Autarky basically returning industrial selfreliance policy autarky for those unfamiliar was an economic and industrial policy of selfreliance wherein a nation need not rely on International Trade for its economic survival this is not to say that the nation rejected International Trade or isolated itself from the Global Economic order rather it merely could survive on its own if necessary and i know with the left wing you know hamilton was a huge hit over the past 5 years 6 years and hamilton was one of the big proponents of this notion of our talk yeah i am one of the countries that was really the premier autarky in the world before that coronavirus would be friends france was often described as an autocracy to some degree more though probably than the other of the big countries of the industrialized countries that had a mindset of individual sovereignty farming ourselves you know everything is a local. All if you go to a restaurant france you flip over the cutlery and a says made in france right thats a very much the Health System is very. Kind of supportive of an autarky and now. Americas term really to return to its roots of transcendental ism theres a philosophy called american transcendental as a rave emerson read for rowe read on walden pond read American Literature and refill your eyes or saw for the what makes the american great really from the Historical Perspective obviously youre seeing that this is necessary for our survival you see it in new york state theyve just demonstrated. Right there with new york states clean this Hand Sanitizer that they had had to make now with that with the fact that we are not self reliant particularly and litle things like pharmaceutical drugs miss china provides up to about 90 percent of it of our pharmaceutical drugs either directly or indirectly and heres the headline opinion moving our pharmaceutical factories overseas was a huge mistake the corona Virus Outbreak is a good time to ask why our leaders sat by as so much of the us pharmaceutical industry was shipped abroad again this is buzz feed news theyre very theyre part of that hobgoblin of little minds theyre part of that beltway sort of elite so theyre only thinking to ask this now why did we do this i forget like what was the excuse of course we have been asking this for a very long time for the 10 years 10 and a half years now of this program and many of our guests are heterodox thinkers guests have also been asking the same but there is just dawning on them that there is an actual shortage of drugs and pharmaceutical drugs at the moment and personal Protection Equipment well lets talk about the. Big lie and using data to push a lot i even though instinctively you know that over the past 15 years theres been rampant inflation in the American EconomyStudent Loans are tripling in price medical care tripling quadrupling in price the average person is experiencing at the end of the day or at the end of the year 8910 Percent Inflation and yet the government using statistical. False foods will say well according to the Consumer Price index number that we manage and we adjust and we calculate in a way that we dont communicate its hidden its a black box it goes through the inflation deflator number which is another layer of lies according to our data were the experts who are the empirical experts your intuition is wrong inflation is actually contract and we need to lower Interest Rates to help jamie diamond thats always the conclusion every single quarter is that there youre wrong theres no inflation theres actually deflation so we have to lower Interest Rates dont you get it the wall street banks the cheaper money to speculate more blow up the economy dont you get your intuitively wrong well that is antiamerican if youre an american that believes in transcendental ism and the sanctity of intuition then thats antiamerican their banks are not reliance and they should be selfreliance their reliance on the bailouts of the taxpayer but well talk about that later during this ongoing crash over the next few weeks and months back to the selfreliance of what happened with outsourcing all of our ability to manufacture and our ability to produce again this was started long before this just this epidemic and the pandemic going on it was a policy created by these little minds that control us these little minds of washington d. C. These little minds on wall streets behind the coronavirus threat a middleman destroying Prescription Drug markets Group Purchasing organizations called g p o s have a german many of the generic drug manufacturers out of business and push those remaining to locate factories in china ground 0 for the epidemic how did this happen how did the world become so reliant on one region i. E. Not selfreliance such that any disruption could have a magnified impact and at least one sector the answer appears to. These monopoly middlemen basically these monopoly middlemen have been around for a while but legislation through the eightys under reagan and able them to basically be exempt from antitrust laws and these guys do what the rest of europe does i. E. Theyre a single buyer theyre supposed to be a large buyer for you know pharmaceutical products for a whole region in europe that works well because they get the best price they seek the best price in america of course theres 4 groups that control almost all of it through entire in the entire country and theyve basically formed a cartel because theyre exempt from antitrust laws and they fix the price to get the most for them the most profit so the little minds think of only that profit and whatever as long as you gain as much profit as possible no matter what the cost to the rest of the people in your society no matter what that is the only number to look at and theyve made us totally reliant on other on the the good will of some of these hospitals for example treating us when the bill is 2000000. 