i'll be speaking to guess with the world politics school business. i'm sure business. i'll see you then. mm. oh. hi, i'm max kaiser. this is the kaiser report. boy. oh boy. bye. let one rip. oh my god. yes. well, he's been ripping a lot of interesting things lately, including this headline of double thank infrastructure spending will ease inflation by it and says, yes, war is peace, free them is slavery and ignorance is strength. max, right, right. this is the ongoing coverage of how the language is being used

to cover the fact that governments are causing inflation by printing money. they used to call the inflation, they were creating deflation. remember i talked to danny blan flower about this a few years ago. then when it became obvious that the money print thing was actually causing inflation, they said, well, yeah, but it's transitory. now they're starting to realize that it's secular and long lasting. and they're starting to say things like, we're going to do exactly what we've done here at the u. s. government by blowing trillions of dollars on a white elephants on boone da goals. and somehow that's going to cure inflation. when of course, it's just going to exacerbate inflation there. this is a recipe for, for more inflation. so it's financial a literacy mixed with state sponsored propaganda over there at the major american

networks. and speaking of letting one rep of course, bye bye it, it was reported in the u. k. press you k tabloid as having let go a long loud fart at the top. 26. and that's kind of double. thank as well. is that, you know, the 400 private jet said arrived in glasgow. 2 of the elite, like jeff bezos, who, you know, blue off is giant rocket into space, spewing lots of carbon and stuff like that. so they all met in order to blow some hot air into telling the ordinary schmuck out there, how they're going to have to reduce their energy use an order so that the elite can continue living like trillion areas and quadrillion areas. so that is, you know, also part of this hot air, this, letting it rip that he has done from his mouth. alright. well, the only one complaining apparently was camilla parker bowles,

married to prince charles. and at least joe has the decency to fall out of the appropriate orifice. whereas prince, charlotte is constantly farting at him as mouth as does camilla parker bowles. so that's the british style. and then if we have wars piece, if we have freedom of slavery and ignorance a strain, we also have squalor is luxury progress are actually squalor is also progress, right? used to be that for much of modern society, we've tried to progress the lives of wall people, right. and california is the epitome of the progressive state. one of the most progressive states in the united states and certainly san francisco tells us constantly in their double thank that this is the case for them. they are the most progressive state in the union,

and that is contradicted in normal speak by the have mind. san francisco luxury condos overlook cities, worst squalor quote. i don't want to be afraid to live here. this is from cbs san francisco, and we will buy them. cute tense is something that brian romilly picks out from the article. apparently he's progressive. people went to buy some cute tents for the homeless people as the highest concentration of homeless people under a new condo development whereby they apartments are classing a $1000000.00 and out is something like called the r tani, but the quotes in here, i just, i think i'm a perfect representation of also the u. s. empire and how the u. s. empire operates as like this shining city on the hill where this great example and exceptional nation. and yet everybody else looks bad with that same use look of you like, what you see here. so a one way,

one block alley in san francisco has neighbors living in constant fear and afraid for their safety willow, st. 15 van asam pole currently has the highest concentration of tense and san francisco. quote, it's pretty consistently nerve wracking, said resident amber, let's go. this just seems to be a safe space for chop shops and drug trafficking. right? with all idea of progressive ism, that notion politically speaking was invented by hard chord capitalists, and we see it in california because san francisco. silicon valley is a product of the military industrial complex that came out of the technology industry located there. the j paul getty certainly is a hard core industrialist around the los angeles area, and the way to cover their tracks during the old robber baron days was to create libraries and social institutions and to do the social justice warrior thing. but 100 years ago. well, now that american economy is no longer competitive globally, and these big industrialists are actually moving their money off shore. they're

