tv Keiser Report RT December 10, 2019 3:30am-4:01am EST
make believe that some fat guy is going to fly around the world on a with a reindeer ism put some presence down our chimneys and make believe is becoming very real i notice around the world. we have now in the past week or 2 you know down from past said that argentina and brazil where we're going next week that they have their currency manipulators and so he slaps them tariffs on their steel and aluminum or as the brits like to pretend it's pronounced alan many m they've some tariffs on that at a minimum that not english they can't talk good right so this tit for tat tariffs and it claims that there's a currency problem you know that their currency that they're driving their currency lower there is a dig dollars ation going on there's a currency crisis happening all over the world currencies are in massive flux massive volatility argentina and other countries are trying to grapple with the fact that the world is moving away from us dollar reserve reserve currency and the
idea that the u.s. is going to slap tariffs on only encourages more to it for tat trump also said he's looking for the federal reserve to take interest rates negative which is confiscation by any other means remember back in the thirty's the u.s. confiscated gold tromp is into confiscating people's savings right out of their account just taking it from their accounts using negative rates well the notion that argentina one of their currency to collapse by over 50 percent when they just took out a $5060000000000.00 loan from the i m f in u.s. dollars not in their peso is absurd because that doubles the size of it in real terms for them and terms of how much they now have to pay back so he's just basically punishing somebody who's already in precarious situation speaking a precarious situations a negative rate here is the headline where. the real you know we've had make
believe for so long and that it's becoming more and more real that we're all just going to get lumps of coal the dallas fed president believes ballooning debt could suddenly become a big issue for economy well that's true as anyone knows that we've been saying now for years that you can't cure debt with more debt they have some mainstream economists like paul krugman that says that that is completely meaningless but even the interest on this meaningless that is now bigger than the you know aren't comparable to what money spent on defense so it's become a problem and a lot of the debt by the way in the united states right now is corporate debt they've incurred $3.00 trillion dollars in debt to buy back $3.00 trillion dollars with the shares so you're swapping the real assets of the company for the make believe which is debt reduced actual assets it's a make believe for equity swap yes right remember in the raiders of the lost ark
where he swapped a bag of sand for the golden nugget on the pedestal and then the big boulder came to chase and this is what's happening in the markets are replacing equity with a bag of sand or nothing and now the big boulder of massive debts coming to chase them down the corridor and here's some more make believe we you and i saw this in belfast back in i think it was 2012 when the g 8 conference was there and member their economy was wrecked and they had to put up fake store fronts well here's from the wall street journal some empty storefronts on 5th avenue or getting dressed up for the holidays a creative solution during a critical season for the retail industry you know retail space there are so overpriced that even giant corporations are unwilling to pay it and so the stubborn a standoff between these lease holders and the retail outlets they're all empty so in order to create the illusion and continue having tourists come into 5th avenue they're just going to be met with fakes to her friends nothing they could actually buy so it's up. temptin village yes remember we saw this in belfast during the
troubles and legacy of the troubles as some storefronts are left as a potemkin village they are look like something is going on but they're actually empty as a way to negotiate what's the ancient rivalries up there in belfast northern ireland so here's another make believe tweet they're earning less bull market the s. and p. $500.00 p. e. ratio in white versus earnings per share green as you see the earnings per share are tumbling where as the p. e. ratio is soaring stocks are soaring earnings are flat or and fact declining well earnings are shrinking because of big lobel zation the valorization all the easy money is off the table with peak oil which means all the easy cheap oil is gone we've had peak everything everything that's been cheap is gone in our eyes in ourselves as a negative interest rates are all about self conversation you're eating your arm to stay alive eventually the doesn't work so well speaking of the make believe there's
nothing more make believe than fiat's currency and of course what is real is gold and here is the headline u.k. can't be trusted with gold top slovak party leader says so they're going to repatriate their gold from the united kingdom and notice that word that it can't be trusted and that's always associated with the lobel is a sion an absence of trust between trading partners and a lot has to do with as we've talked about especially over the past year the u.s. dollar as a settlement layer magistracy have been covering this phenomenon for a while and i think gordon brown hit peak paper the peak paper market the peak nail liberal moment the peak post world war 2 washington consensus moment was when gordon brown sold half of britain's gold at the rock bottom price of $250.00 an ounce a sense the time. gold has swung from being out of favor to being in favor to the
