ah, a ah oh la. hey, this is max kaiser, you know the hardest telegram group right now is t dot m e forward slash kaiser spanish. they are rushing it. oh my god, they say? yes, they are crushing it. so go over to telegram tita m. e for slash kaiser. spanish. it is a hot caliente place to be. it's caliente. all right, i can tell you that for sure. you know, speaking a caliente, we are heading to el salvador. so the next episode

a kaiser report will come to you from el salvador. but i'm, i also have a girl photograph. oh yes, yes. so we're going to go there to look at hyper bitcoin ization, right in the eyes. we're gonna have dramatics tear it down, hyperbolic quantization, and the time of hyperinflation. 20 of those 2 things seem to be going together, right? we're going to stair it down. but in the meantime, we're going to show you some e can on my lessons hard economic lessons right in the headlines as we were preparing to leave. and 1st is, you know, this did the rounds of the big coin community, an, as from canada, bitcoin is not a digital currency. people don't spend it, said bank of canada governor. he said this as if it were a bad thing, not as if it were a bad thing about him, but about other people and about big coin. so i think it was a statement that was very profound telling the world, admitting to the world that he, himself,

and other central bankers are the ones that are causing this. i. e. gresham, law. i'm going to show you what gretchen's law is in economics. gresham law is a monetary principle, stating that bad money drives out good. for example, if there are 2 forms of commodity money in circulation, which are accepted by laws having similar face value, the more valuable commodity will gradually disappear from circulation. in this case, the good money, big coin, the bad money, the canadian dollar, are you going to spend your bad money that you want is, as we know, inflation is running it over 6 percent. you want to get rid of that? or do you want to get that your deflationary currency that up in value, not the one declining a value? well, you try to get rid of the one declining value, right? so that's why it's not used as a currency, right? that's why it's a store value. and your currency that you're printing is the one people are choosing to spend. yeah, yeah. there's that. plus people are using big coin in transactions,

billions and billions of dollars with every day. so they, they used it. there was a time when academics and central bankers and folks when they got flamed back, trolled by big coin or so on. social media was a sign of some kind of badge of honor. like, aha, you know those silly bit quarter's told me on social media, but now i think it's safe to say that this gentleman is just stupid. i mean, he's just functionally stupid that well, however, he gotten a position that he got into his canadian, so i assume he got in the head was maki box, and that made him eminently qualified to be in his current job hockey aside. there is another interesting story. it's hawkins fight. interesting to tell you the truth, our team is doing pretty well this year. the, the carolina hurricanes. and what i want to say is that, so we have gretchen's law. we have this contradiction in this terms that at the top

where he saying like, because not being who says a currency, i like, you're not buying a parasol, so you're not buying your, your coffee with it. you're not, unless you have to transfer billions of dollars from el salvador to say hong kong you, you don't need to use it right now because you have bad money. you can spend sure you could spend your good money if you want. but the instinct of most consumers within the economy is, is going to be by nature to get rid of their bad money while somebody is willing to still take it. so there you have that. now we moved to the other story that max and i picked up on 1st, and that was during cop 26 with joe biden. and his new infrastructure plan and his new other plans and budgets and spending and all this sorted like plans to save the world. they say, well, you know, they're going to save the world by reducing carbon emissions. but 1st, by increase in carbon emissions arising oil prices put by it and in a bind over climate pledges. whitehouse moles,

it's limited options to boost supply. critics. a situation exposes flaws and presidents climate change agenda set out at cop $26.00. his administration's ambitious agenda to stem global warming calls for a shift away from fossil fuels. yet mister biden is now urging the organization of the petroleum export in countries to increase production to ease shortage his lower prices. while this is the attitude of the alcoholic who says, i'm going to stop drinking tomorrow, i just stayed a one during today to get me through. or the drug addict or any other person that's in america is addicted to oil, america's. i'm not going to solve their carbon emissions problems. so by jo guidance plan of increasing oil, i'll put it out. so you know, he, he's obviously not fit for purpose. he's not fit to be a, you know, to, to run a hot dogs down at this point, much less be the president of the united states. he makes no sense. the problem

