Guy makary he was hailed kind of in the western press anyway as a great neil liberal reformer and hes going to bring deregulation and all sorts of boom times for the economy but he did end up taking a 57000000000. 00 i. M. F. Loan in 2018. 44000000000 of that has been dispensed and since august theyve spent 22000000000 just defending their currency well look the military junta of what 976 this is a u. S. Sponsored coup aided by Henry Kissinger to talk about that in the next episode indeed yeah and you know basically that this is the root of the problem is the destruction brought on by external forces the foreigners meddling in the argentinean politics then you had of course paul singer and the hedge funds on wall street funded by money printed by Central Banks kristie look art is i. M. F. Central bank shes in bed with paul singer joe user. It together she is now at the e. C. B. But indeed she was at the i. M. F. When they were negotiating the other central bank and she is in bed with paul singer and the same mentality its a coup lets talk about foreign intervention because of course the currency has fallen by over 50 percent here inflation is raging have seen numbers between 38 and 55 Percent Inflation rate heres a tweet as we were flying down here so trump restores tariffs on steel and aluminum shipped from argentina and brazil citing concern about both countries devaluing their currency now usually this sort of intervention of tariffs in order to fight devaluation of currency is that when they devaluation is done intentionally i really believe this is done intentionally this was in fact theyve thrown 22000000000. 00 of an i. M. F. Loan and to stabilizing the currency so this is how ever acting like a tough guy with out any real information again argentina has been a punching bag for american empire as is all of south america and its all accomplished using money and the machinations of Central Banks and again the people in argentina are fighting back usage of bitcoin locally is skyrocketing and thats their way out of this morass so slight that Christine Legarde fight donald trump fight the e. C. B. The hard money bitcoin and thats whats happening now this is ground 0 this is where the revolution is really taking hold where youre going to speak to somebody in the 2nd half whos american who lives there and this is one of his observations is that people because theyre so used to currency crisis in a way that makes you a much more resilient person in america obviously we havent had currency crises since 1971 and since we had that currency crisis since we essentially defaulted to our debts to france and and britain and other nations you know it was our currency crisis became. Their crisis here they they suffer it so they they have a long history of already protecting themselves with hard assets with property with gold with queen with things like that with replacements that are more stable than their currency so thats why at the moment anyway theres a sense of calm here who knows what will happen you know we everybody saw those images of what happened in 2002000 sanctions are not active war and the year this is yet tariffs on brazil and so hes saying that they are unfairly their steel is cheaper than American Steel right and tariffs tariffs sanctions this type of activity is an act of war and the us hasnt had a good war track record since world war 2 they are going to last in vietnam due to the guerrilla warfare of the vietnamese in argentina all over south America Armed with the guerrilla war currency of Bitcoin America could lose again were going to go into some of the data again about the specifics of argentina and what theyre doing to resist this sort of a crisis getting worse because member we have a change of government and argentina says floor under pay so as reserves dwindle this was machree in his last month or 2. 00 in office and he said Argentinas Central Bank is setting a price floor under the volatile peso and hope so avoid a sharp plunge in the currency after an opposition one president ial election shift of the country firmly back to the left so theyve basically thrown 22000000000. 00 as ive said authorities have also been rushing to stem a sharp decline in foreign currency reserves after spending about 22000000000. 00 to defend the peso since business friendly machree was defeated heavily in an august 11th primary election they still do have 61. 00 tons of gold and their reserves and that has been there since basically 2004 right theyve been buying gold they have not any bought any gold in particular over the last since 2004 but since 2004 they had 0. 28. Tons of gold now they have 61. 00 tons of gold right so thats thats the smart move thats what countries are doing to fight american money shihad is theyre buying gold and whether doing it in russia china turkey or argentina this is the way to achieve economic sovereignty if you want to get out of the us empire of debt you must buy gold you must buy bitcoin as a sovereign yes as an individual in the nation state level it tends to be gold but perhaps some are buying bitcoin the argentinean such a banker starting to buy bitcoin the argentine peso would immediately be one of the soundest currencies in the world theyre defending their currency 22000000000. 