Make wit it you know whatever you want of the situation it is a dire situation it is a global it let me just jump in here 1st so i can get as we have in stark relief and we have it slapping us in the face like that gift of the woman getting hit in the face with a trout during a storm that everything paul krugman has said about dead is false hes always saying its just we know ourselves and we are going to ignore it well what happened paul krugman is that suddenly the debt became a problem did in the few weeks ago and the globe goes into discounting and realizing all that future revenue and future that you decided it was not important and all those generations that you decided were not important suddenly everyones jobless and without food to eat in many places because of the economics espoused by charlatans like paul krugman ill say that and why this money particle why does that happen why. Does that keep on happening and why does every single time since 2002000 now 2202020 why is it that every time they do this that the wealth and income gap explodes especially between generations you see that between income classes but you also see it between generations and you see millenniums get left behind for them further where generation x. Was at the same age and of course where the boomers were even more so at that same age so why does that keep on happening well because they have to keep this debt ponzi scheme alive and thats why we keep on having to mortgage the future because those current members of the ponzi scheme cant keep it up so they need to go further and further out into the future the state of the consumer nearly a 3rd of us renters didnt pay april rent so this is. Really the basis of this pyramid of debt if those bottom layer of renters cant pay the mortgage the rent to the mortgage holder the wrong ca class you know that is what unwinds the entire Global Pyramid scheme right that the pyramid scheme out is a few layers and the people not paying their rent for their mortgage in the 3rd are not going to do so apparently the month of april that is like calling the rug out from underneath this enormous ponzi scheme in a huge way and it also i think echoes the occupy wall Street Movement because during the occupy wall Street Movement there was you know a belief by this generation the millennial and the genesee that wall street was abusing them in some way and they wanted to make the message clear that they werent going to abide by the money printers and the ponzi scheme operators but it was an abstract concept now and 20 twentieths Real Campaign my rent so now that wall occupy wall Street Movement should really become more. I should say pronounced as it becomes part of the global insurrection against banker occupation that weve been talking about for 10 years well. Basically occupied that there was a think there was a subset of occupy wall street that because the dead has occupied them its occupied our economy and our infrastructure and our supply chains and this is what is coming unglued as we try to maintain this system you know we we have all these senators and congresspeople plugging the holes of this debt system as they emerge i mean were on face for another 250000000000 plus oh no another 500000000000 so where were continuing to plug in these holes of the debt tsunami as it unwinds 30 percent of mortgages could default and fannie mae and freddie mac. Could require another bailout like the Great Recession of lockdown stretches into summer warning analysts as many 30 percent of americans with home loans or some 15000000 households could default if the nations economy remains closed throughout the summer right well let me speculate on something because this Fannie Mae Freddie mac. Bail out another bailout before they even pay off the 1st bailout or during the cold recapitalization reorganization or collapse of the fed that ponzi scheme that is fannie mae and Freddie Macas they have to go through that again i am making this prediction and ive been saying this for a few years but i think this could actually happen now that actually Fannie Mae Freddie macas sold to peoples bank of china p b o c so that china effectively becomes the landlord for a 3rd of american households number one number 2 we could see another make a deal like exxon sold to saudi arabia i think were going to see some mega deals like that as part of the new world order finally i mean the bit this bit of kind of a stretch but i think that alaska could be sold to russia well i dont know about that but certainly theyre predicting that up to 15000000 households could default on their debts on their mortgages nearly half of all u. S. Mortgages are under written by fannie mae and freddie mac. Remember leading up into the 2008 financial crisis they were is this theory this argument that were not going to bail them out because theyre just theyre not. Nationalize right the government doesnt stand behind these bonds and at that time china was one of the biggest holders of those bonds and they said well you better buy these bonds and bail out the system and lo and behold they did at that time there was a big theory and a lot of people out there in the audience who might be generation the dont remember the last crash because they were only like 1213 years old but at that time there was a theory that china would take over the whole thing and. Then the became a National Security issue but in terms of this situation we have 50 percent of the Mortgage Market is is basically underwritten by the United States government about 60 percent of all health care is underwritten by the u. S. Government through medicaid and medicare. 