with all the greenhouse gas carbon emissions initiative that rely on, you know, rare earths for example, or cobalt that just means or increasing child slavery in the countries that produce these reverence and cobalt. they haven't thought that through. that's just the beginning. it's such a silly, they're just it, so it's so silly. well, max is beyond that. it's just simple basic economics right here. we have the allegedly richest country in history with they allegedly richest consumer in history. and yet even this small increase in prices of oil prices and our energy prices are a lot cheaper than europe, for example. and this is causing the president to want to alter, at least for now, you know, we need to reduce the cost of oil and energy for our consumers. well, think about the practicality of any of these global carbon reduction programs where

they're calling on the poorest people in the world, the bottom 7 and a half 1000000000 people to pay higher energy prices. energy is an important input into growth, into economic activity since the beginning of time before we even wrote the very 1st economics textbook. it was a basic ingredient of all economic growth. so it's just, you know, that it just exposes the lie of this pretend situation that we were going to do something about right. meanwhile the, they know a mining bitcoin inc use energy and reduce carbon footprint. the more like, ok, all, salvador, we have a real life example. the energy usage is going up dramatically while their carbon footprint is collapsing is going down. because big coins popping out fear money, which is incredibly energy efficient. the 1st of all, i have to back by the pentagon in the military, industrial complex and all that. so this is, this is the way, but right? and, you know, he hasn't had a sense in 5 in 30 years. well, he is,

or his party is up for reelection and the mid terms coming up. and that is part of the reason why we're seeing this because opec has so far a rebuffed the u. s. appeals to increase output. they haven't done it. and with gasoline and heating oil prices at their highest levels says 2014 americans are expressing unease over the administration's economic policies. as next year's mid term elections loom quote, high prices tend to assure out incumbent politicians faster than they usher in new technologies. i the new technologies that might help reduce the cost of oil or reduce the cost of energy using solar using wind using geothermal and other options for a price for gas is going to be up dramatically by the time the elections. because

a buyer has an address, the true cause of this calamity, and that is the excess of money printing. and they, they're scheduled now to double the money supply. the em to money supply again. i'll the next 12 months. they doubled it over the previous 12 months. they're going to double it again. so gas is going $89.00 a gallon. yeah, and of course the washington post tried to publish an opinion piece which they quickly deleted and or, and scrub for the internet because democracy dies and darkness. but the thing is, you know, they were, they wrote a piece along the lines of like, how we should embrace inflation. that the, this is good that it was like, reduce our consumption. and of course all the bottom, 99 percent that do not right for the washington post our own the washington post. they. i got very upset with this. so the reality is that real people live in a different world from the one percent who claim, who rule the world, right? a see that again and this. so a d,

this as we call it here in america or added ass as they say in the u. k is also in the wall street journal headlines with the same sort of situation that buy it and finds himself and with what he says. he wants a carbon emissions reduce what. what happens is that he needs to reduce the cost of oil. so we need to pump more added s takes hit from boycott in china once seen as growth engine, the sportswear company, along with other western apparel brands continues to suffer from a chinese consumer boycotts just to put this into context. china is now the largest apparel and sportswear market in the world, the footwear market valued at $376000000000.20, followed by the united states, which is 330000000000. and importantly, they're still rising. china still rising and consumers are only starting to spend

on footwear and stuff like that. so already it's like 10 percent bigger than the u . s. market and it's getting bigger, but us consumers don't like u. s. listed companies selling goods into china because of what they allege is something happening with the weaker is in shang chang province. so i, you know, china that companies are having to issue statements condemning china. well, the chinese consumers have boycotted these companies. i wednesday at 8 asked, reported that it's revenue, mainland china, taiwan and hong kong felt 15 percent. the 3rd quarter, after dropping by 16 percent in the 2nd quarter, added as was hit by a consumer boycott that began earlier this year after the company as part of a consortium of western brands, raised concerns about force labor allegations in china's sion jang region. as i've been saying, as a inflation, jamie comes out of the bottle, the language and the rhetoric from mainstream media, financial,

