Takes it the way im austrian and im also austrian in the economic sense of terms and the Austrian School of economics defines inflation this this. 2 is an increase of the money supply if im pick money supply if you talk about Price Inflation len we again have to specify what the Price Inflation are we talking about are we talking about i guess a Price Inflation are we talking about consumer Price Inflation and so on well i mean this duty is inflation i agree to do that different issue and apparently we have seen price deflation which is usually what people refer to when they call the focus of the inflation or Consumer Price deflation we have seen apparently but if you ask me i really do not see it im sorry so it lists the east side of the atlantic with a few weeks perhaps who have a few prices went low a little bit but. If you go into the supermarket groceries in my view just going to one the rich and thats is up so inflation is already creeping up even in the end the Consumer Price level and i think theres really no other way out if you want to try to read it develop these that bucks then you just have to reflate reflate them that sooner or later this Price Inflation will get much more severe so the Goldman Sachs even just came out and this summer this in july and they mentioned that the u. S. Dollars role as a reserve currency could be you know adults and do you agree with us and what exactly happens when it ends as the u. S. Dollar reserve currency weve been writing about this topic for years now in gold we trust report i think this is a gradual pope process which has been ongoing this what we are calling the doris ational of the a lot of other people call it the dolorous ation and then this is a process and it could could have been gradually gradually and then suddenly basically but i dont think that that things will change so soon i mean we have this historic precedents of the of the british pound which was the reserve currency for for quite a while and and this status really also didnt didnt change overnight i mean the whole infrastructure is you to do International Trade with with dollars but still i mean the Central Banks over the around the world are increasing their gold supplies and stocks and thats happening for a reason so they are preparing for a change and it could have been more epithelium to accelerate also but i wouldnt i wouldnt go overboard with this topic for from now but thats a topic for this decade that i would say so yes mark souder dollar. Zation definitely a theme oh the next decade and the currency great around the world and central bankers around the world are all kind of scrambling to adjust to a new world order i guess you could say oh over there in russia the Russian Central Bank alvira not believe shes the head of the russian Central Banks he converted u. S. Dollar reserves into 25. 00 excuse me 520. 00 tons of gold in the last 3 years alone will history see her as the Charles De Gaulle of central bankers just as france managed to get. 300000000 worth of gold before the u. S. Shut the gold window in 1971 so too will russia be the last central bank to have stacked goal before it became unavailable at any price mark well i think thats a quite an interesting in the elegy you bring up. I dont think its quite comparable though because. You really have this cold war situation when when the gold was there so you had the west and within the west france which was challenging the u. S. A little bit. And right now you really have a different situation my view you have the u. S. As a skillful economic power and it has been a challenge but more than one state and also within within the perhaps western alliance this is happening if you look at the cold reception germany recreate recreate to their gold reserves. Some years ago but also china obviously is doing this in the in the large scale so so it is really looking as if we would be going into mum multipolar world but yes russia is obviously very elementary in this development and the russian policy on gold has been very consistent and they are stacking gold and probably know why that definitely have a strategy and theyre in my view theyre theyre doing a very smart move preparing for for the small to cola global order somebody did point out to us i believe it was josh crumb who used to be at Goldman Sachs as one and they are Commodities Task so he did mention that what russia you could clearly see was doing was looking at the Oil Gold Ratio the gold oil may shout and stockpiling gold when you know it only took 17 barrels of oil to buy. Actually one ounce of gold. But 700 barrels of oil and now its Something Like 40 or 50 so theyve stopped so you can see them playing that energy versus real money arbitrage trading some commodity for commodity money right thats also a group point i mean there are quite a few analysts who are watching this story or it ratio we also featured in all report well i think i think oh i still obviously undoubtedly is the number one commodity when it comes to consumption its the biggest commodity by far in terms of markets bail us and all that so its hugely important from a cheap political point a few so so this go Gold Oil Ratio is something i think which one should look at and i think josh could have a point there. As you correctly mentioned russia stop their purchases of called halston perhaps so that may really be the reason i agree with judge mark to cover the gold market extensively here report is widely read as kind of the Industry Standard i would say so you guys are here to the ground let me ask you what about peak gold aside there really that weve had a narrow a time now in gold mining where were kind of running out of all the now down to south africa theyve actually getting so far deep into the earths crust theyre hitting