A president resignation he said over a 1000000 protesters demand chill a president resignation hes a billionaire hes a pose austerity and people have had enough until a billionaire hes posed austerity and people have had enough. And weve had protests in lebanon weve had protests in haiti weve had protests in chile weve had protests in lebanon weve had protests in haiti weve had protests in egypt and spain so a lot of them are about this global interest in egypt and spain so a lot of them are about this global insurrection and get all the reaction rationally divs banker occupation thats what we call an action and get all the reaction rationally divs banker occupation thats what we call it we said and you know they got over there its so what i call came up with a new metaphor. And you know they got over there its so what i call it came up with a new metaphor. Its the stone blower you know that with a stone blower in a push it down the side its the stone blower you know that with a stone blower in a push it down the sidewalk or the road there and it blows all the snow off to the side and walk or the road there and it blows all the snow off to the side. A sickly and it leaves a flat non snowed surface a sickly and it leaves a flat non snowed surface so these Central Bank Policies they blow all the money into the pockets so these Central Bank Policies they blow all the money into the pockets of the top 110th of one percent and they leave everybody else the top 110th of one percent and they leave everybody else without anything right and they do this with. Without anything right and they do this with Financial Engineering and policy initiatives so its not an accident its a Financial Engineering and policy initiatives so its not an accident these huge walls of income gaps dont happen because of some of these huge walls of income gaps dont happen because of some. Accident by design and you know weve shown on this show. Accident by design and you know we have shown on this show for 10 years like ok we said jamie dimon was engaged in racketeering to for 10 years like ok we said jamie diamond was engaged in racketeering to to fix prices in the gold market to manipulate prices and to in great to fix prices in the gold market to manipulate prices and to ingratiate into you know in a lot of people in to you know in a lot of people and then its finally the hes now being investigated and prosecuted and then its finally the hes now being investigated and prosecuted under racketeering right those are individual crimes and those are with under racketeering right those are individual crimes and those are with bad intent the Central Banks and the treasuries and the fact that the treasury bad intent this Central Banks and the treasuries and the fact that the treasuries and the governments have abdicated their role in the economy to the Central Banks with a breeze and the governments have abdicated their role in the economy to the Central Banks who they believe are experts living in ivory towers those people might think theyre well intentioned leave our experts living in ivory towers those people might think theyre well intentioned but what they have created is a globally precarious situation i the band. What they have created is a globally precarious situation i the vast majority of people are precarious and they actually have to work for a focus so vast majority of people are precarious and they actually have to work for a focus so over there at the bank of england on the market it was shown that he as an individual was ingore the bank of england on the market it was shown that he as an individual was engaged in libel or rigging yes and as an individual he runs the central behaved in libel rigging yes and as an individual he iran is the central bank so thats a few main Central Banks run by individuals and theyre committing thanks so theres a few main Central Banks run by individuals and theyre committing fraud crime starts at the top as would say and trickles down thats the trick raud crime starts at the top as would say and trickles down thats the trickle that the system itself is rigged and therefore anybody who has a will that the system itself is rigged and therefore anybody who has a job within that system or functions in that system will become corrupted by the job within that system or functions in that system will become corrupted by that fundamental layer that is the corrupt Monetary System and here for that fundamental layer that is the corrupt Monetary System and here for example in chile why people are protesting here why i believe they are genuine pro to example in chile and why people are protesting here why i believe they are genuine protests and sure outside actors may intervene at some point or perhaps they are in west and sure outside actors may intervene at some point or perhaps they are whatever but one and a half 1000000 people showed up in the streets Branko Milanovic who is one of the ever but one and a half 1000000 people showed up in the streets Branko Milanovic who is one of the experts if not the foremost expert in the world on inequality and he had. The experts if not the foremost expert in the world on inequality and he has studied this for the past few decades he tweeted in the new 20132014 god has studied this for the past few decades he tweeted in the new 20132014 Global Income distribution data just completed the bottom 5 percent in chile our mobile Income Distribution data just completed the bottom 5 percent in chile or at the same income level as the bottom 5 percent among bollea and moldova so at the same income level as the bottom 5 percent among bollea and moldova so we all recognize that moldova and mongolia are