government and they're looking for the government instead to do with it i.e. the tax fair to take all the risk of innovation they will get to keep their reward but this one thing really stood out for me here because of our experience of moving from europe to the united states in the fast few years eric schmidt says china already holds a lead in some areas including some aspects of payment technology and facial recognition while mass surveillance may not be an area where the u.s. needs to be ahead of china schmidt said he is concerned that china has a 5 year lead in e-commerce systems and electronic payments i think that's a very big deal he said but it's like you know wal-mart gets the government to pay their employees right wal-mart doesn't play their employees the government pays wal-mart's employees so that the people a wal-mart run wal-mart can take more money for themselves now it's going on here is that these tech companies $1.00 of the american taxpayer to go fund some ai some artificial intelligence for them they don't want to spend the money on the ai themselves because they were. keep it for their stock bonuses they don't want to do any actual work they just want to transfer payments from the fed put it in their pockets and then if there's a complaint about oh china is leading an ai they're like okotoks a taxpayer we're just company we're just corporations we don't know how to do anything anymore so yet in terms of wal-mart their employees get paid because they themselves the employees don't get paid well enough to not receive food stamps not receive welfare benefits it's not receive free health care through medicaid so that's how wal-mart taps the taxpayer here they're also the actual financial system that we have now is like even if you know the heads of any of these companies wanted to do something wanted to invest in their company the stockholders would not allow that they would be totally punished they would be hit by a hostile like you know paulson are sort of investors who come in and say why is this guy that sing in and actually research like what is this guy a madman like let's get rid of the c.e.o. so they can even do that like it's not even set up that he eric schmidt doesn't of course he likes that system because he's done well out of it but he doesn't want to tell the population that this what this is actually what happens why we can't have animation in this country and yet china seems to be able to have so much innovation thus right eric schmidt doesn't want to spill the beans because it's an unpalatable truth you know it's an inconvenient truth that you just can't actually get that innovation in the u.s. anymore because all the corporations that are in a position to innovate our shareholders and tell frying the taxpayers and using financial leisure demain on wall street to line their pockets they're not interested they can't be bothered it's like if paris hilton ran the s. and p. $500.00 she wouldn't really be bothered by all of this and that's the way these leaders at the s. and p. 500 are saying like i want to go find my little doggies out in the park i don't care about the american worker i don't care about the american economy i only care about me me me. because i'm a narcissistic kleptomaniac that somehow got this job and i steal every single moment of every single day and that's my job i do want to point out as well china's not just 5 years ahead of the u.s. in terms of payments they went technology right london i would say living there it's about 10 years ahead of what the united states is so i know for a fact that asia is way ahead of europe so who knows how far ahead they are i think this is this is where you say this is a sales pitch right eric schmidt is trying to get money for his cronies and you don't want to say the problems insurmountable you can't get there from here and so you're saying oh we're just like 5 years it's easy to close that gap just in half a trillion they will close down a little. right it is a sales pitch just like when tim geithner and hank paulson went to congress and said we we don't want to trillion dollars for the 2008 a crisis we want 750000000000 they end up spending 17 trillion now we're going to move on to the next headline about this in a way the tweet immense is bitcoin could be the new currency for global trade citibank says press says dorian namo so we often have an image of him hanging here and this is the much talked about reports out of citibank that many academic economists were very upset with but it's basically what citibank is saying and they're one of the biggest recipients of bailouts in american history and part of this financial system whereby you know china's eating their lunch and payment system because the likes of citibank never bothered to get out of bed they wouldn't get out of bed for $10000.00 you know they they can't be bothered to come up with any innovations well they were in a report entitled between at the tipping point it's hard to evolution a big question from a form of payment to its current status as the store of value the office forecasts that bitcoins core properties combined with his global reach and neutrality could see. morphed into the currency of choice for international trade and around 7 years topping right now because the transaction is the settlement so you don't need citibank obviates citibank to make citibank redundant as are all banks redundant with because i can trade with you as a currency and it doesn't require any bank doesn't require a central bank and they've got a little bit reverse are saying they started off as a means of payment and people are looking at it as a store of value but in fact it started off as a store of value and now it's morphing into a means of payment that's the whole history of money so citibank should know at least the history of money and how money comes into existence but nevertheless a good effort and i applaud them for at least recognizing that they're about to go out of business but being involved in decline early in those days there were many participants who thought it was like we're going to compete with pay pal we're going to peak compete with it's going to be settlements you know it's going to be used for as a means of exchange like that as your point out it was actually always a store of value and in fact they point out the perceptions they say perceptions about what makes bitcoin important continue to evolve and create new opportunities long creasing his perception towards becoming mainstream is becoming more mainstream because people's perceptions of the thing that the fed drawing power is always trying to manage perceptions i think that's what they fed speak it's all about they go out there