1 00:00:13,640 --> 00:00:15,920 Speaker 1: All right, everyone, welcome to another episode of The Market 2 00:00:15,920 --> 00:00:18,880 Speaker 1: Disruptor Show, and today I am joined by Parker Lewis. 3 00:00:18,920 --> 00:00:21,680 Speaker 1: He is the head of business Development and Unchained Capital, 4 00:00:22,200 --> 00:00:24,279 Speaker 1: which is in the bitcoin space. We'll get into that. 5 00:00:24,880 --> 00:00:28,280 Speaker 1: You might previously have heard of him from me sharing 6 00:00:28,400 --> 00:00:30,560 Speaker 1: lots and lots of his work on my channel. UM. 7 00:00:30,560 --> 00:00:34,080 Speaker 1: He's written numerous articles UM talking about the financial system 8 00:00:34,080 --> 00:00:37,360 Speaker 1: and bitcoin specifically. I want to get into that. But anyway, Parker, 9 00:00:37,360 --> 00:00:39,720 Speaker 1: thank you much so much for joining us. Yeah, Mark, 10 00:00:39,720 --> 00:00:41,960 Speaker 1: appreciate you inviting me on. It took a couple of 11 00:00:41,960 --> 00:00:44,320 Speaker 1: months for us to get this actually to this day. 12 00:00:44,360 --> 00:00:47,440 Speaker 1: But excited for the new year. Definitely. We're living through 13 00:00:47,440 --> 00:00:50,839 Speaker 1: some uncertain times, but with bitcoin based on you know, 14 00:00:50,840 --> 00:00:52,720 Speaker 1: not just what it's done to this point, but also 15 00:00:52,800 --> 00:00:54,720 Speaker 1: what I expected to do for the future. I'm more 16 00:00:54,920 --> 00:00:58,440 Speaker 1: optimistic than I ever really excited for getting behind us. 17 00:00:58,680 --> 00:01:01,960 Speaker 1: I'm moving forward on and then also talking about some 18 00:01:02,000 --> 00:01:03,920 Speaker 1: of the pieces that I've written. UM. You know, I've 19 00:01:03,960 --> 00:01:06,360 Speaker 1: I've watched and consumed a lot of your content. I 20 00:01:06,400 --> 00:01:09,720 Speaker 1: certainly appreciate, um, not just you know, the covers that 21 00:01:09,720 --> 00:01:11,760 Speaker 1: you've you've in in the analysis that you've done on 22 00:01:11,760 --> 00:01:14,080 Speaker 1: my pieces, but also just the work that you're doing 23 00:01:14,080 --> 00:01:16,840 Speaker 1: to help people really understand the why a bitcoin, which 24 00:01:16,840 --> 00:01:18,679 Speaker 1: I do think is the most important kind of first 25 00:01:18,760 --> 00:01:20,920 Speaker 1: question and first part of the rabbit hole. And then 26 00:01:20,920 --> 00:01:23,760 Speaker 1: it's actually, hey, just a real quick interruption to let 27 00:01:23,760 --> 00:01:26,000 Speaker 1: you know that this video is brought to you add 28 00:01:26,120 --> 00:01:28,640 Speaker 1: free by block Fire. Now they're giving you the ability 29 00:01:28,720 --> 00:01:31,280 Speaker 1: to hodle your bitcoin and your crypto as it goes 30 00:01:31,400 --> 00:01:33,600 Speaker 1: up in value, and at the same time you can 31 00:01:33,680 --> 00:01:36,320 Speaker 1: earn high yielding interest on it, so you can basically 32 00:01:36,440 --> 00:01:38,959 Speaker 1: hold it for all the upside potential and then you 33 00:01:39,000 --> 00:01:41,039 Speaker 1: can make cash flow off of it at the exact 34 00:01:41,120 --> 00:01:44,920 Speaker 1: same time. Now, opening accounts super fast, super simple, and 35 00:01:44,959 --> 00:01:47,600 Speaker 1: they've offered to give me up the two dollars for 36 00:01:47,600 --> 00:01:49,360 Speaker 1: every sign up, but I told them, you know what, 37 00:01:49,520 --> 00:01:51,680 Speaker 1: let's give it back to you. So you can now 38 00:01:51,760 --> 00:01:54,360 Speaker 1: go and you can get the two fifty dollars whenever 39 00:01:54,400 --> 00:01:56,120 Speaker 1: you set up your account, and always to do is 40 00:01:56,160 --> 00:01:58,800 Speaker 1: just check the link in the description for details, set 41 00:01:58,840 --> 00:02:01,120 Speaker 1: up an account super quick and easy, and turn up 42 00:02:01,160 --> 00:02:04,000 Speaker 1: to two fifty dollars brought to you by block fire. 43 00:02:04,040 --> 00:02:06,960 Speaker 1: So check them out and seeing it actually changed people's lives, 44 00:02:07,000 --> 00:02:10,840 Speaker 1: so appreciate what you do and glad to be here. Yeah. Yeah, good. 45 00:02:10,919 --> 00:02:13,119 Speaker 1: So yeah, for sure, you know, I think i've I've 46 00:02:13,120 --> 00:02:16,400 Speaker 1: definitely taken that approach, which is trying to show people 47 00:02:16,400 --> 00:02:17,880 Speaker 1: that they have a problem, because a lot of people 48 00:02:17,919 --> 00:02:20,639 Speaker 1: don't realize they have a problem. Um, and so like, hey, look, 49 00:02:20,720 --> 00:02:22,840 Speaker 1: these are the problems that that you have. Here's a 50 00:02:22,840 --> 00:02:25,760 Speaker 1: potential solution, and then I get the roadblock, which is 51 00:02:25,880 --> 00:02:27,600 Speaker 1: but this is why it's not gonna work, and this 52 00:02:27,680 --> 00:02:30,079 Speaker 1: is why. And that's really where your pieces have really 53 00:02:30,120 --> 00:02:32,960 Speaker 1: really come, um to be a big instrumental piece for 54 00:02:33,000 --> 00:02:34,640 Speaker 1: what I do, because I can just like copy paste 55 00:02:34,680 --> 00:02:37,120 Speaker 1: and send that out. Um. So if you're watching this 56 00:02:37,160 --> 00:02:40,160 Speaker 1: and you've ever had any objections to bitcoin on my channel, 57 00:02:40,160 --> 00:02:41,760 Speaker 1: there's a good chance I might have sent you one 58 00:02:41,800 --> 00:02:43,160 Speaker 1: of those links. And so this is the guy who 59 00:02:43,160 --> 00:02:45,639 Speaker 1: did that. But tell me, um, maybe give us a 60 00:02:45,639 --> 00:02:47,760 Speaker 1: little bit of your background. I know you came working 61 00:02:47,800 --> 00:02:50,680 Speaker 1: from Kyle Bass and Hayman Capital, which seems pretty cool. 62 00:02:50,680 --> 00:02:52,720 Speaker 1: You've been kind of in the financial space and now 63 00:02:52,800 --> 00:02:54,880 Speaker 1: you've transitioned over so maybe just give us a little 64 00:02:54,880 --> 00:02:59,360 Speaker 1: recap on that. Yeah, So, before I jumped into the 65 00:02:59,360 --> 00:03:01,720 Speaker 1: world of vic when I UM kind of worked my 66 00:03:01,760 --> 00:03:05,080 Speaker 1: whole life in the traditional financial world. So started my 67 00:03:05,160 --> 00:03:07,480 Speaker 1: career at Deutsche Bank, you know, working in the merger 68 00:03:07,520 --> 00:03:09,959 Speaker 1: and acquisitions group in New York from two thousand and 69 00:03:09,960 --> 00:03:11,520 Speaker 1: six to two thousand nine. So I was in New 70 00:03:11,600 --> 00:03:13,519 Speaker 1: York at the you know, kind of height of the 71 00:03:13,560 --> 00:03:16,320 Speaker 1: financial crisis. UM kind of they'll lead up to and 72 00:03:16,320 --> 00:03:18,680 Speaker 1: then the crisis itself and then the beginning of the aftermath. 