About mortgaging our future because this is something that you and i have been talking about here in keizer point for years of course all of this debt and all its feet out since 1071. 00 has not has come at some cost we feel like its been costless because money printer so they keep on printing it we think like hey i can keep on buying stuff i could buy in u. S. You every year put it on lease i could buy a bigger mcmansion every year and its going to be better and better and better well its actually been mortgaging our future which is one thing if its mortgaging your own future but its been mortgaging those who have no choice youve mortgaging the future of people who dont have any say in it were going to get to that but before that i want to talk about this quarantine situation because were in this global quarantine and somebody mentions a great interview quarantine max kaiser is best max kaiser and that is something true because of course Corona Ming Crown Kaiser means king max means king your max kaiser the King King King King i am said she is representative here on earth i am the bishop of ok well if thats what you believe but the thing is you know you can make wit it you know whatever you want of the situation it is a dire situation it is a global well it will be honest jump in here 1st i can see that as we have in stark relief when we have it slapping us in the face like that gift of the woman getting hit in the face with a trout during a storm that everything paul krugman has said about dead is false hes always saying its just we know ourselves and we are going to ignore it well what happened paul krugman is that suddenly the debt became a problem didnt the few weeks ago and the globe goes into discounting and realizing all that future revenue and future that you decided it was not important and all those generations that you decided were not important suddenly everyones jobless and without food to eat and many place. It is because of the economics espoused by charlatans like paul krugman ill say that and why this money particle why does that happen why does that keep on happening and why does every single time since 2002000 the end now 2292020 why is it that every time they do this that the wealth and income gap explodes especially between generations you see that between income classes but you also see it between generations and you see millennial get left behind further and further where generation x. Was at the same age and of course where the boomers were even more so at that same age so why does that keep on happening well because they have to keep this debt ponzi scheme alive and thats why we keep on having to mortgage the future because those current members of the ponzi scheme cant keep it up so they need to go further and further out into the future the state of the consumer nearly a 3rd of us renters didnt pay april rent so this is. Really the base of this pyramid of debt if those bottom layer of renters cant pay the mortgage the rent to the mortgage holder theyre wrong see a class you know that is what unwind see entire Global Pyramid scheme right there the pyramid scheme has a few layers and if people are not paying their rent or their mortgage in a 3rd are not going to do so carolyn the month of april that is like polling the the rug out from underneath this enormous ponzi scheme in a huge way and it also i think echoes the occupy wall Street Movement because during the occupy wall Street Movement there was you know a belief by this generation the millennial zz and the gen see that wall street was abusing them in some way and they wanted to make the message clear that they werent going to abide by the money printers and the ponzi scheme operators but it was an abstract concept now in 20 twentieths Real Campaign my rent so now that wall occupy wall Street Movement should really become. More. I should say pronounced as it becomes part of the global insurrection against banker occupation that weve been talking about for 10 years well its basically occupied that there was a think there was a subset of occupy wall street that because the dead is occupied them its occupied our economy and our infrastructure and our supply chains and this is what is coming unglued as we try to maintain this system you know we we have all these senators and congresspeople plugging the holes of this debt system as they emerge i mean were on face for another 250000000000. 00 plus oh no another 500000000000. 00 so were continuing to plug in these holes of the debt tsunami as it unwinds 30 percent of mortgages could default and fannie mae and freddie mac. Could require another bailout like the Great Recession if lockdown stretches into summer warning analysts as many 30 percent of americans with home loans or some 15000000 households could default if the nations economy remains closed throughout the summer right well let me speculate on something because this Fannie Mae Freddie mac. Bail out another bailout before they even pay off the 1st bailout or during the cold recapitalization reorganization or collapse of the fed that ponzi scheme that is fannie mae and freddie mac. And they have to go through that again i am making this prediction and ive been saying this for a few years but i think this could actually happen now that actually Fannie Mae Freddie macas sold to peoples bank of china p b o c so that china effectively becomes the landlord for a 3rd of american households number one number 2 we could see another make a deal like exxon sold to saudi arabia i think were going to see some mega deals like that as part of the new world order finally i mean the bit this bit kind of a stretch but i think that alaska could be sold to russia well i dont know about that but certainly theyre predicting that up to 15000000 households could default on their debts on their mortgages nearly half of all u. S. Mortgages are under written by. Fannie mae and freddie mac. Remember leading up into the 2008 financial crisis there was this theory this argument that were not going to bail them out because theyre just theyre not nationalized right the government doesnt stand behind these bonds and at that time china was one of the biggest holders of those bonds and they said well you better buy these bonds and bail out the system and lo and behold they did at that time there was a big theory and a lot of people out there in the audience who might be generation the dont remember the last crash because they were only like 1213 years old but at that time there was a theory that china would take over the whole thing and. Then the became a National Security issue but in terms of this situation we have 50 percent of the Mortgage Market is is basically underwritten by the United States government about 60 percent of all health care is underwritten by the u. S. Government through medicaid and medicare. 