to speak to the market and say don't worry we're going to take care of inflation don't worry we're not printing too much money you might perceive it if you look over there like a food cost like you might perceive it as a situation but listen to me. you know massaging your perception about the situation well here the situation as being perceived as being a better store of value then the u.s. dollar and perceived by international participants in the global market anybody who has. anything to sell anywhere on any contant or any country on earth they're perceiving this as a more neutral. better to use settlement slayer right there is $15.00 trillion dollars a day in forex market foreign exchange and that can be completely and replaced with a big coin as the base layer and we've seen that demonstrated now by sending currency from country to country starting off in one currency arriving at the destination in the local currency instantaneously virtually and the cost eric schmidt pointed out that china he lied a little bit that china's only 5 years ahead of us in payment technology you know in london for well over 5 years ago you could just tap your card instant payment you could transfer it's a somebody instantly at another bank and another bank account here it's face up to 6 days to transfer from a bank account in america to another bank account while they use the pony express. the feeling good about those ponies right so here this is also the same country that oversees the global settlements layer so everybody else in the world is already on a much faster system. now we have to go to the global par. lomo asses having to deal with that system so city points out that the report explains that big point in the role of a global trade currency could be used by importers and exports to pay for goods and services directly simplifying the process of international trade a decentralized crypto currency may be preferred to a central bank digital currency it argues because no government or outside entity can take steps that might affect the supply of the trade currency helping to decouple trade from political considerations right so they just threw the idea of central bank digital currencies under the bus or like central bank digital currency is by definition are central therefore they cannot compete with because so citibank again just to another industry out of the bust yeah i mean because of course the central bankers are going to look at this threat the competitor a better competitor of bitcoin and say well how do we. how do we would like maybe we just form a black chain that's all you need right that's what it's all about but no it's the neutrality and the permission less nature of it censorship resistant they cause this is another thing that as you know whoever controls that system and has a dollar system right now like obviously they were pretty fair and open about it when they were the world they were outcompete everybody when we produced all the semiconductor chips when we produced all the cars when we produced all the high sag but now that other countries are are way ahead of us in some aspects well like well you know what we're going to slow your payments down that's how we can outcompete you we're going to make it harder for you to even trade with anybody said this is what citibank to say they're agreeing with us once again. for it was the right citibank was wrong until now yeah i mean it's a remarkable that it's an indictment on the bank their very own bank it's like a mea culpa a psych you know it refining it to admit something to everybody in the world what we do here is redundant slow costly unnecessary and overly expensive and a drag on the economy and we're sorry we're sorry sessile citibank is saying yeah well they're saying way eric schmidt said it's like we can't do it ourselves taxpayer you better do something about it or for whatever we need another bailout so it's out there that it wasn't the biggest bailout history now not that we need another bailout because i have to work on my golf game that's their that's their pitch to america ok buddy sure who do i write the check out to and by the time you get it china and the rest the world will be another light year ahead well stated but the 2nd half less more coming your way. joe biden famously said nothing will fundamentally change just appears to be the case when it comes to u.s. and. we're going to the middle east because we asked the question what is the strategic value of commuting least any who benefits from all these forever wars. this is crude oil. so they need to actually physically pump it out of the ground you would have well well well well. there's a lot of money with fuel and with that comes. a lot of a lot of people from all over the country. if you don't make a $100000.00 a year. as a minimum there's an issue. here maybe. they were told $60.00 a day it's hard work well work it's not easy work and so they want to relieve their stress of how do they relieve their stress these men that outweigh these men that comfort these men that. people have been murdered up here people been raped they're massive drug issues up here you have a boom you have everything else that comes along with money. if i come back to the kaiser report i'm max guys it's time to go to chris fenton author of feeding the dragon chris let's get into it as you point out in your book feeding the dragon hollywood where you spend most of your career is really set the tempo the global tempo for our culture seems to be a i just saw the china report of their biggest box office month ever in history and that theaters are full what's going on it's obviously the business day you and i experienced met in ollywood and it's really unbelievable situation where lasts months february which obviously had the chinese new year national holiday and ne'er the month this south did almost $2000000000.00 us in box office it's disappointing part of that is the amount of money that hollywood movies grossed during that period was a whopping $14000000.00 of us there's 2 things that i've been very vocal about on the hollywood front with its engagement to china one is obviously the cowtown in this if you a secret smith of our freedom of speech and censorship rights here in the united states number one but number 2 is one that can be extrapolated to every other business that's engaged with china as the united states and our western allies and that's the fact that in order to get access to that market we had to placate the government of china get in there in the 1st place and part of that was the military to teach our processes to you tax swaps to create joint ventures and to get them to understand how we actually create these products and services