1 00:00:01,400 --> 00:00:03,640 Speaker 1: I'll get a team Craig again here, Stiffany and Cook 2 00:00:03,640 --> 00:00:06,320 Speaker 1: and David, Brian, Kevin, Patrick Gillespie up there in the 3 00:00:06,320 --> 00:00:09,200 Speaker 1: bloody Sunshine State with zinc all over him. He's just 4 00:00:09,200 --> 00:00:11,159 Speaker 1: got out of the pool. He's left his missus in 5 00:00:11,200 --> 00:00:17,240 Speaker 1: the bloody in the jacuzzi. She's just looking after herself 6 00:00:17,280 --> 00:00:21,200 Speaker 1: there at Tip High. I don't know what. Do you know? 7 00:00:21,239 --> 00:00:23,000 Speaker 2: What I had in my head a banana lounge, but 8 00:00:23,000 --> 00:00:26,760 Speaker 2: I couldn't think of the fucking name for it. You know, 9 00:00:27,240 --> 00:00:29,680 Speaker 2: it's like my mouth and my brain, they're just in 10 00:00:29,760 --> 00:00:33,400 Speaker 2: two different locate. Well that literally, but also they weren't 11 00:00:33,440 --> 00:00:35,240 Speaker 2: SYNCD for that short moment. 12 00:00:35,560 --> 00:00:38,720 Speaker 3: And not in any way related to reality. 13 00:00:39,200 --> 00:00:41,120 Speaker 1: That is true. That is true. But you do live 14 00:00:41,120 --> 00:00:43,159 Speaker 1: in the sun Sunshine State. How are you to? 15 00:00:43,640 --> 00:00:46,640 Speaker 3: Yeah? Good, I'm at the beach today, but it's not 16 00:00:46,720 --> 00:00:49,320 Speaker 3: much fun because it's raining. Are you? 17 00:00:49,720 --> 00:00:53,559 Speaker 1: Are you without giving our way? You know stage secrets? 18 00:00:53,800 --> 00:00:56,440 Speaker 1: Are you holidaying at the beach for a while or 19 00:00:56,440 --> 00:00:58,320 Speaker 1: have you just gone to the beach today? 20 00:01:00,320 --> 00:01:04,000 Speaker 3: I no, No, just holidaying for the Christmas New Year's break. 21 00:01:05,240 --> 00:01:08,240 Speaker 1: Could you imagine him holidaying tiflate? What do you think 22 00:01:08,280 --> 00:01:16,880 Speaker 1: he's doing when he's just kicking back research. Yeah, I can't. 23 00:01:17,560 --> 00:01:19,560 Speaker 1: I'm a little bit like that though. It's like when 24 00:01:19,600 --> 00:01:21,680 Speaker 1: people go, what are you wouldn't you just love to 25 00:01:21,720 --> 00:01:24,399 Speaker 1: lie by a pool and do nothing? I go, nah, 26 00:01:24,680 --> 00:01:27,839 Speaker 1: not at all. I'd like to swim in that pool 27 00:01:27,920 --> 00:01:30,560 Speaker 1: or swim in the water and then dry off and 28 00:01:30,600 --> 00:01:34,160 Speaker 1: then do something. But just lying around that doesn't do. 29 00:01:34,120 --> 00:01:36,760 Speaker 3: It for me. It works for about a minute for me. 30 00:01:38,240 --> 00:01:40,840 Speaker 1: I think I think all three of us. Have you 31 00:01:40,880 --> 00:01:41,959 Speaker 1: ever been a sun baker? 32 00:01:42,720 --> 00:01:45,280 Speaker 3: Oh, back in the day when I was in tazzy 33 00:01:45,680 --> 00:01:48,000 Speaker 3: hasty is anything. That's why I'll be in all sorts 34 00:01:48,080 --> 00:01:48,720 Speaker 3: with my skin. 35 00:01:49,920 --> 00:01:53,720 Speaker 1: I feel like sun baking and tazzy are not kind 36 00:01:53,760 --> 00:01:55,680 Speaker 1: of in the same sense. 37 00:01:55,920 --> 00:01:59,560 Speaker 3: Well probably probably really necessary actually to keep your vitamin 38 00:01:59,640 --> 00:01:59,960 Speaker 3: d up. 39 00:02:00,920 --> 00:02:05,280 Speaker 1: I was starting from a severe deficit too. You would 40 00:02:05,280 --> 00:02:10,080 Speaker 1: have been now, gillespo we yesterday we got together and 41 00:02:10,360 --> 00:02:12,320 Speaker 1: we were going to chat about an article you wrote 42 00:02:12,360 --> 00:02:15,239 Speaker 1: which was called Beyond the Budget, The Hidden Truth about Money. 43 00:02:15,240 --> 00:02:19,080 Speaker 1: But Tiff steered us off the beaten track, as she 44 00:02:19,120 --> 00:02:23,480 Speaker 1: always does. The conversation she left let us into the 45 00:02:23,520 --> 00:02:30,560 Speaker 1: conversational wilderness, and as she does. But I'm here to 46 00:02:30,560 --> 00:02:32,600 Speaker 1: get us back on the path today, so we can 47 00:02:32,639 --> 00:02:36,560 Speaker 1: actually have the conversation that we intended to while I 48 00:02:36,680 --> 00:02:40,280 Speaker 1: intended to yesterday. So you wrote, you wrote a post. 49 00:02:40,320 --> 00:02:44,480 Speaker 1: Now don't forget to follow David's on LinkedIn and don't 50 00:02:44,480 --> 00:02:48,040 Speaker 1: follow him like literally that's creepy, but virtually you can 51 00:02:48,080 --> 00:02:51,239 Speaker 1: follow him. And it starts with this. Ever, wonder why 52 00:02:51,280 --> 00:02:54,240 Speaker 1: governments can always find money to buy submarines or bail 53 00:02:54,320 --> 00:03:00,760 Speaker 1: out banks but struggle to fund social programs. I haven't wondered. 54 00:03:00,800 --> 00:03:03,080 Speaker 1: How come there seems to be an endless supply of 55 00:03:03,160 --> 00:03:05,960 Speaker 1: money for certain things? What can you tell us? 56 00:03:07,080 --> 00:03:09,720 Speaker 3: Okay, so what we're going to talk about today is 57 00:03:09,760 --> 00:03:12,560 Speaker 3: something that I mean, you might have heard referred to 58 00:03:12,600 --> 00:03:19,600 Speaker 3: by its initials MMT or maybe even modern monetary theory, 59 00:03:19,720 --> 00:03:21,079 Speaker 3: or you may not have heard of it at all. 60 00:03:21,760 --> 00:03:25,640 Speaker 3: But it's something that's been around, probably now for the 61 00:03:25,680 --> 00:03:28,679 Speaker 3: better part of fifty years, and has become popular in 62 00:03:28,720 --> 00:03:32,519 Speaker 3: the last probably twenty years, as more and more economists 63 00:03:32,680 --> 00:03:37,320 Speaker 3: have piled into the argument. Now, normally when you start 64 00:03:37,360 --> 00:03:40,080 Speaker 3: talking about this kind of stuff, most people's eyes glaze over. 65 00:03:40,920 --> 00:03:42,800 Speaker 3: I don't want to know about economics. I certainly don't 66 00:03:42,880 --> 00:03:45,240 Speaker 3: know about currency or any of that sort of stuff. 