Great before it was better for a certain class of people i. E. The bottom 99 percent it wasnt as great for the top one percent back then this is not some back of the napkin approximation according to a groundbreaking new working paper by carcassi price Catherine Edwards of the Rand Corporation have the more equitable income distributions of the 3 decades following world war 2945 through 1974 really held steady the aggregate annual income of americans earning below the 90th percentile would have been 2. 00 trillion dollars higher in the year 2018 alone this is an amount equal to nearly 12 percent of g. D. P. Enough to more than double Median Income enough to pay every single american in the bottom 9. 00 deciles an additional 1144. 00 a month every month every single year see the jamison of the scam perpetrated by wall street and the likes of Warren Buffett and the people over a black rock and all the private equity firms and j. P. Morgan and jamie diamond and all the global banks is that they take advantage of comp. Down interest in a way that makes them multi 100 billionaires because it doesnt take much in terms of a percentage increase to realize extraordinary gains the difference between compound and their money lets say point 01 percent which is available to the vast majority of those who are not friends of Goldman Sachs and compound in their money at 20 percent as Warren Buffett does or 22 percent is the difference between having lets say a few 100000000000. 00 or a few 100000000. 00 or even a few 1000000. 00 here name and having as in the case of jeff bezos that over 200000000000. 00 thats its a small percentage gain but over 1020 years you know its the old analogy if you start off crossing the ocean if you set your compass even one degree difference you will end up in a very very very different place thats the magic of compound interest and its subtle and its insidious and most people dont see it but they do see their poverty and now weve got the smoking gun the 50 trillion dollars was stolen from him thats it thats the using all the techniques have been talked about here for 10 years this is now the conclusion this is the ultimate kaiser report stat this is now everyone naysayer and those who have questioned our approach they can now i accept your apologies i accept them i guess you might say were kind of leaking this rand report where the Daniel Ellsberg of the financial world because nobody else is reporting on the 2nd this isnt mine and Time Magazine but were reporting it on the news to explain the situation we coined that phrase cantillon air we being max coined that phrase can tell you and this kind of explains it i also want to point out that you know america you speak way back in the seventys we had this thing called the mimeograph and you know it was a very reliable was messy and dirty but it was reliable no matter what lake you get in call over you but. You could make a copy of a piece of paper here like with all these high tech gadgets we now have half the time they dont work so my printer i could not get to work thats why i have my laptop here set unlike usual times but im just saying like america used to have great mimeographs very back to movie a graph but you know with that i have Something Else to say about this is that what theyre saying when they look at the data from. People back in the seventys and compared to today is even when theyre looking at the bottom percentiles theyre comparing the wages is there actually working more hours theyre not even counting that theyre just counting though theyre over always in the year so their wages this situation is actually worse than the 50 trillion if you count the fact that theyre actually having to spend more time working how we would ported on this without the benefit of the Rand Corporations multitude of analysts crunching the numbers is by looking at some very obvious anomalies for example all Companies Buying back their own stock like apple something that used to be a legal up and told the reagan years be province reasons its immoral its unethical and its to stop while they distorting we simply ok heres now a 2 trillion Dollar Company their stock has float has shrunk theyve bought back their own stock multiply this time certain number of s. And p. 500 theres a few trillion right there of that 50 trillion thats been stolen. The Lehman Brothers repo scandal repro 105. 00 or 4 or 5 where they were playing whack a mole with regulators in terms of how they were reporting their earnings that was good for a few 1000000000. 00 ok we can say pretty was a great deal certainly that this is the practice used by the multitude of s. And p. 500. 00 companies theres another couple of trillion dollars so all these scams individual either all worth to a trillion or 2 they only add a ball up to put 50 trillion dollars so this number i think use pretty closely to what weve been reporting on for the last 10 years because. Every single one of these scams from wall street Corporate America the s. And p. 500 all the big 4 Accounting Firms what a joke and here i work at a big 4 Accounting Firm but i didnt see 50 trillion dollars go out the door missing how could that have happened how could that happen big 4 Accounting Firms. Oh oh yeah all right well if the actual system itself and Rand Corporation is part of that system in the system as a system the fed can print money only for bankers and they hand the money to bankers on this and it doesnt trickle down thats the problem with this system it creates cantillon errors and can tell us come at the expense of everybody else and so as the can tell you start to compete against each other for how many can tell us they have you know they have to take it from the bottom that doesnt ever trickle down and also you have a system but the rest of the system you have an i. R. S. That only prosecutes and goes after people are running under 100000. 