Dares thinks we dare to ask max kaiser. This is the kaiser report. I have to our english pill nation. All others are kind of soso and fading. Stacy . Well, you know what . I want to look at that continuation of the policy of plunder because, you know, come on harris as Vice President before she was Vice President. She was attorney general of california and in california there was a Certain Company in a certain guy named steve renouf in who well, some in the attorney generals office. All the people under common harris. They said, well, it looks like his company committed massive mortgage fraud, and you should charge him well they never did. And then in this last year 2020, that big year of all sorts of crazy stuff, evidence of p. P. P. Fraud mounts. Officials say p. P. P. Was a fraudster free for all investors say evidence is growing that Many Organizations took advantage of the paycheck protection program. Open door designs. I mean, weve already reported on that. If you know, look salvias, there you are, and it keeps on growing that there was a lot of fraud in that situation is coming. Right . Right, right, exactly the statement to get accountable harris. Youve got the p. P. P. Scandal, and these are all the last gasps and the writhings of a failed state. And of course, there arent donation weve been saying for 10 years now is the, is the, is the level one nation. Its the, its the bitcoin nation, right. And its always a question of whether cost always nation states to collapse or whether this nation states there are collapse caused because i come to think that it was because causing them to collapse. But you know, the maneuver p. P. P. Thats all coming out. Its a cluster of fraud that will only be answered by the central player, nursed by printing more money of course, which will make our nation state mission of bitcoins capital go higher. Well of course its been really since like 1992001 when we got rid of glass steagall when we introduced the commodity futures modernization act, which allowed the plunder through Credit Derivatives of Pension Plans and, and you know, communities around the world that we allowed that plunder. And then of course, you see the activist fed come in at around the same time when they had to start covering up papering over all the fraud, the cost of the fraud. So now, you know, we have government also providing Fraud Protection schemes. I p. P. P. And all these bailouts and stimulus and all that sort of stuff. And now, heres an interesting one that is in the state of the nation as we head into the biden administration, state of the american debt, slaves, q 32, 1020. 00, the stimulus and forbearance phenomenon, what they show 1st of all, just look at that quick chart of the credit card is that all the stimulus did go to pay down that Credit Card Debt, which of course means more bailouts will have to come from banks because theyre not printing money. Essentially, with all this credit card, the high interest on the credit card because the 1200. 00, most people apparently put it towards their Credit Card Debts which are huge. But the important thing as we head into this, by the end of ministration and of further lockdowns and how many trillions thats going to cost, who knows . But one thing weve been covering, and especially since 2008, you know, when student loan debts started to just really explode, this is student loan debt. So much just goes back to 2006. When is a tiny, tiny, cute, sweet little 400000000000. 00. And now its 1. 00 trillion. Well, apparently, Student Loans continue to surge despite declining enrollment since 2010 in q 3 outstanding student loan balances jumped by 23000000000 dollars from q 21. 7 trillion. And were up 54000000000 from a year ago. One of the primary factors, max that has been driving the loan balance up is that fewer and fewer former students made principal payments. Then came the pandemic and Student Loans were moved into automatic forbearance programs. The story i keep hearing is that you would be a moron. To make payments on your Student Loans because they will be forgiven anyway. So existing loans are not getting paid down and new loans are being added in the balances continue to create. Were all argentina now. Right . Argentina doesnt pay back the debts because it knows theres another bailout is coming. And you know, i like those videos of canadian log rollers, you know, theyre on logs and theyre in the water and theyre dancing and trying to keep their balance. And we are living on a sea of debt in america has been tap dancing on that log. You know, for a while and house and fallen in. But the storm is coming in. The waves are rocking the log of the americas and theyre trying to save themselves from this sinking. But the student debt you got the Credit Card Debt. You got all the same people though i guess im a stupid ministration thats coming. A left over from a 2008 crisis. So if you love the 2008 Global Financial crisis, theres a sequel now coming to a bank bailout near you. Well, of course, the reason why people are paying down their Credit Card Debt is because joe biden, actually, in his 2 1005. 