prostate get more pretzel, crazy, loopy loop. not so. and so we're saying that people are just saying black or white up is down to, to describe inflation because they'd understand is based on money printing. it has nothing to do with what they think it has to do with. so there's sound like complete idiots by definition because they're talking about things with the complete wrong basis for their proclamations. you know the thing about china, again, where we reside and saying for a number of years is at some point, you know, that whole soft power. that was a part of america with the brands and hollywood valve fade away. and then china will have its own brands and its own film industry, and that'll be the soft power that china will project around the world by what's cultural export the same way the u. s. has been doing that since world war 2, it'll be a chinese export of their cultural goods and intellectual property. they're already on g 5 and g 6 in terms of telecommunications. way, way ahead of everyone else including the, the u. s. and the u. s. is completely stuck in the mud and trailing behind

a guy who can you know, chew gum and chew gum. okay, we're going to take a break. and when we come back, watch war coming your way. ah, join me every thursday on the alex salmon. sure. i'll be speaking to guess of the world politics sport business. i'm show business. i'll see you then. mm. oh is your media a reflection of reality? in the world transformed? what will make you feel safer?

high selection 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 a join us in the depths or remain in the shallows. ah, new york, it's really what america is about. when our mayor took aveson, he was elected because of his campaign on our city, being a tale of 2 cities, the haves and i have not. and those who have not are usually the ones who wind up

being buried on hard. i. the city is always wanted to forget about hold island. city is wanted to forget about the people who are buried there. it's wanted to forget about the fact that there is a potter's field that there was a place where difficult stories are hidden. the fact that we're using inmates to maintain this active burial site, where 1000000 souls are buried, where so much of new york city history is buried is documents of the inequality that has existed in this city for centuries. ah welcome back to the kaiser report. i max kaiser time had to go to robert rain love he is the what is money show, robert, what makes max? why the beer?

alrighty. let's get right into it. by the way, she mentioned, we are in miami, couple of big con conferences. you're speaking at highly in demand robert breedlove . after a series of excellent essays, you can find them on line that really philosophical. but in a way that's very bitcoin centric. now, i may ask you this if you had only one or 2 minutes to describe it, what is money? what's not money and how to people get mistaken by this and only 2 minutes ahead. robert said no pressure. yeah. yeah. so i think with money, one of my favorite descriptions of it is that it's a contract with a future or a contract with time. so we all know that we go to work and sacrifice our time for money. and then that is essentially a social construct that we can then take and go and redeem time from others. and without this inter temporal contract between ourselves and our future solves and future others. there's no civilization, right? like we, they're treating cooperate or we fight over all the while it's available. so

there's a lot of definitions to this by the way, i've written of like 50 different answers to that question. so i don't never know which one to pick or right. so in summary, in that it's able, you're able to take the work that you did today into the future, and that's for exchange for something in the future. now the u. s. dollar, let's talk about that for a 2nd. inflation is officially, it's 6.2 percent. some of the corporate media are saying that we should celebrate inflation. i see this lot of the mainstream media is, is this is inflation. a good thing here? thought, no, i saw a headline. one of the magazines today, same quote, inflation is good for you. and the equivalent translation of that is stealing from you is good for you. it doesn't make any sense at all. and i think there's mass dilute, this mass deception that's being pushed on us is pushing society toward the mass like coast is actually how can people understand what's going on when people don't understand money, they don't understand the lives are being told, but i mean the bottom line of inflation is that it is only tough. that's not even

my opinion. it's just mechanically how it works. one good analogy here is maybe like a stock certificate. you would never get one shareholder class, the ability to print shares and dilute everyone else would never have that in for an item. i didn't, and i don't because it's just not fair. right? you the class, the good print shares would be stealing from those and could not. yeah, that's exactly money is money, the title to global capital in the same way. stocks, typically the title company got the money money. one group in front of a central bank that is stealing from everyone else is forced to use it. all right, now, one of your essays i mentioned at the top of the show that are really, i thought was something i read 2 or 3 time doing really great big coin in the number 0 for the global audience, laughing out there and give them your thesis on how big coin is as important as the discovery of, you know, people watching the show for a while. we've comparative fire. we've compared it to copernicus weak, but you're comparing it to the number 0 and a brilliant way about yeah,

