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tv   Keiser Report  RT  April 16, 2019 3:30pm-4:01pm EDT

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active immediacy in cutting rates and anxiety over leverage and financial instability quote a few participants observed that the appropriate path for policy in so far as it implied lower interest rates for longer periods of times could lead to greater financial stability risks and that's the spike that happened immediately upon the fed minutes being released. right well you know i'll be speaking again on the big coin twenty nineteen conference in san francisco the topic will be the tao of bitcoin and you just need to understand that bitcoin is on its own journey and it has a way of making people the challenges look really stupid you know in the big point space of course you had craig right roger varya my current these people that suffered from big coin derangement syndrome in the past couple years you've got nouriel roubini paul krugman and a few others that are in mainstream economics now who are looking really stupid
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because they never took the time to investigate because it's all about they obviously know nothing about economics finance or markets otherwise they would not make such ill informed opinion and soon a state actor will begin mining because going for a strategic reserve purposes in the hash wars will be played out on a state level and that's what'll take us to new all time highs as we get closer to the predicts remade on this show back in two thousand and eleven when the price was a dollar that will see one hundred thousand dollars per bitcoin so we starting this move this spike on the fed minutes that's the first i've really seen that immediate global reaction so i think it is interesting signal that it's responding like gold gold also spike that day of course they've both then fell of the following day because that's what happens all the time when you respond when you try to fight the fed you now this is one thing never fight the fed. well gold always has tries to
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fight the fed and it's sometimes a bloody war and now because it's trying to fight the fed right the you know the coupon printing you can't even call for money anymore it's like s s n h green stamps we still have those and when i was a kid there just coupons there are just printed by the trillions as a way to pawn off politicians or you can buy a u.s. congressman or senator for one hundred thousand dollars and they can make a lot change that'll make you billions of dollars is the cheapest politician by can make in the world today and they do that was printed money all the big bankers are on what in washington again testifying before some kind of hearing they all every single word they came out of their mouth was a complete lie and every time they're caught in a lie they just hit the print button. and it's just papers over every single lie
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and fraud whether it's well fargo or j b diamond it's a few morgan or any of these banks of goldman sachs they have them they can print over any single why because i now in gold you know there's finally entering the arena well you can print over allies domestically certainly but geo politically globally you know there are other participants and there is game theory involved in this so on one hand you have diplomats who will be nice about certain things and say yeah we we feel like the u.s. economy can keep on printing and the. chileans in trillions i don't even know what it is that this point tens of trillions of dollars of debt is fine we have absolute faith but then you could also look at actually what they are doing to prepare and what sort of indications are coming out we saw that recently with saudi arabia somebody within saudi arabia who have the authority to do so spoke to reuters and said we're going to know. longer priced oil and just the dollar we might use other
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currencies and then they roll that back and said no no no that's on another hand these could be negotiating techniques we don't know what's actually going on behind the scene in terms of that relationship and in terms of china china of course is the ultimate general in this game theory a war here happening because they own more debt u.s. debt than any other nation so i thought a story that's really interesting is this one kind of got overlooked in all of the oh they're crazy stories whether it's russia gate the mole or report julian a song is all this stuff china's gold buying spree continues as central bank markets booms so remember last year twenty eight hundred we covered that central banks but six hundred fifty one point five tons of gold the second highest on record the previous record high was while we were on the global gold standard so now we're off the gold standard allegedly and yet governments are buying up central
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banks are buying gold wherever they can and this is the first that you know china is usually very secretive about how much gold they have whether or not they're buying but now they're publicly on their website at the central bank the people's bank of china they're declaring that we're buying gold and china's gold buying run has shown no signs of abating after the people's bank of china added yet more of the precious metal to its reserves in march figures on the central bank's website indicate increased reserves to sixty point six two million ounces in march from sixty point two six million a month earlier right in what you see coming out of the economic reports that will demonstrate what's happening behind the scenes very clearly would be the inflation numbers so inflation in america is now picking up after twenty years of reporting false inflation numbers why not including health care for housing. and by
