Washington d. C. And we saw these protesters stomping on a u. S. Flag and then burning it and one thing they said was america was never great now this is our response to of course donald trump saying make America Great again and how did Hillary Clinton respond to that she insisted that america is already great so here we see this radical shift in the mindset of these young people who are knowledgeable for at least 3 of them that america was never great hey young people great well you know its up to them to make it in their own image and the money els and jen say im a boomer you know i already had the plum 40 or 50 Year Experience in the United States post world war 2 post Lunar Landing you know booming stock market never had a work day in my life because of that and you know so its up to them to decide whats grow. Make it great and good luck with that great for me but the other thing that i think has happened and you could see it also reflected in monetary and Financial Reality is that during the course of you know the end of world war 2 and being the only Industrial Power and growing strong and then having then going bankrupt essentially 1971 coming off the Gold Standard and the psychology of the world in 1971 was like we had no alternative america is the empire and. There was a kind of a pause at like a road runner sort of pause and everybody was certain that we could do a global trade with just their system and yet they want everybody went forward but when i was growing up i mean you could it was were this notion that we did genocide the natives here we did have slavery and we dragged people out of their homes in africa and pulled them here and forced them to work for free and yet like all of that paper prints and all that Wealth Creation could cover that up that could make everybody in the world but also domestically see us in some sort of light that actually was never there or that it was always a meth it was never real so i think were seeing a shattering of illusions the money printing all of this the Wealth Creation isnt real anymore and so for the youngest people all they see is that none of the boomers not of gen x. And none of those older than boomers and x. Are wearing any shorts because the tide has gone out and what theyre seeing is a gross collection of karens. Well a couple of points there number one when you say they are road runner pause i believe you are referring to wile e. Coyote yes in fact paused and mostly because before falling down into the canyon he was chasing the road runner. Yes the dynamic in that trauma. Strongly. And my 2nd point is america like any country is a big bureaucratic institution and is not terribly interesting and not terribly has great this at all its just like one Big Post Office but individuals are a great there have been great americans and there been great europeans so there have been great. Individuals throughout history and in america because it is just basically very neutral its not great or bad really its just a collection of freedoms that are codified in the constitution and then throws it over to the population and says will any of you rise up and be great and this current generation we have like any on mosque for example the start of south africa any migrated to United States and hes made America Great because hes been afraid to do things that in europe you would not be able to do or in any or anywhere else in the world you would not be able to do so one evil and is worth 100000 protesters in the street burning the american fly if thats what it takes to give us an avon then thats the equation thats america its just the way it is folks nevertheless this sort of notion of america was never great has never been seen in my life probably not your life and probably not joe bidens life hes the oldest of the candidates running for president for example so thats a mindset change its a revolutionary mindset change and we dont know if it ends up being better for that or worse for it only time will tell but in terms of something i brought up in a previous episode and i would like to expound on this theory is that you know that 1971 moment when we went all fiats that was the 1st time in 5000. Here is that we had a global fee system based on the u. S. Dollar which could be printed up and only the Us Government or treasury or fed knew actually how many dollars were out there the same sort of thing has happened during this pandemic with this fact that a multiple number of facts that nobody is working everybody staying at home yet theyre making more than ever with all this money being borrowed from who knows who right because who has 3 chilean dollars to give to the American Government and a quarter to give to people to stay home and do nothing and stock markets keep on going higher despite all the metrics that would suggest that the market should crash like earnings and dust real production actually making things and selling bangs well thats all gone by all the historic stuff that weve seen for the past 10200 years thats all gone this might be the craziest thing ive seen in my stock market career the stock and the economy so the red line of course this is the inverted continued jobless claims and the nasdaq 100 index is the blue line as you see usually when unemployment goes up well the stock market falls but here we see a historic collapse you know in employment so increase in unemployment and yet the naz that continues to march higher so this is a fundamental snap i mean you know weve covered this with the negative Interest Rates the negative price of time and the negative prices that also happened 2 months ago so theres something that has changed or something that snapped and its itll its historic i believe being unemployed and having a huge Unemployed Population