00 i think it just gets thrown into the 4 x. Mark it just disappeared just a waste of money they should use that money to mine but. If they want to hard currency they want to get out of the u. S. Umpire they should stop throwing good money after bad and theyll never appease the i. M. F. The i. M. F. Is that crocodile this once and churchill called the act of appeasement that never gets it never gets say ca did they just rips off your arm that he rips off your but it never appease the i. M. F. Never appease the financial terrorists never go back to this theyve thrown 22000000000. 00 at the problem they could have perhaps seen a lesson with well did in russia they actually let the currency float and the currency did sink by 60 percent like very rapidly but that the Exchange Rate mechanism is a stabilizer causes you know not only substitution but it also increases your exports luckily they do have their selfsufficient in energy and Agricultural Products so that unlike venezuela for example which has to import all its food so. Its very reliant on getting hard currency in terms of the u. S. Running the i. M. F. Steve did weigh in on this because they have a new government here and u. S. Treasury. Secretary steven minucci and said on wednesday the United States expected the new president fernandez to uphold the countrys commitment to the terms of the 57000000000. 00 i. M. F. Loan program agreed last year with conservative incumbent c. E. O. Machree the president elect will have to balance the i. M. F. Commitments while dealing with rising levels of poverty which have risen amid the economic malaise protesters march on thursday in the center of buenos aires to protest austerity measures under machree and the i. M. F. With the slogan the debt is with the people not the i. M. F. You know if the u. S. Allowed that wild dog paul singer to commit all kind of act of financial vandalism in argentina they have no no commitment no no obligation to fulfill their i. M. F. Commitment whatsoever because this is a financial war and in financial war you know it all is a game in financial war and they have no commitment what no no obligation whatsoever because thousands of years of history is what they should look at rather than the last 40 years of a fee out empire of debt its only been since the last financial crisis of 2008 whereby this notion that creditors should always be made whole and that theres you know its always for history been 2 sided if it causes moral hazard if you constantly bailout either the creditor or debtor but if youre going to lend money to a nation member it was only 2 years ago that the 100 year bond by argentina was oversubscribed they raised 2700000000. 00 its now worth like 0. 54 on the dollar even less but people were lining up to lend to them they had already gone the defaulted to the i. M. F. And only paid back 30 percent of that from 2000 through 2005 they were likely to default on this and the creditor should learn this should be a lesson for they i. M. F. And in terms of the new president Alberto Fernandez argentinas president elect rejects remaining i. M. F. Money argentinas less. Just president elect Alberto Fernandez said he would remain ounce of remaining 11000000000 traunch of the countrys International Monetary fund loan as he takes office next month which just this month he said quote i have an enormous problem and im going to ask for 11000000000. 00 more incoming president said in an interview on argentinas radio convos fernando said he will try to revive the economy in order to pay and solve the debt problem sensibly we want them not to lend us more money but to let us develop lets discuss the time i need to develop but dont give me more money right fernandes is on the right track its not about dont lend me more money we need to develop about dont let me more money were going to start buying more gold and were going to start encourage individual economic sovereignty through bitcoin and were going to have a really strong currency much stronger than the u. S. Dollar or the i. M. F. Special drawing right which is the new feed money from the i. M. F. So they all are free of money is fail so they decided to create a new form of money called a special drawing rights and theyre going to ask argentina and chile and iran and who knows what who else to roll up all their bad debts into an i. M. F. Facility a 100 trillion dollar Lending Facility because all the people the i. M. F. Make huge billions of dollars in fees selling garbage but again well wrap it up here and what i want to say is that mark carney earlier in 2019 did say at jackson hole wyoming at the meeting of central bankers he said that the u. S. Dollar is no longer fit for purpose and he did specifically indicate countries like argentina where were by currency crises are basically caused by the grid the system of using the u. S. As a unit of account because the whole way the flows the capital flight in and out of the dollar and it was the dollar rising by so much in the past 2 years they started this the currency crisis here so yeah you know why would you have a world