[KR1488] Keiser Report: Capitalism Without Capital

In this episode of Keiser Report, Max and Stacy look at an article from John Authers which basically concurs with Max’s long held thesis that ‘you can’t have capitalism without capital.’ In Authers’ piece, he notes that 40% of the S&P500 are companies with negative tangible book value. In the second half, Max talks to Tone Vays of Unconfiscatable.com about his reservations about the bitcoin bull market, believing a big pullback is still in the cards before prices can aim for a new all-time high.

23 comments on “[KR1488] Keiser Report: Capitalism Without Capital
  1. ronron says:

    @Youri. wonder if Tone has a brother named Volume?

  2. Youri Carma says:

    @ronron

    One could say frequency (Tone) and has a brother amplitude (Volume) indeedy.

    Always first think “What the fuck he’s talking about?” but then I am usually able to figure it out later. Keeps my two brain cells in shape, that’s for sure. Brother from another mother. Sister from an other mister.

  3. Youri Carma says:

    @Stacy

    Sister from an other mister.

    Still can only come on via VPN. It’s not my computer because on my tablet I get the same message. So it’s somehow related to my IP address and that’s why I can approach you’re site via a VPN.

    What I did notice is this on both my computer and phablet.

    Generated by Wordfence at Wed, 15 Jan 2020 1:56:09 GMT.
    Your computer’s time: Wed, 15 Jan 2020 01:56:08 GMT.

    Clock is one sec in front of mine.

  4. Youri Carma says:

    Oh, but on my phablet the clock is one sec behind now … strange.

  5. Youri Carma says:

    OIL

    WTI Dips After Surprise Crude Build
    https://www.zerohedge.com/energy/wti-dips-after-surprise-crude-build

    “The broader energy market is likely falling back into its familiar range with WTI trading between $52 and $63” a barrel, analysts at Sevens Report Research wrote in their latest newsletter.

    Russia Bets Big On The World’s Least Explored Oil Frontier
    https://www.zerohedge.com/energy/russia-bets-big-worlds-least-explored-oil-frontier

    Aramco Supersizes IPO, Issues More Shares
    https://www.zerohedge.com/energy/aramco-supersizes-ipo-issues-more-shares

    NATURAL GAS

    Turkey Muscles-In On Israel-Greece-Cyprus EastMed Gas Pipeline Deal
    https://www.zerohedge.com/geopolitical/turkey-muscles-israel-greece-cyprus-eastmed-gas-pipeline-deal

  6. Youri Carma says:

    U.S.

    Shopping Mall Vacancies Hit Two-Decade High
    https://www.zerohedge.com/markets/shopping-mall-vacancies-hit-two-decade-high

    Three retail shops closed lately here in my village because of higher rent they had to pay among which one big toy store which boss I talked about that.

    Also read that some restaurants and cafe’s in Amsterdam are not doing so well. Looks like a slow burning fire for now but this could accelerate of course.

    They have to keep oil high one way or the other because Wall Street is depending on that. Maybe a lot of shale oil businesses are allready in trouble and that’s maybe why the billions in REPO had to go around. But that’s just my wild guess. Or ‘high octane speculation’ as Joseph Farrell likes to call it.

    US Consumer Prices Accelerate At Fastest Since Oct 2018
    https://www.zerohedge.com/personal-finance/us-consumer-prices-accelerate-fastest-oct-2018

    Hickman: A Recession Is More Likely Than You Think
    https://www.zerohedge.com/markets/hickman-recession-more-likely-you-think

    There are a few conclusions to this:

    – First, five recession indicators have signaled.

    – Second, there is nothing unusual in the timing that the recession hasn’t started yet.

    – Third, no matter which of the five indicators you use, a recession will likely begin in 2020 and the average center-point of the indicators is in March, just a little over two months away.

    Don’t confuse the Fed’s “on-hold” stance to have any more meaning than the hope that the consumer and labor market’s strength will continue. History suggests that this is not a good bet to make.

