Blog Archives

‘Hands up, don’t shoot!’ – Hong Kong

[KR659] Keiser Report: Black Hole of Debt

We discuss the supermassive black hole of debt at the center of the UK economy from which nothing escapes: Wealth, jobs, hope are all sucked in and still the hole grows. In the second half, Max interviews Ben Dyson of about the UK deficit and mounting debt and about the monetary ignorance of most Members of Parliament.

[KR658] Keiser Report: Devastating Drive-by Doctoring

We discuss the trend of drive by doctoring devastating the net worth of comatose and vulnerable patients. Meanwhile, Canadian television is warning citizens to avoid driving in the USA because “on an American roadway with a full wallet, in the eyes of thousands of cash-hungry cops you’re a rolling ATM.” In the second half, Max interviews Steve Beauregard of The interview was completed before PayPal announced its deal with the company, but they discuss the platform which enables the use of altcoins for payments.

When a surge isn’t a surge

Stacy Summary: I do appreciate a little context.

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[KR657] Keiser Report: Price Propaganda

We discuss the price propaganda of markets that convinces voters and investors to vote and bet against their own self-interest. Meanwhile, banking crooks seldom pay their high-profile fines and French farmers have just set the tax office on fire in protest at sanctions driving down the price of their goods. In the second half, Max interviews Mitch Feierstein of about the latest in ponzi economics: average weekly earnings, median household income, house prices and Alibaba’s valuation.

More Ukraine fallout: Shares in Austrian bank Raiffeisen plunge

Stacy Summary: A few days ago, it was French farmers torching tax offices in protest at falling prices for their produce caused by sanctions on Russia. Now this . . .

To be honest, I can’t believe we haven’t seen more problems in Austrian banks before now.

Subscription Keiser: Accounting Fraud at Tesco

Stacy Summary: As per the headlines below, the world’s second largest retailer, Tesco, has admitted that they have cooked the books by at least £250 million. The information has emerged ...

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Tesco: an “accelerated recognition of commercial income & delayed accrual of costs” – aka ‘accounting fraud’

Stacy Summary: Tesco got caught doing what every government and nearly every individual does to delude themselves that all is getting better: “there was an “accelerated recognition of commercial income and delayed accrual of costs.” If wishes were knishes, we’d all have fat profits at no cost at all.

Tesco suspends four senior staff, as £250m misaccounting scandal sends shares sliding


Analysts continue to express shock over the latest problems at Tesco.

Crawford Spence, a professor of accounting at Warwick Business School, reckons Tesco’s management succumbed to temptation to play around with its numbers to cover up the full impact of falling sales.

Spence added that Tesco will probably be fined, but may avoid a court appearance over the issue.

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Stacy Summary: The Isle of Man CryptoValley Summit was actually quite interesting. While nothing will compare to the first bitcoin conferences which were filled with anarchists, hackers and other free-spirited ...

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French Vegetable Farmers Burn Down Tax Office Because Sanctions on Russia Have Caused Falling Prices

French Vegetable Farmers Burn Down Tax Office After Sanctions on Russia Drive Prices Down


The farmers in Morlaix are upset because of falling prices on their products after Russian embargos on European foods shrunk their export market.

[KR656] Fear-mongered Scottish NO voters

We discuss the United Kingdom waking up to a new motto: “IT’S NOT WORTH THE RISK,” following the outcome of the Scottish independence referendum. We also look at the breakdown on who voted for independence (the under 54’s) and who didn’t back independence (the over 55’s) so as the taxpayer owned Royal Bank of Scotland said of the result, “It’s business as usual.” In the second half, Max interviews an investor, who unlike 55% of the population of Scotland, truly has no fear about taking risks, Brock Pierce. Max and Brock discuss bitcoin as the internet 2.0 and what the future holds for the technology.


Stacy Summary: Doom in the silver market if you were hoping to swap your silver for fiat.

Screen Shot 2014-09-19 at 22.06.06

In the paper silver market, ETF buyers have been accumulating silver while dumping gold; in fact the demand for silver to gold ratio is at its highest ever:


The CHART OF THE DAY shows shares outstanding for the biggest U.S. silver ETF surpassing those for the nation’s largest gold fund by the most since 2006, when the iShares Silver Trust was created. Retail buyers are sticking with silver even as prices fell 4.4 percent this year, the most of any precious metal. Gold’s 2 percent gain wasn’t enough to halt declines in selling, and assets in the SPDR Gold Trust are set for a second annual loss. — Bloomberg

And here is the silver supply of the silver ETFs going back to 2006.

Screen Shot 2014-09-19 at 22.43.03

I guess the hedgies are selling. Most of the selling is happening in New York where the paper is traded; they’d get a much higher price in China or India if they had physical and cared about fiat profit.

In other news:

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