Pension fund even members and then he also got rid of glass steagall by helping to pass the Graham Leach Bliley act which removed the separation between investment and commercial banks so this is that guy that biden is now bringing in to help with the economic recovery like any guru would want to help with any recovery they feast of corpses this was an attempt to keep a wall between the most reckless of speculators on wall street and the banks that hold peoples money was these laws that were in place for a long long time and then he was able to get rid of those laws and get rid of those barriers which opened the floodgates of the predatory and reckless speculators into the Banking System they made many many. Off the charts risky bets that last which then resulted in huge belly. And the destruction of the economy the glass steagall had been in place after the crash of 29 put another barrier between the worst elements and finance the most reckless speculators and your money your savings he decided no we want to be able to use peoples savings as our collateral to engage in a wild speculation like Long Term Capital Management would never have existed and that and the destruction of Long Term Capital Management the destruction of enron enrons evisceration and disappearance world com disappearing in a heartbeat thats all thanks to Larry Summers getting rid of all barriers between the worst predatory financier earth and your money and of course the response by other people like nugent treasury secretary who is kind of a disciple of larry suppers is to simply again pay no attention to the rule of law and to just take out an enormous pitchfork and shovel money into their friends pockets as fast as possible you mention and ron and of course Larry Summers was friends with those sort of guys can lay all these big brains member they believe theyre so smart and so much better than everybody else ken lay was the. You know the previous guy to Jeffrey Epstein who was also a friend of Larry Summers who under federal custody mysteriously died and all their case disappeared and their wealth remain to intact so when he was under bill clinton as then deputy secretary of the treasury summers testified before the us congress on july 30th 1908 about the commodities futures modernization act and remember this was basically legalizing total gambling and derivatives and the explosion of the derivatives that we had the parties to these kinds of contracts are largely sophisticated Financial Institutions he argued that would appear to be eminently capable of protecting themselves from fraud and counterparty insolvency is lets talk about what the commodity futures modernization act of eval that enabled sophisticated wall street financier to package call of their risk and to dump it into pension accounts so pension accounts are either under funded or they get rated in the various hostile raids but the toxic dump where these ghouls come out of this toxic dump think of the ph the teachers pension account or the firemans pension account or the unions Public Workers pension accounts as a swamp of risk that were these ghouls like Larry Summers come out like godzilla or some the thing or the blob and every couple years theyre theyre pulled out of the swamp of risk and theyre given a new job here joe biden was given a new job and so this blob Larry Summers just excluding risk and kind of like the line is that back in place to create more financial terrorism and its quite sad remember also what we saw with the primaries for 2020 was that joe biden has no support whatsoever from the money else anybody 40. 00 and under so. Here is that risk because remember Larry Summers how he operated as when he was at the world bank in 1901 he did that famous memo on december 12th 1901 where he said that we need to ship more of this toxic waste that is costing you know the developed countries like europe and america its costing us so much money to have to get rid of this waste why not just sent it to the least developed nations like latin america and africa so hes already got this in his mindset of how to get rid of the risk onto somebody who cant fight it right who doesnt have the power or the agency to fight it well 3 catastrophes in 20 years are hammering millennial finances so these 3 catastrophes followed on bill clinton Larry Summers robert rubin the financial is the ghoulish financialization that they impose so you have the dot com crash you have the 2008 crash and now you have this 2020 crash and massive bailouts the ones now are happening when millennial are 40 the one before that was when they were 30 and the one before that the dot com crash was just when they were turning 1020 and graduating from university well let me explain how very simple way the pension fund of the passive money and losing money in kind of inheriting or being subjected to massive risk toxic risk thanks to Larry Summers and thanks to the laws that he had changed or the new laws that he brought him so i mean i worked on wall street for many years and i have observed this many times very simply. A trader at a wall street bank makes a highly speculative trade but they do not give an account number for that trade its done in street name. They waited a day or 2 or 3. And if the trade is profitable all then they supply the account number which happens to be one of their friends if it fact its a massive loss then they supply the account number and its that it its a pension fund. And the records look like the account number was given upon execution but thats not what happened and thats called parking a trade its illegal but with thanks to Larry Summers the way to track whether thats going on or not the mechanics of Regulatory Oversight or above are made opaque. To the point where the there they are rendered impotent so that means that this is how j. P. Morgan remember last year i believe they reported 90 or 100. 