81. 00 just a smidgen above the more 5 decade low of 79. 00 set in march the last time before march that the index was below todays level was february of 1988 during the sell off that followed black monday in october 1987 when it also slumped as low as 79. 00 the index has collapsed by 85 percent since its peak and may 2007 after having quadrupled over the preceding 12 years its looking bad right now i mean once a day and the connections are 1087 black monday the crash of that here is very important because the solution then was to extend Bank Credit Facilities thats how Alan Greenspan Ronald Reagan and robert rubin the plunge Protection Team or their working group of finance the president S Working Group on finance decided that they would solve this problem by not punishing or reforming but expanding the credit line of these banks so they did exactly what they were doing but i. Bigger scale and then we have of course another major move down in 1909 we had a bomb crash more or less in 1903 we had the dot com crash in 2000 we had the 2008 subprime crash and each one of these crashes were caused by the exact same thing over indebtedness too much leverage and no accountability no than foresman regulations by the f. C. C. And then sent in others and each and every time the policy from the Central Banks is to expand credit line and say do it again but do it bigger and now in 2020 we have of now some more thing happening all over again its entirely predictable entirely preventable but has restrained once said that their job is not to do anything to proactively stop chaos their job is only to react to the chaos by printing more money so if youre in the chaos business and you know you can get bailed out with the greenspan pin agreement then put the the ben bernanke he put the janet yellen put the jay powell put in other words you know the Central Banks going to cover all your mistakes and let you keep all of your bonus money no matter how many laws you break while youre not going to stop right well one reason for the route was the release of a report by the International Consortium of investigative journalists on lenders that have facilitated 2 trillion dollars and suspicious transactions h. S. B. C. Deutsche Bank Standard chartered j. P. Morgan chase and bank of new york mellon were implicated over almost 2 decades the 5 banks had a rich themselves and their shareholders while facilitating the work of terrorist kleptocrats and drug kingpins the report said so of course mike i mean we cover this all the time weve been covering we covered Precious Metals manipulation over and over we had guests who pointed out exactly how it was happening where it was happening at the exact seconds that it was happening and it took you know they gots it still billions of dollars and then they had to pay back some of that and this will happen you know again this time because of course fence and will have to be seen to be doing. Something they have to respond to this report and do something in the crackdown but they wont crack down on j. P. Morgan and Deutsche Bank and h. S. B. C. It will seem like it to the news to the odd to you know ordinary voter thank wow Deutsche Bank pay 2000000000. 00 is a lot of money but of course its going to be back toward through the taxpayer theyre going to pay it out nobody will go to jail in the meantime they will crack down on ordinary small investors Small Business people ordinary people and well get into that in a 2nd so for 11 years ive been saying that j. P. Morgan jamie dimon have been funding terrorism and now fin sennas come out and said exactly that and as you say nothing will be done on mean that this not only alan joe great i mean they go to the doctor he says doctor my brother thinks hes a chicken and the doctor says here take these pills and he goes no you dont understand we need the eggs. So even though if incense says these banks are committing terrorism the Justice Department will say we need the eggs we need the money we need the revenue we need the profits we need the billionaires. Well max what you describe there is the holder doctrine of course you and i right here in kaiser report cornered eric holder former attorney general of the United States who let h. S. B. C. Off the hook many of these articles are comporting out the h. S. B. C. Only signed a deal a few years ago with eric holder saying that they promise never to commit any more crimes and these documents show that they can continue to launder money for drug cartels and other people thats really incredible so raises just b. C. I remember that they they cut a deal with eric holder under obama and that they wouldnt commit crimes anymore and then theres theyre recidivist you know they just continued to do so blithely can knowing that theres no rule of law go Google Kaiser report eric holder and youll see exactly we confronted him on this issue we told them they would commit crimes again he said they wouldnt commit crimes and he thought he did a good job at extracting a 1000000000 or 2 from them and that that was all he needed to do and the eric holder doctrine does say that they cant go after these big banks because that might jeopardize the entire Financial System so what youre seeing as a response on wall street goes into it is that there is a consolidation another wave of consolidation because after the crime wave that led to 2008 you saw a consolidation after that the the actual criminal banks the most criminal banks got bigger and here youre going to see the same exact thing again were going to point out what what this fence and release is you know these are word documents somebody within fence and release these documents and theyre considered really really really you know of the top most confidential documents so if would ever the whistleblower who ever released these documents does face like decades in prison if they do get caught but the problem with this is that there are millions and millions. And millions of these sars. Reported like any time theres any transaction if you receive or spend more than 10000. 