Consumption today christmas being a holiday of consumption or losing its its significance as a spiritual soulful occasion and here we are you know weve all been very very naughty and weve all been sent to our room and were all sitting in our rooms now thinking about what we did this is a moment of self reflection for the Global Community to sit in your room and think about what youve done because youve been very very naughty and theres a sort of sense that yes it is bad on the way to Something Better ok yes for example the revolution and france and the reign of terror were not pleasant events in themselves but at the end of the day they led to a republic and. A wealth and income gap that declined rapidly and you know a flourishing of the ordinary person the same here what were seeing is were seeing the end of a Financial System a debt based system. Im a fee based system it was never going to be nice it was never going to be great it was never going to be easy but you had that insurance of your gold position for this sort of situation and i want to look at the fact that it is over no matter what you think it is over now the world has permanently changed the fed is attempting to stop this repricing from going any further they essentially announced they are nationalizing the markets and hes looking at a headline from the f. T. Nationalization a bond markets helps calm nerves feds promise of unlimited buying will not be enough on its own says investors mean this is the culmination of what weve been talking about for a number of years here on the kaiser report for those of you just catching up now this is what weve been warning about and talking about for years so in other words no price discovery is allowed no risk borne by the financier allowed no risk for the billionaire class no possibility of losing a penny. As long as the central bank is committed to infinite money printing infinite those of their words infinit money printing so that means that the stock market the s. And p. 500. 00 the bond market is being taken private ok all those stocks and bonds will no longer be publicly traded or publicly listed or the vast majority of them will no longer be theyll be then priced like Dell Computer remember michael dell decided a few years ago being a Public Company and so much work and my stocks terrible im just going to go private oh ok apply that now to the majority of the s. P. 500 deaths is going to go private so what will be left is a fast penny stock like junk bond market for idiots and casino operators to lose money in every single day for the benefit of the rons yes pretty much thats the future if you notice the stock market is not going down particularly at this very moment as the flood of the wall of the tsunami of money will go flows into the pockets of the billionaires the bond market dwarfs the equity markets the stock market so its way vastly bigger ordinary people dont know the size of it and the numbers wouldnt even make sense them but the fact that that is the internationalized and presumably thats part also bailing out Pension Funds the mutual market funds like a whole sector of the economy that youre not even looking at youre just looking at the shortage of toilet paper the shortage of real goods and Services Like thats something that everybody can see but the the wall street knows that theres a shortage in the bond market theres a crisis there and nobody wants to hold that this is what weve seen way back from september when the repo market was being intervened in by well now is that a trillion dollars and that well lets be clear about our term nationalized because it doesnt refer to like a government lets say france or the United Kingdom taking over public transport and for the benefit of public who will then. Bring in pricing that is in the Public Interest this is american style nationalism where you have the fed which is a private bank owned by private bankers lending out infinite amount of paper money so that the billionaires can be assured of never ever taking a risk or losing any money thats the american style nationalism is to go private thats what they call nationalism stiffer than european nationalism now its the best of times and the worst of times in the gold market as well as weve been covering and i have a tweet here from royce a bog the situation on the gold market has not improved there is no metal and bully on banks have now stopped offering 2 way markets for gold the spot price is disconnected and seems to be discovering the price for some thing that isnt gold if you have gold to sell contact us right now theres 2. 00 parts to the financialization of the world and the increase in debt to many hundreds of trillions of dollars around the world many hundreds of times g. D. P. Around the world and that is the suppression of goal we started doing all this content business back when the Gold Antitrust Action Committee in the early 2000 issued a report on gold suppression this is one of the 1st things we cover and this has been the story a sense that early 2000 period gold is safe and sober have not been allowed to express their market price theres been no true price discovery because you cant have a financial ization going on rampant with hundreds of trillions of dollars worth of worthless debt and paper money without suppressing the price of gold now were at the point where the money is starting to finally hit the buffers and so gold is allowed to be valued in the true price discovery as the comix in the l b m a collapse as they did the early sixtys during the gold pool days that means youre going to see i believe my opinion the price of gold that currently in the you know 13141500 dollars 600 dollar ainge will gap open the 2500. 