Always warm but and day yeah see i know that because its the title of adapt oh bobby airy album from the seventys that i used to listen to cali and they see c. C. Anyway yes thank you for our t. N. F. I know actually 80 dad you know we like the news and spanish and we thank you for tuning in but you know were going to talk about because you know theres not that much exciting stuff happening in the booth there who play well i found this story interesting just the headline you could tell where its all going to 2. 2 trillion dollar Coronavirus Relief package passed by the house and clues a complete ban on even and foreclosure filings for the next 12 months it only passed the house of representatives that doesnt look yet like it might ever pass the senate but nevertheless theyre thinking of a ban on foreclosures for the next 12 months theres a big issue in terms of the properties that will no longer be playing rent of course means that the landlords who are equally in financial straits will not be able to pay back loans so the banks and the banks are equal financial straits and they will not be able to service their portfolio meaning that central bank would have to bail them out but the central bank is already completely constrained with their ability to bail out the system anymore after been bailing out the system nonstop for 12 years as you know watching this show so this is just another piece of the sinking of the Global Financial titanic they hit the iceberg in 2008 theres an actual video on you tube. By the way theyve got a real time of the sinking of the titanic all 2 hours and 25 minutes of it. And you know you notice that there really that big time sinking of the titanic doesnt happen until the last 2025 minutes you know thats where red now the beginning of the end. Right well that is what we have been doing here for the past 11 years on kais report looking at the sinking of the central bank fee titanic and here is the headline along the same lines where were looking at you know the threat of a ban on a veteran of foreclosures well on the one hand youre saying well you know blackstone is now the harshest private landlord in america. For them but you know on the other hand the fed has their back has blackstones back they get to dump their bad debts like all these foreclosures that arent allowed to happen and blackstone is the largest private land theyll be able to dump it on the feds Balance Sheet you know schwartzman at blacks and will never have to pay for this but the small landlords will pay for that here were looking at the difference between the big the small why we have the rising wealth and income gap and looks like the fed is starting to notice this and their answer is what the people have been demanding essential a m. M. T. Modern monetary theory that if you could print money for the for the banks why not for us and i want to add that one of our 1st episodes ever the 1st 5 episodes a kaiser report we spoke to steve kean in 2009 and he said that we should have quantitative easing for the people rather than for the banks and this is what it looks like the fed is going to get ready to do whats behind the feds project to send free money to people directly so on september 23rd cleveland fed president had a master spoken cheap basically flag that something called the Central Bank Digital currency is coming and because the fed their system that theyre building could be faster than congress or the i. R. S. Which has taken some people still havent received their i. R. S. To me less checks of 1200. 00 for example so basically what shes saying is that all residents americans you know green card holders could get an account at the fed and within a few seconds she would be credited with this and you can transfer it to buy an app because. A lot of people dont have banking accounts so but wolf richter here at street dot com does. The breakdown of whats been happening because obviously weve seen especially since 2008 the fed has been buying all those assets from the likes of blackstone and pumping us asset prices so property and equity prices bond prices everything so had we use just from march during this pandemic when we spent the fed has issued 3 trillion dollars in credit there are about 210000000. 00 adults in the u. S. That the fed decided to throw 3 trillion not at the markets as it has done since march but at americans directly it would translate into a lump sum payment of about 14000. 00 for each adult so a household of 2 adults would get 28000. 00 whether this household is made up of a couple living in a tent or couple shuttling between their mansions with billions of dollars in assets what this all means is that the United States economy resembles to a large degree the economies of countries that the United States typically makes fun of you know the u. S. Or the United Nations will send aid and theyll send money to countries lets say in africa for example not to pick on africa but it does happen where the money never gets distributed it just ends up the leaders of that particular country and then they become fabulously wealthy here in america this idea of printing money and distributing it it doesnt work because the potentates and the kings in america like jamie diamond keep it and we know this to be provably accurate because look at the money velocity number it goes straight down to 0 because jamie dimon and his friends on wall street keep the money and they buy you know huge chalets in the hamptons so america and some dysfunctional after country are almost exactly the same in this regard now heres the problem with understanding by the central planners in america. The system is corrupt and they need to go directly to the people with these checks and what this money is that this will mean the end of asset Price Inflation and the beginning of consumer Price Inflation in a big way thatll be out of control which means that the u. S. Dollar now like the last 20 minutes on the titanic so might just described is about to go belly up so speaking up belly up who were going to look at some seventys style sort of place and looking like its coming but i just want to quickly wrap up on the fed story is like when the Congress Agrees to issue a stimulus check they have to go to the market and borrow they have to issue a u. S. Treasury bond here the fed what theyre going