worth serve currency based on paper that theres no limit to print the paper exactly right so you get that and then the people of print the paper get a fee for printing the paper. Anyone has to reliance on using a paper like argentina is going to get you know completely. Illiterate obliterated is a good word ok much more coming away empanada for everybody dont go away. In the troubled 19 seventies a group of killers rampage through parts of Northern Ireland that was coordinated loyalists attacks particularly catholic population in belfast tens of thousands were forced to flee their homes and what was striking to put these attacks was that the are you see the Police Actually took part in the attacks so instead of preventing they were active participants in the burning of full streets in belfast at the take more than a 100 innocent civilians were unloaded as the review can seniors and we found out more i was surprised about the extent and its occurrence which the solution was involved in some of those cases the killers would later be named goodwin and were getting i think it went to the very very top i think it is crossed the water where politicians you thought was going on and give the go ahead. Nothing. Comes. Only a little bit. Welcome back to the kaiser report im max keiser time out of turn to Nick Jim Bruno you can find his writings about gold and other cool stuff at Casey Research dot com nick welcome max great to be with you nice to see you again now you travel extensively and you have lived all over the world you spend part of your time here but as eris give us your impression of the Current Situation here to outsiders like me and stacey you know it seems calm enough on the outside what are we missing whats going on it sure well argentina has gone through a number of financial crises in the past 100 years and it looks like its on the cusp of another one the last really big one was in 2001 and what is happening here is the currency is is really on a foundation of sand right now its living and dying by the whims of i. M. F. Bailout money so argentina is on the cusp of a possible currency crisis which is relatively normal for this country its happened repeatedly over the past 100 years and thats what were looking at right now and theres reasons for that you know 100 years ago argentina and the u. S. Were really kind of on the same level i mean youve seen it Walking Around here theres beautiful buildings and now its kind of the golden era of argentina 100 years ago the you know theres used to be a saying called rich as an argentine back then. And you know thats thats changed a lot since argentina instituted a central bank and the politicians that was in 1935 so a little bit after the u. S. When the u. S. Institute of the fed obviously in 1013. Argentina had that golden era prior to that establishment of the central bank then of course like in most places you know the central bank is the magic money machine for the politicians and thats really how argentina started its long descent. Downhills when the politicians discovered they had this magic money machine and thats led to in a nutshell you know in the past 100 years for currency collapses and now were look to be on the cusp of the 5th and they have political update hable of 176 of course the same as a seminal moment and chaos in terms of the finance the fair statement yes ok. Weve now we 1st met in beirut back in 2011 you spend part of your hear here and what is there is the latest currency crisis has begun so you just described it gave us a bit of a history there youre an International Man yesterday i would casey yes i know he has a place in argentina as well so how do you position argentina in the International Man view of things youve spent some time here but youre very i guess agile and moving around the world except or out of how does argentina fit into the global picture yes sure so this picture i just described in currency crises and financial collapses are obviously scary but if theres one place that is is not not not necessarily accustomed to it but resilient to it to a degree its argentina theyve been through it they know this is not their 1st rodeo so to say they know how to deal with it they know how to cope with it so if the currency goes to 0 there is already this infrastructure in place in this country to kind of deal with the situation its happened before it will happen again soon are they more resilient than other south american countries i believe they are. Because their whole economy is geared towards kind of the underground not their whole economy but a large part of their economy is used to dealing with the underground market for example the currency nobody nobody uses this is a long term savings value or businesses they dont plan in advance so what they do is they use the underground market for dollars which is the defacto next best thing for a lot of what i would call social cohesion yes thats the future by immigration they have immigration from all over the world. And all these immigrants are forced to come together into this melting pot card argentina and they all bring their little tricks of the trade with them and they develop this underground economy and theyre extraordinarily resilient because theyre diverse diversity equals resiliency and some other countries that are less open to immigration its less resistant because theyre less diverse do you think yes well theres a theres an old joke that an argentine is an italian who speaks spanish but thinks that hes british and lives in a french house so that speaks to that point youre making right there right speaking of france they have this idea of system d. In france which is that we just always get jr something and they always figure out a way to get through theres cohesion there and. Now only 2 or 3 years ago nick argentina with able to sell a 100 year bond and then within 2 years they were bringing in the i. M. F. For 57000000000. 