He was saying oh well you know we print money digitally anyway theres no limit to the amount of money we can print to towns for all thats right before there was didier j. C. A. Or kanye west there was j. J. Walker who was keep it real in the projects in chicago with his famous tagline dion oh my and that there was such a strange rumor of who wants ago that he was dating and coulter now theyre very good friends apparently and thats according to his wiki pedia but they are not dating jay jay powell was the star of good times his phrase was dying i know why it became super famous 74 to 79 where in similar time period now perhaps of stagflation many people are calling for stagflation a slowing economy and rising prices for you know goods and services so. As promised to print however and keep the good times rolling no matter how bad things might be its going to be good times one banksy said Balance Sheet heading a 130. 00 trillion dollars if powell buy everything this one bank is Deutsche Bank and. They see that the fed could possibly buy all outstanding equities hans everything and it would be 130. 00 trillion dollars right now their Balance Sheet is between 7. 00 and 8. 00 trillion you heard it here 1st right i mean ive been saying now for a few years that the goal of the Federal Reserve bank would be to take the American Economy private that is the say it would buy all stocks all bonds all property and now Deutsche Bank and other banks are saying yeah theyre going to print 130. 00 trillion dollars theyre not go stop at 6 or 7 trillion the number of dollars going to print is going to exceed the g. D. P. Of america by a huge factor and theyre going to buy buy everything same with the other 3 or 4 major Central Banks around the world this is what neo feudalism looks like ok if they fuse Central Banks print hundreds of trillions and take everything off the board and now they own 99. 99999 percent of all assets and everyone else is living on a subsistence click farm right click on an ad get a protein go in the casino thats near futile as a mess so now its becoming more of accepted wisdom by we set it on the show now for a few years so 130 trillion as we did say a quite a few years ago i think it was 2011 when the meeting happened and they said they need 100. 00 trillion dollars they already told you they they signaled it because they have to signal it to the insiders because they want the insiders to create a citadel of absolute wealth whereby they never they promise each other theyve got each others back so they already told us it would be a 100 children here you know to get your bank is saying that theres 38. 5 trillion in equities theres 37. 8 trillion in Residential Real Estate so the government already backstops a lot of the Residential Real Estate in america but nevertheless theyre going to do that so in this sort of project this graph. And you know monetary projects they there are some winners and some losers though 130. 00 trillion is also a number which even m. M. Tears would have meant is the end game as there will be nothing left to nationalized or privatized depending on ones view of who ultimately owns the Federal Reserve this is something youve said many times about being privatized. Nationalization of industries would be socialism or communism and privatization of these industries would be ultra socalled capitalism but mere futile ism is when you just take it all and were seeing this in the covert 19 people are prepping for the feudal times and the casino go like sheltering at home stuck on line click on an ad get a protein pill i know mine i because more money is going to be printed and if youve got a multilevel marketing scheme you might want to issue some junk bonds today because the fed j. J. Pal has got your back ok because herbalife is looking to sell 600000000. 00 worth of junk bonds to finance share buybacks debt they may yield about 8 percent the move is a bit odd given the backdrop of economic collapse and corporate desperation for liquidity she had a whole bunch of comments responding to this tweet of hers about this bloomberg article and many pointed out that because j. J. Powell is there you know to provide good times for all even a multilevel marketing scheme like herbalife well somebody responded getting the fed to buy your stuff is the ultimate multilevel marketing scheme well done so herbalife is a legal ponzi scheme otherwise known as a multilevel marketing scam they have always been dubious and always and theyre under perpetual attack from regulators around the world because there are theres a bit of a ponzi scheme to their multilevel marketing scheme and so to buy. I back their own stock which is something that only a few weeks ago during the initial crash corporations pledge never to do again and i predicted on the show that they would break that pledge within days and here you have herbalife breaking that pledge to buy back their own stock theyre going to issue junk bonds hundreds of millions of dollars worth that according to jay powell and his 130. 00 trillion dollars bazooka where hes going to buy everything and hes already started the buy junkie t. S. They will end up on the Balance Sheet of the fed. Which means that american taxpayers will start getting herbaLife Products in the mail that they will need to consume to keep the economy from going bankrupt or to keep the fed from going bankrupt so the only thing collateralize in the Federal Reserve bank within a few months will be herbaLife Products and so it will be a paper it will be that will be a law will be passed that you must accept in exchange not save a tax refund you wont get cash youll get rable Life Products and you must consume them or youre breaking the new patriot act so the new patriot act will be you must buy Consumer Products on behalf of the Federal Reserve bank that just bailed out herbalife a ponzi scheme thats the placing of hedge funds and we have an economy oh we do have an effective ponzi scheme thank you sign and this will be signed by jay powell not donald trump you mean k. J. Pal signing it die no no i yes hes guaranteeing good times for all and this is trillions and trillions of dollars so with with the future alike for these good times well assets on the Balance Sheets of the 4 major Central Banks approach 20 trillion dollars for math purposes if you were to count to one trillion it would take you 31709. 