a lava right there its just like they cant going deeper it is can you give me an update on that well people are always comes up when the price goes up and i think its a new and interesting story and i mean yes obviously the splendid is finite so so there are a finite numbers of gold at times on this planet but but still. I really dont subscribe to to peak gold at the anytime soon because this is also i think proven by the constant stock to flow ratio which has been constant for so many many years so the amount of gold would just go out of the ground every year is very. Recons said and did say regret regardless of the Price Development so people really get more and more efficient in looking for gold and searching for gold but they also count over supply the market because because its just this magical thing a poke gold it has the most constant stock to flow ratio and the highest of the fleet through its low ratio in the material well at least. And thats why its such an interesting story about whether you and the 2nd half will talk about hype or big queen as a shannon the stock inflow ratio in an bitcoin and how between might position itself in a post dollar world but you know follow up on this last few minutes here in this 1st segment here i want to ask you about that asteroids everybody keeps on talking about the Asteroid Belt and how theres all this gold in there and you know every single multibillionaire in america what thats jeff bezos or eli musk is trying to get into outer space do you think that is actually ever a genuine risk that we could have this huge supply of a gold me about asteroid. I mean ever this is obviously a strong case of know about very far into the future but but for the time being i really think this is always a overblown this as being a potential risk for for the price of gold that we suddenly start to get gold from out of space. Do not subscribe to the theory this is actually really reminds me a little bit of the story that one actually can also extract some pots of gold from the senior from the oceans and this also comes up from time to time so it was already 100 years ago off the gemini of last will where one people said now we can we can perhaps find the gold in the oceans and 100 years later were still able to do this in a fusible manna so i think strip mining is is nothing which will come in the next. Well next time mark valley were going to take i start break and come back and talk to you some more mark malloch of incremental im. Going to zation all kinds of good stuff coming your way way. Is the u. S. Economy was booming meaning numbers of people. You can work 40 hours d in a week and still not have enough to get housing everybody believes america still is the lead up to the reality of it is that were not financially quantity and unlike a. Living wage many people naturally. Thats been a problem with the cd you know those turn limits on police to a way out a little bit. Its worth it if there is no its because you know its that requires resources. On the streets to become the invisible cliques. 54 jets and more than 1300 military personnel are headed to heal some air force base in alaska where is that to say come on ill show you whats the reason for any type of enhanced u. S. Military presence in this area russia. What is it suddenly about the South China Sea that makes it so that it 11000000000 barrels of oil. Take a look at this map who really owns what kind of says no it belongs to us india says no we claim that that belongs to us both of these countries have Nuclear Weapons capabilities there is reason for concern so thats why were going to drill down on the story for you today right here on the news with rick sanchez where you know as we always like to say we do believe by golly its time to do news again. How can you explain love ive been to 82 countries i did in 12 but i came here and on those 3 days i just filled with hope. And he kept pretty isnt the 6 show. I made my decision to come here because i felt and you i could build a new life suited to who should know think of prison. As a free man but i think god decided that this money is no good to be free. My one dream is that all my children d find the same kind of happiness i do. I love my home i love cold weather i like the culture i like the history i like everything about it. And i know that. I am joined russian fama. Welcome back to kaiser apart summer. And so back to stacy and our gas mark valley over there from incremental they put out an incredible report we should check it out if you can now mark you are a gold guy who also likes bitcoin and thats unusual because a lot of the gold folks dont like to climb but you do so 1st can you explain why you seem to go against some of the gold bugs and you like bad coin can you just describe europe your journey into becoming a big point fan yeah thats absolutely correct so as you mentioned weve been looking at gold very intensively for for many use. We are writing a report on gold and for this report we do extensive preparations Extensive Research we basically cover all the news which was happening during one year and and and therefore we are always looking at what is happening on the monetary in the Monetary System and we therefore also discovered bitcoin pretty early on we i think got it conceptually pretty early because we knew the stock to flow ratio i mean back then they actually nobody was talking about the stock to flow ratio we featured it you know report i think the 1st time in 2011 though so. So thats why we knew what bitcoin was trying to achieve and is probably going to achieve at the end of the day it is attempt of creating deflationary Monetary System in my view and thats something very interesting and also from the point of view of investments lets something very interesting