Was a complex set of new set of rules to counter with partial lockdowns in the north of england but there is growing public over the governments handling of the christ. Our exclusive with the armenian president will air in full here on our Team International in the coming hours for more details on the interview the conflict and what is happening in your part of the world you can. I am max kaiser this is the kaiser report im here with guillermo who is a bit of one of those for many years since we visited mexico city hello vo nice to see you again carol want to let you know that there is a Telegram Group max and stacy Telegram Group and youre invited to join just go to t a forward slip orange pill and youre in thats all that is by saying that correctly now suzanne youre well as for a task i guess i got it right stacy what are you up to. I have to say when you say that you know the report the Telegram Group we get inundated with people especially from cuba and venezuela lots of audience members there you know the 25th amendment of the United States is in the news this past week and because you know nancy pelosi saying we should have a Running Commission to determine whether or not any of our leaders are the lead and i thought you know what that would be really cool if we have a 25th amendment for our Financial System and the heads of the central bank years of low Interest Rates made the current economic crisis worse says feds rosengren boston fed president aircrews in red said years of low Interest Rates that encourage wrist speaking are making the current economic downturn worse he specifically cited low rates persisting for an extended period even after the economy had made progress in the recovery that can create problems well this is obvious you know as ive been saying you cant have capitalism without capital you cant have capital without giving people an Interest Rate to incentivize them to save. And the reason to do that is that if there is a downturn like a covert then theres plenty of state stuff theres plenty of capital in your family system to smooth it out but if you debase the currency and you Interest Rates are 0 and theres no incentive to say therefore theres no capital then you dont have to apples and any more you have a club talk or see run by Central Banks and the worse it gets the more they pay themselves and of course lower Interest Rates re the crisis worse because low Interest Rates drained the economy by all capital and without it you will at the 1st. Encounter with a pandemic like cove it you all have an existential threat and maybe or maybe not the us survives its up its an open question whether or not the Monetary System survives is what is being called into question and here they are doing the equivalent of oops my bad even the report has been warning about this for years they could have listened to us and said they have a slew of overpaid economists in ivory towers that tell them whatever they want to hear and perhaps thats the problem perhaps the set up perhaps because there is no 25th amendment where the people can take out these you know economists and the heads of the various feds across america who keep on getting it wrong hes like my bad clearly a deadly pandemic was bound to badly impact the economy however im sorry to say that the slow build up of risk in a low Interest Rate environment that preceded the current recession likely will make the economic recovery from the pandemic more difficult it is making it more difficult but then another fed economist is telling you how difficult its going to be its going to be difficult for everybody because whats their answer always money printer go prove top that Economist Says another 3. 00 trillion dollars in q. E. Is needed senior fed economists and Deputy Director of the banks Financial Stability division Michael Kiley and according to a paper published. By kiley the fed will need to monetize deficit part in purchased bonds equal to 30 percent of g. D. P. Or 6. 00 trillion dollars in order to offset the impact of the 0 lower bound and since the fed has already purchased a record 3 trillion in bonds since march that implies another 345 trillion and q e is needed well you know how it is coming up so let me give you an analogy in an example using hollowly you know when youre a kid and youre out there trick or treating and got a bag and youre putting free candy into the bag and youre like this is great im getting free candy well after about a half hour 45 minutes you get bored with getting free candy you want to move on to hanging out with your friends and enjoying the free candy in the period of collecting the free candy gets somewhat boring youre on set of eyes to get a more free candy you want to actually eat the candy or do something with the candy so here in america theyve always taken the position that we just give away free money and that will never stop anyone from being incentivized for more handouts or more free money but history tells us that at some point the entrepreneur class says you know what if youre just going to give people money its not fun were not competitive were here to compete to give away all the free money were going to like under obama obama was very on inspiring and entrepreneurs were not doing much during the Obama Administration theyre kind of sitting on the sidelines waiting for Something Else to come along and thats the problem you need to have an incentive to compete to save to be capitalistic if you give away the free candy in the free money then the entrepreneur sit by and they move somewhere else so they just sit home and play tiddlywinks just on College Competition usually drives