00 why did maxis government borrow so much from the i. M. F. Lets talk about the i. M. F. For all in all this oh sure the vampire of course so the thing is that this is an indication of how the world is drunk money and all the insanity that follows argentina issuing 100 not only was it issued max it was oversubscribed i dont remember the exact numbers but it was people were begging to give argentina money for 100 years and they just you know that bankruptcy if yes earlier yes so theyre going to take this back up country and say were going to do 100 year bond its an innocent oversubscribed its insane its insane so why why did the issue the 100 year bond and then gold to the i. M. F. For the largest bailout package the i. M. F. Has ever made in its entire existence well its because the currency is about to collapse and theyre using a lot of that money to kind of prop up the economy here prop up the currency here i mean think of it on an individual level does it make any sense well you know knowing that the peso is not the best currency would you personally and. The debt in u. S. Dollars and by argentine pesos knowing youd have to pay that loan back in dollars if they were backed by empanada time yes yes nonetheless thats what argentina is facing unfortunately argentina the way its set up with how the government is spending money they cant afford it internally so they kind of need an x. Terminal sugardaddy so to say whether its going to be the i. M. F. The hedge funds in new york unfortunately or you know debt is another show from the vultures at the im not going to parasites of paul thing or world i mean i just saw a report on a big bank stream Media Network in the us Tucker Carlson did a big story on paul singer and the way he vaporized some towns in the u. S. Using his predatory kleptocracy method and underhanded. Shenanigans but hes been doing this globally for years principally in argentina i think he tried to say some argentinian government assets at one point well exactly and i think there is a 3rd way so if you dont want to be slaves to the bankers slaves to the hedge fund slaves to the i. M. F. Or slaves to the chinese hopefully a new 3rd way will emerge and thats kind of where this crypto comes into play in argentina but to go back to what youre saying about the i. M. F. You know so there are rumors i cant say this for a fact but there are rumors so why would the i. M. F. Give 50 something 1000000000. 00 to a country thats repeatedly defaulted well obviously theres geo political concerns but also theres rumors that theyve pledged the prime real estate of argentina patagonia which is pristine has freshwater the glaciers are one of the most beautiful places on earth so it seems like theyve pledged patagonia its rumored to its a rumor its a rumor but i would be so. Youve got your ear to the ground this rumor how much traction does it have out there because if thats true its an absolute catastrophe in a mega proportions well if you look at who who is interested in patagonia the elites are very interested in patagonia they have all sorts theyre buying all sorts of property there not just hollywood elites banking elites pull. Elites when obama used to visit argentina he would sneak away to patagonia nobody knew what he would really do and patagonian sneak away to patagonia for a few days nobody really know of it outside of argentina unless you followed argentine press but what the heck was he doing in patagonia so there are a lot of elites buying up property in patagonia obviously its like a bug out location for them to obviously something interest them im not quite sure what but its something to watch. Lets talk about they still have a 61. 