developing all recognize that moldova and mongolia are developing nations their poor nations and the bottom 5 percent in chile are equal to the nations theyre poor nations and the bottom 5 percent in chile are equal to those meanwhile the top 2 percent in chile and this is probably under those meanwhile the top 2 percent in chile and this is probably under estimated he says have the same income as the top 2 percent in germany estimated he says have the same income as the top 2 percent in germany germany is an industrial powerhouse with a massive export market huge well germany is an industrial powerhouse with a massive export market huge Wealth Creation and the top 2 percent in chile are equal to the top creation and the top 2 percent in chile are equal to the top 2 percent and germany but what youve seen those t. Shirts are bumper stickers or whatever the say 2 percent and germany but what youve seen those t. Shirts are bumper stickers or whatever the say the beatings will continue until morale improves right as ironic right because the beatings will continue until morale improves right as ironic right because morale is not going to improve if you keep beating on people and if here the until a the poor. Its not going to improve if you keep beating on people now here they can chill a policy is to bankrupt the country to eviscerate the middle class and 2 were policy is to bankrupt the country to eviscerate the middle class and to reward the kleptocracy thats the policy and those of the when when we ward the kleptocracy thats the policy and those of the when when this kleptocracy notices that theres a 1000000 people on the street that have been this kleptocracy notices that theres a 1000000 people on the street that have been impoverished to their policies their response is to double down right and impoverish do their policies their response is to double down right as well as like that in one country they use this phrase price tag as well as like that in 1. 00 country they use this phrase price tag if you point out how they are engaged in massive corruption they double down if you point out how they are engaged in massive corruption they double down so here in chile a and in other countries if you point out to them hey youre engaged in mass so here in chile a and in other countries if you point out to them hey youre engaged in massive corruption they double down and they just make even more impoverished and theres no of corruption they double down and they just make even more impoverished and theres no pushback theres no law against it in that the United States theyve got rid of all the regulations rights and pushed back theres no law against it in the United States theyve got rid of all the regulations right so theres no way to stop it and in the bank of england and england of course its its its sort of the purest of theres no way to stop it and in the bank of england and england of course its its its sort of the purest case of a kleptocracy and so it now thats been spread to the core business of a kleptocracy and so its now thats been spread to the core Business Model of also entrepreneurs there are conspiracies going on all over the place and as we pointed out this. A lot of also untrue bugs there are conspiracies going on all over the place and as we pointed out the conspiracies to rig Precious Metals markets weve presented it here in cries report back into the conspiracies to rig Precious Metals markets weve presented it here in cries report back in 2011 people said it was a Conspiracy Theory and indeed it was a theory of our is that it was big money 11 people said it was a Conspiracy Theory and indeed it was a theory of our is that it was being rigged and there was racketeering going on it is now a conspiracy indeed in fact been rigged and there was racketeering going on it is now a conspiracy indeed in fact as the department of justice is charging them there is a conspiracy going as the department of justice is charging them there is a conspiracy going on in the repo markets we know for a fact that Central Banks well the non in the repo markets we know for a fact that Central Banks well the new york fed in particular is conspiring to rig something we dont know what is going york fed in particular is conspiring to rig something we dont know what is going on because it is a black hole we dont and a black box we dont know which bang going on because it is a black hole we dont and a black box we dont know which bank or which shadow banking member who is in trouble and we have this headline which shadow banking member who is in trouble and we have this headline tweet here and in fact from fred hickey and he says this massive daily fed in a tweet here and in fact from fred hickey and he says this massive daily fed intervention business appears to be getting worse and worse what is the fed high intervention business appears to be getting worse and worse what is the fed hiding the longer this goes on in the bigger interventions get the more my confidence is shooting the longer this goes on and the bigger the interventions get the more my confidence is shaken i expect thats true for other investors too and he was responding to a tweet from brake. And i expect thats true for other investors too and he was responding to a tweet from brad houston about the fed temporary repose on september 17th at houston about the fed temporary repos on september 17th they said were doing repose today and tomorrow on september 19th they said were extending repose and told you they said were doing repose today and tomorrow on september 19th they said were extending repose until october 10th 75000000000 overnight 30000000000 term and then on october for october 