i'll try to, it's like a 40 minute essay if i can get it all in the one shot here. but the gist of it was the impetus, right? it was people asking me the question, what makes but quinn different than all the other crypto assets? and to understand that you really have to understand the idea of an unstoppable idea. and if you study the history of 0, i think it gives a great narrative of an unstoppable idea, frankly. so we had all these competing mathematics systems across the world. but once the hindu arabic numeral system emerge, which is a 0 based numeral system and outcompete it all the others. and now we all use a 0 base new model system because it was more economically efficient based on people adopted because it's more useful. and so bitcoin and the rough analogy is essentially that it's just an idea. it's the only money with 0 percent, terminal inflation in history and so has no theft in it. so everyone is going to voluntarily adopt it. like if you like, well, and you don't like being stolen from you or the 1st we're looking for

a big claim to flip gold at some point which is roughly $90.00 market cap. some suggest that it's a bit going to flip the global bond market because the bond market is now showing a lot of negative interest rate bonds. bond rates are all time low bond market starting to look like the 40 year boom. aren't going to bond, has right to reverse itself. that's a global $200.00 trillion dollar market. robert. is that in the car? do you think? yeah, i do. i think we're getting back to, you know, gold was sore value for the past 5000 years. but when governments entered the scene, they were able to actually, through the largely, through the holding of gold, they can impose their debt as a new sore value under the law of yield and other other machinations they put in place. but i think the world, the digital agent thing is back toward the purely capitalistic society, where you'll have a gold like asset which is good coin serving as the risk free estimate, right. how are you describing the purely capitalistic society?

while i think the digital age just tear down a lot of the barriers to competition, ideas, the liquidity of ideas of higher than ever, with things like bitcoin, all of a sudden the individual has a lot more optionality. i don't need to house myself in a certain jurisdiction from my capital, my brand, or anywhere in the world. so i think the digital age is just like throwing fuel on the fire of capitalism. we're seeing that already quite migrant. you know, they're leaving jurisdictions that they're not, they don't feel like they're treated well, and they're big point there. i think the new year jurisdiction along what the central bank, which look like, they're going to be disa mediated by bitcoin. what about the nation state itself? that's going to survive that going. i don't think in a way that we understand it. it's not my general. this is kind of magic for an individual. these excellent book that i've recommended a lot. i think we go from a world like 200 nation states, 125000 just by virtue separate money on the state. so when governments are accountable to their preferences of their customers,

they naturally become smaller. all right, here's a bit of a philosophical question. is bitcoin an invention or a discovery? uh huh. i think bit coins and invention that as it's man made that seem to be on dispute. but i've argued that it led to a discovery, actually of absolute scarcer money. again, as 0 percent terminal inflationary money is something that can only be discovered once. right. so go into that a little bit because this is important when people talk it back. so call competitors to a big point. when you say, oh, it's can only be discovered once. what does that mean? so money is valued based on how large and liquid the network is. so new insurance will always prefer the largest and most of that would network available. so that's how we got to one analog gold. this game theoretic process of people always favoring holding the money that was hardest to inflate. and so i think that same dynamic will play on the digital world with i think the coins is pretty obvious

because already run in the one that race that it is digital goal. that is the premier non counter party asset digital landscape. so therefore, it's the most trust minimize wanting we were rad. so i think it just keeps eating and out competing, all the other one is in the world that can't be replicated. right, well, we've talked about the coin distance meeting the nation state. of course, the other side to that would be nation states adopting bitcoin. and we saw that now with el salvador, our 1st country in the world to make the point legal tend to, we have a large american audience hyper between his asian with central america. do you see that spreading in the region and what does it mean going forward? you know, i really hope so. and actually, i'm americans on bias. i see the coin is more american than the u. s. constitution in many ways, right? free market capitalism is based on private property rights, rule of law and honest money and big point encapsulates all 3 of these in a way that the government formation document,

like the constitution never could. because at the end of the day, that's just scribbles on a piece of paper that we can choose to adhere to or ignore. and, you know, as we've seen, politicians start to ignore it over time. that's kinda where we are in the us today . but the point is taking those principles in permanently emblazoned them in code. so it's and put in to code in a way that can't be broken or violated. and i think it's really important, you know, it's like it's a new sub street on which to build a nation state, i guess so. but, but the nation say that we go on top of it looks a lot different than the law. your credit reported one that we have today. right. and so going forward that to give us a preview. what are you working on now? yes, i'm still writing a sovereign ism series on part 8 of 12 of that that's on my newsletter that i launch called the freedom and alex like a subset newsletter. and i'm working on the what does money show? so i'm in a lot of long form series. the next 3 series i'll be releasing or with eric

