E o. 1 of bloom borer this is really amazing. So whats happening is that the value that goal possesses as a store of value is being diminished by bitcoin because bitcoin is a superior store of value in many, many, many ways as weve mentioned over the years. And so therefore, gold would be training more for its value as jewelry ornamentation or maybe some electronic is which would imply there are just a gold price of maybe 2 to 3 100. 00 an ounce, not 18 or 1900. 00 an ounce. And gold is the new aluminum. Wow. Thats like Robert Prechter style prediction, price prediction there that hes been predicting for the last, like 30 years. Well, i mean, if you look at so versus over has no longer been useful as a monetary metal. And the price has been lackluster to say the least. Gold is becoming 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 chill in the 1st year. Theyre also talking about a trillion and 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 a famously bad call because it crashed down to very far down after that. Well, the metrics that the government used for inflation are very skewed. So in other words, the stock market is reflecting inflation and the u. S. Dollar is experiencing a hyper inflationary collapse against big coins. 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, the asset prices of stocks, they keep on going up. We dont know why that is. It seems like an anomaly, but we just made another few. Even one must 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 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 islam right very fast. And gold has also been sinking. So its already changed for 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 4 x. Market in the gold market, we could see big going go 200000 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 ball of are in there buying because instead of course that could be the ultimate indicator to go along 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 right. And all of the, all points of course, were also booming. So as retail looks on, big queen 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 price by us, 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 safe, you know, most in the 2nd half. And so you have is 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 neo liberal racquets, all the rackets going on that we always quote basti out, frederick basti out and how plunder becomes a way of life at the, for the men at the top of the society. And it trickles down and it becomes codified into law. Well, you know, since 2009 is when the u. S. 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. 00 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 10, 20 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. 00, this new study that was leaked from the Education Department for into the 35000000000. 00 is already not ever going to be paid back. And this is only the beginning of the program. Well, 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 know, 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 often 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 2020 in 2016. 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. Is that the 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 analyst talks about, it does lead to plunder. 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 at large like this. So people say theres no downside to m. M. T. And money printing. Go back to this, for example, 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 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 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 biden, eric holder nightmare is back. And that means our ratings are going to quadruple again. Dont go away much more coming your way. Is youll be 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 what is true . What is in the world corrupted, you need to descend to join us in the depths or remain in the shallows. Its been decades since the fall of spains fascist regime, but old wounds still havent healed and thats because so many from you know, to me in the past at the source mean older than just the same question which we know of newborn babies were torn from their mothers and given away and forced adoption. And only to this day mothers still search for grown children for their birth parents. Welcome back to report. Im max keiser time now to go to safety. And im a author of the instant classic, the pickling standard, the book that codified 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 idiots. 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 actively 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 that 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, a bank of america, 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 under 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 1000 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 you know, said ability across time, houses understand why gold came along about. But saleability across space is what helps us understand why fia came along because we were 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, 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 fee on standard is how 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 at a 5 dollar fete they cheapest. 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