tv Keiser Report RT September 20, 2019 12:00am-12:31am EDT
peter if you want to change something why don't we get rid of the. no that is to. u.s. security chiefs discuss potential action against iran after saudi arabia claims terror on was behind the recent bombing of its oil refineries. the global security body interpol says at least a dozen suspected terrorists have entered europe by crossing the mediterranean. world powers failed to agree on a ceasefire for syria's province as russia and the us clash the un over how to deal with terrorists in the area. planted for me for now andrew father will be here with you next hour to take you through the latest news from around the world and stay with us for the kaiser report next.
i am max kaiser this is the kaiser report i learned a new word in spanish see ya do yes. actually it's already just made up actually it's not even that it's a word stacey made up. this well this is a good time to introduce me stacey herbert because i invented this new word adios and well just seeing this tweet here would make you think it's time it's bye bye for this is from mario draggy the tweet is from the e.c.b. and they are quoting mario draggy who is outgoing head of the e.c.b. negative rates will not provoke the collapse of the financial system this is what mario draghi claimed as soon as you get official denial of course that is when to
believe we are about to witness the collapse of the financial system. from. big countries accumulate big positions in gold that's an exit from because we know that over the past 300 years no fear money has survived they've all gone to 0 the average lifespan being 27 years with the exception maybe the british pound but it's lost 99.5 percent of its purchasing power so to stay in fear is an admission of venezuela i want to lose all my money or yeah i'm the why more republic it's all going to go to 0 people are exiting fear out there fear i have you know sitting. they are singing and of course we are here in la we go at a bit coin conference and this is the solver an individual saying adios to their exiting because they see that these negative rates are destroying
capital and we see that the negative rates are destroying economies in fact when the e.c.b. cut rates further this past week actually the netherlands france and germany their central bankers were urging the e.c.b. not to do this because there was a strong capital of course our president in the united states donald trump was encouraging the bad to catch up to the e.c.b. and other central banks to go negative now you don't have to know that much about history to know that this same exact thing happened pre-war all the war to it happened after the financial collapse of 1929 we saw a beggar thy neighbor policy and this is active all out is starting to become all out it's been slow it's been kind of quiet and polite for the since 2008 but now it's getting aggressive all right so you know. money has a perfect track record of always failing it's never survived and so why should we
believe them this time when they start telling us that they have a scheme a cunning plan to make their money stop going to 0 so here's an article from bloomberg bloomberg dot com and of course bloomberg is associated with the financial system and wall street and writing headlines about wall street so here is their headline about fiance yos essentially because again they look from 2008 the financial crisis 10 years ago and they've noticed in the past 10 years russia's huge gold stash is now worth more than $100000000000.00 the value of russia's gold reserves climbed 42 percent in the past year russia is diversifying. from u.s. assets and gold has rallied so they're saying that russia's long term bet their long running bet on gold is actually starting to pay off as gold prices start to rally and they note that the country quadrupled gold reserves in the past decade as
a diversified away from u.s. assets a move that has paid off recently as haven demand sent prices to a 6 year high in the past year the value of the nation's gold jumped 42 percent to $109500000000.00 and the metal now makes up the biggest share of russia's total reserves since 2000. the world is not abandoning the dollar the dollar is abandoning the world and you know very of explaining what's happening around the world in terms of countries whether it's turkey china russia poland buying hundreds of tons of gold and the dollar or i should say gold making new highs against every major currency in the world all time highs except for the dollar that'll come soon. in fact citi group believes it's going to hit a new all time high in u.s. dollar terms based on this tweet from mark o'byrne of gold core citi group says
goldman top record at $2000.00 per ounce city is bullish on gold due to the prospect of the fed cutting interest rates to 0 geo political tensions and rising risks of a global recession. so here you have. and we are leading we're heading into a new us election us. you know the federal reserve doesn't like to be seen to be involved in the political process so you know how they're going to behave in the next year is unknown at this point but certainly trump is parading them and demanding negative interest rates even which i don't know if he understands it but i'm not sure that it could survive negative rates as you know mario draghi said the financial system can survive negative rates. but i think he's maybe only talking about the euro where there could survive negative rates in the u.s. dollar as well. if you have the world reserve currency of the u.s.