00 you get reported to finance and as suspicious activity report you get one of these sars reported on you because the banks. They just send it in just to avoid getting a fine so that we sent you at the fence and so fence and gets overwhelmed with all these millions and millions of documents because everybody has reported not just the bad guys so here they say Deutsche Bank of paris have the solicitor more than half of the leaked to chilean dollars of transactions which were flagged to the u. S. Government who are rarely read by investigators let alone acted upon according to do it without expert said that some banks treat suspicious activity reports the sars as a kind of get out of jail free card filing numerous reports on the same clients detailing their suspected crimes over the course of years while continuing to welcome their business right well we thought what do i see a bank as being potentially the next Lehman Brothers and certainly they dont look good at the moment but you know this is this going to cost consolidation is a key point so members like the 5. 00 crime families of new york during the seventys what if giuliani won in their house year rested and bust the one crime family the remaining 4 consolidated it became bigger and that continued until they just had one super crime family that was too big prosecute and that was a risk right so thats why they came up with rico racketeering charges and were 11 years weve said the only way to curb jamie diamond h. S. B. C. J. P. Morgan Goldman Sachs have been all these major banks is to apply to racketeering law thats the only way youre going to stop it unfortunately theyre just going to go after ordinary people that will have to be seen to crack down they will go after somebody whos like a Small Business person with a 10000000. 00 turnover a year though marching in front you know the frogmarch him in front of the. Yes incarcerate him for 30405060 years and theyll say see we did something about it because they have to do something now right so if insan is embarrassed by this and no billionaire banker is going to get arrested they wont get in trouble because the holder adoption already establishes that this will jeopardize the system so the have to in order to maintain confidence from the people in the institutions will have to throw some some low level chumps thats what they used to do with the mafia before giuliani took them down remember they used to throw away a few of the foot soldiers and say see we did something somebody does time for a few years then if they dont squeal on anybody they move up the organization and exactly the the rackets of wall street are a growing exponentially theyll be consolidation and jamie dimon will make another 1000000000. 00 yes so there will be consolidation and i think you know the this issue with Deutsche Bank and h. S. B. C. H. S. B. C. The biggest u. K. Bank Deutsche Bank the biggest german bank i. E. The biggest European Bank so are we going to do anything with them we cant write because those are our allies one of them will end up being acquired by j. P. Morgan i think thats clear like its like u. B. S. Paine webber was a huge intercontinental merger at the time of the nobody thought that was going to happen but j. P. Morgan to buy either Deutsche Bank or h. S. B. C. Well well see about that but back in the u. S. And i think you know my theory is that with this next we have a lock downs and this collapse in the banking shares i think the u. S. Is just going to have to step forward to you know if this is their empire theyre going to have to. Because they have the reserve currency theyre going to have to start sending checks to europeans british might be 1st i think u. S. Treasury secretary menuchin trump would support additional p. P. P. Money you know talk of scams here is like tens of billions of dollars just thrown at people we personally know several billionaires that received like 510000000. 00 from these p. P. P. Loans that are supposed to go right on as if they goes into lockdown again youre saying your theory your idea is that the fed will actually start sending checks to british people because the bank of england cannot print money like the fed cat so theyre going to have to do something to keep this system alive and you know just like its like the equivalent of a Marshall Plan for itll be like introducing a new Digital Currency for the central bank a c b d c and theyll introduce the new digital dollar and theyll send some to all brits and perhaps then europeans but you know the europeans will be a little bit more reluctant to join it because germany likes to have some sort of sovereignty but i think eventuality that either they have really high inflation are they accept this right yes thats awesome thats a great i love helping my fellow brits all right were going to take a break and when we come back much more coming your way yeah. Is your media a reflection of reality. In a world transformed. What will make you feel safe. Isolation community. Are you going the right way or are you being. Direct. What is true what is faith. In a world corrupted you need to descend. To join us in the depths. Of the shallowness. Always be polite never engage with a negative aided or confrontational also. Dont get into any conversation or start answering questions just ask for an attorney. To survive in the territories. Definitely dont want to be going to try to jump on cops. Youre more likely to walk free if youre rich and guilty or if youre poor and. Youve got 2 eyes 2 ears and one mouth. So you should be seen in here and a whole lot more than youre saying if you dont take that advice easy going to dig yourself a hole. Welcome back to the kaiser report imax keyser time now to turn to Brian Rama Lee voice 1st dot expert and around the coin podcast hes an expert in Payment Systems and observer more of a renaissance man of many technological matters such as Artificial Intelligence and space travel brian welcome to the kaiser report max thank you for having me here i really appreciate it already so you also have an interest in music correct absolutely yeah musician for my entire life also have you ever been to the rock n roll hall of fame. Yes twice and what is your favorite exhibit there. Oh my gosh anything has guitars in it so. I walked through the entire place and its amazing when its right oh i figured as much because your twitter icon has you with a guitar im thinking oh this this guy is a guitar man said he way lets move on to the matter at hand so youve got a background in