hosting, which comes with mm hm. support as of june assange claim, washington's promised to allow him to serve his sentence in his homeland australia should not be trusted. facts as the you case, high court deliberates on whether to hand him over to the americans. high profile figures have spoken in supporting the whistleblower. they would spend the rest of his life in a supermarket prison in the united states. what kind of life with no crime? i've been telling a world the truth, a solution to the energy crisis base and other big issues have been discussed as an economic form. and they've comments detail, verona, where prominent few future shaping voices from europe and asia and getting together

. i'm facebook no more as not isn't about announce is nettie when you name his company and a parent victim discipline said from the impulse social needs with the headline. say this our up next in the kaiser report and good i am 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 or, 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 could stop the cause in the beginning rather than have to wait to get 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 am and 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 stole it. 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 you know, 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 causes huge gaps up in the stock prices. right. i remember back of 1980 and i was on wall street. we had the big scandals like mike milk in. 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, multimillionaires, 100 millionaires, you know, they're earning a huge amount of they could say it's the fed causing this 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 fed presidents, 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, but 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 hidden ways. america's billionaires passed wealth to their airs, tax free, and that's a phil knight 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 it gaping flaws. they cover the fact that night has gone from a market cap of 25 of 25000000012 years ago. i 2009. 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. now increasing taxes, which never get will never get paid by the likes to sell mine. 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 agreed 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 well found to his heirs about 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 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 im, excused by these guys like phil night to avoid inheritance tax, etc. we 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, they 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, or i can tell on a fact that there are gifted trillions. yes, and some of that is taxed yet. 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, yeah, 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, fill 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 taxed. so of course they're gonna do that. now. you know, if there were a way to allow the ordinary jo bagget 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 inflation, they're afraid of. they don't want the normal 90 percent 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 as recently a 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 low. that in fact america was experiencing deflation. ok. but now, because they can tell an effect 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 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, 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 is working poor. hey, we're going to take a break when we come back much for coming your way with the british and american governments have often been accused of destroying lives in their own interests. what you see in this, these techniques is the state devising methods to essentially destroy the personality of an individual by scientific means. this is how one doctor's theories

were allegedly used in psychological warfare against prisoners deemed a danger to the state. that was the foundation for the method of psychological interrogation, psychological torture, this year, disseminated within the u. s. intelligence community and worldwide among allies for the next 30 years. and how to make them say they still live with the consequences today. oh is your media reflection of reality in the world transformed what will make you feel safer? isolation for community. are you going the right way? or are you being led somewhere? direct. what is true? what is faith?

in the world corrupted, you need to descend. ah, so join us in the depths or remain in the shallows. 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 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 amidst this in tropic 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 as increasingly turned to sanctions. that is to say cutting off the supply of dollars an access to the global settlement layer. biden just admitted, however, that bitcoin has made this a garage and impossible your thoughts. well, that's a great topic at 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 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 clear 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 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 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 send in the cia and the assassins, and that's not high per billy, that's the starkly fact. one country is now stood up to the i map and the ca and a dollar. and i would be a salvador, the president to kelly,

openly mocking the i m f on twitter, and essentially thumbing 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 and el salvador is now set to go higher g d p set to go higher. and there is no lack of incentive now for the entrepreneurs about 5 it or to start working hard for bitcoin because they recognize bitcoin has the decentralization necessary to maintain as 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 on 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 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 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 of bitcoin and latin america. you know, we know, i know personally that i page to 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 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, that 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 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 dad on the 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 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 trickling down 10 years later because of the can tell an effect. and people are saying all my god, gas and food are so high. i can't afford them any more. but that started, that was, that was a guaranteed outcome when you decide to inject 18 or 19 trillion dollars of funny

money and 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 of one year, the euro threat. so it's like it's, these are 2 crises which are linked as you just described. right in the 900 thirty's america experience, they did play scenary, depression. the purchasing power of the dollar actually went up. but there was no, not speaking, but to support any meaningful g d p growth. a matter of fact, i wanted to reverse, but this is actually something i don't think america has ever experienced that 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 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 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 invite directly from the island of hawaii. thanks for being on the show. thank you so much. max. is our, molly's my pleasure. all right, that's going to do for this edition of the kaiser report with may max guide or stacy. i would like to thank our guys, charles, you spent the website is called of 2 minds, dot com. and so next time buyer, the me, ah, join me every 1st name on the alex simon show. and i'll be speaking to guess in the world, the politics sport. business. i'm show business. i'll see you then. mm . ah, russia, this class of car was discontinued more than 20 years ago. even though stapleton,

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