Which means that shareholders will get nothing but share prices rocketed by up to 50600 percent they keep on going up and down then the judge approved the plan when the creditors came and said basically they wrote in an application to the court basically saying theres some maniacs who are buying this bankrupt company and we the creditors have the full rights in the courts in Bankruptcy Court so if these people are willing to give us their money for free then we should get that and she approved so i wrote about this again to remind you because this is something a quote from boston yet that we often say here on the kaiser report and that is one plunder becomes a way of life for a group of men in a society over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies a right this is something new and initial bankruptcy offering be no better been done before and the equity. Hertz is worth negative 2000000000. 00 and the valuation in the stock market is a positive of 400000000. 00 and you know its so interesting because usually in other areas of the economy there are Consumer Protection laws in place its illegal to sell tainted meat its illegal to sell especially those its illegal to sell toys with little parts that can get stuck in babys throats and kill them but on the last tree where there should be some Consumer Protection us against selling stock and a bankrupt company that doesnt exist in this kind of mentality of if we are the money printers and this case the stock printer counterfeit this is counterfeit stock theyre going to issue 1000000000. 00 worth of counterfeit stock its all worthless and theyre doing so the same reason anyone with issue counterfeit money or counterfeit cell orders or any type of counterfeiting to commit a fraud against people for ill gotten gains but in america thats called the American Dream and exactly and i mean a still at the time that we were recording this on monday morning were not quite certain yet if the f. C. C. Or the exchange itself well allow this because it it should be fraudulent but nevertheless you see online people glorifying it as like well you know this is capitalism this is free market capitalism if people want to throw away their money thats fine so they are glorifying it and again you know we were joking at the top of the show that were about to get hit by the end of the world on june 21st and that might be seen as a good news well the u. S. National debt in past week past 26. 00 trillion dollars thats up to chilean dollars in 2 months were about to hit another chilean this month so if of course the mayan calendar isnt right and we dont even make it to the end of the month but so lets look at how this has unfolded over the course of you know the stock market because we have seen stock market hits all time highs and you know of course its fallen back and stuff and crap. A few times but heres the s. And p. 500. 00 versus corporate profits after tax going back to these are the good old days max and i were kids like profits mattered to a companys stock price and thats what investors look for and then from the dot com boom when it was a new paradigm and earnings didnt matter anymore you know we took off where the stock price was divorced from the earnings obviously because a lot of Dot Com Companies at that time didnt make any money and then it went back to normal where prices matter earnings mattered and now were in a new reality people have just like decided since trump got elected essential 8 that if you look at the divorce between stock prices and earnings and profits of a company its like nothing has mattered since time catalectic but whats remarkable is that a lot of traders them out of stocks are coming over from gaming coming over from fortnight which is a multiplayer game online game they have their own internal currency they have their own internal economics they have their own Digital Assets and some of them are scarce and some of them are traded back and forth and so a lot of people a fortnight is apparel the exchange a migration of users and players from fortnight over to the stock market so you have 10 year olds 11 year olds 12 year olds day trading on stocks and they see her and they see its at a dollar they say its at 0. 40 and they say oh thats cheap and its cheaper than the game piece i have on for tonight that i paid maybe 50. 00 for that and i went to war with the wizards on fortnight and i won myself a bag of energy why not take some of that and buy hertz stock of 0. 50 because it might come out of bankruptcy if the grand wizard dr shango magician carl icahn maybe hell appear out of the smoke and turn my back up see into something positive what do you say about man for 87 mine to use or 9 dash stroke 5 i dont know colombo 872 lets do it lets buy stock in this bankrupt company and unfortunately. The perpetrators of this fraud and the counterfeiters of the stock are raking in billions were making and billions raking in trillions of u. S. Dollars of course because there are also other ways to look at the world in the real world measured by honest money like gold for example so stocks arent pumping the dollar is dumping if you look at the s. And p. 500. 00 in gold grams its actually not been doing so well in the past well since 2000 since the dot com burst when it did take a lot of gold because that was at the bottom of the gold bear market for 20 years since the 1980 and here we have. Its going down in gold gram prices so it if you measure all this trillions of dollars being printed member a trillion dollars a month were running out right now and it allegedly 20 trillion dollar economy which the fed says the atlanta fed says is down by 51 percent in the 2nd quarter so well we dont know how to measure any of these numbers in a Virtual World even though its all algorithmically traded you would think that they would have an exact number to the decimal point right exactly thats the promise is that we dont need gold because you can run everything with their computers and spreadsheets and mathematical formulas and Algorithmic Trading and now after about 2025 year experimentation where gold was abandoned and money was used as the unit of account all over the world in different styles and flavors of money its become clear that the computers of out of control the central bank