73 00:03:19,440 --> 00:03:21,799 Speaker 1: Ended up leaving Deutsche Bank in two thousand nine and 74 00:03:21,840 --> 00:03:23,760 Speaker 1: went worked in the restructuring space and worked on the 75 00:03:23,760 --> 00:03:26,120 Speaker 1: credit side UM, doing both in court and out of 76 00:03:26,120 --> 00:03:29,080 Speaker 1: court bankruptcy work, and then also working with companies on 77 00:03:29,120 --> 00:03:31,600 Speaker 1: the management side, helping them come out of bankruptcy. We're 78 00:03:31,639 --> 00:03:35,280 Speaker 1: working with companies that were in bankruptcy from a stabilizing perspective, 79 00:03:35,320 --> 00:03:38,240 Speaker 1: actually like working in a company rather than a consulting role. 80 00:03:38,560 --> 00:03:41,320 Speaker 1: UM advising on an m and a transaction as an example. 81 00:03:41,720 --> 00:03:44,880 Speaker 1: UM and then really moved from there. UM wasn't really 82 00:03:45,200 --> 00:03:48,400 Speaker 1: looking to work for a hedge fund, but got a 83 00:03:48,440 --> 00:03:50,920 Speaker 1: call from a guy who worked for Kyle Bass, who's 84 00:03:51,120 --> 00:03:55,040 Speaker 1: an investor that has a fund called Hyman Capital in Dallas, 85 00:03:55,440 --> 00:03:59,120 Speaker 1: and Kyle is famous or most famous for having shorted 86 00:03:59,160 --> 00:04:02,000 Speaker 1: the subprime crisis. This UM in in in the housing 87 00:04:02,000 --> 00:04:04,800 Speaker 1: crisis and in two thousand seven eight nine UM and 88 00:04:04,840 --> 00:04:06,520 Speaker 1: so I went to work for Kyle in two thousand 89 00:04:06,640 --> 00:04:10,119 Speaker 1: thirteen human capital as affirmed as a range of things 90 00:04:10,160 --> 00:04:12,840 Speaker 1: as a very broad man date from long short equity, 91 00:04:12,920 --> 00:04:16,280 Speaker 1: special situation, equity to distress credit too. There's always been 92 00:04:16,440 --> 00:04:19,000 Speaker 1: a macro theme to to the book at Hayman and 93 00:04:19,080 --> 00:04:22,040 Speaker 1: So I kind of immediately came in most recently from 94 00:04:22,040 --> 00:04:24,800 Speaker 1: a credit background and was working on you know, distress credit. 95 00:04:24,920 --> 00:04:26,479 Speaker 1: There was a lot of distress credit at the time, 96 00:04:26,760 --> 00:04:28,960 Speaker 1: but then ultimately worked a lot on the equity side 97 00:04:28,960 --> 00:04:31,960 Speaker 1: with my m and a background UM special situation on 98 00:04:32,000 --> 00:04:34,480 Speaker 1: both the long and short side. Then as I kind 99 00:04:34,520 --> 00:04:36,440 Speaker 1: of as as the firm evolved in is my time 100 00:04:36,520 --> 00:04:38,839 Speaker 1: evolved there, you know, more and more of the activity 101 00:04:39,440 --> 00:04:42,960 Speaker 1: was steered towards the macro side. And I like to 102 00:04:42,960 --> 00:04:45,720 Speaker 1: think about it, as you know, at Deutsche Bank, I've 103 00:04:45,760 --> 00:04:48,160 Speaker 1: really learned how to cut my teeth and just how 104 00:04:48,200 --> 00:04:52,200 Speaker 1: to work UM and really developed just a pure baseline 105 00:04:52,200 --> 00:04:55,680 Speaker 1: in terms of financial accounting and financial reporting at at 106 00:04:55,880 --> 00:04:57,320 Speaker 1: you know, the consulting firm that I worked at the 107 00:04:57,360 --> 00:04:59,440 Speaker 1: restruction side. I really figured out how business has worked. 108 00:04:59,440 --> 00:05:01,480 Speaker 1: I was actually how uping, you know, on the operation 109 00:05:01,520 --> 00:05:03,840 Speaker 1: side of businesses and really understanding a lot of the 110 00:05:03,880 --> 00:05:06,920 Speaker 1: complexity of what goes into actually delivering a product from 111 00:05:06,920 --> 00:05:09,800 Speaker 1: a business um from from the inside out, and then 112 00:05:10,120 --> 00:05:13,039 Speaker 1: really at him and I learned how the global financial 113 00:05:13,080 --> 00:05:15,360 Speaker 1: system are so learned how kind of the global macro 114 00:05:15,480 --> 00:05:18,320 Speaker 1: landscape works, and and that's ultimately what led me to 115 00:05:18,360 --> 00:05:20,120 Speaker 1: bit Quinn. And I was ultimately doing two things at 116 00:05:20,160 --> 00:05:22,880 Speaker 1: hymand I was one at the times just you know, 117 00:05:22,920 --> 00:05:25,920 Speaker 1: I really didn't get into bitcointil sixteen UM and then 118 00:05:25,920 --> 00:05:28,600 Speaker 1: I accelerated my path. But I was doing a deep 119 00:05:28,640 --> 00:05:30,440 Speaker 1: dive and trying to understand what would happen when the 120 00:05:30,440 --> 00:05:33,279 Speaker 1: Fed on the bound its balance sheet. So they injected 121 00:05:33,320 --> 00:05:35,720 Speaker 1: three point six trillion into the system between twenty two 122 00:05:35,720 --> 00:05:38,560 Speaker 1: thousand nine early two thousand and eight, that tw two 123 00:05:38,560 --> 00:05:41,520 Speaker 1: thousand fourteen, and it had been signaling at that point 124 00:05:41,520 --> 00:05:43,800 Speaker 1: in time but they were going to They already had 125 00:05:43,800 --> 00:05:45,800 Speaker 1: been raising short term interest rates, but they were signaling 126 00:05:45,839 --> 00:05:48,039 Speaker 1: that they were going to further tighten financial conditions. I 127 00:05:48,080 --> 00:05:49,960 Speaker 1: was trying to understand what would happen. When that happened 128 00:05:49,920 --> 00:05:51,960 Speaker 1: and they actually started to remove the dollars that they 129 00:05:51,960 --> 00:05:54,360 Speaker 1: had put in with QWI, I came to the conclusion, 130 00:05:54,440 --> 00:05:57,200 Speaker 1: independent from Bitcoin that at that you know, kind of juncture, 131 00:05:57,440 --> 00:06:01,440 Speaker 1: but they'd have to stop the the tightening and they'd 132 00:06:01,440 --> 00:06:02,960 Speaker 1: have to put in a lot more money in the 133 00:06:03,000 --> 00:06:07,120 Speaker 1: trillions of dollars because of the structure of the financial system. 134 00:06:07,160 --> 00:06:08,680 Speaker 1: At the same time, I was going down to the 135 00:06:08,680 --> 00:06:12,080 Speaker 1: bitcoin rabbit hole, and I ultimately got a chance to 136 00:06:12,120 --> 00:06:14,360 Speaker 1: meet safety and a Moose, the author of the Bitcoin standard. 