point where last year central banks for the 1st time were net buyers of gold in a big way and now they're just ratcheting up either their gold purchases or gold repatriation i think at an alarming rate if you want to look at the progress or the product prognosis for a free up money going forward it's not good if all these countries are scrambling like mad to get their gold back and to buy more gold of course the unite bloomberg news has been reporting on the entirety of the eastern europe including hungary poland and they're saying that these governments are absurd for asking for their gold back these are populist movements and they should stop this but you know i think this is part of the trend that we've seen since 2016 especially really kicked into gear is that this absence of trust in the status quo what we've had for the past 40 years since 1971 since neo liberalism was allowed to be unleashed since
the baby boomers came on into the market as the number one voting bloc that's over there no longer the biggest voting bloc and all their ponzi schemes are falling apart and this slovakia's former premier said that parliament should force the central bank to bring back the nation's gold sword in the u.k. as history has shown that allies can hardly be trusted extremely or robert fico who chairs the biggest political parties slovakia said his formation is seeking to hold a special parliamentary session on the issue the gold is not safe in the u.k. because of believe something that's unmentionable due to his in the u.k. and possible global economic crisis so in this situation he's saying and i think alan greenspan by the way would agree is that unless you have your gold in your possession you don't have the gold well let me sum up the global economy in just a few words number one banks all over the world have been making incredible amounts of junk loans to corporations to buy other corporations. those banks when they have
a lot of junk loans built up that are not repayable they sell them to the central banks for this ever mounting global pile of treasuries and money that's being created to buy back the junk bonds the junk debt from the banks who have been just giving into their friends to buy out other corporations and these massive mergers and acquisitions stock repurchase scams and that has a finite end date and the you can't do this forever and we're approaching the moment now we're in the smart people in different countries now in eastern europe if the alarm bells are wrong and they're like you know what this is an unsustainable ponzi scheme between junk bond dealing banks on wall street and the central banks and they are only protection and this goes back thousands of years our only protection has always been owning and buying gold you want to call it a populist movement it doesn't matter what you call it it's going to be survival of
the gold assist those with the most gold make the laws and in the 21st century of course it'll be those with the most bitcoin will make the laws but that's going to take a few more years to develop read david greene has 5000 years of debt the fact is that whenever trust is absent gold rises and so you know you've seen not only china and russia accumulating gold but you see since the report went to frankfurt and confronted the central bank the bundesbank about their gold reserves and they admitted to us that their gold reserves were actually held the new york they since have repatriated most of it and because of our arrival there and the them admitting to us that it was held in new york so germany was the big 1st creditor nation to or get their gold back and then many other nations have followed including i think it was the netherlands poland hungary slovakia is asking for it and by the way this is
like an ancient thing this is a we're. quote from what this guy robert says is the issue here he says you can hardly trust even the closest allies after the munich agreement he told reporters referring to a 1038 pact by france the u.k. italy and germany which allowed adolf hitler to annex a part of czechoslovakia i guarantee that if something happens we won't see a single gram of this gold let's do it as quickly as possible there isn't this gold is not in the country where should be is because of world war 2 because hitler was starting everyone in europe so everyone in europe put their gold elsewhere in the u.k. in the u.s. and now we're in a post kind of world war 2 scenario where people are saying wait a minute we don't trust the u.s. we don't trust the u.k. to hold our gold anymore we want that gold back in our own vaults in our own country and of course gold is a commodity that doesn't need a 3rd party in its value unto itself it does not like money that has no and no
value without a government saying we'll go to war to defend it other than the house of value and of course because some lowly is is valuable based on itself itself itself validating which makes it even better than gold but now we're in this period of massive scrambling amongst countries to prepare for this money collapse. as well and you see this again just like the 192930 s. it's relevant that he points out in 1038 packs because here we have the u.s. slapping sanctions and tariffs on everybody this is the same thing that happened after the great depression during the great depression everybody was beggaring the neighbor so if they're going to start beggaring the neighbor of this guy is right that he won't see a grand that the nation won't see a gram of gold back from the united kingdom they've already seized then as well as gold for example so you're not going to see slovakia's gold if you don't get it back jim rickards told us that here on the show that the u.s.
will seize whatever go. well they have in the event of a crisis. he has about 31.7 metric tons of gold worth 1300000000 euros in the bank of england and remember it was just in the last few weeks that poland got 8000 bars of gold back which is $100.00 tons and $8000000000.00 from our $5000000000.00 from the bank of england had terms of their gold so well here's a here's an interesting and fun factoid there are approximately 7000000000 ounces of gold above ground that's all the goal that's ever been mine since the beginning of time and there are about 7000000000 people on earth so every person on planet earth man woman and child to get one ounce of gold and that would be a great way to redistribute wealth anyway we're going to take a break and when we come back much more golden stuff coming your way don't go away .