90 percent of Student Loans are underwritten by the u. S. Government so the fact is we are we have over the past 20 years especially since this hardcore financialization that happened since the commodity futures modernization act of 2000 and the glass steagall repeal and 1909 basically a continuation of the last episode where we talked about the bankers get all the reward everybody else gets the risks this is part of that is that weve had because society ordinary people take all the risk that weve had this offloading of everything on to the u. S. Government and nobody seems to have realized that you as we are close to what the soviet union was like or china as we say you know that theyre communist now lets call what is marxist communism you know Bernie Sanders is a socialist he would be too liberal compared to the communist so the communism thats being put forward now i mean you talk about 60 percent owned by the government owned Student Loans they dont 90 percent of Student Loans they pay sick over 60 percent of all health care are spent in the United States 3 trillion 4 trillion a year most of it comes from medicare or medicaid so theyre the ones paying for that the government is already paying for all these other schmucks like us and on obamacare thats like just money being thrown out the window this like money practical put in place so that trend is going to 100 percent. Right and if they keep going into debt printing all this money in the Balance Sheet the fed goes from. You know with a 5 trillion dollars on their Balance Sheet which is 25 percent of americas g. D. P. If it goes to 100 percent or higher thats 20 trillion dollars of debt so the central bank would effectively own the Health Care System the Education System the mortgage all that the entire Mortgage Market and on at least half of the s. And p. 500. 00 so thats a deeply centralized poll of bureaus type soviet Union Communist trifecta of. Stalemate in terms of markets and in your future you know somebody has got to pay for this right the money printers compatible right thats happening but somebody is going to pay for it as we. Coverage you know its the future generations or its those you know the opposite side of that is the consumer the citizen the resident can eat the user of these systems the entrepreneurs their money printing press. It just burns in thin air its just the vapid rays look at what theyre predicting in terms of just the deficit the annual deficit of the u. S. Government i mean i remember when it passed the trillion i think that was during the financial last financial crisis well look at these numbers are pretty shocking Bloomberg Economics expects largest u. S. Deficit since world war 2 tax cuts and spending measures already announced or result and budget deficit greater than 2. 00 trillion this year upcoming measures are likely to push that toward 3. 00 trillion dollars or 16 percent of g. D. P. Easily the largest as a share of the economy since 1045. 00 right so let me reiterate here so the idea of debt is just money we owe ourselves and that we should worry about it as you read in the york times Nobel Prize Winning economist paul krugman he he thinks this is a good idea you think this is the right way to go hes obviously procommunist which is weird because he lives in america its like marxist capitalism and its a new form of capitalism as a crony up to craddick communist sort of makes a real branding of communism this is american communism remember that show of american style is going to be communism american style and its going to be like people trapped on a Carnival Cruise line with coronavirus out there in the middle of the Ocean Trading food stamps with each other to try to make enough to click an ad on facebook to win a protein pill that is a very accurate way to describe it because of course none of those cruise lines at all pay taxes in the you. Asked are all registered in the bahamas and yet who has to bail them out not the bahamas of course the bombers cant bell them out because they cant print their own money and like the United States money print to go broke and can so theyre being bailed out essentially by the us taxpayer what happens when all their their cruise line you know people on the cruise line the passengers when they come down with thrown away as they pull into Fort Lauderdale or miami and where our Health Care System has to take care of them you know i do want to point out that on this this deficit widens the most in 2nd world war that Little Orange line there is the not members of the public who own that u. S. Debt whos buying it well its called monetization is called nationalization just like we own 90 percent of our student that 60 percent of our health care that and over 50 percent of the Mortgage Market we own 100 percent of the National Debt call of Travis Bickle bonds or so its like Lloyd Blankfein standing in the from the mirror saying we buy the bonds to buy from me you buy the buying from me about me you buy the boat from me Travis Bickle in debt pusher the new Martin Scorsese film on netflix or you know what i think we got to make a Charles Bronson remake of death wish and called debt wish i believe ive seen you working on that and speaking to a crazy director for are able able forus that he would direct me in debt wish and im the natural successor of Charles Bronson its a vigilante banker dude in new york city it goes crazy and seeks justice is like occupy wall street meets godzilla but max in terms of these you know this mortgaging the future or at least that was a set of a future back in 2008 and there was a much more of a future back in 2002001 during the dot com crash now its like that the notion of having some sort of future becomes more and more precarious and like doubtful about whether or not this you know this empire debt can can sustain itself with more money print. And of course you see that in the reflection of