ah mash kaiser, this is the kaiser report were in elsa el salvador, whopping up the luxury of the y, who oh val the door or whether it's mountains and waves and bitcoin adoption, things are happening here. there's mountains, by the way. our volcanoes don't just sell and who want to be careful. when should also be careful of the hot lava of inflation flowing everywhere. the interesting thing to observe from our per chair in paradise at the best surfing beach in the world l, zante big beach, is that inflation is rupturing everywhere. and when it is impossible to contain, remember back in 2008 to 11 period max. when ben bernanke he claimed they could stop inflation from happening within a few days. well, a few months later,

as inflation continues to grow bigger and bigger of a problem, especially as we head into the mid terms. well, the blame game is starting saudi crown prince. mohammed's been solomon is enacting revenge, and democrats for the parties increasingly stand offish attitude toward the kingdom by driving up energy prices and fuel and global inflation rates. ryan grim and can clip and stein in the intercept. now going back to 6 months, 9 months or so, when the inflation started to break out. i said on the show, and i've said many, many times as inflation increases, the stories, the rhetoric, the explanations, the justifications will get more and more bizarre. because there's nothing in the, in the playbook for of mainstream media to explain inflation because they've been told for 20 years now that there's no applied. and that there's only deflation. and

the need to keep printing money to stop the profit of the possibility of, of a deflationary spiral. and so now we, here we have a story that's the level of ludicrous fantastical nonsense. is it, do that shaving escape velocity from any sort of expectation of a reasonable report or at all you're worse from here? it all become more bizarre from here. this happened during the great depression and the hyperinflation neary periods during like weimar germany. what was blamed in weimar germany, where the, the farmers that the farmers were greedy and they were charging so much for all this food. and you had the same situation recently with elizabeth warren also blaming. suddenly after decades of the ceo of these companies became uniquely some how super greedy and they're charging too much and they want to investigate, meet producers and they want to investigate all of the same thing happens every time that of course that happened in venezuela,

it's happened did argentina every time this a hyperinflation area period. they start to blame the producers, the people who are actually like, you know, processing the meat for you suddenly they get blamed because somehow they're the cause, not the money printing. and we're heading into a mid term election, a very important election. the poll numbers for bite in are collapsing faster, then prices are rising or probably equal. there's probably some correlation between the 2. so here is a interesting take and some indications coming out of the white house about this. this is from steve forbes. so he is a little bit of a, a hyperbolic guy, and i'm on his own. but if you read some of the stuff coming out of the white house, it suggests this could be an accurate opinion about what we're going to see there is growing. talk that if inflation doesn't ease soon, the white house may impose, quote, the temporary price controls on voters instead of products such as beef,

chicken, gasoline, heating, oil, and various prescription drugs. this has never worked in history and it was price controls no matter where you apply them. you'll see the inflation pop up somewhere else. and there's no way, once the inflation janie's out of the bottle and policy makers refused to accept the fact that it's too much money printing that's causing the inflation. no, this is just going to be a continuing story that is never gonna stop until we have some kind of bomb capitulation. and, you know, i mean, this is all very predictable. you know, when you print trillions and trillions of dollars to it all started 2008 when they bailed out wall street. but from 2008, 2022. it's been a rolling bail out. they've printed, you know, all alike. almost all the money that's ever been printed in the history of america happened in the last 2 years. you know, it's like, it's the most incredible display of money printing ever. so it's not going to end.

well, it's, it's, it's a catastrophe, right? and it's important of course, that, that a lot of these numbers like lag, right? so we have the global can tell an effect, right? so all the money printing is going billions, hundreds of billions, trillions of dollars printed at the center for americans who are now all at home. and they all are still pricing everything in old dollars pre pandemic dollars. so they all feel rich. they all think they don't need to work anymore. they're all staying home on their stock portfolio gains are property market portfolio again. and that is driving further inflation because of course there's a supply chain crisis happening and is getting worse and worse. there are now more and more photos that even the mainstream corporate media is starting to cover the empty shelves across america at the supermarkets. which of one saw those sort of

images during that period of the imminent collapse of the soviet system. and that command and control prices then say we're in a here bite in this talking about command and control prices, price fixing for those basic ingredient site beef and chicken. and you're already seeing like the indicators like you're seeing the reaction of the slow realization that perhaps they're not as wealthy as they think they are. because they got these thousands of dollars of, of free money that they poured into. i mean, stocks that went out of 5 acts in a year and, you know, perhaps there's a crisis situation building. right. the of the basement of the currency is underway in a huge ways. so in your right, the soviet is ation of the american economy has been going on really since the collapse of the soviet union, america picked up the, the, the flag of communism and has relied on the pull up bureau at the federal open

