The w. H. O. Tells all t. V. The fog the spikes are inevitable. Well. Thats all from me for today kevin i would well be here at the top of the hour with the very latest in Global Politics so join him on next turn on t. V. The kaiser report enjoy. Hi there this is the kaiser report im max kaiser lots going on social media investing types stacey oh yeah of course. Thats a fortnight king of the day traders on social media and he is asking hey even mosque do something of course this harkens back to the 2008 financial crisis 20082009 when jim cramer on the media of that day which was the Financial News cable news freight that was the big place he went for Financial News and he was demanding that the fed do something to bail out because all his friends have bear stearns were losing all their money losing all their wealth losing their jobs they have to do something this is no time to be an academic get a bell out well here day fortnight went long very very long on tesla down 30 percent and just a week right well you know weve been talking about tesla for you know a number wix a few months because it is a phenomenon and the point ive been making from day one is that its a me its a mean that has a market valuation at one point over 400000000000. 00 and it taps into people who trade means and these are generations e. A. A. And the millennial is on the robin of apps and other platforms and means have no fundamental value theres Nothing Better to just its a murmur ation like starlings in the sky they congregate and then they disperse and people congregate around this murmur ation of a stock called tesla and now theyre dispersing and theres no fundamental value to be that would suggest its worth more than you know 80. Percent below its current price or market cap and to show you how easy it is to create a new meaning to take the place of the tesla me nickel nicola. They just did a deal ford and their stock went up by 50 percent based on their mean of electric cars so. You know i mean i dont know what to tell you other than this was predictable if all value derives from human consciousness and human consciousness is now so you know attention Deficit Disorder sort of Television ShortAttention Span jumping from idea to idea multitasking and multiprocessor is hundreds of browsers open yes im talking about myself and you know your Attention Span only has a few moment your consciousness of any single me more idea is very limited for a few moments sometimes 3 seconds so this is subject to that so day fortnight i was huge on social media for a few weeks and now hes gone hes over a peak the mean as. Well hero he was like the day of kramer for the jimmy market at the jim cramer you know those green are and you know i mean i mean this is jim cramer had a plastic camera as well during his in told us you know. Jon stewart who was big on cable to see was a comedian who was on t. V. For a while he ripped james cramer apart in an interview and exposed him as a because he admits he likes to manipulate prices james cramer and he has a tape of him saying this and jon stewart replated for him and he felt quite embarrassed but so this is just a repeat of that scene and so who will be the new day for going to somebody is in the wings will be the new dave portnoy i might add in response to his 3 f on this one tesla announces 5000000000. 00 at the market stock sale. So certainly iran last did a good job as the c. E. O. Dumping on chumps on robin hood out following day fortnight i think so they dont right there and the stock collapse plus the market composition i believe triggered a vesting schedule for him thats worth hundreds of billions of dollars alternately. Perhaps so hes and the lot of innuendo and allegations of manipulation in the Options Market in terms of the stock price so you know youre dealing with some pretty sophisticated folks out there particularly the options traders the now theyve lost billions of dollars theyre trying to discourage people from to say you did it in a way yeah we cover the Options Market the last episode and they apparently did have some play in the whole tesla thing and it could have been solved bank you could have been all these robin hood traders because Retail Investors were the largest options traders in the world but you know back in the real economy one of the smart guys in the room always has allegedly been dr copper so you know were going to look at this weird copper story out of china and theres a few explanations for it possibly wow check out chinas copper binge over 2000000 tons imported machine june to august never seen the scale of by before and you can see its way off the chart this is going back well past 2001 and this chart and there copper consumption has been climbing relentlessly over the past 20 years there was a huge gap in january and february during the Coronavirus Crisis where theres no imports at all of copper so it could just be making up for that mark malloch over there an incremental he he says that this is basically them shorting the dollar it could be them getting ready for inflation and many of the comments were of course a suggesting that this could be them preparing for war as well but copper is a strategic battle and all those 3 things could be in play. And so to ignore this would be at your peril because this is an important. Feature and they say that the underlying implications for inflation we see that across the board for assets are moving in price of what the exception of oil but that is very political politicized the potential for set up for a conflict is real because you know nobody outlawed conflict and thats been going on for millions of years the men tend to get into conflicts and periods of peace are somewhat rare and the i. D. F. Shorting the dollar by hoarding copper is also very real because the copper or the dollar theres where period of dollars ations so if thats