moving it into this giant 25000000 dollar managed by the 4 big accounting firms slash fund in the middle of nowhere as well. where it can be tax, what's left is just the rhetoric. so you just have the people talking about the social justice warrior, but they, they, that, that the capitalists that make it possible have left. so what's left is just squalor. so they're going to go down and then the gutters are going to be in the gutter, literally in san francisco, pooping on themselves like joe biden. you know drug addled with a heroine needle stuck on their arm, talking about shar tara, and the getty museum and what they're going to go, you know, water cross sandwiches having for lunch, surely before they expire. i might add that this of course is lava lamp. looks like it could have come out of haight ashbury and the shape of a rocket, of course, also comes out of the west coast whereby a lot of the rocket technology was designed. and you know, the likes of even mosque fled from california recently in order to write their

progress. and where are they moving to texas, where they can hardcore capitalism survive the american style. and that's where you're going to see a lot of growth, texas, wyoming. that's where it's all going. it's leaving california new york, those places that have been taken over by the families. i won't say it. i had a joke. they're going to leave of go good old out all going alone. this episode. right. but in terms of comparing san francisco to the u. s. empire broadly, and the double think that you have to believe contrary to what you see with your own to why you have to pretend that this doesn't exist. so we're told over and over and over by themselves, by the people who live it is. this is the most progressive city in the world, and we see absolute squalor into sophia. the same thing with the empire that we're like there to save everybody. we're there to rescue everybody,

we're there to help everybody we're indispensable. we're providing all sorts of security, blah, blah, blah, blah, blah. well, when asked what the most egregious part of the street was, one of the residents that probably the threats of violence, the threats of violence to us, other residents in the building. i've seen people physically fighting and i myself was leaving once a man approached my car, yelling obscenity and threatening me, which was really scary. said a resident named shannon who declined to give her a last name for privacy reasons. there was a guy who passed out in front of our door with a needle hanging out of his arm all day long, and our children had to walk past that job. right? is the $4000.00 of american experiment and you know, he is overseeing the collapse of a once vibrant society and it's happening in the next 24 months that we're going to make the collapse of the soviet union look miles and comparison. because estimates you are lot pointed out is great essay collapse. gap for the soviet union fell out of a one story building. the united states is going to fall out of

a 20 story building and the splatter. the blood splatter on the sidewalk is going to be considerably more rich. well, but it was trump before him. obama, before him and bush before him. they all acted on this oral sage about, you know, doing actions that contradicted all their words. and that everybody in the media, everybody in the population with clap saying yes, yes we're, we're not pumping on the street. we're not pooping on geo politics of nations all around the world. and here's another quote from this article about san francisco, which i think is peak. the peak of the end, right? the last gas on the entire u. s. g d p. anything that we export is the weapons. and i p from san francisco and los angeles. so here's the, the last of it. they shared photos of a man, they say regularly urinate and throws feces. the smell permeates the entire garage . another photo shows a man trying to break into their garage by using

a bottle to keep it from closing. others are captured, damaging their property, even trespassing and stealing packages. so again, that's what i'm saying is not only do we have the, you know, urinating, throwing fi, see sort of, you know, heads of state travelling around the world, telling us what to do. we have the same sort of thing. we have video footage of them doing the same of damage and property and then tell somebody else if they have to pay for it. remember when we were, it is saying that iraq had to pay for us bombing them. for example, like this is the same thing as cognitive dissonance. sure. or outright get to premium by the population that is not accepting or as hyper realization, being good. the curry documentary that goes into adam, not out of curry, of course, is the famous mtv, a d j, v j for many years ago. but adam heard adam curtis, so i'm thinking of hyper normalization. that's where we're heading into everyone to check out that documentary. so again,

we're told this the biggest empire in history of the wealthiest nation that in history, but we have squalor in there one of their richest. if not, they're richest city in the united states, which generates more of their g d p than anywhere else with high tech and, and we know social media and that sort of stuff. but you also have these sort of quotes and that the, the situation cannot be resolved, right? so i can't really reconcile just the fact that this criminal activity is allowed to happen. i myself a call the cops, a number of times said one of these people. so let's look at another headline about what they're suggesting for san francisco. so here's a woman being terrorized by homeless people in her street. and most of them, by the way, are, are actually just drug addicts are mentally ill and need hospitalization or have you know, the freedom to poop on the streets. well, here we have residents and city leaders are searching for answers,