market committee to fix prices for money and to print a lots and lots of cash to bail out the oligarchs in america. and now we're having a collapse. and though it's underway or the we're talking about a hyper inflationary collapse of the dollar. it's already collapsed against brick coin as have off the money's around the world. and that's what the coins telling us is that fear money is all free up money. it will go to historically what it always goes to not is 0. and i don't think what us policy makers looked at and observed from the field communism and soviet experiment, it was what they picked up on was not communism because as like read distribution and sharing of like, equally between everybody, all the free money. then they just chose the, the price fixing the notion of price fixing and that they feel eat somehow know

better what the price should be. not those who are actually manufacturing, you're producing him and processing your meat or building your car, doing these 3rd thing. so that, that, that notion that they can control the numbers and therefore control your perception about how they are ruling. i think that they are thing to watch, right? they don't trust the market, right? the market says prices, but you know, they don't, they, they feel like they need to set prices and they don't believe in free market capitalism. that has been true in america for many, many decades because you can have a central bank that establishes the price of money, the owners lying fundamental foundation of the economy and then expect to have price discovery and free markets anywhere else in the economy. so do you have a price fixing has been going on for quite some time and it all always leads to collapse. right. i mean, you saw that since, since $9071.00, since we won a global off the out standard. you see the wild gyrations they cut the booms and

bots are way, way sharper, that the theoretical boom is weighed bigger than it ever existed back under the gold standard. but the crashes are also more severe in terms of the mis allocation of capital. busy and the destruction of actual economic value creation road, nomi, a, naomi klein, wrote a great book called the disaster capitalism. and this isolated disaster capitalism is again, going back to the fed. they create these, these enormous busts on purpose because it's a way for the oligarchs to grab more assets on the jeep. and so the above income gap just keeps getting wider and wider and wider. and then you have just an ultimate, you know, collapse. and speaking of ultimate collapse, there's our civilization population collapse. you know, you know, i'm asked has been warning about population collapse. but here's an interesting take on inflation from bio for

a financial news network. and they say pets aren't cheap, but their last expense of the nourishing or growing human being. that's the same thing with how the destruction of underlying economic value in the global economy under fiance's them. it's like, well, it's really expensive to create a manufacture. well, proof of work is very difficult, right? but sending everybody free money m m t free stimulus checks. everybody sitting at home. that's easy, right? it's easier to just sit home and trade means stocks. let's all do that. but at the end of the day, then you show up at the supermarket to go buy your, your beat for your chicken. there's nothing there, there shelves are empty and you're like, hey, like, that's the same sort of mentality or right raising cats and dogs is cheaper than raising kit. but you know, it's even cheaper than raising cats and dogs, and i recommend this. c monkeys sing monkeys. monkeys, i think it may be for $5.00, and you just pour this kind of

a chronically preserved brine into some water. it comes to life like a little shrimps, which they call c monkeys. and i so you can, if you don't want to have kids, you can have c monkeys for 11000000 of the cost, right? and then, so, you know, we're here in el salvador. we'll be here for a while and we'll probably end up be here all the time. right. but there is another old fiance world, a story that it was in the news, and the president of el salvador now jeep and kelly responded to it by we can't read his tweets here because of course, the global regulators do not allow that sort of speech on here about d g, a f, in terms of this tweet about moody's downgrades el salvador sovereign debt due to bitcoin trades. of course, the president here made it known that we don't care, you know, you're the old fi out world. we don't care about your fiance frauds and i'm no,

as we've been laying out your inflation, your vast plunder. we don't care about your economic model, right. moody's as a credit rating agency. and they've got a long, long history of fraud and, and their most hughes is owned by warren buffett. they gave of course, collateralized more debt mortgage obligations right before the crash on wall street, 2008, triple a rating. thanks to the big sack of money that goldman sachs gave them. you know? so it's a joke. i agree, but i'm not laughing at their joke. all right, that's going to do it for this half. stay turn until the 2nd half. don't go away. mm. yes ma'am. oh oh risky is that will you? elisa?

typical there is only 9 but already a university. students that away and special effects. everything in a new month appointment. let's see. i believe you've got the doors to deal with or get a chance that he may come come no recalls with a brochure new prescription level. you're special, but i was the yeah. my i was thinking what the plan was to get on the she was in your mind getting this, i'm the leader with his teacher was reason this one is a good to

me. we should all been may we should all be angry. i was more. all right, can understand united states history and the role that slavery place is already a very formal institution. by the time united states became a nation, it actually find the nation, the rise of capitalism clearly on the backs of flight. and it's laid down. if you had investigated lynchings to any great extent you believe in your country and country still stands in brick. i'm from the south. everybody know, know what they're saying. to some extent, i would argue that we're still fighting the civil war. and the south is winning

