Schwarzman no no he said blackstone k k r 10. 00 it travis exactly right so this plays into the steam of neo feudalism everything being taken private so what is i mean that means for example walgreens boats already merger as you discussed theres fewer and fewer competing Companies Competing with each other theyre all being consolidated into an oligarch played them in a monopoly and then they are taken private 70000000000. 00 deal largest private equity deal over those deals are going to need to become bigger and bigger will say 150000000000 dollars 300000000000 dollars im sure Warren Buffett also Berkshire Hathaway in a 600000000000. 00 deal with some saudi prince at some point but its all being taken private and thats just another stepping stone along the way of that trend weve been talking about here for a few years and if theyre spending 70000000000. 00 and its not their money theyre borrowing that 70000000000. 00 or 7070000000000 dollars against the assets of walgreens. Its the Pension Funds of all the employees the buildings in which walgreens lives theyll just sell it all off pay themselves a huge dividend leave the 70000000000. 00 of debt with the public shareholders when theyve bring it back to the market and dump it on our pension for leverage by a just to be clear youre youre pledging the assets of the company to borrow the 70000000000 in this case from the central bank that will charge you nothing for it then you make the acquisition and then you make a few spin offs like the pension accounts to pay back that debt and you keep the keep the rest i mean thats what ray dal you know is essentially talking about when he says billionaires like himself or henry kravis or Steph Stephen schwarzman they get to borrow for free at the fad and then destroy the livelihoods of the bottom 50 to 90 percent of the population sells 500000000 dollars in stock i dont know how to pronounce his name kalanick hes the guy who was ousted he gets 500000000 dollars and by the way his new his replacement of course praise thing. M. B. s you know mohammed bin solomon from saudi arabia essentially he was saying well we all make mistakes about him out chopping up a journalist. Of course transforming the taxi business around the world and becoming a monopoly in the taxi business and one of the founders there for half a 1000000000 who was caught doing a lot of nasty things and his successor praising the decapitating m. B. s guy over the the saudi yeah yeah he said because we all make mistakes like having cars that are not repeatable he equated it with that heres for the bottom 99 percent this is our life health web sites share personal medical data with advertisers so again youre being plundered picked apart its like private equity youre there plundering your soul your your pension your wealth your dignity this is a case for universal basic income because data is the new oil that supplies the lubricant. For the new economy and to have my data stolen from me all the time without compensating me for that data is set well its beyond even that i dont i wouldnt sell mine for a 1000000. 00 i had i you know and they would only want to give me you know a 100 bucks but the fact is there is a thing called dignity and one needs dignity before one can be a human so were either docs on that while gras farm that you started off the top or youre the person sticking the you know the gunk down always have the option you know i have the option and maintain my dignity or i have the houses sell my dignity you know but at least give me the option just dont steal my dignity of course if somebody walked into some individual off the street walked into your Doctors Office after you had just been in there and said hey can you give me max kaisers data that you just talked about there like that it would be an arrest right that your doctor would be arrested that its all that hipaa stuff there is a patient confidentiality on line and somehow its all math and cool you call yourself an internet or Software Provider and suddenly there are no rules that apply do well multiple personality disorder can be profitable because you can self they can be in your multiple personalities thats a good idea of course europe has a different sort of sense of dignity it is where our farms are but for the human europe must rest control of data from Silicon Valley or and Angela Merkel of course they have been resting control and this is an issue between trump and merkel he says theyre unfairly targeting Silicon Valley companies and that we have to stop this its all so that adds can be delivered the moment you have the idea of buying something with the credit card that you can afford so the. Way to relieve the pain of having an existential crisis of your dignity money without any compensation speaking of pain that segues brilliantly and to my next headline negative yield in bonds turned into punishment bonds so remember all those negative yielding bonds weve been talking. Well theres been a bloodbath there hasnt been covered much in the news except for of course the Financial Press but after peak negative yield absurdity in august bond prices fell the bond of blood bath and the mountain of bonds with negative deals has plunged by 5 trillion dollars or by 30 percent despite negative rates so in the euro zone where the e. C. B. In september cut its deposit rate deeper into the negative long term yells have risen across the board so member all those people buying 30 year