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i am max kaiser that says the kaiser a port boy. oh boy it at bible let one rep. 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, freedom 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 as transitory now they're starting to realize that it's secular and long lasting. and they're starting to say things like, we're gonna 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 literacy mixed with state sponsored propaganda over there at the major american works. and speaking of letting one rep of course buy it and was reported in the u. k. press you k tabloid as having let go a long, loud, far at the at cop 26. and that's kind of double think as well is that, you know,

the 400 private jet said arrived in glasgow to, you know, of the elite, like jeff bezos, who, you know, blue office giant rock it 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 schmock out there how they're going to have to reduce their energy use an order so that the elite can continue living like charlie and arrows 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 think that this is the case for them. they are the most progressive state in the union, and that is contradicted and 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 c, b, s, san francisco. and we will buy them. cute tense is something that brian romilly

picks out from the article. currently is progressive people, bunch of vice and cute tents for the homeless people is the highest concentration of homeless people under a new condo development whereby they apartments are classing. a 1000000 dollar and out is something like called the ar 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 in 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 progressive ism, that notion politically speaking, was invented by hard core capitalists. and we stayed 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 so longer competitive globally, and these big industrialists are actually moving their money off shore, they're moving it into this giant $25000000.00 managed by the 4 big accounting firms slush fund in the middle of nowhere as well where it can't 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 natal stuck on their arm talking about shar star tra and the the getty museum and what they're gonna go, you know, watercress sandwiches. i'll be having for lunch shortly before they expire. i'm my add that this of course is lava lamp looks like it could have come out of haight ashbury. and that shape of a rocket, of course, also comes out of the west coast where by 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. they weren't moving to texas, where they can hard core capitalism to 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 want to say it,

i had a joke there. i got a leave of gold. good old out. baldwin 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 2 eyes, 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 where they are to rescue everybody where they are to help everybody where indispensable are 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 said 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 obscenities 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 and walk past that. joe joe privacy boris yeltsin of the american experiment. and you know, he is overseeing the collapse of a once vibrant society and it's happening in the next 24 months. we're going to make the collapse of the soviet union look miles and comparison. because there's 2 major are low. 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 stage about, you know, doing actions that contradicted all their words and that everybody in the media,

everybody in the population with claps 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 fees. 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 that they have to pay for it. remember, when we were is saying that iraq had to pay for us bombing them. for example, like this is the same thing, just cognitive dissonance. sure or outright, it's a free by the population that is not accepting or as hyper normalization would be a good. the curry documentary that goes into that, i'm not out of curry, of course, is the famous mtv j d j v j for many years ago. but adam heard adam curtis and so i'm thinking of hyper normalization. that's where we're heading into everyone to check out that documentary. so again, we are told this the biggest empire in history of the wealthiest nation in history, but we have squalor in there one of their richest. if not, they're richest city and 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, that 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 called 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, or, or actually just drug addicts or mentally ill and need hospitalization or athens him. 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 where 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 of donors with perhaps only a $1000000.00 here name living in san francisco. you gotta just tolerate it. you got to accept that your how your car is going to be burgle. your house is gonna be burbled. you might have feces thrown at you, but that's the, that's the cost of living in a progressive location. well, this back to feudal times, journalism is back near fatalism. american style, that sounds good sick, come, hey, we're going to take a break when we come back, much more coming your way. ah,

what the pandemic notion? no board is. i'm just like to tease a merge. we don't have a charity. we don't to look back seen needs to be ready. people are judgment. 2 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 matched, so many good people are helping us. it makes us feel very proud that we are in it together.

join me every thursday on the alex salmon. sure. i'll be speaking to guess what the world politics sport business. i'm show business. i'll see you then. mm. we're allowing ourselves to be more efficient quicker with our transactions. but with that comes a trade off. every device is a potential entry point for a security attack. any machine sunday. it's an extension of traditional time. the defenders have always been one step behind the attackers. formidably william was, won't go in. it's not a matter of, if it happens, it's a matter of went ah,

welcome back to the kaiser report on max kaiser time now to turn to marshall outback market analyst and levy institute research for marshall. welcome back. that's great to be with you as always. all right, now marshall, you are a market analyst, why our market is continuing to hit new all time highs. despite an on going global pandemic locked down to supply crisis in the us inflation raging. great 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 eventually 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 for the inflation well, you know that that's all the more recent, i guess for them to continue to put money in the market because they've been you that cash just 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 that people are saying it in 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 just in time, in the tree accumulation practices and the belief that the whole offshoring model was seamless. there would never be any kind of supply side to disruption. some co it has, i think, prove in 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 going to easy to reconstruct, to supply line so quickly, given emerging geopolitical tensions. and also because a lot of these, a skills aren't easily replicated at home because the skills of been eroded because of decades of offshore. right. you mentioned that the central bank seems willing to

back stop any risk asset. and that, that's certainly the situation around the world, the central bank seem to have abdicated their role of market stability in favor of bailing out guy. so our over leverage. now, the conservatives in canada seem very attuned to this message and they're actually calling for the bank of canada, the stop in flaming money. the left is really all for the social programs that they claim are necessary and that money printing is best 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 5 pack to per se. so my problem throughout this whole crime has been that billionaire to continue to get considerably wealthier than the rest of us. and that the money has been deployed very, very efficiently. 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 the shut down have just stuck their hand up 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 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 control the fact they don't seem to be doing bad except to be traffic cops for all the money

pouring out of the central bank. 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, if 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 lay 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 balance. 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, is going to have a bond collapse, and i 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 massively skewed towards a, the, the vast majority of us and it's, and it's in the credit of class, it's got increasingly smaller. so in the interests of some kind of social stability and the reluctance to raise rates because of the high private debt levels. i think you 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 back 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 to 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, if you look up by march, i was in bob, buddy, 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, the french occupying the borrower, which was one of the most productive parts of the german economy. so that they could 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 so right much, i think they would call them. and likewise in zimbabwe, you have 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 products, 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 are impaired. so there are capacity constraints. and if you get big outbreak of the new waves of the disease coming along me and then the

government starts introducing lock down, what you get in pairs, i capacity further. and then there's a call for ongoing stimulus to provide relief. so that does create conditions which are potentially more inflationary than we've seen since. and in 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 plus 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 of 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 decade. yeah. 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 had a persistent on the money of unionization. capital has a capital share of g d, p, and profits is 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 shores, 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 the

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 much tighter than most people appreciate. i think there's been a real a problem with a lot of the, the, the continuing claims data. 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, elevating 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's a, a product of excessive off short martial thanks. bring on kaiser report. thanks for having me. i'm not going to do for this additional tries report with may max kaiser, stacy herbert, thanks to our gas marshall our back until next time bio. ah,

ah, how is the economy working for you? we were told this is the time of the great reset and build back better. what does this mean to you? how does the green new deal play into this? it seems the richer only getting richer. but what about the rest of us? ah, we're empowering ourselves to be more efficient or quicker with our transactions. we can make mobile teams from ourselves. the truth is that every device is in potential entry point for security attack. i think a eventually there's malware on thousands, maybe sometimes millions each day. they use the cyber,

they use the technology as an extension of traditional national intelligence has not many main threats. this is due to the 3 laws of robotics. one of the things that is happening at the many cyber implants right now i'd be where is it really worried about it? most people would equally be you can't put a chip in my right. so there has been a lot of progress from the hacker side using ai and using other advanced technologies. there has been on the defensive slime. ah, with y'all are nowhere.