right, and concept really doesn't work all that well and, and the ordinance is flowing against isis or i'll try to targets now has to come from the gulf. it was biting who wanted to get out and the end bite. and also what against the best advice of his, of his national security team to, to, to stay there until certain conditions could be met. because the reports anyway in just a few minutes time, we're back in often out with the latest do join us again that the oh the what we've got to do is identify the threats that we have. it's crazy going from station let it be an arms race. is often very dramatic developments 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

oh i max 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 exploding. 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 or, 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, ben garza 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, 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 reached 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 see this statistic that 90 percent of the wealth of sell 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 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 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 for c. 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 really 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 in 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 president. all of these politicians like nancy pelosi raking it in on

the consequences of their own policies. further invite more of the same policies of the money printing to causes huge gaps up in the stock prices. right. i remember back of 980 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 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 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 our civil servant. got to make, you know, cost $100000000.00 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. okay, so these politicians, their stock portfolios are making them, you know, multi millionaires, 100 millionaires in their earning a huge amount on 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, none of these people can own any individual shares i guess they could own a or you know, an e t f or a tracker of the s and p 500 or something like that, index one. 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 with why you have rules and regulations. so are they gonna look at the money printing at their stimulus? checks and all the money they're printing and say, oh, we need to stop that when they're getting so rich from it. no, this is what they're going to do and who they're targeting. these are the head and ways. america's billionaires passed wealth to their airs, tax free, and that's a fil night of nyc. nike, i some people say over in europe wrongly the past decade of record low interest rates, rising asset prices and 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 a gaping flaws. they cover the fact that night has gone from a market cap of 25 of 25000000012 years ago. i 2009,

and the beginning of the money printing the epic money printing to 250000000000 now . and now they want to chase with taxes. it's like, well, maybe don't print all that money and give it to those closest to the fed. this is the can tell you are effect break here, stop the can tell you are effect and you won't have to sit there and waste all our time passing all these legislation. you know, increasing taxes which never get will never get paid by the likes to fill. might 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. and when they could just leave the corporate tax where it is and close that loophole, and it would have the same impact in 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. 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. i can tell them that they 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 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 what to 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 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 till he 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 fed and in washington were telling you that because wages were not going up due to the fact that they were artificially kept cheap low. 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 now 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. 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, my spark coming your way. ah with if you want something done, right, do it yourself. the acronym d i y i do it yourself, has now become the name for unusual nra of online videos. we do, coupled with my 3rd year away. i need some acres. yup. school that he'll at no one

. you can't. the wasn't working with any wardrobe drug. so the spoke a deal, it people use scrap materials and whatever is at hand to rig up all kinds of stuff from household items to pump action. squid guns church company for margaret ramon lisco must be out a little much more pool with. the best part is people want to watch. millions of view is spend l is seeing how a person they've never met and who's half way around the world, assembles a contraption. no one else needs a right to filter. i can which could just move my key when you minute synergies like user d looking at the clock, lily future pushing, which cuz we still couldn't ah

ah lose . ah, with welcome back to the kaiser report, i max kaiser time now to turn to charles to smith. the website is called of 2 mines 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,

emits this in tropic process collapsing the financial fabric. i didn't write that stacy about that. but in and nevertheless, charles, we're 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 and 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. i 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 on countries to do our bidding and of course, crypto currencies. ok, of course we, we've discussed that in the past and there are a seismic shift in,

in the system of money. and of course, the system of money is the system of finance and so on. the powers that be, are, are, are struggling with how to control crypto and many of the 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. well, it'd be clear when big coin 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 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 does that have globally? well, that's a great question. max 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 crypto currency becoming a reserved currency for specific countries. in other words, where a countries could, could eventually choose to use crypto currencies as their reserve currencies. and instead of relying on field currencies like accumulating new on or dollars or, 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 dang, 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 him the cia and the assassins. and that's not i personally, that's historically fact one country is now stood up to the i map and the ca and a dollar. and i would be all, salvador, the president to kelly, openly mocking the i m f on twitter. and essentially,

summing his nose of them. doesn't this give 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 that bitcoin. but locally, i'd like to see a country like el salvador, pursue a labor back crypto currency. in other words, a local crypto currency that's 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 and 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 it or to start working hard for bitcoin because they recognize bitcoin has the decentralization necessary to maintain its purchasing power or to increase his purchasing power going forward. anytime you step away from bitcoin, you're entering into something that's more centralized or has a 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 and i'll 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 a big calling for a 2nd. it does take a lot of the cyclic ality out of these economies because you are removing the tendency to get it set to to, as they used to say, the central bank removed the punch ball when the party got to rockets. well, the party never gets to rock us and that 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. but it's 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 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 my, my point here is that when countries go into economic crisis, bitcoin serves a as a, 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 when countries go into christ, spinet serves as the kind of go to solution. 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 role that bitcoin is 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 a 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 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's gas now? so why? why as 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 say 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 and 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, a 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 one year than a year or so. it's like, it is. these are 2 crises which are linked as you just described. right in the $930.00 america experience, stay the place, 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, i 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, i have started calling all the currencies, counterfeit currency, and this is not huge, nice 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 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 being valued and dom that, that's why this 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 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 for this addition of the kaiser report with may max hatteras. they say i would like to thank our guys, charles, you spent the website is called of 2 minds dot com. it's an exxon bio ah, ah, what explain show biden's sudden drop in the polls as a candidate he promised to return to some form of normality. however, his current standing with the public is anything but is his agenda the problem? maybe he's not as likable as he once see. he is in trouble. and so is this party with

ah supporters of judah and a sons' claim, there is no reason to believe washington's promise. he will be an out of any give a sentence in his homeland australia and the u. k. i court deliberate on what time to over to the americans throughout the day. high profile figures and spoken out for them was hello. he would spend the rest of it, a super max prison in the united states. what kind of life is that to look for, to somebody with no crime. i've been telling the world the truth solution to the energy crisis. this. another big issue is being discussed at an economic form in the italian city of arona. today. a prominent shaping voice is from europe and asia all getting together to brainstorm on facebook no more as.