tv Keiser Report RT December 3, 2020 10:30am-11:01am EST
add in our. black rock lows a big people get into the space and then guggenheim's also has had now that they're starting to buy between so turkey has no cure for a gold craze that leaves the lira vulnerable turkey is trying to stabilize their currency which has been not plunging over the past few years and part of the problem is that while foreign investors are piling in and driving up then they are higher than had fallen domestic savers business people and stuff like that they're piling into gold because they're very familiar with gold they have a 3000 strong history year history with gold so that is kind of destabilized saying their local currency right well this is the game that central banks play with fear money and the gold market so the demand for gold is always there to some degree and the gold bullion banks on the central banks they play around with interest rates and they owe is get that 3 or 4 percent move up in gold which they
then scalp on an almost daily basis they come in and they dump huge short shells for should say short sells into the gold market and they scout the market continuously that's why gold prices been very sluggish it's moved up over the years but it's very sluggish compared to the amount of creation and debt creation but what happens if you lose faith in the central bank utterly like what's happening in turkey people are not going to be efficient playing these games anymore they're just going to go along goal and if the central bank of turkey collapses they're willing to accept that risk because number one their gold would skyrocket and number 2 they're ready for a change and the government there is not the levering the changes that people want so the way to passively resist against the government is to own gold or to own bitcoin so in gold yes as you mention in turkey very very familiar with gold much more so than big but the concept is the same globally people are now taking the same passive resistant approach to. to rogue central banks by plowing in to bitcoin
as a form of passive resistance that's see that globally now well you know i talk about this in depth in orange peel podcasts over the weekend on sundays and so we are able to explore it over 2 hours like these sort of issues but these are part of the cycles that are queer are colliding all over the world the 4th turning you see you know it basically america's on track it sinked up with the rest of the world so we have these generational shift that are happening we also have these huge like century geo political cycles happening so i think it's just there's a common the common thing is people sense that this is all falling apart they sense that collapse of a big power that happens in nature as well if you know the lion is starting to weaken a little bit the group can sense it 1st they know when they're you know when when the big power is declining and i think you see that but you know preston pish who
we've spoken to before and here he's a great macro economy economist but he also talks a lot about decline and in reference of this bloomberg piece about gold he says and now as to the real story bloomberg. up 218 percent and there are while gold is up 66 percent gold performance in turkey relative to big down 69 percent on the annual basis the turks are wed really tight to gold that's something in that culture for a very long time much more so than in america for example so you know what however once they start to also shift into bitcoin then you could see a stampede there their imports on gold into turkey were massive like it's over $22000000000.00 so far so you know it's soaring there so once they start importing big coin you know we're going to see this in all countries. just turkey we're not
picking on turkey but it's going to happen to all countries maybe the united states might happen last but it will happen here right won't we know for a fact that j.p. morgan just played a $1000000000.00 fine for manipulating the gold market yes this is something we've been reporting on for 10 years that they were manipulating and breaking the law and manipulating the gold market they finally paid a fine to that effect so the recent weakness in gold in the past week or so this is the folks like j.p. morgan and others flooding the market with paper claims on gold sell orders for gold that doesn't exist that's been documented to be true because they desperately don't want people to get ahead of their ability to manipulate the global economy using interest rates and central banks by buying gold but what big coin is is he can't do manipulate because in this way because 1st of all there is no paper market . like there is in the gold market and even if one develops which is highly unlikely given the amount of catching up bitcoin has to do to catch up to gold we
won't see really the riveters market in bitcoin to the extent of gold until because it gets to 4 or $500000.00 per bitcoin but even so the ability for private key holders to pull the rug out from any derivatives ponzi scheme is real and any derivatives trader knows that and they're not willing to go make a risk on betting on manipulation of bitcoin like they will with gold because they know in the case of gold the amount of fake so waters is virtually infinite and re hypothecation particularly in the city of london is in fact by definition infinite so this is why because it is the ultimate passive resistance that is the ultimate such a bank killer right well also in the pages of bloomberg this past week was niall ferguson who mentioned as well he discussed between and said that this is the
