Version. Right of course pink flamingos was a raunchy bad taste thats fine let it go of course pink flamingos was a raunchy bad taste film by john waters in 1972 and i think 1972 is an important year that we started bringing in bad our bad taste and trashy taste because thats when we started getting trashy food and poor taste sort of investors like Warren BuffettWarren Buffett this past weekend did announce results not only did he lose over 50000000000. 00 in the 1st quarter but he proceeded to trash the entire u. S. Economy he announced he dumped all of his shares to is the entirety of his holding holdings of 4 u. S. Airlines united american southwest and delta he does he own 10 percent of those he dumped but what did he tell the ordinary person the investors out there i hope ive convinced you to bet on America Warren buffets hes a guy who of course has no bet on america because he hes now. Piled up 137000000000. 00 this whole buffet thing with his dumping of the airlines you know lets contrast this with 20082008 when the banks were having financial difficulty because they committed massive fraud or when a bank like wells fargo which is a big buffett holding commits massive fraud that he condones by ripping people off in their millions of Retail Banking accounts he rushes to the rescue like Florence Nightingale how can i restructure ill take over as c. E. O. As he did with solomon brothers you know way back when ill write checks i will be a crony capitalist ill go to washington ill help you because theyre you going to buy my 0 percent coupon bonds youre going to give me inside information youre going to goose up my performance and then 2020 when the airlines are in trouble all but she has a big percentage ownership been made up of Blue Collar Workers minimum wage workers hard working americans. Drop dead you know Warren Buffett to america drop dead these are backstabbing reprehensible clown well it was an exercise in poor taste that was what we saw at the at the Berkshire HathawayShareholder Meeting it was just him on you know basically camera one camera on his own but the exercise importation has bens you know since he began his investing days 1st of all he plays the ukulele pretending to be a normal person like a hillbilly and heck just like you out there and what does he push on you hes pushed genetically modified style corn syrup laden catch ups and and cocacola thats one of his biggest most Famous Holdings wrigley all sugar sugar sugar corn syrup hes made you fat made you basically vulnerable to Something Like over 1000 which is hitting the obese and particular and why are you obese because of his poor taste like hes pushed this garbage on you and you mentioned 2008 when he bailed out Goldman Sachs and. Some of the other companies of course they where the counterparty say id and the ensurance and Reinsurance Companies that he himself own so he was kind of bailing out his own positions and getting the fed to do the same buffett says berkshire hasnt provided Financial Support to companies as they did during the 2008 financial crisis because we dont see anything that attractive so of course whats different about this time is the treasury is having to step down meaning the taxpayers money and its not just fed printing more credit and you know thus inflation but you know there are basically provisos in order to like theres some call backs allowed inside this bailout for the Airline Industry so here we have this Airline Industry that has received tens of billions of dollars in bailouts after and they require these bailouts by the way because Warren Buffett law share buybacks which only reduces the cash on your Balance Sheet makes you more vulnerable again just like you made you more vulnerable by selling you cocacola hes made companies more vulnerable by convincing them to do stock buybacks so here we have taxpayers come forward tens of billions of dollars for airlines and theyre not allowed to do stock buybacks so of course that makes him throw his pink flamingo out of his prime his crack up his ukulele and pretend like hes throwing a fit and that this is some great Investment Advice not to buy airlines when the fact is hes just operating in poor taste and poor faith john waters to make pink flamingos film and replace the role of divine with Warren Buffett you know particularly a sidewalk scene with the dog with it warns profile the personality quite well as far as a stock buybacks go this is interesting because he says oh ill be the best for your company and then he encourages his companies to do stock buybacks what used to be illegal but now without a doubt its highly dangerous to your Balance Sheet in case there is a crisis because you have no cash it is a bit of an extortion scam because in the cases. I. B. M. I. B. M. He was a big player big buyer buy b. M. Stock and then i. B. M. Bought that the idea of buying back their own stock and then Warren Buffett dumped them you know he stabbed him in the back because unless youre going to make money by doing what was illegal stock buybacks and a moral stock buybacks i dont want any interest in what youre doing so as performance which is supposed to be this fantastic multi decade performance if you strip out the stock buybacks you strip out the accounting fraud and stick his strip out the cozy relationships in washington to wall street hes not out performing a Money Market Fund right and in terms of this exercise in poor taste and why his investment thesis like this guy invests in companies and basically helps destroy and undermine america through his encouragement of fed intervention and on his Financial Investments