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pretending that inflation is running at two percent to justify massive bailouts through money printing they kept a lid on the official inflation but now and other things that people need to buy the prices are going up and what does that mean is i mean the really the prices are going up because of the economy is booming in the wages are booming know the number of dollars needed to buy the exact same stuff is going up because the value of each individual coupon or dollar is purchasing was goes down because there are too many of them so merican is heading into an inflationary spiral of money printing and gold is being panic bought by countries like china russia and others who are going to take over well we don't know about that but one thing we do know is that the trumpet ministration is engaged in
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a tariff and trade war with china and it's very open and it's very public and this is them saying that the weak link is the dollar as a reserve currency and this is perhaps why they are doing this only publicly in the last four months have they started aggressively buying and announcing at china's been doing this so coincidentally that's also in the trade war really started getting very nasty and public so this could be there there are trade negotiation long term central bank buying is expected to boost prices amid continued demand with goldman sachs predicting gold prices will rally to one thousand four hundred fifty an ounce from thirteen hundred over the next twelve months right i mean it's a strange war that they have this trade war america is throwing gold bricks of china and china and responses throwing back wads of paper you know and so i'm not sure how america thinks we're going to win the war china and russia and others are
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prepared to win that war. well. as an aside regarding this i recommend that everybody read michael hudson super imperialism because he talks about this in fact the u.s. does prefer very high oil prices because it requires more dollars to be sent overseas and then there for them to buy more bonds like fannie mae freddie mac. bonds and u.s. treasury bonds so they need to set more and more dollars overseas so that's one thing about that but i also want to turn back to that big coin and the reaction to the federal reserve bank and their minutes because another part of that tying to china is a tweet from joseph young c m e big queen futures recorded five hundred forty six million dollars in volume on april fourth and most of it came from asia according to bloomberg with china seeing a strong o.t.c. bitcoin buys as reported by c.n.n.
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ledger it seems like the overall interest in crypto in asia is rising fairly rapidly right when gold is unavailable to buy and it's hard to buy gold you know if you're sovereign like china they have difficulty buying the hundreds of tons of gold they would love to buy it's just hard to come by it's very scarce they will very quickly figure out you know what bitcoin is the equivalent to gold and we should start adding big coin to our strategic reserves along with gold and russia will come to the same conclusion i don't know which of these two countries china russian will decide to add bitcoin to their strategic reserves along with gold first i would tend to think would be russia first because they've been working because putin said in the last couple of years he wants russia to be a crypto leader and to be the way the us led the internet boom in the ninety's the russians should be leading the crypto boom in the. in this era and so i would think
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they would be the first to make that move but whoever does when so of course in the past week china has once again and now it's yet another ban on big coin this time in between mining so they've had at least a dozen bands over the past ten years and every time usually that they ban they have some sort of big announcement about yet another banning of big point usually the price goes up and it looks like it caused people to buy more big coins as a result of course this is a very interesting case because i want him they want to be a global player. but on the other hand it's a deeply centralized economy and bitcoin is completely decentralized there's nothing more opposite to the way china thinks that big calling but the forces of capitalism that they've now had a big chunk of a big bite of capitalism now for a few years they understand what it means to be super rich baby so they're going to be like we're going to go with our instincts and buy because maybe they'd like to
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get a better price and also they like to confuse and that's part of their strategy there the big other player on the global geo political battlefield right now playing out between the u.s. and china maybe you don't want to let the your opposition know what you're actually doing so that could be part of what's going on there and in terms of big point i do want to say we have a new series coming out in the next week or two you'll start to see a new series from x. to c.c. called to the moon and it's about bitcoin and our kaiser report relationship to between and how we came to this through discussing monetary theory and gold all right well that's fantastic best definitely coming in next two weeks to the moon shot all over the world covering coin but how cause a report was covering because you know starting in two thousand and eleven we had all the best people the biggest people in big going how we can related to global finance and gold and it will be the definitive documentary on big going ever. it
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produced by stacy herbert it's going to be a fricken awesome we're going to take a break back after this don't go away. we came here where you were before you came here when you lived. death row in many us states capital punishment is still practiced convicted prisoners can spend years waiting for execution but most of the time the victims' families they are very much in favor the death penalty there are some people because of what they did have given up the right to live among us somebody even proven innocent after years on death row and how many more exonerations is it going to take before we as a society realize that this is not working and we actually do something about.
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joining me every thursday on the alex salmond show and i'll be speaking to guest of the world of politics sports business i'm show business i'll see you then.