should they tolerate burglaries as part of city living and focus on barricading homes instead, ask the san francisco chronicle. so this is they can tell in v r world, right? the can tell you areas, get all the free money. eli mosque is worth 3c5xb2c5xb of it in the last year alone because of the curing, all the problems out there. so they get to build the citadels, they get to build their safe spaces, they get to be removed from all the consequences of their own actions. you the ordinary jo, back a don't as with perhaps only a $1000000.00 here named living in san francisco. you gotta just tolerate it, you got to accept that your how your car is going to be burglary. your house is going to be burbled. you might have feces thrown at you, but that's the, that's the cost of living in a progressive location. well, it's back to food all time. so triple ism is back near fatalism, american style,

that's south american sitcom. hey, we're going to take a break when we come back, much more coming your way. ah, ah. to what we've got to do is identify the threats that we have. it's crazy confrontation, let it be an arms. race is often very dramatic, development only personally and getting to resist. i don't see how that strategy will be successfully, very critical time. time to sit down and talk 100 mic. no said, you know, borders blind, number t's and users

as a merge, we don't have a charity. we don't to look back. see, the whole world needs to take action to be ready. people are judgment, common crisis with we can do better, we should be doing better. everyone is contributing each in their own way. but we also know that this crisis will not go on forever. the challenge is going to response has been mess. so many good people are helping us. it makes us feel very proud that we are in it together. ah, welcome back to the kaiser report, i max kaiser time out of turn to marshall our back market analyst and levy

institute research for marcia. welcome back. that's great to be with you as always . alright, now marshall. you are a market analyst. why our markets continuing to hit new all time eyes despite and i'm going global. pandemic locked down the supply crisis and this inflation raging gray question, i guess when you had a central bank or a series of central banks that have effectively committed themselves to back stopping what seems to be every risk asset insight markets of n. c, adapt their expectations accordingly, and to say it's, it's time to pile in, we're going to get bailed up by the fed somehow as fully inflation. well, you know that, that's all the more recent, i guess for them to continue to put money in the market because of the you that cash the trash, i believe that ray dalio a bridgewater express that you not too long ago. right. what is the inflation picture in canada? it's kind of unfolding in different ways, different countries. and my understanding is that it is when people are saying it

and the consumer prices of things for energy, for gas, i believe it's happening. what, what's the picture there? you know, i think this is a global problem. there has been way too much reliance on justin time inventory accumulation practices and the belief that the whole offshoring model was seamless . they would never be any kind of supply side. the disruption cover has, has, i think proven in the, the latest example why that's flawed. but there's many examples before that and they're not going to be easy. it's not gonna be easy to reconstruct those supply lines quickly, given emerging geopolitical tensions. and also because a lot of these skills aren't easily replicated at home because the skills have been eroded because of decades of off shore, right. imagine the central bank seems willing to backstop any risk asset and that, that certainly is the situation around the world. the central bank seem to have abdicated their role of market stability in favor of bailing out guy,

and so our over leverage. now, the conservatives in canada, the same very attuned to this message and they're actually calling for the bank of canada. the stop inflating money. the left is really all for the social programs that they claim are necessary and that money printing is that the, sorry, or who, how do you weigh in on that debate? i'm of a belief that much of it is a question of how you spend the money and most of the, the size of the really taxes per se. so my problem throughout this whole crate, it has been that billionaires have continued to get considerably wealthier than the rest of us and that the money has been deployed de very inefficiently. if you are going to stop a all economic activity in the interest of arresting a panoramic, that's fine. but those that are suffering from that i don't think have received

adequate benefit. and those who haven't suffered as much or oh, can afford to pay the costs of the shut down, have just stuck their hand out to the government and got one they, they required. and so the whole, as i said before, the whole incentive system has been completely skewed. it's, it's, it's not, it's not capitalism. it's capitalism for the rest of us. but socialism for the rich . right. so you mentioned where that money goes as a key question. we have both in the us and in canada and other countries. i guess you could call it a surfeit of a leads of focus. their primary job is to simply determine some call to can tell the fact they don't seem to be doing math in except to be traffic cops for all the money pouring out of the central bank. you know, do we have too many leads, marshall? yeah, i mean i have no problem with people getting a wealthy a through entrepreneurial activity, but

