1st to the pink flamingos because we have a tweet directed at us from one of our viewers and his name is. Central and he says off topic i like the flamingos in the port where are they my wife also commented on how nice they are so i got some pics flamingos brought them back to the set there on the set you know they should be multiplying like they are moving because of the lockdown all the pink flamingos are surrounding everything disco disco version. Right of course pink flamingos was a raunchy bad taste thats fine let it go of course paint forming guys was a raunchy bad taste film by john waters in 1972 and i think 1972 is an important year that we started bringing in bad our bad taste and trashy taste because thats when we started getting trashy food and poor taste sort of investors like Warren BuffettWarren Buffett this past weekend did announce results not only did he lose over 50000000000. 00 in the 1st quarter but he proceeded to trash the entire u. S. Economy he announced that he dumped all of his shares to is the entirety of his holding holdings of 4 u. S. Airlines. United american southwest and delta he does he own 10 percent of those he dumped but what did he tell the ordinary person the investors out there i hope ive convinced you to bet on america Warren Buffett hes a guy who of course has no bet on america because he hes now piled up 137000000000. 00 this whole buffett thing with his dumping of the airlines you know lets contrast this with 20082008 when the banks were having financial difficulty because they committed massive fraud or when a bank like wells fargo which is a big buffett holding commits massive fraud that he condones by ripping people off in their millions of Retail Banking accounts he rushes to the rescue like Florence Nightingale how can i restructure ill take over as c. E. O. As he did with solomon brothers you know way back when ill write checks i will be a crony capitalist ill go to washington ill help you because youre going to buy my 0 percent coupon bonds youre going to give me inside information youre going to goose up my performance and then 2020 when the airlines are in trouble with you has a big percentage ownership been made up of Blue Collar Workers minimum wage workers hard working americans. Drop dead you know Warren Buffett to america drop dead these are backstabbing reprehensible clown well it was an exercise in poor taste that was what we saw at the at the Berkshire HathawayShareholder Meeting it was just him on you know basically a camera one camera on his own but the exercise importation has bens you know since he began his investing days 1st of all he plays the ukulele pretending to be a normal person like a hillbilly and heck just like you out there and what does he push on you hes pushed genetically modified style corn syrup laden catch ups and and cocacola thats one of his biggest most Famous Holdings wrigley all sugar sugar sugar corn syrup hes made you fat made you the. Basically vulnerable to Something Like over 1000 which is hitting the obese and particular and why are you obese because of his poor taste like hes pushed this garbage on you and you mentioned 2008 when he bailed out Goldman Sachs and some of the other companies of course they were the Counter Party say i g and the ensurance and Reinsurance Companies that he himself own so he was kind of bailing out his own positions and getting the fed to do the same buffett says berkshire hasnt provided Financial Support to companies as they did during the 2008 financial crisis because we dont see anything that attractive so of course whats different about this time is the treasury is having to step in meaning the taxpayers money and its not just fed printing more credit and you know thus inflation but you know there are basically provisos in order to like theres some call backs allowed inside this bailout for the Airline Industry so here we have this Airline Industry that has received tens of billions of dollars in bailouts after and they require these bailouts by the way because Warren Buffett a lot of the share buybacks which only reduces the cash on your Balance Sheet makes you more vulnerable again just like you made you more vulnerable by selling you cocacola hes made companies more vulnerable by convincing them to do stock buybacks so here we have taxpayers come forward tens of billions of dollars for airlines and theyre not allowed to do stock buybacks so of course that makes him throw his pink flamingo out of his prime his crack up his ukulele and potentially like hes throwing a fit and that this is some great Investment Advice not to buy airlines when the fact is hes just operating in poor taste and poor faith john waters to make pink flamingos. And replace the role of divine with Warren Buffett you know particularly sidewalk scene with the dog with it warns profile the personality quite well as far as the stock buybacks go this is interesting because. He says oh ill beat investor in your company and then he encourages these companies do stock buybacks what used to be illegal but now without a doubt its highly dangerous to your Balance Sheet in case there is a crisis because you have no cash it is a bit of an extortion scam because in the case i. B. M. I. B. M. He was a big player big buyer by b. M. Stock and then i. B. M. Bought that the idea of buying back their own stock and then Warren Buffett dumped them you know he stabbed him in the back because unless youre going to make money by