no currency value is involved in any fiat money. it's just a pronouncement of existentialism from government central banks. trillions and trillions of dollars,-year-olds pounds a yen are singing we are here because we are here because we are here because we are here which was a popular term in the trenches of rope or one consequently when fiat money came into general use spread out the money in the world today is fiat money. we got up because the government said we have got to fiat is worth what i call the lousy parent reason the frustrated and inept government tells us likely frustrated and inapt parents tell their children, because i said so. so cryptocurrency the answer? that's one of those i'm glad you asked that question legend. as politicians for running from this is what they are saying what they mean is i have no idea what the answer is. as labor terion i want a medium of exchange that kind of money that is adhering to libertarian principles. actually money that appears to one of the libertarian principles would suffice as f

it is not just a dollar story, it is all fiat currencies under pressure.re probably will be a scramble for alternatives to fiat currency. -- money other viable and may be opportunities in high yields. one big difference between this reflation cycle and the reflation cycle we saw took hold after the global financial crisis is em. em is in a much different position today because of the shift in global trade, because of the geopolitical factors, because of the china decoupling story, and because central banks are engaging in various forms of mmt and financial repression that raises the medium-term risks for those economists. if something shifts dramatically or if they continue to clamp on financial openers as a result of these policies. jonathan: stephen gallo, great to catch up with you. the cyclical move, let's run through it. in the equity market, equity futures up 20 points, positive .6%. underperformance from the nasdaq once again. in the bond market, treasuries in the driving seat. tolds up five basis points .62%. this time last week, a record low close

no intrinsic value is in any fiat money. it's a pronounce of existentialism by central government banks. trillions and trillions of dollars, euros, pounds, yen and ranimby. they're singing, we're here because we're here because we're here and during world war i when the fiat money came into use. the fiat inmo because the department of the says we've got it. it's supposed to be worth something for what i call the lousy parent reason. frustrated and inept governor and like we frustrated and inept parents tell our children, because i said so. so is cryptocurrency the answer? now, that's one of those, i'm glad you asked that question questions. as poll tilliniticians running office say, i have no idea what the answer is. as a libertarian i want a medium of exchange, money that adheres to libertarian principles. money that adheres to just one libertarian principle would suffice and this is the privacy principle. what i do that does not physically harm anyone else is none of none else's business, period. now, business is conducted

i'm not here to get everybody motivated to come out of it to suffer on the streets of my fiat because you know the killing of the black by us. on sunday more than 150 people block traffic on the infantrymen highway. the site of where hoffa dozen police had surrounded and then shot 31 year old trafford padron on friday the incident was captured on video by a bystander who got on my knees oh wow i'm a going to. go shoot i know you've got to wait we've got to we know you've got a. good omen greg. think when you have me when i. was. taken to hospital where he was pronounced dead the louisiana state police say he was walking towards a stool with a knife they shot stun guns at him but say they were ineffective but activists who see it as another form of police violence against black people i think one of the things that when i got here to date to this site disgusted me with the fact that the store is still open a man died on the doorsteps of it but circle k. continues to want a business and allow people to come out here and purchase like nothing happened is a likable black man worth less th

bitcoin ok because you know again where where there's a shift in mindset where where exiting the fiat's system even goldman sachs the main beneficiary of the fia system is saying that this is over so it's not like it's going to be easy no giant shifts and in culture or monetary policy or in economics is ever a pleasant thing it's never easy so if it's you know there is that learning curve that you're going to have to climb on to when you get to be a coin and many americans are now buying pickling apparently so like what are like walk us through the process of you know how you the hardware wallet versus the multi-state like how it works with your multi signature product the entire premise of what we designed it costs is to eliminate single points of failure and there are a variety of different levels of security that people can have and because i am at this level 0 is you don't even have your own key is you know there with a trusted 3rd party custodian the next level after that is actually taking control of your keys and perhaps putting them in a software wallet on a phone or a laptop or