67 00:03:45,760 --> 00:03:49,840 Speaker 3: But it's an interesting theory because it kind of blows 68 00:03:49,840 --> 00:03:54,120 Speaker 3: apart everything you've ever been told about how the national 69 00:03:54,160 --> 00:03:59,000 Speaker 3: budget works or how we pay for things. And I 70 00:03:59,080 --> 00:04:02,160 Speaker 3: think the easiest way to think about it is to 71 00:04:02,200 --> 00:04:06,040 Speaker 3: bring it back to your household. So if you imagine 72 00:04:06,040 --> 00:04:08,520 Speaker 3: that you, you know, you run a household, and say 73 00:04:08,520 --> 00:04:12,119 Speaker 3: you've got some kids and you want to motivate them 74 00:04:12,160 --> 00:04:16,200 Speaker 3: to do things in the household, then you might create 75 00:04:16,480 --> 00:04:20,680 Speaker 3: a currency, which in the article I call chore bucks, 76 00:04:20,839 --> 00:04:23,880 Speaker 3: you know, and that might be your business card that 77 00:04:23,920 --> 00:04:27,600 Speaker 3: you you get hundreds of them printed, and then you 78 00:04:27,680 --> 00:04:31,120 Speaker 3: might hand out, you know, five of them for mowing 79 00:04:31,120 --> 00:04:33,360 Speaker 3: the lawn and two of them for doing the washing 80 00:04:33,440 --> 00:04:36,400 Speaker 3: up and stuff like that. And you'd say to yourself, Okay, 81 00:04:36,400 --> 00:04:37,960 Speaker 3: well that's all very well and good, but why on 82 00:04:38,040 --> 00:04:40,400 Speaker 3: earth would the kids bother with that? They don't want 83 00:04:40,400 --> 00:04:44,320 Speaker 3: five of your business cards. But if you said, okay, 84 00:04:44,360 --> 00:04:47,280 Speaker 3: the only way you continue to live here is if 85 00:04:47,279 --> 00:04:50,159 Speaker 3: you pay me rent, And the only currency I will 86 00:04:50,200 --> 00:04:55,880 Speaker 3: accept for rent is my chore bucks. And if you 87 00:04:55,920 --> 00:04:58,400 Speaker 3: are the only supplier of the chore bucks, and the 88 00:04:58,440 --> 00:05:01,279 Speaker 3: only way to get them is to do stuff around 89 00:05:01,320 --> 00:05:04,800 Speaker 3: the home, then that starts to be a pretty effective 90 00:05:04,839 --> 00:05:09,479 Speaker 3: mechanism for getting stuff done around the home, in that 91 00:05:10,320 --> 00:05:14,080 Speaker 3: they have to earn chore bucks in order to continue 92 00:05:14,120 --> 00:05:14,640 Speaker 3: living there. 93 00:05:15,320 --> 00:05:18,960 Speaker 1: Now, now we know how the Gillespie household works, Tiff. 94 00:05:20,120 --> 00:05:24,400 Speaker 1: He's proposing this as some kind of metaphor or theorem. 95 00:05:25,720 --> 00:05:26,719 Speaker 3: Is describing it. 96 00:05:27,720 --> 00:05:34,080 Speaker 1: This is actually the Gillespie home one one. 97 00:05:34,279 --> 00:05:39,320 Speaker 3: So that within your own household, you've effectively invented a currency, 98 00:05:40,080 --> 00:05:43,320 Speaker 3: the chore bucks currency, and it has value not because 99 00:05:43,360 --> 00:05:45,839 Speaker 3: of its intrinsic value. I mean, you can't be exchanged 100 00:05:45,880 --> 00:05:49,320 Speaker 3: for gold or anything, but because you need it to 101 00:05:49,400 --> 00:05:54,440 Speaker 3: pay for something that you value. So and in doing that, 102 00:05:54,839 --> 00:05:58,440 Speaker 3: what you've also done is imitate exactly what happens at 103 00:05:58,440 --> 00:06:03,200 Speaker 3: a national level or any country that creates its own currency. 104 00:06:04,040 --> 00:06:11,320 Speaker 3: So Australia can create Australian dollars whenever it likes. And 105 00:06:11,360 --> 00:06:14,200 Speaker 3: how what's the equivalent of making you pay your rent? Well, 106 00:06:14,200 --> 00:06:17,320 Speaker 3: it's called tax. The only way you can pay tax 107 00:06:17,360 --> 00:06:20,600 Speaker 3: in Australia is in Australian dollars. The only way you're 108 00:06:20,640 --> 00:06:22,719 Speaker 3: going to have Australian dollars to pay tax is to 109 00:06:22,760 --> 00:06:27,880 Speaker 3: do something to earn Australian dollars and so you might think, oh, yeah, 110 00:06:27,880 --> 00:06:30,040 Speaker 3: but the whole economy is much more complicated than that. 111 00:06:30,080 --> 00:06:31,719 Speaker 3: But at the end of the day, it really does 112 00:06:31,800 --> 00:06:36,680 Speaker 3: boil down to us that which is Australian currency is 113 00:06:36,839 --> 00:06:39,719 Speaker 3: entirely made up. Now in economics speak, that's called the 114 00:06:39,720 --> 00:06:44,040 Speaker 3: fiat currency, which is the Australian currency is not based 115 00:06:44,040 --> 00:06:47,760 Speaker 3: on anything. There's not a big mountain of gold anywhere 116 00:06:47,800 --> 00:06:51,080 Speaker 3: that you can exchange Australian dollars for. We don't have 117 00:06:51,160 --> 00:06:56,080 Speaker 3: Fort Knox in Canberra somewhere. It's entirely made up, and 118 00:06:56,120 --> 00:07:00,600 