00 bankruptcy act bill he, you know, he obviously was the senator from delaware and he passed a bill that would benefit the Credit Card Companies that it made it harder to discharge your Credit Card Debt, but because the 2008 financial crisis, after that, the government basically took on all student debts, so the taxpayer backs that. So theyre assuming that biden affirms i will eliminate your student debt. That was right before the election, so you know that encourage people to say, well, were not going to pay the student debt. And of course, this is one of the conflict zones emerging in the u. S. Domestic. The electorate is that educated, university educated person, non university educated. I mean, you know, m s, n b, c and c. N. N. Will tell us white nationalist, but in fact what, what we saw with the black latino and other groups expanding their vote towards towards trunk was a lot to do with this conflict. Emerging between those who are going to university and those who arent. What should people look for to see whether what were saying is actually playing out in the real world. And sort of thing to look at would be the u. S. Dollar versus the chinese or a big ok, thats the main forex pair thats going to tell you whats happening in the global economy. If what this, all this debt is going to trigger all this money printing, the dollar will start to drift lower and its already, you know, looking very weak. I think the last 4 years under trump, theyve been able to kind of kick propped up to a large degree. But i think now were going to see a serious decline in the dollar to see the chinese currency start to really outperform the dollar. They Just Announced 56. 00 g. Technology and so theyre not, theyre not 2 generations ahead of the u. S. In technologic knology. So the best is no infrastructure ticker. Bait. So i think thats a good look for the dollar chinese, a big goal because right, so the dollar is going to take on the best most important to look at is gold and big point because the r. And b. Could be destroyed. If we drop a nuclear bomb on them, that could be obliterated. The country could, you know, so you have to look for what is actually a safe haven that is no counterparty risk. There is no c. C. P. In a communist party of china risk that they might seize your u. N. Or devalue it. Gold and big point. And we see that in this next headline from j. P. , morgan, j. P. Morgan says institutions ditching gold, e. T. F. For big j. P. Morgan chase, the largest u. S. Bank by total assets, knows that big queen is eating away at demand for gold e. T. F. The new report chaired by michael sohn and shine the man director of grayscale investments. Institutional investors, such as family offices, now view, the Worlds Largest cryptocurrency, as a digital alternative to the yellow metal that used to be the go to safe haven. Well, life comes out. Youre fast, you know, weve been saying this for years now. And the fact that people are ditching gold in favor of bitcoin is really a remarkable development. Because its really flabbergasting for those who were staunchly defending gold as the ultimate store of value. And they laid out many arguments in that direction, all of which have been proven to be not holding up. Might also point out. Were talking about the whole system of plunder. And weve talked about that quote, many times where by employing becomes a way of life at the, for the guys at the top, it just trickles down where the students are plundering the system, plundering the taxpayer. J. P. Morgan itself has admitted guilt of plundering the gold markets. So its no wonder that their own clients are like, maybe if our banker is actually front running us and like defrauding us in the gold and silver market, maybe we should go into the big question market that could be part of that, right . Exactly. As more evidence comes out about these banks on wall street front running and it be late in the gold price, the insiders and the people who know whats going on are like, you know, were just going to load up on because because you know, you cant touch that yeah, especially they are one, they are the biggest bank in america, according to deposits and you know, they have a lot of institutional players. So the institutional players know, well, j. P. Morgan is connected. Thats why we put our funds with their and its kind of safe, but you know, if theyre not, they have knowledge of us. They had inside information about our plans and our, and our how were placing our bets. So maybe we should go away from the markets that they control, but the charter is interesting here in october the flow trajectory of the grayscale between trust became significantly steeper, while gold e. T. F. Remained flat. So thats the flows into the sea, and here it is into gold e. T. F. So thats where the money has been going us. Both jones said he expects pickling to be the fastest horse of the race. He said, months ago, he took a position and now everyones following suit, as i said, where approval for Paul Tudor Jones goes to market follows. And now the market is provably following Paul Tudor Jones, this is the situation as we head into 2021. Its all laid out in front of you. , there are will be another 2nd round of p. P. P. , the 1st 550000000000. 00. I dont think all of it was lent out, but whatever was left out, a huge portion of it was fraud, including j. P. , morgan bankers, you know, j. P. Morgan itself, did it inform the department of justice . It looks like a couple dozen of their bankers actually took out some loans that they didnt qualify for. We had it for other banks. So thats not going to stop the, by the new administration from wanting to do that because you know, a lot of those people who plunder the system also donate money to your campaign. So, you know, you give them the free money from the taxpayer and they give you back some. So theres less laundry money laundering. Weve had of that before. Almost everything in the American Economy when you pull it apart, is money laundering. In some way. Were going into a world because of that because of all this plunder because of the fact that the plunder is allowed to happen. And its encouraged to happen that there is only 11 trust, trust this currency that you dont