to do with this is just a credit people you know theyre not the borrow it they just can put it on their Balance Sheet to different size of their Balance Sheet so its going to be like magical money as well this is the point is that up until now theres been this economic theory that this money printing is immunised yes in some way that doesnt cause dislocation and but now they realize that they did cause a massive asset bubble dislocation and massive wealth and income disparity and social unrest so they have to jump into this crazy scheme of pumping cash directly thats not offset in any way and thats going to cause c. P. I. Inflation in a real way which is going to put the kybosh totally on the dollar well were going to look at 2 Little Things here a char and a response to whats going on because of Interest Rates interesting chart things havent been this bad for savers since the seventys so this is a chart from j. P. Morgan Interest Rates and inflation nominal and real 10 year treasury yields and as you see there real yields on basically we have negative inflation in the u. S. Now just as we did back in the seventys when inflation was really high Interest Rates were high and rising and of course paul volcker ended up taking them to 20 percent. Drawing inflation but we seeing that savers are losing money and if its if youre having negative influence and rates here real rates then youre losing money on your savings and i want to show you this interesting response to it because this is what weve been talking about especially youve been talking about the fed is causing deflation and i says it creates a very negative feedback loop in the economy this guy wrote with reese this low likely forever consumers have to save 5. 00 to 8. 00 times more in order to retire which means higher savings lower spending lower g. D. P. Debt dont deflate they inflate causing a spiral downwards right just a few years ago you had a 1000000. 00 in retirement youd get 50000. 00 a year in income now youve got to get 25. 00 to 30000000. 00 in retirement to get the same kind of income in retirement and so its the again using my titanic metaphor its a little liquidity is great if its coming in the taps and youre using it to mix cocktails in the 1st class lounge but if theres a gash in the hall it is pouring in the boat is sinking then thats not a good thats too much liquidity so the fed using what they call the greenspan put became the bernanke he put the yellen put the jay powell put this need to bail out wall street at every moment of every day has gashed the whole of us titanic and now its sinking because of all that money printing and no matter how much you try to belt out with your little little dinky pail of policy its still torah really coming in and people are dying and thats this were were at the last 20 minutes of the sinking its a great film watch it yeah and you would have thought like they could have been set of issuing all these trillions to wall street and now theyre like oh ok weve left the ordinary person out for the last 20 years lets give them some money in the last 20 minutes like save some women and children sort of thing they could have just used all this free. Money as these last days of the exorbitant privilege and at least built from infrastructure right because look at china seems to know that this whole thing is going to blow up and what have they been doing with this fake money while well where it just like i dont know consuming their tick tock sort of videos is theyve been Building Infrastructure right preparing for whatever happens next after this whole fed derivate derived sort of free money for wall street and now m. M. T. For the people like. Like we could have done something pretty Something Real for it i mean you see in new york city right i just saw that a an apartment on 28th street near the high line was listed at 50000000 sold for 20000000 so all that bidding up on these flats by that top banker class up to the 304050 1000000 now its all resolving back to its median of getting closer to more not much at all if the last 20 minutes or so are the telegram is teed. Forward slash pill thats where you find max say 247 where there are 247247 right there and were going to be back after this message so dont go away. And citizen he didnt want to talk. For an attack on the other. Guy and. I would do a republican i would root for anyone not you and ask how to bring. The future. Of our 2nd wife. She can handle. She and i divorce because our trouble is what if the president and i floated for him and she could. Win the most important election. You know history. List of the months to go before the next president ial election is the history of the u. S. And i. Want to the highest priority programs. If they do the next. Just some of the questions we put to the group in the. Room welcome back to the kaiser report imax kaiser time out to go to exist ill be honest sis welcome back ive spent a lot it has been max thanks for having me back always a pleasure now you have written a 5 part series entitled when the world market itself as fake economic value loses any real meaning that go over the big picture thesis here on whats happening to our economy and how we see that spilling over now into politics this place whats happening is its being hollowed out for a long time now the notion of value has been moved from the blood sweat and tears of people caught in which is where real value comes from creativity and effort and participation and and it is moved progressively from that to assignments of value which are parasitically and predatory late siphoning off real value which is creativity and real effort and real labor into instruments which are essentially symbolic assignments or they capture that value in symbolic ways and then use that to replace actual value and as more and more of that gets siphoned off. As you saw you know early early seventys a one middle class job full time could support a family could support cars could support even college and now you have 2 people working full time and you cant support any of those things at this point youre in total debt up to your ears so one has to ask the question what happened in that time and what happened was increasingly mechanisms economic World Economic mechanisms started to favor a financial frankly lazy elite that saw much a gold