weinstein. just snyder is an expert in central banks. and then jimmy song is a very well known big pointer. i'm just talking to the smartest people in the world for as long as i can about the coin, money history, all that stuff where in the world to think is it going to be the easiest to convert over to be quite as them? i don't, i'm leaning towards the freedom loving parts of the country in the us. so i'm thinking like, you know, we're in miami. miami is looking good. tennessee said the usaa is light along bitcoin lines because obviously wyoming is very big friendly. texas. austin, in particular, is a big why not by the mayor of miami is a very big point center guy. whereas the money printer is on the coastal elite love government. they love printing money. it seems to be almost, i wouldn't say a civil war or, you know, it's a bit dramatic, but it seems like a very divide and ideological divide. this shape is becoming hard and you see that? yeah, i think it's possible, but my hope would be that we'd figure this out at the u. s. federal level to start

buying bitcoin, adding it to the treasury, and hopefully by adding incorruptible money under our existing nation state. we could on corrupt a lot of the bureaucracy we've built over the past 200 years. and i also think that there's a great, there's a possibility of bitcoin. the u. s. can use been point to become the dominant power in the world, going in to the 22nd century if we played it right. but i'm not sure if we're going to do that. doesn't seem like people are taking it seriously yet. right. you know, i remember back in the early 960 s you had to split nick, mom in a rush, you put up but a satellite. it's not only american or the space race. it seems. now we have a global ash who are going on. countries are starting to mind big point. ukraine is starting to get seriously to big point. this can trigger russia responding kind and now will russia starting to mind and hoard bitcoin kind of trigger? a modern sputnik with a global ashmore between russian american who can born in mind and i think going

robert for better or worse, i think that's the type of dynamic it takes. actually it takes a competitive escalation to get these countries taking the quite seriously. so i do think that's very likely i can't see a world where russia is seeking a superior position in between mining or big point, holding that the u. s. would not respond to that doesn't, doesn't seem like whatever work out which could be again and that benefit to both countries. it seems like there's no bad reason on that going. what i mean is that somebody would say, well, what if somebody were central bank buys big coin and they try to dominate it? the answer is, well, go ahead and do it. we're not as many central as possible. is it? is that a fair statement? yes. and this, the fundamental thing to understand is that the coin is the only man made institution in history that no man can change the rules. so the more central banks nation states, other bodies of law that adopt it, they actually get integrated bitcoin, not the reverse, right?

worried about be the coin being regulated, but actually it's actually been coin regulating existing institutions. exactly. yeah. i mean that's the thing i've discovered is that, you know, i always say you don't change the coin, bitcoin changes. yeah. when people are buying it or you own it before they know they are the ones being changed. robert, thanks so much for being a kaiser permanent by the beer. all righty, that's going to do for this additional tries to require with be max and stacey would want to thank i guess robert breedlove of the what is money show, check it out. and also remember to join our telegram group at g dot m e forward slash cars or spanish. until next time bio with we're allowing ourselves to be more efficient quicker with actions. but with that comes a trade off. every device is a potential entry point for security attack. any machine can be

hacked. it's an extension of traditional time. the defenders have always been one step behind the attackers. formidably william was want to comb, selection with offering. it's not a matter of, if it happens, it's a matter of went with, all technologist fits perfectly well into the future, but we can't change. oh wait, thinking now way that we can visualize how we will flint and how we will feel and how our needs will be in 50 years. so our own doing our own technological develop, things always further wrong than our ability to feed or

headline stories. protests sweep your opposed government's clump done yet again in response to rising, kobe k says germany is expected shortly to issued self new rules for its own vaccinated citizens. also this are the seas as animals that we are not enough. i saw happened to the board and called say very hard. when i saw poland used to your gas against women and children, i thought other european countries would be no different aggressive treatment at the hands of polish border guards leave migrants demoralized with many of them telling r t. they just want to go home. plus i .