facebook and google started with a great idea and great ideals unfortunately it was also a very dark so. they are constructing a profile of you and that profile is real it's detailed and it never goes away turns out that google is manipulating your opinions from the very 1st character that you type into the search bar it will always favor one dog food over another one comparative shopping service over another and one candidate over another they can suppress certain types of results on what they think you should be see if they have this kind of power then democracy is an illusion the free and fair election doesn't exist the more road we give them the sooner we all.
join me every thursday on the elec simon chill and i'll be speaking to guest of the world of politics sport i'm show business i'll see that. little bit of let me. ask i would. take i did. not have a thing. to show. you left clues even on the. sun do like to see that is the loosely tied. to what they do have with the kook on the standards of that night as you. know most of the people who. knew of those.
much of this and they're still learning a new phenomena so when you hire the only time to use in their do. one job. then a project hired and then. the next one and the media has on their lap passing them . welcome back to the kaiser report imax keyser time out of santa dominic frisby comedian voice oh over artist gold bug bit coin enthusiastic author of a new book daylight robbery how tax shaped our past and will change our future welcome back dominic thanks very much max how you doing oh awesome so everyone in america knows that the income tax was introduced after the introduction of the
central bank are these 2 related if so can you explain a little bit yeah they are very much related to. the interest into income tax was introduced to us in america are 90 see america it's time rely almost entirely on carrots for its federal revenue and they want to define you as replacing tariffs is that of course a lot of tension between north and south because tension that resulted in mung of the things the american civil war and death so we wanted to find another means to its sort of strip men standing in the group to the income tax $913.00 it was introduced to quench how dramatically have cooled when american joined the 1st world who but even so most americans were paying ordinary americans weren't really paying income tax until the 2nd one who will 1942 and the revenue act of $942.00 grew income tax to every man and it was a famous song that was composed. and it was actually commission from i think
brilliant who tracked hate my income tax today to make american celebrate the joeys i think contacts in it contain the lariat i paid my income tax today a 1000 planes to lend that will be paid for and i chipped in and was ever there and clearly made a return tax and rules that particular so merry fascinating stuff so that the name of the book is called daylight robbery how tack shaped are passable. change our future so dominic france me as done a bit of a deep dive into tax and it's of some fascinating interesting stories here and several can several candidates on the democratic nomination are proposing a wealth tax on billionaires the fact is however that as the fed that turns billions to they can telling effect creating all these billionaires so should they target the fat instead should we get back this ill gotten wealth donek one of the
biggest tax the simple throughout history has being the stealth tax that is information that is the debasement of money and it's a tax that united max and railed against. milton friedman cooled it taxation without legislation and yeah they'd be as well to sort out their current serious they would to be taxing billionaires and do you know let me ask you a question you know where you get the expression daylight robbery from snow. we get it from we used to have a thing in the in the u.k. called window tax and in fact throughout europe where people were taxed on our window and this tax went on in the u.k. for 17180 years and when in peace finally debated whether this tax was a good or bad thing in parliament they cried out daylight robbery daylight robbery and that's because in order to avoid paying tax many people locked up their windows and this was no small sacrifice to cool see no snakes there was no electricity not
even gas and electric. lighting and we live with tallow candles and so the whole last day light and they lost the fresh air in many many incidences of d.c.s. in the industrial revolution much worse these cramped damp window mist weddings and that's where the expression daylight robbery derives from right i think also in london architecturally speaking there is only have that basement and there's a bit of a railing between the edifice and the straight as also tax related to crave a very distinctive look but it shows that tax policy has it as many of facts that are on unplanned and in many times detrimental and talking about taxes the yellow of us movement in france is at its heart a tax free vaults on petrol many including david graber also suggest that a tax revolt against the can tell in
a fact your thoughts on what's happening there without doubt it's a tax rebellion max every single rebellion revolt rising revolution into history has at its heart it's been a tax rebellion it's a rebellion against some kind of inequitable who taxation some kind of economic injustice created by the tax system most famously of course the american revolution no taxation without representation the french revenue. revolt against the decadence of the opera promises which were paid for by the peasants the russian revolution the english civil war most famously perhaps the most clearly was the not rush things and the most clearly the philippine revolution began with the cry of program and women who exhorted citizens to tear up their tax a typical it's been this thing you can go right back through history that you skate let's remember egypt they were trying to escape taxation and the ultimate form of
taxation is a cruel slavery where you lose all on the ship of your labor and tax hasn't just shakes the world in which you know taxes today don't just how money tend to consequence since throughout history they've had these are intended consequences to the point so wait you can actually all during the entire history of the entire history of civilization has been shaped by taxation as i said every revolution every wall responded by taxes but they're all sorts of bizarre. relations for example mary and joseph were only in bethlehem to pay taxes when jesus was poor man who cast a season on levy taxes mary and joseph would never be in that christianity would never even hold in the way that david's had these incredible effects on history the very 1st accidents were levied in ancient mesopotamia taxation is owed to