all these things socalled bailout packages and stimulus bills is theres no oversight and its just being handed to who knows who on wall street or c. E. O. s or lobbyist we dont know where its going so you know weve got our flamingo back here and weve got tomorrow is guaranteed to know. But theres a shakespeare line from macbeth mistake and of course im completely mistaken. I have no idea. Hey you know what weve got to think of pray a while i consult my complete works of shakespeare and when i come back much more coming your way. The outbreak and spread of the corona virus has become a black swan event for the Global Economy is no longer whether the u. S. And other economies will slip into recession the question now is. The recession will last its going to get worse before it gets better. She manatee is on the edge of a precipice thanks to a continuing destruction of the natural. You do seem laid out a lot of clues also you could lose yourself from the idea of. Playing the piano. The member. Of the new. The war. Hero the. Only dealing in the. Little blue. As. Shit that. Human activity has brought us to the brink of the worlds 6th major extinction of it and the people in this film just cant take it anymore. Welcome back to the kaiser report imax keyser time now to turn to lena. Sees the marketing director of bit c dot com lena welcome to the kaiser report thanks for having me great great to see you great to have you done now alina how does bitsy differ from other bitcoin exchanges. Yet there are a lot of big cloud exchanges out there right now so i think that makes it more challenging for every exchange to differentiate themselves as for c actually we say they were a Financial Tech Company and we built Financial Products for institutional and personal use that either use big quantitate or built on creating more accessibility for because because our team is very bullish on because we believe the new Financial Center thats going to build on it going to be built on it so we still see a big blue ocean ringback when it comes to various financial applications so thats what we set out to build so our flagship product is the exchange which is fun Futures Exchange with the add on and off rats and in addition to that we have other substance like o. T. C. Asset management lending and thats a debit card which is coming out soon now that sounds like a pretty full range of products there are let me ask you this there the pandemic that is sweeping the globe what ive been seeing in terms of volume on the exchange during the pandemic and you know theres a lot of money printing theres money printing insanity all over the world how is that being reflected if at all on bitsy actually the 1st thing we saw when the market crashed big time was that people stopped trading high risk so we saw people sort of escaping the futures trading and moving to a stable cuts. And a few people did but i did it and then as the client started recovering rapidly now we see a lot of interest coming back and of people buying into the. Right so the pickling having is only a few weeks away so the mining rewards drop from 12 to have to 6 the quarter points every 10 minutes this is. An event that occurs every 4 years and all the big point traders around the world and those who have been following big point in crypto ive been waiting anxiously for this its seminal moment every 4 years when this happens and what are you expecting if anything from this and can you just talk a little bit about it and we go to my patients that i think in terms of short time Price Movement i have no idea it could be the way we do have some data that we could go by based on the last 2 have anything. That could give an idea but im not going to go and make a prediction based on that because we have to have ings and are having and then we are and then sort of a special situation right now but what i do know is that the calling is unlike any anything we know today and were used today when it comes to money. Disinflationary acid in the world of hyper inflated im limited yet so our Central Bank Put drupal our money supply and in the meantime decline is becoming scarce so it would be very hard to believe for me that an event like the having that house the production of the client would not significantly push the price in the long term right let me ask of this alina the pickling community. Is very active and traveling all over the world all the time and meeting at conferences then im seeing you at conferences over the over the years and now with during the coronavirus pandemic these big coin conferences ive been put on hold and then the community is not experiencing what this this camaraderie if you will of all these events happening all the time youre very close to the community youre in marketing over there betsy is how do you see this Bitcoin Community at the moment is it evolving with the times how do you see that and they thinking. I think generally because this community has been it was born on line its living on the line in terms of the communication not much has changed but the fact that everyone is getting tired of being stuck at home and getting very frustrated but im aside from that i think one thing people are seeing is they have a lot of time to watch what is happening in the markets and a lot is happening economically speaking we can see we can follow things as they happen day by day and we see more and more reasons every day why why because i make so much sense to us just looking at how we can probably expect cash to become less and less use and this is kind of being further down by the penny and it shows even more why the cloud is important right its remarkable how every barking in the world seems to be more volatile than bitcoin certainly that oil mark in the stock market are way more volatile than because recently now lena privacy has become a very big issue what is busy doing in terms of privacy specifically with half truths and if you can that maybe explain a little bit about taproot oh and regards to tap root and i think youre saying that because we published some content on our. 50 a tad i mean i think we like to dictate on the basic enemy about the privacy developments and because we do have our eyes on that generally right now what we do have to see is we ringback listen to what users want and we do see a lot of to mind when it comes to privacy for what we are