doing what was illegal stock buybacks and amoral stock buybacks i dont want any interest in what youre doing so his performance which is supposed to be this fantastic multi decade performance if you strip out the stock buybacks you strip out the accounting fraud and stick his strip out the cozy relationships in washington on wall street hes not out performing a Money Market Fund right and in terms of this exercise in poor taste and why his investment thesis like this guy invests in companies and basically helps destroy and undermine america through his encouragement of fed intervention and on his Financial Investments and including and the insurance sector and reinsurance sector which by the way apparently some of his Insurance Companies have not been paying out to all these Small Businesses that have insurance on disruption to Business Insurance so hes not paying out on that so he keeps on claiming remember this is all about projection because anybody who keeps on claiming over and over and over im doing this for america im just investing for america and im. Long america well you know as long as he can find a moat like he encourages the motes whereby the Airline Industry in america can charge twice as much per mile passenger mile as European Airlines because theres no competition anywhere theres no competition theres no competition in the Banking Sector because you need to have a cozy relationship with the new york fed and if you dont have a cozy relationship with the new york fed youre toast so here i want to point out that max we did a little bit of are incorrect now. Just by 1000000000 but whats 1000000000 when you have 137000000000 right imagine having 138000000000 in cash and no big queen or gold buffett most overrated investor ever except for a dally oh and mix up oh who many say invented bitcoin but he denies it so well say that but he said you know cryptographer and sort of cypherpunk he was spawns buffetts wealth can be measured less in present cash than in the future cash from the fed he is right up there at the front of that cantillon line to get right right during the quarter the money supply increased by like 18 percent if the fed was just flooding the economy and money and a lot of those money goes through buffetts holdings like the banks that he owns yes they still manage to lose 50000000000 i mean this is such an overrated clown and his performance is horrible when it when you compare it to gold hes that is not performing gold gold is up performing buffett because it is up 9000000 percent since its inception its up and down the last 101520 years its out performing buffett by thousands of Percentage Points big Berkshire Hathaway price and big coin is probably near 0 and he has all those cash which is not a good thing if youre supposed to be a celebrated investor right youre saying i dont really dont what im doing anymore i stabbed america in the back i didnt pay out that geico claims didnt come to help the Airline Industry when they needed me most so i just was there for the for the free cash that i was channeling in the laundering through the airlines for me Warren Buffett you know and now you know you all can just jump off a bridge i dont care ive abandoned america ive stabbed in the back and thats his legacy on is jim style little say Warren Buffett trader well i do want to say that norway there no wait inside Sovereign Wealth Fund has gone by. Theyve doubled down on america theyve invested very long in this past month april so Warren Buffett was dumping shares they were buying so lets see who is more patriotic than Warren Buffett i also want to say jason wrote to us on twitter and he said max maybe cantillon air might be a nice new nilo him for describing those closest to the free money is so warm buffett is not multibillionaire of many people say oh my god is my billionaire you must be amazing now hes a can tell you now hes friends with the fed and thats why hes i can tell you theyre right Bernie Madoff would it and Warren Buffett are 2 sides of the same coin you know that bernie didnt have the right connections he didnt have the you was on the speed dial or of Lloyd Blankfein or jamie diamond so now hes sitting in jail warren should be also in jail for doing the exact pretty much the exact same thing so you know we started with an exercise in poor taste and thats why we talked about Warren Buffett and his poor taste of pretending to be an ordinary person who plays the ukulele and thats why we have the pink flamingos up here because pink flamingos is an exercise of one buffet exercise. For us i want to say were going to now and with an exercise in good taste very poor smell you dont know how difficult its been to sit through this segment as we have this surprise here for our final headline and that is some more be a cheese from france up near the. A a near the swiss border and alba oh yeah take a whiff of that. Max is half french essential so. Im thinking max with this last segment on this otherwise exercise in poor taste that we could end up becoming a cheese geza right now were talking about. French citizenship here basically because were going to be patriotic to france right now french people are being. Told its their patriotic duty to eat more cheese after sales have slumped the dairy industry is calling on consumers to eat cheese and solidarity with our producers. Rebel shome cantarell cameron bear the situation is critical and requires a rapid increase in consumption said the