dollar and you reaping a benefit from having that reserve currency for decades after world war 2 bretton woods world reserve currency the u.s. dollar if you begin to globalize indeed dollar rise the rest of the world has one very simple recourse buy tons of gold hundreds of tons of gold and to repair for when you finally pull the pin on the grenade and blow the u.s. dollar just move the rings and you're a sitting there with very little gold reserves to your debt versus a country like russia which now has a huge percentage of gold per g.d.p. per their capitalization of that country and other countries as well so the rest of the world is like watching america 2 year old play with a razor blade razor blade is self-inflicted harm due to ignoring the u.s. dollar and by going down the rabbit hole of negative interest rates the rest of the world saying do it do it pull the pin pull the pin because already we've got the gold pull the pin down pull the pin down and tunneled like the low long long. well
he himself cannot cut interest rates he can only burn rate the fed chairman jay powell whether or not jay powell ever abides by this we do not know because there are people who will say the dollar will instantly die so i think you see nations like russia you see nations like china these major trading partners especially china to the u.s. prepare for it eventually exit in america there's another headline from the past week that i also think is a sign of do you dollar ization from those who actually have no access to capital who have no savings who have no wealth but a way to do dollar eyes is also to blow up the system in terms of just spending so much more money than you possibly have because this was an amazing story breaking u.s. consumer credit rose by 23 points. 1000000000 dollars in july beating all estimates mostly driven by credit card debt so you know i think in
a way this is also individuals who don't who don't own gold nation states who own gold but these individuals are people who sense that this like the free ride the easy money is over and times are about to get hard and it's hard being hard it's hard living within your means it's hard having hard money and living under a hard money it has a better stronger economy ultimately but to live within your means here these guys are just like it's it's a sign that they understand what's coming well if you look at the board of directors for companies that manufacture oxycontin other opiate products and you look at the board of directors of credit card companies like visa master card you'll see a lot of overlap between these 2 board of directors because both products of those credit or heroin synthetic heroin are marketed in the same way you take it to feel good and to ease the pain and they both lead to the same outcome stronger the street with nothing with a needle in your arm cursing the day you were born and that's unfortunately going
to replace the american flag is the image of america in the 21st century world numbers your g.d.p. everything can be fake so it doesn't you don't know until the tide goes out whether or not you know those unemployment numbers would suggest hey these create this consumer credit card number remember credit card rates right now are at an all time high interest rates are at 0 percent or even negative as we pointed out negative interest rates in europe and yet credit card interest rates that you charge the consumer is at an all time high in the united states and despite this consumers have increased their volume of debts on their so either they're really confident that their jobs in their futures and their incomes are continuing to climb and that they can pay this. off or they're very desperate they're in a desperate situation and they'll even resort to this use serious rates to survive
another day we don't know until it all blows up if it does right it's another example of financial vandalism that's being called right because interest rates all move in concert whether it's the discount rate or credit card rates they should all move up and down in concert and credit card rates should not be left up their mid teens with the interest rate interbank rate 0 or negative that's vandalism by the bankers so and i want to turn to this final headline here from brian mcdonald and it's a tweet and it reads meanwhile are you underscore r.b.c. reports that russia's reserves are now larger than its credit obligations this means russia is one of only 2 european countries that essentially has no public debt the other is norway so of course these are 2 oil majors norway and russia and. they're. despite what the b.b.c.
had said 2 years ago or 3 years ago when they predicted a balance of payments crisis which means that your external debts are larger than your the size of your reserves that you can't cover them so here they're saying that there's no danger of any sort of crisis because they have more cash and they have debt it's amazing because of course norway has a sovereign wealth fund. but it's mostly in stocks and based assets and russia has the equivalent of a sovereign wealth fund but it's all in gold bullion $24.00 karat gold bullion so this will be interesting. to see who's holding the better hand who's holding the better hand in fact russia has 40 percent of their reserves are in the euro they're also accumulating yuan. chinese renminbi so they're actually apparently according to some on line stories that they're going to be issuing bonds as well rather than most people do
a dollar bond so we're seeing that they do dollar is asian this is all just normal and has happened throughout history one empire rises the other falls this is the rise of china in terms of. if you look they are the number one trade partner with most nations so it just makes sense that you would expand your room in the reserves whether or not china ultimately wants out or whether they want gold backed currency gold backed trade settlements currency as a unit of account or a bank or a like currency we'll see in the future i remember one member of holding up a gold coin you know this of maybe 2008 or so it's like you know he's telling the world this is where we're at it and that's exactly what they want well we're going to take a break and when we come back much more coming your way. leads us to no blood form for syrian conflict mediation never has spoken with one voice but recently disagreements between russia and iran. that's become so still not even
think the contin the police use of the police reports for the way. welcome back to the kaiser report i'm max kaiser time now to turn to frances both the oh is the c.e.o. of bull bit going. canada's bitcoin company francis welcome thanks max it's a pleasure awesome to have you been following you for years you've been following us for years of it and it's all part of this incredible big coin space you're a big part of it certainly in canada and i wanted to just jump right in ask you since you've been involved in big clients is 2013 what do you think over the past 6 years some of the highlights of ben i think some of the highlights of decline has
