Very least the new silver, while bitcoin becomes the new gold, its really difficult to discern what is just for the store of value price movement. And what is all the money printing going on . Because there is a lot of money printing going on. I see that stephanie calton was recently tweeting that she was speaking with gary cohn, who is, you know, an insider, former Goldman Sachs guy whos, you know, becomes part of governments, especially democratic governments. And he says like, theyre ready to print 2 trillion immediately upon biden taken office, and then another 3 chile in the 1st year. Theyre also talking about a trillion in Debt Forgiveness for students who, you know, the stock markets also finally hit 30000. This was something that was predicted back in the late 1990 s. That it would get to 36000. Right. And that was famously a bad call because it crashed down to very far down after that. Well, the metrics that the government knew is inflation are very skewed. So in other words, the stock market is reflecting inflation and the us dollar is experiencing a hyper inflationary collapse against big coin. And what these financial engineers have done like harry cohn and the others on wall street and around the world is they have financially engineer the world so that when they print the money, it doesnt go down the path toward wage growth. All those paths are cut off using Financial Engineering pretty much the wages dont go up and then they look at that and they say, look, theres no inflation, we better print more and then the wages dont go up anyway. Those, those people are still in poverty stricken, but oh, oh, the asset prices, some stocks they keep on going up. We dont know why that is. It seems like an anomaly, but we just made another few. Even most is now the 2nd richest man in the world. How did that happen . Oh, well, also on top of this, were seeing that janet yellen is being floated as a possible secretary of the treasury under biden. So course she was at the fed. So if there is a merger of the fed and the treasury, which many are suggesting, especially on the left, over the past few years that, you know, basically m. M. T. Should happen and it should come from the treasury for the people. And there is this a Central Bank Digital currency notion of having an additional dollar. And that would be basically a merger of the fed and the treasury. So you could be seeing Something Like this in the next year or 2, but its still early for big queen. This is psychedelic barto. Priced in gold is 10 ounces versus gold market cap, 2. 88 percent between its been rising very fast and gold has also been sinking. So its already changed. Its over 3 percent. Now. Its like every day, every hour, actually you have to update this, but you know, its getting closer. One, once it gets 100 percent of the market, capital b. , you know, maybe gold will fall from 9 trillion to say 5 trillion and then bitcoin will rise to about 5 trillion. Right . When weve been saying those 2011, initially our price target for big oil even back when it was a dollar, we said based on the Global Forest market in the gold market, we could see big going go to a 100000 dollars. 6 months ago. I said ok, it looks like because it is going to challenge gold. Therefore we got to raise our price target to 400000. 00. But youre right, you have to also look at the price of gold here because the gold price could get cut in half because people are literally throwing it in the street like garbage like a venezuelan bowl of are in their buying because instead of course that could be an ultimate indicator to go longer and get bullish. Then when everybody hates it, when theres blood in the streets, it could be a good time to buy. You know, its like im going to be buying gold. The 2nd, peter schiff, capitulation started buying because right . And all of the, all points of course, were also booming. So as retail looks on bitcoin as all the huge billionaire and you know, the institutional class like blackrock and j. P. Morgan with their trillions under management. Look at that point and are able, you know, 18020000 is nothing to them, right . But a lot of ordinary people have that price, but price bias and theyre going to get wrecked. But its a lesson, dont go in there like barnacles on a whale, and theyre along for the ride. And then sometimes the whale scrapes up against a pier or a boat. All the barnacles get scraped off and wrecked. But the whale keeps going. Well, thats one way to look at it and of course, getting wrecked as they call it in the Crypto Market is a good way to learn. Its a good lesson. And we have many good lessons in this episode because we have professor safety loose in the 2nd half. And so you have, hes dropping knowledge on you, the audience in the 2nd half about that. But, you know, in america, this is part of that racket, the inflation racket, the neil liberal racquets, all the rackets going on that we always quote, frederick basti out and how plunder becomes a way of life at the, for the men at the top of this, citing a trickle down and it becomes codified into law. Well, you know, since 2009 is when the us federal government stepped in and basically under all Student Loans. So were going to look at some of the consequences that because by, in the saying hes going to forgive a chilean dollars through executive order. But heres the actual data taxpayers face 435000000000. 