president of the dairy collective so deol. Choose to france have their priorities straight cheese is the 1st food for humans this is why we have such an affinity for it this is some milk that was got into the you know carrying around in the stomach of a yak or a goat cheese and how and this was the 1st food of humans ever and thats why we love it so so you know this i can tell that the milk from this cheese was from a cow who was standing on the northwest slope of a mountain near cone and he had on a bell that was ringing out a led zeppelin so i could play in the last few 10 seconds here so quickly i want to point out that the industry has launched a campaign to encourage french people to eat more cheese its called from oz she sunk which means lets act for cheese because sales and cheese and declined by 60 percent in france this is the more b. A. Cheese right here and its done into the morning milk and the afternoon milk so its very delicious. Yeah march is for life and remember that no flamingoes are injured during the recording of this stay tuned for more coming your way. If you hear Something Like shes taken the whole new coast. Take arms. Try to do free. Will really be loose. This isnt a coaster can you see the city street scene me. Thousands of american men and women choose to serve in the countrys military and their decision little sheltered lives every song came to a complete. The day that i was right to be instructed you know told to shut up but theyd kill me and i see how it destroyed my life any screamed at me and he made me come in and he graham my arm and he write me this berthing area if you take into account that women dont report because of the extreme retaliation and its probably somewhere near about half a 1000000 women have now been sexually assaulted in the us military is a very very traumatizing tat happen but ive never seen trauma like ive seen women who are veterans who suffered military sexual trauma reporting rape is more likely to get the victim punished than be offended i had an almost 10 year career which i was very invested in and i gave that up to report a sex offender who was not even put to justice or put on the registry this is simply an issue of tower and violence male sexual predators for the large part of target whoever is there to prey upon whether thats a man or woman. Welcome back to the kaiser report imax keyser time now to go to crack hemp he is a Precious Metals analyst at t. F. Metals report craig welcome back always a pleasure max great to see you yeah baby radek 2 are a major change in direction for a lot of things i want buffett over there Berkshire Hathaway hates gold hates bit corning even more his fund is down 50000000000 so far this year both gold and bitcoin are up the u. S. Budget deficit is due to hit for charlie in this year perfect conditions for gold this year and beyond i would think crag what do you think yes sure seems that way max you recall last year we thought was going to be a year the breakout and it was we finally made 6 and 7 year highs and i thought we continue this year though i mean who could have seen this virus coming in the q. E. To infinity that was announced about 6 weeks ago but i mean heck weve already hit my target for this year i thought wed get to maybe 750 to 800 we got to spend 88 already in april but i do think that conditions persist i mean this is just madness were really ready with this theyve announced down if it is buying Corporate Bonds i mean to be high yield next to it the dow under 20000 will start buying equity e. T. F. Slick and all of that obviously is conducive to you know at least having some part of your portfolio in the Precious Metals and you know the other thing max we dont talk about too much of the mining shares when theres a you cant really find other sector of the stock market that has extending earnings and rising dividends but thats what weve got in the mining shares and so that might be some way to people can maybe make all extra yeah yeah totally agree i mean the fed is desperate somebody from the fed came by yesterday knocked on the door looking for some old silver wear that they wanted to give me a 1000000000. 00 for i turned it down i was sentimental value now craig i need your insight into something that the president. The Shanghai Gold Exchange wants a super sovereign currency for post crisis times so your thoughts on what this might be do you believe its time for a neutral global unit of account of some type krag what do you think min max subsidy or think in the 1st time you and i met i think was about 2013 and were Walking Around in front of the j. P. Morgan building and in midtown manhattan talking about this you know talking about the eventual reset you know that the dollar like any other currency that has been reserve currency status eventually lose it you know because its an exorbitant privilege that its abused and numbing clearly its being abused now and has been now for over a decade i think the chinese have that potential platform in place to challenge the dollar they may not supplant it you know maybe they come out with some kind of regional currency to facilitate trade in their part of the world who knows but this notion thats now getting bandied about that is some kind of heavily for the coronavirus the u. S. Is going to you know walk away or cancel some of the the debt that is owed to china i mean thats just thats not going to fly and if we attempt anything like that that could