10th 75000000000 overnight 30000000000 term and then on october 4th were extending repos into levon 141011 or extend reposed until january 2024th were extending repos into levon 141011 or extend reposed until january 20201023 were expanding overnight repo offering to 120000000000 a 45000000000 term there are 1023 work spending overnight repo offering to 120000000000 a 45000000000 term theres a run on the president for on. The. Oil which just short of. A and there it is then there is not sufficient quantities not sufficient quantities to tips to keep the cinema system afloat but and some and some major bank could be j. P. Morgan thats my guess is into an ounce a major bank could be j. P. Morgan thats my guess is to announce bankruptcy or insolvency or Deutsche Bank and this is bankruptcy or insolvency or Deutsche Bank. And this is of course a look at the numbers number and thats and sounds Outstanding Team to 2125 we want something that was so nice to be in such a collapse and make this money in fact in fact the fact were going to go theyre going to integrate into here and talk to hear exactly as you about that talks exactly about that the day those that date that thats at the base money so the money supply is. Declined i not being at the same rate of 102220 rate and i finally told one credit one in the. Crowd it in the coming collapse says 2616 the in the u. S. Monetary base so says the cop to buy a back about 2023 point 668 percent this is the deepest and longest the klein since the Federal Reserve was formed 8 percent this is the deepest and longest the klein since the Federal Reserve was formed on december 23rd 1913 this should not be ignored the last time there was a december 23rd 1913 that should not be ignored the last time there was a decline close to this magnitude there was a sharp deflationary recession a decline close to this magnitude there was a sharp deflationary recession that was the one that occurred from 1920 to 21 heres today you can see the dick that was the one that occurred from 1920 to 21 heres today you could see the decline in the Monetary Base and back there in 1921 and just klein in the Monetary Base and back there in 1921 and just for you know definition purposes that were on the same page he just for you know definition purposes that were on the same page he just finds the Monetary Base as the Foundation Part of the money supply of the Monetary Base is the Foundation Part of the. Money supply and represents the most liquid part of that it basically acts like gold and represents the most liquid part of it it basically acts like gold and a 100 percent funded Gold Standard it represents a in a 100 percent funded Gold Standard it represents the final settlement of a transaction right thats the key is the settled final settlement of a transaction right thats the key is the settlement layer as its called with the most liquid highest grade paper government paper layer as its called with the most liquid highest grade paper government paper if these banks like j. P. Morgan or Deutsche Bank are unable to settle trade if these banks like j. P. Morgan or Deutsche Bank are unable to settle trades because they dont have the cash to settle the trade then when the end of the coins because they dont have the cash to settle the trade then when the end of the quarter comes theyre going to have to by law if they if there is the rule of law anymore and thats an open quarter comes theyre going to have to by law if they if there is the rule of law anymore and thats an open question announce that they are insolvent and therefore theyre going to set off a cascade often announce that they are insolvent and therefore theyre going to set off a cascade and a contagion. Will be a continuation of the 2008 christ and a contagion. Will be a continuation of the 2008 crisis but much much worse because in the 2008 crisis the response by Central Banks was but much much worse because in the 2008 crisis the response by Central Banks was to inject 16 or 17 trillion of money into the system was to inject 16 or 17 trillion of money into the system and the hope was that this would create growth g. D. P. Growth and taxable revenue and the hope was that this would create growth g. D. P. Grew. Both in taxable revenue to pay down some debt but instead the banks simply took that money in order to pay down some debt but instead the banks simply took that money and hoarded it on their own Balance Sheets and they in turn did not lend it out and footed it on their own Balance Sheets and they in turn did not lend it out into the economy they did not create any meaningful g. D. P. Growth and in fact over the economy they did not create any meaningful g. D. P. Growth and in fact over leverage the economy 10 times greater than it had been in 2008 for leverage the economy 10 times greater than it had been in 2008 so now the debt bomb is exploding and so now the debt bomb is exploding and the fed is desperately trying to cover it in the repos market and the fed is desperately trying to cover it in the repos market which is like trying to put that fire in california with a squirt gun so the final settlement which is like trying to put that fire in california with a squirt gun so the final settlement of a transaction that that cash meant of a transaction thats thats cash thats gold thats big queen theres no counterparty risk these thats gold thats big queen theres no counterparty risk these people in the Financial Markets do not want to swap that for any people in the Financial Markets do not want to swap that for any instrument with a Counter Party were seeing a huge run on the count instrument with a Counter Party were seeing huge run on the counterparty mark