Speaker 3: it's made up at the stroke of a keyboard. Buy 119 00:07:00,640 --> 00:07:04,000 Speaker 3: the government who says how much we need every day. 120 00:07:04,080 --> 00:07:04,200 Speaker 1: Now. 121 00:07:04,200 --> 00:07:06,440 Speaker 3: A lot of people might find this a pretty bizarre 122 00:07:06,600 --> 00:07:10,880 Speaker 3: idea because mostly of things the government says, which is 123 00:07:10,920 --> 00:07:14,160 Speaker 3: they constantly talk about keeping their budget in balance, like 124 00:07:14,160 --> 00:07:16,600 Speaker 3: they're talking about a household checkbook that they've got to 125 00:07:16,640 --> 00:07:19,840 Speaker 3: keep balanced. They're constantly talking about not being able to 126 00:07:19,880 --> 00:07:23,600 Speaker 3: afford things, which isn't a nonsense when you can print 127 00:07:24,320 --> 00:07:27,360 Speaker 3: your own money. So that would be like me with 128 00:07:27,440 --> 00:07:33,440 Speaker 3: my cholbucks when my kids say, well, you know, we 129 00:07:33,480 --> 00:07:36,880 Speaker 3: want you to purchase something within the house and me saying, oh, 130 00:07:36,960 --> 00:07:40,320 Speaker 3: I don't have enough choll bucks. That's rubbish. I can 131 00:07:40,400 --> 00:07:43,760 Speaker 3: create as many as I want. The problem comes if 132 00:07:43,800 --> 00:07:45,640 Speaker 3: I have to go to Bunnings and buy something to 133 00:07:45,640 --> 00:07:47,840 Speaker 3: do in the house. They're not going to accept chore bucks. 134 00:07:48,920 --> 00:07:51,080 Speaker 3: I'm going to need to have some other form of 135 00:07:51,160 --> 00:07:53,680 Speaker 3: currency that they will accept. And that's what happens on 136 00:07:53,720 --> 00:07:56,360 Speaker 3: a world stage too. If Australian wants to go and 137 00:07:56,400 --> 00:08:00,640 Speaker 3: buy something from someone who doesn't accept Australian dollars, then 138 00:08:00,680 --> 00:08:03,280 Speaker 3: we might have to buy exchange some of our Australian 139 00:08:03,320 --> 00:08:06,000 Speaker 3: dollars for US dollars or something like that. And so 140 00:08:06,680 --> 00:08:11,000 Speaker 3: outside the country it becomes problematic. But inside the country, 141 00:08:11,680 --> 00:08:14,480 Speaker 3: there is no limit to how much Australian currency we 142 00:08:14,520 --> 00:08:18,640 Speaker 3: can create. The only problem is, of course, just like 143 00:08:18,720 --> 00:08:23,120 Speaker 3: with the chore bucks thing, I could devalue chore bucks 144 00:08:23,200 --> 00:08:26,840 Speaker 3: by creating too many of them, you know, and then 145 00:08:26,880 --> 00:08:31,320 Speaker 3: there'd be chore bucks inflation. I could say, well, I'm 146 00:08:31,360 --> 00:08:34,440 Speaker 3: giving ten for mowing the lawn instead of five like 147 00:08:34,520 --> 00:08:36,840 Speaker 3: it was last week, and then the purchasing power of 148 00:08:36,880 --> 00:08:40,400 Speaker 3: those things drops, yes, and I would probably have to 149 00:08:40,400 --> 00:08:44,319 Speaker 3: increase the rent in chore bucks to increase the purchasing power. 150 00:08:44,559 --> 00:08:47,400 Speaker 3: So well, that's really really complicated, But I guess the 151 00:08:47,440 --> 00:08:50,320 Speaker 3: message I'm trying to get across is there is no 152 00:08:50,480 --> 00:08:55,079 Speaker 3: limit to the amount of Australian currency available in Australia. 153 00:08:55,520 --> 00:08:59,600 Speaker 3: It's a limit determined entirely by our government. And the 154 00:08:59,600 --> 00:09:03,040 Speaker 3: only thing potentially limiting it is if you print too 155 00:09:03,120 --> 00:09:06,680 Speaker 3: much money and put it into circulation, the end result 156 00:09:06,720 --> 00:09:10,160 Speaker 3: will be the price of everything goes up, Yes, because 157 00:09:10,200 --> 00:09:13,240 Speaker 3: you need a wheelbarrow full of chore bucks to buy anything, 158 00:09:13,320 --> 00:09:15,840 Speaker 3: or you need a real barrow full of Australian dollars 159 00:09:15,880 --> 00:09:17,880 Speaker 3: to buy anything, because there's so many of them in 160 00:09:17,960 --> 00:09:24,080 Speaker 3: circulation that the price goes up. So that's the only 161 00:09:24,160 --> 00:09:28,520 Speaker 3: real limiting factor. And we've seen that actually happen recently 162 00:09:28,679 --> 00:09:32,560 Speaker 3: with the COVID nineteen epidemic. When the government printed money. 163 00:09:33,840 --> 00:09:37,040 Speaker 3: Now they called it quantitative easing, which is fancy economics 164 00:09:37,040 --> 00:09:42,680 Speaker 3: speak for printing money, and. 165 00:09:40,920 --> 00:09:43,559 Speaker 4: What did they call it? What they call it? Quantitative 166 00:09:43,640 --> 00:09:49,240 Speaker 4: dative easing? The fuck it's like it to get to 167 00:09:49,520 --> 00:09:54,360 Speaker 4: explain it to you later, Craig, Can you explain it 168 00:09:54,400 --> 00:09:56,160 Speaker 4: to me when we get off. 169 00:09:57,440 --> 00:09:59,960 Speaker 3: So anyway, they printed money, and the reason they printed money. 