00 a year because they said just this year that they said they cant go after people who have too much money because their they have better lawyers so its not worth it for them they dont get anything back so like everything every the whole entire fabric of our economy and our Financial System our fiscal system our government system our central Banking System are all rigged against the bottom 99 percent and here it is rigged in favor of the one percent and im going to show you another headline thats been happening and this deal this detail was came out of a september 8th filing from the fed so unsanitized the fed is overpaying banks and hedge funds for Corporate Bonds so the fed was authorized by congress as you know just recently the main Street Lending program to lend to small and Medium Sized Enterprises throughout this code to keep them in business right 99. 8 percent of the funding is left on tapped at this point and why well because the fed can deal with stinky peasants the right they only deal with the banks and the banks therefore have to issue these loans they have to dispense these loans so the banks do take on a very very very tiny risk but for the present thats just way too much like Small Medium Sized Enterprises and this sort of autonomy not going to survive right so the banks dont even want to take a one percent risk even though theyll be paid back eventually no matter what they could always dump their toxic debts and bad. As for the fed they wont they wont lend it so therefore the main Street Lending program is not being used because nobody wants to help the ordinary person because they know as the rulers of the system that there is no chance ever for these companies to survive or for this to get better without it being resolved in another way by the generations e a millennial is taking back control so americans for financial reform ferreted out this information in a criminally understood discussed revelation the fed reports is Corporate Bond purchases and loans under the carers act to congress the most recent one came out september 8th if you go to the trade level data for bond purchases you see this very clearly theres a par value a market rate for the bond purchases the fed is making it is paying more than par with virtually every purchase. Of the marble and jewel people bonds at 109. 9 percent a bought Columbia Pipeline Group at 116. 7 percent above Principal Financial group 112 percent all but a very few hundreds of purchases totaling tens of billions of dollars are made above par on average the price is 107 percent so yeah the money for it to go better they just throw money at there and demand nothing in return and that the main Street Lending program which is funded by the congress they wont lend it out because they can theyre not sure if these joe baca donuts with his little coffee shop is really worth investing in right the only time you see. Buyers purchasing items above market price is with. In a mafia scam to launder money you know to discuss the this is Money Laundering yes essentially the its a classic Money Laundering it conforms to the basics of Money Laundering if and in a court of law this went to jury they would be convicted for Money Laundering and i quickly i know were running over time but i do want to say that critically the fed isnt buying these bonds directly but on the 2nd do. Market so when they overpay theyre lining the pockets of the investors in Corporate Bonds like hedge funds and Institutional Investors like pimco big banks who handle transactions as the primary dealers and Corporate Bonds also make out blackrock the asset manager giant that manages these purchases on the behalf of the fed is likely getting at a taste of centrally every while wall street is getting rich from the fed over paying for bonds right its Money Laundering you know again weve been saying it and it resulted in 50 trillion dollars of missing money ok take a break and when we come back much more coming your way. Always gauge with confrontational. Dont get into any conversation or start answering questions just. To survive and. Definitely dont want to. Jump ship. Youre more likely to walk free if youre rich. Or if youre poor and. Youve got. One now. So you should be seen in here and a whole lot more than youre saying if you dont take that advice easy going to do it yourself. Join me every thursday. Im show business. Welcome back to the kaiser report im nice keyser time now to turn to part 2 of our interview with Michael Saylor hes the c. E. O. Of micro strategy a racially swap 425000000 dollars dirty feet money for what is 838000. 250 bitcoin michael welcome back thanks max set a follow up on the sol discussion of inflation and what you do with a big cash position and the possibility of gold as an alternative you said that big cowen is harder than gold you know when you think about. Gold you realize theyre going to theyre going to meant 2 percent more of it or mine 2 percent more of it under the status quo if the price of gold goes up the miners are going to make out on vestments expand their capacity and mine more if the price goes way up the expand their capacity to keep mining when the price goes down theyve got to count on investment act irrationally and keep mining so you under the best case youre looking at 2 to 3 Percent Inflation of gold if you look out over 100 years that means you start with 100000000. 