entrepreneurship and innovation and we have seen that for sure we personally have seen it here in kaiser report when we do our interviews because of the existence of zoom because you start started to eat microsofts skypes market share weve seen that skype when they bought. It is from then the Dutch Company you know a decade ago they did nothing with it like the technology was horrible its started to degree once theyve bought it well then soon came along and what happened well they had to up their game and skype has been coming out with all sorts of innovation the same across the board ticktock all these Chinese Companies want are much they see that the United States is vulnerable because of all the loops from Central Banks because we did not have a 25th amendment to take out the insanity to take out the insane policies to take out the q. E. To take out the money printed to take out there are clearly the 25th amendment would apply exactly this room saying this is my idea you know i put no ideas im an ideas person you know really good and clearly the current chairman like the previous chair people would qualify as needing to be sanctioned or institutionalized for criminal insanity believe that you incentivize people by debasing the currency so much that nobody cares about her anymore and thats clearly an insane concept well exactly and im going to tell you so you know we were you brought up. The fed has been trick or treating this whole time like you know giving treats to a Certain Group of people and thats i can tell you a fact and thats what we see with the wealth and income grat gap growing but theyve been tricking everybody else into believing the stock market means like the economy is good that the house prices going up is a good thing for anybody needing shelter so theyd have a trick or treating but im going to show you something that shows you they are one of those like jason or free krueger sort of hollow and lean that need to be sections that they need the 25th amendment and you can see that in this basket of chart data that shows how scary and terrifying it is but what is scariest and not that the fed will continue monetizing every single dollar of u. S. Debt issuance for the foreseeable future or perhaps indefinitely which considering this. B. O. s latest forecast means a long long time well this is federal debt held by the public 1800 to 2050 as a percentage of Gross Domestic Product my color printer the ink looks really colorful lock the contrast there the off white lie and soft gray but the i mean it tells 1000 words the audience will get to see the full graph well but. They have its trick or treat its trick for me and think for them by saying whats going on is that the trick is can you comment on that chart that of course im a professional you know what it shows shows like world war 2 is back here that was the last time that there was so much federal debt now its off the charts by 2050 s with the Congressional Budget Office is predicting the only way monetizing all this that doesnt cause inflation is if you have a debt sink to hide it so in america right for example they like to send soldiers out around the world to die and thats the way to get rid of a lot of debt and lets be honest theyve got a lot of collapses going on the bond market but thats bought by the central bank that hides to the inflationary impact but at some point you get to a saturation point and you can no longer put that debt into a debt sink and so the money printing results in a runaway currency collapse like the weimer republic and so were getting were on the edge of that right now and that is sadly what that that short clearly showed exactly right. When you said money printing i thought you said bunny printing yes that films are on during easter ok here were focused on hollowing christmas after the thanksgiving metaphors ok well 5 he fear is the final headline and kind of goes with this whole trigger tree and the need for the 25th amendment for the money printers Bleak Outlook without stimulus more layoffs anemic growth president Donald Trumps move to cut off talks on other government aid package will further weaken the economy. They said obviously as soon as the markets crashed you know thats thats what thats what trump response to either he gets like trick or treat thats his his boo but the ghost jumping out of the forest you know i mean if youre saying kabuki theater a new Movie Theater japanese ancient japanese theater its all style in no plot right the plot is not theres no plot its the same story over and over again but its just about the style of it its about the costumes and it and its about the gestures its the highly stylized its extraordinarily stylized but there is no story there in the kabuki theater that is that it everyone doesnt already know before they go into the theater right exactly and so this is the equivalent in the pot do i think is to say the dance between those who are claiming that we need tighter restrictions on monetary and fiscal prophecy and those who are going to just print money the net result like in the book is it or its anticlimactic because you cannot taper a ponzi scheme the answer will always be more money printing thats thats always the end the only thing different is what color hat nancy pelosi is wearing or what color tie donald trump is werent during this kabuki esque but highly stylized dance of of the of the mediocre and so it was not the end oh another 5 showing the money printing thats thats always the conclusion well ill tie that also with back to our metaphor of hollow mean the day of the dead you know the do those marches where they wear the skeleton