00. And head over to 5000 to to make up for all that last time youre seeing a demand for physical people want physical gold these investors these multibillionaires want gold nation states Central Banks want gold and thats what youre seeing this shortage of the gold supply the paper markets are unable to deliver physical gold thats what were seeing but these exchange for physical contracts being broken on the other hand also what youre saying about what theyve been able to do or what theyve done since the 1980 s. For sure is that there is you know since the plaza coord in all this sort of stuff that you are you need to maintain faith in the fiats currency right for this whole system to survive as it is this is the worst of times for that system as not coming back they all think its coming back its not coming back for them because what youre seeing with this desire for physical gold is not just speculative exposure to the price because thats where you go in the fist in the paper markets you want the actual thing because you are starting to lose faith in the system and i notice ordinary people are starting to question this as well not biased necessarily buying gold but if youve noticed on twitter a lot of people have noticed since were printing up trillions of dollars all over the world every governments printing uros or pounds or dollars is theyre saying well why do we have to pay taxes anyway and as you and i have pointed out here the taxes are just in order to maintain peoples belief that theres some value in it like i have to work to i have to pay these taxes that means the government really thinks these are valuable and well if they were just printing it up you know you would not have faith in the currency so again you know everybodys called for hyperinflation has been the widow maker for of trades for decades since 1971 essentially but it could happen it could happen and when it does it will happen suddenly and its gradually happening but then itll suddenly happen right i think youre already starting to see this in things like arms juice prices so are shoes prices due to the pandemic which is. Caused in part by the pool look for ration of paper money in the absence of goal price discovery is now skyrocketing prices due to shortages because its a physical thing and people say oh i need my help i want my orange juice while the prices are skyrocketing same thing is happening on the commodities and the same thing is happening with gold and silver remember billionaires think of gold and silver the way the Unemployed People think about toilet paper yet youve said this and you said a few episodes ago you did warn that what would happen is just as you see people stampeding to the supermarket to buy toilet paper you still cant 2 weeks later you cannot get any on amazon theres a shortage of toilet paper and you cant find a role for any price you said the same thing would happen with gold that once once you needed it it wouldnt be there for you and you see that in this tweet related to the gold market as well from its bits gold market is facing unprecedented turmoil worldwide panic over corona Virus Outbreak and flood of stimulus by Central Banks has ignited demand for one of humanitys oldest methods of storing wealth as suddenly much harder to get metal when its needed i predict the ultimate and this is not only the ultimate use case but the ultimate irony is that once people realize they cannot get gold. They all star flocking on masse into bitcoin because thatll be the only way they can protect their wealth with this reliable store of value and thats so funny because everyone in the Gold Community the big point weve been warning back and forth for years ultimately the ultimate use case for because when no gold is available at any price because theyre simply billionaires of scarfed it all up unlike 2008 when gold prices did decline by 30 percent as everybody sold off all they had in order to meet that margin calls we saw that briefly but he could about the situation of the pandemic is that many mines are actually having to shut down so youre going to have a serious shortage of supply the refineries as you mentioned in switzerland are also shut down so we could be encountering a real crisis in the gold markets just like in the toilet paper markets. Right mines or shutting down supplies the drying up as you point the key is that when you most need it most it wont be there thats why people like myself and others in the Gold Community have always been saying you cant wait for that people all say one is going to move once youve got to move well you have to better be a year too early than a day too late because once youre too late youre too late the door is shut youre out hey you know whats been going to great books for the pandemic you like Charles Dickens so hes a good one from our bookshelves here who the play right this is a classic this is really you know detailing all the Emotional Turmoil that goes with the it is its a pandemic so is it worse off than the some new its happened before and you have got to take a break and when we come back much more coming your way. Micrographs sions our slights against you know whites or men. And for example theres theres fights against women or nonwhites so its always you know the idea is that statements that directed toward a Privileged Group are interpreted differently than a statement directed toward an oppressed group and so thats kind of the whole framework and its a its a political framework thats used the result is of course focusing at least on certain kinds of minor slights and say well rather than a north shore then we need to call attention to them but its not all slights so its a very political in this context and. In this community there are people who believe that its ok. Its really hard there are no jobs and you see that ive got kids that ask and as a parent. I can come up with lots of arguments and theres a lot of conflict within the game and between the teams most of the conflict i would say over most rahmani and most of them is me. Close one you know the childrens clothes he know each other and this could be just the state of california alone to make 6000000000. 