that their consumers want and now at this point they are replicating it themselves and they are 18 the market away from our own american companies because we've taught them too well so eric schmidt farmer a go golf chair he says that china. as a 5 year lead over the u.s. and e-commerce payments china is already working on 6 g. whereas us as yet the roll out of 5 days the u.s. has now 5 day a product from verizon is a hoax they are half ivy so we borrowed 4 trillion dollars last year increase the money supply by 25 percent it's aims like where rail really far behind on technology and borrowing too much money has i mean what a how is this playing in washington are the alarm bell sounding or are they a slip of the sweats your audience is awesome super insightful super tough guy me and the engagement with them has been a lot of fun and i've learned a lot so 1st of all i would love anybody this listen this he's found me on the dragon fear and give me whatever you want as far as opinion criticism because i'm working on another book and we're actually adapting my book my present book into a documentary and i want to focus on how we can remedy this issue how we can unite a very divided america in order to go after this chinese challenge that we're facing and to answer your question and to go upon what eric was talking about one of the things the china does is they play along if play a 25 if the 100 year game of chess while we play checkers all day long on share price fluctuations on a day to day basis quarterly results 2 to 4 year old action cycles eccentric and not a real problem for us to invest in infrastructure and for us to invest in our indeed they are doing achree and by the way if you want to look at case studies the best ones to look at right now are 993 when they said they are not going to produce a pe are g.p.s. or our. satellite systems are going to create their own guess what they have in 1997 they said they are not going to participate in. world wide web it wanted to create their own an eye for kate from the rest of the world yes what they have they're doing the same thing with 5 g. and 60 and they're going to do it with microchips under 2025 vision we are getting left behind and we need to smarten up one thing about donald trump with white them or hate of the fire alarm and said we need to wake up to this china challenge crime is running out and we need to get serious about whether you know why any serious to it or not is one thing to debate what he did do is pull the fire alarm we need to keep all in it we need to implement change now if we trust the quid pro father was transfigured cheap stuff you know we don't work you know he gets asked for payment from the government they send us all this free cash to buy chinese goods which are super cheap so why are what's my incentive to get to up and ask me to go back into the factory work 60 hours away an hour and everything more expensive because they can't get it from china anymore so my quality my life in a crash what's the point of that if chinese i want to do all the work and get and the governments want to give us off free money what's my incentive a n. exchange they're going to read cut it's a wonderful life and make jimmy stewart a chinese actor i don't i'm fine with that i don't care so what's my what's my upside and that's i mean we have off shore essentially deflationary pressures because of the cheap labor over there and that does allow us cheap products and services the fact of the matter is that all your audience knows this really well kisser getting super wealthy off of it and it's why big coin is rising might it is if there is a real push for china to remove the u.s. dollar as the world's reserve currency and wish that happens this whole great oh you don't have to work everything is cheap we can just print money and sue in food any that all goes away and then the really tough start happens on the resat. and unfortunately at that point china's going to have a big head star on what that new world nor mr no look like and we're going to be left behind in the dust this is not something that we can literally sit and go hey look at how great our lives are today it's just going to continue like that that is not the case we've seen many canaries in the coal mine there's lots of experts that are now coming out about it and even those little sort of oh what do we care about censorship of hollywood or whatever it is well guess what it's tripling throughout the world air $800.00 how we tell stories for other markets including our own not just bears and that is going across the board to every other american company just like they do with how you would they're doing it with mary out and saying you've got to take taiwan off of your maps they're doing it with activision insane you can't show the trailer for your latest game because it has a little segment of the tiananmen square massacre in this incident and they are doing it with every one of our companies on freedom of speech rights but even worse they have taken our ability to be best in class what we do they have learned from it is a forced us to teach them how to do it and now they are being us and our own game in the stuff we were already world leaders in and they're using that in order to be world leaders and things like you said 60 which we haven't even started to think about yet president biden has opted to do nothing about mohamed bin salam chopping up the washington post journalist and flushing him down the toilet. later style same they really care about these issues chris i love i wish they did let me hit that really quick ok this is really interesting to me because i if people have read my book i did a week out there a little bit i happen to be a democrat even though i don't really affiliate year party i'm a nonpartisan patriots but if you look at the way we deal with m.b.a.'s in the. we punish in a way we. even approach these human rights issues there it tends to be something from the left and they go after because it's energy trade it's defense contracting military industrial complex that saudi is made up of when you look at china it's more left leaning stuff so the right gets tougher on it right you got the ninety's and you got the n.b.a. you got hollywood you got apple and starbucks more liberal leaning corporate interest rates what we need to do is combine forces and get a common shall and sort of protocol were actually bonding over something that's not this cultural warfare and who believes in gun rights and god and all that kind of stuff we have a real threat here we need to unite on it e.a. solidarity form united front to create the leverage to fix this to your point about the u.s. dollar there not a stand back and