In this final episode of Keiser Report from Los Angeles, Max and Stacy discuss the ongoing pandemic and the financial turmoil which has followed. As markets dive, then soar, then dive again, some areas of the world – like Lebanon – are experiencing defaults and banking crises. While Lebanon’s banks have limited withdrawals, some people are turning to bitcoin as a way to transfer their wealth out of the collapsing banking system.
In the second half, Stacy interviews Max about the subreddit r/WallStreetBets, which claimed to be able to guarantee big stock market earnings by buying options and forcing the market maker to buy the underlying stock as a hedge, thus driving prices higher. As a former options trader and also an inventor of virtual specialist technology, Max doubts they had any impact and believes this was just the same old boiler room-style scam that has been tried many times over the generations. Furthermore, these ‘4chans with Bloomberg terminals’ are obviously getting crushed, like everyone else, by the crashing stock markets. Nobody can predict markets.