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welcome back to the kaiser report i'm max keiser time now to gold to old blighty and talk to dominic frisby according to his own self written bio on twitter he is the quote world's only financial writer and comedian author of first and best obviously book on big calling called. big coin the future of money dominic welcome back thank you very much max nice to be here all right let's cut to the chase bitcoin is the sixteen bear month bear market is it over or will we see new lows before the bull can begin again dominic. well at the moment if you were a trend follower you would already be on board because in the twenty one day in the fifty five day in other words the short and medium term mover jack averages a both sloping out and the prices above them where in an uptrend in the trend began
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in december. looking at the big picture there's quite a lot of resistance around the six thousand dollar area that was support for a long time and support tends to become resistant so when that broke through that's that's going to be a big barrier on the way out i'm currently operating on the theory look i work for a fund and we we've been buying because in the fund but i'm currently working on the theory that this is a relief rally and will probably go up to the six thousand maybe six and a half thousand dollar area and then we'll come down again and retest the lows at three thousand two hundred in the autumn now we see there's no guarantee of that happening that's just you know how bad markets tend to unravel so far we've had an eighty five percent correction in price markets correct in price and time and we've had an eighty five percent correction in price but that correction was only a year from high to low and i just think given the mania that preceded it we
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probably need a little bit more than a year so that's why i'm looking at a retest of the lows in the autumn and then we'll have a nice technical base in place and then we can start building towards the next rally that's just one theory markets particularly because i have a habit of proving commentators wrong so we'll see what happens and i think i have had a good hot hand in this tecton our survey our countrymen over there peter brandt who called the top around twenty thousand look thing looking for an eighty percent plus correction what three fat is that come out and said that the hyperbolic move to sixty thousand and the next leg has begun. a bit of a contrast there but in the valley is another listen on our thought we follow his last sanguine about the price. action but it can't tactical analysis we guys make out of course tomic friends means him put on this but let me ask this while we've got season what you're interrupting me i'm sorry sorry i just miss
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a technical analysis he saw sometimes it works sometimes it doesn't it's quite useful for getting in points the next point but if it does go to sixty thousand dollars listen i'm happy i am because the fund odes big coins i send or bitcoin books i'm happy to be wrong on that one oh yeah absolutely you know peter lines that technical analysis is correct one hundred percent of the time when looking backwards ok so yeah let's talk about gold the central banks but because we talked about and really as part of our discussions about gold you've been on a show many years we've been talking about all i started by calling it a dollar i try to get you to buy pick going to thank you k.-man slightly after a dollar i'm not sure but speaking of so you know what i look at it all and i went to dollars and one of my rules at the time was don't own anything off it doubles. but i rather went to four and i was like well and says one of those the market moves so quickly in those days it is quite quite an amazing feat now central banks
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bought over six hundred fifty tons of gold last year that's the second most ever in history there where what when will this demand start to drive prices higher you know we've got big demand prices don't seem to be you know reflecting what's going on there. well i don't really know i mean there's two ways of looking at that you can take the view that central banks are all geniuses and they know what's coming and therefore if they've been buying gold we should all buy gold but then you know we show up in two thousand and eight there's no this might be the central bankers own necessarily the geniuses that some people might like to think they all say the fact that they're buying go could even be a bear is showing and i think they have just buying go because. i mean it's incredible the amount of gold it's the most gold since nine hundred seventy nine hundred seventy i think maybe one hundred sixty eight during the exact year but around about then around about the time and that. america came of the gold standard
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basically. they've got a lot more dollars so they've got more dollars to buy gold with and even if it's just basic portfolio allocation. you know that kind of makes sense just because everyone's got more money so the fact that by morkel this no it's not that big a deal but the maimed by his seem to be russia and china and china in particular chinese gold holdings are now extraordinary and it's likely that officially they've understated their gold holdings by as much as three courses and you know this various people have done analysis on this ross norman from shops pixley coos yen sin and lead a share links and will now go charts or us and they've analyzed gold flows from switzerland gold flows from hong kong chinese coproduction and all the various and of the fact that china never exports any of its gold in all these various things point to the fact that china may already have as much gold as the u.s.
