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tv   Keiser Report  RT  May 12, 2019 12:00am-12:31am EDT

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join me every thursday on the all excitement and i'll be speaking to us of the world of politics sport i'm sure i'll see you over. the long whistle blowers continues the u.s. charges a former intelligence analyst under the espionage charges alleging he turned over classified information about washington's targeted assassination program to the media. michael sonny officials say a security guard been killed after gunmen stormed a luxury hotel in the south in an attack targeting foreigners. and 25 years one of the ruling party but this time the african national congress in south africa has been maybe
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a sloth is this the end of apartheid in the general election. anxious about now my colleague andrew bartlett takes you through the most important news of the week but right now get ready for a different take on the economics and business headlines with the kinds of. highs or. highs a report you know. fake money i want to make. this is beyond crazy and it's beyond keyser apparently are now the highs that report but you know there's a new company on the nasdaq trading is one of these want to be unicorns called beyond me and. it's packaged and sold in part of this new economy
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beyond any value beyond any protein beyond any content beyond any real and greedy insists all artificial ingredients sold as something to save the world and 2018 beyond me lost $29900000.00 on revenue of $87900000.00 and yet it was trading at $69.00 a share $4000000000.00 market cap what it's losing a lot of money on its fake fake me and it's. crazy but investors you know it did pop what was that 176 percent on its own printing and ellen's i.p.o. and this is beyond crazy. me that's there they have a vast herds of unicorn that they raise on the wild plains of north dakota and then they harvest those unicorns and they packaged them into patties and they're sold as beyond meat you know and of course it's worth $4000000000.00 because in an era fake
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news and fake money why not have fake make so fake has become the new real and real it's become too expensive no $1.00 can afford me going forward i mean the idea of getting a porterhouse steak will cost $500000.00 and all the warren buffett will be there smith and wollensky every year having lunch with a billionaire eating a real meat that was taken from a cow that will be $500000.00 meanwhile and also being bugged incrusted bug dogs are bug meat and you know harvested from the locusts that are invading our daily lives in a biblical nightmares and then frying that up as an upside of having uniform basic locust meat baddies out there be bernie sanders and nancy pelosi get everyone's going to get and andrew yang universal basic yak may not even the acme as the acme you are to me no no. you know more than i but i'll tell people will
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believe it within 5 years people will believe that unicorns are real and will be in the period of time where oldsters that we remember a time before unicorns existed and you know another myth going around is that the fed is unwinding q.e. the economy is amazing there's real growth everything is perfect and all those newly minted billionaires on wall street member jamie diamond lloyd blankfein they became personally billionaires since the financial crisis and that seems unusual right because how do they become billionaires and the economy that is decimated and all we have left are unicorns running around in north dakota well the fed will give banks a $36000000000.00 taxpayer funded subsidy this year so this actually comes ultimately from the treasury is paying they pay banks 36000000000 dollars this year and this is a something that a lot of people don't point out to what has been happening in the united states in particular it's not happening in europe because they have negative rates on deposit
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but before 2009 the fed did not pay interest on banks excess reserves held at the fed this pact was introduced as a tax payer funded subsidy to the banks during the crisis taxpayer funded because the fed turns over any profit at the end of the year to the treasury so the fed is paying what should have been going to the treasury and instead we're now we decided through some legerdemain to pay the bankers and said so this $36000000000.00 that is going to the bankers would have gone to the taxpayer and to put that into context how much we're gifting them this year and it's less position as welfare some people don't have that much money and they need food stamps well this is about 50 percent of the food stamp budget so this is how much we're giving the this is food stamps for wall street essentially it's a. there's 2 different worlds that exist in america so if i go into
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a big bank a bank of america citi bank wells fargo bank and i say i want to buy a $100000.00 and i want you to charge me is 0 percent interest rate on the and then i want to deposit that $100000.00 i your bank and i want you to pay me 5 percent on that and i want to therefore collect all that income and get a tax free ok can i do that now but a bank can do that yet at the same banks and go to the federal reserve bank and say i like to borrow a 1000000000 dollars charge me nothing and then i want to posit it with you and i want to collect interest on the tax free the article is out that there is no provision for this to ever be paid back so it's genuinely food stamps for a wall street. food stamp recipients themselves are nonstop maligned on fox on c. and b. c. on c.n.n. on the cable news their mind and paraded and made to feel. nobody ever talks about these bankers being defeated 36000000000 a year and i think it was even higher last year if the banks had been required to