payments and Artificial Intelligence written relating to Voice Technology so i wanted to pick your brain a little bit about whats going on with tick tock right tick tock is this app that is a lot like vine was with twitter many years ago but then ive got a chinese version here it seems that the the companys Artificial Intelligence scares and entices the u. S. Government and corporation so is that this tech talk use Artificial Intelligence and why does it got so many people you know you know get their feathers in a flutter great question max i think whats going on is what we would normally call it. Older or somebodies behavior in context so essentially whats going on is as you engage with content on tick tock the algorithm or the ai its really just an algorithm that optimizes cheer when you like starts creating predictive behavior and it starts feeding more types of information that would lead to you in gauging in the platform longer and longer now that sounds familiar thats what all social media platforms are designed to do. But one could say its almost becoming weaponized to the point where you could actually start influencing behavior based upon a cohort of similar individuals who like certain types of content and that is where i think were sort of got at. This where governments are starting to become im very concerned its a valid concern if its a citizen population of citizen suspending a tremendous amount of time in any type of media and government is always going to be concerned throughout history what that media is and what impact it has on the population and that medium is primarily controlled outside of the dhamma sile chicle government dare get maybe even more concerned its equivalent to having a newspaper published by in their country becoming the most popular newspaper in the country right now are not scientology companies in Silicon Valley theres a book that came out recently how to make your product addictive and you know the the the apps on the social media sites and gambling sites are sites that do it similar types of. Applications and how they are they are thats built into the protocol that these are to some degree addictive and this is what drives a lot of their traffic and the so. The criticism of tectonic it seems like in on one in one regard the people in Silicon Valley in the United States are upset that a foreign entity is out competing them because its that theyre doing the same thing that these other apps do but theyve taken the Artificial Intelligence leap right so that they took a tech leap and then the u. S. Is saying should let us be thinking more like how do we compete with this instead of how to shut it down there is definitely that going on too i mean you. Youre seeing the be diphtheria not only what is this ai doing which is sort of your dystopian type of fear that youre going to get with any new technology some its overblown but some of its very valid and then its fear of whether or not there is an ai gap between governments and most certainly there is and this is showing up in popular products right. Getting a popular by accident it was promoted very very heavily outside the United States where became an interest in the u. S. Senate and it took off wildly but like everything in 2020 you have to overlay all the other political agendas that are taking place you out space procuress is the world twitter versus the world tectonic versus the world all of these things are interplaying but it doesnt belong i the underlying issue the underlying issue is how forward then does an addictive process become neutral or it becomes. A difficulty in that particular society and i think thats the bigger question. And were going to start asking more and more time spent on tick tock whats the correct amount of time that somebody can spend on a particular app and is it worthy of that persons time i think thats going to become part of the social discussion about what happens after this november all right so lets to get into some of your work over there that voice 1st dot expert and youve done some podcast recently i recommend people you know listen to those because you get into some you know in deep into the tech stack and you know your knowledge is quiet for a face of and lets talk about some specifics or so you say a world in which we have multiple smart assistance that we train ourselves through dialogue that has voice and conversation with ai so that it anticipates our needs and intent is not a correct characterization of how you see this developing brian max. Very well along and analyze their. Especially what im seeing is where the next part of technology is going to go for the entire existence of Computers Humans had to become more like the computer to communicate with the computer and were now at the precipice where were crossing where the computer is going to become more like us to understand our intents and our work to be done when we analyze what were doing with the computer theres work that we are doing whether that work is liking a cat picture or actually finding a Google Search where still are doing a tremendous amount of were doing the work meaning if were searching for something on google were getting 80000000 responses were still having this shift and sort through that response and to try to see what value does it have and sometimes were not looking for facts as a stand were looking for a feel of information were looking for how that information relates to other forms of going for mission so what the intelligence assistant is about is that we are going to instead of doing all this work or selves were going to have a hyper local highly can textual ighly private why is it local because it should be on the cloud was a private because you dont want to bear witness against you and it does go out to the internet but it does it through agents and not directly meaning its less hackable and of course its built on a block chain because the whole concept of an early Bitcoin Miner sure you can resonate with the i believe all of your context that you ever create you should own your context and not give it away freely and put it on a block chain and then if you want to rent it out to say advertisers set of paying a middle party the advertiser pays you directly for that bit of context that you share with them for a