meller. very famous money manager is set is going very very short the dollar and along asia. money flows to where the returns of the greatest and some money buys but industry does a sale unfazed by these issues chris it's disheartening because quite frankly our capital markets and arm vester base is really would scouring the engine of china so . you know i have no problem with capitals and in fact i love cat smell of free markets and as united discussed both online and offline i don't even know if we really have capitalism it's more of a cronyism it's a situation that i think is overtaking our capitalist system but let's pretend we have capitalism one thing that we need to think of in regards to the way we engage china now is on a patriots isn't 1st level and then capital as long as we start to realize that our capital is the base of our capital is the ace of the freedoms that we have and is yes have the foundation of a strong republic elite i have a united states of america that is built over the last 200 years and it's at the security interests and the welfare of the next capitalism will continue to flourish the problem is we've been selling out a nation that is allowed us to have this form of capitalism just for returns on quick quarterly results in key analysis and revenue growth center pumping up our stocks and making investors rist it's as simple as the f.c.c. for instance if you look at the way china gets access to our capital markets staging not have to apply the same accounting standards as every other company around the world why because they hide behind state secrets laws which they say apply to them because technically all these private companies are as so we serve state owned enterprise it's got to end that if you want access to u.s. capital markets if you want access to private eye. we if you want access to any activity we need to in olden syfy ists even stronger the committee on foreign investment in the united states and we need to allow the assy seed to control these chinese companies and regulate in the exact same way every other company gets access to our markets which would be more effective more impactful for they the us government to get quote tough on china or be for the us government to get tough on wall street that's in gave stand all kinds of worthless stock buybacks floating companies up what that hollowing out industries private equity rating these companies making them less competitive or not competitive trading zombie companies rewarding zombie banks and of serial recidivists rule on breakers on loss trade right so the question is what's what's where we get the biggest bang for our tax buck clean up with the wall street trucks or try to manage china better well worth a better but dollar spent dress there's a real need for the way we construct capital markets the way we created our exchanges way back in the day but we have definitely lost our way in a lot of stacks and on top of it the regulators in the revolving door and a curse between wall street and regulators is something that needs to get specs but the fact is miley is china and if i want to make a nonsense out wall street subject i can go on all day long because it affected me and my family really hard and i'm still upset about it that's something that i can't get rid of and i'm still. but the fact is i'm also about the way we're addressing china and the fact that there's so much money being made on wall street by trying to put their heads in the sand and pretend like this isn't a long term issue that's going to bite us is ridiculous and we need to address it from the government level and say these are the ground rules moving forward and there's simple simple fixes i mean don't you tio designate china as a developed nation. is just simply one that will start to rectify be an airbus number 2 is the accounting practices that the f.c.c. needs to start lying to chinese companies number 3 is to make sure that we're actually overseeing these companies that are trying to get listed on on the u.s. exchange and scrutinised her all their paperwork to make sure it is right now for both retail investors and large fish sure out there trying to make a lot of money on it i mean you look at and big private equity interests in stake in that fight and situation and the fact is they were just trying to lay off a national security issue into something that created profits have been a folies put feeding the dragon is the title of the book chris fenton the author thanks for bringing a kaiser report by the way max sorry you got me all wound up but this is really serious stuff and we do have exciting clock everybody please you gave me the book you follow me out at the dragon theater love being on the show have me back any time yeah well do that's going to do it for this edition of kaiser a part was made back kaiser stacy everett well i think i guess chris fans and the next time by all. of the. some control from middle class to homeless muslim are very hardworking people who want to get ahead that either have some some health issues or have some of it out of trick about luck a full time job won't always pay for a place to live and missing just a month's rent can get you a victim to gunpoint if anything bad happens to any thing that just throws your budget off slightly. better catch up real quick or you're going to have a judgment of possession against you and get addicted to anyone that's homeless is history like garbage people look at you like a monster or someone bad or you chose to be there most of the time it's not the case see how it is to be pull in the world's richest country. joe biden famously said nothing will fundamentally change just appears to be the case when it comes to u.s. policy regarding the middle east because we asked the question what is the strategic value of communal east end who benefits from all these forever morris. joins me every thursday on the alex salmond show and i'll be speaking to guest of the world of politics sport this list i'm showbusiness i'll see you then. our online german sister channel r t a launches legal action against leading german newspaper billed following a hit piece accusing the network of spying on russian opposition figure election involving. a french schoolgirl admits she made up her claims about samuel paddy and her story sparked an online hate campaign against the teacher last year leading to his beheading. the e.u. chief puts the blame on astra zeneca for vaccine supply failures with just 10 percent of the orders delivered. and nonsense is how the kremlin brands it fresh u.s. claims of moscow meddling this time to supposedly discredit american vaccines in favor of russian shots.
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