00 Straight Days of straight profitable trades without a down day that was a clear example of whats called a look back trade to use the professional parlance the binocular of a wall street financial terrorist they simply take the winning trades and give the losing trades to typically a pension fund who is run by a very low level person that has no agency as you point out so many of these Pension Funds they cant understand why their performance is so horrible. But they dont have the ability to actually own challenge there are these weapons of mass financial destruction as Warren Buffett called so just so you understand why our system is so toxic why these ghouls and financialization rule the world why we have this messed up system with trillions and trillions and trillions and trillions and trillions dollars a bailout chileans of dollars for bailouts for those that are friends and so so smart like Larry Summers right the smart guys because commodity futures modernization act because of glass steagall risk emmy award was able to be separated obviously with options 2 in the black initials options formula so they were able to separate risk and reward and this thinking that Larry Summers himself which he says was sarcastic but you know its the truth is that the risk should be dumped on to those who are not as smart as us not as good as us their reward should just be kept for those like us because we are so smart without us the rest of the economy cant survive they need us thats why you have situations like this bailout for Small Businesses mom and pop it went j. P. Morgan gave it all to their super wealthiest clients and none went to their Small Business and clients write your message jeffrey abstainer earlier i mean if you were to create a more ality index moralities. Well you know certainly he would be at the most reprehensible moral character is ghoulish ghoulish and reprehensible so on that that scale you would have to put very very close youd have to put a Larry Summers right next to Jeffrey Epstein on the more ality scale and jamie diamond and a Lloyd Blankfein as well thats really they occupy that that position on the reprehensible ghoulish morality scale that for some reason our Political Class keeps digging out of the ground digging out of the swamp and giving some storage and political position to continue their financial. The theyre there as jihad against america well its just pure ghoulishness their ghouls prey on the dead prey on the helpless prey on those who cant fight back prey on those who are not given agency these agencies have iras are put at the disposal of the sarasota Larry Summers who architected the system who behind the scenes everybody you know these are the architects the Larry Summers the Jeffrey Epsteins the 10 lays who are behind the scenes architect in the system and finally i want to say again here that the smartest guys in the room get bailed out all you idiots and imbeciles get all the toxic waste you will pay for their ballots well bailout treasury secretary Steven Nugent said hes considering creating a government Lending Program for Us Oil CompaniesUs Oil Companies who were so stupid that they kept losing money for 10 years and kept pouring money into what why stop with bailing out the oil industry that is dysfunctional why not also bail out the buggy whip industry and the ladies petticoat industry and the stake oil industry and every ringling brothers and barnum and bailey circus you know why not just bail out everything in the present and go back 300 years you get a free 60 if you get a fee. All right were taking a break when we come back much more coming your way. I. Thank. God. Thank. Yous are sort of in the. Book who are people. Going to get it. Youre definitely walking into the words all in all we no longer know what were walking into. On march. What she needs to break she what about. Who she is possible sensible stuff. So what weve got to do is identify the threats that we have its crazy isnt foundation let it be an arms race is often spearing Dramatic Development is only a silly im going to resist i dont see how that strategy will be successful very critical time time to sit down and talk. Time after time called parisian to repeat the same mantra sustainability its very important its accelerated transitions to sustainable prize board sustainability space where man at a more equitable and sustainable world. They claim their production is completely hamas paulo does need to. Look. Into compass numbers and got it into something Companies Want us to feel good about buying their products while the damage is being done far away and this is Something Else this must be going to mean and i need much of. This is the move in unison to do nieminen einstein seem to me understood so when. Welcome back to the kaiser a for imax kaiser the news with great pleasure that i introduce my guests the big egg head top thinker Research Director and all around nice guy from gold money out the mccloud unfold exposure im an investor and gold money out there welcome back boss an introduction yes you should put that on your twitter handle all ready well lets get into it time is short and your intelligence is vast so let us begin. Bank of america is calling for 3000. 