137 00:06:14,600 --> 00:06:17,440 Speaker 1: He really, I said, it was the one most instrumental 138 00:06:17,440 --> 00:06:20,200 Speaker 1: early on and helped me understand monetary economics and really 139 00:06:20,279 --> 00:06:22,880 Speaker 1: unlocking a lot of mental blocks. So I was pursuing 140 00:06:22,880 --> 00:06:28,560 Speaker 1: these two research paths which were fed QUE quantitative tightening 141 00:06:28,560 --> 00:06:31,120 Speaker 1: and reverse QB and what would happen and realizing that 142 00:06:31,200 --> 00:06:33,720 Speaker 1: QUE was an inevitability and the trillions of dollars, and 143 00:06:33,760 --> 00:06:36,360 Speaker 1: then I figured out Bitcoin and and realized that Bitcoin 144 00:06:36,480 --> 00:06:38,960 Speaker 1: was the solution of QUE, and that those two paths 145 00:06:39,400 --> 00:06:42,000 Speaker 1: really converged to one for me. And as soon as 146 00:06:42,040 --> 00:06:44,840 Speaker 1: it all started to click, um, I decided that I, 147 00:06:45,040 --> 00:06:47,599 Speaker 1: you know, my time would be best spent not what 148 00:06:47,680 --> 00:06:50,160 Speaker 1: I was doing working for a hedge fund, but helping 149 00:06:50,200 --> 00:06:53,640 Speaker 1: to create value in the bitcoin world. Ultimately moved back 150 00:06:53,640 --> 00:06:55,800 Speaker 1: to Austin where I'm from. Originally that the two co 151 00:06:55,880 --> 00:06:58,800 Speaker 1: founders had unchained, I was really focused on custody infrastructure, 152 00:06:58,839 --> 00:07:01,600 Speaker 1: and um, you know, you know, we'll talk mostly today 153 00:07:01,640 --> 00:07:03,920 Speaker 1: about you know, the research and the why bitcoin, but 154 00:07:04,040 --> 00:07:06,440 Speaker 1: that that led me to the path that I am 155 00:07:06,480 --> 00:07:08,839 Speaker 1: now and I spend all day every day today working 156 00:07:08,839 --> 00:07:12,480 Speaker 1: on on Jane helping people, um, you know, understand bitcoin, 157 00:07:13,280 --> 00:07:16,440 Speaker 1: secure the bitcoin better, and then prepare for a world 158 00:07:16,480 --> 00:07:20,440 Speaker 1: that's uh that's bitcoin native and bitcoin denomenated nice. Well 159 00:07:20,480 --> 00:07:24,160 Speaker 1: that is Ah, it's a very broad background that um 160 00:07:24,200 --> 00:07:26,240 Speaker 1: you know, it really takes somebody that has that brought 161 00:07:26,320 --> 00:07:28,720 Speaker 1: up a background to really understand it. And that's why 162 00:07:28,760 --> 00:07:31,120 Speaker 1: I think bitcoin is so hard to understand, because you 163 00:07:31,160 --> 00:07:33,520 Speaker 1: have to have discipline and or you have to understand 164 00:07:33,520 --> 00:07:35,680 Speaker 1: in all these different disciplines. And so I think that 165 00:07:35,720 --> 00:07:38,760 Speaker 1: broad background definitely really helps you out there. Before we 166 00:07:38,840 --> 00:07:42,120 Speaker 1: get into maybe some of the specifics that you write about, 167 00:07:42,320 --> 00:07:44,320 Speaker 1: if we if we kind of focus on the why 168 00:07:44,640 --> 00:07:46,720 Speaker 1: you've talked about, you know, the QUI that was printed 169 00:07:46,720 --> 00:07:49,800 Speaker 1: in two thousand eight, um, what that's done, and how 170 00:07:49,880 --> 00:07:52,480 Speaker 1: you started to see that maybe we you know, bitcoin 171 00:07:52,520 --> 00:07:54,880 Speaker 1: could be a solution to that. I know you've talked 172 00:07:54,880 --> 00:07:57,800 Speaker 1: about the amount of QUI that's been created, the debt 173 00:07:57,840 --> 00:07:59,960 Speaker 1: you talked about you were studying uh you know, credit 174 00:08:00,000 --> 00:08:03,800 Speaker 1: it before as well. And I also heard you talk about, um, 175 00:08:03,840 --> 00:08:07,200 Speaker 1: you know, the amount of the US dollar denominated debt 176 00:08:07,240 --> 00:08:11,520 Speaker 1: that's outstanding right, the demand for that debt. Um, how 177 00:08:11,560 --> 00:08:14,400 Speaker 1: do you see like the amount of debt that the 178 00:08:14,440 --> 00:08:16,760 Speaker 1: FED is creating, I guess the qu that they're creating, 179 00:08:16,800 --> 00:08:20,000 Speaker 1: but also the amount of maybe the dollars that are outstanding. 180 00:08:20,040 --> 00:08:21,960 Speaker 1: I mean, how do you see that whole balance this 181 00:08:22,080 --> 00:08:24,880 Speaker 1: problem that that's developing right before our eyes or has 182 00:08:25,000 --> 00:08:28,119 Speaker 1: been developing and maybe maybe coming to a climax. Yeah, 183 00:08:28,240 --> 00:08:30,160 Speaker 1: and and really so when I you know, if you 184 00:08:30,200 --> 00:08:33,480 Speaker 1: could go back in time and imagine me and seen 185 00:08:33,520 --> 00:08:36,320 Speaker 1: going down this um, you know, I'd say the FED 186 00:08:36,400 --> 00:08:38,840 Speaker 1: rabbit hole it was. It was really trying to I 187 00:08:38,920 --> 00:08:41,640 Speaker 1: was trying to create a mental model or framework for 188 00:08:41,679 --> 00:08:44,440 Speaker 1: how to think about quantitative easing. And one of the 189 00:08:44,520 --> 00:08:46,400 Speaker 1: key questions that comes up for people as if the 190 00:08:46,440 --> 00:08:50,240 Speaker 1: FED prints three point six trillion dollars que and that's 191 00:08:50,320 --> 00:08:53,559 Speaker 1: essentially they're creating digital dollars that they're putting in the 192 00:08:53,559 --> 00:08:56,480 Speaker 1: banking system that can then be transferred in the banking 193 00:08:56,480 --> 00:08:58,520 Speaker 1: system who are printed by the treasury and taken out. 194 00:08:58,760 --> 00:09:01,440 Speaker 1: Why don't we just immediately seem rampant inflation when they 195 00:09:02,080 --> 00:09:04,800 Speaker 1: create these manion dollars. So I was really trying to 196 00:09:04,880 --> 00:09:07,560 Speaker 1: understand the construction and the structure of the financial system. 