00 you have to prison complex just to get some point in your life where. You dont care anymore nobody cares about you so you dont care mind anything. Going. On. Welcome back to the kaiser report imax keyser time now to turn to journalist author podcast or matt taibbi his podcast is called useful idiots not to be confused of course with the useless that is once again destroyed our economy and Financial System matt welcome back as a go max a fabulous. Yes that davies now nobody captured the 2008 financial crash site guys better than you with their talk about Goldman Sachs is a vampire squid have you come up with a similar metaphor for the 2020 pandemic collapse yet i have not i have to go into the metaphor factory for this one ill just leave this this whole thing it is this size of it is so hard to get your head wrapped around that just conceptually i just dont really have a firm grasp on whats happening here i mean clearly this is going to dwarf and up the works in 2008 in so many Different Directions in including with the bill a package so its really hard to really hard to have a a line on it well a lot of ways its a continuation of 2008 its part 2 of 2008 because as you documented in your work at that time the solution at that time was to simply give the guys who did the bad things more money to do more bad things so here we are in 2020 and suddenly the outcome is much much worse now the u. S. Spends 18 percent of their g. D. P. On health care and yet health care and Health Workers in the top hospitals in new york city are wearing garbage bags for medical gowns what does that tell us well obviously we have a Health Care System thats completely inefficient and its based on a series of incentives that dont really make sense in terms of your aim is to provide good and Efficient Health care to everybody thats really. Care system is designed to do is designed to drive profits to a few people in a few industries the pharmaceutical Insurance Industry is made mainly hospitals as well one of things were finding out with this crisis is that theres theres just a mismatch so set of incentives for just providing basic care so for instance hospitals are going to be killed through this this whole affair because just putting a sick person in a bit for 7 today and 10 days and putting them on a ventilator is not a money making activity for them so even though theyre going to be overwhelmed theyre going to be busier than ever theyre actually going to lose cash theyre going to forego elective surgeries theyre not going to be doing the more more serious surgeries that make their big money. Disciplines of things like masks and downs there are rules for how you maintain the inventory of those that are preventing them from having stockpiles so all of this is exposing profound flaws in it and how we Structure Health care now back in 2008 there was the tarp money and a 750000000000. 00 or so and then that metastasized became many trillions of dollars this 2020 repeat of the 28. 00 crisis has started off what they 6 trillion dollar bailout im sure that a balloon to much bigger numbers in the in the months that followed the vast majority go to the same bankers private equity corporations that wrecked the economy stephen itchin has been granted an enormous powers over trillions to be dispensed to banks and corporations another Daylight Robbery in the works but this is again its a repeat of 2008 but just 1020. 00 times bigger and it doesnt same like theres anything in place that would put any brakes on this at all matt no there are there oh there wont be and i think the difference with this as opposed to 2008 is that it doesnt if there wasnt one. There wasnt a predicate event that the public could look at and say this organically caused the financial crisis i mean if anybody bothered to actually look they would find that the 2 dozen it crash was caused by. A lengthy period of gambling in the Mortgage Markets particularly the subprime Mortgage Markets and they would be able to draw didnt direct line between that and the people who are. The companies that were most in crisis that ended up receiving most of the 8 in this case i think its going to be very very hard to d train public eyes on the financial disaster and see and have them be upset in the same way as they ultimately were after 2000 it because people are going to say this is an organic Natural Disaster that we just had to deal with one way or the other and theyre theyre going to ignore the juno the enormous profiteering thats going to go on because theyre going to see it as a rational response to a real crisis now leading up the years up to they have this crisis airlines this is one thing though that people are really starting to figure out matt is that the airlines spent in other companies 96 percent of their cash flow on the stock buybacks boeing spend 100000000000 on buybacks now theyre getting bailed out. So theres a direct cause and effect here the airlines spent all of their Free Cash Flow boosting their own stock and essentially transferring that wealth to the executives now when they need the cash they dont have it and they go for a bailout and this is being understood by the public now they understand this that there was a wholesale thievery going on in these Industries Including they particularly in the Airline Industry another mame thats gaining enormous traction is the bit Central Banks go burn or bird on a you know they theyre trying to inflate the market by printing money so theres i mean. You know a pink whoa jack psyche. Guy printing money quickly to keep up the market so there is a connection people do see the connection now between artificial money printing and the for the facade of a functioning market so i think the public same to be catching on and that. Your got your finger on the pulse of that the Rolling Stone. Meme i wrong what theyll eventually see is that there were serious flaws in the economy i was that what youre talking about when we said this artificially overheated stock market this economy thats you know thats been based on all these rosy numbers that are continually reported coming out of wall street but as you point out you know it was really it was really a party that the executives movement of these publicly traded companies were throwing for themselves and they were just piling more and more cash into their into their own share prices in order to perth personally profit so when this happens its not like we just said hey thats not a healthy way to structure the economy and thats not the best way to actually equitably distribute resources and invest and grow and all these things know that the response was just lets just throw a bunch of money at the stock market so it keeps going in that direction and we can keep this party going then you see youre right theres absolute correlation and thats because thats exactly what happened in 2008 similarly you know with with the money printing of course we had more or less exactly the same situation 2000 in it with you know their various quantitative easing programs so its the same i just think the public its going to take them one extra step to get to get there it to get to the ridge just because of because of the coronavirus thing that people are going to say way its a its a real problem lets turn to politics and i know youve been writing a lot