and including and the insurance sector and reinsurance sector which by the way apparently some of his Insurance Companies have not been paying out to all these Small Businesses that have insurance on disruption to Business Insurance so hes not paying out on that so he keeps on claiming remember this is all about projection because anybody who keeps on claiming over and over and over im doing this for america im just investing for america and im. Long america well you know as long as he can find a moat like he encourages the motes whereby the Airline Industry in america can charge twice as much per mile passenger mile as European Airlines because theres no competition anywhere theres no competition theres no competition in the Banking Sector because you need to have a cozy relationship with the new york fed and if you dont have a cozy relationship with the new york fed youre toast so here i want to point out that max we did a little bit of an incorrect number just by 1000000000 but whats 1000000000 when you have 137000000000 write imagine having 138000000000 in cash and no big queen or gold buffett most overrated investor ever except for a dally oh that mix up though. Who many say invented bitcoin but he denies it so well say that but hes a you know cryptographer and sort of cypherpunk and he was spawns buffetts wealth can be measured less in present cash than in the future cash from the fed he is right up there at the front of that cantillon line to get right right during the quarter the money supply increased by like 18 percent right if the fed was just flooding the economy money and a lot of those money goes through buffetts holdings like the banks that he owns yes they still manage to lose 50000000000 i mean this is such an overrated clown and his performance is horrible when it when you compare it to gold hes that is not performing gold gold is up performing buffett because it is up 9000000 percent since its inception its up you know on the last 101520 years its out performing buffett by thousands of Percentage Points big Berkshire Hathaway price and big coin is probably near 0 and he has all those cash which is not a good thing if youre supposed to be a celebrated investor right youre saying i dont really dont what im doing anymore i stabbed america in the back i didnt pay out the geico claims i didnt come to help the Airline Industry when they needed me most so i just was there for the for the free cash that i was channeling in the laundering through the airlines for me Warren Buffett you know and now you know you all can just jump off a bridge i dont care ive abandoned america ive stabbed in the back and thats his legacy on is tombstone little say Warren Buffett trader well i do want to say that norway there no wait inside Sovereign Wealth Fund has gone big theyve doubled down on america theyve invested very long in this past month april so Warren Buffett was dumping cherice they were buying so lets see who is a more patriotic than Warren Buffett i also want to say jason ruan wrote to us on twitter and he said. Max maybe cantillon air might be a nice new nilo jim for describing those closest to the free money is so warm buffet is not multibillionaire of many people say oh my god im going there you must be amazing now he can tell you now hes friends with the fed and thats why hes i can tell you theyre right bernie made off wood in Warren Buffett are 2 sides of the same coin you know except that bernie didnt have the right connections he didnt have the us on the speed dial or of Lloyd Blankfein or jamie diamond so now hes sitting in jail warren should be also in jail for doing the exact pretty much the exact same thing so you know we started with an exercise in poor taste and thats why we talked about Warren Buffett and his poor taste of pretending to be an ordinary person who plays the ukulele and thats why we have the pink flamingos up here because pink flamingos is an exercise of one buffet is an exercise. For us i want to say were going to now and with an exercise in good taste very poor smell you dont know how difficult its been to sit through this segment as we have this surprise here for our final headline and that is some more be a cheese from france up near the. Hey near the swiss border now back to oh yeah take a whiff of that. Max is half french essential so. Im thinking max with this last segment this otherwise exercise imports that we could end up becoming a cheesy as of right now were talking about. French citizenship here basically because were going to be patriotic to france right now french people are being told its their patriotic duty to eat more cheese after sales have slumped the dairy industry is calling on consumers to eat cheese and solidarity with our producers. Rebuttal shome cantarell cameron bear the situation is. Critical requires a rapid increase in consumption said the president of the dairy collective so deol did we choose the french have their priorities straight cheese is the 1st food for humans this is why we have such an affinity for it this is some milk that was got into the you know carrying around in the stomach of a yak or a goat turn to cheese and how this was the 1st food of humans ever and thats why we love it so much now you know this i could tell that the milk from this cheese was from a cow who was standing on the northwest slope of a mountain near cologne today and he had on a bell that was ringing out a a led zeppelin tune so i quickly in the last few 10 seconds here so quickly i want to point out that the industry has launched a campaign to encourage french people to eat more cheese its called from my she