197 00:09:07,840 --> 00:09:09,839 Speaker 1: And I kept going, you know, with each layer the 198 00:09:09,920 --> 00:09:12,199 Speaker 1: onion that I was peeling back, and when fur them 199 00:09:12,240 --> 00:09:14,560 Speaker 1: further down the rabbitble, I kind of keyed in on 200 00:09:14,600 --> 00:09:18,120 Speaker 1: this idea of well, wait, how much like what actually 201 00:09:18,120 --> 00:09:21,960 Speaker 1: happens when when with the operation the you know, the 202 00:09:22,000 --> 00:09:24,160 Speaker 1: open market operation of buying a treasury and putting a 203 00:09:24,200 --> 00:09:28,880 Speaker 1: dollar in h in the system and essentially swapping what 204 00:09:29,120 --> 00:09:32,680 Speaker 1: is a treasury liability or a mortgage back security and 205 00:09:32,679 --> 00:09:35,280 Speaker 1: putting a dollar in and then and then I was 206 00:09:35,280 --> 00:09:39,080 Speaker 1: trying to understand, well, okay, if I was, if I, 207 00:09:39,080 --> 00:09:42,559 Speaker 1: if I really zero in on you know, the right 208 00:09:42,600 --> 00:09:44,560 Speaker 1: way to look at the playing field of the credit system, 209 00:09:44,600 --> 00:09:47,600 Speaker 1: it's how much total debt is there, and then how 210 00:09:47,600 --> 00:09:50,160 Speaker 1: many dollars are there? To service those debts, because if 211 00:09:50,200 --> 00:09:53,640 Speaker 1: you get in the weeds and you know, you're looking 212 00:09:53,679 --> 00:09:56,559 Speaker 1: at bank balance sheets versus corporate balance sheets versus consumer 213 00:09:56,559 --> 00:09:58,480 Speaker 1: balance sheets, and you're you know, kind of lost in 214 00:09:58,520 --> 00:10:01,400 Speaker 1: the minutia, you can kind of lose sense of the 215 00:10:01,640 --> 00:10:03,760 Speaker 1: broader scope. And then and and if you're gonna try 216 00:10:03,760 --> 00:10:05,760 Speaker 1: to understand QUE, even though I think if you want 217 00:10:05,760 --> 00:10:08,319 Speaker 1: to actually understand economics and first principles, you need to 218 00:10:08,600 --> 00:10:10,800 Speaker 1: really go down to the low this level. But if 219 00:10:10,800 --> 00:10:13,200 Speaker 1: you really want to understand the US financial system, you 220 00:10:13,200 --> 00:10:14,920 Speaker 1: really got to go to the highest level because you 221 00:10:14,960 --> 00:10:17,120 Speaker 1: need to be you need to think about it an aggregates, 222 00:10:17,480 --> 00:10:20,600 Speaker 1: uh not, because that's how economics really work. But that's 223 00:10:20,720 --> 00:10:23,760 Speaker 1: ultimately the best way to describe how QUE works, how 224 00:10:23,800 --> 00:10:25,640 Speaker 1: it can only work, and how it doesn't really solve 225 00:10:25,640 --> 00:10:28,959 Speaker 1: any problems ultimately, in my view, ultimately creates more problems. 226 00:10:29,240 --> 00:10:31,959 Speaker 1: But so what I ultimately did you know through that analysis? 227 00:10:31,960 --> 00:10:34,800 Speaker 1: Like basically, there's a report that the FED puts out 228 00:10:34,840 --> 00:10:37,760 Speaker 1: called the Z one Report, which is the Financial Accounts 229 00:10:37,800 --> 00:10:40,400 Speaker 1: of the United States. And on about the fifth page 230 00:10:40,400 --> 00:10:42,760 Speaker 1: of that report, there's a table and they show the 231 00:10:42,760 --> 00:10:47,200 Speaker 1: total outstanding debt. They break it down between consumer and 232 00:10:47,440 --> 00:10:51,720 Speaker 1: you know, basically mortgages, credit cards, you know, UM state 233 00:10:51,760 --> 00:10:56,320 Speaker 1: and local governments, UM court, non non finance, corporate debt, 234 00:10:56,800 --> 00:11:00,680 Speaker 1: corporate era findingly and basically the financial sector corporate debt, 235 00:11:00,960 --> 00:11:03,600 Speaker 1: the federal government debt, and then foreign debt of financial 236 00:11:03,720 --> 00:11:06,880 Speaker 1: foreign institutions that's in the U S. Banking and where 237 00:11:06,920 --> 00:11:09,280 Speaker 1: that sits today, there's about eighty trillion dollars worth the debt, 238 00:11:09,360 --> 00:11:11,640 Speaker 1: and there's only about four trillion dollars. I haven't looked 239 00:11:11,640 --> 00:11:13,680 Speaker 1: at it in like the last three months, but usually 240 00:11:13,800 --> 00:11:16,760 Speaker 1: those reports come out quarterly, and so there's likely a 241 00:11:16,760 --> 00:11:19,040 Speaker 1: new update and there's probably you know, in excess of 242 00:11:19,200 --> 00:11:21,840 Speaker 1: eighty trillion dollars of debt. But really thinking about it, 243 00:11:21,880 --> 00:11:24,400 Speaker 1: to say, the only thing that can repay a dollar 244 00:11:24,440 --> 00:11:28,280 Speaker 1: to nominated debt are dollars. There's only four trillion dollars. 245 00:11:28,320 --> 00:11:31,200 Speaker 1: If there's only four trillion dollars that exists approximately, and 246 00:11:31,240 --> 00:11:35,320 Speaker 1: there's eighty trillion dollars worth of debt, um there's you know, again, 247 00:11:35,400 --> 00:11:36,960 Speaker 1: not every debt. The way I think about it is, 248 00:11:36,960 --> 00:11:39,160 Speaker 1: not every debt is due today, and not every debt 249 00:11:39,400 --> 00:11:41,880 Speaker 1: due tomorrow, not even thirty days or sixty a some 250 00:11:41,880 --> 00:11:46,360 Speaker 1: people off thirty year mortgages, but that that imbalance that 251 00:11:46,480 --> 00:11:50,360 Speaker 1: exists one can only exist and does only exist as 252 00:11:50,360 --> 00:11:53,280 Speaker 1: a function of the FED. Basically, each time, you know, 253 00:11:53,320 --> 00:11:56,200 Speaker 1: over the last thirty years, the Federal really the financial 254 00:11:56,240 --> 00:11:59,240 Speaker 1: system tried to correct and tried to to restructure bad 255 00:11:59,240 --> 00:12:01,720 Speaker 1: debts on an accurate at level, the FED prevented it 256 00:12:01,760 --> 00:12:06,199 Speaker 1: by easy monetary conditions to allow essentially targeting of interest 257 00:12:06,280 --> 00:12:08,839 Speaker 1: rates and to allow growth to continue. UM. So we 258 00:12:08,960 --> 00:12:13,800 Speaker 1: ultimately kind of over time gradually created this metasticized credit 259 00:12:13,840 --> 00:12:16,360 Speaker 1: system which end leads us in a world where you know, 260 00:12:16,400 --> 00:12:18,720 Speaker 1: if there's age relion dollars or aguillion dollars of debt 261 00:12:18,760 --> 00:12:22,040 Speaker 1: and only fortunately in dollars R for every dollar that exists, 262 00:12:22,040 --> 00:12:24,400 Speaker 1: there's twenty dollars of debt. That creates a very high 263 00:12:24,480 --> 00:12:27,439 Speaker 1: present demand of dollars. But then when you start, when 264 00:12:27,440 --> 00:12:30,080 Speaker 1: the FED tries to unwind que and they take dollar 265 00:12:30,320 --> 00:12:32,280 Speaker 1: the system, the amount of debts that exists in the 266 00:12:32,280 --> 00:12:35,040 Speaker 1: world remain the same UM and and what what it 267 00:12:35,040 --> 00:12:37,480 Speaker 1: effectively does is that it creates a run on the 268 00:12:37,520 --> 00:12:40,840 Speaker 1: dollars that do remain. Basically, it sets off all equipment crisis. 269 00:12:41,200 --> 00:12:43,440 Speaker 1: And then when the market finds out about it, it 270 00:12:43,480 --> 00:12:45,480 Speaker 1: forces the FED to come in and print more dollars. 