90 percent of Student Loans are underwritten by the u. S. Government so the fact is we are we have over the past 20 years especially since this hardcore financialization that happened since the commodity futures modernization act of 2000 and the glass steagall repeal and 1909 basically a continuation of the last episode where we talked about the bankers get all the reward everybody else gets the risks this is part of that is that weve had because society ordinary people take all the risk that weve had this offloading of everything on to the u. S. Government and nobody seems to have realized that you as we are close to what the soviet union was like or china as we say you know that theyre communist now lets call what is marxist communism you know Bernie Sanders is a socialist he would be too liberal compared to the communist so the communism thats being put forward now i mean you talk about 60 percent owned by the government owned Student Loans they dont 90 percent of Student Loans they pay sick over 60 percent of all health care are spent in the United States 3 trillion 4 trillion a year most of it comes from medicare or medicaid so theyre the ones paying for that the government is already paying for all these other schmucks like us and on obamacare thats like just money being thrown out the window this like money particle put in place so that trend is going to 100 percent. Right and if they keep going into debt printing all this money in the Balance Sheet the fed goes from. You know with a 5 trillion dollars on their Balance Sheet which is 25 percent of americas g. D. P. If it goes to 100 percent or higher thats 20 trillion dollars of debt so the central bank would effectively own the Health Care System the Education System the mortgage all that the entire Mortgage Market and on at least half of the s. And p. 500. 00 so thats a deeply centralized poll of bureaus type soviet Union Communist trifecta of of stalemate in terms of markets in your future you know somebody has got to pay for this right the money printers compatible right thats happening but somebody is going to pay for it as we. Coverage you know its the future generations or its those you know the opposite side of that is the consumer the citizen the resident can eat the user of these systems the entrepreneurs their money printing press. It just burns in thin air its the vapid rays look at what theyre predicting in terms of just the deficit the annual deficit of the u. S. Government i mean i remember when it passed the chilean i think that was during the financial last financial crisis well look at these numbers are pretty shocking Bloomberg Economics expects largest u. S. Deficit since world war 2 tax cuts and spending measures already announced or result and budget deficit greater than 2. 4 trillion this year upcoming measures are likely to push that toward 3. 00 trillion dollars or 16 percent of g. D. P. Easily the largest as a share of the economy since 1045. 00 right so let me reiterate here so the idea of debt is just money we owe ourselves and that we should worry about it as you read in the york times Nobel Prize Winning economist paul krugman he thought he thinks this is a good idea you think this is the right way to go hes obviously procommunist which is weird because he lives in america its like marxist capitalism and its a new form of capitalism as a crony up to craddick communist sort of makes a real branding of communism this is american communism remember that show of american style is going to be communism american style and its going to be like people trapped on a Carnival Cruise line with coronavirus out there in the middle of the Ocean Trading food stamps with each other to try to make enough to click an ad on facebook to win a protein pill that is very accurate way to describe it because of course none of those cruise lines at all pay taxes in the you. Asked are all registered in the bahamas and yet who has to bail them out not the bahamas of course the bombers cant bell them out because they cant print their own money and like the United States money printer go broke and can so theyre being bailed out essentially by the us taxpayer what happens when all their their cruise line you know people on the cruise line the passengers when they come down with thrown away as they pull into Fort Lauderdale or miami and where our Health Care System has to take care of them you know i do want to point out that on this this deficit widens the most in 2nd world war that Little Orange line there is the not members of the public who own that us debt whos buying it well its called monetization is called nationalization just like we own 90 percent of our student that 60 percent of our health care that and 015 percent of the Mortgage Market we own 100 percent of the National Debt call of Travis Bickle bonds or so its like Lloyd Blankfein standing in the from the mirror saying we buy the bonds you buy for me to buy the buying from me how about me you buy the boat from me Travis Bickle in debt pusher the new Martin Scorsese film on netflix or you know what i think we got to make a Charles Bronson remake of death wish and called debt wish i believe ive seen you working on that and speaking to a crazy director for our able able forest that he would direct me in that wish and im the natural successor of Charles Bronson its a vigilante banker dude in new york city it goes crazy and seeks justice is like occupy wall street meets godzilla but max in terms of these you know this mortgaging the future or at least that was a set of a future back in 2008 and there was a much more of a future back in 2002001 during the dot com crash now its like that the notion of having some sort of future becomes more and more precarious and like doubtful about whether or not this you know this empire debt can can sustain itself with more money print. And of course you see that in the reflection of all these simulate socalled bailout packages and stimulus bills is theres no oversight and its just being handed to who knows who on wall street or c. E. O. s or a lobbyist we dont know where its going so you know weve got our flamingos back here and weve got tomorrows guaranteed to no man. But theres a shakespeare line from macbeth from the mistake and of course im completely mistaken. I have no idea. How you know what were going to take a break while i consult my complete works of shakespeare and when we come back much more coming your way. Join me every thursday on the alex im unsure when ill be speaking to the world of sport. Im sure. Ill see you. I dont trust medical already at all. And the reason for that is i had this horrible autoimmune disorder growing up and it turns out it was completely alleviated with very drastic dietary measures and i went to a number of doctors to discuss what happened to me and i was basically laughed at like diet has nothing to do with our immune disorders so my suggestion to people who have Health Issues they cant figure out if theyre going to see a medical professional and theyve been going for 10 years and theyre still in the same place and they should probably take it upon themselves to Start Testing things out testing out diet testing out exercise and try and figure out things on their own. How. I know they need this is a no fly zone considering they dont let them out of the us i mean double. The missing mom of the screen dont you think its time a Strong Enough sharing done that some in motion some. Very uncertain. Businesses are gloomy. By groups last days. Welcomed the baby had a fever of 380. 