need to trust anybody else at all in the world and a world of plunder. And that is big coin. Gold can be manipulated by j. P. Morgan a. Its held in large part by the Central Banks. The un, we have to trust that chinas maintaining the value of the currency and theyre probably not because their game of chess against, you know, the game theory against the United States is theyre going to trash it as theyre going to try to chastity as fast as possible faster than the United States for sure to stay ahead of the game. Right. Its a big point is really the 1st world and everybody else is in the 2nd, 3rd 4th, 5th world. You know, should join our telegram group, forward slash, orange pill, a forward slash armed back to status telegram chatting all day. Join the lumber revolution liberation to liberate the liver. Rael wherever rebel liberation the rather liberal said, thats a new were coming right back. This is a story of women, women with troubled histories and complex cold cases. You know, some leave the person that cheesiness and be considered the most dangerous of criminals. Shes in a still all the off, 23 hours of the day. Tell me that this will do for women on death row. So what weve got to do is identify the threats that we have. Its crazy. Let it be an arms race, period dramatic to follow only. I dont see how that strategy will be successful, very critical. To sit down and talk. Welcome back to the kaiser report. Im max kaiser. Time to part 2 of our conversation with all the end of lent, all the Investment Strategy. Welcome back, lynn. Thanks for having me again. We left off talking about Central Banks getting into Digital Currencies and talking about the i. M. F. Wind to revisit the bretton woods. So what do you make of the central bank talking about Digital Currency is now what does that portend . What could we see happen to global Monetary System . And what is this going to mean . Do you think, you know, theres a couple different vectors where that can matter . One Central Banks of course, always want to find new ways to increase their, their own options, right . So weve already seen over the past couple decades, a shift from, you know, the fed mainly focusing on Interest Rates to incorporating asset purchases at any, including things even like Corporate Bonds or for junk bonds in some cases. So weve seen kind of an increase in the mandate from the Central Banks and didnt a bank is a currencies are basically technology that would allow them potentially even more fine control over monetary policy. So from their perspective, thats a good thing. But of course, that opens up privacy concerns, it opens up all sorts of other issues from other perspectives, and then to pay and where you look from there. The other factors are potentially going around the dollar system. So for example, china, you know, theyve been at the forefront of launching a central bank Digital Currency. And part of it is just to make, you know, their currency, you know, potentially more competitive with some of their trading partners. Because chinas main focus is they want to be able to buy commodities and things like that outside of the current dollar system, because thats one of their vulnerabilities at this time. And we talked in the previous episode about banks are unwilling to lend, they hoard cass and small to medium enterprises. Software and the fed is now telling congress, look, youve got to address this with fiscal policy made. Youve got to figure out how to get cash into peoples hands to wreck play. Would it be possible for the fed to come up with fed coing and give everyone and the ability to open an account with the fed crypto . All of the fed calling wallet and they could issue fed coins directly into peoples wallets with and bypass the banks just say to the banks, look, you know, were going to bypass, you completely would just go right right to the consumer of your thoughts. Thats one of the options. So if you look at the Current System, you know, from what we saw, for example, the cares act, which was the, you know, the big congressional bill that did the stimulus checks and the p. P. P. Loans and all that. So what that shows that the Current System has some degree of checks and balances, so the fed cant just go out and just insert money to whatever wants. It has certain limitations. And we saw for example, this year, they were very flexible getting around some of those a supposed but by corporate bronze. But they work at the treasury to open up that special Purpose Vehicle. So they can get around some of the letters of the law, but they still have certain limitations by getting it to people. Whereas congress is actually our elected officials. And so they, they, they can vote to get that out to people in targeted ways. You know, and of course, some of some of us might disagree. Some of us made agree, but at least theyre like that officials. And so theyre doing that. And then the fed is monetizing a large portion of that issue. Its now potentially, if the fed could just do it on their own. That opens up other cans of worms, right . Because that takes some of the checks and balances out of the system and basically goes around, you know, the fiscal purse, so that probably thats a bigger change there. Probably require a change of the Federal Reserve act. And you know, i think that thats, thats definitely a road that people should really consider before going down that right, well they recently decided that they want to buy junk bonds which were against their mandate over there at the fed. So they created a special Purpose Vehicle account to get around those laws. So i noticed being a banker myself for many years that the law is never an obstacle. If