mine in basically mining peoples own effort and mining peoples own creativity and it was only accentuated by these platforms that allow people essentially to be the fodder and i just saw a movie called social dilemma in which they said that when you are on a social Media Network since isco free you are the product and youre being sold to advertisers and that is a i think a great encapsulation not only in terms of the way that weve been ripped off and our efforts and our creativity but in the way were now being used simply a spotter and data for greater greater concentration well theres 2 main planks to this thesis as i understand what youre outlining here so 1st youre saying that the value of stuff itself has been hollowed out and it no longer represents i believe you said labor creativity effort and participation thats one side of the equation then on the other side of the equation we have people trading on various platforms items that have more symbolic value than actual value we know we live in this age of maims for example and mean credible value apparently ameena pepe the frog had a big impact on 2016 election i just saw that one of these very popular. Pop or k. Pop bands is going public at a multibillion dollar valuation tesla stock is mostly a meme its an idea theres no real yeah there there theres just trading you know its symbols and ideas so then the but but but we still live in a whirl governed by economic forces supply demand and we still are economic animals and social animals and you did mention there that value kind of comes of labor and a lot of people would suggest that value is is subjective its completely subjective so on one hand i see what youre what youre saying here but on the other hand. If in fact humans decide that me missed our currency and have value its not completely outside of what weve been doing now for hundreds of thousands of years in our track as a species towards some form of Virtual Reality it seems this is the interesting thing is kind of come full circle. The most interesting thing about this whole covert shutdown. At least anecdotally and done some research on this it seems like a goes beyond mere anecdote is that when people who are quote unquote forced into their homes to actually sleep to actually binge watch to actually be closed off of these associations churches sporting events and distractions and so forth there is a were rediscovery of the fact that wait a minute we are being used wait a minute we are being way over charged and exhausted wait a minute theres no end to this treadmill so an interesting form of value came about and that was the value of the rest i thought people walking on the street on the road we lived on the country finally people are starting to come out doors instead of just spending all day indoors watching football or Something Like that so whats happening is yes and low on one hand like you say our lives are becoming more virtual you can like things and you think that youve actually done something when you really have it and that free its a perceptual value for you that youve actually done something even though you actually have not but weve also found a kind of weird opening for opportunity here where people realize theyre the ones who create the system and they dont have to agree to it when they stay home you know that thats what really shifted the whole thing with the oil market into the negative territory that were futurists is because people were at home and that also showed us Something Else that our demand creates the power in the value for those people when you open that demand isnt there their value can sink to the negative territory so i think its a mixture right now its a mixture of real reality based its a mixture of virtuality and this new emerging thing which is beginning to see not material goods and what i call relationship capital as emerging values where rest becomes Important Health becomes important and these are starting to emerge a. Values as well none of these necessarily are compatible they have a conversation and even a quarrel but its an interesting and for time right now i believe one a term that you use weaving in interior essays and its a brilliant 5 part series i suggest everyone take take a look at it is the term nihilism so that year or year you use that term and explain how you weave that into your essay i mean i listen to me simply means if you followed it to its logical extent where would it end right it would end up in nothing or it end up in anti matter right so if were going to follow this program of concentration of wealth and the hands of fewer and fewer people d whats going to happen to our freedom whats going to happen to our creativity whats going to happen to our already of life all these things we truly do value and become values so if you follow where were going right now we end in white nihilism you know it cannot know isnt meant to certain extent existential nihilism you know from a philosophical standpoint its like were valued simply becomes us being slaves to somebody else notion of getting another number on their Balance Sheet thats not the kind of future i want to have to guess the future you want to have so the nihilism term i think is a bit of a warming warning as well as a descriptor of where were heading if we continue along this so in the case of j. P. Morgan who we talked about on the show often jamie diamond had set up that bank they recently agreed to pay a 1000000000. 00 fine they voided criminal racketeering charges for rigging Precious Metals markets for over a decade they were reportedly are earning 250000000. 