a lot of the elite effectively have their mistakes back stop by the government. we don't have a genuine free market in that regard. and then they tend to use their power to secure the system and that benefits even more towards their advantage is which is that exacerbated the inequality problem. so, so that gives you a very unhealthy social dynamic you. populism which in itself is not bad, but it does lead to massive social instability. and you know, in the past we've had those kinds of events. it hasn't ended well historically. right. you know, we've been talking for a number of years and it seems like what we sense to was going to happen is now happening that the laws, a fair policies when it comes to money printing, we're always going to lead to big problem. and it seems like now reaching the end game of this, because let me, i guess the question is,

a central banks are really unable to do what they should be doing. and that is to raise the interest rates to restore some bounce, but they have over leverage themselves in such an extent. and i'd go back to the 1970 is in the paul volcker years we're seeing leverage much higher than we ever saw during that period. they really have that. that's really not an option on the table. they don't have that option at this point. they put themselves in this position of that you have sense was coming. i have sense this coming. so what is the end game? because there's only 2 options. i mean, i'll pepper this accordingly. it, do you going to have a bond collapse and literally restart everything from scratch? or you're going to have a really, it was called neil feudalism or you have the time for a few 100 p own essentially. everything marshal? well, i would argue that we're already at that, that kind of new, if you to list

a structure right now. so my, my feeling has always been that, you know, as you said, it would end up on market collapse of some sort. i always felt that increasingly, i've been of the view that inflation would be become the problem, but there'd be a lack of political will to deal with it because you have as you say, the private private debt level are so high and they're so massive they skewed towards a the, the vast majority of us and, and it's, and it's the credit of class, it's got increasingly smaller. so in the interest of some kind of social stability and the reluctance to raise rates because of the high private debt levels. i think you've got like a debt company getting pulled inflation, but ultimately roads the real value of these debt. so the creditors will get screwed. the question nations will get screwed, will have much higher inflation. as a result, it won't be good for anybody because as you pointed out, ever we all have cars are experiencing cost of living increases. and because the

economy is so massively skewed towards a upper tier morbus will feel that inflation disproportionately. but at the same time, the debt servicing will also become less reduced in real time. so that's, that's not an attractive scenario. but i think that's the less socially the stabilizing all the going full on 1930 sell the place. let's walk that in to the natural progression of where this could leave. and when you're talking about that kind of approach, you have to consider the possibility of there being a hyper inflation. that is a complete loss in the currency, which of course we've seen historically. this is also been a precedent that we can look toward us dollars, world reserve currency. the idea of the us dollar going into hyperinflation seems remote, how for the money printing and the u. s is doubled in the last 18 months. the m 2 money supply has literally doubled and is on track to double again,

which is what you see in hyper inflations. how are we risking hyperinflation? are marshall. yeah, i think that the, the, the hyperinflation episodes that we've had in the past, you know, he was like, oh, by more they just wasn't bob or they talk about that as well. and i think they've been over years. but today, i think you have an interesting situation. what has characterized most episodes of hyperinflation is not only that you get ongoing stimulus, which should sustain the demand side. but you also have constraints in the supply. and in the case of by mar that came because you have the french occupying the borrower, which was one of the most productive parts of the german economy so that they can productive capacity of the german economy required to service those debts was impaired substantially, even as the government kept printing more and more deutsche mark right much, i think they would call them. and likewise in zimbabwe,

you had productive economy of b, as in bob in economy impaired by decades of civil war. and so that when the, the government started to nationalize a agricultural production and put more but in the hands of their cronies that tend to just make prom but they kept on printing more more and bob with dollars which also created the hyperinflation. so today you have something which is somewhat similar in the sense that co bid and the ongoing pandemic restrictions have impaired. significantly our capacity, our supply, the supply chain or impaired. so there are capacity constraints. and if you get big outbreak of the new waves of the disease coming along and then the government starts introducing, locked down what you get in pairs, i capacity further. and then there's this call for ongoing stimulus to provide relief. so that does create conditions which are potentially more inflationary than