170 00:10:00,120 --> 00:10:02,000 Speaker 3: Is that they had to hand out billions and billions 171 00:10:02,000 --> 00:10:05,600 Speaker 3: of dollars in social welfare payments that they previously hadn't 172 00:10:05,640 --> 00:10:08,320 Speaker 3: been prepared to because everybody was suddenly unemployed because of 173 00:10:08,320 --> 00:10:12,559 Speaker 3: the COVID restrictions. So they created job Keeper and all 174 00:10:12,640 --> 00:10:16,800 Speaker 3: those sorts of things. They double the amount of unemployment 175 00:10:16,880 --> 00:10:21,560 Speaker 3: benefits being paid. They massively increased the amount of social 176 00:10:21,559 --> 00:10:25,880 Speaker 3: welfare being paid across the board, both to companies and 177 00:10:25,960 --> 00:10:29,640 Speaker 3: to employees. All that, where did the money come from that? 178 00:10:30,520 --> 00:10:32,760 Speaker 3: For from that, was there a warehouse full of trillions 179 00:10:32,760 --> 00:10:34,760 Speaker 3: of dollars that they had forgot to mention before when 180 00:10:34,760 --> 00:10:39,160 Speaker 3: they were doing the budget. No, they printed it. And 181 00:10:39,480 --> 00:10:43,080 Speaker 3: the end result is that we got a massive rise 182 00:10:43,120 --> 00:10:46,280 Speaker 3: in inflation. Last year. You might remember, inflation went to 183 00:10:46,320 --> 00:10:48,800 Speaker 3: about seven percent when it had historically been you know, 184 00:10:49,200 --> 00:10:52,640 Speaker 3: less than two percent. So that's the price you pay 185 00:10:52,720 --> 00:10:54,840 Speaker 3: when you pump a whole lot of new money into 186 00:10:54,840 --> 00:10:58,000 Speaker 3: the economy, is if inflation goes up. And what we're 187 00:10:58,040 --> 00:11:01,079 Speaker 3: doing now is, you know, earn that back down again. 188 00:11:01,760 --> 00:11:05,679 Speaker 3: So I guess the takeaway from all of that is 189 00:11:06,600 --> 00:11:09,000 Speaker 3: that if the money can create, if the government can 190 00:11:09,040 --> 00:11:12,400 Speaker 3: create money anytime, it wants to do whatever it wants. 191 00:11:12,960 --> 00:11:18,040 Speaker 3: Why don't they talk that way? You know, why why 192 00:11:18,080 --> 00:11:22,400 Speaker 3: do we not hear this explanation? Why do we always 193 00:11:22,440 --> 00:11:26,120 Speaker 3: hear when someone wants to do something like, say increase 194 00:11:26,440 --> 00:11:32,640 Speaker 3: social welfare or or you know, increase the availability of 195 00:11:32,720 --> 00:11:36,560 Speaker 3: say Medicare to the population, or maybe put dentistry on 196 00:11:36,600 --> 00:11:39,400 Speaker 3: medicare or something like that, any of those things, any 197 00:11:39,400 --> 00:11:42,560 Speaker 3: of the community benefits. Why is the answer always we 198 00:11:42,600 --> 00:11:44,600 Speaker 3: can't afford it. And then they point to the budget 199 00:11:44,640 --> 00:11:47,600 Speaker 3: and say, look see we're in deficit. We can't afford it, 200 00:11:47,640 --> 00:11:50,640 Speaker 3: like it's a household checkbook. Now, if you're a state government, 201 00:11:50,720 --> 00:11:54,760 Speaker 3: this is true. A state government cannot print its own currency. 202 00:11:55,000 --> 00:11:57,560 Speaker 3: The only place it can get chore bucks from is 203 00:11:57,559 --> 00:12:01,640 Speaker 3: from Dad, I eat. The federal government, so they must 204 00:12:01,720 --> 00:12:05,280 Speaker 3: run a balanced budget, even though they don't manage to. 205 00:12:05,280 --> 00:12:06,160 Speaker 1: Most of the time. 206 00:12:07,360 --> 00:12:10,600 Speaker 3: And it is like a household checkbook. They have to 207 00:12:10,679 --> 00:12:12,880 Speaker 3: keep balance. They only have as much money coming in 208 00:12:12,920 --> 00:12:14,240 Speaker 3: as the government gives them. 209 00:12:14,520 --> 00:12:15,000 Speaker 1: But for the. 210 00:12:14,960 --> 00:12:18,439 Speaker 3: Federal government, who can print their own currency, there are 211 00:12:18,480 --> 00:12:21,760 Speaker 3: no such limitations, and you see them every now and 212 00:12:21,800 --> 00:12:24,760 Speaker 3: then expose that. They pull back the curtain anytime they 213 00:12:24,800 --> 00:12:28,840 Speaker 3: need to spend big, say something like buying some submarines, 214 00:12:29,120 --> 00:12:33,920 Speaker 3: or in the COVID nineteen epidemic they find the money. 215 00:12:34,080 --> 00:12:36,560 Speaker 3: Now they don't have it stored in a warehouse, they 216 00:12:36,640 --> 00:12:41,600 Speaker 3: just make it. The big question is why can't we 217 00:12:41,760 --> 00:12:45,040 Speaker 3: have an open conversation about that. Why can't we talk 218 00:12:45,080 --> 00:12:48,920 Speaker 3: about the fact that, yes, there are limits on this. 219 00:12:49,080 --> 00:12:51,319 Speaker 3: You put too much money into the economy and you 220 00:12:51,360 --> 00:12:55,200 Speaker 3: will get inflation. But why can't we have an open 221 00:12:55,240 --> 00:12:59,000 Speaker 3: conversation based on what we all want to afford, or 222 00:12:59,000 --> 00:13:01,600 Speaker 3: what we think the community they should afford for the 223 00:13:02,160 --> 00:13:07,240 Speaker 3: of the community, rather than pretending we have no choice 224 00:13:07,280 --> 00:13:10,800 Speaker 3: because we can't afford it, and then suddenly magically being 225 00:13:10,840 --> 00:13:13,520 Speaker 3: able to buy things when the government wants to buy them. 226 00:13:14,080 --> 00:13:16,640 Speaker 1: And what I'm sure you have an answer to that question. 