factors that you see in terms of not only just like the fiat's system collapsing but in general like what have you seen and your own observations on studies of of all these sort of issues i mean the biggest problem in cyber security it is it's the trade off to this amazing communication network that we've created the internet has free to so many people it has freed up so much economic potential it has freed up so much information education but as we've seen the flipside of that there's the misinformation there's the hacking there's the attacking and there is the the fact that information wants to be free which is great when the information is a positive thing that's educational but the flipside is that it works for information that you want to keep private and so whenever you're putting your own private information anywhere even if that's buying things with credit cards online if that's buying physical things that are getting shipped to you that you're giving out your physical address to your information is getting shrewed all over the net to hundreds if not thousands of different tr

all of the money in the world today is fiat money, we gotta because the government says we got to. it is supposed to be worth something which is called the lousy parent reason. frustrated and that government tells us we frustrated and to tell her parents because i said so. his crypto currency the answer. , that is i'm glad you asked that question as politicians running for office toys said and what they mean by that, and idea what the answer is. as a libertarian, i want a medium of exchange, a kind of money that adheres to libertarian principles. actually, money that adheres to one libertarian principle would suffice as far as i'm concerned, this is the privacy principle. what i do that does not physically harm anyone else is none of anyone else's business. business is conducted with money, crypto currency would seem to be the private kind of money, libertarians want. it is private and the two most important senses of privacy. crypto currency is not public and it does not subject to government public policy. in government public policy is to issue as much as the government feels li

it's not just the venezuelan boulevard no intrinsic values with any fiat money. is the pronouncement of existentialism from government central banks and trillions of trillions of dollars are singing we are here because were here because were here because were here popular in the trenches of world war i which is when fiat money came into general use. all the money today is fiat money we have it because the government says we've got to is supposed to be the lousy parent reason frustrated and the inept government tells us like we tell our children because i said so. is cryptocurrency the answer? that is a i'm glad you asked that question as politicians always say and they mean i have no idea. as a libertarian i want the medium of exchange, kind of money adhering to libertarian principles. actually just to one libertarian principle would suffice. and what i do does not physically harm anyone else is not of anyone else's business. cryptocurrency is the private kind of money libertarians want. and those two most important senses first it is not public or subject to gov

issue with fiat but what they call it is politicized and nontransparent. and it's as if no decision was ever made regarding how did assess a nation. and this this also comes at a time where lebanon is always subject to put the kid in a compromises so this this is why has a bundle and his. her that says that she was not directly they need to ship was not directly actually to to it if it could have a destination this might reduce the tensions and that's where the fighting against the parts you for the past few days especially on social media platforms. to get new correspondent reza zalman with the latest tonight from beirut in lebanon as on thank you thank you. i want to go back now to our top story and that is the attempted coup in the west african country of mali we want to go now to the mali and capital bamako to journalist. who is standing outside the presidential palace there and tell us what is going on right now. actually. confirmed to prisons has been arrested and with the prime minister so you can even hear like a some gunshots going on the stop it'

at the end of the day, it is all backed by fiat money.does it say on the one dollar note in the u.s.? in god we trust. i hope you're religious because that is the only collateral you have. lisa: you're talking about leveraging the system and certainly there has been a tremendous about of liquidity pumped in. can -- what are you going into instead of fixed income for the balance of your portfolio? portfolio.ong-term we mimic under chris cole's concept of 100 year folios. that means simplistically 20% in gold, 20% in volatility -- which is replacement of fixed income trading, 20% in cash. that is the five component we have. it sums revolutionary but it is only to situate in reversing of portfolio that will survive any kind of incident in the world. right now i think you want to replace, if not 20% like we are, at least 5% of your fixed income with the proper sort of insurance against the downside -- which is to belong volatility. lisa, you know as well as i do, why is the vix trading at 20% when everything is good in the world? francine: st