00 worth of gold and when with 12 candid 12000000 dollars worth of gold so you can lose 90 percent of your value in gold over 100 years and if you factor in Counter Party risk the fact that the bank might fail or the government might seize the gold both of which of happened over the last 100 years the best case is you lose 90 percent of your wealth and gold and the worst case is you lose it all and so gold is an entirely inflationary pick or its fully diluted bitcoin counts 21000000 which means that once you understand that you dont lose in anything and and theres nothing else like it so you know my analogy would be if you had a 100000000. 00 and you wanted to wanted to go a 100 years and you put theocracy. Best case is you lose 99 percent of your money and worst case is you put your money in a country in a bank that fails and you lose it all and its like when you point lost it all if you had your money in germany or japan or france 100 years ago if you put your 100000000. 00 into gold you can lose 90 percent of it best case maybe lose 95 percent or all of the worst case. You put your money in decline youre not losing your money its like crossing the atlantic in a rubber raft with a leak in it thats fear not crossing the atlantic in a wooden ship thats gold or across the atlantic in a steel hold container ship thats because its pretty obvious what you would do if you had a choice the best Case Scenario your listen 2 percent purchasing power with gold as it is and you have the possible or tail risk that he has gold as founder asteroid as founder ocean gold mining has discovered and there is a you know risk on the outside with bitcoin why not take that purchasing power istana 0 effectively is what youre saying and so its harder in that sense then gold now. You know you said recently on anthony papa be honest pot podcast the pop cast our good friend over there that you mentioned the toxic big clink humanity actually helped you get on the big coin can you talk about this a little bit i think theres always giving you suggestions of you know theyll send me articles theyll send me any sites if i mention anything that leads you to a better answer a better insight into the security of the network into the into the technology of the network you know i think that if you look at the big Client Community its a bunch of a bunch of people all joined together with a common goal which is to create something thats lasting you know. Imortal solver in bitcoin is value in order to achieve what it is you want to achieve with your life whatever your values are if you look at the traditional media. You know they they tend to be just as negative as they are causative and since everyone has has divergent values and diversion portfolios theyre not really working together to accomplish i think constructive as much as theyre shredding each other or tearing each other down much of the time there is a free soul that counsels competition and its they survival of the fittest its darwinian its a everyone trying everything and seeing which one works that on that score you recently tweeted the chart about bitcoin dominance being at 93 percent not what commonly is quoted as the 62 or 63 percent because youre saying look we got to strip out everything but the proof of war coins these other projects are crypto applications theyre not the same ballpark you also mention a network a fact and play for big cohen where its once a chief 100000000000 dollar value ation or more it is cheese escape velocity if youre well and its the winner and as a runaway Freight Train at that point south year you did look at these other coins including a ferry m. And the conclusion was now its kind of silly to say the big corn is only 60 percent of the market because youre throwing in like like feel tokens like heather or serco thats kind of like saying Apple Computer is only 5 percent of the market because theres hundreds of billions of dollars worth of cash and bonds floating around or is just as silly as saying that the air b. N. B. Is 4 percent of the mobile Network Market because google and facebook and amazon and apple have mobile apps right i mean and the end of the day a theory on this is a different type of application if you could not work on crypto. And its totally unsuitable as a store of value you want to proof you want your network were committed to proof of work so if you look at some that were committed to proof of work its because im declaring cash recording has to be and of course the 1st ones 50 times better than bigger than the 2nd one was you know why would you even consider going to something which is 2 percent or one percent of the size of the dominant player and its more confusing anything else a tether puts 100000000000. 00 of kether coin on the network thats not going to have any impact on the dominance of bitcoin one where the other its transcendental thing about it is this community but ive been in this community now for almost 10 years youre the 1st actual all c. E. O. With the whole boardroom full of lawyers and Board Members to do a lot of Due Diligence and take all these considerations on board do the analysis crunch the numbers and come up to this conclusion you know this is the professionalization suddenly of this industry just became real and i think were going to see a lot of the marginal projects kind of fade away to 0 let me ask you a question purely as a data geek which i sounds like you are being in the data business day pass rate of decline is over 150 quintillion calculations per 2nd when you look at that number does it kind of what does it do to your brain is it because its the biggest fastest meanest network ever. Put out the perspective i went to the beach see dot com security page and it showed how the difficulty adjustment gone up from one to 17. 3 trillion or something and it showed the hash array going to 13540 x. A hal