00 in student loan losses already baked in, leaked Education Department study shows. In 2009, the u. S. Government entered the business of reckless no matter what. Lending to students even to older students with subprime Credit Ratings and to students at iffi for profit colleges with dubious degree programs and then tuitions soared and Student Housing went upscale and became a global asset class with its own commercial Mortgage Backed securities. C m. P. S. That are now experiencing record delinquency rates and apple and textbook publishers with everyone began feeding at the big trough with students just being the conduit for this money. Student loan balances on the governments Financial Statement skyrocketed from 147000000000. 00 in 2009 to 1. 37 trillion at the beginning of 2020, despite the 11 percent decline in student enrollment since 2011 in chart form. This is what that looks like. Hope and change arrives and boom, those are the government debts that the taxpayer is underwriting. But theyre saying that because you only have to pay a certain percentage of your student loan back and then you get it for 1020. 00 or 30 year policy essentially repayment. And at the end of that 1020. 00 or 30 years, you dont have to pay any principal left after that. You know, if youve been paying 10 percent of your salary after tax salary. So 435000000000, this new study that was leaked from the Education Department for injured 35000000000 is already not ever going to be paid back. And this is only the beginning of the program will for tourist pointing out that it only started in 2009 and already 4. 35 of it will never be paid back for. This is the problem of money, is that it encourages malinvestment and the destruction of your economy and your society. You dont look at look at what happened in the subprime market. Money printers were out of control, it was the biggest disenfranchisement of black america since slave days. Look what happened to the medical industry, the Health Industry in america, money and private equity run amok. America went from being one of the top one or 2 best Health Care Systems in the world to barely making it into the top 30. Right . Thats all for money, predatory financiers. Ok, here we have the student market. Heres a population of students, the young of america. You know, theres an old saying america eats young. And this is a perfect example of that. Lets just cannibalize this whole 2 or 3 generations by loading them up with debts for wall streets profit. And then when they cant pay, it will throw money at the bus. Its disgusting, its deplorable. Its very clinton esque. If you, if you want to ask may, and it looks like were going back to those days, but bizarrely also in these u. S. Elections and 20202016, the big, big, big, massive dividing line has been between those with a University Education and those without. So those with out a University Education went for trump. Those with a University Education went for the democrat. These are the people with the University Education and all the debts that theyre you know, they claim that the other side are deplorable that and yet theyre the ones that are questing all of their bad debts. On to the deplorable is on to the rest of the population, and it is a system of plunder. Whereby if youre having a standard, as you know, our guest in the 2nd, half safety and moves talks about, it does lead to under and this becomes the mindset of how to play the system. If the government here is printing free money into the system of a certain class of people that get to be the elite, its the ones that can get access to this free money from the government and pretend theyre going to pay it back. I mean, this is the whole system, right . Bankers. You think all those quadrillions and derivatives are ever going to be paid back. Do you think any of the quadrillions and debts are ever going to be paid back . Its all a game right. There is a wink wink like for the insiders like were not really going to pay this back, but we get to live it large like this. So people say theres no downside to m. M. T. And money printing. Go back to this for examples like a disenfranchisement of black america, 2008. Now we have record high black incarceration, the disenfranchisement of those who were entitled to adequate medical care. Now we have record medical related bankruptcies and homelessness. And now we have a student class that will see the incredible rise in opiate addiction. Those are all engineers by the money printers for one simple reason. Galligan profits from the, from the society. But seriously like the students, they are flying. They got 1. 00 trillion dollars of free money from the taxpayer, from the deplorable that work in the Meat Processing factories from the deplorable that work at mcdonalds from the deplorable that our farmers from the deplorable zz that live in the midwest, they got 1. 