if you find such thing and it actually. Manifests then and then its a huge. Hugely huge. Investment which which can make a lot of money and therefore weve been following youve been investing and weve been also not. Offering Investment Solutions for professional investors and thats a very interesting time for us as well therefore some mark to yeah youve been contrarian sense 2011 and you take a commonsense approach you look at in terms of stock to flow which is a great way to look at it and you have migrated easily from gold to bed point and theres another dimension to this which is that also fits sent to an Austrian School of economics once again the gold bugs that that are critical of big clane identify themselves as Austrian School economists and yet they dont identify bitcoin it seems like an oxymoron are some kind of separation there but you see the connection so what is the connection between and the austrians call well i think because its very austrian i mean even the supreme you wrote in a paper i think 2012 was that that bitcoin has its roots in the Austrian School of economics high you wrote the part in national 8 sation of currencies in the seventys i think that probably didnt spy or create the creators of quinn to to to start this whole thing. And also there were a way of wealth gold away a way off the stock to flow ratio of the code or code all this knowledge together and combine that with with a very interesting take you can all that and a great incentive structure but anyway i think its crucial to to think bitcoin as a complement to gold i really i really want to bring out the message its on the one hand it is a competitor but on the other hand its very complimentary and again from an investment point of view combining these 2 is so attractive one can really make very in. Misting risk adjusted returns with with a combination of both and i think also gold has a play a role to play if for for bitcoin us why i think the problem of can still is the volatility and the volatility could actually be dampened if one basically if many investors basically arbitrage to gold big question re sure so if the big question rises too fast they perhaps a little of the big question and go back into gold and vice versa so that could actually be something which also perhaps one day Even Central Bank a stupid at least investors could start doing that it makes a great investment and it also helps them the whole the till see saw i really would like to put out this kind of world do you. Like to hear what what you guys think about that for instance but i think thats pretty genius but i do want to talk further about volatility and lets go to the poor mans gold silver do you see self are falling call them decline higher in this post dollar world war and this whole process of the post dollar world starting to happen well super silver is a very interesting one. As kind of a gold bug i mean to say yes the silver is straight and its a great investment it is but i really to some extent see. Bitcoin as a little bit of a competitor to civil books i dont think that super will regain a real monetary role in a mall in in the world so so for for that point a few i think the upside is not so great for instance as in bitcoin still as you said so but is the poor mans gold and during potentially inflationary environment the upside still is very interesting but just the case for super as a monetary metal i think has weakened during the during the last. Kate since the rise of lets be quite frank great points there sort of medicate the risk or the volatility of bad coin you can do some arbitrage between bitcoin and gold and the stock to flow ratio for sober is probably not as attractive as it once was and maybe would be deescalating in terms of a monetary battle particularly with a competitor like big point now. Kind of nipping at its heels and. Kind of looking at these from the big picture mark you know weve been following gold youve been following gold for quite a number of years now weve seen 2 major legs of a bull market weve been waiting for the 3rd leg which is typically the most explosive leg up are we now entering the 3rd leg of this bull on the gold market well it certainly does look like it because i mean all fundamentals focal just look really brilliant i mean its got this huge debt load youve got this increasing the insane amount of money printing so and then you have a chart which technically really looks good i think i mean. We saw all time highs recently and now gold a speck in the media so i think you put it exactly right this part of the bull market is to keep the strongest and thats what we are expecting in this day kate so do you knowing what we trust report we talk a lot of up to the potential developments within this decade and the think this ticket will be very good well for for Gold Investors indeed the other big story of 2020 so far has been the rapid escalation in tension with china how much do you think that sort of tension is a result of like its hard to determine cause and effect which came 1st the tension or the dollar crisis like was that built into that relationship. It has a part in there i think so but i think thats mostly used as a new spike to perhaps talk about very Short Term Development Goals i really think the long term that the fundamental problem is that unsustainability of this Monetary System of this debt based Monetary System which needs to go. Deeper into debt and needs to print more money and so its built in to the system that it actually has. Limited lifespan and were ending the lifespan so thats i think that the core problem when were looking at some mark around last time we spoke with you know i believe some Major Economic monetary history has been made and i need to get your take on it and thats the