doesnt mean youre not great i would give you as an example all Great Britain right during the sad sure unemployment crash when they transition from coal mining to spin in the city. Gave us of course. Great music the gave us punk rock gave us johnny rotten gave us. The sex pistols and that was greatness and it made the country great as a whole. The music of that era so here in america with the unemployment as it is i would hope that the americans have a rich tradition of music perhaps could generate some great quotes or some great art stars or stock market zooming higher well you know the best performing stock markets in the world are some bob way of Venezuela Iran because their currency is collapsing so the connection to the stock market must be made to the u. S. Dollar not the employment number of that those that the connection is to the fact the u. S. Dollar is collapsing against the stock market its already collapsed against bitcoin its moving down against gold right so all those key metrics of how is the u. S. Dollar performing are showing that the u. S. Dollar is getting quite weak there has been a masking of retail inflation for a number of years and has been obvious to people shopping for groceries and things that prices are going up but now in the last year though if you look at twitter and type in is there inflation youll see people are saying oh my gosh you know i went to the Grocery Store and prices are up 20 percent how did that happen so that that collapse of the dollar now is inching its way into reality yeah of course lake the dark ages Everybody Knows is the dark ages it was post roman empire things were pretty bad in europe we had half the population wiped out in a black plague and yet from that horrible dark time came the renaissance so it and its still considered to this day nobody has replicated the greatness of the arts of that time so they were still backward they were still like superstitious people. There were things that there were counter revolutions to that revolution all the time and this is one thing that you could always understand looking back from you know 500 years in the future its easy to tell right now nobody knows. Either this is a revolution or a counter revolution or whats going on is this the dark ages there is that a in the light and age right and that entire renaissance played on one individual who single handedly spawned modernity and that would be of course Leonardo Da Vinci and 500 years later were still living in the shadow of Leonardo Da Vinci in many ways and the connection between leonardo and the. Family between capital and ideas that has been replicated in places like Silicon Valley where you have steve jobs is like a renaissance thinker meets venture capitalists right so you know its the its all they say its all was darkest before the dawn well our inventors of this day and age 500 years after dementia are people like the life masters who increase it creates and invents a credit default swap and lo and behold here is j. P. Morgans assessment of the situation that we find ourselves in today she invented this credit default swap for j. P. Morgan j. P. Morgan concludes the world is drowning in too much debt for stocks to go down again partly because of credits of fault swaps this is the beginning of the explosion of global that its now will be adding 16 trillion dollars in global debt household government and private sector so 35 percent of g. D. P. Increasing global indebtedness is even bigger than the 20 percent of g. D. P. Increase seen in the years after the lehman crisis so theyre saying theres too much debt for them fed or at Central Banks to ever raise Interest Rates again as chis report told you years ago you cant taper ponzi and now theyre saying because of that that stocks can get never go down because theres too much debt but it was a people origin is like pope sixtus during the Leonardo Da Vincis time and they suffered hugely best eventually we came up with called new planetary scale ism or schema in terms of sun in the earth than the. Vented all kinds of things on the churches on the back and popes expense was like wait a minute and then it became wait a minute im the evolved im the evil and the artist is god. The evil. And now it could be flip flopping and j. P. Morgan is like the Catholic Church in the middle ages trying to engage in papal indulgences where you commit fraud i will give you free printed money. Jamie dimon. All right well were going to take a break and when we come back much more coming your way. During the vietnam war. It was a secret war. And for years the American People did not know. Millions of unexploded bombs still in danger lives in this Small Agricultural country. Even. Decades ago is the u. S. Making amends for the tragedy and. Help to the people need in that little. Welcome back to the kaiser report imax keyser time now to turn to jimmy sun he is a bit coin educator developer entrepreneur welcome back jamie i want to jump right into it on the 4th of july Independence Day here in america you wrote quote a declaration of monetary independence can you elaborate on the thesis here about rigged markets how big coin fix is said to me yeah i think back in 1776 our forefathers knew that they were the system was rigged against them they have a lot of taxation without any representation people here in Great Britain really care about and they were being treated unfairly and its my thesis was that this is happening today that its not some Great Britain its essentially the people back in seoul the Federal Reserve and they are not just doing it on america a few people all over the world as a result a lot of that and the right and because i am is uniquely positioned for this the Technology Allows for individual sovereign say it cant be