thing and carry the yeah so if your mom is ready for day the debt well thats the day the debt is our markets right thats our Monetary System and our markets and right now it all looks fun it looks like were having trick or treat and were all getting free candy and were having you know a kooky theater of fun but at the end of the day when we all realize we should have sectioned suspension bankers years ago. Basically in 20082009 i went when well when decline came around because chances are im going to 2nd bailout for banks thats that was a big question section and the central bankers thats a big point it degree of fact i am. Certain you are well said well thanks for watching and the 2nd half are going to talking to Pierre Rashard in an excellent side but they wont want to miss. Join me every thursday on the alex salmond show and ill be speaking to guest of the world of politics or business im showbusiness ill see if. The world is driven by a dream shaped by one person. Thinks. Week here to ask. Were going to update on the cease fire negotiations in moscow on the issue of the border. Is a war on coal but also home for populism on the left and right. Welcome back to the kaiser report imax keyser time now to turn to Pierre Irshad who is not only famous a bit coin space but our all around great content provider a nice guy pierre welcome to the kaiser report thanks for having me max happy to be here big news and big calling we got the Jack Dorsey Company square in out this week that they bought 4709 bitcoin worth about 50000000 dollars for their treasury what does the Company Statement tell you in regards to the reasons for buying because this is obviously in the wake of micro strategy and Michael Saylor doing this is this the beginning now of the 4 trillion dollars worth of cash sitting on a Corporate Americas Balance Sheet being looked at and possibly other c. E. O. s following suit with a fair missing out or a full mo in the corporate space here yes it is but i would also highlight that this actually began a very long time ago which is that in 2013 slash 2014 Fortress Investment group became the 1st publicly traded company to hold big client on their Balance Sheet and i remember because im an accountant and i read Financial Statements and that was interesting to me because i was also a big corner. And then its fun out in it became no regrets you know that. Galaxy so its it started a very long time ago but it did it at the time it did not gain acceptance and thats why fortress had to spin it out because the investors were not happy about the losses going on there because anyway fast forward to this year we have this current of virus hysteria or pandemic whatever we want to call it and. You know it became apparent that Central Banks were. Going to let the markets do what the market is supposed to do right which is reflected the real economy and the really kaname has been crippled by governments responses to the current a virus or the crown virus itself depending on who you ask. And they papered over those problems by q. E. Infinite money printing right globally and it became apparent to Michael Saylor that you know if hes got cash on his bouncy and hes got us dollar denominated you know investments. Cash equivalents as the accounts call them which i find to be heretical but any any case so hes looking at this saying hes wondering what does cash even mean what does the u. S. Dollar even mean if they can just create as many as they want and that actually came off as subtly different than jack dorsey is reasoning with this latest announcement of 50000000 where jack is really looking at it from a. Kind of a values perspective rather than a value perspective and so hes interested in and empowering individuals and you know increasing the Economic Justice in the system and its interesting because you know jack b. Can buy 1st of all offering the sale and purchase of decline through the cafe. And then he moved into open source with square krypto which was also continues to be very successful and now hes moving into holding it and i kind of see this as the the trifecta of being involved in becoming as i said 1st of all increasing because of quiddity is crucial you know liquidity is the only utility of any money ultimately and then improving kind of the engineering fundamentals of it so that we can really push it forward as a technology and serve actually holding it by. Lots of it and that to me is the triple play that jack is doing that is fantastic now i think that his. His reasoning and if i contrast their compare it to for example Paul Tudor Jones or Michael Saylor i kind of think it reflects that theres 2 camps in decline and i dont think they are intact mystics rewards each other or anything because i actually think that theyre moving in the same direction which is that you have people who have an ideological tilt towards it and others who are just doing it because its in their rational economic selfinterest and so its kind of a idealism versus pragmatism so. That its an interesting dichotomy now obviously we all have some idealism and some pragmatism to varying degrees but i think in decline its theres 2 camps developing where on one side you know it is that politically engaged idealism which you know came out in the spat between Brian Armstrong and jack dorsey as well its a thread the goes through a number of different interrelated narratives but ive rambled on long enough max lets go back to the fortress comment you made there so fortress being sexually Money Management farm and big coing is seen as an asset a new asset a financial asset its not. Its not you know much of a stretch i would say