271 00:12:45,480 --> 00:12:48,160 Speaker 1: So I like to say that that, you know, a 272 00:12:48,200 --> 00:12:50,440 Speaker 1: lot of people say that the dollar has value because 273 00:12:50,440 --> 00:12:53,080 Speaker 1: the government says it has value, or as value because 274 00:12:53,360 --> 00:12:55,559 Speaker 1: the guys with guns will come and, you know, make 275 00:12:55,640 --> 00:12:58,120 Speaker 1: you do something, or you know, the government has the 276 00:12:58,160 --> 00:13:01,520 Speaker 1: ability to tax and think that when people really get 277 00:13:01,520 --> 00:13:03,960 Speaker 1: down and think about it from a principal perspective, they 278 00:13:04,000 --> 00:13:07,360 Speaker 1: realize that there's been any number of events of hyperinflation, 279 00:13:07,760 --> 00:13:10,079 Speaker 1: and each one of those instances there have been governments 280 00:13:10,080 --> 00:13:12,480 Speaker 1: with guns and they build into tax and then there's 281 00:13:12,480 --> 00:13:15,080 Speaker 1: a reality that governments can print money, and they can 282 00:13:15,120 --> 00:13:17,880 Speaker 1: they can create money through QE, every central bank, but 283 00:13:17,960 --> 00:13:19,960 Speaker 1: you can't make so they can basically manage to supply 284 00:13:20,040 --> 00:13:22,280 Speaker 1: of currency, but they can't make people value it. And 285 00:13:22,320 --> 00:13:26,400 Speaker 1: that um the dollar ultimately retains value because of that 286 00:13:26,480 --> 00:13:29,079 Speaker 1: dynamic between there's eighty trillion dollars of debt and for 287 00:13:29,240 --> 00:13:31,880 Speaker 1: trillion dollars, for every dollar that exists, there's twenty of debt. 288 00:13:32,080 --> 00:13:35,000 Speaker 1: So everyone has a very high present demand for dollars 289 00:13:35,040 --> 00:13:37,360 Speaker 1: because what it ultimately represents is, you know, if you 290 00:13:37,400 --> 00:13:39,559 Speaker 1: don't pay your car loan, someone comes and takes your car. 291 00:13:39,800 --> 00:13:41,520 Speaker 1: If you don't pay your mortgage, someone takes your house. 292 00:13:41,559 --> 00:13:45,240 Speaker 1: There's actually productive assets that are securing those debts, and 293 00:13:45,240 --> 00:13:47,480 Speaker 1: people that are in dollar denomin a debt, I'm not 294 00:13:47,520 --> 00:13:50,880 Speaker 1: one of them. Um, they have a very they have 295 00:13:50,920 --> 00:13:54,640 Speaker 1: a high propensity to demand dollars, and that demand is 296 00:13:54,640 --> 00:13:59,000 Speaker 1: what keeps the dollar stable. Now, over time, that dynamic 297 00:13:59,559 --> 00:14:02,240 Speaker 1: of eight trillion dollars or agent trillion dollars worth of 298 00:14:02,280 --> 00:14:04,680 Speaker 1: dollars an a debt and four trillion dollars, it's what 299 00:14:04,800 --> 00:14:09,520 Speaker 1: creates dollar scarcity, but it's also what dictates the trillions 300 00:14:09,559 --> 00:14:12,960 Speaker 1: more dollars will need to be created. Because again, most 301 00:14:13,000 --> 00:14:15,640 Speaker 1: people that are unaware of this dynamic, they only feel 302 00:14:15,640 --> 00:14:18,480 Speaker 1: it in there in the in the in the pricing mecanum. Right, 303 00:14:18,480 --> 00:14:20,680 Speaker 1: they've got a mortgage and they've got a certain number 304 00:14:20,680 --> 00:14:22,440 Speaker 1: of dollars in the bank account, and then when the 305 00:14:22,520 --> 00:14:24,960 Speaker 1: Fed starts to take dollars out of the system, they 306 00:14:24,960 --> 00:14:28,320 Speaker 1: don't know that that's necessarily happening. But they're getting fewer dollars, 307 00:14:28,320 --> 00:14:30,720 Speaker 1: maybe fewer people are coming into their business, and then 308 00:14:30,760 --> 00:14:32,920 Speaker 1: they're sitting there saying, oh, I need to start accumulating 309 00:14:32,920 --> 00:14:34,200 Speaker 1: more dollars because I don't know if we're gonna able 310 00:14:34,240 --> 00:14:36,840 Speaker 1: to pay my mortgage. That sets off basically a run 311 00:14:36,840 --> 00:14:40,760 Speaker 1: on dollars. But what what is ultimately reflected in in 312 00:14:40,760 --> 00:14:43,760 Speaker 1: in a credit system that has a propensity to contract. 313 00:14:44,040 --> 00:14:46,360 Speaker 1: Once the credit system starts to contract because it's in 314 00:14:46,720 --> 00:14:49,840 Speaker 1: this massive imbalance of you know, eighty trillion dollars are 315 00:14:49,880 --> 00:14:52,880 Speaker 1: debt and four trillion dollars, then it starts to feed 316 00:14:52,920 --> 00:14:55,800 Speaker 1: on itself. And that's ultimately what we saw basically last 317 00:14:55,840 --> 00:14:59,160 Speaker 1: September when the repo market broke, and the repo markets 318 00:14:59,160 --> 00:15:01,960 Speaker 1: are a short term fund mechanism um to to to 319 00:15:01,960 --> 00:15:04,760 Speaker 1: to be a large funding mechanism for large financial transactions. 320 00:15:05,040 --> 00:15:07,640 Speaker 1: And then in Mark there's a massive liquid in crisis. 321 00:15:07,640 --> 00:15:11,280 Speaker 1: Well that's essentially the market finding out that everybody needs 322 00:15:11,280 --> 00:15:13,360 Speaker 1: dollars and they're far more than you know, a few 323 00:15:13,360 --> 00:15:15,720 Speaker 1: dollars short, and everyone has a run on them. So 324 00:15:16,040 --> 00:15:19,240 Speaker 1: that then induces the Fed to print dollars. And that's 325 00:15:19,240 --> 00:15:20,960 Speaker 1: where you look at and say, hey, well there's any 326 00:15:20,960 --> 00:15:22,960 Speaker 1: trillion dollars of debt, and the Fed puts in another 327 00:15:23,000 --> 00:15:25,200 Speaker 1: three trillion. There's still a massive a balance, so it 328 00:15:25,240 --> 00:15:27,720 Speaker 1: doesn't just set off, you know, you know, day one 329 00:15:28,360 --> 00:15:30,640 Speaker 1: massive monetary inflation. But that that that's at least kind 330 00:15:30,640 --> 00:15:33,040 Speaker 1: of a framework that I think about it that explains 331 00:15:33,240 --> 00:15:35,480 Speaker 1: the rough size, you know, kind of the fact that 332 00:15:35,520 --> 00:15:37,560 Speaker 1: the FED is the one that really enables that because 333 00:15:37,560 --> 00:15:40,320 Speaker 1: each time that credit system tries to correct, rather than 334 00:15:40,320 --> 00:15:42,720 Speaker 1: being able to correct, the FED puts more dollars in. 335 00:15:43,000 --> 00:15:46,200 Speaker 1: That ultimately makes dollars be worth less and less over time, 336 00:15:46,400 --> 00:15:49,280 Speaker 1: and it causes massive distortions and the real economic activity 337 00:15:49,280 --> 00:15:52,840 Speaker 1: the underpinning the comedy. Yeah, So, I mean that's a 338 00:15:53,080 --> 00:15:56,600 Speaker 1: that's a it's a very uh good way to break 339 00:15:56,640 --> 00:15:58,680 Speaker 1: it all down, and it and it kind of outlines 340 00:15:58,920 --> 00:16:01,320 Speaker 1: the system that the govern mint that the FED is 341 00:16:01,360 --> 00:16:03,760 Speaker 1: in right where they're going to have to continue to 342 00:16:03,800 --> 00:16:06,640 Speaker 1: print more money in order to keep this system going. Right, 343 00:16:06,680 --> 00:16:09,120 Speaker 1: So there's really no way around that at this point 344 00:16:09,160 --> 00:16:10,720 Speaker 1: they're gonna to continue to print I mean, is that 345 00:16:11,040 --> 00:16:14,880 Speaker 1: the summary, Yeah, that's that's the summary, cliff notes. It's 346 00:16:14,960 --> 00:16:19,080 Speaker 1: it's the um the structure of the of the credit system. 