confiscated its separate state from money can you speak on this a little bit theres a lot of. Ways in which you can describe money but the main problem with money if you have money today is that a few people control it but think about the queen thats very unique is that you need the agreement of everybody that holds it that runs all note in order to change the Monetary Policy a good point which of course means that it changed and this is this reflects back on some of the moral issues with the money today and i quoted. The 14th century who said thats really if france or the government expands the monetary so on. I for their own ends that it isnt in unjust thing and thats exactly what im pointing out about all of these monetary expansion programs that are happening all over the world as a result of this and so you know being pointed out thats not ideal in the sense that its impossible for a few people to control and we saw that with. 2 x. No one you know and they failed and they were some very powerful corporations and it knowing ok so what is because Monetary Policy well the Monetary Policy of equate is a hard tap at 21000000 with a known inflation schedule that has every 4 years so this is you know theres a 21000000 decline that will ever be and rate of inflation slows down you know to basically 02140 so it ends up being a very good Monetary Policy for saving money or storing your value for cheap in your value and thats thats the point of it works well of course in the Genesis Block of the protocol they had the phrase that the a chance that was on the brink of a 2nd bailout for banks in the u. K. And so theres a direct reference to central banking and of course fee out money which is the province of central banking is the opposite of because its an unlimited creation and none more or not more so than today where youve seen just trillions printed almost on a weekly basis Federal Reserve chairman jerome powell. He did however insist that the money printing does not cause inequality and yet to me when i at seems to me that the case that it does cause inequality is quite obvious what is what are your thoughts yeah absolutely it causes. Massive inequality because its not about who provides value to civilization and economy and all that its all about how close you are its money we talked about last time i was on the show about why the cities of new york and london based their very rich in art because a lot of painting happens to them its not about necessarily what you know goods and services youre providing civilization its all about your money this is known as. Dr richards and so on an irish french economist from the 17th century in the century so i mean its very obvious to anyone and and you know that certain people i specially are Companies LikeGoldman Sachs that are getting enormously rich off of doing almost nothing that actually benefits the economy and or at least its not obvious to anybody what it is that they do for the economy yet although all those bankers make hundreds of millions of dollars billions of dollars and that thats that its a little hard to swallow when somebody like. Tells us. Its not exacerbating well and already when it when it actually goes right you mentioned because Monetary Policy theyre the having the they fix the absolute scarcely at the 21000000. 00 coin level and as in a contrast to what you have in the United States which is this idea where debt is really the best way to run the economy and saving which is inherent an inherent property of bitcoin is something that in the United States and in other countries has vilified you know we hear about things like the paradox of thrift and were hear about why keynesian ican economics that the economics of debt is the best and. But my and my question though. Is. How did this religion of debt in america and everyone is in debt this unbelievable amounts of debt and its excepted as the best way to have an economy how do you overcome that that that orthodoxy in the United States where the way to run an economy is to plunges deep into debt as possible because its not that thats exactly what they tell us thats exactly what Mainstream Media is pushing and a car would be the complete opposite of that but how do you deal with the fact that we have we live in a culture here that worships debt to me yeah and we really do worship that and everyone is leveraged up to their eyeballs and consumers businesses governments out of everybody around the world is leverage up to their eyeballs and its not a very good situation to be and because it makes absolutely everybody fragile i think the way you get out of that that cycle is to actually get rock and there are lots and lots of companies are getting wrecked right now you know. Theres a lot of Retail Stores that are declaring and theyre declaring bankruptcy because they were a leveraged way too much and it cant pay off their debts and its and this is how people on fortunately have learned is that if you if you lever are up way too much past way you know surviving certain kinds of trends like we have right now then youre not going to survive very long and you know its d sort of like a darwinian evolution of companies that once once that leverage too much too they tend to go away except for banks for some reason theyre known as too big to fail or Something Like that. And you know as those go away the better ones come along back are based on state and better are you know sort of system. Week growing instead of leveraging i wish that were the case let me talk about her 1st 2nd it was face a cli sold out the private equity and basically controlled by carl icahn a financier a corporate raider guy who did a lot of leveraged buyouts debt based buyouts in the 1980 s. And yeah they declare chapter 11 but carl icahn