civilization itself the very 1st rate records we have on tax records. and because tax records tend to be the best preserved records of home for obese reasons and historians who often when they're trying to learn about a society they go to tax records and the way to tax on history has been incredible and that's why i wrote this book i'm trying to encourage people to look. through this prism of taxation when you do so much becomes clear why i things are as they are why things. if rolled in the way they did produce how things are going to be in the future the name of the book is daylight robbery and dominic frisby is the author and as we've discussed many times sometimes you look at an economic aspect to history and you find it's very elucidating in this case in tax policy now dominick you believe that the solution to all those daylight robbery is actually nevertheless a tax a land tax
a tax on land not labor why is there less robbery why is it better what does a look like tell us about this 1st and foremost max i'm a big believer in taxes at the moment roughly 50 percent of everything you if you're living in the developed over the course of your life will be taken from you in taxes we think we tend to think of a house as the most expensive purchase will ever make by far and away more expensive as you know from an extraordinary you know obviously in a straight society you are 100 percent nice. by somebody else and if you are going to a totalitarian society pretty much 100 percent of your late burn your produce you know profit is i mean the other extreme you look at some of the most liberated societies in history i'm a ready ever taxed 10 or 15 percent and this is a number to the ancient traditions of the colony and especially. because we have 10
fingers on our hand it's an easy it's an easy number to calculate but yes so i'm a big believer in taxes but i'm also really we should defend well today so it's sort of 50 percent somewhere in between those 2 extremes if you know you mentioned greece taxes were home and tree near matching boat tree taxation and then of course north korea already think you own everything you own and we sit in the middle so i'm a big believer that. we should be back towards the 50 percent mark somewhere around there the more liberates in the more inventive the more innovative societies in history will always allow taxable i say she but in addition i would tax rate. 50 percent of government revenue derives from income taxes of some parent or other and as a result the work is unfairly penalize now if you start out in line with nothing but one thing you have if you work but we catch the work constant and heavily on
the other hand we don't tax lax we hardly tax the land so so i would replace income tax or last portion of income taxes with a tax on the rent to find you of land in its unimproved state if you can prove land you built a house on it or a factory what you've built on the land should be used to create. some improved state you know if you are deriving if you are making a fortune from that the only reason it's going up is because of the needs of the community and not because of anything that you put in and so the idea is to stop some of that share now home problem was economically speaking was one of the most success. countries in the 2nd half of the 20th century went from shanty town shortly after world war 2 to futuristic city state in barely 2 generation now home program taxes a percentage of g.d.p. never exceeded 14 percent income taxes were only levy against the very rich and
instead they have only percent of government revenue came from land taxes so the most who is proven a mom who works in the left wing politicians in america maybe there's a switch from raising income tax on billionaires to introducing élan tax and that would pretty much do the same thing dominick well the left wing politicians any problem exists believe in much levels of greater government spending than i do and they want much more government intervention. economy i'm i don't buy that i believe that individuals making their own choices make much better decisions than governments and bureaucrats but nevertheless young human the left wing arguments in the case for land tax and that's an argument that i buy but i would tax and heavily as they proposed to i'd only tax land making 10 percent of its annual rent for buying something right now you know you're also looking at the global markets on a 4 x.
market on the dollar your thoughts on mark carney statement recently that the world needs an alternative to the u.s. dollar as a unit of account here mark carney your central bank over there at the bank of england saving lee breaking ranks with others and calling out the dollar can you give us some insight on that we've got about 20 seconds i day trust not carney and he any deficits what's required to the senate any given moment and so i mean yes the well it's probably going to get an alternative to the dollar eventually and in the long because it's the way independent money he's gotten out of all monetary system all right well you heard it from none other than dominic frisby the name of the book is daylight robbery how tax shaped our past and will change our future thanks for being on the kaiser report thanks very much that's a pleasure talking to you oh great yeah i can find it on amazon by the way it makes a great christmas gift you know if you like to get in touch with us tweet us a kaiser report until next time by you know.
thank. you much in the sports world is reeling off of the country was back on for a full years for a major international tournament and. the crowd put aside stores around the world how could this punish the whole country all the athletes no matter whether they dumped or not they should just punish those who were guilty of it. after 6 hours of talks in paris the leaders of russia ukraine france and germany agreed to implement a full steam spy in eastern ukraine by the end of the year. and a new feminist version of the classic tell snow white has released with a twist in the plot we debate the trend of updating classic characters to make the more diverse and inclusive. this is political correctness got there i said.