347 00:16:19,120 --> 00:16:21,680 Speaker 1: It is what dictates that the FED will have to 348 00:16:21,760 --> 00:16:24,440 Speaker 1: print trillions of dollars. You know, there's another side of it, 349 00:16:24,440 --> 00:16:26,520 Speaker 1: it's more larger or I mean, they're both logical, but 350 00:16:26,560 --> 00:16:28,280 Speaker 1: when you think about the fact that the you know, 351 00:16:28,360 --> 00:16:31,880 Speaker 1: you you understand that our audience that the FED in 352 00:16:31,920 --> 00:16:34,800 Speaker 1: the Treasury or two separate organizations, but they now and 353 00:16:35,000 --> 00:16:36,920 Speaker 1: they're supposed to be independent from each other, but they're 354 00:16:36,920 --> 00:16:40,920 Speaker 1: wet together. Like if the if the Treasury on behalf 355 00:16:40,960 --> 00:16:44,640 Speaker 1: of Congress and the federal government wants to to run 356 00:16:44,640 --> 00:16:47,840 Speaker 1: a three trillion dollar deficit, um those dollars have to 357 00:16:47,840 --> 00:16:50,880 Speaker 1: come from somewhere, and they either strain the private sector 358 00:16:50,920 --> 00:16:53,680 Speaker 1: a versely every dollar that exists in the system, or 359 00:16:54,040 --> 00:16:56,560 Speaker 1: the FED has to create more dollars to finance the 360 00:16:56,560 --> 00:16:59,800 Speaker 1: federal government, and the FED is the private organization. But 361 00:17:00,080 --> 00:17:02,720 Speaker 1: really is that dynamic between debt dollars and the massive 362 00:17:02,840 --> 00:17:05,680 Speaker 1: balance that dictates that more dollars will have to be 363 00:17:06,040 --> 00:17:09,399 Speaker 1: um provided to the credits and otherwise the credit system 364 00:17:09,440 --> 00:17:13,440 Speaker 1: would collapse on itself. If you put too many dollars 365 00:17:13,440 --> 00:17:15,280 Speaker 1: in the system, the same thing will happen. So it's 366 00:17:15,400 --> 00:17:19,000 Speaker 1: it's literally a catch twenty two. Yeah. Yeah, So, I mean, 367 00:17:19,080 --> 00:17:21,280 Speaker 1: that's a great way to talk about it, and I've 368 00:17:21,320 --> 00:17:23,960 Speaker 1: I've done a few videos on that, specifically talking about 369 00:17:24,200 --> 00:17:26,240 Speaker 1: with Janet Yellen, who used to be at the Fed 370 00:17:26,280 --> 00:17:28,399 Speaker 1: going into the Treasury, there's a good chance we'll probably 371 00:17:28,400 --> 00:17:31,879 Speaker 1: see those two agencies working pretty closely together, if not 372 00:17:32,040 --> 00:17:35,560 Speaker 1: almost in unison, which probably will only accelerate that happening. 373 00:17:35,640 --> 00:17:38,160 Speaker 1: Especially we have Bernie Standers there, we got Janet Yellen there. 374 00:17:38,560 --> 00:17:40,720 Speaker 1: Um But but that's kind of a whole another topic. 375 00:17:40,800 --> 00:17:43,080 Speaker 1: But um, so we have this, we have this massive 376 00:17:43,440 --> 00:17:46,480 Speaker 1: demand for dollars which and which means more money printing. 377 00:17:46,680 --> 00:17:48,680 Speaker 1: But the more money they put in, the more distortions 378 00:17:48,760 --> 00:17:52,360 Speaker 1: we have in the market. Now, you did we talked earlier. 379 00:17:52,760 --> 00:17:54,880 Speaker 1: I made a video off of one of your papers, 380 00:17:55,000 --> 00:17:57,840 Speaker 1: and it was basically talking about that specifically, where the 381 00:17:57,920 --> 00:18:01,879 Speaker 1: dollars are really at the end of today, their communication, right, 382 00:18:01,920 --> 00:18:05,800 Speaker 1: and so they communicate to the market signals, and when 383 00:18:05,840 --> 00:18:08,840 Speaker 1: you create more dollars and inject those in, it distorts 384 00:18:08,880 --> 00:18:11,760 Speaker 1: the signals, which starts messing everything up. I mean, did 385 00:18:11,800 --> 00:18:14,680 Speaker 1: I summarize that, right? Do you want to add to that? Yeah, 386 00:18:14,720 --> 00:18:16,920 Speaker 1: one thing that I would you can really key in on, 387 00:18:17,000 --> 00:18:19,280 Speaker 1: because I think it's a very um it's a very 388 00:18:19,320 --> 00:18:24,359 Speaker 1: fundamental way that most people they never they never question 389 00:18:24,400 --> 00:18:27,440 Speaker 1: what money is. They never question how it emerge or 390 00:18:27,800 --> 00:18:30,320 Speaker 1: you know, why do you know I live in Austin, Texas. 391 00:18:30,320 --> 00:18:33,800 Speaker 1: Why did two million people take you know, these physical 392 00:18:33,840 --> 00:18:37,000 Speaker 1: bills or the digital representation when I swept my credit card? 393 00:18:37,040 --> 00:18:39,920 Speaker 1: Like why why does that all exist? And what is it? 394 00:18:40,040 --> 00:18:41,800 Speaker 1: What is the role of money? And so when people 395 00:18:42,000 --> 00:18:44,560 Speaker 1: I think, if they start to really dig in and bitcoin, 396 00:18:44,800 --> 00:18:46,359 Speaker 1: I think it's one of the best things about bitcoin, 397 00:18:46,440 --> 00:18:48,840 Speaker 1: which is it forces people to kind of confront those 398 00:18:49,640 --> 00:18:54,320 Speaker 1: really baseline fundamental questions that that are challenging. Um that 399 00:18:54,440 --> 00:18:56,200 Speaker 1: we all we all kind of have lived in a 400 00:18:56,200 --> 00:18:58,399 Speaker 1: world where we have stable forms of money. Uh not 401 00:18:58,520 --> 00:19:01,880 Speaker 1: everyone has that kind of luxury or has had that luxury. 