lives to breathe another day and to his Credit Rating is unaffected he can still borrow as much as he possibly wants to take over any company he wants and so this what we end up with in the United States are the Zombie Companies where theres more than 20 percent of all the Companies Listed in the u. S. Now have the interest on their debt is greater than the income theyre bringing in from the front door and that number is growing every day so i mean it would be great if these companies actually got wrecked but that the system rewards people like carl icahn who never get wrecked because they never stop lending him money and 0 percent Interest Rate and he never stops buying out companies firing everyone destroying their pensions and wreaking havoc all over the country right so there is no getting wrecked in a certain class in america how do we change that i think as as we move more towards a big point stand there people will this trust a lot of us dollars because like he said the dollars that are out there are you know for the leveraged. People. When youre when youre doing stuff like you know yet. Theyre either going to have to pay him because in which case its going to get so hyper. Were or theyre not going to be able to buy things because they have dollars whereas things are so i mean this might be a good way for a Corporation Im so. Having a bear stock price them to court Something Like. That much more expensive youre accelerating. The big point standard and therefore it becomes harder and harder to. Take it over and so for peace is ruining lots of peoples lives and becoming so part of a formula to create a poison pill as its called would be to implement some kind of big coin accounting within the company to make it impossible for an rater to take it over thats an interesting idea and i want to come back you mentioned segment 2 acts for a 2nd there was a few years ago an attempt by a few big corporations and big players to sexually take over pick one and they were rejected and the reason i bring it up is because we had this question often people say what if its taken over you know the government can take it over weve already had a few attempts to take it over and they fell ok and you are a developer youre an educator and in a minute or so can you just walk us through a little bit on the technical side how that just doesnt really work what the sec with 2 x. Proponents actually wanted to do was to create whats called the heart for a backwards incompatible upgrade and when you do that with software that means that everyone has to upgrade or else the entire system doesnt work and they need to try to strong arm everybody and upgrading and that basically didnt work because everyone has to agree and there was a significant minority actually it was a majority of the greater that that refused to operate and as a result you know even a small group thats able to resist whatever you know strong arm tactics that i have this is enough to have a point survive and not have the seiko so unlike top Public Corporation which you. We need like one percent a stock in order to progress on big points very different in the sense that you need to be and. This is you know you need the consent of everybody thats running and all know it or to change it in the way that you want it and theyre not going to do it against their own interests unlike governments so in that way with you x. They are out there and i suspect and he attempts like that and each other well i also am part of the clearing independents monetary independents is running a full node and find out more about that if you follow jimmy sign on twitter and all of his various other social Media Outlets to me thanks for being on the kaiser report thanks for having me right on and thats going to do it for this edition of the kaiser report with me max kaiser and Stacy Herbert like to thank our guests if you want to reach us on twitter skys report and the next time. We go to work so straight home for. Your songs i also. Heard her. Husband will take interest in. This goes a long way to cerberus to move their. Desires and not in a. Trance morning. James overinflation. And in america in the sex ed that means they are called. This person for 44 years. In minutes sure antibiotics you. Cannot measure which. Needed to eat. She owns her drops to be. The one. That i. Know i think you know most that thing is my look others are getting me out and i am a well meaning they say and i dont mean your nice i am. Funny and you piece on months i know these long legs and know that when you go down. Like this. Some are losers as soon as you. Do in your weak memphis know the new more. Nothing new. There among those who just cant stand for a bit if they get in your kill that oh. Im talking about is a very International Community i. Mean it used to deter were going live to flint. Just a bit as the slow slow slow uses new orleans east. For the position of the world who used to look at the brazil through their new cool script. Is everything the producers the loser will reform from the cd with the above the. Flood they have leveled affected all day but obviously sided not to take their supplies. With my guy didnt tell you that. Istanbuls world famous abs if a museum which was originally founded as a cathedral is converted back into a more however turkeys move to anger especially from abroad also to come this hour oxfam warns that covert 19 could cause mass hunger across the globe and kill up to 12000 people a day. In the. Developing in an otherwise middle income and country the money is flowing to the Big Companies and its really not getting to the people that need it and as you frictions are being slowly lifted in the u. K. Talk of a potential 2nd wave of coronaviruses fearing yet another shortage of a. P. A. P