has gone rogue and wall street is happy to counterfeit billions of shares of worthless paper and that is all was says the beginning of civilization a recipe for the adoption of gold and thats why gold is now being moving higher against everything including stocks and its also why in small. People are accumulating gold smart countries are accumulating gold and that we may never see inflation we may go from the phantom deflation right to hyperinflation so its mansome deflation when theres no deflation thats phantom deflation and then dollar collapse. Yeah it could be a hyper inflationary event which is the political thing and its a switch its a sudden switch in the mindset and the faith in the currency or the faith in the institutions or faith in the government and you saw that i think weve pointed this out before you could see that in venezuela you could see under chavez as most developing economies they were and oil based economies they had a high inflation rate but as soon as he died you could see the hyperinflation happen in their currency people i think you know should know that the stock market in venezuela i was about to get lets go back i like it in fact did hyperinflation and what you can see in hyperinflation is stock market boom so when you celebrate these hyperbolic stock market moves in the u. S. Despite a 50 percent decline in the economy i want to point out to venezuela their stock market is doing better than the United States stock market and zimbabwe also doing better than the u. S. Stock market so this is a hyperinflationary bet and thats what youre seeing growth that is just truly amazing so with the takeaway then from this herb steel where its a 2000000000. 00 negative net Worth Company worth 400000000. 00 and theyre issuing an initial bankruptcy offering fresh deal of stock the take away the news the information the fact is that has nothing to do with herbes the current accompany it what it says is that the dollar is collapsing the dollar has entered a hyper inflationary collapse and this causes people to run into things like fictitious stock markets as weve seen in zimbabwe as we see it in venezuela this is whats happening in the United States right now as of today the millions. They mailed it. Well 6. There are many possible answers or explanations of prop polypes simply a variety of them it could be hyperinflation it could be people just thinking theyre acting like the fad of jay powell runs the central bank the Central Banks from the banks and this is how bankers operate they transfer onto their own Balance Sheet bankrupt companies and maybe thats what i should do thats could be trickle down economics happening there are the ivory tower economics it could be people instinctively running for some sort of half hard assets weve seen that in places like say somalia is that you know when their currency collapse or their government disappear or their whole government disappeared they were using old somali dollars or notes whatever their currency is called from a preone they last had a central bank they were only accepting those from like 20 years ago as legitimate currency so you know it were in a a paradigm shift somethings happening we can see that all around us with protests and irrational prices negative Interest Rates negative oil prices somethings going on and again like we were making fun of the mayans they could be right right well some websites that cover stocks and bonds they heard spec of things relatively new and they dont even have that updated information yet if youre a 10 year old kid on a fortnight and you switch over from gaming to buying her stock on your Favorite Discount you know a stock market app you may have not been able aware of the fact that this is bankrupt just because you sell rat poison next to the you know a kid cereals in the supermarket doesnt mean that rat poison is a good as good as a kid cereal you know captain crunch or cheerios theyre not the same one is something eat for breakfast one is side i did kill rats with it but here you put hurts next to i. B. M. Or microsoft are saying these 2 are the same thing well in fact as warren buffet my say one is in fact rat poison hurts is a negative counterfeit scam that is so. Being allowed to be perpetrated by the authorities in the u. S. I guess because theyre for you know whats the word of corrupt that said like i said the book but you know what max is talking about is if you go i dont know why i said that like a new yorker talking about why you talk of like that i dont know maybe its any of all these things maybe its mayans the mayan gods are going to come and we all start speaking like new york but what i was going to say is that if you go to Yahoo Finance or if you go to Google Finance if you go to market watch when you look for data about a stock like hertz or swab or any of these apps robinhood what youll find is that you know it gives you all what the analysis is it how many analysts are saying this is a buy how many of sell so it hasnt caught up to the fact that its declared bankruptcy theres no big red warning sign saying warning this company has declared bankruptcy is still has those old buy and sell so it with hertz the majority of analysts in the last quarter are saying its a buy before pandemic hit so everythings become ratpoison Rachel MaddowWarren Buffett her stock thats the american diet ratpoison all right were going to take a break and when we come back much more coming your way. In the troubled 19 seventies a group of killers rampage through parts of Northern Ireland that was coordinated loyalists attacks protectee only catholic population in belfast tens of thousands are forced to flee their homes come up with story to put these attacks was a p. R. You see the Police Actually took part in the attacks so instead of preventing them they were active participants in the burning of coal streets in belfast i think more than a 100 innocent civilians were. As to if you can see in yours and we found out more i was surprised about the extent and of security to which the collusion was involved in some of those cases the killers would lead to be named said to them getting i think you were. And to the very very top i think it is for all of the water where politicians knew what was going on and give the go ahead. We go to work so