the case then youve got to load up on some of these things now and so that should be a very important warning signal terms of the arguments for inflation of course the supply chain those weve known for the past few months 67 months of this pandemic have been knocked offline so that is causing inflation in china and food prices and you know that thats one of the most important inflations to look at this is a headline in july chinese food prices rose by 13 percent year over year amidst trade wars with the u. S. Strongly and swine flu beijing is worried about Food Security she orders food saving drive School Principal shame pupils by demonstrative li consuming food leftovers and this is a chinese teachers finished leftovers to heed shes a food waste call it kind of feels like it should be a good analogy for whats going on in the stock market some dave portnoy and his followers and the pleading for them to like somebody has to eat these losses right this is the fed policy jim cramer you know one day a day fortnight i will go to jim cramer and not not to jim cramer but to jay powell plead with a palace eat his unused lunch on eating lunch right now he still. In the old school of like capitalism you appeal to the c. E. O. s like do something make your stock price go up he realized that so i must is not where the power lies as with the the fed and youve got to have the fed start eating your own in bags of stocks right so youve got it get see that woman eating that food the principle we have to get a pal to eat Dave Courtneys bag of tesla shares yeah exactly different i thought on that learning curve you know he hasnt reached the the head of the state get in terms of the fed he will figure that out but you never are even a year ago to enormous problems in the world war over tourism in all major cities and raging obesity everywhere in the world so what Mother Nature do she gave us this cold and virus and theres not a tourism problem anymore in these major cities as a matter of fact americas those in 3000000000. 00 a week in lost tourist dollars and the looks like based on this photo the obesity problem is going to be addressed as well yeah ok but theres a supply issue thats going to continue into this the 2nd you know weve if theres a 2nd wave of this pandemic we have new fiscal policies coming out new fiscal stimulus so who knows how many more chileans are going to be added to our budget deficit which is going to cause more inflation we know that the likes of day fortnight are going to send his army of robin hood apparatus to jay powell and to manage i dont hear that because as we have discovered that money printing cant fix supply chains exactly right and so the food is is beholden to the supply chain to a large degree and so no matter how much they print those twinkies might not get into the launch boxes of folks and therefore they may have a cure for obesity you know im just looking at history and what happened in the Great Depression and if this is like another Great Depression even though. The fed thinks they can print to the way you know we saw the same thing with supply chains and disorder in the food market and prices back in the 1930 s. During the Great Depression we saw people leave berlin and germany for example and go attack farmers because they blamed them for the hyperinflation of food prices that it was the farmers fault here is the same situation but what im saying is at the end of the day portnoys going to appeal to jay powell to bail out his his used lunch jay powell will do it because he has to because of the Public Perception so hes got to maintain perception for the bag holders that therell be a fed put the fed will buy their bags down theyll do that so the way to do it is youve got to classify tesla as a strategically Important Institution for the American Economy thats like all the banks got under that category yes a mosque a good bench a pile that tesla is a strategically Important Financial Institution then jay powell will be buying tussle stock and bailout day for me but doesnt care hes already bailed out hes already sold all his shares hes got billions and billions of dollars hes got tens of billions of dollars he may have access to the media and he said go on joe rogan you need to go on day 40 show so therefore he would have to classify tesla as a strategic underlying and valuable asset to get the bail out for dave portnoy and to help his being remember its all about me management well dave portnoy is the jim cramer of this era perhaps we dont know if hes buying also hes been pumping for all sorts of thoughts and he stocks also some random names so we dont know what what sort of industries he could possibly push to be Strategic Industries and get a bailout from the fed but i think the bell outs are coming i think were going to see the equivalent of this this is my last point here with this mean and this analogy that were going to have these principles eating your used lunch and order to that thats what the fiscal stimulus is thats what the fed quantitative easing is its just. As absurd as this and desperate theres a sense that theres no real plan theyve even though its a planned economy like they want to have a planned economy and a planned Financial System a plan to markets that are always going up but they dont really have a plan for when that plan goes wrong remember never confuse brains with a bull market. All right were going to take a break and when we come back much more common and i think you know way. I. Suppose. Last time we chased. Each one of them carrying 20 kilos d of drugs. First offense. Blues that. Is the very we have maintained the money. They have this is the this is for me. Me. I dont know maybe dont. Make or. Break. For. Now or. The world is driven by a dream shaped by one person. Thinks. We dare to ask. Back to the kaiser report i max keiser time now to go to david the want