I would have been a little bit surprised about how. How would you say posh. Its hours and hours of walking across the city in all sort of directions that it feels probably even more prosperous and living in paris being in paris it is kind of odd to see this situation and i think part of it is that theyre so used to currency crises here that its almost like theyre so prepared for it that when it comes its like oh great everythings discounted for us well the argentinians are resourceful people you cant take away their dignity and thats what they have and its based on a fantastic culture a fantastic people the here and one desirous of meeting somebody fantastic people in the cultural depth is extraordinary unlike the u. S. Where the there really is still culture other than hollywood there you have hundreds and hundreds of years thousands years of culture youve got the influence of folks coming from all over the world principally italian and its just fantastic and you know what were seeing here is resilience to the overlords from the Central Banks like the i. M. F. And for the 1st time in history a country like argentina has a weapon to fight the carpetbaggers at the i. M. F. The charlatans like Christine Legarde and that would be bitcoin but i noticed on a local bitcoin use in big coin in argentina is skyrocketing this is were ground 0 is in the big coin versus central bank its happening right here what is there is right here in argentina yes the population of oneness are of argentina has soared since 880 prior to that there were about 2000000 people here and now theres 40 something 1000000 but i just want to go over the date on the economy and just so you understand according to the i guess its the World Bank Data 518000000000. 00 is their g. D. P. In 2018 and thats down from about 637000000000 in 2017 you know this guy makary he was hailed kind of in the western press anyway as a great meal liberal reformer and hes going to bring deregulation and all sorts of boom times. The economy but he did end up taking a 57000000000. 00 i. M. F. Loan in 2018. 44000000000 of that has been dispensed and since august theyve spent 22000000000 just defending their currency well look the military front of 176 this is a u. S. Sponsored coup aided by Henry Kissinger to talk about that in the next episode indeed yeah and you know basically that this is the root of the problem is the destruction brought on by external forces the foreigners meddling in the argentinean politics then you had of course paul singer and the hedge funds on wall street funded by money printed by Central Banks christie look art is i. M. F. Central bank shes in bed with paul saying our job is to Work Together shes now at the e. C. B. But indeed she was at the i. M. F. When they were negotiating the other central bank and she is in bed with paul singer and the same mentality its a coup lets talk about foreign intervention because of course the currency has fallen by over 50 percent here inflation is raging have seen numbers between 38 and 55 Percent Inflation rate heres a tweet as we were flying down here so trumpery stories tariffs on steel and aluminum shipped from argentina and brazil citing concern about both countries devaluing their currency now usually this sort of intervention of tariffs in order to fight devaluation of currency is that when they devaluation is done intentionally i really believe this is not done intentionally this was in fact theyve thrown 22000000000 dollars of an i. M. F. Loan and to stabilizing the currency so this is how ever acting like a tough guy with out any real information again argentinas been a punching bag for american empire as is all of south america and its all accomplished using fear money and the machinations of Central Banks and. Again the people in argentina are fighting back usage of bitcoin locally is skyrocketing and thats their way out of this morass so slight that Christine Legarde fight donald trump fight the e. C. B. The hard money bitcoin and thats whats happening now this is ground 0 this is where the revolution is really taking hold where youre going to speak to somebody in the 2nd half whos american who lives there and this is one of his observations is that people because theyre so used to currency crisis in a way that makes you a much more resilient person in america obviously we havent had currency crises since 1971 and since we had that currency crisis since we essentially defaulted to our debts to france and and britain and other nations you know it was our currency crisis became their crisis here they they suffer it so they they have a long history of already protecting themselves with hard assets with property with gold with bitcoin with things like that with replacements that are more stable than their currency so thats why at the moment anyway theres a sense of calm here who knows what will happen you know we everybody saw those images of what happened in 2002000 sanctions are an act of war and the you this is yet tariffs on brazil and so hes saying that they are unfairly theyre steel its cheaper than American Steel right and tariffs tariffs sanctions this type of activity is an act of war and the us hasnt had a good war track record since world war 2 they fricken lost in vietnam due to the guerrilla warfare of the vietnamese in argentina and all over south America Armed with the guerrilla war currency of Bitcoin America could lose again were going to go into some of the data again about the specifics of argentina and what theyre doing to resist this sort of a crisis getting worse because remember we have a change of government and argentina says floor under peso as reserves dwindle this was machree in his last month or 2 in office and he said Argentinas Central Bank is setting a price floor under the volatile. Peso and hopes to avoid a sharp plunge in the currency after an opposition won president ial election shift of the country firmly back to the left so theyve basically thrown 22000000000. 00 as ive said authorities have also been rushing to stem a sharp decline in foreign currency reserves after spending about 22000000000. 