specific period of time so your context becomes your valuable aspect of live and then you get to interact with your context what search did you do and 2018. On this subject and what other subjects that you learned since then and that hyper connects those things together and it becomes a dialogue a conversation not a chart not a bunch of words but a conversation you would have with any like anybody would advance a knowledge expert so become say an alter ego if you will of yourself and i call intelligence. Rather than Artificial Intelligence a i call it. Because i dont really think well ever achieve the quote unquote Artificial Intelligence because we dont really even know what human intelligence is i mean we we think we see it when we know it when we see it but its not necessarily something that we can now quantify exactly so its a world away i know that were going to the question is all of us have to make is whos going to be in control of it is going to be a Major Corporation and its going to be in the cloud open try any body to have its way with your contacts or is going to be hyper local and blocked change so that you can actually have ownership of everything youve ever seen or heard and and read you know and thats thats the direction that ive been building in my garage. You will part of your work and what youre talking about here in that we need to get away from the keyboard the keyboard is archaic and as a way to interface with computers it doesnt catch the nuance it doesnt catch the intentions of what were doing like voice does and so your work with voice capture and turning and inner ai in voice is to allow for intent to permeate the relationship and so therefore it becomes more predictive and reactive and the block chain comment is you know that is the really a very important aspect to this because as i saw on twitter recently somebody made the point that were moving from adam smiths idea of the wealth of nations to the wealth of individuals so anybody. Israels have a wealth and that wealth is then if it if it cant be suitably attached to a block saying and i can maintain my wealth then i have Economic Agency in an economy in a purely Digital Economy and certainly with bitcoin that and that that you know youve got 100000000 seto shes per bitcoin conceivably ill throw this out there. A market or wants to sell me something and just for on traits of my individual sovereignty is going to cost a fisa toshi just to get just a knock on the door precisely ive got agency they want my attention it and right now where were confronted with a fire hose of images that we have no control over we feel overwhelmed this gives us back some control is not a fair statement absolutely max brilliant you know we are in a any ocean of data and yet were starving wisdom and i have this pyramid concept that the very bottom level is data and some from ation and knowledge and insight and then wisdom and part of that structural problem in Society Today i think is weve reached our shannon limit our capacity to absorb new information because were drowning in data that doesnt really serve us so it has had a by directional aspect you have agency and ownership of your context which youve been giving away free in the entire digital era i mean we made this deal with these Free Services and i dont think weve gotten our value back and some people are saying well my my contacts isnt worth that much. I urge you to really analyze your contacts is probably worth many multiples now what you could ever imagine i loved that adam smith context because i really believe that thats the direction were going at and so we were kind of predicting a world where the middle. Party the mediators are going to disappear and those are the whats called. The people from the past i like google and facebook whove been mediating the advertiser to your contacts you eliminate them by selling your contacts directly when you feel like it if you feel like it and you can withdraw to that time and yes you can you can definitely get paid by a big client and that would absolutely change a lot of peoples lives well this is great were going to carry it over for a 2nd segment and thats going to do it for this episode of kaiser at par with may as are states there but want to thank our guest brian rommel the next time by all. The u. S. Economy was booming growing numbers of people made homeless. You can work 40 hours d in a week and still not have enough to get housing everybody believes america still is the land of opportunity and the reality of it is were not financially equality and unlike an Affordable Housing or living minimum wage many people neutralise the bill thats been a problem with the city knows turn their backs on a whole new stay way out almost all too since the fortys if there is no answer because yes that requires resources the most vulnerable are abandoned on the streets to become the invisible comes. Into our own beds or head. For the few but so. Far good. Service is the piece of. History should be the letter to the. Consumer to little. Good. Deficient oh my gosh. They are the house of. God since we. Need. To. Give the learning. System definition. Was abundant make no certainly no borders and is blind to nationalities. As much we dont observe the we dont have the facts in the whole world hed stick. To. Judging. Commentary crisis with this system things. We can do better we should. Everyone is contributing to each of our own way but we also know that this crisis will not go on forever the challenges grateful to response has been masked so many good people are helping us. It makes us feel very proud that we are in it together. The 3rd day of hostilities between armenia and azerbaijan over the disputed territory of newborn girl ports now coming in the best strikes being carried out on the regions capital meanwhile turkey expresses its support for as president and adopting a tough stance on the conflict. Turkey will continue to stand by its friend and brother announced by all means and with all its heart immediately leaves the territory it is occupying the region will return to peace and harmony also this hour the west is getting even more deeply involved in the political crisis gripping battering says the french president needs to come
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