future right and he said yes as a hedge against inflation but also about sovereignty and issue of sovereignty so this is going to be really important in these this sort of collision of all these cycles happening is that individual sovereignty will become very important as. the geopolitics might get a little bit let's call it funky right like it might get a little bit more difficult and i think the big point is unique with that is that it's very difficult to cross any border from turkey with that 2 and a half kilo bar of you know of gold it's east and out you get noticed well let me make this recommendation to countries around the world as this idea of a global reset is being talked about by the i.m.f. they will there will be. sit down with the g. 20 nations or cheese 7 nations and they will do a bretton woods like reset of the global economy and they're going to do it based
in large part on gold and gold ownership but i would say this to turkey and to every other current country that's thinking about this when you sit down to the reset table with christine what are you have as much because in your back pocket as possible to give you leverage otherwise you're going to get creamed they're going to walk away from the table massively under happy max is still in a pre christine legarde to the e.c.b. she said the e.c.b. concerning the i.m.f. . i don't even know we don't like who pays attention anymore right you have big point you don't need to pay attention let me revise this to when you sit down at the table for the global reset the new print noise with whoever is running the i.m.f. . if you don't have any bit coy in your back pocket you're going to be miserable because that's the only stick you have to leverage that's right i mean i think gold will play a part in that as well so there is that gold will play
a part in the new brand was but it's coming and it's coming soon and 2021 is the 50th anniversary of an all fee out world so i think it's important i saw a great tweet along the lines i forget who it was probably dan held and he said that you know the dollar is 49 years old the global reserve dollar standard that's 49 years old it's still an experiment people acts like oh between us experimental and yes it is but it's survived 11 years and it gets harder and harder whereas the u.s. dollar gets softer and softer since its 49 years so you know like 49 years ago 4748 years ago or is 46 years ago 45 years ago you know in that sort of time here you could have a paul volcker who could raise interest rates to 20 percent because the. well i was still hard and the economy here therefore was still made of industrial production
and wealth creation now 50 years later as of next year we're soft we have no more productive capacity we have no industrial capacity and so it we can even raise interest rates of on one for is that an excellent point i mean the hardness of the dollars reach jello like consistency and it's just not hard at all it's. you know hammering some jello to the wall like that's the u.s. dollar that's everybody that's the great reset as well like they're trying to peg all these currencies and try to stabilize this global monetary system and yet gold has been around for 5000 years unlike the dollar which is only $49.00 almost 50 years old the gold has how that's value for 5000 years bitcoin is an experiment that is looks like it's displacing gold and could eat some of its lunch however i don't think it will you know gold is not going the way of the dollar that's for
sure not not at all but if you want to leverage at the very recent negotiating table the more because you have the more leverage are going to have that some say well speaking of leverage this is the final bit on this story the reuters analysis of this this turkey has no cure for a gold craze and what they're saying is that turkish lira stuck between bullish foreigners and bearish locals turkey's lira is caught in a tug of war between foreign investors who cheered a big rate rise on the government reform promises and locals who remain cautious and are stocking up on golden dollars the lira soward some 12 percent after erdogan replaced the central bank's chief and finance minister in a shock overhaul earlier this month when the following week foreigner snapped up $5000000000.00 in turkish assets but then slid back 5 percent this week as turks a local company stepped up to buy $2500000000.00 and hard currencies that was see. as a discount so you're going to see this sort of tug of war as the great reset as the 4th turning happens as all these sort of shifts and cycles happen and they're
they're going global because we're so hyper globalize and it's such a just in time social media connected algorithmic driven world that these sort of things could have huge knock on effects whereas you know this sort of action would have taken months just 50 years ago the start of the dollar standard right the turkish players much more volatile than because. their turkish lira may not my experience of death rattle you know pop up a bit here and there but like all theocracies a setting for the fad currency graveyard currencies get softer coin and gold get harder you know that's the point of this it doesn't matter what current the currency it is at this point once once the trust is gone once to face and that currency and the system is gone it's hard to force it back like there's no paul volcker to come to the rescue of the central bank system speaking of taking a break we're going to take a break and when we come back lots more coming your way.