bonds. Switzerland was the 1st to go negative in europe well theyre less negative now so in europe in switzerland it was negative 1 point one percent now its soared by 70 basis points to negative point 4 percent which explained how much her that would be to get back to my comment at the top of the show the all time highs the stock market that cash has to come from somewhere so most of it comes from the money printing going on the central bank but the central bank cant print fast enough to keep dissipating new all time highs so the Market Makers who are driving those prices need to steal it from somewhere else one big place they steal from is the bond market and from the pension market they are forced to buy negative yielding bonds where they are guaranteed losses so that that extra cash that is being offered off the top can go into the Market Making to get those stocks at all time highs and of course those bonds with a negative deal to begin with once they have any kind of down day as volatility comes into the mix and you have gobs and downs in the bonds are now down so youve got a loss on top of a guaranteed negative b. Ill and the results are complete not a wipe out but those losses are needed those sacrifices by pension accounts that only the Building Bonds are needed so all those new hires are the result of those pension councils bondholders dying on the field of negative rates according to wall street so were lets look deeper at this in particular this with swiss scituate. And what happened to those investors who we were mocking at the time saying this is going to be horrible for them but in switzerland the 1st country to actually sell new 10 year bonds with a negative yield in april of 2015 the 10 year yield had bottomed out at a negative 1 point one percent on august 16th and has since soared 70 basis points to negative 0. 4 percent those are true punishment bonds for folks who bought them in mid august for those buyers the annual yields will continue to be negative 1 point one percent until they can get rid of those bonds but now the bonds are also losing value and if those august buyers want to sell the bonds they will also have a capital loss yeah exactly its a lose lose equals a big loss and this was also Insider Trading racket because a negative building bond by definition will without doubt be a loser so you can again borrow tons of money from the 0 percent Interest Rate window at the Federal Reserve and short those bonds remember as those bonds go down like we saw on grace there were over a trillion dollars those were made by racketeers who were making bets on the collapse of greece while they were you know arsonist tickly destroying greece and heres another example of that another pain punishment sort of movement here ok boomer stop buying stocks fidelity warns Fidelity Investments in its 3rd quarter retirement report has a new warning for its greedy baby boomer clients Portfolio Risk has never been higher as retirees are overly exposed to equities running a serious risk that the next market meltdown could wipe out their retirement accounts their report notes that more than 33 percent of baby boomer clients have exceeded fidelity as recommended allocation to equities so theyre chasing the fed there to chase and trunks tweets about the markets higher than chasing their home and theyre acting like momentum traders on this right right. But you know so dell of these comments are based on what exactly a few metrics that they are saying historically dont line up what im saying is that historically this is an unprecedented moment where youve got the entire s. And p. 500. 00 being taken private and it doesnt matter what price that is taken private that if the money youre using to borrow it to take it private is free the stock market could go from 28260008 doesnt make any difference if its just being all taken private with free money shockingly 10 percent of all boomer clients have given up on traditional retirement accounts and have allocated 100 percent of their savings into stocks and i saw actually speaking of boomers allocating 2 stocks bill gates himself they said that he gave away 35000000000 dollars last year but he made more than that on his stock portfolio because hes 60 percent allocated to stocks analysts of course were surprised retirement analysts for surprise he had so much allocated to stocks but 100 percent 10 percent of boomers have 100 percent of their wealth in stocks the fact is that a you know no load Index Tracking Fund as it exists or reconstructing constituted as such going back 40 years performed every money manager and hedge fund except for maybe one or 2 and thats the bottom line thats the fact stocks on average go up 78 percent a year for 40 years the stock market goes up 2 at every 3 days for the past 40 years thats the fact well again past performance doesnt necessarily equal future performance and for the past 40 years weve had an all fiats post Gold Standard system so one day and we had Interest Rates up to 20 percent now theyre down and 0 percent so maybe add up keep on working for the next 4 and Michael Hudson says they can go to negative 20 percent thats 70000 on the debt. All right were going to take a break when we come back by far away go away. And. Join me every thursday on the alex salmond show and ill be speaking to get a feel of the world of politics Small Business im show business ill see of that. Over the last 3 decades the European Union has