00 for you know some stitches you need after tripping on the sidewalk or Something Like that well whats particularly galling about this is that politically you have a group of politicians who are associated with the left who talk about single payer. And the right wing says thats communism thats socialism and yet the prices in the marketplace are dictated by a single payer a monopolist single payer cartel thats operating as a monopoly to take all the savings that would have been in joy by americans for themselves and the monopoly they scarf it all out and then once it goes through the monopoly we end up into free market capitalism socalled and skyrocketing prices so simply the solution is if you get rid of the middleman and let americans take advantage of the single payer system that is already in place right now for lower prices. You would have a much healthier Health System in the last 30 seconds here i want to point out that exactly this here we see china distributing. Urgent medical supplies to italy to spain to france at the moment they are able to provide goods and services here in the United States the food and Drug Administration keeps it to a drug shortage database that currently has 145. 00 medications in it so theres a shortage of medications and this article asked why market economies arent supposed to run shortages but these markets are broken so in terms of the sort of transcendental ism we should reflect to look at ourselves instead of being constantly like trump and say how great we are and filled with hubris and being so insecure about looking at ourselves and you know i think well find like why do we have shortages thats a good question we seem to have an answer at the shortages or in the soviet union or in venezuela now like we know what the answer is its socialism is communism well what are our short is just caused by and how do we fix it while the 22. 00 trillion or so merican economy g. D. P. To be reflective of our actual economic numbers of about the statistical mirage is probably closer to 9 or 10 trillion so keep that mine hey well take a break when it come back whats more coming your way. And were going to pull through the repeated promises oh politics to the people and come on you know we will box the troops really. Really wrong. Now you want to 1st correct that. You know. Full. Well yeah. So she and i as a nation some which says something to us and investors are at the. Grocery i say oh shes a mom for free youve got loads of the trip improved for your not your mom my p. C. P. I didnt do enough to try to accomplish what you want. To. Do is because of global was going to have to close to this need so that in your voice you just give us have looks like a bunch of us moving in the sports lead you to find a new finding with the sofa cushion up. On the west coast the portion of about 4 to 6 months because in the south. Trade and investment of become magic spells to come to economic development. Most people think about trade they think about goods and services being exchanged between countries and the investor a chapter of a trade agreement is about something very different but what one investment leads to toxic manufacturing that destroys sacred sites all ruins the environment. That means that if local communities that are being poisoned if they object if they do anything that the company feels is interrupting their profits they can be sued no national zoo taking on the whole nations Philip Morris is trying to use i. S. T. s to stop oregon from implementing new tobacco regulations aimed at cutting domestic smoking rates a 4 inch company sued egypt because egypt raise its minimum wage democratic choice of a trump Corporate Law joining us as we try to find. Since all a little bit messed up by our d. N. A. And somewhere over the complete im not sure it is such a great thing you know im sure you look better now than when he had hair come from its nice of you to say so but i do i went home when i was 25 i knew most and so create them. This is the course that will try to use me if the sun shining star will be the chief question of people feeling i mean the streets full bore for you. Not only do they go for bush but i will push you going to kill us no. Good to. Welcome back to the kaiser report im max kaiser time out of turkey bruce fans end that early coin adopter a very well known in the bank like mary purse welcome to the kaiser report thanks max all right i wanted to ask you about a tweet that you made just a few hours ago i think its quite interesting you say quote in all this economic crisis and i dont think ive. Seen a Single Person scream at Bitcoin Developers users or miners to quote do something. Thats because strong money focuses on being good money money that bends in the wind the 2 a crisis is a week money can you expand on that plays yes salute the unfortunately and we could have predicted this governments tend to overreact. To crisis this and theyre doing that in the way that they know best which is to print a bunch of money and thats a real mistake because it weakens the money and its never a good time for bad economics better ideas or even worse ideas in a crisis a crisis doesnt suddenly make economic swer it makes it worse all right now bruce lets change gears a little bit so im going back several weeks if not a month or more you kind of stepped out of your usual role to Start Talking to people using sulfur media about kobe it 19 and he started to warn people about it and he started to get people to prep for it and a lot of people are still on willing to prep even at this point and we see people on spring break congregating in masses of folks and you know gazing in very