    JPM Smashes Expectations: Reports Most Profitable Year Ever Thanks To Massive 86% FICC Surge
    https://www.zerohedge.com/markets/jpm-smashes-expectations-reports-most-profitable-year-ever-thanks-massive-86-ficc-surge

    Wells Reports Dismal Q4 Earnings: Huge Earnings Miss, NIM Tumbles As Expenses Soar
    https://www.zerohedge.com/markets/wells-reports-dismal-q4-earnings-huge-earnings-miss-nim-tumbles-expenses-soar

  7. Youri Carma says:

    FED

    Fed Injects $82BN In Liquidity As Term Repo Is Most Oversubscribed In One Month
    https://www.zerohedge.com/markets/fed-injects-82bn-liquidity-term-repo-most-oversubscribed-one-month

    Repo Shrinkage Begins In February: That’s When Fed Cuts Each Term Repo By $5 Billion
    https://www.zerohedge.com/markets/repo-shrinkage-begins-february-thats-when-fed-cuts-each-term-repo-5-billion

    Fed Considering Lending Cash Directly To Hedge Funds In Next Repo Market Crisis
    https://www.zerohedge.com/markets/fed-considering-lending-cash-directly-hedge-funds-next-repo-market-crisis

    Reality Versus The Repo Delusion
    https://www.zerohedge.com/health/reality-versus-repo-lightening

    You Can’t Make This Up: NY Fed President Slams Bankers For Risk-Taking Behavior
    https://www.zerohedge.com/markets/you-cant-make-ny-fed-president-slams-bankers-risk-taking-behavior

  8. Youri Carma says:

    CRYPTOS

    Cryptos Are Surging: Bitcoin At 2-Month Highs After CME Options Start Trading
    https://www.zerohedge.com/crypto/cryptos-are-surging-bitcoin-2-month-highs-after-cme-options-start-trading

    MARKETS

    ‘Dr.Doom’ Exposes Financial Markets’ Iran Delusion
    https://www.zerohedge.com/geopolitical/drdoom-exposes-financial-markets-iran-delusion

    Whoever is in the White house the neocons will keep pushing for regime change in Iran. I think they will start bombing Iran at some point in time to create chaos in order to facilitate regime change.

    If ‘whoever is in the White house’ doesn’t cooperate they will stage false flags until everybody starts to scream “Bomb Iran!”

    The starting point of this won’t be accidental because they think they are smart they at least want the knife to cut on both sides and possibly on even more but one side definitely is the economy going into free fall.

    But the other way around is also possible, they start bombing and that trips the economy into free fall which otherwise would happen anyways but now on a point in time that they can control.

    TSLA & BYND Continue Short-Squeeze Melt-Up In Pre-Market
    https://www.zerohedge.com/markets/tsla-bynd-continue-short-squeeze-melt-pre-market

    wOw! Parabolic melt.

    “This Is Nuts!”, Part Deux
    https://www.zerohedge.com/markets/nuts-part-deux

    Instability Rising: Why 2020 Will Be Different
    https://www.zerohedge.com/markets/instability-rising-why-2020-will-be-different

  9. Youri Carma says:

    BOEING 737

    Boeing Mocked Lion Air “Idiots” For Requesting Extra Training For 737 MAX
    https://www.zerohedge.com/markets/boeing-refused-request-more-737-max-pilot-training-deadly-crash

    So they only got the crash course. Pun intended.

    30 Year Boeing Quality Manager Says “Fly Something Else”, Refuses To Fly On 787 Dreamliner
    https://www.zerohedge.com/technology/30-year-boeing-quality-manager-says-fly-something-else-refuses-fly-787-dreamliner

    MISC

    2020: The Lowest Solar Activity In Over 200 Years
    https://www.zerohedge.com/health/2020-lowest-solar-activity-over-200-years

    First Case Of SARS-Like Pneumonia Reported Outside China As Scientists Scramble To Develop New Test
    https://www.zerohedge.com/health/first-case-sars-pneumonia-reported-outside-china-scientists-scramble-develop-new-test

  10. Youri Carma says:

    FED

    The “Last Hurrah” For Central Bankers by Jim Rickards
    https://www.zerohedge.com/economics/last-hurrah-central-bankers

    Bernanke’s baaack!

    Bernanke gave a high-profile address to the American Economic Association at a meeting in San Diego on Jan. 4. In his address, Bernanke said the Fed has plenty of tools to fight a new recession.

    He included quantitative easing (QE), negative interest rates and forward guidance among the tools in the toolkit. He estimates that combined, they’re equal to three percentage points of additional rate cuts. But that’s nonsense.

    Here’s the actual record…

    That QE2 and QE3 did not stimulate the economy at all; this has been the weakest economic expansion in U.S. history. All QE did was create asset bubbles in stocks, bonds and real estate that have yet to deflate (if we’re lucky) or crash (if we’re not).