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take excess reserves back onto their books it would have required financial disclosure of their quality which is probably toxic for many however with the financial accounting standards board recently promulgating financial accounting statements 56 and previously 157 which was the extend and pretend statement it would seem they feel less and less need for financial disclosure of any kind because fast $56.00 financial accounting statements $56.00 states that the government does not have to disclose what it spends taxpayers' money on because of national security concerns so my trigger right is running the fed so in other words they banks were caught. committing accounting fraud that they had billions hundreds of billions of dollars worth of assets on their books that they claimed are worthless $800.00. in the dollar they're actually worth 0 so the government the
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federal government institution that we support with our our taxes said gave them a deal they said look either either you're going to have to fess up to the fact that you're insolvent or you're going to have to let us in gaijin this massive fraud were you borrow money from us for 0 percent and then deposit it back with us so that you can generate enough money to paper over your fraud that that's your choice we started off with beyond me and there used to be a thing called meat and that was taken from cattle from cows from goats from you know various pigs and creatures only rabbits yes but a rabs screwer hosts and people would eat this thing called meat then we everybody in their minds was trained to think of me as something that you need protein a builds you know power and wealth and internal you know your body wealth and then we swapped it out with a thing that we still called me just like corn corn maze used to have proteins in
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it and now it has nothing but starch and blah and you know so we created something that just makes you fat doesn't it doesn't help you with any nutrients doesn't build body strength doesn't build anything here is the same thing as we used to have banks that lent to the economy lent to for mortgages lent for businesses and tried to create wealth for the economy now the fed looked at their books and said oh my god this is worth nothing however we could have a unicorn economy instead we'll swap all that out if we keep on doing well you used to perform magic tricks and times square how do you you know distract people you keep on moving. the little cups so nobody knows where where the little ball is right we learned in the crisis that that's not insolvency issue it's an illiquid issue you know we just got to keep moving the cup of off faster and faster. or somebody could look at it so nobody could do an audit of it that i don't do an
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audit on swapping it between the banks of the fed over no right when i landed in repo one o 5 scandal bearing the during the scandal is that every time the auditors came to look at lehman's books they moved their debts to an offshore or a special purpose vehicle then the auditors would go to the next bank and then they would move those back to their bank and then that bank would be looked by lehmann so it's this constant shell game that we learned now you know there is a huge garbage patch in the middle of the ocean that's like 3 times the size of france as plastic garbage that the federal reserve around the world such as banks you have to understand that there exist there are exuding you know garbage if that money is garbage and went away and we find a whale with hundreds of pounds of plastic and has got in and died from garbage consumption and we look at the average american is dying from the garbage consumption of high fructose corn syrup and there it is i mean the price of of food is gone down you know and if you don't you know we believe us it's true i do believe you because i see
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a massive obesity problem in this country and that's the price of having fake food that even you could charge even a penny for as i eating plastic it is plastic image times it's just plastic i mean there are a lot of fast food restaurants that actually supplement their booth a i liken it to face with actual bags of plastic if you talk to anyone in the fast food industry they'll say yeah you know that that fish dish is actually 20 percent actual plastic that we add to as filler so again the financial accounting standards board is introducing this new. accounting standard of fast 2056 you don't have to tell us what's on your books under national security reasons because obviously the national security issue is that if people stop believing in the value of the dollar then or whatever your feet out is then of course it all falls apart so i'm going to look at another national security issue for the. counter parties to this toxic debt
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central banks are ditching the dollar for gold so that's what that's a headline from bloomberg i think those go hand in hand if you're the creditor to a nation where they're introducing new accounting standards increasingly basically hiding more and more information about what is actually in nothing burger well 1st quarter gold purchases by central banks led by russia and china where the highest in 6 years as countries diversify their asses away from the u.s. dollar global gold reserves rose by $145.00 tons in the 1st quarter which is a 68 percent increase from a year earlier and it wasn't just russia and china kazakhstan and turkey which also are you know usual gold buyers but new to this this year for the 1st time since 2014 was ecuador cutter and colombia are also starting to stockpile some gold busy you know every country where this show is broadcast is buying gold because as we've been educating countries for 10 years now if you know if you don't own gold did