risky behavior your thoughts on what to do now to survive as covert 19 i turn to you because you were very early in warning people about it you came up with some great ideas where are we in that cycle yeah i was pretty early i watched this data and i saw that we may have a crisis unfolding it was february early early mid february i was talking about it by february 27th i by 20 the 25th we shifted our whole firm to focus on this we moved to cash but if every 27 they said you know this is a very big alarm and i kept saying that and ill unfortunately its not really here yet what some people listen to me and were thankful that they listen to me especially if they went out and predator moved to cash. But my morning hes. Just Getting Started the morning now hes about the government the governments overreaching printing to mind doing bad economic policies and eroding freedoms so we go to prep and i always think you should prep for the next emergency you know you should be prepping for new concern about being quarantined for a few weeks because that looks more like the norm rather than me emergency prepping you want to prep for the emergency i met you know quite a situation now you want to prepare for the for the worse in your business your personal life your family your medicine your your Financial Plan all of these things its just good Risk Management right now you mentioned there the idea that government is overreaching and ive seen this a lot on social media people particularly in the libertarian space talking about how governments are encouraging you know incursion into certain rights and freedoms that are protected and if we look at this coronavirus though in context of whats happening around the world it seems like countries that are more authoritarian or dictatorial or lets call it an autocracy like singapore or china have been able to get their hands around this cove in 1000. 00 virus and it seems to be entering into a phase of manageability here in the u. S. Where its wide open there seems to be no end in sight and the plan to get some control over it doesnt seem to be materializing in any meaningful way so my question is about this government overreach question is there a balance between the public good and what can be done by government or is is this a question of we just need to be more allows a fair and see what happens but it is such a complex thing that theres no simple answers and it is no so great solution its all just a matter of tradeoffs and degrees of trade offs based on estimates but i think that what we should embrace this way. That what were good at. Go to our strengths china strength is being able to lock things down very easily i still live in saudi arabia i know they have to go oh you know look things down quite easily they can mark the highways of luck travel very simply United States just isnt set up for that and thats one of our strengths so i think we should double down on our strengths which is innovation creativity these kind of things id like to see politicians tearing down laws right now this just isnt as a libertarian free market person this is as a as a humanitarian angle people right now who are able to work should have any law removed that enables them to work if they if they want to you know cook food in the park and handed out to people whatever anything that people can do to make money should be legal right now and as far as dealing with the medical aspects you know hopefully embracing our private industry you know dont trump ride brought some of our Companies Low greens and walmart and c. V. S. To the stage you know there is where we shine these are good executives good people know what theyre doing hopefully our strength will be in our private industry i think each country may solve this and it in a little bit different way with different trade off regarding effectiveness and freedom are priorities gotta be on fighting the virus but hopefully well be able to do that in a way that embraces what were best at what makes us a great country which is freedom entrepreneurship and these kind of things are right and in fact you are part of a project that is crowdsourcing 3 d. Printed ventilators a project that speaks to exactly what youre saying there innovation to fight the virus versus authoritarianism and well get to that more on that a 2nd but let me just talk at rollback for a hair what the government is seeming to do here in the u. S. Is are talking about a 1000. 00 per month as a basic income to all americans are talking about more balance for industry and theyre talking about banning short selling so theyre not pulling theyre not going to the innovate. Bag of tricks theyre going to do the heavy heavy dead hand of government bag of tricks bruce i would imagine this is doesnt truck well with your way of thinking sir yeah i agree absolutely i think that the bailouts are a bit idea i think theyre a better idea in a good economy theyre bad idea and a bad economy and to make it even worse when theyre talking about Elizabeth Warren today for example she said well if we give a bailout we should for big. Purchases and we have to have more representation that the workers we have to. All of those kind of things become a micromanaging nanny state so you have and usually the company is going to bail out of the Bad Companies who made bad decisions so you make a bet going on a decision of doing a bellow to a bad company because they made bad decisions and then you settle them up with more are. Decisions by politicians who dont know how to run companies its just a recipe to for disaster what we need to go back to was just basic good economics you know do good economic principles thats whats going to get out of this not not crazy bailouts for hedge funds and banks and failed businesses right its an interesting equation because you know we all know free markets and deregulation and yet you saw that the airlines have particular American Airlines they bought back Something Like 50000000000. 