Keiser Report: Blackouts & Technical debt
In this episode of the Keiser Report, Max and Stacy discuss the honest words from Brad Sherman as he warns, yet again, that bitcoin threatens the fiat world controlled by the US dollar. They also discuss the US budget deficit and the stocks vs bonds puzzle. In the second half, Max chats to Joshua Scigala of Vaultoro about how the collapse of the MtGox bitcoin exchange inspired, so he and his brother created an exchange for gold to bitcoin and vice versa in order to #DropFiat. In the case of MtGox, the large fiat holdings held by the failed exchange were confiscated by liquidators, whereas gold is allocated, and thus safer for individual exchange customers in case of bankruptcy. Also: (Max Keiser) – Keiser Report: Cash-Burn Machines (E1458)
Max and Stacy discuss the ‘cash-burn machines’ of the ‘everything bubble’, as Wolf Richter calls them. These bonfires of cash have been gobbling up hundreds of billions of dollars in investor capital looking for greater fools to come along and throw some of their capital into money-losing enterprises like the so-called ‘tech unicorns’ and loss-generating fracking operations. Max continues his conversation with David Morgan of the Morgan Report about de-dollarization, the importance of clearing global trade through the NY Fed, and whether or not gold miners are finally back in a bull market.