227 00:13:16,760 --> 00:13:20,840 Speaker 1: Good question. What's the answer? What's the answer? The answer 228 00:13:21,000 --> 00:13:22,079 Speaker 1: is fear. 229 00:13:22,200 --> 00:13:28,600 Speaker 3: I think a lot of people in power don't think that. Well, 230 00:13:28,679 --> 00:13:31,760 Speaker 3: they think that if they explained it that way to 231 00:13:31,840 --> 00:13:35,560 Speaker 3: the rest of us, hoypolloy, we'd start wanting all sorts 232 00:13:35,600 --> 00:13:38,360 Speaker 3: of things. You know, you know, we'd probably want free 233 00:13:38,360 --> 00:13:43,679 Speaker 3: healthcare or you know, things like that. We'd probably education, 234 00:13:44,360 --> 00:13:47,920 Speaker 3: would probably want all these things for the community, and 235 00:13:47,960 --> 00:13:51,760 Speaker 3: then they wouldn't have enough money to spend on submarines 236 00:13:51,840 --> 00:13:56,760 Speaker 3: and whatever they want. They prefer the conversation to be 237 00:13:56,920 --> 00:14:00,240 Speaker 3: in terms that all of us understand in our own 238 00:14:00,280 --> 00:14:03,000 Speaker 3: economic terms, which is, there's a budget and we have 239 00:14:03,080 --> 00:14:06,880 Speaker 3: to stick to it, and we can't make money. I 240 00:14:06,920 --> 00:14:10,360 Speaker 3: think we have to have a more mature conversation about 241 00:14:10,360 --> 00:14:13,600 Speaker 3: what we can afford on the basis of an understanding 242 00:14:14,360 --> 00:14:16,560 Speaker 3: because we see this and it's not just in Australia, 243 00:14:16,760 --> 00:14:20,440 Speaker 3: like all fiat currencies do this. The United States for example. 244 00:14:20,880 --> 00:14:25,040 Speaker 3: You know, did it find a stockpile of trillions of 245 00:14:25,040 --> 00:14:28,280 Speaker 3: dollars before it decided to invade a rack? No it didn't. 246 00:14:29,000 --> 00:14:33,760 Speaker 3: It just printed money. And then we can have a 247 00:14:33,800 --> 00:14:36,680 Speaker 3: sensible conversation in this nation about what we want to 248 00:14:36,760 --> 00:14:40,520 Speaker 3: afford and what the limits of affording it are. Not 249 00:14:40,640 --> 00:14:43,400 Speaker 3: some nonsense about whether or not the checkbook is balanced, 250 00:14:43,680 --> 00:14:46,640 Speaker 3: but what should we be affording? 251 00:14:47,280 --> 00:14:51,720 Speaker 1: MM when you okay, a couple of things. One so 252 00:14:51,880 --> 00:14:55,080 Speaker 1: just specific to COVID, for example, like there was billions 253 00:14:55,080 --> 00:14:59,960 Speaker 1: of dollars handed out, you know, for good and perhaps 254 00:15:00,120 --> 00:15:02,600 Speaker 1: not so good reasons that and that money just came 255 00:15:02,640 --> 00:15:08,080 Speaker 1: from wherever they're not literally printing the money, right because 256 00:15:08,120 --> 00:15:11,520 Speaker 1: when people are getting the money, it's they're just electronic deposits. 257 00:15:11,560 --> 00:15:18,640 Speaker 1: So yeah, so they're not literally but like where is that? Like, 258 00:15:18,760 --> 00:15:22,840 Speaker 1: so there is no more necessarily, no more dollars per 259 00:15:22,880 --> 00:15:26,720 Speaker 1: se in circulation in terms of physical money. But they're 260 00:15:26,840 --> 00:15:30,600 Speaker 1: just like how do I like? That messes with my head? 261 00:15:30,880 --> 00:15:32,320 Speaker 1: Like they're just the film. 262 00:15:32,400 --> 00:15:35,280 Speaker 3: The money is a very very small part of the money, 263 00:15:35,480 --> 00:15:38,720 Speaker 3: you know, the currency. Yeah, yeah, I mean, and it's 264 00:15:38,880 --> 00:15:43,640 Speaker 3: just a mechanism available for transacting. There's lots of mechanisms 265 00:15:43,640 --> 00:15:46,560 Speaker 3: available for transacting. Most of the transacting most of us 266 00:15:46,640 --> 00:15:50,000 Speaker 3: do isn't with physical money. Most of us, you know, 267 00:15:50,080 --> 00:15:52,960 Speaker 3: put things on credit cards or buy things with our 268 00:15:53,000 --> 00:15:56,880 Speaker 3: debit card. We've never that, we've never seen the money. 269 00:15:56,880 --> 00:16:01,560 Speaker 3: Our employer changed a balance in our bank account and 270 00:16:01,600 --> 00:16:04,120 Speaker 3: then it got changed again by our credit card. You know, 271 00:16:05,040 --> 00:16:07,440 Speaker 3: it's all it's all just a journal entry. None of 272 00:16:07,440 --> 00:16:10,680 Speaker 3: it is actual real you know, a dollar bill or 273 00:16:10,680 --> 00:16:12,200 Speaker 3: something not that there is such a thing, or one 274 00:16:12,280 --> 00:16:16,280 Speaker 3: hundred dollars bill. None of that ever went anywhere near 275 00:16:16,360 --> 00:16:21,360 Speaker 3: any of that system. So you know, you've got to 276 00:16:21,400 --> 00:16:25,080 Speaker 3: divorce yourself from the thought of it being physical money, 277 00:16:25,120 --> 00:16:27,800 Speaker 3: and in my chour bucks example, rather than it being 278 00:16:27,800 --> 00:16:29,960 Speaker 3: my business cards, it might just be a ledger that 279 00:16:30,040 --> 00:16:30,720 Speaker 3: I maintained. 