A part of the western consumption culture card debt is by definition your identity your credit score is who you are and when you combine social media as are doing in china any time you step out of line if you spit on the subway your social media index is degraded and your cost of funds goes higher and you get deeper into the casino gulag remember entering into the era of the casino good leg where people are glued to their Virtual Reality goggles playing video games all day for credits on shopping and if they fall into line they get electric shock after shrink spring and it hurts really bad but it teaches dont try to escape the casino gleg so happening in china itll happen in america its already been around in the u. K. For one hundred years but nobodys really noticed because they want to Pay Attention to the u. K. Actually i did see over the break some journalist and a woman from america who was traveling by train from beijing to or Something Like that and. Mentioned that over the loudspeaker there were. And then mount st comes every half hour so that if you break any rules of traveling on the train that it will affect your credit score your social credit score thats exactly what im talking about social credit score tied into massive surveillance and billions of surveillance cameras are coming to work if you are a personality behavior and character so that you never stop sinking about clicking on ads so Mark Zuckerberg is the lets face it hes the antichrist so youre saying that ad blockers for example if you use an ad blocker so that you could freely browse the internet without having ads pop on you that lowers your credit score they say youre a bad bad consumer strengthening the case so much in West Hollywood they love that kind of thing so talking about debt lets look at the numbers that we have here bouncing back from these purchases wont come quickly only half of those surveyed expected to repay the debt within three months others twenty nine percent say they need more than five months to pay off their christmas debts often leading to interest on the Credit Card Debt and growing balances in fact ten percent of the people who took on holiday debt said they will only be able to make minimum payments on credit cards if the shopper spent one thousand and fifty four dollars and paid a minimum of twenty five dollars each month he or she would be paying down that balance until twenty twenty three so they theyve incurred temper some of these people will not be able to pay it off until twenty twenty three those who are paid up because itll be intergenerational it will be passed on to your heirs it will go on for perpetuity theyll be no end to it this thing that we will leave as a society is debt the egyptians are the Great Pyramids weve got the great credit cards you know unlike ancient civilizations of the past with their great monuments and temples i think well have our landfills and credit cars you know especially leaving behind. And so in l. A. And civilization show up and whatever they do show up finally when its safe to come to this toxic orb theyll say oh my god its safe to go there because all the people around up all the dead are now gone so its a good thing of course to see that in twenty eighteen max is not stopped with his. Doom and gloom about the toxic nature very thing just so you people are worried but of course speaking of this average debt of one thousand and fifty four dollars a lot of people by the way in the new year at American Airlines at Southwest Airlines and various companies im out around america announce that theyre giving a thousand dollar bonus to every single employee clean part time employees because of the tax cuts so under the rockefeller gave kids dont name on the street while he was plundering the economy and then you know rapaciously destroying any underpinnings of a sound economy here kid have a dime this cash this nickel between your teeth be my friend you know so what they give a thousand dollars is going to go immediately down to pay off their visa or master card theyre not going to have it lets say by big coin there do going back to this chart that highlighted that debt has exploded since one thousand seventy one when nixon took america off the Gold Standard and the us took the entire world off the Gold Standard by the way i did buy some gold over christmas so im going long gold again just so you know i think its you know i guess full disclosure regarding this headline so hes explained the credit bend and he says the availability of credit exploded after nixon closed the gold window on august fifteenth one nine hundred seventy one at that point nations no longer had to spend their gold or hike Interest Rates to stop the flow of gold and trade deficit balances and this is a remarkable chart that he provides eric because i havent seen it put like this but this is the balance of trade this is one nine hundred seventy one for america their balance of trade with the rest of the world had to stay even because otherwise youre sending your gold over there member that we had to send navy ships full of gold to france when Charles De Gaulle asked for back here you see the balance of trade since then its just gone this is us getting free goods from the rest of the world we just have to pay dollars is as worse than any of the worst of the all the coins. I would say use the word that is often used boxes about what they call oil coins but its on mentionable on air thats correct is it appropriate for a family show like this one to call the dollar by its rightful name the kiss off ha. Which is a little known dialect on a faraway planet which means. Actually you know to stop or sing it comes from the latin prefix of. Which we Carry Forward to this day and we so you know weve been talking about this this is something that weve been highlighting on report since two thousand and nine is the absence of a Gold Standard has allowed for the explosion of debt whether or not that makes people more