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forget it you're done you're toast. meat this is beyond what people are seeing that you know if you look at the world and you see that a lot of people are engaged in this they forgot that underlying our global economy even to this day with all that all those derivatives the fact is it's still backed by gold at the end of the day so you want to own the gold you want to own the meat and yet inflows into exchange traded funds backed by gold during january have been wiped out over the rest of the year and e.t.f. levels are now at their lowest in 4 months so people were taking out even there like it was a paper claim on some gold they would never get the physical gold nevertheless it was a lease a little bit closer to the real thing the real value the real meat but they've been taking their money out and putting it in to be on meat. you know at the end of the day once this whole thing falls apart and there and the unicorn is exposed is just
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a horse with a cone on its head. we're going to be shot right we've never left the gold standard well ok we're going to take a break beyond this segment and say the next over the vast chasm of this break of important information that you simply cannot live without states and for much more coming your way. of a situation that is very new and that's why. it's like a religious war there were 2 people who were born there and there was no go to school or do the 2 so that was the point it was through to right up to the will of . the as
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a medic and that would be widespread simplicities would. they be in many diseases because of this would you call the. this is a period of sort of. just push to muddy. the manual that it was not go to the. top of the good of. the good it would bring on the. well it was pretty much the. kind of what you do which can. be done. here or do you. clearly the old videos are still on the lead dear sir my
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lord down a load subash right there in the cloture cloak authority surrender. welcome back to the kaiser report i'm ask eyes are time answered turning to the man who often schools the c. and b. c. analysts on what is really going on the economy has made a brilliant videos on you tube over the years check those out they got millions of is you know welcome back to the kaiser report thanks for having me back although i don't school too many people on c.b.c. anymore because they stop having me on the are too good to me and the truth hurts you know the average amount allan said ok so peter schiff a venture capitalist this week suggested there'll be a never again a recession a central banks will not allow it he did not say that was a good thing in the. us forever being in
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a mic as in japan you know he recently on the central bank the fed changed their policy that they now open they decide that permanent quantitative easing is the way to go and it's going to work better no although i guess he didn't rule out a depression so maybe he'll be right instead of the recession will end up with a depression but it won't be the pression that people read about from the 1930 s. because they're not the pressure that consumers were relieved because prices went down this time prices are going way up and what we might end up having is hyper inflation and that's the worst possible economic scenario look the only reason that the dollar didn't collapse as a result of q.e. one q.e. 2 was because everybody believed that it was temporary that the fed could actually reverse the policy and remove the liquidity they had an exit strategy and people to this day still believe that the spike the fact that it's clear that the fed has no ability to do that because they already had a call off that hikes based on the 1st decline in the market as soon as we hit
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a bear market but i do think when this next recession starts and it is going to start i mean we're on the cusp of it now despite that 3 point one percent g.d.p. print in q one if you look beneath that headline there were a lot of problems in that. g.d.p. number and it doesn't look good for q 2 or any of the quarters probably they're after but when the fed goes back to 0 when they launch q e 4 which will be bigger than the 1st 3 combined in fact if you look at the size of the federal budget deficit now the government is borrowing almost a trillion and a half per year and the recession hasn't even started yet which means when we go into recession you can expect 3 trillion dollars per year budget deficit so i mean that's going to require the mother of all q we used to monetize and when the fed has to do that nobody is going to believe it's temporary nobody is going to believe they'll ever be able to shrink that balance sheet nobody is going to believe they'll ever be able to normalize interest rates and as inflation really starts to