280 00:16:31,320 --> 00:16:34,920 Speaker 1: Yeah, yeah, yeah, And I guess also, I mean, as 281 00:16:34,960 --> 00:16:38,200 Speaker 1: you said, within the within a national context, like within 282 00:16:38,240 --> 00:16:40,360 Speaker 1: the walls of Australia from one of the better term 283 00:16:40,440 --> 00:16:44,400 Speaker 1: or the borders of Australia, we can kind of just 284 00:16:44,520 --> 00:16:49,120 Speaker 1: print money, if not literally, but when it comes to 285 00:16:50,880 --> 00:16:56,720 Speaker 1: trading with other countries or buying submarines from, well, all this. 286 00:16:56,760 --> 00:16:59,400 Speaker 3: Money ultimately has to come back to something we're capable 287 00:16:59,440 --> 00:17:03,880 Speaker 3: of producing. I mean, you can be a micro island 288 00:17:04,000 --> 00:17:06,720 Speaker 3: nation with no resources and nothing that anyone wants to buy, 289 00:17:08,160 --> 00:17:10,159 Speaker 3: and you can bring as much money as you like, 290 00:17:10,200 --> 00:17:13,600 Speaker 3: but if there's no value standing behind it, then that's 291 00:17:13,720 --> 00:17:16,639 Speaker 3: kind of irrelevant. And the value that Australia has standing 292 00:17:16,720 --> 00:17:19,840 Speaker 3: behind its money is the resources that it's digging out 293 00:17:19,840 --> 00:17:21,160 Speaker 3: of the ground all of the time. 294 00:17:21,880 --> 00:17:26,280 Speaker 1: That's kind of what happened with Zimbabwe, right. I think 295 00:17:26,359 --> 00:17:29,880 Speaker 1: it was Zimbabwe a while ago where maybe five years ago, 296 00:17:29,960 --> 00:17:32,919 Speaker 1: where they're dollar like it was like a million dollars 297 00:17:32,960 --> 00:17:34,520 Speaker 1: to buy a loaf of bread or something. 298 00:17:36,880 --> 00:17:39,560 Speaker 3: Yeah, it is, and it's exactly the same as what 299 00:17:39,640 --> 00:17:42,760 Speaker 3: happened in Germany just before the Second World War, where 300 00:17:43,400 --> 00:17:46,720 Speaker 3: inflation went into the thousands of percent. You needed a 301 00:17:46,720 --> 00:17:49,639 Speaker 3: wheel You literally needed a wheelbarrow full of marks to 302 00:17:49,960 --> 00:17:53,560 Speaker 3: buy a loaf of bread. Yes, and so yeah, that 303 00:17:54,080 --> 00:17:58,760 Speaker 3: can be the consequence, but that's not a real risk 304 00:17:59,240 --> 00:18:01,960 Speaker 3: where it's being managed properly and discussed properly. 305 00:18:03,280 --> 00:18:06,080 Speaker 1: So it becomes it becomes a real problem. Though, when 306 00:18:06,600 --> 00:18:09,840 Speaker 1: you live in Zimbabwe, for this example, and you're a millionaire, 307 00:18:10,160 --> 00:18:13,600 Speaker 1: which literally makes you rich, then all of a sudden, 308 00:18:14,880 --> 00:18:17,800 Speaker 1: your dollar is now worth one cent of what it was. 309 00:18:18,000 --> 00:18:21,240 Speaker 1: If that yeah, and were. 310 00:18:21,040 --> 00:18:25,440 Speaker 3: We to have a situation where a government decided to 311 00:18:26,680 --> 00:18:30,159 Speaker 3: quadruple or you know, or multiply by one hundred the 312 00:18:30,200 --> 00:18:33,280 Speaker 3: size of the money pool, then the value of each 313 00:18:33,359 --> 00:18:38,679 Speaker 3: dollar drops to the value of a cent, and you 314 00:18:39,080 --> 00:18:42,840 Speaker 3: do need one hundred dollars to spend a dollar. But 315 00:18:42,920 --> 00:18:46,320 Speaker 3: that's not what we're talking about here. We're talking about 316 00:18:47,080 --> 00:18:52,200 Speaker 3: readjusting the priorities for expenditure based on an adult conversation 317 00:18:52,480 --> 00:18:54,920 Speaker 3: about what we as a community want to spend our 318 00:18:54,960 --> 00:19:00,840 Speaker 3: money on, rather than simply talking about whether or not 319 00:19:00,920 --> 00:19:03,439 Speaker 3: we can afford it. As if there's some sort of 320 00:19:03,520 --> 00:19:05,640 Speaker 3: limit on what we can afford. 321 00:19:07,800 --> 00:19:08,240 Speaker 1: Welza. 322 00:19:09,320 --> 00:19:11,000 Speaker 3: Well, now the other part of this, by the way, 323 00:19:11,240 --> 00:19:14,720 Speaker 3: is that you can use this as a mechanism for 324 00:19:16,280 --> 00:19:20,760 Speaker 3: managing unemployment. So if you go back to our little 325 00:19:20,800 --> 00:19:25,120 Speaker 3: household example, say there's something where say you've got one 326 00:19:25,240 --> 00:19:29,480 Speaker 3: kid who has some time on his hands, and you've 327 00:19:29,480 --> 00:19:31,760 Speaker 3: got a project that you want done in the house, 328 00:19:32,520 --> 00:19:36,600 Speaker 3: then you might offer you a job guarantee where you 329 00:19:36,640 --> 00:19:40,280 Speaker 3: give him extra money to get that thing done. So 330 00:19:41,240 --> 00:19:44,240 Speaker 3: in the real world economy, this is called the job guarantee, 331 00:19:44,280 --> 00:19:48,800 Speaker 3: where you're essentially saying the government, the maker of the money, 332 00:19:49,400 --> 00:19:52,840 Speaker 3: will employ anyone who wants a job, remembering there's no 333 00:19:52,920 --> 00:19:54,840 Speaker 3: limit on how much money they can print to pay 334 00:19:54,880 --> 00:19:59,000 Speaker 3: that person. Then they can use that that additional labor 335 00:19:59,040 --> 00:20:02,879 Speaker 3: pool to create things of value in the economy. So 336 00:20:03,520 --> 00:20:06,439 Speaker 3: this was last done in the depression, where things like 337 00:20:06,960 --> 00:20:11,640 Speaker 3: bridges and so on were created by government's employed workforces, 338 00:20:11,680 --> 00:20:15,199 Speaker 3: where they created a workforce just as a way of 339 00:20:15,280 --> 00:20:19,720 Speaker 3: putting money into the hands of workers, and the same 340 00:20:19,760 --> 00:20:23,119 Speaker 3: thing could happen as part of our economy. There need 341 00:20:23,200 --> 00:20:27,920 Speaker 3: not be unemployment. We have unemployment because the government chooses 342 00:20:27,960 --> 00:20:31,800 Speaker 3: to have unemployment. There's nothing to stop them simply saying. 343 00:20:32,640 --> 00:20:35,000 Speaker 3: What we will do is anyone who wants a job 344 00:20:35,200 --> 00:20:39,640 Speaker 3: can have one working for the government on this infrastructure 345 00:20:39,680 --> 00:20:42,120 Speaker 3: project or this thing that adds value to the nation. 