The beginning of a new struggle of a new battle the legal one when russia takes its case to cast the court of arbitration for sports analysts and switzerland and we are expecting this to be made quite quickly before the end of this year where the decision was balanced on the basis of the proofs i have my doubts here because what is not clear to me is how they did find out that there should be many people asian on the russians who is. Guaranteeing that data is from the restall blower were not money that it causes reputational damage to the russians board because everybody is now thinking that the russian at least or all dog which is of course not true and. Put only on russia we all know a lot of doping cases or coming also from all the nationality and that means. Now actually easily to beat one side. I think staying with r. T. Join me for updates on our top stories and often a. Good politicians to do something. To put themselves on the line to get accepted or rejected. So when you want to be president or injury. Or somehow want to be pressed. To go right to the press this is what the 43 in the morning cant be good. Im interested always in the waters of our. City. I am max kaiser this is the kaiser report digga localization dollars ation you know its happening as the world is kind of drifting apart in a lot of different ways we look into it because theres an Economic Force behind it as always stays Max Santa Claus is coming soon so you know what that means its a season of make believe that some fat guy is going to fly around the world on a with a reindeer ism put some presence down our chimneys and make believe its becoming very real i notice around the world. We have now in the past week or 2 you know down trump has said that argentina and brazil where were going next week that they have their currency manipulators and so he slapped some tariffs on their steel and aluminum or as the brits like to pretend its pronounced alan many m theyve some tariffs on that at a minimum that not english they cant talk good right so this tit for tat tariffs and it claims that theres a currency problem you know that their currency that theyre driving their currency lower there is a dig dollars ation going on theres a currency crisis happening all over the world currencies are in massive flux massive volatility argentina and other countries are trying to grapple with the fact that the world is moving away from us dollar reserve reserve currency and the idea that the u. S. Is going to tear of son only encourages more to it for tat trump also said hes looking for the Federal Reserve to take Interest Rates negative which is while confiscation by any other means member back in the thirtys the u. S. Confiscated gold tromp is into confiscating People Savings right out of their account just taking it from their accounts using. Negative rates well the notion that argentina one of the currency to collapse by over 50 percent when they just took out a 5060000000000. 00 loan from the i m f in u. S. Dollars not in their peso is absurd because that doubles the size of it in real terms for them and terms of how much they now have to pay back so hes just basically punishing somebody whos already in a precarious situation speaking a precarious situations a negative rates here is the headline where the real you know weve had make believe for so long and that its becoming more and more real that were all just going to get lumps of coal the dallas fed president believes ballooning debt could suddenly become a big issue for economy well thats true as anyone knows that weve been saying that for years that you cant cure debt with more debt they have some mainstream economists like paul krugman the says that that is completely meaningless but even the interest on this meaningless that is now bigger than the you know or is comparable to what money spent on defense so its become a problem and a lot of the debt by the way in the United States right now is corporate debt theyve incurred 3. 00 trillion dollars in debt to buy back 3. 00 trillion dollars with the shares so youre swapping the real assets of the company for the make believe which is debt reduced actual assets its a make believe for equity swap yes right remember in raiders of the lost ark where he swapped a bag of sand for the Golden Nugget on the pedestal and then the big boulder came to chase and this is whats happening in the markets are replacing equity with a bag of sand or nothing and another big boulder of massive debts coming to chase them down the corridor and heres some more make believe we you and i saw this in belfast back in i think it was 2012 when the g 8 conference was there and member their economy was wrecked and they had to put up Fake Store Fronts well here. From the wall street journal some empty storefronts on 5th avenue are getting dressed up for the holidays a creative solution during a critical season for the Retail Industry you know retail space there are so overpriced that even giant corporations are unwilling to pay it and so the stubborn standoff between these lease holders and the retail outlets theyre all empty so in order to create the illusion and continue having tourists come into 5th avenue theyre just going to be met with fixed nothing they could actually buy so its a potemkin village yes remember we saw this in belfast during the troubles the legacy of the troubles as some storefronts are left as a potemkin village they are look like something is going on but theyre actually empty as a way to negotiate whats the ancient rivalries up there in belfast Northern Ireland so here is another make believe to eat the earning list bull market the s. And p. 500. 