be the start of you know maybe an economic world war 3 where the chinese offer some kind of currency like that to her you know maybe gold back into their existing currency to give it a competitive advantage give maybe you know time will come or countries will actually want a strong currency rather than this you know nonstop basement you know race to the bottom if that comes why not back your currency at least partially with some hard assets like gold i mean theres speculation i mean the chinese report that theyve got a couple 1000 tons i think people think thats off by order of magnitude or more and if thats the case. That really upset the global applecart no doubt about it but i agree with you that this text. Tat going on between china and United States over the coronavirus and secretary of state pompei all claiming that somehow china sat on information that was available on your 2 cents december i think they should give pump a value to the cab so that he can actually see whats happening in china because they have live footage of people dropping dead from the coronavirus i dont know what he thought that was but anyway im going to duck that for my taxes about that cia so you know weve talked on this show a few times about. Bullion banks being involved in scams where theyre short gold and here we have news scotiabank has been a Gold Bullion Bank since the 17th century i think its the oldest 1000000000 bank in the world its closing its gold business and they have problem delivering gold last month apparently for exactly what weve been warning people about for 5 or 6 years that these banks have been selling are lending gold that they do not have and if there was actual demand and there was a run on scotiabank thats what looks like happened they would have to call their doors is that if you think what has what happened and are we going to see a domino effect what the bullion banks and theyre all going to go out of business because theyre all short called krag you know the scotia thing you said they bought mccotter in makati as the original bullion bank if you will from the 17th century and so now in their good now the Precious Metals business has a scent of you know the rats pulling the 2nd shift theyre not the 1st bullion bank to get out of that that market i think a lot of it is do they just cant make any money at it anymore this is not worth the Regulatory Oversight and everything that comes with it so theyre just theyre just theyre just moving on that doesnt mean the system is broken just yet there are other banks that are more unhappy to take their place whether it was scotia back on the 23rd and 24th of march it was in trouble i heard some folks say it was u. B. S. Either way it was a delivery default that wasnt defined that way and then the media didnt allow it to be defined that way and certainly the l. B. I mean the c. M. Even allowed you to find that way but theyve been playing these games on the comix the l m a for role for years call in a process some you and i have discussed before called the exchange for physical where you take a comix contract which is 100. 00 ounces and you transfer it off of the comix and allegedly. Exchange it for physical f. P. In london and it was this process that the banks are just abusing playing the spread between spotting futures and thinking they could make a risk free little profit every day and it got to the point in march max where it was just outrageous what they were doing in stuff 1st 15 trading days of march they swapped out almost 300000 comix contracts this way its like 900 metric tons of gold allegedly exchanged for physical abuse a scam right so somebody shows up on the 24th of march right after q. E. To infinity was announced you know its ever so much as it was scrambling for physical gold because the refineries the mints and the miners are all star you know theyre all start to shut down because a coded so somebody shows up and says what hey look they see me does this thing here with these exchanges for physical lets just get some of their physical thats thats where we can get some and as soon as somebody started actually want to delivery room the whole thing blew up because they didnt have any actual physical sense then you know theyll be based taken all the steps to try to claim i am theres all kinds of dont worry about it just of the wrong place and all this stuff but nobody ever stopped to say well wait a 2nd where all these 100 ounce bars are allegedly settling you know for years but theres not a single one anywhere its all just a scam man the whole paper market digital derivative pricing scheme is a 6 am and that is now known people are starting to figure this out and yet the sooner they do the sooner we get actual fair price for the Precious Metals and 1. 00 that day finally comes its not going to be whatever it is now 17. 00 an ounce and thats kind of what were all hoping for because the banks just ruin everything i mean such as a Precious Metals market theyre rude basically every market as they all of you know they just try to bend all the rules in their favor is to make as much money as they can while listening to describe whats going on there is a reminder. May of 2008 south wall street banks were caught short trillions of dollars worth of bonds and so somebody had to walk the plank where they could bury all the dead bodies and that somebody was lehmann brothers yam bear stearns sow they all got together in a big meeting down to wall street they said we got caught with their pants down were short a huge amount of these bonds that we oversold that we missed sold and what about the buriat money you sitting at this table 1. 