346 00:20:44,800 --> 00:20:47,520 Speaker 1: How do we I don't know if you know the 347 00:20:47,560 --> 00:20:49,879 Speaker 1: answer to this, but in a global sense, how do 348 00:20:49,960 --> 00:20:53,960 Speaker 1: we go as a country in terms of managing our economy, 349 00:20:54,040 --> 00:20:57,000 Speaker 1: managing our money in the like are we good? Are 350 00:20:57,040 --> 00:21:01,080 Speaker 1: we good at this compared to other countries? Are we terrible? 351 00:21:01,680 --> 00:21:03,560 Speaker 3: I don't know. I don't know how you'd measure that. 352 00:21:03,880 --> 00:21:07,560 Speaker 3: I mean, people don't tend to measure internal things within 353 00:21:07,640 --> 00:21:12,000 Speaker 3: countries across countries, so they tend to measure there's sort 354 00:21:12,000 --> 00:21:16,600 Speaker 3: of a fairly raw measurement called a GDP or gross 355 00:21:16,600 --> 00:21:21,040 Speaker 3: domestic product, which is the full financial total financial output 356 00:21:21,080 --> 00:21:25,199 Speaker 3: of the economy. And Australia that's above its way for that, 357 00:21:25,760 --> 00:21:28,280 Speaker 3: mostly because we dig out a lot of stuff and 358 00:21:28,320 --> 00:21:31,840 Speaker 3: sell it, whereas other countries actually have to take stuff 359 00:21:32,040 --> 00:21:34,600 Speaker 3: that they've bought from someone else and add value to it, 360 00:21:34,720 --> 00:21:38,720 Speaker 3: you know, like Germany has a heavy manufacturing, heavy engineering 361 00:21:38,760 --> 00:21:41,800 Speaker 3: economy where they're taking in raw materials and turning it 362 00:21:41,840 --> 00:21:44,440 Speaker 3: into something that's more valuable like the MW's and Mercedes. 363 00:21:45,520 --> 00:21:49,080 Speaker 3: So we have a relatively simple task, which is dig 364 00:21:49,119 --> 00:21:52,440 Speaker 3: stuff out of the ground and sell it. But there 365 00:21:52,440 --> 00:21:54,880 Speaker 3: are limits to that in that when the people who 366 00:21:54,920 --> 00:21:57,680 Speaker 3: are buying it no longer want to pay as much 367 00:21:57,720 --> 00:21:59,840 Speaker 3: for it, then we are going to have trouble. 368 00:22:02,640 --> 00:22:04,119 Speaker 1: I don't know why I thought of this, but just 369 00:22:04,359 --> 00:22:08,640 Speaker 1: around this conversation seems to me like Singapore would be 370 00:22:09,119 --> 00:22:12,639 Speaker 1: batting way above its class, if you know what I 371 00:22:12,680 --> 00:22:16,640 Speaker 1: mean in terms of like minimal resources. But aren't they 372 00:22:16,720 --> 00:22:18,879 Speaker 1: world leaders in tech? Yeah? 373 00:22:18,920 --> 00:22:22,440 Speaker 3: But see a lot of country they developed their specialization, 374 00:22:22,680 --> 00:22:26,800 Speaker 3: you know, So countries developed specializations in the provision of services, 375 00:22:26,800 --> 00:22:29,240 Speaker 3: for example. And one of the big things that Australia 376 00:22:29,320 --> 00:22:31,600 Speaker 3: exports is not something we dig out of the ground. 377 00:22:31,840 --> 00:22:36,520 Speaker 3: It's our education system. So we sell overseas students places 378 00:22:36,560 --> 00:22:42,400 Speaker 3: in our universities and that's a very valuable export to Australia. 379 00:22:42,440 --> 00:22:45,919 Speaker 3: It's one that didn't exist forty years ago. So you 380 00:22:45,960 --> 00:22:49,480 Speaker 3: know what country specialize in. You know, it's a market 381 00:22:49,520 --> 00:22:54,720 Speaker 3: dynamic thing. But that's as between countries, and I guess 382 00:22:54,800 --> 00:22:57,840 Speaker 3: I want to steer the conversation back to rethinking the 383 00:22:57,880 --> 00:23:02,040 Speaker 3: way we think about internal to our country, which is, 384 00:23:02,640 --> 00:23:08,359 Speaker 3: don't fall for this story about we can't afford this, 385 00:23:09,520 --> 00:23:13,000 Speaker 3: because the message is we don't want to afford this. 386 00:23:14,160 --> 00:23:16,280 Speaker 3: That's what you've got to hear. Every time a government 387 00:23:16,320 --> 00:23:19,680 Speaker 3: says we can't afford this, what they are actually saying 388 00:23:19,760 --> 00:23:22,800 Speaker 3: is we don't want to afford this. There's no such 389 00:23:22,840 --> 00:23:25,480 Speaker 3: thing as can't when you can make as many chore 390 00:23:25,520 --> 00:23:26,320 Speaker 3: bucks as you want. 391 00:23:28,680 --> 00:23:31,240 Speaker 1: So what is the average? I mean, but there's nothing 392 00:23:31,280 --> 00:23:33,960 Speaker 1: that me and Tiff can do about this. Right when 393 00:23:34,000 --> 00:23:36,680 Speaker 1: you say don't fall for it? Yeah? Cool? But then 394 00:23:36,760 --> 00:23:40,040 Speaker 1: what it's like. I guess the. 395 00:23:39,920 --> 00:23:44,600 Speaker 3: More people that understand this about our economy, the less 396 00:23:44,640 --> 00:23:47,560 Speaker 3: people are going to be snowed by it, the less 397 00:23:47,560 --> 00:23:52,399 Speaker 3: people are going to accept explanations that simply don't make sense. 