00 tons of gold in their reserves and which is up from under half the time on in 2001 of course over here they are k. C. Research and International Man you guys have a strong focus on gold tell us about argentina and gold i wish the origin science instead of looking towards the dollar when their currency goes you know i wish they would look towards gold and i think they will. Eventually they will because you know you think of it like this think of it you know the market for money you have the argentine peso you have the dollar you have gold and bitcoin but most people are familiar with the dollar so think of it like any other essential goods like what bottled water for example like you have the sun and you have evian one of the sunny sorry to get brown started make people sick it was obviously not good nobody would want it so they would go to every one that would look good to but the problem is is that that next best thing the dollar is also going to turn brown its also going to make people sick soon so i think. That is going to help people in argentina are going to stockholm syndrome you know because the u. S. Went off the Gold Standard 71 and then kissinger was given the green light to overthrow chill a totally destroy argentina and destroy south america because they had all the family in the world to do so they could just print their way into this empire of debt and just destroy lives and yeah they had a currency crisis here for 100 years but not since they overthrow in 76 as being spent as chaotic as they are now and you have these. And vultures on your doorstep with that easy money that theyre willing to loan to you at it sure but it rates meanwhile they get no interest whatsoever on their loans and theyre making out like bandits increasing their wealth exponentially and everyone else is suffering and they do the divide and conquer so youve got the socialists are you know at war with the club to quit the crass and the right so now theyre they theyre looking internally they dont understand that the problem is fear of money absolutely you talk often about the cantillon effect well the cantillon effect is on steroids here in argentina because as you said its you know a lot of it is driven by money well where have they used money to kind of hollow out the middle class suck up all the wealth and give it to somebody else here heres a great example of that but youre totally right in terms of what these folks are doing with the debts and thats why its urgent because it was because i see it pick when adoption skyrocket. Suddenly woke population to realizing they want individual sovereignty theres a way out of us dollar gemini with bitcoin i think thats certainly a large part of it too they see whats going on with the u. S. These you know predatory institutions like the i. M. F. And this is kind of the 3rd way i was talking about before so if you dont want to be slaves to the i. M. F. You dont want to be slaves to the chinese bitcoin offers a 3rd way and i think that is a big reason why people are waking up to bitcoin in crypto in argentina in a relatively higher level than other countries all right nick jam from Casey Research thanks so much for being on the kaiser report thanks max and stick around for the segment we like you showed us where all the good steak is yes its all the grass fed and yummy good and super cheap and thats going to do it for this edition of the kaiser report with me max kaiser and stacy herman like this i guess Nick Jim Bruno if you want to catch us on twitter its kaiser report until next time. During the Great Depression which im old enough to remember there was most of my family were unemployed or. Otherwise and it was bed in a much worse objective listen today but there was an expectation of the things were going to get better. There was a real sense of hopefulness there isnt today todays america was shaped by the 10 principles of concentration of wealth and power. Reduce democracy attack solo down engineer elections manufacture consent and other principles according to no im chomsky one set of rules for the rich offices. Thats what happens when you put her into the hands of a narrow sector of will switch rule is dedicated to increasing power for chills just as youd expect one of the most influential intellectuals of our time speaks about the modern civilization of america. So what weve got to do is identify the threats that we have its crazy confrontation let it be an arms race is often scary Dramatic Development only closely im going to resist i dont see how that strategy will be successful very critical of time time to sit down and talk. I had a spiritual experience. And i had the little girl that died in the fire sent there collins. A 5 year old son were looking for reaching. 54 years old age but 21 years on good role model. For a crime i didnt commit. My own stupidity was in a sense doesnt read newsgroups because nobody would listen. You know the. Trial was pretty much a farce. We already had them guilty before the trial. Tell you nobody. Caught. Was. Not truthful you will run it all. Through to me theres room for german himself or something. I knew she was in there and i knew exactly what i was doing this people life. Sometimes theres no explanation. As to its the same wrong one old roles just dont hold. Any you get to shape out of disdain he comes to agitate and indeed from an equal betrayal. When so many find themselves worlds apart we choose to look for common ground. Coming up this hour r. T. Speaks to a law professor fighting for the release of a Guantanamo Bay in like he was subjected to shocking to what sure at the hands of the cia. Or. Orders why yes that is the charges were all released. d and there are. Also 2 thousands gathered for strike action across frances must protest against pension reform plans and for a 3rd week violence has gripped the french capital 2 with police using tear gas against demonstrators will bring up to speed on an