4 trillion in free money got to live like a rest to crass because they got, oh, all we live in college town area. Huge luxury apartments all over the place with that free money paid for with that free money paid for by the deplorable. So you know, that is the truth of what this Student Loans are causing bad is joe biden created that situation. Joe biden did that. He was there in office in 2009 when this bubble was created. And now hes pretending like hes going to rescue the system. And make it all disappear. This clinton by eric holder nightmare is back. And that means our ratings are going to quadruple again. Dont go away, much more coming your way. L. Look forward to talking to you all. That technology should work for people. I robot must obey the orders given it by human beings, except where such orders would conflict with the 1st law. Should your identification or should be very careful about official intelligence at the point of view screen is to trace trusts. Everyone of the shia militants linked to the various chozen with Artificial Intelligence will summon the demon the robot must protect its own existence as a excuse for the dont want by wagon that he will go back to life or yours will pull you out of a bit and democracy and what about and i didnt do. It will always be good. Is it also or no, im going to go home on a partition to keep it or dont order to murder you. People come up to the group. Come on down, youre not going up all on him and im mad at them and the minimum number is a number who know but oh november a bit. If i say i love them, theyre down to the point about on the number that i have, the only use has it and is about welcome back to report. Im max keiser time now to go to safety and emma author of the instant classic, the pick point standard, the book that cloud of 5 into plain language. Why you should been by between us all time. Why its going to change the world and how its just making all these other economists like Nouriel Roubini look like it if theyve been welcome to the kaiser report. Thank you for having me. Max. Always fun. Youve got a new book coming out. So lets talk about it, its called the fear standard, the debt slavery alternative to human civilization. When and why did the fia standard actually begin if you asked them to began in world war one. When i would like to choose the starting point as the point which the bank of england suspended normal reading of the redemption of english of their starting found in into gold. And if i to believe there was never, and during world war one, there was no official suspension of redemption. Its not like the bank of england went up and said, you know, were getting rid of this Gold Standard. The Gold Standard doesnt work. We figured out this brilliant new idea, we can just print all the money in the world and finance the war. Nobody ever made that nobody ever made an argument for the fee standard itself. And every time to the standard came about it came about as supposedly a temporary measure where we were only suspending gold redemption for a short period of time. And it was always, always a promise that we would be going back to gold. But then we never went back to gold and these kind of temporary measures have been dragging on for a century, but hopefully bitcoin will stop them from going on for much longer. Right. Same thing happened in 1071. 00. The u. S. Went off the Gold Standard and they were supposed to top. You can see that on line Richard Nixon saying thats a temporary suspension, of course, and never went back. And weve had the money explosion, sense then, and causing all kinds of trouble. But imagine the bank of england there and that period around world war one that it brings up this idea where the money, our money supply is controlled by centralized authorities that are for the most part unaccountable. And they act on their own volition. And there are doing stuff with the money. You know, this is a fax, everyones lives every 2nd of every day. Because i mean its remarkable all in that its decentralized for one. And its governed by an algorithm. Number 2. So its not a guy at the bank who decides one day, oh, you know what . Im just going to stop the Gold Standard today, and im not going to talk to anybody say. Yeah, absolutely. I think if you remember the big one standard, the central idea in the book was to examine bitcoins, saleability across time. And thats where the measure of the stock to flow comes in. And my idea was based on the way that gold bugs talk about gold. You know, they explain golds Monetary Properties through the stock to flow, meaning that because the stockpile of gold that exists is very high compared to annual production. That means that annual production is never really going to inflate the supply significantly every year in gold. And that means that gold will hold onto its value into the long run better than everything else. And thats why it tends to accumulate more value. And thats why, by the end of the 19th century, gold was really the only money have used all over the world. In the field of standards, i instead focus on the concept of saleability across space. I think if you want to understand the rise of fear, you know, suitability across time houses understand why gold came along about. But saleability across space is what helps us understand why fia came along