Reliance was a foolish consistency is the hobgoblin of little minds adored by little statesman f. Loss of furs and divines i would say the philosophers are modern day think tanks and the divines are celebrity cable news hosts and they have these little minds that focus just on certain numbers the stock price number efficiency globalization making sure everythings just in time and this is what theyve been seeking and the think tanks and the cable news has been telling us this is the best thing for basically everything for the American Economy and what we found out so far during this crisis caused by the pandemic is that we have 0 Self Reliance as a nation where basically sitting here waiting for some miracle some you know there is a lot of praying going on in the white house and the Vice President s office but theyre waiting for somewhat some sort of personal Protection Equipment respirators ventilators all these things to just magically appear out of thin air when we cant make them ourselves were off Waldo Emerson consistency is the hobgoblin of little minds you know it it speaks to the side dhea that specialisation and hyper specialization which is something that is at the root of our goal lobel ization that the root of our reliance on mandarin is working at an elected think tanks and global institutions really get us away from what we know to be true inside of ourselves our subjective intuition we know whats right instinctively but experts and specialisation and hyper specialization of all knowledge and information has created a class of super technocrats who look at the data and say you know what you think what you instinctively know. To be true is wrong because the data says Something Else and in the last 10 or 15 years weve moved the era of big data where so much of our reality of our environment of our society is governed by experts interpreting data and now thanks to coronavirus this is all being stripped away its all nonsense the coronavirus is now bringing back to america some intuitive sense of Self Reliance its going to be a difficult adjustment dont dont get me wrong theres going to be a huge a just print but it is ultimately a hyper amerikana shows like ours and many other people mostly on blogs and in alternative things hanks theyre called heterodox thinkers and many of them by the way have been marginalized over the past 3 years since trump was elected because of the whole conspiracy minded ness of the divine class the celebrity thinking class on television the philosophers in our think tanks and theyve conspired to basically say you know try to maintain their domain jevon by data and driven by efficiency and driven by this consistency of globalization they expected to all say the same and people have been saying not just you and us but all the other people put on these lists of russia gators that are supposed to be marginalized as weve been saying that this globalization how its been managed especially in the past 1020 years is it well since china became part of the debbie cio is that weve shipped everything overseas without any sort of thought of the selfreliance of the nation thats left us vulnerable left thousands and thousands tens of thousands of americans dying every year from overdose and deaths and despair thats exactly a result of the situation we have the absence of selfreliance but i want to look at this headline from American Mind org and they say make america tarc again this is by william up to him and he says domestic supply chains not global ones will save us. Autarky basically returning an 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 and one of the countries that was really the premier autarky in the world before the 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 local if you go to a restaurant france you flip over the cutlery in a says made in france right now its a very much the Health System is very. Kind of supportive of autarky and now. Americas term really to return to its roots of transcendental ism theres a philosophy called american transcendental as a rave emerson writ for rowe read on walden pond read American Literature and refill your eyes or saw for the what makes 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 otaki right there with new york states clean this Hand Sanitizer 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 drug. They are 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 u. S. 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 its 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 and pharmaceutical drugs at the moment and personal Protection Equipment well lets talk about the big lie and using data to push the lie 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 crippling 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 were 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 need cheaper money to speculate more blow up the economy dont you get it youre 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 middle man 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 selfreliant 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 and 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 again 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 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 shortages caused by and how do we fix it well the 22. 00 trillion or so American Economy g. D. P. To be reflective of our actual economic numbers 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. 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. You are no fan speed you no longer a young woman in fact you are one of the last living survivors of the nazi. Im aware of it. All your life. You can never forget. Now i wish i was really like to be inhaled she would never believe that one. Can do too as a copy of a course for 3 years and over to the curb it. Seems a lot of you. When i get out on the farm saw you take my song to the next place and hope for the bless her. Welcome back to the kaiser report imax kaiser time out of turkey bruce fan hes an early bitcoin adopter very well known on the back like a very brisk 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 couldve 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 bad economics work 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 cove 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 turned 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 yet i was pretty early i watched this data and i saw that we may have a crisis unfolding it was february or 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 if 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 its 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 is 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 so you maybe i know they have to go oh you know look things down quite easily they can mark the highways of luck travel very simply the 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 and 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 they embrace in 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 offs regarding effectiveness and freedom our priorities gotta be on 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