you could stay home for. The simple things workshops and petersburg up public spaces where adults with learning disabilities can engage on equal terms with creative activities like graphics soong ceramics. Cookery and joinery. Just living with you should listen to your records. Your life just as what it did if one case a couple of them. The underlying idea of the workshop is a calendar of happiness which they feel thrilled to find joy in the Little Things of. Welcome back to the cas report imax keyser time now to turn to james turk of gold money dot com full disclosure i am an investor in the Company James turk welcome back thanks mexican city of 0 hour indeed well we got to get your thoughts on something air bloomberg recently interviewed the yale economist Stephen Roach who said quote the era of the u. S. Dollars exorbitant privilege as the worlds primary reserve currency is coming to an end what do you think i think is also long overdue you know the system has become so abused that were in this is just a question of when it all falls apart and thats what were all watching and waiting to see how it unfolds in the weeks the months were right and a follow up on that your own power of the Federal Reserve chairman promised 0 percent Interest Rates at least through the air 2020 and more money printing we also see trust in institutions failing as the riots are suggesting. Are the ingredients of a hyper inflationary collapse is coming into view james yeah definitely max you know me said. He said he called it a cracka and where did you head the impressions of the economy doing well because of the stock rising and things of that nature actually economy its destroyed along with the currency and you know the stock market is going up for one simple reason the photo reservist printing so much money that it has to go somewhere and 1. 00 of the safest places to do it is to put it into tensional s s or near tangible assets which of course are stocks that himself. So what we are seeing in my view is the early stages of what you know this will be by music. And this is going to play out over the next. 3 to 6 months which is interesting point because once the inflation. Process starts people whose confidence in the current currency very quickly is senseless about 6 months before the currency collapses right i think people would be surprised to know that the stock market and venezuela is going higher right and that currency is collapsing and for the exact same reasons they are talking about so here you have the the nasdaq getting 10000 and the stock market almost back up to all time highs but its more a function of a hyperinflationary collapse and loss of confidence in the dollar than anything having to do with any of the companies that make up these indexes the earnings reported by these Companies Adjusted for stock buybacks is actually down so this is really a strange time it is appearing to be a crack up boom you have Companies Like hertz that declare bankruptcy and then the robin hood app traders zoom in there jump in there and bid the price up is the this current generation of day traders that are using their relief money and the subsidy money they got from the government to trade on discount brokerage is on penny stocks is that kind of like a signal that were hitting a market top james. Well i think its a sicko how crazy good money situation is and theres. You know tons and tons of money looking for a safe. Yes why youre seeing all of these crazy things happening there were sort of described. As like a spinning top before also over you have these huge rules one way or the other and so youre seeing this flow of money going back and forth crazy things happening but it all comes back to the monetary situation which is really you know the problem the. Thirtys are not actually folks they think they can themselves out of this problem because they many times in the past it is that kind of thinking that leads to hyper inflation right now whats interesting is that chairman of the fed jay powell and before him Janet Yellen Ben Bernanke you know when they talk about their policies they make it sound like they are doing something good for the economy and doing something good for the average working person and they deny that they are causing any quality in the system jay powell once again when asked are your policies of kalak up their money causing inequality and he said not at all what do you think. Well it is very simple message to tell you what they want you to he they dont necessarily tell you the truth you have to go look for yourself as to what the truth this is and the truth is that could ose back and. Within 6 weeks ago you could get this stuff away oh this is going to have hyper. Impact and its already starting right now james i have to pick your brain on this because you are of course an entrepreneur and a historian and or a great writer of so many great essay 70 years if the u. S. Loses its exorbitant privilege what does the post post Bretton Woods such a. Look like wholl be seated at the table what does the next International Unit of account look like what were what what does that look like james kind of like what i have to sit down and figure out ultimately how to solve this mess what will that look like well you know max i think what we can basically say this its im pretty open we did you know one thing you know we have to do so back in monetary history and we saved a goal or scums as the central focus this for thousands of years and to do this time you know the question is are governments going to go back to google willy or are you going to be forced to the market itself and the question we just have yes or depends on how shes in Central Banks just how they how they ask you should what steps they take in a future you know as these continuing monetary problems continue to build and become worse right well thats interesting because youre suggesting that the policymakers are reactive and that theyre not proactive and that they dont actually have policies they simply stand back and see what happens and then react with sudden searches of what appears to be a repeating and doubling down on the same failed policies down Alan Greenspan of course reinterpreted they role of the Federal Reserve bank and said that its actually not in their remit to