    Meanwhile, negative interest rates do not encourage people to spend as Bernanke expects. Instead, people save more to make up for what the bank is confiscating as “negative” interest. That hurts growth and pushes the Fed even further away from its inflation target.

    What about “forward guidance?”

    Forward guidance lacks credibility because the Fed’s forecast record is abysmal. I’ve counted at least 13 times when the Fed flip-flopped on policy because they couldn’t get the forecast right.

    Larry Summers said:

    [Bernanke] argued that monetary policy will be able to do it the next time. I think that’s pretty unlikely given that in recessions we usually cut interest rates by five percentage points and interest rates today are below 2%… I just don’t believe QE and that stuff is worth anything like another three percentage points.

    But if monetary policy isn’t the answer, what does Summers think the answer is? Fiscal policy.

    Summers said: “We’re going to have to rely on putting money in people’s pockets, on direct government spending.”

    The idea of direct government spending to stimulate the economy is gaining traction in official circles.

  11. Youri Carma says:

    Globalization – The Most Ancient And Ever-Failing Utopia
    https://www.zerohedge.com/geopolitical/globalization-most-ancient-and-ever-failing-utopia

    Today, nation-states still dominate the world stage.

    I think that’s a bit of a misconception because are all those multinationals and supra national organizations suddenly gone now and are companies back operating from their motherland? I think not but they are still the ones making the rules for, what from the outside looks like, independent nation states.

    Do you know who receives all the profits of your local shop or hotel. Try figuring that out and you will be surprised. A lot of that money won’t be staying in your country I can tell you.

    Multinationals don’t pay the same amount of tax that a national company does because they can choose which country supposedly is their motherland and as such are beyond the grasp of any national state. International ruling has done nothing about that and one must ask one selves, why not?

    The governments in (democratic or not) nation states are merely a facade from which behind globalists can conveniently operate in the shadows.

    The greatest trick the globalists ever pulled was convincing the world that globalism doesn’t exists or today, is on it’s retreat. Not by a long shot.

  12. Youri Carma says:

    SURPRISE! The US/China Trade Deal Is Not Looking So Good…
    Jan 14, 2020 Gregory Mannarino
    https://www.youtube.com/watch?v=RxV4iiQWfhc

    John Rubio on Stocks, Bonds, Commodities & Gold for 2020
    Jan 14, 2020 Jay Taylor Media
    https://www.youtube.com/watch?v=Qm1eGB1L3PA

    A Bank Declares There is No Bubble. Rick Ackerman
    Jan 14, 2020 talkdigitalnetwork
    https://www.youtube.com/watch?v=0yz7TP5BerE

    Jeff & Catherine Austin Fitts – To Save America, We Must Work From Bottom UP
    Jan 14, 2020 Jeff Rense
    https://www.youtube.com/watch?v=APZAaciiMfk

    Repo Madness Clown Show Far From Over: Fed Discusses Loaning Directly to Hedge Funds For Bailouts?
    Jan 14, 2020 WallStForMainSt
    https://www.youtube.com/watch?v=pOfCpqvzNew

  13. Youri Carma says:

    TRADE WARS

    Audience Cheers As Trump Signs ‘Phase 1’ China Trade Pact
    https://www.zerohedge.com/political/watch-live-trump-signs-landmark-phase-1-chinese-trade-pact

    “A Fragile Truce”: Here’s What’s In Trump’s “Big Beautiful Monster” Of A Trade Deal
    https://www.zerohedge.com/political/trump-strikes-fragile-truce-big-beautiful-monster-trade-deal

    Here Is The Full Text Of The “Phase One” US-China Trade Deal
    https://www.zerohedge.com/economics/here-full-text-phase-one-us-china-trade-deal

    Here Are The Biggest Winners & Losers From US-China Trade Deal
    https://www.zerohedge.com/markets/here-are-biggest-winners-losers-us-china-trade-deal

    Trump ‘Broke The Chinese Communist Party’ With Phase One Trade Deal: Bannon
    https://www.zerohedge.com/political/trump-broke-chinese-communist-party-phase-one-trade-deal-bannon

  14. Youri Carma says:

    Trump Administration Wants To Block More Sales To Huawei
    https://www.zerohedge.com/markets/trump-administration-wants-block-more-sales-huawei

    Trump is shifting trade war to Europe this year, large credit insurer predicts
    (Google trans from Dutch)
    https://translate.google.com/translate?sl=nl&tl=en&u=https%3A%2F%2Fwww.businessinsider.nl%2Fna-china-is-nu-europa-aan-de-beurt-voor-een-handelsoorlog-met-trump%2F