seen its enlargement as a way of hoping its eastern neighbors democratize well keeping them firmly with it spiotta political as the e. U. Is mantra of the bigger the better proven to be the case. Good food descriptions sound up a tasing even for the owners so how to choose just had Food Industry is telling us what to feed our pets really more based on what they want to sell us then whats necessarily good for the pet turns out that food may not be a selfie most people believe we have animals that have you know diabetes and arthritis and they have auto immune disorders the cat allergies we are actually creating these problems and its a huge epidemic of problems all of them i believe can be linked to very simple problem of diet and some dog owners so heartbreaking stories about their pets last treats the larger corporations are not very interested in proving or disproving the value of their food because theyre already making it a 1000000000. 00 on it and theres no reason to do that research. Welcome back to the kaiser report imax keyser time now to go to basel of unchained capital some call him what the carl sagan on the pickaway wow thats pretty tall anyway welcome drew thank you max so this is some fascinating stuff youve been working on aside from your day job over there don thank apple you but really studying a lot of the big issues surrounding big coin big coin astronomy what is this wow its youre right its something that i do outside of my day job but i think its something that compels me i think anybodys day job no matter how passionate they are about bitcoin or whatever theyre doing day to day can get repetitive sometimes its fun to zoom all the way out and for me that is thinking about the longest time scales like 100. 00 plus 20300 years from now what has it done to our economy here on earth but also in adjacent places like mars the rest of the solar system assuming or presuming that we even continue to expand in those directions all right i as ive said often you know change big oil big coin changes yes indeed it has this way of really working the way people think about things and you come up with an interesting metric care just a skip to this bit because it pertains to this this center of past what is that and why does it matter what analyzing big point that its most like the most. Silly idea but also really really deeply central if youre willing to take seriously the idea the big one could survive for hundreds of years and still exist when humanity is spreading out to the planets so lets take that as a given the idea is basically saying where it is because mining happen on average you know any distribution of mass or matter in the universe you could calculate the center of mass kind of where it would balance if youre put your finger right underneath and similarly you can kind of ask where most of all the hash rate miners mining because in transactions where is the geometric location in space and its the center of all that weighted by how much power. Today if you were to do that calculation and surprisingly youre going to find that its somewhere near the center of the earth maybe its because for china. Over time as we spread further and further away from the center of ash here at the earth it becomes more and more disadvantageous to mind because again this is not really anybodys problem today were all basically a light 2nd away from the center of hash but what if we have a civilization thats growing on mars will they be able to use big quinn turns out i think the answer is yes theyll be very much be able to be 1st class citizens and users and hard learners of decorum will be able to mine because the answer is no and its fundamentally because theyre far away from the center of hash there are some mathematical properties that are big in the big core and that interact rather poorly with the fact that the speed of light is finite it takes 45 minutes for a round trip signal to get between mars and earth sounds like a kind of a pain in the but more importantly it prevents mining entirely on the planet mars is this a problem i dont know certainly again not today in the future it might be if you were a martian. Putting martians aside for a 2nd theres a lot of billionaires in america now that are looking off terra firma planet earth as a way to what they perceive to be a big problems here on earth and youve got billionaires building rockets building spaceships youve got a lot of what is tesla into orbit with a space man jeff bezos at amazon hes worth over 100000000000 hes talking about space travel i think were going to be colonizing the moon pretty soon mars is you know a skip but a jump from there so you cant take gold because its too heavy. And for you have money has a horrible track record in reputation so big point could very well be the interstellar money and its this is not necessarily outside the realm of the near future not Science Fiction but this science probabilities and ive always speculated that people watch the show know that i look at the sas rate of decline and its been over 100 quintillion have. As per 2nd our calculations per 2nd is the biggest a shit Network ComputerNetwork Every injury in the history of the world by huge factor and its aims almost as if its whats driving it is something more than just coming up with an confiscate it will money its come its theres Something Else behind it i have i have spoken that actually the protocol because of protocol is almost as if