79 near right so its 20 trillion now in the 4 major Central Banks right americas got between 6. 00 and 7. 00 of that trillion so yeah 30 percent 33 percent japan is already 100 percent g. D. P. On their Balance Sheet the bank of japan. So theyve pledged now to take that 20 trillion to a global g. D. P. Number which would be. Over 100. 00 trillion so theyre going to boost the purchases on their books by another 4500 percent. So and then capitalism as we know it and everything thats happened in the west sense the end of world war 2 will be finished theyll all be able if we all had 31709 years to count to a trillion in out thats also what jeff bezos is going to be worth apparently and for years the few compound at the same rate that amazon shares have been rising but you know in terms of these good times back in 74 to 79 we did have 2 really high inflation due to as weve covered recently you know the 73 or oil embargo the 73 to 74 oil embargo in 1079. 00 the iranian revolution caused the oil prices to spike so we had those long lines at the gas station odds and even license plate numbers and that sort of thing but you know today at that point we still had manufacturing we had a lot of assets so hollow out we had a private equity hadnt started yet you know it was another 10 years away just our hollowing out our economy and swapping our assets for massive loads of debt. So at this point you know these good times are going to in order to convince us that there are some good times ahead and theyve got to keep on doing that because remember that its all confidence game thats all any currency yes but especially feel its because you have to have confidence that its going to mean something one day so the confidence game to sustain this this hollowed out economy we have were all trapped in the house and no goods and services are actually made in america anymore so like i mean there is there is the good times its going to be weird to see how much. Any actually does need to be printed and order for us to believe we have good time it seems like the robin hood app holders for example really believe were in good times because theyre super active at the moment for example versus a and c. And b. C. Where you see all these huge Famous Hedge Fund guys who are really saying this is the most over mt valued market theyve ever seen like truckin miller recently said that hes one of the most famous best investors ever and yet robin hood app guys think like good ones where in j. J. Pals project and hes got. The right role you know the old saying is dont fight the fed yes and the best strategy has been a winner for 40 years so its like doesnt make any economic sense to buy into this market except if the fed is going to take your back and buy everything no matter what any price now in venezuela they use the ball of ours confetti and so in america the dollar will be used as confetti similarly itll be completely trashed to oblivion but theyll be a black market so the american black market will explode in the next 2 or 3 or 5 years and that most that commerce will be happening person to person in the shadows lawlessly effectively so thats where the economy is moving completely into the black market well you know again good times that original t. V. Series happened in 74 to 79 at the beginning of the petrodollar of the petrodollar had started earlier this is the this is where it was like tested its strength when we went off the Gold Standard in 71. 00 and here we only had oil backing and then the oil embargo happened the rainy revolutions of people were in doubt now weve come full circle to these good times at the very end like that was the beginning this is the end and in terms of how much longer like this full circle weve come pandemic could cost the global economy. 2 trillion dollars in a depression of course to get to 82. 00 trillion to count to 82. 00 trillion would take 2600000 years which just kind of halfway to the point would take us full circle from when humans 1st emerged 2600000 years ago to 2600000 in the future its all ending that. Its becoming a black market really its now its got to pay any attention to the government of all anymore and youre going to take a break when we come back much more coming your way. So what weve got to do is identify the threats that we have its crazy to. Let it be an arms race. Period Dramatic Development only. To sit down and talk. Program back to the kaiser report im max kaiser time now to go to canada to talk to marshall are back and despite the fact that hes of perennial fan of the kearney a loser tronto maple leaves we still have him on the show occasionally marshall welcome back thanks max in point of fact im in the the beautiful city of new york right now so not in toronto at all on 100 the belly of the beast so to speak youre a high flying jet setting economist and deep thinker lets get your thoughts on something here 5 months in the pandemic the u. S. Still seems incapable of manufacturing basic supplies like facemasks what does this tell you about our economy what needs to change if anything marshall it tells us that we went way too far in taber of a model where we said well lets offshore as much manufacturing is possible and retain the software on shore its none buyable model you cant be said to be a serious 1st will economy when you cant produce even the most basic of medical needs for your citizenry so hopefully that will induce a reached rethink and towards more selfsufficiency we dont have to go all the way towards total autokey but we certainly need to rethink this goal will globalization this is why we have the on today because you knew it tweeted something to the effect that if you cant even manufacture basic supplies Like Pharmaceuticals and masks you know you have a serious economy in mention autarky there you know this is a phrase or a word that describes its kind of a selfcontained economy doesnt like france for example is more of an autarky than any other country that i know of but so to your point out the you know if a country can take care of itself by basic manufacturing like im asking my friend to trillions and trillions of dollars but they cant seem to get masks out there it opens up you know