00 p. E. Ratio in white versus earnings per share green as you see the earnings per share are tumbling where as the p. E. Ratio is soaring stocks are soaring earnings are flat or in fact declining well earnings are shrinking because of big lobel zation the valorization all the easy money is off the table with peak oil which means all the easy cheap oil is gone weve peaked Everything Everything thats been cheap as gone in our lives in ourselves as a negative Interest Rates are all about conversation youre eating your arm to stay alive eventually the doesnt work so well speaking of the make believe theres nothing more make believe than fiats currency and of course what is real is gold and here is the headline u. K. Cant be trusted with gold top slovak party leader says so theyre going to repatriate their gold from the United Kingdom and notice that word that it cant be trusted and thats always associated with diesel is a shinin. An absence of trust between trading partners and a lot has to do with as weve talked about especially over the past year the u. S. Dollar as a settlements layer magistracy have been covering this phenomenon for a while and i think gordon brown hit peak paper of the big paper mark at the peak nail liberal moment the peak post world war 2 washington consensus moment was when gordon brown sold half of britains gold at the rock bottom price of 250. 00 an ounce a sense the time gold has swung from being out of favor to being in favor to the point where last year central bank for the 1st time were net buyers of gold in a big way and now theyre just ratcheting up either their gold purchases or gold repatriation i think at an alarming rate if you want to look at the progress or the product prognosis for free up money Going Forward its not good if all these countries are scrambling like mad to get their gold back and to buy more gold of course the unite the Bloomberg News has been reporting on the entirety of the Eastern Europe including hungary poland and theyre saying that these governments are absurd for asking for their gold back these are populist movements and they should stop this but you know i think this is part of the trend that weve seen since 2016 especially really kick into gear is that this absence of trust in the status quo what weve had for the past 40 years since 1971 since neo liberalism was allowed to be unleashed since the baby boomers came on into the market as the number one voting bloc thats over there no longer the biggest voting bloc and all their ponzi schemes are falling apart and this slovakias former premier said that parliament should force the central bank to bring back the nations gold sword in the u. K. As history has shown that allies can hardly be trusted extremely or robert fico who chairs the biggest Political Parties slovakia said his formation is seeking. To hold a special parliamentary session on the issue of the gold is not safe in the u. K. Because of believe something thats unmentionable due to his in the u. K. And possible Global Economic crisis so in this situation hes saying and i think Alan Greenspan by the way would agree is that unless you have your gold in your possession you dont have the gold well let me sum up the Global Economy in just a few words number one banks all over the world have been making incredible amounts of junk loans to corporations to buy other corporations. Those banks when they have a lot of junk loans built up that are not repayable they sell them to the Central Banks for this ever mounting global pile of treasuries and money thats being created to buy back the junk bonds the junk debt from the banks who have been just giving into their friends to buy out other corporations and these massive mergers and acquisitions stock repurchase scams and that has a finite end date the it cant do this forever and were approaching that moment now were in the smart people in Different Countries now in Eastern Europe if the alarm bells are wrong and theyre like you know what this is an unsustainable ponzi scheme between junk bond dealing banks on wall street and the Central Banks and they are only protection and this goes back thousands of years our only protection has always been owning and buying gold you want to call it a populist movement it doesnt matter what you call it its going to be survival of the gold assist those with the most gold make the laws and in the 21st century of course itll be those with the most bitcoin will make the laws but thats going to take a few more years to develop read david greene has 5000 years of debt the fact is that whenever trust is absent gold rises and so you know youve seen not only china and russia accumulating gold but you see since kaiser report went to frankfurt and confronted the central bank the bundesbank about their gold reserves and they admitted to us that their gold reserves were actually held the new york they since have repatriated most of it and because of our arrival there and the them admitting to us that it was held in new york so germany was the big 1st creditor nation to or get their gold back and then many other nations have followed including i think it was the netherlands poland hungary slovakia is asking for it and by the way this is like an ancient thing this is a were. Quote from what this guy robert says is the issue here he says you can hardly trust even the closest allies after the munich agreement he told reporters referring to a 1938 pact by france the u. K. Italy and germany which allowed adolf hitler to annex a part of czechoslovakia i guarantee that if something happens we wont see a single gram of this gold lets do it as quickly as possible there isnt this gold is not in the country where should be is because of world war 2 because hitler was starting everyone in europe so everyone in europe put their gold elsewhere in the u. K. In the u. S. And now were in a post kind of world war 2 scenario where people are saying wait a minute we dont trust the u. S. We dont trust the u. K. To hold our gold anymore we want that gold back in our own vaults in our own country and of course gold is a commodity that doesnt need a 3rd party in its value unto itself it does not like money that has no and no value without a government saying well go to war to defend it other than the house of value and of course because some lowly is is valuable based on itself itself itself validating which makes it even better than gold but now were in this period of massive scrambling amongst countries to prepare for this money collapse. As well and you see this again just like the 1921930 s. Its relevant that he points out in 1938 packs because here we have the u. S. Slapping sanctions and tariffs on everybody this is the same thing that happened after the Great Depression during the Great Depression everybody was beggaring the neighbor so if theyre going to start begging my neighbor of this guy is right that he wont see a grand that the nation wont see a gram of gold back from the United Kingdom theyve already seized then as well as gold for example so youre not going to see slovakias gold if you dont get it back jim rickards told us that here on the show that the u. S. Will seize whatever go. They have in the event of a crisis. Has about 31. 