the me welcome back to the kaiser report, i max kaiser time now to turn to jimmy song. jimmy, welcome back. all thanks for having me again. it's great to see you in this part of the world. yeah, i wanted thinking how to introduce, you know, i think one of the things we got to cover here is that you have written many books at this point, but just list the books you have written or co written ok, programming back line, that's programming book. we have the little bit coin book, which is a book to get people to understand according if you don't really know anything. think after pick one moral argument for bitcoin essentially from a christian perspective. and of course the coin and the american dream, which is the newest book, which is a big point book for policymakers. okay, so of a prolific author, let's talk about all salmon or that's where we are. we're here and we are meeting all these new bitcoin enters and people are coming here a year now made the pilgrimage to el salvador home of bitcoin city eventually. and

of course the president has made the coin legal 10 or what are your impressions so far? why it's 1st of all, it's just, i am blown away by the natural beauty of everything. but more than that, there's like, like an energy here, like almost like a spiritual revival most right. like where people are very excited to be doing and to be here. so a lot of big corners coming in, a lot of foreigner, you know, just sort of like checking things out. and you could tell that there's pride in being in el salvador in here that maybe wasn't here before. and you see a lot of optimism, a lot of energy, lot of like the spirit of independence perhaps from the i m f or something. right. they, this is a country of course, of central america. and it's been very much under the thumb of the math and other international organizations for decades. and big coin gives el salvador and possibly other countries in the region away out in a pass for and to achieve an individual sovereignty. i in

a way that they haven't had before. and you mentioned this energy that is palpable, that you can feel it in the air. i'm getting calls every day now from big pointers who want to move here. what would you tell them? first off, how would you describe the situation? yeah, it's bay tree bear cleaners especially well here, which we're not necessarily use, right? there's a, you know, you could come in at the airport and you tell them, hey, like, i'm here for good point stuff and they're like, oh yeah, please enjoy the country. is this a good place? there's a lot of other big corners that are already here. so i think i've ran into at least 5 different people. i had no idea where here. and they found here they're like, hey, i'm here to and you know, meet up, hang out on that stuff. but like on the ground floor, they'll salvador and you can, you can see a different sort of like, i don't know, like, it's almost like when you get orange pilled right. you start changing your behavior

a little bit. and you're seeing that as sort of almost a nation level, and that, that to me is absolutely fascinating because their identities are changing. the way they think of themselves are changing. instead of like as 2nd world class or 2nd class world citizens or something like that, they're like, no, i'm el salvador and it's something i'm proud of. and it's something that i want to sort of invest in and make this place better. and that's that to me is how civilization gets built and that's very excited. now you mentioned with thank god forbid point one of your books, there's a moral taste to be made for bitcoin. talk a little bit about that. yeah, the moral case for the coin is that the system is, you know, system of that corruption of cronyism. and what bitcoin does is it brings everything back on the level, right? like, instead of only benefiting the rich, which the money does, you have sort of $11.00 playing field. you have have this ability to say, you know,

it's not all based on that, things like that. so it gives a more solid basis for society, for civilization. now what we're seeing here on the ground is that that base layer is starting to be changed because it is based on the it was a, it's a dollar i country, right? they don't have their own sovereign currency or anything. so they've been using the dollar. and they're transitioning over to bitcoin and you can see that transition sort of affecting the people as sort of, of this level. and that's actually fascinating. i didn't expect that to happen so quickly. but it's, it's kind of amazing that this, this moral turnover, this, this inability to, or this dean freed from the shackles of are actually affecting people to the degree that you mentioned. money and image is circulating online in venezuela of their currency. the ball of are literally the filling trash bags and littering the street

with the paper money. i also was looking at an image this week of a freight train or a cargo train in the united states carrying packages, online delivery packages that been broken into and scattered for miles on the train tracks. similar to the venezuelan images of money, this is a free product. the american culture, by contrast to what's happening in el salvador, seems like almost the money. and again, yeah, absolutely. it feels like there is a sort of like a deterioration happening in the united states. and you can see that that picture speak so much because there is this money that's funding all of this consumerism and you know, a lot of it, the money it's actually being taken from, you know, it's taking well from these countries that made those products. and it's, it's funded through the money and it's benefiting really few people at the expense

of many and so on. here were instead of that deterioration, you're seeing some, a lot of building, right? like a lot of people starting to create goods and services and stuff like, you know, if you walked out on say, you can, you can see buildings being built and people starting businesses and creating goods and services. and that to me, is what, you know, on a longer term trajectory, where, where you want to be as a city as a nation. so in a way, salvador is on the right path, whereas the united states may not be on the right path, although, you know, hopefully we can change that. right. i learned something the last week that el salvador is kind of a hug for all of the maintenance for aircraft industry from all the airlines in this region. and they have thousands of engineers, high level engineers doing this work. it seems like that would be a pool of talent for you could draw on that. and to do you do get into some core