free i dont think so i think having all this debt probably makes you less free i think this is why you see the millennium as the Younger Generation people pouring into things like the queen and all these other all kinds of crypto currencies this is a direct result of what weve highlighted in previous episodes where this debt system is the real ponzi scheme a socialist thing that the likes of jamie diamond say bitcoins a ponzi scheme well this this is the biggest perpetrator of this but this ponzi scheme that is called the Consumer Credit outstanding economy just years dollar is is extremely dangerous to the World Economy as well as the world ecology because it is not only the consumption inappropriate outside of a Gold Standard but all that consumption leads to equal hola cost which were suffering now with the polar vortex and the fact that moscow is now like florida florida is now like siberia thats all because of the Gold Standard been abandoned thats why russia is buying gold thats why china is buying gold because i want to bring back discipline to man of course bitcoin solves all these issues but as i said ive been buying gold recently because i think the what turned me on to it again was the fact that it became so so so hated we covered the story where hedge funds were dumping capitulating on gold dumping all their gold shorting gold and going ending all their long positions and i thought you know they were all pouring into big corps and i thought well mouse probably egg. Time to go long old again because this is really those blood on the street moments where its so hated and reviled not even just like in a passionate way just like its so boring and listening to kaiser a poor max said gold is so boring so many times i decided to go to your country and yeah i listen to you and i go visit what you had said but. Im with you on that i think the gold twenty is going to be good year for gold and silver because its been basically sold off to the point where theres no more sellers so once you run out of sellers any marginal buyer starts the price action in the opposite direction and then that feeds on itself and you have a new resumption of a bull market trend thats the way markets going to work its been that way since adam first sold that apple to eat i know in the second half youre talk to richard hard again and im going to get my. Endure this weather here and go along the show because states and for the second half of part two richard hart say there. Heres what people have been saying about rejected in the us is it actually does pull on. The only show i go out of my way to you know what it is that really packs a punch. Yeah it is the john oliver of mark to your marriage is the same. Apparently better than blues. And see people youve never heard of redacted tonight the president of the world bank very. Seriously he sent us an email. Los angeles the city of luxury and three. Alarming number of People Living in the streets. A simple fact in no way hes just not in a shelter even if people on the streets right now decided to come in theres nowhere to come in its been. This mans bone. His own response to the problem and constructed dozens of tiny homes for people in need of shelter when you have nothing in order to go. You know having Something Like this may as well be a castle but do the authorities accept such solution time you house on a city parking space is not a solution your curve to someone wanted touring the site otherwise it will be a free for all and is there a better alternative to end the homelessness crisis. In the heart of the swiss alps this is a place probably more secretive than the pentagon more mysterious than the cia and better guarded than for knox swiss customs are here permanently all the science is controlled by them and they impose the Opening Times so if you go up with it it is from stop us the procedures in place of the strictest in all europe must to pieces by artists like pecan so and modigliani a camped boards unsold inside this warehouse thats where the report comes in it covers up deals which are naturally discreet commercially discreet strict but also discreet because they concern fraud of some of those paintings are linked to dark secrets nobody knows how many of these secrets a kept inside the Geneva Freeport says reflection that youll never obtain an inventory of all the works in the freeport who knows how many there are three hundred three thousand three hundred thousand is it a matter of confidentiality only is it the worlds black box of the art business. I played for many clubs over the years so i know the game inside out. The ball isnt only about what happens on the pitch put the final school its about the passion from the fans its the age of the superman each kill the narrowness and spending two hundred twenty million on one player. So its an experience like nothing else i want to because i want to share what i think of what i know about the beautiful game but great so one more chimes for. The base this minute. Welcome back to the cars report im nice guys are time now to continue our conversation with richard hart big oil at this yeah asked oh gee original gangster id say who knows what hes talking about when it comes to technology Derivatives Trading bit coy crypto hes got an outstanding you tube channel that i watch along with the world trip down network also on you tube which is an outstanding channel to cover whats happening in the big call in space richard welcome back thanks for having me first of all a quick kind of housekeeping thing because a lot of people watching this might be new to the crypt of new typical and whats the best way to secure your private key is richard hart tell the people tell the audience out there whats the best way if if you want to be in the cryptocurrency space and have control over your money if you dont have the private keys its not your money so if you have money in an exchange in your name you dont have the coin you have ious you have