00 worth of their stock which could have been used that cascada been used to build some Innovative Products same thing for boeing that cash could have been used to stop their planes from falling out of the sky but instead they stole a while they did stock buybacks to reward the executives and so now thats been revealed to be a scam a very dangerous scam and in this crisis Howard Schultz over there at starbucks has Just Announced a massive stock repurchase plan so the fairly there is no crisis that a company like starbucks wont exploiting even though its creating misery across the land but i. I want to dwell on these malcontents and losers our economy lets talk about your 3 d. Printed ventilator project its being crowd source thats your idea of innovation can beat this thing tell us about it it started because i met a group of folks at a group called the new England Complex Systems Institute which is a group of scientists who study this early on and saw that this risk was coming in predicted that we might end up in the situation of lockdowns and so on and they created a volunteer Organization Called and coronavirus dot org and that now has over a 1000 volunteers many of them have only led by a lot of people out of harvard and mit a lot of very credential professors so i got into it i try to look for something that i might be able to help with and i came up with this idea that you know you know theres a lot of people talking about these ventilators i said well you know i do know open source i dont im not a doctor i dont know ventilators but i do know open source and i think i might be able to help foster a community and so so weve done that and we have quite a few volunteers all kinds of doctors and medical professionals and other experts who volunteer not just to do 3 d. Printing of parts but to try and make compliant i am ventilators modified ventilators ventilators from other equipment and then also working with existing and you factories who are already have the f. D. A. And other approvals to help them increase their capacity by doing creative kind of things helping with the engineer or the rate of the tory or whatever so hopefully were to get more Ventilator Capacity because we anticipate that that could be something that is needed based on what some some estimates that weve seen right incense or one of the cofounders of probably the premier bitcoin event of the of the year. It would be this a toshi round table and so you have contact with a lot of topic coiners in the world have you reached out to the Big Community with this project what kind of feedback are you getting is the Big Point Community rising to the occasion i really reached out but ive had a lot of people reach out to me which is great ive had a couple people talk to me and ask about it and. To contribute and i just say its just like any other open source project come on and really sleeves up and start doing things and im trying to i think its actually great that im not an expert on ventilators because i dont have a lot of now its grown so fast i dont have a lot of desire to control it i mean. Id much rather find more qualified people you know somebody who knows distribution or somebody who knows manufacturing or medicine or whatever so im trying to delegate and encourage people to take their toll leadership which coincidentally is a great recipe for a good open source project and so theres no profit motivation so everybody has incentive to just kind of say ok what can i do thats great where i can have the most value who else can help who can lead go and lead your teams that kind of thing so i think that thats well with the big question ecosystem you know people who are. Self sufficient people help others and only people who understand open source can just kind of run with something and go do their own thing theres people now doing all kinds of stuff that im not even aware of i havent really talked to them but theyre kind of sort of part of the the project that and i dont want to take too much you know credit for creating it just sort of people latching on to the same idea which is great thats what open source is all about thats a great thing for a town like this it has the ability to move fast and adjust and weve seen the power of open source through projects like banquet for sure all right bruce sandton thanks for being on the kaiser report thank you max well thats going to do it for this edition of the kaiser report with may max keiser and Stacy Herbert want to thank our guest bruce fenton if you want to catch us on twitter its kaiser report until next time. 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You can never forget what they are going now auschwitz was really like to be in hell because you would never believe it was a human can do to as a hobby of course for 30 years of both and be very bad it all seems so a lot of fire is i way to make it better but when i get out on the farm saw you dont want to take my son to hurt next the also he can listen in hopefully bless you are heard screams. As the democrats gear up to officially start their 2020 president ial primary it is fitting to assess Donald Trumps performance in office a report card of sorts where is he kept his promises and where has he come up short will any of this really matter and no better. At least as its deadliest single day during the pandemic 620 lives. Maybe Police Officers threaten to quit provide you with better equipment to protect them from the. Whole production of a pandemic is the Health Crisis more jobs at risk. Is a repeat of Insider Trading if they sold off their stocks right ahead