been how the community in the industry has responded to to the challenges of this emerging technology i think a good example of that is the 1st big corn hike. that happened in 2014 mt gox of 2014 who could forget right and it's such an incredible amount of because there's been lost and how the community respond to it in a couple of ways the 1st one was this awareness that people should have the custody of their own because hold your own keys has become since then and increasingly in the last few years a big mantra of decline you if you don't hold the keys you don't own the coins which is a common saying this is not something for example that was popular or a part of the narrative before and as a result of this hack there's been a ton of solutions they vote for a multi-billion churchill hardware well it's another good example of how the community was antifragile following a crisis or something volatile was this whole episode of the segment to export the
big quote unlimited for big corn cash required as the as a result of all these tensions and drama and conflicts corner started to run their own followers and that became another big attendant's of the because. now it's hold your own keys and run your own nodes and tons of products and services have been developed in response to this new market need which was created through this core narrative you know the cast the huddle all those physical nodes. server project which removes the real. and some 3rd party no it's my own projects are for an old pair of shelves no longer so i think i think what's incredible to see is that. because it's kind of a living and evolving organism right and as soon as something bad happens to it there is a need to reaction and as a result the network is stronger and more resilient than it was in the 1st place right it's a living organism somehow postulated that the parallels to living organisms actually extend into whole ecosystems are organisms in nature that we find and the
statement that someone made it could have been me is that you don't change bitcoin bitcoin changes you totally absolutely what do you think of this really agree i mean i can't even remember what i was before because i mean it's kind of like a new beginning i have is that the game theory working on your mind in my mind in the collective mind and so to explain how that works or a little bit how little means to you i mean one of the one of the greatest things that i see in people is their time preference right so their time horizon and they become much more concerned about the future they start thinking about you know their children they start thinking about long term solutions they start thinking about you know longer legacies what the world's going to be like after that because this idea that you can store wealth for a very very large amount of time with big corn makes you start to think about the future you know with throughout history governments i was trying to pawn off the population you know printing money bread and circuses you know part of the roman
empire and never ever in history has there been an confiscated ball digital scarcity hard money commodity money available to the individual and in the beginning there was a time in the notice the. where there was a fear that you know we should be quiet about this let the hash rate get up a bit because we know we want to keep this under the radar. now approaching 100 quintillion have. calculations per 2nd is it now beyond the reach of any government or group of governments to engage in an attack on because i think it's definitely much harder than it was a few years ago but the last thing we should do is sit on our laurels and think we've already won the battle i mean you look at the bank of international settlements you look at the international monetary fund all the central banks all the all the government agencies and all the big banks like j.p. morgan that are responsible for you know the ponzi and and their centralized i mean
they're not at home thinking oh my gosh darn it we lost a bad car and we're going to do we're going to get this or another going to fight back right but that's built into the protocol yeah that's part of the game theory is just going to in fact another group of people join me diamond or the yes and they're now getting fever they will try to attack it but that just makes the hash rate go higher absolutely and that's the beautiful because it is like the more you attack it the more the white blood cells which is you know the become entrepreneurs to become real as the. people who are working in this industry that they get to work right you see getting attacked and the need to move into action and they're finding new creative entrepreneurial solutions to these kinds of problems and i think over time i'm pretty happy with the way that this has evolved because because it has been attacked it has been the victim of social attack it has been the victim of facts of how hostile miners have tried to attack it and you know since for example but main tried to split the network we've built in this resilience against
you know attacks right by running on full nodes so i think we should absolutely not think that we're in the clear but it's an undeniable fact that talking bitcoin is becoming very very difficult and the number of entities that are able to successfully pull off an attack is decreasing over time but i think in the coming years you know because it is a threat right now but it's going to be a big threat when i predict what happens when there is a speculative a cat attack where people are exiting fat currencies it's a big point and governor. and see that there are actually starting to lose control over their public policy because they can't control the money terry flow anymore and they can't finance their projects they're going to really start to dig into big quine and hopefully what's going to happen is you know knights are going to rise to the challenge these may be corporations going night the night of the round table absolutely so riding into the storm right i mean never underestimate what drives a big corner i mean of course there's