398 00:23:52,760 --> 00:23:54,719 Speaker 3: And at the moment, to the extent any of us 399 00:23:54,760 --> 00:23:55,640 Speaker 3: think about it. 400 00:23:55,920 --> 00:23:57,520 Speaker 1: We probably buy that line. 401 00:23:57,880 --> 00:24:00,440 Speaker 3: You know. Oh well, yeah, I guess we we can't 402 00:24:00,480 --> 00:24:05,800 Speaker 3: have decent health care or or decent education just as 403 00:24:05,840 --> 00:24:07,560 Speaker 3: we can't afford it. Well, I guess we'll just have 404 00:24:07,640 --> 00:24:11,560 Speaker 3: to work harder. When that's not entirely true. 405 00:24:12,119 --> 00:24:15,040 Speaker 1: It's really it's really just I mean, not just, but 406 00:24:15,080 --> 00:24:19,959 Speaker 1: it's it's about being informed and aware and understanding what 407 00:24:20,119 --> 00:24:22,280 Speaker 1: actually is versus the story. 408 00:24:23,000 --> 00:24:26,879 Speaker 3: Yeah, if the if the general conversation among the population, 409 00:24:28,080 --> 00:24:30,800 Speaker 3: If most of us have an understanding of how this 410 00:24:30,960 --> 00:24:34,600 Speaker 3: really works, and we can't be bullshitted about. 411 00:24:34,400 --> 00:24:38,600 Speaker 1: It, yeah, wow, less both swears, Well, we can't. 412 00:24:38,720 --> 00:24:41,159 Speaker 3: And it makes me angry. Every time I hear a 413 00:24:41,200 --> 00:24:45,080 Speaker 3: politician say we can't afford something, it makes me angry 414 00:24:45,400 --> 00:24:48,000 Speaker 3: because that's not the discussion we should be having. The 415 00:24:48,040 --> 00:24:50,919 Speaker 3: discussion we should be having is we don't want to 416 00:24:50,960 --> 00:24:53,760 Speaker 3: afford that, and we'd rather spend the money on this. 417 00:24:54,600 --> 00:24:59,240 Speaker 1: Yeah, and we're telling you we can't afford it because 418 00:24:59,280 --> 00:25:01,359 Speaker 1: that's a good piece move. Yeah. 419 00:25:01,560 --> 00:25:04,280 Speaker 3: And the less of a school for that, the more 420 00:25:04,440 --> 00:25:05,840 Speaker 3: likely it is that we'll be able to have an 421 00:25:05,880 --> 00:25:08,960 Speaker 3: intelligent conversation about it. It's particularly when it comes to 422 00:25:09,080 --> 00:25:09,919 Speaker 3: voting for people. 423 00:25:10,600 --> 00:25:15,360 Speaker 1: Yeah, yeah, no, it makes sense. I've never thought at all. 424 00:25:15,359 --> 00:25:16,760 Speaker 1: Have you ever thought about that, tiff? 425 00:25:17,000 --> 00:25:20,800 Speaker 3: Nah? It makes my brain hurt. The economy it is 426 00:25:20,840 --> 00:25:24,120 Speaker 3: shouldn't because it's really simple, that bit of it is. 427 00:25:24,320 --> 00:25:27,439 Speaker 3: But all your explanations they give us are not simple. 428 00:25:27,880 --> 00:25:29,880 Speaker 3: They're very, very complicated. 429 00:25:30,400 --> 00:25:33,800 Speaker 1: But you know, like what you're saying it makes me 430 00:25:35,080 --> 00:25:36,639 Speaker 1: quite a lot of things make me feel dumb, but 431 00:25:36,720 --> 00:25:38,600 Speaker 1: makes well. It doesn't make me feel dumb. It makes 432 00:25:38,640 --> 00:25:43,600 Speaker 1: me feel very unaware because I'm like, yeah, well, everyone 433 00:25:43,760 --> 00:25:46,719 Speaker 1: is affected. I mean this is relevant, Like this conversation 434 00:25:47,080 --> 00:25:50,159 Speaker 1: and the use of money, allocation of money, and the 435 00:25:50,200 --> 00:25:55,760 Speaker 1: reality of the economy and the reality of what can 436 00:25:55,800 --> 00:25:58,400 Speaker 1: and can't be spent and how and where and when. 437 00:25:58,640 --> 00:26:02,960 Speaker 1: This affects every person in Australia. Yeah. Absolutely, But we 438 00:26:03,200 --> 00:26:06,280 Speaker 1: just don't know this, and so yeah, this is you 439 00:26:06,680 --> 00:26:09,040 Speaker 1: as you do, pulling back the curtain yet again. 440 00:26:09,560 --> 00:26:13,200 Speaker 3: Well, it's keeping us in the dark and feeding as bullshit, right, 441 00:26:13,600 --> 00:26:18,880 Speaker 3: it's saying it's saying to us, be good little mushrooms. 442 00:26:19,240 --> 00:26:22,040 Speaker 3: Sit over there and believe me when I say that 443 00:26:22,080 --> 00:26:24,639 Speaker 3: I'd love to do this thing. I'd love to fund 444 00:26:24,640 --> 00:26:26,800 Speaker 3: our health system properly. I'd love to find our education 445 00:26:26,920 --> 00:26:29,880 Speaker 3: system properly. But oh dear me, I just can't because 446 00:26:29,920 --> 00:26:30,800 Speaker 3: we can't afford it. 447 00:26:32,280 --> 00:26:34,520 Speaker 1: I think we're going to call it good little mushrooms tip. 448 00:26:34,600 --> 00:26:40,919 Speaker 1: I'm just writing it down, good little mushrooms glasspo as always, 449 00:26:41,640 --> 00:26:47,080 Speaker 1: I'm just finishing that mushrooms informative. Make sure you're slipping 450 00:26:47,160 --> 00:26:51,160 Speaker 1: slapping and slapping up there in the Sunshine State, and 451 00:26:51,920 --> 00:26:53,600 Speaker 1: I don't want you to have to get all the 452 00:26:53,640 --> 00:26:55,680 Speaker 1: shit cut off your skin that I've had cut off 453 00:26:55,680 --> 00:26:56,400 Speaker 1: over the last. 454 00:26:56,240 --> 00:26:59,480 Speaker 3: Few years of well you're healing, well, thanks. 455 00:27:00,160 --> 00:27:01,800 Speaker 1: Have you had any any cutoff? 456 00:27:02,240 --> 00:27:04,520 Speaker 3: Yeah? Yeah, and I've had I had one cut off 457 00:27:04,600 --> 00:27:08,920 Speaker 3: my forehead that was borderline, but I just you know, 458 00:27:09,240 --> 00:27:11,000 Speaker 3: went in doubt. Chop it off, is my view. 459 00:27:12,480 --> 00:27:15,000 Speaker 1: I agree, we'll say goodbye fair but mate, thank you 460 00:27:15,080 --> 00:27:15,560 Speaker 1: yet again. 461 00:27:16,160 --> 00:27:17,879 Speaker 3: Yeah, absolute pleasure. Good to see you by. 462 00:27:17,960 --> 00:27:19,040 Speaker 1: Thanks, Thanks buddy,