00 to defend the peso since business friendly machree was defeated heavily in an august 11th primary election they still do have 61. 74 tons of gold in their reserves and that has been there since basically 2004 right theyve been buying gold they have not any bought any gold in particular over the last since 2004 but since 2004 they had 0. 28 tons of gold now they have 61. 74 tons of gold right so thats thats the smart move thats what countries are doing to fight american money shihad is theyre buying gold and whether doing it in russia china turkey or argentina this is the way to achieve economic sovereignty if you want to get out of the us empire of debt you must buy gold you must buy bitcoin as a sovereign yes as an individual in the nation state level it tends to be gold but perhaps some are buying bitcoin the Argentinian Central Bank are starting to buy bitcoin the argentine peso would immediately be one of the soundest currencies in the world theyre defending their currency 22000000000. 00 i think it just gets thrown into the 4 x. Mark it just disappeared just a waste of money they should use that money to mine but. If they want to hard currency they want to get out of the us umpire they should stop throwing good money after bad and theyll never appease the i. M. F. The i. M. F. Is that crocodile theres once in churchill called the act of appeasement that never gets it never gets say ca did they just rips off your arm that he rips off your but it never appease the i. M. F. Never appease the financial terrorists never go back to this theyve thrown 22000000000. 00 at. The problem they could have perhaps seen a lesson with well did in russia that she let the currency float and the currency did sink by 60 percent like very rapidly but that the Exchange Rate mechanism is a stabilizer causes you know not only substitution but it also increases your exports luckily they do have their selfsufficient and energy and Agricultural Products so that unlike venezuela for example which has to import all its food so. Its rivera reliant on getting hard currency in terms of the u. S. Running the i. M. F. Steve did weigh in on this because they have a new government here and u. S. Treasury secretary steven minucci and said on wednesday the United States expected the new president fernandez to uphold the countrys commitment to the terms of the 57000000000. 00 i. M. F. Loan program agreed last year with conservative incumbent c. E. O. Machree the president elect will have to balance the i. M. F. Commitments while dealing with rising levels of poverty which have risen amid the economic malaise protesters march on thursday in the center of buenos aires to protest austerity measures under machree and the i. M. F. With the slogan the debt is with the people not the i. M. F. You know if the us allowed that wild dog paul singer to commit all kind act of financial vandalism in argentina they have no no commitment no no obligation to fulfill their i. M. F. Commitment whatsoever because this is a financial war and in financial war you know it all is a game in financial war and they have no commitment what no no obligation whatsoever because thousands of years of history is what they should look at rather than the last 40 years of a fee out empire of debt its only been since the last financial crisis of 2008 whereby this notion that creditors should always be made whole and that theres an. You know its always for history been 2 sided if it causes moral hazard if you constantly bailout either the creditor or a debtor but if youre going to lend money to a nation member it was simply 2 years ago that the 100 year bond by argentina was oversubscribed they raised 2700000000. 00 its now worth like 0. 54 on the dollar even less but people were lining up to lend to them they had already gone the defaulted to the i. M. F. And only paid back 30 percent of that from 20022005 they were likely to default on this and the creditor should learn this should be a lesson for they i. M. F. And in terms of the new president Alberto Fernandez argentinas president elect rejects remaining i. M. F. Money argentinas leftist president elect Alberto Fernandez said he would read now on syria meaning 11000000000 tranche of the countrys International Monetary fund loan as he takes office next month which is this month he said quote i have an enormous problem and im going to ask for 11000000000. 00 more the incoming president said in an interview on argentinas radio convos fernanda said he will try to revive the economy in order to pay and solve the debt problem sensibly we want them not to lend us more money but to let us develop lets discuss the time i need to develop but dont give me more money right fernandes is on the right track its not about dont lend me more money we need to develop about dont let me more money were going to start buying more gold and were going to start encourage individual economic sovereignty through bitcoin and were going to have a really strong currency much stronger than the u. S. Dollar or the i. M. F. Special drawing right which is the do money from the i. M. F. So they all are free of money is fail so they decided create a new form of money called a special drawing rights and theyre going to ask argentina and chile and iran and who knows what who else to roll up all their bad debts into an i. M. F. Facility a 100 trillion dollar Lending Facility because all the people the i. M. F. Make huge billions of dollars in fees selling garbage but again well wrap. But up here and what i want to say is that mark carney earlier in 2019 did say at jackson hole wyoming at the meeting of central bankers he said that the u. S. Dollar is no longer fit for purpose and he did specifically indicate countries like argentina where where by currency crises are basically caused by this the grid the system of using the u. S. As a unit of account because the whole way the flows that capital flight in and out of the dollar and it was the dollar rising by so much in the past 2 years they started the currency crisis here so yeah you know why would you have a world