a lot of people that are in it for the money right and a lot of people start investing in because it's because they want to have more money in the future but a lot of people are willing to sacrifice everything for big one i mean it's a cause the and i think about that i get the goosebumps the idea of of a participating in this actual revolution which is really impacting the world i mean it's phenomenal and. big winners have skin in the game right there very very involved and committed to the cause whereas you know a bank i mean i don't think any banker is going to die to preserve the banking system who's going to going to sacrifice himself as an individual to for the cause of yet no one i mean this doesn't create any sense of belonging a sense of community and the sense of romanticism to work for the sector so i would say the reason i don't support the measure on the maple leaves yet i never ever win a stanley cup i think it's been 50 years now yeah. that's a bit of a digression there but the point is well taken in the nobody would go to war to
fight for. because it has a horrible track record it's lost every single field money ever created it's gone to 0 because it has a soul the system has no soul. and in canada what is the mood there in terms of the government in terms of the overall feeling yeah so canada is a quite a unique place. first of all there's a lot of because in canada i mean according to the last 5 surveys that i've seen and these are government service like by the central bank in the ontario securities commission. about 5 to 44 to 5 percent of decorum years old so we have a very large amount of corn holders in the country and that is reflected by the fact that we have some pretty good regulations i mean the government's been working on c.m.l. regulations for 5 years and they've just been passed and made official this is what we're going to get we don't expect anything else for the future and there's no new big corn law there's no bit license but going was just included in the existing framework like if there was any other kind of currency which is fantastic the
government in canada used to tax the sale of because we had this double taxation problem that's been reversed so there's no sales tax on the sale of bitcoin for a fee at generally speaking it's a pretty good jurisdictions i mean you've got a lot of resources in canada that are in the energy sector right so you've got oil and gas sector and it's just because they can use a big hole in mining to offload their electricity a surplus in there any surplus same thing for hydro so you know list something dramatically shift with canada i think is going to be a very good place to be a big one in the future. so you know you mentioned some of the properties of big client central chip resistance being one of the primary he made because said to be the most important feature which you can see would you agree with that and could you talk a little bit about that yeah absolutely i think censorship resistance is at the core of what bitcoin is so cheap because previous attempts have digital currency for remember correctly like the liberty reserve or all those 'd gold backed digital currency is that started to pop up in the late ninety's or 2000 and all of the
failed because they were relying on a central 3rd party which could be censored censorship resistance is definitely. the key for the key feature of the key killer app of bitcoin some of the examples that we have for this space which tell us that this is real is we can lease when we can exclude shutdown by pay pal. is not censorship resistance right so they were in fact censored anybody that can be censored i mean the way things are going everyone is going to be censored when they're right if you're if you're slightly diversion from the status quo and. politically approve the message from the banking overlords and the governor of illinois and their culture overlords i mean you're going to get censored so when against a system was censored was able to bypass that censorship with one i look at why i got into because in the 1st place i mean that event is definitely one of the big ones without censorship resistance you know you don't have free speech you don't have free money you can't have free speech without having free money because sure nobody is going to put
a piece of tape on your mouth and prevent you from speaking if you're a censor from the payment system but you're not going to have any platform to talk about your ideas and you get obviously a very very unfair advantage the others have an unfair advantage over you right so if you want to control control speech the 1st thing you're going to do is cut off the livelihood of the people whose speech you don't like the other big. components to bitcoin i mean it's that trust is validation so because everything is out of the bowl everything is trust liss when you receive a payment you don't need anybody to tell you that you receive the payment and you can validate the whole history yourself you can't you don't need to rely on 3rd parties to have charge backs and obviously you know the other killer feature of because. other than censorship resistance is this digital scarcity decentralized it will scarcely to the fact that because it is limited and its production schedule is scarce the fact that it is difficult to produce bitcoin all of these combined create just the recipe for this rupture and so because it allows people to save their wealth without getting getting devalued by the government because it allows
people to transfer their wealth and you know a decline transaction in the end is just a message it's a message you're sending to everyone else so it's impossible for me to separate you know freedom of transaction and free money from free speech which is obviously a big challenge today and it's as we've seen that free speech is under attack so free money is the weapon to resist this attack all right francis got a kind enough there thanks for being on the kaiser report thanks alex was a pleasure and that's going to do it for this edition of the kaiser report with me max kaiser and to thank our guests francis. oh bull big point it's canada's big client company hey if you want to catch it on twitter it's kaiser report or kaiser report dot com till next time by you'll.
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disagreements between russia and turkey and iran have become so stark the deliverers don't even try to conceal don't with diplomatic platitudes has this form of the brahmins course or others frictions on the country an indication that it's working well to discuss that i'm now joined by alexi klebnikov middle east expert at the russian international affairs council alexey it's good to see you again thank you for coming over the phone writing now anyone who has been following the ask in the proceedings knows that the previous meeting in february was marred by the tensions between russia and iran the reach now seem to be even more overshadowed by the more pressing disagreements between russia and turkey how would you describe the state of affairs among these 3 unlikely partners well i would put it as a marriage of convenience which applies to both relations but here marriage of convenience or.