its hacking humans that humans are on a course toward selfdestruction and if this protocol can get into our brains sufficiently we could change course and save ourselves or wait were not going to make it and you could say 100150000 price point but humans will become extinct. You know thats a possibility as well so youre a physicist by training so how close are we to make a voyage to mars ok so weve definitely been to mars and we as humans were not quite made it there were noone i almost wonder if these billionaire driven attempts to colonize it might get us there before anything that nasa puts together thats just an interesting market versus government exercise there this point its happening man like one of my favorite conspiracy theories is that every product that one must build is actually secretly something he wants to use on mars right so the Battery Technology is for the things out there at the Boring Companies so that he can build tunnels in the crater rim so you can have spin gravity these are silly ideas and want to conspiratorial but in the end as little as 20305100 years things like Nuclear Fusion things like actually children being born on other planets it can happen it could have already happened we just decided that there wasnt money to be made in space for a bit and we gave up i think were starting to see that theres a lot more thats interesting out there wants more maybe were just terrified of what is happening on planet earth and this is a 2nd chance that some of the wealthiest of us will seek to grasp i dont know but going back to your comment about. Changing us. And i think one of the unique aspects about the coins thats one of the truly scarce things that you can envision material goods gold dimes and these are things that exist all over the solar system and the universe more generally a big point its a game we play and weve chosen to make it the most scarce possible thing that can exist thats extremely interesting because its also tied to Something Else to scarcity were less in touch with and thats energy and we live in a bountiful era of tremendously cheap energy are energy thats cheaper per unit than has ever existed in history before and that messes with us as a society to it leads to consumerism and and short term thinking in a lot of ways and an addiction to that cheap energy thats really hard to break off as we consider things like the oil industry and Climate Change and so on so i so they figured it would bring him into more of a philosophical question so you do have on a relative basis cheap energy the density of petroleum is very high as compared to other forms of energy from history you know for whale oil and going back you know before the coal and these type of things and so that cost for b. T. U. Drops precipitously and but it has led to this over consumption and then my product being this ecological disaster in the plastics in the ocean thats incredibly cheap cheap cheap this of Oil Essentially how cheap it really is and a lack of investment in new alternative and even more dense Energy Sources like Nuclear FusionNuclear Fusion isnt a pipe dream and its always a joke that its always 30 years away but if you look at how much funding Nuclear Scientists ask for and how much theyve actually received and you look at how much private investment is going to be a power its tiny compared to what it might have been if we hadnt had cheap abundant and Global Energy supplies in oil so sceptical and its surely scarce as you point out these other minerals and Precious Metals are available in another places in the solar system and in the universe and not so well with big going it could be that the scarcest come on. Any that we have ever come across and the desire to own it is quite powerful and if the hashing acquirement gets to a point where the chip cant keep up and you see a hybrid human then android. Merge and so that hash starts infiltrating our collective unconscious is what im saying is that the hash about that 1020102000 extension 00. Could tap tap into our collective unconscious and use our minds as a collective computer. I mean big corners will do that as a scientist is that even you know in my tallie off base there lets put into 2 categories like the hash rate must go up in because thats what the coin wants its obviously not going to consume 100 percent of all our energy that would be ridiculous when you do things like record shows and travel and eat food and survive so theres going be a maximum amount of energy between consider hes a big coin was energy youre giving it anthropomorphic quality and youre referring to it as a as a or as a hungry hence its a already in many ways it is ok so it is it says he and isnt isnt selfaware ive for i posited that iran block 300000 became selfaware it reacts in that way its alive right its build it has a certain aspect of homeostasis built into it rebalances itself based on global efforts by billions of human beings well maybe millions of us who actually know about it today so that sense its reactive i dont know that its a lot or that it ever would or that would even be an advantage but i do see it lifting us up in very many ways maybe it helps push us towards cyborgs that are hashing all the time as they think and walk around or maybe just incentivizes us to go get Energy Cheaper and faster and better than weve ever have to for because today if you were to unlock a big supply of energy in some location what could you do that you