    China warns the Netherlands: if ASML does not supply chip machines to China, the trade relationship is at risk
    (Google trans from Dutch)
    https://translate.google.com/translate?sl=nl&tl=en&u=https%3A%2F%2Fwww.businessinsider.nl%2Fchina-waarschuwt-nederland-blokkade-export-asml%2F

    China immediately threatens Germany with sanctions if Huawei is excluded from 5G
    (Google trans from Dutch)
    https://translate.google.com/translate?sl=nl&tl=en&u=https%3A%2F%2Fwww.businessinsider.nl%2Fhuawei-5g-nederland-sancties-china-duitsland%2F

  15. Youri Carma says:

    U.S.

    Core Producer Price Inflation Tumbles To Weakest Since 2016
    https://www.zerohedge.com/economics/core-producer-price-inflation-tumbles-weakest-2016

    Beige Book Cites Even Worse Labor Shortages (But No Wage Increases), Some Tariff Costs Passed On To Consumers
    https://www.zerohedge.com/markets/beige-book-cites-even-worse-labor-shortages-no-wage-increases-some-tariff-costs-passed

    50 Million Americans Are Still Paying Down Debt From 2018 Holiday Shopping Season
    https://www.zerohedge.com/personal-finance/50-million-americans-are-still-paying-down-debt-2018-holiday-shopping-season

    The Zombification Of America – Over 40% Of Listed Companies Don’t Make Money
    https://www.zerohedge.com/markets/zombification-america-over-40-listed-companies-dont-make-money

    Debt Eruption Coming: Kudlow Says “Tax Cut 2.0” Will Be Unveiled Later This Year
    https://www.zerohedge.com/economics/debt-eruption-coming-kudlow-says-tax-cut-20-will-be-unveiled-later-year

  16. Youri Carma says:

    BONDS

    “Bonds Ain’t Buying It” – Trader Warns “A Lot Can Still Go Wrong” With China
    https://www.zerohedge.com/markets/bonds-aint-buying-it-trader-warns-lot-can-still-go-wrong-china

    FED

    Rickards Warns “Helicopter Money Is No Panacea”
    https://www.zerohedge.com/economics/rickards-warns-helicopter-money-no-panacea

    No Matter How Much Money The Fed Prints, We Still Can’t Afford Nice Things
    https://www.zerohedge.com/personal-finance/no-matter-how-much-money-fed-prints-we-still-cant-afford-nice-things

    He Knows You Know That They Know…
    https://www.zerohedge.com/markets/he-knows-you-know-they-know

    Yeah… But!
    https://www.zerohedge.com/markets/yeah

  17. Youri Carma says:

    OIL

    WTI Extends Losses After Massive Product Inventory Build, New Record Production
    https://www.zerohedge.com/energy/wti-extends-losses-after-massive-product-inventory-build-new-record-production

    NATURAL GAS

    Why U.S. LNG Can’t Win In Europe
    https://www.zerohedge.com/energy/why-us-lng-cant-win-europe

    EURO ZONE

    Germany Records Slowest Economic Growth In Six Years
    https://www.zerohedge.com/markets/germany-records-slowest-economic-growth-six-years

    Germany To Cut 400,000 Auto Jobs In Next Decade As Car Production Crashes
    https://www.zerohedge.com/markets/germany-cut-400000-auto-jobs-next-decade-car-production-crashes

  18. Youri Carma says:

    Lebanese protesters vandalize country’s central bank
    Jan 15, 2020 RT
    https://www.youtube.com/watch?v=tmZzLr9K9Jc

    Some woke peeps those Lebz.

    (MUST WATCH). Trump’s Phase 1 #FAKE Deal IS A TOTAL LOSS FOR AMERICA..
    Jan 15, 2020 Gregory Mannarino
    https://www.youtube.com/watch?v=nrcCr4jxDa4

    Cryptos Go Crazy!…but Riggers are READY with New Derivative Tools!!
    Jan 14, 2020 RoadtoRoota
    https://www.youtube.com/watch?v=Fb2DR_2khU0

    Jim Willie: The Federal Reserve Is Buying Everything In Sight (Part 1)
    Jan 6, 2020 Arcadia Economics
    https://www.youtube.com/watch?v=1Qc1nruDExc

    Jim Willie: The Real Story About Donald Trump, LBMA Rumblings (Part 2)
    Jan 8, 2020 Arcadia Economics
    https://www.youtube.com/watch?v=bE4WHjIaxtU

  19. Youri Carma says:

    Northam Declares State Of Emergency In Virginia Because “Armed Militia Groups Plan To Storm The Capitol”
    https://www.zerohedge.com/political/northam-declares-state-emergency-virginia-because-armed-militia-groups-plan-storm-capitol

    It’s something else being there than writing ‘heroic’ comments here so everybody should pray for them even if you’re not that religious because praying works, we’re all connected.