some serious question. Ns about this economy this American Economy and other countries and you know where you go what how do you perceive your right 1 i mean if you mention the trillions and trillions of dollars we have no problem doing that but you know the problem we have and weve discussed this many times before we have an overly financial ised economy we emphasize financialization we dont emphasize producer ism so weve always taken the view that somehow all you have to do is keep the Printing Presses going and Everything Else will take care of itself and thats clearly shown to be highly efficient especially during this this crisis by contrast countries like germany which have retained by a whole Manufacturing Systems who seem to have done a much better job in terms of their response to the crisis and likewise the economies of asia and you can if you can exclude china thats becoming very politically weighted but you can look at countries like taiwan south korea even japan which is kept its economy open for the entire time and its also retained a viable manufacturing system so i dont think theres any coincidence of these of the countries that have done the best during this crisis ive created an index i caught a macho bone head index it seems like countries that are run by macho boneheads and lets put into this Group America brazil and the United Kingdom to name 3 countries are doing this coronavirus poorly some countries like the ones you mention in asia also new zealand. Are not run by necessarily i dont think by macho boneheads and this is coming at the end of the need to movement so you know maybe man you know after losing horribly during the me too movement maybe men should just forget about leadership roles they dont appear to be doing any thing right anymore marshall a member Christine Legarde once saying that if Lehman Brothers had been called lehmann sisters maybe the problems in 2008 would have been as bad i think she meant that happened just. Theres something to be said for that if you look at the people in in previous financial crises that have offered the best solutions theyve generally been women so in the Asian Financial crisis in 9798 that that came on the heels of a big derivatives disaster where you had Brooksley Born who was then have who hen headed up to see f. T. C. In the u. S. She wanted to regulate these instruments and she was overruled by rubin greenspan and summers the socalled committee to save the world likewise in 2008 you could argue that the people that had the best responses to this were people like sheila bair at the f. B. I. See and. Likewise Elizabeth Warren who was would have been inclined to been much more strict to be with the Banking System and likewise Christine Romans who had the calls for the most robust fiscal package which would have really offset the last one of the half trillion dollars hit to g. D. P. But we instead called the advice of people like summers you know who seems to feature recurrently in these policy failures and yet he still seems to have a major position of influence in as far as democratic regimes go when they print all this money and they print trying to trying to dollar some people are saying you know what this is like m. M. T. The modern monetary theory or this is like u. B. I. Universal basic income so suddenly that was kind of pilloried during the run up to the nomination here in the us the democratic nominee when that was suggested during the debates but now it seems like were living in a world thats like. Our u. B. I. What do you think certainly operationally the whole idea there some sort of arbitrary financially can financial constraint thats been blown out the window and that was a key m. M. T. Insight but you know you have to also to give the m. And heres a do they also said that its not how much money its what you do. With that that really matters and i dont think any m. M. T. Worth his or her salt would argue that for the most part these dollars have been deployed in hands in the economys productive capacity or indeed responding adequately to the pandemic so in that sense its a bastardised haitien of m. M. T. When youve really got is a lot of money being spun out of the Printing Presses and used in the further and so capital that you know theres something vaguely fascistic about it its more akin to most of the style fascism than it is to what you would call an ideal. Economy as you point out what weve seen now is arbitrary financial printing and want what would prevent folks on the other side of this from asking well if the money printing is arbitrary spurious doesnt seem any basis for why my paying taxes what was the answer to that the value of a fee a currency in many respects is ultimately depend on the credibility of our institutions and that includes the taxing authority and if youre not spending that money correctly then you do risk undermining the Taxation Authority of your federal of the federal government and that in turn does create real a pose a real existential threat to a fear currency so its a perfectly legitimate question to be asking my preference all the way through this crisis would have been actions in the 1st instance would have gone to sustain relief more effectively so i would have said nationalizing payroll and per capita distributions to the states rather than creating all these newfangled programs with minimal oversight and discretion and and get it to the people so that at least you create a floor on the economy the problem you have right now is that you have a man and a government mandated shut down and youre telling everyone to stay home and to not work and not earn a paycheck. But youre not giving them the means to sustain that backlog down politically and this is a real problem and i think it does create an almost revolutionary fervor in the country if its not good if its not handled correctly this is applied to canada i mean we always talk about different you know the Global Situation and the u. S. Situation on purpose same in that sense you are canadian live in canada most of the time what is this whats going on account of economists and i catch kevin has actually had a pretty good crisis i mean 1st of all the number of deaths has been i think its under 6000 and most of that has been on terry went back and largely