30 were hoping thats. All. Welcome back to the kaiser report imax keyser time now to turn to lena. Sees the marketing director of bit c dot com lena welcome to the kaiser report. Thanks for having me great great to see you great to have you done now alina how does bitsy differ from other bitcoin exchanges. Yet there are a lot of big cloud exchanges out there right now so i think that makes it more challenging for every exchange to differentiate themselves as for c actually we say that for a Financial Tech Company and weve built Financial Products for institutional and personal use that either use big quantitative or built on creating more accessibility for because because our team is very bullish on because we believe the new financial standard is going to build on it going to be built on it so we will see a big blue ocean when it comes to various financial applications so thats what we set out to build so our flagship product is the exchange which is the spot the Futures Exchange with the add on and off for us and in addition to that we have other services its like o. T. C. Asset management lending and thats a debit card which is coming out now that sounds like a pretty full range of products there are let me ask this to the pandemic that is sweeping the globe what youve been seeing in terms of volume on the exchange during the pandemic and you know theres a lot of money printing theres money printing insanity all over the world how is that being reflected if at all on bitsy actually the 1st thing we saw when the market crashed big time was that people stopped trading high risk so we saw people sort of escaping the futures trading and moving to a stable cuts. And a few people did buy the sit ins because i started recovering rapidly now we see a lot of interest coming back off people buying and buying rice so the bitcoin having is only a few weeks away so the mining rewards drop from 12 to have to 6 the quarter coins every 10 minutes this is. An event that occurs every 4 years and all the big point traders around the world and those who have been following big point in crypto ive been waiting anxiously for this its a seminal moment every 4 years when this happens and what are you expecting if anything from this and can you just talk a little bit about it and we go to my patients that i think in terms of short time Price Movement i have no idea it could be either way we do have some data that we could go by based on the last 2 have anything. That could give an idea but im not going to go and make a prediction based on that because we have to have ings and are having and then were in sort of a special situation right now but what i do know is that because it is unlike any anything we know today and were used today when it comes to money its a disinflationary acid in the world of hyperinflated im limited yet so our Central Bank Put drupal our money supply and in the meantime decline is becoming scarce so it would be very hard to believe for me that an event like the having that house the production of the client would not significantly push the price in the long term right let me ask of this alina the pickling community. Is very active and traveling all over the world all the time and meeting at conferences then im seeing you at conferences over the over the years and now its going to corona virus pandemic these big coin conferences ive been put on hold and then the community is not experiencing what this this camaraderie if you will of all these events happening all the time youre very close to the community youre in marketing over there betsy is how do you see this Bitcoin Community at the moment is it evolving with the times how do you see that and they thinking. I think generally because this community has been it was born on line its a living on line in terms of the communication not much has changed but the fact that everyone is getting tired of being such an old thing getting a bit frustrated but im aside from that i think one thing people are seeing is they have a lot of time to watch what is happening in the markets and all that is happening economically speaking we can see we can follow things as they happen day by day and we see more and more reasons every day why why because i make so much sense to us just looking at how we can probably expect cash to become less and less use and this is kind of being further down by the penny it shows even more of what the cloud is important right its a remarkable how every bargain in the world seems to be more volatile than bitcoin certainly that oil mark in the stock market are way more volatile than because recently now lena privacy has become a very big issue what is busy doing in terms of privacy specifically with half truths and if you can that may be explain a little bit about taproot oh and regards to tab rude i think youre saying that because we published some content on our. Since it had i mean i think we like to dictate on the basic enemy about the privacy developments and because that we do have our eyes on that generally right now what we do have to see is we listen to what users want and we do see another dumont when it comes to privacy for what we are doing and for example we see listed a privacy ringback client with other exchanges with the list for the