war serve currency based on paper that theres no limit to print the paper exactly right so you can have and then the people print the paper get a fee for printing the paper and anyone who has to reliance on using a paper like argentina is going to get you know completely i dont know a literate obliterated is a good word ok much more coming away empanada for everybody dont go away. Very well may continue watching us until. The partisan impeachment process against donald trump continues apace the framers of the constitution warned the impeachment of the chief executive was an extreme remedy are the democrats and the Corporate Media trivializing the impeachment process are they attempting to short circuit democracy itself. Welcome back to the kaiser report im max keiser time out of turn to nick jim bruno you can find his writings about gold and other cool stuff in k. C. Research dot com nick welcome a max great to be with you nice to see you again now you travel extensively and you have lived all over the world you spend part of your time here but as eris give us your impression of the Current Situation here to outsiders like me and stacey you know it seems calm enough on the outside what are we missing whats going on it sure well argentina has gone through a number of financial crises in the past 100 years and it looks like its on the cusp of another one the last really big one was in 2001 and what is happening here is the currency is is really on a foundation of sand right now its living and dying by the whims of i. M. F. Bailout money so argentina is on the cusp of a possible currency crisis which is relatively normal for this country its happened repeatedly over the past 100 years and thats what were looking at right now and theres reasons for that you know 100 years ago argentina and the u. S. Were really kind of on the same level i mean you youve seen it Walking Around here theres beautiful buildings and now its kind of the golden era of argentina 100 years ago the you know theres used to be a saying called rich as an argentine back then. And you know thats thats changed a lot since argentina instituted a central bank and the politician that was in 1935 so a little bit after the u. S. When the u. S. Institute of the fed obviously in 1913 so argentina had that golden era prior to that establishment of the central bank then of course like in most places you know the central bank is the magic money machine for the politicians and thats really how argentina started its long descent. Downhills when the politicians discovered they had this magic money machine and thats led to in a nutshell you know in the past 100 years for currency collapses and now were look to be on the cusp of the 5th and they have political update hable of 176 of course the same as a seminal moment and chaos in terms of finance the fair statement yes ok. Weve now we 1st met in beirut back in 2011 you spend part of your hear hear what is there is the latest currency crisis has begun so you just described it gave us a bit of a history there youre an International Man yesterday i was k. C. Yes i know he has a place in argentina as well so how do you position argentina in the International Man view of things youve spent some time here but youre very i guess agile and moving around the world except or out of how does argentina fit into the global picture yes sure so this picture i just described in currency crises and financial collapses are obviously scary but if theres one place that is is not not not necessarily accustomed to it but resuming it to a to a degree its argentina while theyve been through it they know this is not their 1st rodeo so to say they know how to deal with it they know how to cope with it so if the currency goes to 0 there is already this infrastructure in place in this country to kind of deal with the situation its happened before it will happen again soon other more resilient than other south american countries i believe they are. Because their whole economy is geared towards kind of the underground not their whole economy but a large part of their economy is used to dealing with the underground market for example the currency nobody nobody uses this as a long term savings value or businesses they dont plan in advance so what they do is they use the underground market for dollars which is the facto next best thing for a lot of what i would call social cohesion yes thats the future by immigration they have immigration from all over the world. And all these immigrants are forced to come together into this melting pot card argentina and they all bring their little tricks of the trade with them and they develop this underground economy and theyre extraordinarily resilient because theyre diverse diversity equals resiliency and some other countries that are less open to immigration as the less resistant because theyre less diverse what do you think yes well theres a theres an old joke that an argentine is an italian who speaks spanish but thinks that hes british and lives in a french house so that speaks to that point youre making right there right speaking of france they have this idea of system d. In france which is that we just always get jr or something and they always figure out a way to get through theres cohesion there and. Now only 2 or 3 years ago nick argentina with able to sell a 100 year bond and then within 2 years they were bringing in the i. M. F. For 57000000000. 00 why did back crees government borrow so much from the i. M. F. Lets talk about the i. M. F. For all in all this i was sure the vampire of course so the thing is that this is an indication of how the world is drunk money and all the insanity that falls argentina issuing 100 not only was it issued max it was oversubscribed i dont remember the exact numbers but it was people were begging to give argentina money for 100 years and they just you know that bankruptcy if yes earlier yes so theyre going to take this back that senator and say were going to do 100 year bond its an innocent oversubscribed its insane its insane so why why did the issue the 100 year bond and then gold