you want to get a trade done, and i would imagine they would do whatever they want to do. Now, talking about the fed coin, weve got countries around the world looking to bypass the dollar because the u. S. Dollars used as a political instrument. These are the sanctions and these types of things. And in the case of, lets say iran, for example, they are, are now using bitcoin. Theyve been writing about decline for a while. Youre a bank analyst that 1st my 1st question is just from the banking side of things. You know, with micro strategy. Now putting big quote on their banks Balance Sheet as their primary reserve asset. Here in atalissa, your Bank Analysts are, according to you analyze Balance Sheets. How is that a viable move . Can you put pickling on your Balance Sheet and call it a nasa and kind of bank . Can you borrow against it . I mean, is this just completely uncharted territory or the wave of the future . What do you think was 70 territory . I mean, you know, i think is a pretty smart move. I think a lot of us, you know, were expecting something this would were, was going to come. But you know, the base case for me and others was that it would have been a company putting a smaller percentage of their assets into, into big quaint. Because at that point they would have less kind of that volatility be easier to justify, to their board and their shareholders. Rez, you know, biker strategy kind of an all in they put the vast majority of their, of their cash reserves into big, quite so that was kind of a all in bet on the bull is just a big question. Of course the c. E. O. Is, you know, he studied the protocol extensively, so hes very bullish on it. Weve seen later, you know, square put a small percentage of that in. So i think thats a viable strategy, especially when, you know, in my case they were sitting on a very large you know, cash pos, percentage of their market cap of the last thing they want to see is money supply go up by 20 percent youre of year or more, its not paying a yield. And theyre, you know, there is wondering, is this cash looking worse the same as it is, you know, 3 years from now, 5 years from now . You know, best Case Scenario gets chipped away with Interest Rates that are below, you know, the c. P. I. Official inflation rate. And worst Case Scenario is that, you know, you look at the actual growth of the broad, my supply. And its going up far quicker than that. So it definitely makes sense to put into something and make a shadow. Of course, you know, the analyze all the Different Things they could have put into, and he was very bullish on big quentin particular. And weve already seen, for example, the ecosystems developing. So now there are places that you can, you can, but you can use your big win as collateral are refunds, and used as a source of liquidity. We live in a world where the pool of aaa rated sovereign credit is shrinking. Theres very few countries after play ratings because it is being referred to more and more as a pristine asset, which would moodys and s. And p. Could come out and give big coin to, you know, a aaa plus rating at some point, at which case the another new chapter in the story of this asset would be written, i want to move on to the concept of a hyper big point is ation. Youve written about it. How does it unfold across the world . Does it have to do with the collapse of trust in the field system led to my overall view is i take it kind of a step at a time. So there are, there are people that put a lot of focus on that and look really in the long term and why, you know, my, my focus is mostly an immediate term. So im focusing on this having cycle, the next having cycle. And so at the current time, im viewing bitcoin a lot as digital gold and see how it goes from there. So at the very least what it is is its a, its a store of value that has, you know, certain advantages over gold lake. Its more portable, its, you know, its, you know, virtually impossible be confiscated. And so it has these, these advantages. So we seen, for example, irans using it. Weve seen how makers at it g. s use it. Theres a variety of different ways that investors or businesses or Central Banks can, can use that to their advantage to either use as a payment source or used as a store of value. And so, as it gets a larger, larger market cap, probably over time, its doubtful. He goes down and starts to look more and more like digital gold and potentially, you know, it could go higher from there due to some of its advantages. But the current time, its a small fraction of golds market share, so im viewing it to see ok. How does it do of the next, you know, 4 years, 8 years . You know, watching these for your having cycles play out and seeing how big the market cap gets because the bigger it gets, the more use cases, you know, ironically can happen now because it came around and it launched officially in its out there 9 roughly the same time we saw something also remarkably interesting in the financial space, negative Interest Rates, which had never been seen in the history of finance before. For thousands of years. Weve never seen that. And so what is your take on negative Interest Rates . Because it implies that time has less than 0 value. Thats the 1st thing that is kind of odd about having a negative Interest Rate. The bank of england is just saying there, look, theyre exploring negative rates, and thats 15 to 16 trillion in sovereign debt is negative Interest Rate. And that trend seems to go higher. What can, what is it about it . Its a mysterious, unfathomable, to a lot of people, as big coin is a negative Interest Rate. Len, how do you explain it . Well, you know, i think theres, theres no