clients and we also do not work with a chain and i was companies so we do not track. Law course by quiet for example come from client or actresses and additionally we take. Financial transactions to Syndicate Network rife the chain Analysis Companies that are active now are forensically going in and tracing and tracking coins and there is a controversy in the community and a lot of people believe its against the ethos of big calling in a big way and one thing i know is that the cypherpunks that would be of course against this their prevailing vision always seems to win out in the end now you are the chief it says here to shill i dont know if thats the right phrase or not for the liquid network so tell us about liquid network are you the chief shill and is that the preserve of german sounds bad or is that not that this is so bad its good lena you know maybe and she should busy 50 is a launch member of the liquid network so liquid is a federated site chain based settlement thats where its fetching take this pretty cool and that. Essentially allows you to adjust or add functionality to because without ever touching the big client protocol or is the because network. So in the case of a quiz that means liquid has made it ethically for becoming that ice pack one to want to the because i am making so what you can do basically a food decline from the main chain to the liquid network what you mean which means you either love it because on the main chain you want to lock it on the cake with site chain and then you can use it and use that with the added functionality that liquid by that is useful for your specific purpose so liquid is designed for traders make changes which is why it makes less sense for b. C. To use it because it has faster transactions confidential transactions so that makes a lot of sense lets say youre a trader and you want to catch a trait. And you want to have the coin in your wallet and you want to move it to the c. Exchange normally you would have to calculate a certain way time probably minimum 30 minutes because the call is 10 minutes both times and the fact that most exchanges require a minimum 3 confirmation before they were critically quentin your account and that doesnt even take into account that coins that book sometimes come not every 10 minutes but slower or that its not guaranteed that your transaction is going to be included in the next book so for some traders there might be too photo and liquid cash makes thats because it has to in a transaction finality for what you can do if you have a liquid in a while its like rushing greedy get very easily say and think a big class from your wallet to the exchange within 2 minutes which is more secure and faster much convenient what youre describing there is scaling the the big going protocol and for years weve been told that you can scale bitcoin and thats the justification for all these socalled also coins that can do stuff that because it cant do if i were to say that it seems now that because its just about going to be able to do everything any all toin could ever promise to do and that the old coin market is almost entirely redundant and unnecessary would you agree or disagree with that since i think the client can do everything the biggest when you build them because i often like with side chains theres less immediate financial incentives so thats why there are a lot of outcry for out there but you can do everything on decline and i think is shit. All right so finally let me ask this you apparently i would guess are either generations z. Or a young millennial and as the boomer fear ponzi scheme collapses around us and that means of printer go burner and its obvious that the boomers have just created money but for no real reason other than the steel wealth are you confident that this new monetary paradigm of bitcoin is going to be a foundation to build your future on and you have hope i have a lot of hope and because i have little hope and yet and i wish more people my age to see that now and i think more people will be able to see it in the near future especially with what is happening right now and what is also interesting to think about it said already. Kids are or there are kids there are 10 years old today that dont know where on where because i did not exist so i think its here to stay longer than yet much longer. Lena thanks so much for being on the kaiser report thank you for having me. All right well thats going to do it for this edition of the kaiser report with me max kaiser and Stacy Herbert like to thank our guest lena. Thats spelled s. E i see a cheat sheet bitsy dot com if you like get in touch with us on twitter its kaiser report and. This is a story of women women with troubled histories and complex court cases you know some of us believe. Were not. The person that. The cheesiness of the day are considered the most dangerous of criminals shes in a still. All the off 23 hours of the day tell me that its not enough punishment it will do for women on death row. The outbreak and spread of the corona virus has become a black swan event for the Global Economy is no longer whether the u. S. And other economies will slip into recession the question now is how long the recession will last its going to get worse before it gets better. 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 watch this space. In the world corrupted you need to descend. To join us in the depths. Or a maybe in the shallows. Join me every thursday on the alex salmon shore and ill be speaking to us from the world of politics or business im show business ill see you there. Parties Headline News this april 11th as the number of hospitalisations double the mayor of moscow announces a pos system to monitor movement saying too many people are not complying with self isolation. The us becomes the 1st country to register 2000 coronavirus deaths in a single day refrigerated trailers and mass graves are now seen in the main infections hotspot new york as the city struggles with rising fatalities i mean. The change of experience with this pandemic speed speeds that feeling of helplessness the fact that you dont know you can do. Just to get