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back to the casa report imax guys are trying to go to michael pena pepto port dot com michael welcome back to the kaiser report so it's great to be on one of the most brilliant minds on wall street congratulations for making executive global magazine's front cover and i was on the front cover once but they never said that i was one of those troops well while i thought i thank i have to pick why for this the you know it's a chance we'll get to that a moment 1st of all i want to pick your brain on some bigger topics there so you know and i know that the world's been printing money out of hand all the central banks are deeply in debt and now the i.m.f.
is demanding a new bretton woods now what does this mean michael what can we anticipate we're going to have to tie theaters he says something i believe it'll be gold i'm sure you believe it will be some kind of cryptic currency but the idea that our central bank the central bank that belongs to the world's reserve currency. could one time in their lives spend print $85000000000.00 a month and we thought that was off the wall now they're printing a $120000000000.00 their challenge sitting on her in 20000000000 dollars of each and every month. it is absurd so great that the thinner central banks and some fashion i've already lived in the late one each of gold it you who probably say bitcoin well there's one thing we can do the children families are that's shorter to originally in 1913 to be an emergency lender of last resort and then more earth and evolve into an organization that is now supporting really state stocks trade
yuri's. ensure a pandemic and now is even going to be charged with ending racism so we need to fetter the central bank for sure frei because a sam's like the central bank has become this all knowing deity and people are going as you point out they want the central bank to fix racism they want the central bank to fix climate change they want the central bank to affect inequality and this has become a cult over there more so than at any time and. you know gold certainly would be the one of the top beneficiaries of this money rampant money printing goal seems to be kind of stuck in a rut at the moment just pull back before a bigger move what's happening the fact is that gold is real genuine money and it trades at such so what is real money done doesn't like real money that doesn't pay
a yield doesn't like rising real interest rates and this would still go in fact i want to record talking about a vaccine deadzone that would occur sometime towards the end of the year and i sold my miners and i sold 'd almost all michael now and we have 5 percent position in gold or you know after making a good return on it earlier this year. the fact is that your rising religious rates don't do not bode well for a silver and especially good because it's real money bitcoin on the other hand is not money in my opinion it's a commodity it's raised like a commodity it has the volatility aspects of the commodity and it's reacting on the same. 'd functionality as cowperwood or 'd you see was happening in corner cocoa or 'd you can you know some other commodities. it is acting as a store of value and a hedge against the reshaping currency appreciating dollar much more than gold
would because as i said gold is money if your money is competing with the art and the art is getting a higher interest rate then goals going to go down that's exactly what's he saying because he's acting like a store of value that same to be the prevailing wisdom because when he talked to people like the folks at j.p. morgan blackrock potter jones now stan truckin miller you know they they've all started take a position they've got in the case stan druckenmiller he's got a call physician now he's got a pick point possession so the institutional money same sarette the guys because it's value as a store of value and they are talking about inflation and how to cut and paul tudor jones us words because it would be the fastest horse in the race so. you know if rates are rising now that doesn't sound inflationary to me. you know what what's
your take on this if interest rates are rising it doesn't sound inflationary here yeah cause it supports the dollar and then a rising dollar would be would be deflationary not inflationary well if you look what happened in the seventy's and mean you know interest rates tend to rise commensurate with inflation ok so this is this is not my is that we have been dry history of who was the interest rate on zimbabwe. you know look was happening in turkey so you know is there a sense arise of the it with rising inflation and real interest rates or the death mill for gold you know i don't like to be you know i would like to be someone who espouses a bit coin and protect her and she's in general i certainly missed this this is the 1st initial wave and i missed this next wave which could be a double cup i'm not sure if it is or isn't yet time. but i will play. as i have to understand from your sherry i have to understand what i own from my clients and i
don't understand why big coin has a value per unit close to june 25th aus in dollars i just can't understand why that is i do understand why gold would be $16.00 to $18.00 to $2.00 down around that there are price because it takes about $1200.00 to pull all of energy and capital coal or ounce of gold from the ground. if it takes 5 or $6000.00 of energy or the energy to create a big unit then shouldn't it be closer to $10000.00 or $12000.00 not $26.00 very hard. 'd you know what i find it very hard to justify the price of a point where it is right now and also one of the characteristics of real money is that it's indestructible and then it's limited in supply so god only you know the certain amount of stardust had exploded and treated a you and put it in the ground it's very hard to mine an ounce of gold there in the