we've seen since any time since the 1970s. and you could get much higher inflation . yeah, i want to talk about labor. so you mentioned the word a little while ago. incentives. interesting, weren't there certainly key and understanding economics now in the labor force, folks are quitting their jobs because they're getting more money sitting home, then they would at work. folks are getting more cobit relief than they would going to work and pos as hazardous to go to work. so the incentives to go to work have been undermined. and you know, for labor, for workers, the, the, the idea, again, not, not to get overly hung up on the left, right, divide, but, but the left tends to think about, you know, more than labor terms, but the, i, but how do you incentivize labor if it's not even a matter higher, higher rates, but they're not incentivized to work it like they, they,

they have the power now. they know they know that that have leverage for the 1st time in decades. hughes gave me your turn to see drugs like john deere, for example, and i don't blame them. i mean, if you look over the last 40 years, you know, you've had a persistent undermining of unionization capital has a capital share of g d, p, and profits. it's gone substantially towards the top tier. so you can see that now they finally got some leverage, they're using it. but the other, the other problem is that as you move that labor force, all sure, as you put a lot about productive capacity into place like china, a lot of those skills have been eroded here in canada or in the u. s. so that even if you start paying substantially higher wages, which some of them are doing, you know, you may not have the capacity or the ability to replace those jobs because people looked at them before aren't there anymore. and that's, that's the real list. plus i say that the labor market is it's much tighter than most people appreciate. i think there's been a real a problem with a lot of the,

the, the, the continuing claims data. it's, it's conflicted very much with a lot of the evidence on the ground. the labor market has remained very tight and you can see that even in states that removed some of the cobra release packages back in june july. you're still seeing ongoing labor tightness in those areas. so it's really something that goes beyond incentives. and just you know, ela bidding wages would certainly help to attract more people back into the workforce. but another problem is that you've got it, you have this massive degradation of social capital. and again, i would say that i'm a product of excessive all short marshall. thanks. bring on kaiser report. thanks for having me. i'm gonna do for the citizens, guys report with me max kaiser, stacy herbert, thanks to our gas, marshall our back until next time by our ah, ah.

join me every 1st on the alex sullen. sure. i'll be speaking to guess of the world politics. sport. business. i'm sure business, i'll see you then. mm. as a korea professional sport is much tougher on some than others. mission with my i everybody here. so why would somebody believe me? i was just a little girl to price upgrade to, to, to achieve really was was proud to read as a paper this morning usa swimming coach, arrested, allegedly had sex with a 12 year old girl. this happens almost every way we get calls at the office. i get informed about one of my greatest fears is someone is gonna start linking all this together. is going to be a 60 minute documentary about youth coaches in sports like gymnastics

swimming, is that documentary? i see it on r t ah, there's a patch of water around the try, a seal island that's in contention between canada and the united states, where the government has suddenly become optimal for lobster. our populations here is exploded. one of the most valuable fisheries that's ever existed. suddenly you had made an canadian fisherman in these waters. at the same time jousting for position and attention to high violence is bound to happen. this is the last land border dispute between canada and the united states. it could be magnified to the part where there could be costs that would be significant to post countries. border dispute don't go away, they just fester. something's going to happen with

food and medical aid. in short, supply is thousands of migrants. capital. the border between bella rosa posted for a 3rd night. how correspondent is that? evidently, this girl i the branch. now she's bleeding and she needs help. but the problem is that there are new medic around there are no doctors around in him. really. nobody knows what, how to deal with cobra cash ro, madonna, is locked in a bit, a battle with the u. s. government over the lucrative rights to with vaccines. and with the proven to the discredited front brush dossier on the white, we look at how the mainstream media and the democrats are refusing to face the fact ah .