very tragically its been in Nursing Homes but id say thats been over 60 percent of the deaths so you know if you look at a place like British Columbia theres been less than 60 fatalities about the last time i looked they have implemented many of the same. This the u. S. But the relief provisions have been far more generous so therefore theyve been able to sustain much greater Political Support for them and theres been much less cronyism involved you know that in general the programs themselves have been administered well its taken most people anywhere from 7 to 10 days to get their money so you dont have this ridiculous situation where people are waiting you know literally months to get a bait abidal paycheck or bottle support payment from the government to in order to survive and the as a result the case loads of comedown of the fatalities remain low and now the cup is slowly and steadily reopening the economy going and then i think they will do so with considerably less damage Going Forward than the United States which is i think had one of the most dysfunctional responses in any government around the world as more on you could say the social side of the political spectrum and its got more government direct contact with people we see that in their Health System etc so to get the checks to people it was easier task in the United States the checks went to the banks 1st and then they told the banks oh distribute it to people but then the banks just held onto the money as they always do and the people dont get anything particularly in a Small Business world so this is kind of another interesting contrast between 2 political systems and this covered 1000 same to shows catarina system to be slightly more effective impactful marshall yeah i think thats right look you use the Banking System in the way that the us has done it and naturally its going to buy a bias towards people that have preexisting banking relationships with the entities concerned so course if youre a medium or large Side Business that does a lot of banking with bank of america or wells fargo youre in a much more advantageous position than a Small Business that has maybe 50 employees and thats why. As i said earlier nationalizing payroll and doing per capita. Revenue distributions to the states would have been a much more equitable program because you wouldnt have to reinvent the wheel you would have a situation where for example the states you have the federal government crediting the Bank Accounts of the states the states can go ahead and keeps sustaining the the programs theyre doing to handle the pandemic and also to maintain relate there is no reason to set up all these new programs so whats actually happened is that you had the same thing that happened in 2008 theres been massive political favoritism its happened under the cover of a National Pandemic but its exacerbated many preexisting inequities that were already evident in the us system now apparently the 4 major Central Banks the world now 20 trillion in assets theyve bought the last couple of years theyve stated their goal is to take that up to 100 trillion and i mean from my observation as a wall street veteran i would say this looks like a few players are taking the worlds Economy Private in a leverage buyout by printing their own money and were going to end up with feudalism but i think that i think we are on the way towards feudalism we already have a feudal system in many respects i mean you look at them are essential the way we distribute food for example we have these highly concentrated number of meat processors that seem to depend on surfer labor who operate in inadequate protected conditions which is why many of these proceeds in plants became hotspots for the virus likewise you know we depend on undocumented. Immigrants coming in from Central America to pick the fruit and vegetables because again we refuse to pay a living wage to americans to do it and you know as i jokingly have said to people in the past i thought the civil war was fought in part to get rid of slavery but we we seem to recall to do that in this country in a different for. Well martial law thanks again for a ban on the cars report thats going to do it for this edition of the cast report was made backstabbers disturber like its our guest marshal our back you can follow him on twitter i do this guys got the dope if you like get in touch with us its kaiser report on twitter and so next time ill. Join me every thursday on the alex simon chill and ill be speaking to guest of the world of Politics School business im showbusiness ill see you then. 54 jets and more than 1300 military personnel are headed to air force base in alaska where is that to say come on ill show you whats the reason for any type of enhanced u. S. Military presence in this area russia. What is it suddenly about the South China Sea that makes it so that it 11000000000 barrels of oil. Take a look at this map who really owns what kind of says no it belongs to us india says no we claim that that belongs to us both of these countries have Nuclear Weapons capabilities there is reason for concern so thats why were going to drill down on the story for you today right here on the news with rick sanchez where you know as we always like to say we do believe by golly its time to do news again. In the face of a pandemic virus that spread so rapidly and so quickly. It really think in the short run about changing peoples underlying medical. One hopes that we can learn something from the. Healthier lifestyles to create a more healthy planet. When i came out from this hell i really could not even shill happy ever and sometimes even people were joking about something i would catch myself if i was even letting i feel guilty. And its very probably difficult for a normal person to grasp and understand you live with that all your life i want to puncture that we will live with it but we did not receive help like now when our boys are coming from the wars in then knowledge finally they need to mend you know for the how do you call it depression when we didnt have to tell. The big things were all the time go on. And. They would take off you know where you are but of your wearing and sometimes i would you know do it to diffident way bit your toes sometimes to dead. In very good out