creation of negative Interest Rates so a negative Interest Rates that i think believe it may have started in japan and europe people are saying it may end up in the United States with the World Reserve currency its never been done before in 5000 years time negative Interest Rates its an incredible phenomenon and you talk to different economists and the tie in differently what it means what what whats your take on negative Interest Rates mark you know thats something fascinating i mean its obviously contrary to to all human intuitive. Reason that because i mean negative Interest Rates just doesnt make sense on any level if you ask me ill ask in the konami economist and you get a very different audience of probably i think. If negative Interest Rates do come to the us then thats probably the final case of this too to the reservist status because i mean thats the perfect d incentive to to really grow up your reserves if you are a True International central bank and then its obviously full for gold and also bitcoin that will be the ranching of the. Bull market so if they want to do it yeah go for it but it wont solve the problems and it will make gold and be much more attractive and i think it will reduce the lifespan of this money system ok so youre an austrian economist in the last few moments of this Summer Solutions offer some solutions to the ordinary investor out there because austrian economics really deals with currency collapse what happens during that time so how can the ordinary person maybe they only have a 1000 euros to their name like how did they start or start to prepare for this yeah well thats a very good question the me nothing. Saving heart my money which is not inflatable on a regular basis can be actually achieved with also very small amounts of money i mean there for we mentioned super is perhaps one answer but also suppose shes another answer so you can really you can really stack these kind of things. You just need to make sure that you dont have too small denominations when it comes to gold and silver because the prices are really not good for small terminations there you have a vantage for bitcoin so if you stacking hard money i think thats thats a very good 1st starting point and you also work on your personal sovereignty so thats also a good thing in my view and ok thats the individual what about on the nation state level what comes afterwards how could big queen help resolve these global trade imbalances that are seemingly a consequence of the at current say. Theyre definitely are i agree. So yes we need a good unit of account which cannot be created by any individual party and then we will also have perhaps bell and trade and also balanced budgets which are i think both important components for sound economy for a peaceful economy at the end of the day yeah big question is perhaps the best attempt weve weve had to to to create a Monetary System which is out of scope of any single individual or any group who can actually increase the money supply and do this old trick of inflation. Im im hoping so i mean this this is a perhaps for humanity the chance to to to really take a leap forward and separate money from the state as we separate religion from the state i really think thats the mission we have to achieve to to get to that the next big step forward right mark resolutions for. Kaiser reports Summer Solutions thanks for being on mark. And thats going to do it for this edition of kaiser report Summer Solutions with max and stacy want to thank our guest mark baloch of incremental if you want to catch us on twitter its kaiser report and so next time. A short term ago an american. Hiroshima. Study not claiming any. Little. Chin its. Like most americans growing up after the war the bombs were a great thing they ended the war they say hundreds of thousands of lives on both sides and thats what my grandfather always said was his reason for the decision. Truman was hoping for a dual strategy one was to drop the bombs and hope that japan would surrender and number 2 the americans were trying to send a message to the soviet union there was american poor planning in october 145 chosen 20 targets in russia. So what weve got to do is identify the threats that we have its crazy confrontation let it be an arms race off and spearing Dramatic Development only personally im going to resist i dont see how that strategy will be successful very. Time to sit down and talk. Same wrong. Rules just dont hold. Me. To shape out of disdain to become educated and engage with equals betrayal. When so many find themselves worlds apart we choose to look for common ground. Fullest and illegal takeover of a government by a small group. Rather than revolutionaries or soldiers small group the call for racial when you have a tiny group of people who have all the power you have to have some means to make sure the rest of us dont get together and take it back. These are sacrificing. Places that capitalism exploited and destroyed for profit and left behind misery poverty environmental devastation and so you see things like Voter Suppression building more prisons you seem gerrymandering all sorts of undemocratic practices. In that world for well this world. Flushes erupt in central beirut tells public bills in the wake of choose the deadly explosion these are live pictures right now from the lebanese capital protesters are reportedly storming Government Military buildings as well over 100 people have been reported injured or rescue teams continue the search for survivors in the ruins of the beirut port area we hear from a nurse who saved newborns minutes. We need to intensive care units to cover the rubble as well and i started pulling new moons out of the units i was terrified because i thought the babies might be pushed into the ramble