little tokens that maybe they exchange honors maybe they dont they get hacked maybe they lose your money so you really need to have your own private keys now it can i got in this game you generated private key thered be no easy way to remember what it was because of the long Computer Generated numbers and letters then someone came along invented this cool thing called h. D. Wallets i mean its hierarchical deterministic and it just means that you remember the series of words and as long as you have those words you can generate infinite new and private addresses from them and so this you know lets call it twenty four words seed. You can choose the one for the pentagon software use. It is all you need to access all your funds for ever so this is the seed phrase this long series of words as long as you write it down stored a couple different places you always have access to your funds forever and very important that you are the only person that has access to the seed words because someone else gets access to them they can steal your money lets talk a little philosophical here you know you are talking about of course bitcoin youve got the key importantly as one of the chief features of bitcoin is that its completely outside of all governments all corporations it exists in a parallel financial universe you could say and this is one of the greatest things about bitcoin is that you are now individually sovereign as our friend Jamison Loblaws likes to say so you had mentioned in a previous show that libertarians in this space they love it but they forget that there is a case look theres a history of cases and legal precedent of why certain laws came into effect so my question is kind of philosophically here on one hand the bit coy essentially makes governments obsolete in many ways they make Central Banks obsolete you can transfer value back and forth and you dont need intermediaries you dont need the whole system on the other hand you have some what i would call an arc a capitalist in some cases are libertarians who believe that this should be taken to the nth degree and we simply have no governance whatsoever no governments at all where do you come in on that debate richard its too easy to forget the harm that is laid upon people that may not be as smart as you. So you may be able to tell the difference between a real big corn and fake corn but most peoples grandparents cannot and it could cost them their life savings i think that most anarchic capitalists and libertarians support laws against deceptive and fraudulent advertising i dont think any market or any capitalist Society Works better with a bunch of fraudsters lying cheating stealing colluding price fixing. Rent seeking and creating monopolies i think those are the enemy of all well functioning societies and an ounce of prevention is worth a pound of cure so the easy way to prevent terrible horrible things from happening in large numbers to stupid people is to have laws which regulate and set a referee to allow fair free market you know people forget what the word free in free market means it means regulated it means theres rules that must be abided by it means there is a referee to keep things fair you know if you played a sports game and there was no referees everyone would get their eyes poked out everyone would get their fingers bitten off and then some smart person would come along and go you know what we ought to have a referee for this it would make everything work better the Financial Markets are the same way so light hands off as laissez faire as can be but with a strict Playing Field so that people can compete on the merits of their offerings and not collude cheat lie sabotage and make the world a worse place you know you if match and that you dont invest in the socalled all toys they hundreds and thousands of competing crypto coins out there and a couple of questions one is. Are you a big point maximalist and explain what that means and second of all to follow up on your previous answer there what about this concept of a distributed Autonomous Organization because some of these crypto is are all going to do go down that path and it seems to address some of the issues youre bringing up there. Richard there are things that other tokens can do because you cannot and it is likely that there always will be so if youre interested in strong anonymity your options are either tumbling in coin mixing your because in which youve got to be pretty smart to make sure it worked you got to make sure the coins you sent you got back different ones they could just send you back the same coins and then youve tainted yourself right but other projects are better at that for instance marrow its better at that and theres other projects which focus on anybody or better if you want to really cheap transactions at lower security tons of all coins can do that they cant because Lightning Network isnt fully rolled out yet you know there is a place for because. As a settlement layer for tier two things as the most secure network but theres also a place for you know other use cases like anonymity like super fast transactions like super cheap transactions until tear to him because he rolls out you know once we could drive chains inside chains all those experiments can be run next to big going but with the same Liquidity Pool it will be amazing. But theyre not here yet and so you know mid term short term you know theres a case to be said like for instance like when moneys coming in the coin base theres only four things you can buy in there and people have a unit bias towards the cheaper ones because they want to whole coin not point zero zero one of a coin. So you could make a case to be along those things in the short and medium terms until milli bits gets there you know. You know and also if youre a big point holder you cant be a big list anymore because they keep handing you free air drops in three four points so even if your big maximalist youre still getting handed free money