7 metric tons of gold worth 1300000000 euros in the bank of england and remember it was just in the last few weeks that poland got 8000 bars of gold back which is 100. 00 tons and 8000000000. 00 from our 5000000000. 00 from the bank of england in terms of their gold so well heres a heres an interesting and fun fact why there are approximately 7000000000 ounces of gold above ground thats all the goal thats ever been mine since the beginning of time and theyre about 7000000000 people on earth so every person on planet earth man woman and child to get one ounce of gold and that would be a great way to redistribute wealth anyway were going to take a break and when we come back much more golden stuff coming your way dont go away. Welcome back to the kaiser report imax keyser time out of time to Dominic Frisby a comedian voice oh over artist gold bug bit coin enthusiastic author of a new book Daylight Robbery how tax shaped our past and will change our future welcome back dominic thanks very much max how you doing oh awesome so everyone in america knows that the income tax was introduced after the introduction of the central bank are these 2 related if so can you explain a little bit yeah they are very much related to. The interest into income tax was introduced to us in america are 90 see america its time rely almost entirely on carrots for its federal revenue and they want to define you as replacing barrett says that it caused a lot of tension between north and south because tension that resulted in mung of the things the American Civil War and death so we wanted to find another means to its sort of strawman standing in the group to the income tax 913. 00 it was introduced to quench how dramatically have cooled when american joined the 1st world who but even so most americans were paying ordinary americans werent really paying income tax until the 2nd one who will 1942 and the revenue act of 942. 00 grew income tax to every man and it was a famous song that was composed by Irving Berlin and it was actually commission from having brought him back hate my income tax today to make american celebrate the joy hes been contacts and it contained the lariat i paid my income tax today a 1000 planes to lend that will be paid for and i chip to him i was ever there and clearly made a return tax and rules that particular so merry fascinating stuff so that the name of the book is called Daylight Robbery how tack shaped are passable. Change our future so dominic france me has done a bit of a deep dive into tax and its of some fascinating interesting stories here and several can several candidates on the democratic nomination are proposing a wealth tax on billionaires the fact is however that as the fed that turns billions to they cant tell in a fact creating all these billionaires so should they target the fat instead should we get back this ill gotten wealth donek one of the biggest tax simple throughout history as being the stealth tax that is information that is the debasement of money and its a tax that united max and railed against. Milton friedman cooled it taxation without legislation and yeah theyd be as well to sort out their current serious they would to be taxing billionaires and do you know let me ask you a question you know where you get the expression Daylight Robbery from no. We get it from we used to have a thing in the in the u. K. Cold wind on tax and in fact throughout europe where people were taxed on our window and this tax went on in the u. K. For 17180 years and when in peace finally debated whether this tax was a good or bad thing in parliament they cried out Daylight Robbery Daylight Robbery and thats because in order to avoid paying tax many people locked up their windows and this was no small sacrifice to cool see no snakes there was no electricity not even gas and electric. Lighting and we live with tallow candles and so the coal lost a lot and they lost the fresh air in many many incidences of d. C. S. In the Industrial Revolution much worse these cramped damp when dentist weddings and thats where the expression Daylight Robbery derives from right i think also in london architecturally speaking there is only have that basement and theres a bit of a railing between the edifice on the street as also tax related and it created a very distinctive look but it shows that tax policy has it as many of facts that are on unplanned and in many times detrimental and talking about taxes the yellow of us movement in france is at its heart a tax free vaults on petrol many including david graber also suggest that a tax revolt against the cant tell in a fact your thoughts on whats happening there without doubt its a tax rebellion max every single rebellion revolt rising revolution into history has at its heart its been a tax rebellion its a rebellion against some kind of inequitable who taxation some kind of economic injustice created by the tax system most famously of course the American Revolution no taxation without representation french revenue. Revolt against the decadence of the opera promises which were paid for by the peasants the Russian Revolution the english civil war most famously perhaps the most clearly was the not rush things and the most clearly the philippine revolution began with the cry of kook atlanta woman who exhorted citizens to tear up their tax a typical its been this thing you can go right back through history that you skate. Egypt they were trying to escape taxation and the ultimate form of taxation is a cruel slavery where you lose all on the ship of your labor and tax hasnt just shakes the world in which you know taxes today dont just how money tend to consequence since throughout history theyve had these are intended consequences to the point so wait you can actually argue the. History of the entire history of civilization has been shaped by taxation as i said every revolution