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pick up which is exactly what it's going to do during the next recession as the dollar weakens 7 you're going to see stagflation and that's going to result in a dollar crisis now one of your former neighbors up there in connecticut ray dalyell. and he expects what he would call and empty like policies that would be monetary modern monetary theory like policies to emerge soon ok i guess this isn't part and parcel with talking to democrats about introducing all kinds of socialism etc what are your thoughts on this peter i agree that i think they're going to try it it's just not going to last very long because it's going to blow up very quickly you know we're going to have a dollar crisis and then it doesn't matter how much money you print if you can't buy anything with it then it doesn't do any good i mean if you've got all these liberals that think they can finance socialism by printing money well if nobody wants the money that it doesn't matter how much you print because the prices keep
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going up and you can't buy anything but i do think that we're going to try that i mean we've tried everything else and i think that when this next recession starts and it's going to be blamed on capitalism is going to be blamed on trump and it may well mean that we have a socialist. as a dent in 2021 and a socialist congress and obviously they're going to raise taxes on the rich but that's not going to generate anywhere near the amount of money that they would need to finance this laundry list of socialist programs that they've been promising the voters so the only way to attempt to finance it is through printing money but of course the socket to work they'll try it but that the money will collapse in value and then we're going to have a real crisis fanciful let's return to have ben cohen i know you've got a debate coming up with barry silver in vegas but here's some there are some ideas there so recently somebody moved over $200000000.00 in but going on on chain it costs less than $4.00 to make this transaction and so again when you when you
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compare that money or even gold how do you compete with that it took germany 7 years to move some of their gold from new york to frankfurt what would you say only $4.00 i mean i don't know where the price was and how much the market had to move to accommodate that large a true larger trade but i'm assuming that there was some type of this scout in order to get it moves and so there's no way that it was done for 4 dollars maybe that maybe the fee was $4.00 but the market would have to adjust the price in order to find a buyer or for that large a trade you know you're referring to some slippage going on and in this case there was none the actual cost of moving that amount of money on chain is in fact $4.00 i mean that's the beauty of one of the beauties of this technology and that's why the market is seeming to favor in a big way check that out am i want to move on because you can check that data your stop but i want to move on we have some viewer questions i want to ask is there
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a price at which peter schiff would agree to come back on the kaiser report and look at the camera and say i was wrong about bitcoin well wrong in it what perspective i don't have a upward price target look i mean is it possible that the price a bit quiet king. go higher of course is it possible that it can go all the way back up to 20000 look anything is possible i would say that it's probable that it won't that it's more that i think it's more likely than not that 20000 was the peak of this bubble but you know could the bump could the peak be higher of course right nothing is right i think that of the question is is not a great question because it's not actually peter schiff that's or anyone else it's really the market itself is going to determine what the outcome of this all is so it's not really price as a thing much to do with it but let me ask another question from a viewer says. this peter ignores technology bitcoin tesla solar wind robotics 3 d.
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printing ok is this true peter are you are you a luddite i don't ignore technology i embrace technology it just you know why do the people who like bitcoin ignore you know monetary history why they ignore economics why do they ignore logic and reality you know just because there's a technology around big point does that mean big point has any value as money or that it will ever be a store of value i mean i you know i think a lot of people want to accuse me of just not knowing enough about because the problem is i know too much about bitcoin that's why mob buying it you know it's the people who are buying it that don't know anything about it but i think they're too blinded by the fact that it's gonna up and the fact that they hope it keeps going up you have a lot of people out there who actually believe that they are going to be very very wealthy and all they have to do is hold out of their big coin they don't have to actually work they don't they make any real money they just have to hold on and hope are just hotties because once and they'll be multi-millionaires well it's
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a nice fantasy but it isn't going to happen but a lot of people refuse to admit that because it basically rains on their parade and so there's they're too mentally wedded to to this to actually see reality have you by chance read safety in a mrs book the bitcoin standard. no i mean i've even heard of it ok it's an excellent book will send you a copy courtesy of the kaiser report to get your thoughts on it you know one of the nice attributes of big cars versus gold is that with gold you still do need a 3rd party verification on transactions where with bitcoin you do not this is another way away yet it going you need all these miners to valor a fire all these transactions you need a whole computer network and by the way to the extent that actually bitcoin could succeed in scaling up where people are around the world or actually using it on a regular basis as money i think the cost of verify all these transactions as far