doing and for example we listed a privacy client with other exchanges with the list privacy clients and we also do not work with a chain and i was the companys but we do not track. Law course by quiet for example come from client or actresses and additionally we take. Financial transactions to Syndicate Network rise the chain Analysis Companies that are active now are forensically going in and tracing and tracking coins and there is a controversy in the community and a lot of people believe its against the ethos of big coin in a big way and one thing i know is that the cypherpunks that would be of course against this their prevailing vision always seems to win out in the end now you are the chief it says here to shill i dont know if thats the right phrase or not for the liquid network so tell us about liquid network are you the chief shill and is that a preservative term it sounds bad or is that not that this is so bad its good lena yeah maybe and she should have been the 50 is the launch member of the liquid network so liquid is a federated site chain based Settlement Network site chain take this pretty cool and that. Essentially allows you to adjust or add functionality to because without ever touching the big client protocol or is the because network. So in the case of make with it means liquid has made it as it called me for becoming that i packed one to one to the calling maging so what you can do basically is moved decline from the main chain to the liquid network what you mean which means you either luck because on the main chain you have a lock in on the liquid site chain and then you can use it use that with the added functionality that liquid by that is useful for your specific purpose so liquid is designed for traders exchanges which is why it makes less sense for b. C. To use it because it has faster transactions confidential transactions so that makes a lot of sense lets say youre a trader and you want to catch a trait. And you want to have the coin in your wallet and you want to move it to this exchange not only you would have to calculate a certain way time probably minimum 30 minutes because the call is 10 minutes both times and the fact that most exchanges require a minimum 3 confirmation before they were critically quentin your account and that doesnt even take into account that coin that book sometimes come not every 10 minutes that slower or that its not guaranteed that your transaction is going to be included in the next truck so for some traders there might be to follow and liquid can take steps because it has to in a transaction finality for what you can do if you have a liquid in a while its like flashing green you get very easily send it would be quite from you wanted to the exchange within 2 minutes which is more secure os youre much convenience what youre describing there is scaling the the big going protocol and for years weve been told that you can scale bitcoin and thats the justification for all the socalled also coins that can do stuff that because it cant do if i were to say that it seems now that because it is just about going to be able to do everything any also point could ever promise to do and that the all toin market is almost entirely redundant and unnecessary would you agree or disagree with that stance i also like with side change theres less immediate financial incentives so thats why there are a lot of outcry cells there but if you can do everything on big client and i think is shit. All right so finally let me ask you this you apparently i would guess are either generations e or a young mole lenny ill and as the boomer ponzi scheme collapses around us and that means printer go broke or and its obvious that the boomers have just created money but for no real reason other than the steals wealth are you confident that this new monetary paradigm of bitcoin is going to be a foundation to build your future on and you have hope i have a lot of hope and because i have little hope and yet and i wish more people my age that now and i think more people will be able to see it in the near future especially with what is happening right now and what is also interesting to think about is that already. Kids ive already there are kids that are 10 years out today that dont know where else where the client is not exist so i think its going to stay longer than the much longer all right lena thanks so much for being on the kaiser report. Thank you for having me. All right well thats going to do it for this edition of the kaiser report with me max kaiser and Stacy Herbert like to thank our guest lena. Thats spelled s. I c h e bitsy dot com if youd like to get in touch with us on twitter its kaiser report and. Thinking of getting abused the ones we got she. Didnt know when to use traps and this time he will wired people who use a crate with him he will stir freaking out and she will want to spray them anywhere near. Breeding dogs or caged in the interview lane conditions of people i mean 67 years you know theyve been locked up in a cage outside you see no protection from the weather the heat you know the cold air the rain the snow the funder nothing they have no protection. Because you. Know its 2 kids. Across the u. S. Cruel puppy mills are supported by dog shows and still most of the puppies are coming from this large Scale Factory farming kind of operations are being stopped at stores even joined a good businesses are involved but cant get them sent to there has been a shocking amount of organized opposition to efforts to increase the standards of care for dogs bred in commercial breeding facilities most of that opposition is coming from huge agricultural groups and industries that have nothing to do with dogs dont buy dog. Well i dont know exactly the knights this is the comedy show where americans in america covering American News are called foreign agents welcome to the show and welcome to the shock doctrine i hope you enjoy dystopian entertainment. So you may know naomi kleins best selling book shock doctrine was also turned into a hit documentary i believe called fight club but dont quote me on that the shock doctrine basically says that the ruling elite exploit National Crises like disasters or upheavals to establish controversial and questionable policies while citizens are too excessively distracted both emotionally and physically to engage and develop an adequate response