    An Introduction To ‘Q’
    https://www.zerohedge.com/political/introduction-q

    Q has asked us to pray. He’s quoted the famous Biblical lines of Ephesians 6:12, “For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of darkness of this world, against spiritual wickedness in high places.” We’re living through monumental times. It’s comforting that Q believes that if we work together, God wins.

    Having a lot of these kinda synchronicities lately.

  20. Youri Carma says:

    TRADE WARS

    Senate Passes USMCA Trade Deal 89-10
    https://www.zerohedge.com/political/senate-passes-usmca-trade-deal-89-10

    “Let’s Look What’s In The Trade Deal, And What Is Not”
    https://www.zerohedge.com/geopolitical/lets-look-whats-trade-deal-and-what-not

    OIL

    Norway Suffers Setback In Quest For Arctic Oil Discoveries
    https://www.zerohedge.com/energy/norway-suffers-setback-quest-arctic-oil-discoveries

    U.S.

    “Surprisingly Ugly” – US Freight Shipments Plunge At Fastest Rate Since 2009, Hit 2011 Levels
    https://www.zerohedge.com/economics/surprisingly-ugly-us-freight-shipments-plunge-fastest-rate-aince-2009-hit-2011-levels

    The New “Century Bond?”: Student Loan Maturities Stretched To 100 Years To Avoid Default
    https://www.zerohedge.com/markets/new-century-bond-student-loan-maturities-stretched-100-years-avoid-default

  21. Youri Carma says:

    FED

    The Fed “Just Let The Cat Out Of The Bag”, Admits Being Forced To Fuel Asset Bubble
    https://www.zerohedge.com/markets/fed-just-let-cat-out-bag-admits-being-forced-fuel-asset-bubble

    The Fed Won’t Avert The Next “Crisis”… They Will Cause It
    https://www.zerohedge.com/markets/fed-wont-avert-next-crisis-they-will-cause-it

    “Reckless” Fed-Liquidity-Driven Momo Meltup Is Creating “Dangerous Market Conditions”
    https://www.zerohedge.com/markets/reckless-fed-liquidity-driven-momo-meltup-creating-dangerous-market-conditions

    Fed To Cap How Many Bills It Buys As Part Of QE4
    https://www.zerohedge.com/markets/fed-cap-how-many-t-bills-it-buys-part-qe4

    More Money Creation Won’t Create More Economic Growth
    https://www.zerohedge.com/economics/more-money-creation-wont-create-more-economic-growth

  22. Youri Carma says:

    GOLD

    “We Are Being Overrun”: German Government Escalates Its War On Gold
    https://www.zerohedge.com/markets/we-are-being-overrun-german-government-escalates-its-war-gold

    “Everyone Is Extremely Long ‘Frothy’ Stocks”, World’s Biggest Hedge Fund Warns; Sees Gold Soaring As Dollar Loses Reserve Status
    https://www.zerohedge.com/markets/everyone-extremely-long-frothy-stocks-worlds-biggest-hedge-fund-warns-expects-gold-soar

    BONDS

    Japan Widens Lead Over China As Top Foreign Holder Of US Treasuries
    https://www.zerohedge.com/markets/japan-widens-lead-over-china-top-foreign-holder-us-treasuries

    CHINA

    China’s Largest Utility Company Warns “Growth To Decelerate Sharply Through 2024”
    https://www.zerohedge.com/markets/chinas-largest-utility-company-warns-growth-decelerate-sharply-through-2024

    EURO ZONE

    German Industry “Stuck In Recession,” No Signs Of Bottom, Warns BDI
    https://www.zerohedge.com/markets/german-industry-stuck-recession-no-signs-bottom-warns-bdi

  23. Youri Carma says:

    Keiser Report: What Came First, the Chicken or the Fed? (Ep 1489) with Craig Hemke

    https://www.youtube.com/watch?v=bF7rrSpB_wU

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