402 00:19:01,960 --> 00:19:04,520 Speaker 1: Currency have fallen out apart all over the world. But 403 00:19:04,600 --> 00:19:08,280 Speaker 1: for most people, say in the United States, Western Europe, Japan, China, 404 00:19:08,680 --> 00:19:11,080 Speaker 1: they've always you know, from from day zero to wherever 405 00:19:11,119 --> 00:19:13,520 Speaker 1: they are in their life, money has always worked and 406 00:19:13,600 --> 00:19:15,840 Speaker 1: it's been a given. But that when people start to 407 00:19:15,880 --> 00:19:18,840 Speaker 1: think about, you know, one, how money emerged, what what 408 00:19:19,040 --> 00:19:22,800 Speaker 1: role does it facilitate? The way I describe it as 409 00:19:23,520 --> 00:19:27,919 Speaker 1: um money, what money solves a problem for is trade 410 00:19:27,920 --> 00:19:31,679 Speaker 1: and intermediation. So basically, you know, the money is an 411 00:19:31,720 --> 00:19:34,840 Speaker 1: economic good, uh that that exists in the world, and 412 00:19:34,840 --> 00:19:38,280 Speaker 1: it helps intermediate series of transactions. And there's certain things 413 00:19:38,359 --> 00:19:42,840 Speaker 1: that that are certain properties that are inherent in a 414 00:19:42,920 --> 00:19:45,120 Speaker 1: certain good that allow it to be better or worse 415 00:19:45,160 --> 00:19:48,320 Speaker 1: as a form of money, and that you know, based 416 00:19:48,320 --> 00:19:52,560 Speaker 1: on those very objective properties, there's a convergent on a 417 00:19:52,640 --> 00:19:57,280 Speaker 1: single intermediary good that then allows people to use that 418 00:19:57,320 --> 00:19:59,800 Speaker 1: good to facilitate trade, and that there's a general re 419 00:20:00,000 --> 00:20:03,080 Speaker 1: cognition that everyone benefits from trade and specialization. You know, 420 00:20:03,119 --> 00:20:06,399 Speaker 1: if you are, you know, great at communicating ideas and 421 00:20:06,440 --> 00:20:09,440 Speaker 1: having a podcast, then that's your specialization. If somebody else 422 00:20:09,520 --> 00:20:12,280 Speaker 1: is great at making cars, that's theirs are playing football 423 00:20:12,359 --> 00:20:15,639 Speaker 1: or basketball or being a doctor nurse. That basically, money 424 00:20:15,720 --> 00:20:18,720 Speaker 1: is the intermediary good that allows us to be able 425 00:20:18,760 --> 00:20:21,400 Speaker 1: to specialize in these these one things during the day 426 00:20:21,680 --> 00:20:24,480 Speaker 1: and be basically be able to purchase the output of others. 427 00:20:24,560 --> 00:20:27,520 Speaker 1: And we use money as this common tool or good 428 00:20:27,640 --> 00:20:31,040 Speaker 1: to communicate value and this recognition that that value is 429 00:20:31,040 --> 00:20:34,119 Speaker 1: and inherently every form of value, any conception of value, 430 00:20:34,160 --> 00:20:37,359 Speaker 1: is subjective. Money is a thing that helps us um 431 00:20:37,640 --> 00:20:41,600 Speaker 1: put an objective quantity or to even have the very 432 00:20:41,680 --> 00:20:46,320 Speaker 1: conception of value because it's basically, you know, it's what 433 00:20:46,359 --> 00:20:49,040 Speaker 1: allows me to know how much other people are valuing 434 00:20:49,040 --> 00:20:51,200 Speaker 1: what I do, and then how that translates to if 435 00:20:51,200 --> 00:20:53,439 Speaker 1: I want, you know, goods X, y or z, how 436 00:20:53,520 --> 00:20:55,159 Speaker 1: much value I need to deliver to others to be 437 00:20:55,200 --> 00:20:57,800 Speaker 1: able to get that. And so when when I think 438 00:20:57,840 --> 00:21:00,720 Speaker 1: about it, it's it's really this idea of this convergence 439 00:21:00,800 --> 00:21:04,520 Speaker 1: on a single good to to fulfill that role of money. 440 00:21:04,640 --> 00:21:08,600 Speaker 1: Um is critical to basically facilitating this function of communicating 441 00:21:08,720 --> 00:21:11,960 Speaker 1: value because what emerges when a wide group of people 442 00:21:11,960 --> 00:21:14,760 Speaker 1: are are a market economy converges on a single good 443 00:21:15,200 --> 00:21:19,240 Speaker 1: is that a pricing mechanism ultimately emerges. And um, you know, 444 00:21:19,240 --> 00:21:21,720 Speaker 1: i'd say the person or the person that I've read 445 00:21:21,720 --> 00:21:25,280 Speaker 1: that helped me understand this, this mechanism. The best is 446 00:21:25,400 --> 00:21:27,800 Speaker 1: and in the function of pricing mechanism is is fred 447 00:21:27,840 --> 00:21:32,560 Speaker 1: or Kayak specifically two pieces, um, the you know, really 448 00:21:32,600 --> 00:21:34,080 Speaker 1: three Pieces of the Road to Served Him, which is 449 00:21:34,119 --> 00:21:37,000 Speaker 1: a book they wrote around the time of World War Two, 450 00:21:37,720 --> 00:21:40,240 Speaker 1: an essay called The Pretense of Knowledge, and then an 451 00:21:40,400 --> 00:21:42,760 Speaker 1: essay called The Use of Knowledge and Society. The the 452 00:21:42,840 --> 00:21:45,719 Speaker 1: last one used Knowledge and Society really keys on on 453 00:21:45,760 --> 00:21:49,240 Speaker 1: this idea of the pricing mechanism as you and he 454 00:21:49,280 --> 00:21:52,280 Speaker 1: has a comment that says something along the lines of, 455 00:21:52,720 --> 00:21:56,119 Speaker 1: you know, if if the pricing mechanism was you know, 456 00:21:56,200 --> 00:21:59,359 Speaker 1: of conscious human design, that that it would be you know, 457 00:21:59,440 --> 00:22:02,639 Speaker 1: one of the most important, you know, it would be 458 00:22:02,640 --> 00:22:05,240 Speaker 1: considered one of the most important discoveries or inventions ever. 459 00:22:05,520 --> 00:22:08,560 Speaker 1: But it wasn't of conscious design, you know, recognizing that 460 00:22:08,640 --> 00:22:12,360 Speaker 1: this this idea of a pricing mechanism emerged organically as 461 00:22:12,359 --> 00:22:14,600 Speaker 1: a group. As a large group, you will converge on 462 00:22:14,720 --> 00:22:16,880 Speaker 1: different mediums as a form of money. And then if 463 00:22:16,880 --> 00:22:19,280 Speaker 1: you think about those pricing mechanisms and one of the 464 00:22:19,320 --> 00:22:21,800 Speaker 1: ways that I, you know, communicated I don't know if 465 00:22:21,840 --> 00:22:23,840 Speaker 1: it was it was how high did or just something 466 00:22:23,840 --> 00:22:25,399 Speaker 1: that I've evolved from mine, but I want to make 467 00:22:25,440 --> 00:22:27,760 Speaker 1: sure I give credit to him if if if it's 468 00:22:27,760 --> 00:22:30,320 Speaker 1: not my own original thought. But thinking about you know, 469 00:22:30,640 --> 00:22:32,719 Speaker 1: say that there's somebody in the United States building a 470 00:22:32,720 --> 00:22:35,200 Speaker 1: house and there's copper that goes into you know, in 471 00:22:36,280 --> 00:22:40,120 Speaker 1: necessary as a supply input for building a house, and say, 472 00:22:40,320 --> 00:22:43,320 Speaker 1: you know where that copper is coming from is chili 473 00:22:43,359 --> 00:22:46,040 Speaker 1: Because there's massive copper minds in Chili. We'll