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as energy consumed would be so pretty evident really high it probably would be the most expensive endeavor out of what i've heard estimates maybe $1.00 3rd of all the world's energy would have to be devoted to verifying because and transactions which is an extremely expensive cost to have for money compared to gold and everything comes with the gold and certainly you know it's the plus the owner who's much cheaper backless more of the show and i know many percent have a 70 percent of the energy. network of big going to israel noble and that that number can go to 100 percent so it actually favors renewable energy so let's talk about warren buffett for a 2nd he is of course also ants i've been coined i know you probably don't like being in the same camp as warren what are your thoughts on his enthusiasm for a stock buyback so i repeat or is the best use of capital in your view why not return the money to shareholders via dividends instead of throwing it into the stock purchases you know the the top line message is that we want to reward
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shareholders peter why not just give me a dividend peter they should give me a dividend i mean now that the tax rate between corporate dividends and capital gains are the same yeah i mean why not return the cash to shareholders and they can decide if they think the stock is. undervalued and they can buy more so they are just on why just pumping up the value of the stock options fan or that's all they're doing and it's not right you're not going to get an argument from me but i don't think the government should do anything about it but i think the reality is the government is what's fueling it with cheap money if it wasn't for the federal reserve keeping interest rates artificially low we wouldn't be having all the stock buybacks we have a lot of it is financed by debt and the debt is is cheap because of the fed so if you're upset about this get mad at the central banks for keeping the game going when charlie munger says up on stage when what was fargo stole money from a $1000000.00 customers but he said it was quote an honest mistake do you somebody
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and they investment business are you ashamed when someone like charlie munger be smirched as your industry in such a way. for a 1000000 with all the facts regarding what wells fargo may have done with respect to cost of earth but you know i do agree with munger and with more and buffett about some things i certainly agree with them when it comes to big point you know they have the same problem with it that i do and you know what warren buffett's a good stock picker i mean he knows how to analyze a business i mean i could take that away from him but i do think a lot of the stuff he's been saying about macroeconomics has been wrong and in fact once upon a time i mean he you know he was a buyer of gold he was worried about inflation and big budget deficits he said that himself he said that you know he used to be concerned about the budget deficit but now that it's gotten so big now that the national debt has gotten so large and we haven't seen a problem you know now we no longer worries about it well you know i think just
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because just because a problem gets bigger doesn't mean it's gone away and just because you haven't experienced the adverse consequences doesn't mean you won't and by the way we have experienced a lot of adverse coffee consequences is just not evident in the stock market but it is evident in the standard of living of the average american i mean that's the main reason that so many peace. voted for trial because we had 8 years of a phony recovery under barack obama and many voters knew that many voters realized that there was no real recovery that their circumstances had actually gone down that they were in worse shape after 8 years of obama than they were when he began that i will be better that's right and it was simply you know expanded those policies for at a time thanks for coming on the show ok a time well that's going to do it for this edition of the kaiser report with me max guys are safe there i would like to thank our extra special special guests going to be debating barry silver in vegas on this famous person that all the pain the inner circle if you want to catch us on twitter it's kaiser report until next time.
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so what we've got to do is identify the threats that we have it's crazy on sunday shouldn't let it be an arms race is clearly a dramatic development only i'm going to i don't see how that strategy will be successful very critical time to sit down and talk. during the great depression which must remember that it was most of the family working. there wasn't it was you know much worse object to listen to but there was an expectation that things were going to get better. there was a real sense of hope. there isn't today today's america where shape my the 10
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principles of concentration of wealth and power. reduced democracy. engineer elections manufacture consent and other principles according to. one set of rules for the rich opposite set of rules for. that's what happens when you put her into the hands of a narrow sector of wilf which will is dedicated to increasing power for itself just as you'd expect one of the most influential intellectuals of our time speaks about the modern civilization of america. what politicians do so. they put themselves on the line and they get accepted over checked.

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