every wall responded by taxes but theyre all sorts of bizarre. Relations for example mary and joseph were only in bethlehem to pay taxes when jesus was poor man who gets to say so not levied those taxes mary and joseph would never be in that christianity would never even hold in the way that davids had these incredible effects on history the very 1st tax since were levied in ancient mesopotamia taxation is as old as civilization itself the very 1st rate records we have on tax records. And because tax records tend to be the best preserved records of home for obis reasons and historians so often when theyre trying to learn about a society they go to tax records and the way to tax on history has been incredible and thats why i wrote this book im trying to encourage people to look. Through this prism of taxation when you do stand much becomes clear why i things are as they are why things. If hold in the way that i did but also how things are going to be in the future the name of the book is Daylight Robbery and Dominic Frisby is the author and as weve discussed many times sometimes you look at an economic aspect to history and you find its very elucidating in this case in tax policy now dominick you believe that the solution dollars Daylight Robbery is actually nevertheless a tax a land tax a tax on land not labor why is there less robbery why is it better what does a look like tell us about this 1st and foremost max im a big believer in taxes at the moment roughly 50 percent of everything you are if youre living in that you have. The cost of your life will be taken from you in taxes we think we tend to think of as a house is the most expensive purchase will ever make by far and away more expensive is your government and its extraordinary you know obviously in a Shape Society you are 100 percent nice. By somebody else and if you are going to a Totalitarian Society pretty much 100 percent of your laid her new approach you see more profit and then the other extreme you look at some of the most liberated societies in history im a ready ever taxed 10 or 15 percent and this is a number back to the ancient traditions of the colony and especially. Because we have 10 fingers on our hand its an easy its an easy number to calculate but yes so im a big believer in taxes but im also really we should. Well today says sort of 50 percent somewhere in between those 2 extremes if you know you mentioned greece taxes were all of tree you know matching boat tree taxation and then of course north korea. Everything. And we sit in the middle so im a big believer that we should be back towards the 50 percent mark somewhere around there the more liberates in a more inventive the more an image of societies and history will always know taxable i say should. But in addition i would tax. Next 50 percent of government revenue derives from income taxes of some current or other and as a result the work is sound fairly pain life now if you start out in line with nothing but one thing you have is your work but we tax the work constant and heavily on the other hand we dont tax lax we hardly tax the land so so i would replace income tax so a large portion of income taxes with a tax on the rent to find you of land in its an improved state if you can prove land built a house on it or a factory what youve built on the land should be used to create. Some improved state you know if youre driving if youre making a fortune from that the only reason its going up is because of the needs of the community and not because of anything that you put in and so the idea is to stop some of that share now home problem was economically speaking was one of the most success. Countries in the 2nd half of the 20th century went from shanty town shortly after world war 2 to futuristic city state in barely 2 generation a home program taxes a percentage of g. D. P. Never exceeded 14 percent income taxes were only levy against the very rich and instead they have only percent of government revenue came from land taxes so the most who is proven a mom who works in the left wing politicians in america maybe theres a switch from raising income tax on billionaires to introducing elan tax and that would pretty much do the same thing dominick well the left wing politicians any problem exists believe in much levels of greater Government Spending than i do and they want much more Government Intervention in the economy and i dont buy that i believe that individuals making their own choices make much better decisions than governments and bureaucrats but nevertheless. The young human the left wing arguments in the case for land tax and thats an argument i buy but i would tax and have been as they proposed to i dont tax and making 10 percent of its annual rent for buying something right now you know youre also looking at the Global Markets and forex market on the dollar your thoughts on mark carney statement recently that the world needs an alternative to the u. S. Dollar as a unit of account here mark carney your central bank over there at the bank of england saving lee breaking ranks with others and calling out the dollar can you give us some insight on that weve got about 20 seconds i day trust not carney and he i need ever since whats required to be senate any given moment and so i mean yes the well is probably going to get an alternative to the dollar eventually and in the wrong but because its the way independent money hes gotten out of all Monetary System all right well you heard it from none other than Dominic Frisby the name of the book is Daylight Robbery how tax shaped our past and will change our future thanks for being on the kaiser report thanks very much max a pleasure talking to you oh great yeah i can find it on amazon by the way it makes a great Christmas Gift you know if youd like to get in touch with us tweet us a kaiser report until next time by you know. Join me every thursday on the alex salmond show and ill be speaking to guests of the world of Politics School business im show business ill see you then. Meets the Russian Foreign minister in the white house and challenges the u. S. To publish. The 26th. I. Know this is in front. Of a speech by the Prime Minister of. Russia. And the road
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