song which means lets act for cheese because sales of cheese have declined by 60 percent in france this is the more b. A. Cheese right here and thats down into the morning milk and the afternoon milk so its very delicious. March is for life and remember that nothing mangoes are injured during the recording of this situation for more coming your way. We go to work. Straight home. So you need for good. Friends who want to. Put on the butters read the book on useless all that business and just. Instead of being. Able. To do if you will still be stuck or your muscles from the book your need. To get up while shooting is just. Chill the. Business. That. We think she minds be soldier because off the boat shes wearing. Huge which to sold out so quick to move for a possible appeal more than would. Be sure stuck with some Russian Police force. Welcome back to the kaiser report imax keyser time now to go to crack hemp he is a Precious Metals analyst at t. F. Metals report craig welcome back always a pleasure max great to see you yeah baby radek 2 are a major change in direction for a lot of things i want buffett over there Berkshire Hathaway hates gold hates bit corning even more his fund is down 50000000000 so far this year both gold and bitcoin are up the u. S. Budget deficit is due to hit for charlie and this year perfect conditions for gold this year and beyond i would think crag what do you think yes sure seems that way max you recall last year we thought was going to be a year the breakout and it was we finally made 6 and 7 year highs and i thought we continue this year though i mean who could have seen this virus coming in the q. E. To infinity that was announced about 6 weeks ago but i mean heck weve already hit my target for this year i thought wed get to maybe 752800 we got to 78 already in april but i do think that conditions persist i mean this is just madness were really read what the theyve announced and if it is buying Corporate Bonds i mean to be high yield next to it the dow under 20000. 00 will start buying equity e. T. F. So and all of that obviously is conducive to oh you know at least having some part of your portfolio in the Precious Metals and you know the other thing max we dont talk about too much of the mining shares i mean theres a you cant really find another sector of the stock market that has expanding earnings and rising dividends but thats what weve got in the mining shares and so that might be some way to people can maybe make a lecture yeah yeah totally agree i mean the fed is desperate somebody from the fed came by yesterday knocked on the door looking for some old self aware that they wanted to give me a 1000000000. 00 for i turned him down i was sentimental value now craig i need your insight into something that the president. The Shanghai Gold Exchange wants a super sovereign currency for post crisis times so your thoughts on what this might be do you believe its time for a neutral global unit of account of some type krag what do you think minmax subsidiary think in the 1st time you and i met i think was about 2013 and were Walking Around in front of the j. P. Morgan building and in midtown manhattan talking about this you know talking about the eventual reset you know that the dollar like any other currency that has been reserve currency status eventually lose it you know because its an exorbitant privilege that its abused and i mean clearly its being abused now and has been now for over a decade i think the chinese have that potential platform and in place to challenge the dollar they may not supplant it you know maybe they come out with some kind of regional currency to facilitate trade in their part of the who knows but this notion thats now getting bandied about that is some kind of heavily for the coronavirus the u. S. Is going to you know walk away or cancel some of the the debt that is owed to china i mean thats just thats not going to fly and if we attempt anything like that that could be the start of you know maybe an economic world war 3 where the chinese offer some kind of currency like that to her you know maybe gold back into their existing currency to give it a competitive advantage give maybe you know time will come or countries will actually want a strong currency rather than this you know nonstop basement you know race to the bottom if that comes why not back your currency at least partially with some hard assets like gold i mean theres speculation i mean the chinese report that theyve got a couple 1000 tons i think people think thats off by order of magnitude or more and if thats the case. That really upset the global applecart no doubt about it but i agree with you that this text. Tat going on between china and the United States over the coronavirus and secretary of state pompei all claiming that somehow china sat on information that was available on your 2 cents december i think they should give pompei a youtube account so that he can actually see whats happening in china because they have life footage of people dropping dead from a coronavirus i dont know what he thought that was but anyway i am going to the doc that for my taxes i doubt that cia so you know weve talked on this show a few times about. 1000000000 banks being involved in scams where theyre short gold and here we have news scotiabank has been a Gold Bullion Bank since the 17th century i think its the oldest 1000000000 bank in the world its closing its gold business. And they have problem delivering gold last month apparently for exactly what weve been warning people about for 5 or 6 years that these banks have been selling our lending gold that the