need to market to sell that energy and make when is this ever increasing for of a market that no matter where you harvest the energy if you can burn. By mining big point you can get revenue from that so if theres energy in space that were not harvesting we could collect it and turn into big corn if there were Nuclear Power plants that we could invest in to build that might be something we decided to do because it helps us get picked on and this is a story of people who understand that actually because it is green it is you know is renewables and it goes and seeks out where theres excess energy and thats not being or it can be green i think because x. And it forces us as an ecosystem to go collect energy in the most efficient and at ways we can and theres a lot of headroom in renewables and alternative Energy Sources because we havent had investment to go out and get those as much as big ones prompting us to finally do theres a lot of work and study and writing that it is a living organism its mistakes energy yeah and its adaptive it has all many qualities that want to scribes to a living organism or maybe the organism is because the miners the users the society its embedded in and the 1000 year long millennia story of decline is the expansion of that organism to new locations in space to harvest new amounts of energy well there is a 3rd of the gaia im not sure if really with yeah sure the 2nd are all part of the same living organism the rocks the trees the animals and salt has a heart beat and its own cosmic heartbeat if you will that big point somehow is is the engine is emerged as a way to nervous system it will i think to tell you the truth its coed were created the universe in my opinion has trying to find their way back in because they became anonymous and they went on to create some other stuff and were unaware and then they look back and they said that whole thing i did that the earth is turning into a cesspit i need to hack my way in and reprogram human brain because its going down the garbage and this is this is a big point this is the ashtray and that they were going to be reprogrammed and one whatever block number it is were going to were going to take a different angle toward law. I and escape our destiny as it is right now out of death and we certainly be i think hyper pickling ization is sometimes trotted out at this word that means that big corners will get rich because because we were thought that might be one of the things that happens in the context of it but i think the word itself to me is weighty because it means so much of what we do a society which is driven by incentive structures money the exchange of value contracts all of that can change and does right so if a coin works we wont need money. And i think money will think about it differently certainly where ill be a part of the collective. If we go from the west back to the east will be. Just grooving on the way of our own call active in chapman all the way to the stars. And. Well were going to go youre heading back to austin texas which by the way the goal of the logo is keep it where it did and here over there at unchained capital which i understand is an emerging institution thats breaking all the rules a lot of traction so congratulations with that thanks for being on the concert thank you max thats going to do it for this edition of the kaiser report was a mess guys are Stacy Herbert want to thank our guest drew the bombs all of unchained capital if you want to catch us on twitter at kaiser report the next time i go. Way. Back to its old Movie Theater i. Was in this way got to go. In the mood to describe this movie. And i know. This is the only thing we do is music because everybody fights his way. Through or. Leave it at that but. What i seek is this is the funds that these. I have concern about new technologies and i think society should be right and i try to help them get gauged in those concerns. But we also should have concerns about doing nothing doing nothing is extraordinarily risky you know world with some point 5000000000 people and a whole series of. Ancient Technology Used to that are not necessarily suitable for tomorrow. Is a tense situation in venezuela is still all over the news the problem in venezuela is not that socialism has been poorly implemented but that socialism has been great only implement from the inside venezuela things are different were going to announce sanctions against petroleum to venezuela associate the. Famous will that have a sample moment is. That at present that. Data to see on the path to the madness of the moment the focus of the who story isnt new makes him cold in Henry Kissinger to tell him that it would not be tolerated that in latin america. An alternative economic and social system could take hold and therefore the policy would be to make the chilean economy scream so wants now making the economy of venezuela screed. A new report by Amnesty International chooses tech giants google and facebook are violating human rights by employing surveillance of based business models. Benyamin netanyahu is charged with bribery fraud and breach of trust is the 1st time in israeli history that a sitting Prime Minister has faced indictment in a criminal investigation. There is a fact class from the Jewish Community in germany after nazi memorabilia is sold at auction for thousands of europe. I tunes it is nothing to do with that theres nothing to do for you completely to be destroyed