and tweeting a lot about this upcoming 2020 race because its got some fantastic cast of characters and some rail. Drama developing hair on the democratic side weve got joe biden. There seems to base and question surrounding whats going on in that camp. And the truth of their look at twitter apparently the American Voters are still a lot of support of the way trump handling the coronas coronavirus pandemic. But whats your take here looks like they looks like the democrats might be underestimating trump again but what what what how do you see whats happening here such a repeat of 2016 i cover Trumps Campaign in 2016 and right from the start one of the things i noticed was there was a there was a gap between how trump was perceived by people people like me in the media you know who worked in new york l. A. And washington and how he was being pursued by people in the rest of the country by the bulk of voters particularly by the bulk of conservative and independent voters so trump the more he was exposed to people the more people actually liked him i mean when he went on the campaign trail they love going to his rallies you get enormous amounts of enthusiasm but the the press and the Political Class continually registered this is some kind of error like they would like it wasnt real they thought that it was some there was eventually going to be some kind of correction the more they wrote about him the more they they complained about among television it didnt happen like that again more the more trump got out in front of voters the better he did ultimately and the more condemnation he got from from people in new york l. A. In washington the more people seem to like him and thats what were seeing now again with this coronavirus thing and what this election cycle theres been this is something and then it seems we get somebody whos you know the superficially not a lunatic that person is automatically going to. Win this enormous amount of support but no like you didnt even in this. Basis trumps Approval Rating goes up his Approval Rating during the impeachment hearings went up during rush it went up and its the same miscalculation of the same people are making it just boggles my mind that they think that theres going to be a different outcome this time well into 26. 00 tame and living up to 2020 their same step a the dead hand of Hillary Clinton in play right i mean whatever happens is that you know if she denied bernie 2016 the d. N. C. Have whats a palace he still has influence has maneuvered bernie out through a lot of dirty tricks and now with biden it looks like a straw man. To somehow maybe parachute hillary in at the last minute to save the day and that is that the reason trump gained the so much popularity is because people see through the machinations of Hillary Clinton well whether its hillary personally or just the party as backed by hillary and all of the clinton acolytes yeah its those people i dont know that theres actually a plan to replace joe biden with somebody like hillary or injure cuomo thats the popular Conspiracy Theory lately. But certainly they think that their formula that that formula of politics is going to somehow prevail this time around and theyre just wrong they did they dont understand how theres a theres a ceiling there for how how much support that brand of politics can get with a selector it in their day also dont understand that theres a theres an enormous level of. Anger interests restoration and just already dislike of that brand of politics out there theyre not sensitive to it they think actually that they do or theyre like much more than they are and desist. Frustrating to watch the like the thing with Bernie Sanders i think hes a flawed candidate look when you have known him forever and ever written a lot about him over the years he does have his flaws but. The reason he was interesting as a candidate because he presented a different kind of politics something that was substantively different from what they ran last time and i think you would have had a better chance with independents and with other kinds of voters. But no they want to go back and just you know run it back hes you know and they think its going to be different i dont understand right ok well that nice to speak with there again matt taibbi hope to talk to you again soon absolutely max hang in there well do well thats going to do it for this edition of the kaiser report with me max kaiser and stacey ebert like to thank our guest mats a big star writer on the Rolling Stone if you want to catch us on twitter its kaiser report and so next time by. Your government our government and all the other major governments of the world know whats going to happen and when its going to. But they havent told you and they havent told me they havent announced. Imagine something as big as the earth. Is going to cause tidal waves or earthquakes volcanoes erupt and its going to chill. So very for a while right. My great grandfathers quote. Nobody would care about the law or prison so youd have wallace the should have. A terrible life of between now and the. Israel media a reflection of reality. In a world transformed. What will make you feel safe from. Isolation full community. Are you going the right way or are you being led to some. Direction. What is true what is faith. In the world corrupted you need to descend. To join us in the depths. Aura maybe in the shallows. A bit of let me. Ask i wouldnt. Take i could. Not. To show me one. Thing you love who you know nothing. To make it a secret is dont want to touch. Dont want to have all of the kook on the spindle its in the out now as you had checked on bush. Then most of the football team. I knew of those damone. Much of this news for learning one thing for not. So would you hire them and when he tried to use in did. Not. Want to meet you house on the net passing them. German officials accuse school swear giant of exploiting a law that was supposed to protect low income tenets refuses to pay rent on its stores because of the codes that 19. 00 of them. Governments around the world face a stark choice between saving their economies and saving lives in the countries or trying to strike a balance. Im far from expresses his appreciation for medical aid by russia and china to fight the corona virus which is now a few more people in the United States than anywhere else
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