try to guide the market many way their remit is to only react after crashes later on after he retired and he passed the baton of this faulty thinking to his successor ben bernanke he recanted and said you know i looking back on my career i was absolutely wrong so if greenspan admits he was wrong why cant a pow and these other if central bankers admit that thats actually the wrong way to go about doing what youre supposed to be doing james. Yeah you know its a good point but you have the captain of the ship and they dont want to ship to go down during the bush so they could do it other captains of the ship did before them. And probably this is who is going to be the last time on the ship when it does go down i think thats a pretty good there has to be. Keep in mind mixers one thing is very important that you know what we call the u. S. Dollar is really the Federal Reserve dollar you know if you look at the Paper Currency system reserve note im a bit you know the u. S. Dollar and law is a lot of point 3 something grains that go. So what might happen is the Federal Reserve is just enough of the currency in all of deaths and everything to nominated in the most you could be years governments and it becomes especially worthless connected to the new Monetary System based on past additional money which is of course you know goal. So there are so many different possibilities and. Could unfold in the future to reset the watch and see and you know plan accordingly but one thing is pretty certain in my mind that all is going to have a key role to play as this unfolds right now jan was the last time i talked with actual a oil it predates when the world started to implement negative Interest Rates we have not had a chance to speak to you about negative Interest Rates at all and this is a new thing in the history of economics and government bonds suddenly were issued at negative rates its aimed a repudiation of all laws of economics but there you have it still being done what how do you weigh it on negative Interest Rates jams. Its just so absurd you know where you begin to discuss the absurdity is just another indication of how out of whack this Monetary System is and the only reason why negative Interest Rates exist is that you know this tension banks are cheap district slow in the hope that theyre going to be jump starting the economy theyve been. 2008 with the us collapse its just a question of you know again how long long they can do it and get over the normal things that are occurring today. This week again Interest Rates and want your bonds are going up the u. S. Governments Monthly Borrowing is increasing dramatically while its monthly revenue is falling were seeing its own financial situation i think were very very close in by the end of this year who are going to be surprised. You know how the system is going to be a rout winx. Right you know i read the mainstream Financial Press and our own basically a keynesian and they all believe in aggregate demand as the ultimate arbiter of whether or not the economy is doing while they dont seem to care whether that accurate the man is driven by debt and increased indebtedness and so the question is now if in fact were going into a situation where the u. S. Has 25 trillion in debt theyve got budget deficits and the trillions theyve got combined debt of all unfunded liabilities close to 90 trillion dollars how did how does this work out in terms of gold going far worse up bank of america forecast 3000. 00 gold by 2021 some of suggested a new print once agreement what requires all the worlds 4 x. Markets to combine and somehow be backed by gold d which would imply a gold price of 10000. 00 or higher where you weigh in on that. Yeah you know its a really good question and i dont see any. In dollar terms i see inflation in dollar terms but i see deflation in terms where that means is that the price of gold in dollars is going to go up but goods and services that use growth for it to purchase are going to become very very cheap in gold terms. So in terms of upside numbers the skys the limit i have to look at the price of gold in terms of venezuela and bolivia ours are. During a one hour journey you know right xmarks or what happened in zimbabwe or any one of dozens and dozens of other countries where the currency eventually collapse the gold price goes up because its been money for 5000 years its going to be money with a silver suture right james turk of gold money that com thanks for being on the castle report thank you very much max and thats going to do it for this edition of the kaiser report with me max kaiser and Stacey Abbott want to thank our guest james turk over there called money dot com if you want to catch us on twitter its kaiser report until next time. Some control for a middle class the homeless of a night muslim are very hardworking people who want to get ahead that have either have some some Health Issues or have some of it out of strict about luck a full time job wont always pay for a place to live and missing just a months rent can get you a victim to gunpoint if anything bad happens to any thing that just throws your budget off slightly. You better catch up real quick or youre going to have a judgment of possession against you and get addicted by anyone thats homeless is history like garbage people look at you like a monster or someone bad or you chose to be there most of the time its not the case see how it is to be paul in the worlds richest country. Oz no 2 no crow. No shots no. Action just felt. No the 1st 2. Points your thirst for action. Seemed wrong. But all roles just dont call. Me world yet to stamp out these days to come out ahead and engagement equals betrayal. When so many find themselves worlds apart we choose to look for common ground. Our top stories this hour north korea. Main diplomatically is all the facility it shares with this thing a fresh escalation of tension. In. Georgia floyd protesters dig in to pressure the police we take a walk through to see the ultimately hope. Currently standing outside of the Police Department precinct which has been abandoned. President borders troops germany kucing the country of paying its way and. Is germany paying russia billions of dollars for energy and then were supposed to protect germany from russia how does that work its