because as global trade became really, really elaborate and sophisticated and intensive, and people were trading with suppliers and consumers all over the world. They needed money that could travel very quickly and gold couldnt do that physically. And so it had to be locked up in central banks. And then you have to have essentially credit for gold being true, being used as money. So you were having to trust other people you were no longer using and monetary asset that didnt have any that was not encumbered by credit claims, which is the whole point of gold. Once youre using gold to settle internationally, youre now you have no choice but to have the essentially, the did the have to trust in the honesty and in the credit worthiness of your local central back. And thats i think because of golds lows, saleability across space. So the astonishing thing about bitcoin is that it improves on golds saleability across time. And it improves in gold saleability across space and also improves and settled at the across space because it allows us, you know, between us to clear a 1000000000. 00 halfway around the world in a few hours, which you cant really do with anything else. And so in my mind, the central idea of the 100 is how the thinking about how saleability across space and brought us the fiasco ended. And whether bitcoins improvement and saleability across space is going to be enough for it to unsettle or a matter of moving a 1000000000. 00, because im quite is a lay in terms of time. And its also quite cheap. I just saw a 1000000000. 00 transaction go through in a 5 dollar faith. They chipped. Ive seen any Bank Offering that service would be a 1000000. 00. So thats an incredible disruption to that business. You know this, this term saleability. Its a, its a term way all kind. I think we know what it means. Its used by economists, what was the short definition for folks just how they can and put that into their thinking. I like to go with me mangas definition. Also, im tell forget this definition, youre a member and to forget of course, i think the way to think about it is the saleability of a good. The higher the say, the ability, the less slippage you get when you want to sell this goods. The less its price will decline when you want to sell it. And when you think about saleability across time, youre thinking about how much the price of a good will decline, say 5 years in the future. When you try and sell it 5 years later. If you try and sell it, how much will the value that youve put in decline because of the decline of a bit because of the lack of saleability in the goods. So it could be that for, instance, i. E. E. E. , you dont find a liquid market for it. And you dont find demand for it, and so you have to sell it at a discount to find somebody wholl take it off your hand. Thats not a very saleable good. But i think, you know, in terms of distance, you can also think about in terms of the transaction costs, sending a 1000000. 00 halfway around the world in terms of gold will, you know, youre going to lose a significant chunk of that gold by sending him there. Youre going to lose as a small chunk of by sending there, but you dont lose, i think an even smaller chunk of bitcoin, if you send it so you can think about it as just how much of the value is lost when you try and transact with this and that really gives us an idea about what ends up being used as money because what ends up being used as money is the thing that offers the least loss of value when the holder wants to dispose of it. Now, of the tenor of the big coin standard, you know, it gets sent to keynesian economics, and i can, i can only describe some of your critics as being savage. I mean, you really ripped the keynesians apart and not end any gentle way. And a case of the title, this book is called the fear that standard. I mean, already, im think, and youre going to rip rip some heads off here. It is that similar and tone to the, to the standard, are you just ripping to shreds all of the guardians of keynesianism and the gatekeepers of the sphere of money . Garbage is that whats going on here . If it is, i can hardly wait for the 1st one was entertaining us back. Well, im a little bit older and i have a loon with more grey hair, so i may not be quite as feisty as the 1st one. Also, ive got a lot of people telling me, you know, a, your book was good enough without any of that feisty stuff. You need to stoop down to that level. But youre making me reconsider max. I should probably add a little bit more spice to it. I know theres a real, theres a loop low enough thats my motto. Stoop low or when i go go, i go lower. Thats what my monitor. Lets continue on are. So you also talk about money. It invites bad decisions. Whats a lady . Even a worse outcomes . All right, so we see examples of this all the time the, the incentives are bad with fiat money and some of the outcomes are bad, so you have money saved in. Absolutely. And so the 1st chapter of the 1st section of the book is divided into 3 sections. The 1st one is similar to the last section of the bitcoin standard, which was the technical stuff that explained how bitcoin worked in an intuitive way. The 1st section of the fiesta and