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right now that you know it's a reason for any yeah the world getting tired of you know us answering. for x. and other markets and the swift market and anything else touches the u.s. dollar and they want to come up with an alternative system so i understand central banks are buying although only caught by central banks are talking about china and russia we're not talking i.o.u.'s or are they u.k. which blew out of half their gold position on the garden brown because the with high on its own belly button lint or something well if you follow u.k. politics over the last twenty or twenty five years you realise it's one after another. yeah i realize that quite quiet and we're going to talk about that a second segment when we get in to brag that a little bit speaking about it is that run the united kingdom now let me ask you a question. because when i look at china's chinese gold imports and you know that they're close and it's likely that they're understating that gold imports because
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they. they've they've stated just enough to get included i am f. space at least special drawing rights but why if china is effectively very well for a cherry in country and gold is the sort of money of libertarians if you like why would china be accumulating gold do you think they want out of the u.s. dollar they everyone wants out of the u.s. dollar it's they the shanghai cooperation organization which is really the most important trade bloc in the world right now is russia china iran and india that's the future not u.k. u.s. and these other folks no way so there we think they're going to sing a new song for eight point i believe that what yeah i think that one of these cut you know big coin has a way of attracting people into the black hole known as because and it's drawing in now i think sovereign states and i think either china russia will come out and say we're adding big quine to our strategic reserves the first one it does by the way
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will win the twenty first century economically but let's talk about saudi arabia for a second. you know it's others all tied of the price of oil of course you mentioned in the early one nine hundred seventy s. is when you know gold window was closed in the us and we started the petro dollars that the saudis threaten to stop pricing oil in dollars they immediately deny that they had said this to reuters do you believe this is a manageable in the cards at some point how do you see that unfolding dominic. womb x. you've got me i'm not really you know ferrety on saudi arabia and its money tree dealings but for the moment the saudi regime needs the usa so. i mentioned they're pretty ally to each other but you know what the saudi regime wants and the rest of the saudi people want not necessarily the same thing yeah but once again the saudis are really talking down the dollar they are selling a lot of energy oil products to china and once again you've got this axis emerging
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of these other asian countries that are good trying to get out of the us dollar they have been really saying nasty things about the dollar the us politically wants to have them held accountable for things like nine eleven and they want to take them to court on various other issues so the there's a lot of free song now between the us the thirty rabia so they're joining now forces with other countries what currency saudi buying it's selling its oil to china and un. what currency us chinese yuan oh is it yeah wow. ok well i'm glad to have you are as a guest on it because apparently. i'm on your podcast you're supposed to be an expert on all this stuff that i'm at this is it a last time to try to expand on saudi arabia. all right so speaking of
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cohen let's get into it because he did write the book the future of money and that one of the first books that came out talking about because i and you know they really they the institutional market for big client same's me picking up and in london of course and think hard for global finance do you see in london now more of an appetite on an institutional level for bitcoin as a settlement currency as a strategic currency as a currency how do you see that unfolding dominick well the what was so weird about the bitcoin bull market like the proverbial story about the the nine hundred twenty nine the stock market crash of nine hundred twenty nine was when the trader joe kennedy received advice from a shoeshine boy and when he shoeshine boy started giving into it he knew that that was the time to get out of the market so in other words in normal bull markets the institutions get there before the ordinary retail investor what was so different about the bull market bit corny cryptocurrency is it was the other way round the
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institutions with the last of the policy the retail investor got there before the institutions did that was one of the things that was so glorious about it now i think institutions will chase bull markets so wherever there's a bull market wherever there's a bubble the institution will be there and they'll try to be positioned for it but they may for the most part they missed you know they were in for the final stages of the mania now it's in a bear market it's all a bit. but in this fund that we manage we're looking for some private equity deals and we're able to offer quite. what's the would we were quite tough to. you know there's there's a lot of chasing for investment going on so funding investment in crypto currency is not that easy to come by at the moment ok so you know to cut it off there are going to hold you over for a segment thanks for being on the kaiser report thanks very much for having me max thank stacie. all right that's going to do it for this edition of the kaiser report
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with me max kaiser stay sarah but want to thank our guest dominic frisby author of pick on the future of money if you want to catch us on twitter our skies are reports on exxon bio. tees holiday international memorial awards twenty nine see the now open for entries the media professionals are eligible whether you are a freelance journalist work for all terms of media or part of a global news conference to participate send us your published works and video rich . go to award dot com and then to now. my body told me that i belong with the board. my thoughts my mind with and then along with the girls. starts to be
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