00 annually in profits on their gold price raking so look dress like they returned under half of the money they stole so you would put the sort of the category existential nihilism says absolutely i mean the film dark waters which is. Came out in the last year showed that i think it was dupont but it wasnt i think with the pot with the company that made teflon ended up playing out in class action suit over a period of decades the total amount was less than one year profit on that extruding the poisonous product that they were just dumping into the ground so if they can make it pennies on the dollar or even 10 you know tense of a penny on a dollars course are going to continue to do that and if there is no barrier to them continuing to accelerate that then they think they will and right now we know the politics are captured around this you know that Central Banks are willing you know clerks for this kind of saying everybody realizes reading you know into kind of an environmental armageddon and there was a strike in the shelters like well what can we do these people on the world now like well we can begin to resist and one of the things i say we can start to smartly understand our demand Still Matters risotto with the oil crash and we can do it in other areas as well that the question of our demand Still Matters you know you could look at in terms of our brains in a Virtual World are represent potential demand you know the ads have to be clicked by some entity and the virtual sphere the with me our brains so if we can effectively be gate keepers of our own minds and we can encrypt our own minds we would have an asset that would be worth something in a virtual nihilistic world says my right i absolutely love that metaphor i think its pitch perfect. Thinking well we solved all the troubles and the dilemma of the world now but i want to look at. The be implications of that look at the implications of that the implications of what you just said because i think it forms the basis for a really effective resistance our minds are not weve been taught that our minds there are for the service of others and i mean i dont mean that in the good sense of going out you know raising money for you know people that are poor whatever im talking about were in our schools and our churches and so forth were there to obey certain mandates that are passed out response be assimilated into that now if you move into the Virtual World and the corporatization of our culture that easily translates into you like you said looking at ads and clicking on them and so forth if we begin to take back our own autonomy and realize we are actually sovereign individuals ok then were going to and that we can essentially close the door encrypt our own the thanks if you will and have a conscious understanding of what were doing rather than allowing herself to be unconsciously manipulated thats going to be an absolutely integral part of challenging this nihilist problem these days seem to be one of identity so theres a lot of groups out there whether its black lives matter or the Transsexual Movement or other groups that are seeking recognition they are talking about identity and in a Virtual World that issue becomes less of a factor because we can change our skin at will we can be identify whatever we want like a big a trans a woman in the morning and black lives matter person in the afternoon i mean we can swap and switch an identity becomes wholly owned by us and so that would be seemingly an advantage because it makes it difficult to be targeted by the kleptocrats and the and the nihilists yeah i think there is there theres i said id like the flexibility about it and i like the fact that we are. Simply imprisoned within a concrete understanding of what my whiteness or male ness or whatever that happens to be so i like to create unity involved and that of course that can be misused you can speak for others or pretend youre others but what i do like about it is this notion of not simply being anchored to labels that have a history behind them that constrain what you do and start to look more into things like Martin Luther king said the color of your characters or versus the color of your skin now i happen to be a real advocate of diversity in its real and live sense that is the notion that your ethnicity and your gender and stuff can influence and give great spice and labor to you but i dont think it should define you because if you just simply defines you it will constrain you so i agree with what youre saying there is a certain fluidity here that that can open up whole new possibilities on new frontiers for us getting out of our boxes and you know some danger there as well because we can become lost and distracted into jillion different avatars so we have to have some discipline and discernment in that process all right ok were going to have a 2nd segment on this a skank to good sis but thanks for being on this parson of the kaiser report ok thanks max and thats going to do it for this edition of the kaiser a par with me backs kaiser and Stacy Herbert thanks to our guest this yama yanis and if you want to catch us on telegram weve got a great group on telegram called arens pell podcast join it the next time by a. As the u. S. Economy was booming growing numbers of people made homeless. People work 40 hours. In a week and still not have enough to get housing everybody believes america still is the land of opportunity the reality of were not financially equality and the lack of Affordable Housing for a living minimum wage gave many people no choice. Thats been a problem with the city always turn to make sure to always stay away almost. Half the food if there is no answer because yes that requires resources the most vulnerable are abandoned on the streets to become invisible comes. Nuclear power become a battleground in the u. S. In vermont people love demanding the shutdown of a local plant from my yankee is right now my focus because its a very dangerous oh no claire power plant the owner is attempting to run the reactor beyond its operational limits this case just sort of puts a magnifying glass on wheres the power in this country wheres it going is it moving more towards corporate interests or is it more in the idea of a traditional participatory democracy as are powerline with the people this case demonstrates that struggle in the very real ways a struggle on r. T. Global chemical weapons was still confirms germanys findings that of the prominent kremlin critic alexina valmy was poisoned by the nerve agent. Fighting rages between armenia and azerbaijan russias intelligence chief says mercenaries from terror groups are travelling to the no go no care about conflicts. United states former coronavirus hot spot season facts and surge again new restrictions are being rolled out in new york starting with the shutdown of the citys schools. Following massive riots costanza Election Commission and the knolls the weekends disputed parliamentary vote the chaos in the Central Asian states has left one dead and hundreds of others injured