explains how fiats works in the same kind of way that i used to study bitcoin. So, you know, when i studied because i have this very complicated thing and i try to communicate to somebody who doesnt have a background in economics or in finance or computer science. And with, i thought i do the same thing. And so i analyze in how it works and then having established how it works and how the system functions with an allergy to bitcoin. Then were able to think about the implications of that. So the 2nd part of the book is called fee out life. And a list of the implications of, well, what happens if you take a society and you give them this kind of Monetary System where the supplies constantly increasing and where you are intially, you know, the tokens on the network are not produced through proof or work. Theyre produced through essentially political theater. Any government can make any, you know, with every block on the fia network, government can come and add or take out any balance from anybody. And so think about the implications of Something Like that 1st of all. You have the implication of time preference, wherein because people expect the money supply to continue to increase, they have less of an incentive to save less evidence and the future becomes more uncertain. And so people become more present oriented, which was a very popular concept in the bitcoin standard, which i touched upon briefly. So i dig much deeper into that. And the causal mechanisms of how time preference affects all kinds of things in society like food and technology, and family and so on. And the other mechanism i think is also the fact that the market economy is massively distorted by the fact that there is an actor in the market economy who basically can just conjure up tokens on the network out of thin air. So, you know, you can have 100000000, people trading on that network and one participant can come in and make as many tokens as they want and buy whatever it is that they want. And so, you know, being friends with that entity becomes far more productive than trying to make valuable and useful things in most cases. Because whatever valuable useful thing you make to others, it can be taken away from you because your tokens are not yours. On the fia network, because you know its not going and because the people behind of the miners, the fia miners, can just make an infinite supply as much as they want, whenever they want corruption, which they have money. And it tends to aggregate in societys worst actors, the warmongers, they money, printers, the banking thing. They end up with printed money. And they way out is that i wouldnt even, i wouldnt even call it corruption because corruption, you know, and in the details, something that was working in a certain way and then it got corrupted. But i think with thats good, thats a feature, not a bug. Its meant to be so that people can generate tokens out of thin air. Thats the main feature of the system. Wow, were going to carry this over to a 2nd segment. But tell us, how can people get the figure out standard . Do they buy the book . Do they subscribe . What tell us . Yeah, go to my website, say 15 dot com, and you can subscribe and you will be receiving a chapter of the fee out standard every 2. 00 weeks. And you can also be receiving a chapter of my other book principles of economics. And economic stocks book you will receive that also every other week. So get in a chapter for me every week. And youll also get full access to for my 4 austrian economics online courses on the website only for 15. 00 a month. So go to safety in dot com. I mean ive read the stuff and it blew my mind. I had to put it down for a while. And then it blew my mind again. All right, well thats going to do until the next episode of this show with safety. Thanks much brain on the kaiser report. Thank you for having the next say 10 for the 2nd part coming up in the next episode until next time. Normal guy called you up on the board with the yes my moneys on target is such a hoard in the field of the local was based on marco rubio. It means theres just a little digital shipped out of lucas, which you would think it would have been decades since the fall of spains fascist regime. But old wounds still havent been taught. It was pretty famous because so many from you know, the bottom you suppose, you mean on the bus at the source me note of that i mentioned, i think ultimately you know, of newborn babies were torn from their mothers and given away and forced adoption. I dont know to this day mothers still search for grown children, while adults look in hope for their parents. The world is driven by a dream, shaped by the dares thinks we dare to ask. Iran tells the world it will defend itself against a proper provocation from israel. And the us off the one of its top Nuclear Scientists is going down the wrong course. It an act of state terrorism also become prolonging the pandemic phase. Right . That on the facts is a spreading dietary because with 19 vaccination doctors rally on social media to persuade the public kind of hope for the last moments of your life. You dont look like the owner of a small restaurant in canada was ordered to stay away from his premises