super rational explanation for doing partially. Its because Central Banks are buying, you know, the sovereign bonds of their own countries. And so they can help hold down Interest Rates in a way that weve not really seen before. So, you know, one of the works i do is i focus on the Long Term Debt cycle. And if you look back in that, you know, the last time we were at the kind of the end of a Long Term Debt cycle was in the thirtys and fortys. And back then we got to very low Interest Rates. But we didnt see negative Interest Rates as you point out. Thats a new phenomenon. And so, you know, there are variety of ways to interpret that. One is you can say that, you know, technology and demographics are so deflationary that, you know, youve now youre basically paying a minor storage costs just as your, you know, your cash just held somewhere. But of course, that makes less sense in a world where Central Banks all have positive inflation targets rate. So they all want 2 percent or whatever the number may be in Different Countries right there. Because thats a paradox. That, that way, if you deiced unpack that the people who push it would be categorically insane, right . Yes. Pretty much. And thats why you know, weve seen, for example, both gold and big quite you very well lately. Because if you, you know, gold has that longer prices tree, and gold tends to do very well in periods of low real Interest Rates. And so what weve seen is ever since the, you know, the 10 year treasury fell from its, from its recent peak in just 18 into the lower and lower levels. Weve seen, you know, that the real Interest Rate has gone down and so gold that, for example, is done very, very well as an less, as a flock into something that, you know, theyve rather pay, you know, hold something that doesnt yield anything even has a storage costs, but at least it, it holds its value over the long term. Holding treasuries are cash that are paying you a yield that is either nominally positive but below that, you know, prevailing inflation rate or in worst case is just nominally negative. You basically guaranteeing, you know, at the best Case Scenario, gradual chipping away your person or a worse case there is. If you have an inflationary bet you could lose person power more rapidly. So yeah, i think i think bonds are a bubble in the long run. They certainly are churning out a multi 100 year high. Its the most incredible bubble, probably ever in history, it would be in the sovereign bond market. Now, you have said that big coin scales as a base slash settlement asset with large transactions upon which higher frequency layers can be built. Thats the way to think about scaling. So this is, of course, the age old debate about does big claim scale. And then around 2017 or so people said hey, you know what, its actually more like gold digital gold. And those scaling technologies will come later. Is that where we are in the cycle . Do people understand that and you still abide by this line . Yeah, i get questions all the time ever since i started writing favorably about because when people brought out the scaling problem. And so, you know, that was that the whole genesis of the, you know, big, quaint cash spinning office is, you know, to try to, you know, basically sacrifice security and sacrifice decentralization to make it more scalable. Whereas, you know, if you just focus on big calling and use, maximize for security and maximize for the centrally kate, the central fixation, you can always increase scale ability with additional layers. And so thats, you know, i think the market as has chosen the market has said that, thats the way wants to go. And it likes big coincidence like, you know, these alternative ones by anywhere near the same market cap. And so, you know that the Technology Makes sense. And so i think that multilayer approach because as you know, the settlement layer as a store of value makes a ton of sets. And i was shocked to read notice from pay pal. Ive just gone in to pick one, and now they mention that were also going to accept big cash and they make an equivalency to pick one. But nowhere in the disclaimer did they mention that the big sacrifice a security. Its a less secure network. And i found that acting incredible and incredibly in bad faith pay pals part. But we got it. We got to go right to time. Lynn. Thanks so much for being on kaiser report. Dept. Thanks for having me. And thats going to do it for this edition of kaiser report with me. Max keiser like to thank our guest, lynn. All that and lynn, all that Investment Strategy until next time. Buy off. You know those will suit pull their sleeves to your door, wu, lover, boy was sure sure i can board. It doesnt actually matter the age to put a gun by you going to go with us because of this new medium. We will soon be confused with it. Would seem the most news, but is the most severe. Some are put in your sleeves, come on and use the 20th century. Was thing in a revolution, the Great Depression and world war, the 21st century of mental illness, those arent my words. Thats what surfaced some psychiatry to tell us the only question, except it is a fact rusher draws up sanctions against french and german officials in a tit for tat move those countries penalize russia for the a legit poisoning of alexina. Meanwhile, russias foreign minister suggests the activists may have ingested the talks in the country. But we have every reason to believe that what happened to him, terms of Chemical Warfare agents getting into his body could have happened in germany or on the plane and wish he was flown to a charity hospital. Prodemocrat media tried to
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