00 gold by october of 2021 they blamed the Central Banks and said quote the fed cant print gold i think it was the statement of the o. P. s that if they really understood what they were talking about us then they would understand that infinite printing bains an infinite price of gold or more correctly no price for gold measured in fish thats one thing that people i dont think quite understand they owe us say well gold is quite volatile but in fact the gold price doesnt really move at all its maintain the same more or less purchasing power for thousands of years is the fear of money surrounding gold thats volatile what your thoughts on that i think what you say is absolutely right the mistake people make is they think gold is a safe is an investment or something to speculate with they dont understand that its money if they understood it was money and asked you to also it would be completely different now donald trump got trouble recently because apparently he said during a press conference that people might want to take disinfectant as part of the covert 19 infection and thats start of iran disinfectants and people started to imbibe them not sure about the why exactly looking at gold is a kind of a actually a disinfected against. A toxic Monetary System its certainly not proving to work in that respect because theyre printing regardless i mean the Central Banks are agreeing amongst themselves were talking about she said she said in level that all of them are going to print added for nice it doesnt matter what happens print print print and of course theyve also got to counteract contracting back credit because the bank of terrified of whats going on being asked by the Central Banks to just pos money through to cloud so again bust and this is a situation that ive seen folks they are becoming risk averse so not only have they Central Banks to prints enough money to get through to save everybody save the world but theyve also got to print the extra 2 if you like counteract the contraction of bank credits i mean it really is absolutely crazy its going to battle the money printing going out the central bank the Federal Reserve bank of america now has over 6 trillion dollars in assets that have no resale value theyre effectively worthless that they bought by frank thing up a fresh 6 trillion dollars souther 1st part of question as can they go to japan like levels of 100 percent of g. D. P. And that would mean 20. 00 to 22. 00 trillion dollars of printing number one and number 2 year recent post is titled anatomy of a fear of currency collapse will fear of money survive the covert 19. 00 pandemic of money printing what does the collapse the look like so the 1st part is can they get the point to china and the 2nd part is walk us through your recent essay 22 trillion easy pieces in fact again out to print a lot more not just to make up for d the payment failures in all the supply chains the supply chains total not just g. D. P. But all in to mediate steps towards a final product and youre really looking as a figure which is more in tune with. Grace output which is 38 trillion and thats just in the United States and it doesnt take account of the supply chains coming from outside the United States so i mean this is really infinity just in that one thing and the other thing which is def desperately important to nestle through to ontario 2nd question is that you can sum up the whole of Monetary Policy as being the in paris if to keep Financial Assets from falling in value and particularly the lead Financial Assets which of course are government bonds so this is something that john lord did 300 years ago or he tried to do and he failed so he only had one asset to keep up and that was his mississippi venture he printed lever a french lever hes a lever in order to sustain the price and eventually it failed this will fail because its not just one security it is every Financial Security in the world the task is massive and the attempt to sustain value in these Financial Assets will destroy the currencies and i love the john locke comparison and anyone interested in this topic said it really explored john law and then more recently a similar not quite the same would be what happened iceland when the icelandic banks were printing essentially money to buy back their own shares ad infinitum and then they all in concert collapsed but you know we were talking about negative Interest Rates face of play and how that is an historical anomaly now and had ever thought about doing this before it seemed crazy and yet it did exist and is an ongoing policy initiative well you know theres something new even more ridiculous some might argue and that would be a negative price on oil so Oil Prices Went negative which is just as toxic i would think as negative Interest Rates the other 2 related no not really as i understand it in. The next best on the oil markets the real price of oil you have to look out if you like the long futures curve to 612 months and that gives you an idea as to exactly what prices the fluctuation is all at the from ted and its because of delivery problems we had the situation and climax where people had bought the oil if you like Oil Contracts not realizing that the seller could actually dump the oil on them and thats actually what happened they got no way to put it i mean it was it was like a. Sort of a fast i mean a complete farce and the consequences were already quite dramatic got th