00 of 11. 00 bank was not at the table and that was lehmann brothers so dick fault and Lehman Brothers were had to walk the plank essential and now youre saying the scotiabank had to walk the plank because all the blame banks got together and said wait a minute we just got caught in a massive fraud scam weve got to bury all these errors somewhere and it looks like scotiabank number came up already delivery problem futures contracts and oil caused the price of oil to plummet to negative 37 dollars last month could delivery problems in gold cause it to soar by currently unimaginable numbers thats what were talking about here at the end max because these banks have taken the same ounce of gold and sold it over and over and over because rarely anybody ever Takes Delivery they just want to feel like they actually have gold i you can go and store it for me i dont care i just want to know that i have it well then what the bank does they resell that same ounce over and over in the same terms and eventually you get 5100 different parties that think they own that same ounce whats eventually going to happen is the opposite of what we saw in crude oil where we came to the delivery month of may crude oil futures and nobody wanted it because there was nowhere to store it and so you had everybody desperate to get out on one side of the trade but nobody wanted to buy it there were no bid and so in a bid list market the price went all the way down to negative 40. 00 which is just outrageous were expecting one day to happen in gold is the exact opposite everybody wants to buy it because its been sold or levered but nobodys willing to sell it no ones ever actually it. Wants to show up and actually have metal that is free and ready to be delivered and so then you get an offer list a market where everybodys bidding and instead price plummeting you know infinitely really is what crude oil did when it went negative the price of gold goes the other way that day is coming i you just dont want to drive yourself crazy thinking its going to be like you know next week that days inevitably ive already different my stuff crazy that crag finally speaking of shortages 11 missouri a state where 2 thirds of the states total land acreage is in agriculture your top Agricultural Commodities include cattle and hogs but is made Processing Plant sutter were saying shortages consumers your thoughts on this in relation to possible inflation and is it you know i remember people used to laugh at the soviet union or becoming the servia union yeah thats coming i just cant imagine no were not entering a period of the kind of like 1970 style stagflation where theres not much Economic Growth but theyre just printing so much cash that inflation just overwhelms things you recall maybe max because you know you were a young man back in the seventys. That was a pretty good period for gold you know go away from 35 day 200 during the seventys really good period for the mining shares too so if i brought it for heading into it stagflation type level you know type of activity well. Thats going to be another good sign for the pressure well i still got my gold lame disco pounds baby lets take after that this gal all right well thats it for this up a star of the kaiser report with me max foster and Stacy Herbert like to thank our guest craig camp the f t f models report dot com if youd like to get in touch tweet us a kaiser report that my new twitter handle real max kaiser and so on next throughout. The body of the in. The war rationing dying why are some of the wealthier neighborhoods its been far more contained in the numbers are much lower than some of the more a neighborhood to start to see if anything were working with can source outside of the state because theyre just so inundated here so i think that it was. So many 5 years ago the scourge of fascism was defeated in europe the soviet union and its western allies were victorious what is the meaning of that victory today what explains freezing temperatures to rewrite history in the efforts to diminish the sacrifice of me by the people of the soviet union. Time after time corporations repeat the same mantra sustainability very important to accelerate transition to sustainable transport sustainability remand him or. I could throw and sustainable well. They claim their production is completely harmless followed the. Look. Into the models and. Companies want us to feel good about buying their products while the damage is being done far away and this is something all of this must be undone even and i believe mother. Knew this movie didnt even an einstein theme then the best understood look to what is going in. I have interviewed women civilian world and rape is a very very traumatizing thing to have happen but ive never seen trauma like ive seen from women who are veterans who have suffered military sexual trauma. I cannot remember how many times a young female marine that had been raped or sexually assaulted told me that she looked at these guys as your brother or the suspect as your brother its a kin to what happens in a family with incest because you know in the military when your functioning at our best cohesive unit with brothers and sisters of the band of brothers and sisters i mean we are family with that ball and of trust its