the big for accounting firms for the gimmicks used 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 for a 2nd. if in fact, they had to pay taxes on all the income, including on reported income instead of $3.00 trillion dollars and collected in taxes last year in america, it would be closer to 10 trillion dollars smoke on that, 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. well, even if you just do a flat 10 percent tax, if you do a 5 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? i can tell on a fact they, they're 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 less 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 phil night is went from 25000000000 to 250000000000. that's an asset price increase . what does he do? he borrows again. say 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 gonna do that now. you know, if there were a way to allow the ordinary jo bag of donuts to do that the it would stop. right. because that's what the fed does, right. the feds policy is they don't want wages to rise because that's the inflation they're afraid of. they don't want the normal 90 percent if, if those numbers were flipped at the $6.00 totally went to the 90 percent. and the $1.00 trillion went to the top one percent policy would change. right. even though, as recently as 6 months ago, policy makers at the shred and in washington were telling you that because wages were not going up due to the fact that they were artificially kept cheap. below that, in fact, america was experiencing deflation. ok. but now because of the can tell an effect as rates 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. oh, it's transitory inflation. no, it's intractable, inflation, our 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 balloon for the bottom, 90 percent. they're the ones that 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, he will be asked. right. and then also me at the very, very mouse was called a 15 percent tax rate would be the most progressive thing imaginable for america is working poor. hey, we're going to take a break when we come back much for coming your way. ah

ah ah ah, welcome back to the kaiser report,

i max kaiser time now to turn to charles to smith. 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 supply chains. this episode we're going to take a look at the imperial center amidst this entropic process collapsing the financial fabric. i did write that, stacy wrote that, but enough and nevertheless, charles were talking about supply chain problems. the u. s. over the past 15 years has increasingly turn to sanctions. that is to say cutting off the supply of dollars an access to the global sentiment layer. biden just admitted, however, that big coin has made this a garage and impossible your thoughts. 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'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. what 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. and it's uncomplicated ball. and so it's happening on a 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 does 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 reserved 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 fi, odd 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 a 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 send in the cia and the assassins. and that's not i personally, that's historically fac, one country is now stood up to the i map and the ca and a dollar. and i would be l. salvador, the president to kelly, openly mocking the i, m f on twitter. and essentially slamming 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 1st, 2nd, you know, it does give access to a global currency. and the productivity in el salvador is now set to go higher. judy pay to go higher, and there is no lack of incentive now for the entrepreneurs about 5 and 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 and where we describe the these 3 cities traps for turning trevon, delana boom and bust and other words, you're sticking bitcoin for a 2nd. it does take a lot of the cyclic ality out of these economies because you are removing the tendency to get to, to, as they used to say, the central bank removed the punch ball when the party got to rockets. well, the party, amber guests iraq, s and the economy never gets to debt. it's just simply one unit of standard of account. and the economy takes along nicely. ah, does,

does that put an end to what you elegantly describe as the clipped accuracy was certainly a part of it max and just speaking about just picking up that thread, bitcoin and, and latin america. you know, we know, i know firstly that john, i page 2 translators and venezuela 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, 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 it. let's kind of try to tie this

together to like, re, re localize economies, you know, so 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, then it's going to be true. it's going to offer tremendous leverage, right? and we're, we're saying this plan 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 baghdad 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 why i's gas now, so why, 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 it's trickling down 10 years later because of the can 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 into the economy to 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 of he won yet any euro threat. so it's like it . these are 2 crises which are linked as you just described. right in the 900 thirty's america experience, they play scenary,

depression. the purchasing power of the dollar actually went up. but there was no, not speaking to support any meaningful g d p growth. matter fact, they wanted to reverse, but this is actually something i don't think america has ever experienced that, 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 have started calling all currencies, counterfeit currency, and this is not unique to me. other people use this term term because in a way, economic activity, it 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 value. and on that, that's why this system is gonna 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 c. smith, thanks so much for being on kaiser report. and thanks again for last, you're 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 max. it's are always my pleasure. all right, that's going to do it for this edition of the kaiser report with may max kaiser and say say i would like to think, i guess charles, you spent the website is called of 2 minds dot com. it's an exxon bio. ah,

it say it has to be ready to be able to afford an informal luxury good for sure. despite having the most expensive health care system in the world, we have poor life expectancy. we have higher infant mortality. we have more deaths from treatable causes. so americans are suffering every day from it. it's as if these people don't count. i saw how they can choose their customers and dump the sick so also they can satisfy their wall street investors. i know parents should have to see what i saw. so if you're denying payment for someone's care, your make life and death decision and determine to get to live and who dies to me, that's just getting away with murder.

one of the was debra mesce shootings in america was in las vegas in 2017. the tragedy exploded a little of the real las vegas, where many se elected officials are controlled by casino owners. the dank is shooting, revealed wet deal vs pd really is. and now it's part of the stand machine. most of the american public barely remembers that it happens that just shows you the power of money in las vegas. the powerful showed that true colors when the pandemic heard the most contagious contagion that we've seen in decades. and then you have a mayor who doesn't care. so here is caroline goodman, offering the lives of the vegas residence to be the control group. to the shiny facades conceal a deep indifference to the people who buys could have been saved. if they were to take an action, absolutely keep the registering and keep the slot machines. dinging vegas is a money machine, is

a huge cash register that is ran by people who don't care about people's lives. being loss of headlines, aeronautics international taking the heat out of the market. a european gas prices full off to vladimir putin orders the russian energy giant gases prom, to up supplies to europe. a key figure from january's capitol hill, riots who was caught on camera encouraging people to storm the building is quietly removed from the f. b i's most wanted listen company questions about his background . the fate of julian sanchez, the faded and the u. k. is high cost whistleblowers, it supported him on his freedom. one ne, p told us it's time the government stepped in. it probably made a political process rather than a judicial process. the politicians need to stop the test and go ahead,

let this man live. i.