ground there are thousands upon thousands of cryptic currencies which all perform their commodities that all perform the same basic function they can move a coin in your private key which matches up with a public a who is your coin along the block chain and the block change transaction is immutable and it's essential ised and it's anonymous as far as i know all the currencies perform pretty much that same primary function. is in my mind this is not limited in supply it itself forks are splits like and much more often so i don't understand what makes it so valuable because you can create new pretty current g.'s at will takes just a matter of hours and they don't loop everything existing unit of big romantic curves right and none of them have gained any market share at all of the market of
the others don't even equal 2 percent of because it's market and terms of the competition all resources that go into decline but i mean i wanted to get your thoughts on how going forward this is going to play out because if in fact these major banks and money managers decide that they love big quine an. they suddenly have an confiscated ball because and here's a funny thing with michael saylor over at micro strategy they had a choice they can either buy back their own stock and enhance their earnings that way and then that with that they are banking on the continuation of the cheap money at the fed that's what i that's what that program is all about for all these companies but his view is that inflation's you know going to become is really here for real and these bank stock buyback schemes are going to collapse like i.b.m.
bought back 130000000000 in stock to stocks 110000000000 right it's diminishing returns so you know the scenario is this one of these companies just decide on mass that they're going to put trillions of dollars in a big point and it's completely off it's it's on confiscated will the government can't do anything about it they can't get it they can effect of lee secede from the banking system and the banking system therefore could face a somewhat existential threat in this regard and as a fiduciary and a year your money manager do you feel that this is when you're looking at stocks and you're doing stock picks by the way micro strategy stock is up 100 percent since they bought the coin when you when you do your for do your due diligence is this a factor that you would weigh in to year yeah i know you have a very involved screening process for your for your picks your stock picks do you at some point include what's happening on the edges of these markets now with this
the stis move into because i'm not as sure and max because. the 1st question to me which operates big when i have to do more research understand what chip rates between the rest of the credit card sees what makes it unique stand well there is some utility to some extent because he's well in very sympathetic before you really it may have about one understand that trip to currency or. i'm very empathetic to what they're trying to create i mean they're actually it's a revolution against free on turn cheese and i completely agree with that and by the way if you look at some of the utility it especially with bitcoin is a jury hyperinflationary economy is when you just have to get your mom money out of a certain country and that country's currency because we're very well so maybe it's for sharing what's going on with our federal reserve system again we're talking about a $120000000000.00 of of money every month right there every night my question but to follow up on my question
a lot of it so i understand your your your view is what it is but i'm what i'm saying is the market is down coming together in an interesting way where huge corporations are dedicated portions of their balance sheet cast to this new asset because so i'm just saying as a fiduciary when you're so screening stocks and picking stocks it's a line item on your analysis at some point it's gotten that big i mean when we 1st start talking about it it wasn't as big as it is today but it's quickly becoming the go to asset for for potentially trillions of dollars around the world doesn't that become something you have to factor into your analysis whether you like it or not you still have to put it into your analytical framework. well you know i'm a fan like i said i deem big coin as a commodity and as a new sherry isn't not something i have to go so. i don't own cobalt i don't have to own you know tools i don't have to own anything i have to where i have to do is
put my clients' interests before my own but your companies or you invest in own pick for example companies i don't micro strategy now it's in pension funds all over the world and you might be an investor in one of these companies therefore you would be fit responsible to know that and we've got about 60 seconds left so my point is that even though your view on whatever it is the market is such that as a fiduciary you have an obligation to a let's say refresh your due diligence so that it's more current to prevailing circumstances and i would i would recommend michael saylor stocks because he talks on your level you guys you know you should really get into what he said hey michael i'm always willing to learn new things and i'm always willing to admit if i have been wrong so yes i will do some even more due diligence just review very good michael thanks so much for being on the kaiser report. well.
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