of a bit wiser and best friends david welcome hello max its a pleasure to be here big fan of the show well big fan of yours me follow you on various social media got some great things youre writing about you write that metallic money did not survive the age of globalization and nation states because it did not say well so lab rate on the sets of scale ability how does that relate if it all to what were saying at the moment in the global fear out currency grid davids thats an awesome question and a pretty broad topic ill try to get this custis in brief but i think its always one thing i always like to think about why the Gold Standard failed and i actually how the Gold Standard say ok because i think sometimes we like to think that after 97 we 71 with 11 and c s currency world and that before that it was just the Gold Standard but i taste at the realities that were a number of different Gold Standards that were implemented over the years and some are just as the add as currency but usually when those sound money and it was the asked salt about the Gold Standard usually refer to this state called the classical Gold Standard which was basically oration a dead end mids lee 1800. 00 and thats basically lasted until world war one after that it has been only downhill for gold we went to a Gold Exchange standard it at least in my view 1971 was. A natural consequence. Of that whole process but i take the point i was trying to make. That tax is that gold has the amazingly monetary correct or a stakes that we are all aware os whats regards to fungibility divisibility and scarcity but one thing that gold severely lacks the ability to transfer and i believe that had this started to become an issue over time especially as commerce the came more and more globalized so then we started to see people he said ill say exchange. Gold bullion they started to use gold receipts and from then on. The shia takeover off the system was was a lot easier to do so i think that was a very very short and reason why the Gold Standard failed and this is exactly where i think one of the points 10 x. Prove mints are right we all know that they point is extremely easy to transfer if you can transfer it over to enter nat without introducing any 3rd party risk in order for us to do that we with node we have to introduce a lot Else Congress party rest that over time leads to centralisation off the Monetary Base so you have a lot of gold stored in and say no place which and thats why does it have to be this way and i believe this is why not the big big big losses that the twin has over go simply put gold is really having and as a result you have to store it in places and that tends toward centralization is what you just said and when you have a big store of gold centralised then you need people to protect it and ive got a military on hand to protect her golden now in the military. Not only have you got a family currency thats probably a fraction of the gold circulating and that causes problems when ive got a bunch of soldiers with guns hanging around and the days off you know theyre out there are doing stuff that they shouldnt do and anyway you get to pick coin when its essentially solve this problem you save got a 10 x. Advantage over a gold to 10 x. Advantage thats a big advantage david tell us more well i think i was there for a basically 2 it is at least an order of magnitude better race i do think that bitter and dont get me wrong i love go actually i say go does great i just they thout big winners better. And in a number off way and in some ways that point as mentally better than those but i do think that on this transports ability requirements are on this trust or ability aspect i do think that were talking about orders of magnitude off you prove meant as as you just said how you can transfer but point extremely easily while i go is the smoky it has all these problems that you have mentioned i take away when you look at history the golds didnt die suddenly right to go to the gold Monetary Base it started to become more and more concentrated over time like from gold coins to gold and then to go to bars and then gold bars soared in Central Banks this whole process off monetary centralization is walk makes gold relatively fragile to a takeover warts to be caught by governments in the future and i think basically has see nor hear us magnitude at least and benefits on that side while i last years tax and hall meeting former bank of england had mark carney. One u. S. Dollar no longer fit to function as a global unit of account do you agree and are we about to see a Bretton Woods 2. 00 what does a post dollar monetary and trade system look like david wow thats thats a big question i think my heel on that i not i thank to be maybe a bit simpler on that psych i think for now i dont know whats going to happen i do think that the dollar will be the leading currency in the world for a long time but one thing is for sure in my view were shifting from a unit polar to a low tipler currency system break so right now as it probably doesnt make a lot of sense and china advice and energy from russia they have to do this transaction on u. S. Dollars and ultimately settled as at the Federal Reserve off new york of course both parties are not interested in doing that so they have been doing their transactions and not their currencies and actually get they a large part of off that. Sort of transactions are or are not happening to us all hers and you know more so i definitely believe that there is this change from like having only the dollar to having most of the whole global settlement match or exclude one way when my bet is is off worse on but point over time but just simply the fact that we are starting to see nice competing platforms i thanks nat enough for people to start paying attention this is the sort of stuff that kind of breaks very sound least relationships