>> well, i mean, bitcoin has definite some part of inflation bet that fiat currency is out of control so i'm long bitcoin. stocks in general do better in inflation. so that. a yield curve that steepens because of inflation, that would be good, which is banks, we obviously saw the opposite of that today but those are the kind of bets and a lot of consumer products do better in inflation if they can raise their prices higher than their costs go up >> well it's a perfect segue to our next guest, by the way, karen, congrats to bitcoin holders up $530 today the biggest percentage mover of any of the major asset classes congrats on that it's a good segue. even with markets near record-highs, your next guest sees opportunity everywhere from big tech to retail you got to be smart about the stocks you're buying this is principle of company where he manages money mostly for retail clients, great to have you on the program. you have a bunch of picks, before we get to individual names necessarily i want to follow up on the conversation we just had one of your pictures is p & g, procter and gamble

noticiero telemundo >> una jueza entrante para extiende política de fiat cero requiere que establezcanxcepciones cualquier violación a una orden de restricción. se implementó en abril por medidas de restricción de la crisis del covid-19 la decisión se tomó mientras un movimiento vive más y da >> al revés han desalojado por incendios y puede regresar le diremos que pasos tomar para hacerlo de manera segura >> todo listo para el partido republicano discurso desde la casa blanca les compremos a continuación >> un jueves más tranquilo en la región pero hay advertencia por calidad del aire que es lo que nos espera vamos al producir al regresar >> queremos ayudarlos a encontrar una nueva mascota el evento a desocupar albergues de la virtual tendremos cobertura especial si quiere participar encuentra una lista de los albergues participantes en el sitio en pantalla >>subtitulos patrocinados por me sentía bien. y fui a reunirme con mi familia en casa de mi abuela. no sabía que yo tenía covid, y ahora ellos están enfermos; mi abuela, mis papás... están muy mal. no cometas el mismo error: usa mas

any others fiat in a hammock of you had a magic idiomas what katie i would m make him a bobob ababout to see how that had it. but it had at the coffee. modal header and if you say the coffee. the yearly and numbers livid jennifer up old in this topic my knees and i will cancel out. your naked that william can doubt that had at the end so. i had a look ahead a little head of i think [inaudible] in t.. any doesn't want a commitment. the l. hump peggy [inaudible] working . too many people are involved yeah exhibitors. organizers. just putting people together to secure the maestro. i don't like this on it so far a symphony. let's do this and then we find out [inaudible] makes sense -- or today i woke up. at three o'clock this afternoon like around going into this i just want to dig a hole and hide it and i don't want to come. on come on it's time to celebrate now yeah it think. there was a message yesterday a lot of things the knots even arrive until now but i'm just close. it looks good and everyone seems to be happy so i'm happy. due to massive lots are you a class right hillary is flat

they would be outlawed in her support of gun bans by executive fiat. also vice president mike pence will weigh in straight-ahead but we start in wilmington, delaware, where biden somehow managed to travel a few miles away from his basement bunker to introduce his new running mate after, what, a three hour delay, an extremely long, meandering speech delivered with the help of his trusty teleprompter in an almost empty gymnasium. joe biden finally made it official and during the joint event, didn't take questions after trashing president trump predictably. of course both biden and harris heaped scripted praise all over each other. it was so fake, so blatantly phony that you couldn't help but kind of cringe when you know the truth. it was only a few months ago that kamala harris was heavily suggesting that joe biden was a racist and a sexist. amazing how things change in election years, isn't that? >> you also worked with them to oppose busing. andd there was a little girl in california who was part of the second class to integrate her public schools. and

hoover wanted things to be done in a voluntary and cooperative way rather than by government fiat. it is not so much that he wasn't interested in labor. that he wasn't interested in the common man. he was. i think clearly his humanitarian efforts are evidence of that. hoover had to deal with kind of the logical extension of some of the ideas he began with progressivism. so he begins developing this conservative philosophy which is constantly warning against the dangers of big government. >> the election itself was pretty one-sided. roosevelt won with a large majority. roosevelt's first term starts march 4. he was the last president inaugurated on march 4 even though he was elected in november. he had this period where he is trying to convince roosevelt to give up on the new deal and stick with hoover's plan. a number of bank closures continue to increase in the crisis gets worse and worse. congress is sort of paralyzed. hoover has absolutely no respect for roosevelt during this period, and in their meetings, hoover treats him like an idiot. there was a lot of antipathy between the