development, get into some programming skills. and that would be something really interesting in this country because the talent there and this with big coin, you've got a path toward a different type of professional accreditation in education use. is that, do you see that happening? i think so because what, what we've had here in this country and a lot of central american countries, lot of 3rd world countries really is, is basically a brain drain, right? like everyone leaves the people the best and the brightest, tend to leave or somewhere else. and do you know, go where there's more opportunity, but big coin is bringing opportunity here. and that means that they'll be able to create goods and services and products and build on here. and that in turn means that they'll have more things to export more things that they contribute to the global community of trade and so on. and that, that in turn will build this place up. and that's what's really exciting is that

you have people that left el salvador 1520 years ago that are, you know, trying to come back, right. hey, they're saying there's interesting things happening. people are building things. i want to be here for that. and, you know, they're no longer on there that some of the i'm at if i get like a wealth and save and do all these things. and that, that i think is, is like a remarkable, remarkable thing to be seen happen on the ground here. and that's that both very well for the future. yes. speaking of engineering, we took a trip recently to geothermal, volcano location near the city will be built and sure enough, there the geothermal energy being drilled in the ground and connected to a container. and in that container, hundreds of the queen miners and when i open the door and i saw those big coin minors humming away, i was one of those moments that was very you know,

i ha, you know, like, oh my god, this is really happening. have you looked into the geothermal mining in the big coin mining? how powerful is that going to be? yeah, i don't know the exact number of like megawatt hours that they're able to generate or you know, how, how big substation that they're going to have to convert that energy. right. and, and put it in. but, you know, we know that it's clean, right? it's a, it's completely green, it's very steady and they have a lot of volcanoes in the area and they're taking their natural resources and the point them in a logical way. and of course you're, you're, you're, the person took bank for like figuring out how you can find the bond this way. and that, this is absolutely changing, you know, the way that l salvador is sort of financing. and so because previously they were taking loans from the map and so on and about always like call is this sort of like,

you know, conflict between, you know, surveying the i m f, masters, they always have recommendations for you, right? like, do you need to do this percentage and education, this percentage or whatever, and it's like, and you have to pay down your dad and do all this other stuff. and like there are basically centralized controllers telling, telling small country what to do. and i think this administration has figured out ok, instead of doing that, like let's do our own thing. we don't have to listen to the math and we can be much more responsive to the needs of our people. and that's, that's, that in itself has just changed everything. right. it's colonialism. yeah. any other name? that is to say the model of the math. and of course they're not going to go away without a fight. i don't, i think moody has downgraded the sovereign debt here in el salvador. and i think that's part of a coordinated attack. of course food is famously in goldman sachs days during the

2008 crisis gave their trash re package subprime debt that hadn't 0 resale value. they gave a triple a right. and due to a political corruption. and so they're obviously in enormously corrupt institutions . so we can't really take what they do seriously, but nevertheless that kind of geothermal energy we know from iceland is worth billions and billions, hundreds of billions of dollars. and so this 10 percent growth this year could be 20 percent next year. are you thinking uh we got about a minute left. are you thinking about maybe relocating here? well, i'm certainly open to like at least coming here much more often it's. it's a beautiful place, but you know like that. like all, all of the investment that's going on all of the bonds and all that and like kind of being not under the i m f, but being its own sovereign con,

being sort of like that traditional sea state that's experimenting and doing stuff . you know that that's very attractive and, and you can feel that energy and this is an energy that's available to everybody. it's just that people just sort of like suck, get out on. i met, sucks it out from there. okay. now the way the people, the big coin is and it's a creative, it's energy exponentially, and it's going to overpower the energy draining as i am at the, i think you put it well the m f is essentially an energy. so thank you kind of takes this and saps the population as any colonial master would do. so what, what's, what's on the agenda on this trip? we got about 20 seconds left. jimmy, what, what meetings you have lined up? well, i met with some a government official, some church leaders. i really wanna help them to understand the moral case with rickland cuz it is a christian country. so yeah, yeah, that's on my agenda. you know, next time i'm here i think it will be more education focus. yeah. well praise that

does she do me thanks much for being a cast report. well, thanks for having me and asking to do for this edition of kaiser report with me, max kaiser and stacy herbert. thank our guests, jimmy song. until next on i l. a . a think we'll put it up on this particular coordinate, the least you could call them and push and push it if i heard of you, but i should somebody somebody from a few minutes ago, but it was 3. see what i still love the sub listed at the but i booked a believe about what will give you hope. all right, so um would you would you feel like this was not able to partner with you? well, thank you, bye. here for pretty whitaker leah from

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