, and hoover wanted things to be done in a voluntary and cooperative way rather than by government fiat. it's not so much he wasn't interested in labor, he wasn't interested in the common man. i mean, he was, i think clearly his humanitarian efforts are evidence of that. hoover had to deal with kind of the logical extension of some of the ideas he began, the progressivism, and so he begins developing this conservative philosophy which is constantly warping against the dangers of big government. >> the election itself was pretty one-sided. fdr won with the large majority, and then you enter into one of the strangest periods in american history, so roosevelt's first terms starts on march 4th, so he was the last president inaugurated march 4th even though he was elected in november. you had this period are hoover is still president and he's trying to convince roosevelt to give up on his new deal plans and stick with hoover's plans and roosevelt is trying to negotiate with him during this period, and of course the number of bank closures continues to increase. the country's crisis gets wors

in fact, if you took the total value of gm, ford and fiat chrysler and then multiplied that by four,e value of tesla. what's up with that? >> yeah. i mean, if this year is a bit of a financial freak show already, i think tesla is the strong man, the fire eater and the bearded lady combined. [laughter] the stock is up, it's multiplied nine times in price in just a year. you mentioned the comparison with car makers, it's very valuable than wal-mart -- more valuable than wal-mart. our colleague al root points out it's more valued about $10,000 for a car, i think the one thing that stands out is remember the famous 4/20 tweet when elon musk said he was thinking about securing $420 a share, it didn't happen9 and the stock tanked? there's still lawsuits going on about not being able to deliver on that 420 even though at this point the actual stock price is more than four times that. jack: that's incredible. carpalton and ben have some -- carlton and ben have some stock ideas for us. i'll start with you, carlton. >> taking a look at whirlpool this week. we got great housing figures for the

the mediterranean it's confirmed paris will send to referee and fighter jets and the naval frigate fiat a move welcomed by the greek prime minister i thank president mccraw and for his cell a dirty emanuel mccraw is a true friend of greece but also a fervent defender of european values and international law the greek pm bill this as an act of solidarity but you only have to scratch the surface to see that there is more going on here in recent months cross has also found itself clashing with turkey in the mediterranean. these past few days we have seen turkish warships deliver syrian mercenaries to libyan soil this is a serious and explicit in french amount of what was agreed upon in berlin i must reiterate the prerequisite for any political solution in libya is the cancellation of this document but with that incident still rushing from his mind it appears to have been keen to show solidarity with a fellow member in this case greece last month back on even cooled the sanctions against turkey over these purported violations in the eastern mediterranean now the arrival of turkey's new seis

said they should be able to finalize those agreements >>> the lead prosecutor in a probe saidford and fiatunder investigation after indictment of a former leader for embezzlement. >>> yesterday saw the culmination of the rnc the president wrapping up the night and celebrating the economic gains his administration has made to date. >> we will again build the greatest economy in history, quickly returning to full employment we will make sure our companies and jobs stay in our country joe biden's agenda is made in china. my agenda is made in the usa >> i will cut taxes even further for hard working moms and dads we will make america into the manufacturing superpower of the world. >> joining me now former white house aid to george w. bush and our own eamon javers joe, we'll start with you first. what was the big take away from the rnc this past week in your mind >> i think it was the effort to reach out to the people in the margins. fire up the base, which i think it did and reach out to people in the margins african-american voters and suburban women i think it did that very, very well not on

is i don't concern see the hyperinflation or the weakening of fiat money that you would need to justify a hard currency or gold as a hard currency in terms of its focus. i personally don't understand the rally. i've never been a gold bug, but my team has and they've done it completely right. matt: it is interesting. yesterday, we had this debate. often we have this debate about whether or not we will see inflation. on two levels. on one level, will we see measured inflation? most people say no but the tail risk is getting much fatter. on another level, there are people who write to me every day they see inflation no matter what. the bureau of labor and statistics says. what do you think? curt: i think the inflation conundrum has been the central question for economists. by almost any traditional metric, we should have seen more disinflation than we have seen and there are pockets of inflation throughout the economy, not least of which asset prices. toet prices have continued race ahead and largely, that is a function of cheap money. inflation, ifods you define it that way, it has been a

blitzkrieg but how much of it is really china and how much is actually the structure of the global fiat's system whereby the dollar is the reserve currency yes it is an exorbitant privilege in some ways for some people but it does undermine our ability to manufacture and produce wealth so what do you think about that statement. well so i mean i think that it is almost regardless of what you think about the conflict i think it is the defining economic conflicts of our times even if you don't view it as as inherently or by definition adversarial inherently in some ways it is going to inevitably be such an important conflict just based on the size of these economies i think it's important to remember that the way that the the world has organized itself was not random we made a concerted push to bring china into the world trade organization and to basically aid the way that the world shifted to have such low priced manufacturing of things in china right there would be no matter what even if we hadn't done that certain sort of power dynamic that probably china would start to bristle against as

automakers already reported in everybody except fiat and bmw are rising.nsistent with the other bmw sayss, the ceo of sales increasing definitely in july from last year. that has been the bright spot. iag is a parent of british airways. we have seen european airlines do better. easyjet added flights on high demand and virgin atlantic filed for chapter 11. that is good for iag. virgin has a 19% market share of u.s./u.k. flights. commerzbank, losses tied to wirecard means it will not hold its profit forecast. alix: really got hit. the stocks closing higher on the news. no accents today? scarlet: no accents. alix: disappointment. [laughter] let's stay on commerzbank because earlier we spoke to the ceo on how the coronavirus and the wirecard scandal affected earnings. profit.e have shown a year we said in the q1 announcement it would become much more aspirational to reach positive income given the proto-impact on negative -- given the corona impact on revenues. now we have the single case, which was unexpected, and even more important. we want to look into q3

lisa: is it the devaluation of fiat currency? is it a bet on inflation? the larger concept behind what qe is doing that makes gold so attractive? >> inflation is the dream. at some point, we will get there. at some point, that is the win-win for gold. right now, it is deflation. the key inflection point is if we get a double top in the stock market, that will bring in more qe. it is only deflation and gold will continue to advance in the environment. right now, it is a little overbought. lisa: it raises the question, because there are a lot of investors saying by gold instead of bonds, offset equities as a hedge against risk-off feel. and yet, we have seen gold move in tandem with stocks. how do you make sense of that? trend? a short term will they continue to move in tandem? there only 20 basis point slept until zero. unless you expect yields to start a new bull market, which is unlikely, there is not a lot of upside in price appreciation. the gold is unlimited. expect the trends to continue. particularly from certain levels. i view copper is getting exp

i think they want to bring this to the courses it can't be done by fiat it has some scrutiny by others other than president trump >> but you don't think they harbor any solutions about what will likely happen >> i don't -- who knows? we have talked about a pivot live, that the chinese might just wait everybody out nap is a tendency they have they have enough time, we're in the middle of an election. do you don't quite know what the biden administration will do, to drag it out is probably the best of all and they are certainly in that time fra ti timeframe, right trump will be in always until january even if he loses he will have pressure in general, and the biden administration can turn back whatever he does if he wins he can deal with them after that it seems to me that going to court is the smartest thing. to air these issues makes sense to me. >> and kara, how do you see the lawsuit impacting the talks and which potential buyer do you think is most likely to make a deal at this point >> microsoft completely, oracle has no business in this deal this is a forced bid let's just keep it

and hastily arranged tv news conference golf club, donald trump said he would change american law by fiatf there wasn't a deal soon. >> of democrats continue to hold this critical relief hostage i will act under my authority as president to get americans the relief they need. >> including the payroll tax dating back to july 1st, extending enhanced unemployment benefits, deterring student loan payments and forgiving interest along with extending federal eviction moratorium. even the president acknowledged it is constitutionally dicey. >> i probably will get sued but people feel we can do it. >> on capitol hill big dollars for state and local governments remain a sticking point. democrats want to add to the $150 billion given in the last round of bailouts but nancy pelosi didn't like being asked about a possible compromise. >> republicans want a lot less. they say they are willing to show flexibility a saying a lot of the money passed in the spring has not even been spent yet. if you want to be an advocate for them. i ask for your position. >> the position of republicans and democrats remai