say there's 474 00:22:46,040 --> 00:22:48,720 Speaker 1: an earthquake in Chili and the supply lines for copper 475 00:22:49,040 --> 00:22:52,040 Speaker 1: get screwed up. And now the guy who's building the 476 00:22:52,080 --> 00:22:54,919 Speaker 1: house in the United States, he starts seeing that the 477 00:22:54,920 --> 00:22:59,360 Speaker 1: price of copper is double. Well, that person needs either 478 00:22:59,600 --> 00:23:02,000 Speaker 1: he should has been sent information via a price signal 479 00:23:02,240 --> 00:23:04,400 Speaker 1: that then that price signal has been sent by using 480 00:23:04,400 --> 00:23:06,920 Speaker 1: a form of money. And and what he ultimately does 481 00:23:07,000 --> 00:23:09,359 Speaker 1: is he either increases the price of his house so 482 00:23:09,359 --> 00:23:12,919 Speaker 1: he can pay twice much for copper, or he finds 483 00:23:13,040 --> 00:23:15,320 Speaker 1: a different substitute. He doesn't have to actually know that 484 00:23:15,359 --> 00:23:20,120 Speaker 1: there was a an earthquake in Chile. He just needs 485 00:23:20,119 --> 00:23:23,359 Speaker 1: to know that the price of copper was now double, 486 00:23:23,600 --> 00:23:26,480 Speaker 1: and that pricing mechanism is the filter that communicates information 487 00:23:26,680 --> 00:23:29,719 Speaker 1: and it's actually the change in prices. This is kind 488 00:23:29,720 --> 00:23:32,280 Speaker 1: of where it gets into the question that you initially asked. 489 00:23:32,320 --> 00:23:35,280 Speaker 1: Apologies for being along winded, but the change in price. 490 00:23:35,840 --> 00:23:39,919 Speaker 1: If if price signals or information, then um then a 491 00:23:40,040 --> 00:23:43,119 Speaker 1: change in price is a change of information. And what 492 00:23:43,280 --> 00:23:46,560 Speaker 1: one of these aspects that that's ironic but also incredibly 493 00:23:46,560 --> 00:23:50,080 Speaker 1: destructive is that the Federal Reserve has was referred to 494 00:23:50,119 --> 00:23:53,080 Speaker 1: as a price stability mandate, and once you start to 495 00:23:53,160 --> 00:23:55,480 Speaker 1: key in on once you understand the function of money 496 00:23:55,920 --> 00:23:59,880 Speaker 1: and and the fundamental role that the pricing mechanism fill, 497 00:24:00,200 --> 00:24:01,960 Speaker 1: and what a price signal actually is, and it's the 498 00:24:01,960 --> 00:24:05,040 Speaker 1: way that the majority of all information is communicated buying 499 00:24:05,080 --> 00:24:08,920 Speaker 1: amongst human beings. Is that the change in price is 500 00:24:08,960 --> 00:24:11,760 Speaker 1: sending an information sygntalm that something has changed in the world. 501 00:24:11,760 --> 00:24:15,280 Speaker 1: And that in that example of you know, Chilian an earthquake, 502 00:24:15,320 --> 00:24:17,159 Speaker 1: that you don't have to know that that you know 503 00:24:17,160 --> 00:24:18,800 Speaker 1: there was an earthquake in Chili, but the price of 504 00:24:18,840 --> 00:24:21,240 Speaker 1: copper is different. That that is a function of changing 505 00:24:21,240 --> 00:24:23,760 Speaker 1: prices and it causes people to adapt then best use 506 00:24:23,800 --> 00:24:27,520 Speaker 1: the resources that are available to them. Well, what happens 507 00:24:27,560 --> 00:24:30,200 Speaker 1: when you know what you're with? The Central Bank essentially 508 00:24:30,200 --> 00:24:33,320 Speaker 1: does when when there's a price signal that's changing, maybe 509 00:24:33,320 --> 00:24:35,400 Speaker 1: it's a price continues to increase and then people say, 510 00:24:35,440 --> 00:24:37,159 Speaker 1: you know what, you know, the price of housing is 511 00:24:37,200 --> 00:24:39,360 Speaker 1: too expensive, so I'm gonna spend my dollars somewhere else, 512 00:24:39,359 --> 00:24:41,680 Speaker 1: and then the price of housing starts to correct. Well, 513 00:24:42,760 --> 00:24:45,840 Speaker 1: when the FED says as a price stability mandate, it's 514 00:24:45,840 --> 00:24:50,119 Speaker 1: effectively manipulating prices when that very change in price is 515 00:24:50,560 --> 00:24:54,480 Speaker 1: valuable information and it's and it's causing the the economy 516 00:24:54,520 --> 00:24:56,919 Speaker 1: to go from a state of imbalance in a in 517 00:24:56,960 --> 00:24:58,520 Speaker 1: a place where there was a price level that was 518 00:24:58,600 --> 00:25:03,359 Speaker 1: unsustainable to to to correcting for that imbalance to restore 519 00:25:03,359 --> 00:25:05,560 Speaker 1: the economy to balance well. When the FIT has a 520 00:25:05,600 --> 00:25:09,000 Speaker 1: price stability mandate to basically target certain price levels, creating 521 00:25:09,040 --> 00:25:13,280 Speaker 1: price rigid rigidity, what essentially is doing is is taking 522 00:25:13,280 --> 00:25:16,159 Speaker 1: a world of imbalance and it's allowing that imbalance to 523 00:25:16,200 --> 00:25:18,879 Speaker 1: be sustained rather than to heal itself. The way that 524 00:25:18,920 --> 00:25:22,040 Speaker 1: the economy heals itself is by fluctuating prices. And the 525 00:25:22,640 --> 00:25:25,040 Speaker 1: environment that the fret FED is created is a world 526 00:25:25,119 --> 00:25:28,879 Speaker 1: that prevents that that healing or that that imbalanced elimination 527 00:25:28,960 --> 00:25:32,280 Speaker 1: process to be undertaken, and that in that article I 528 00:25:32,320 --> 00:25:35,480 Speaker 1: talk about the that idea of this function of the 529 00:25:35,520 --> 00:25:39,080 Speaker 1: FED actually leads to greater and greater imbalance and causes 530 00:25:39,119 --> 00:25:42,760 Speaker 1: greater and greater distortions in wealth and equality and poverty 531 00:25:43,040 --> 00:25:46,160 Speaker 1: as a result of not having h an economic structure 532 00:25:46,200 --> 00:25:52,080 Speaker 1: that's that's balanced, sustainable. Yeah. Yeah, So basically it coordinates 533 00:25:52,119 --> 00:25:54,800 Speaker 1: this society, It coordinates the economy. So in the United States, 534 00:25:54,840 --> 00:25:58,120 Speaker 1: we have three thirty million people, and everybody has different ones, 535 00:25:58,160 --> 00:26:01,080 Speaker 1: needs and desires. And I love chocolate ice cream, but 536 00:26:01,080 --> 00:26:02,600 Speaker 1: tomorrow I just want vanilla. And I don't know why 537 00:26:02,600 --> 00:26:04,240 Speaker 1: I want manila, but I just do. And all of 538 00:26:04,280 --> 00:26:06,240 Speaker 1: a sudden, if too many people want vanilla, then we 539 00:26:06,280 --> 00:26:08,480 Speaker 1: have a problem. So all of a sudden, they can 540 00:26:08,600 --> 00:26:10,919 Speaker 1: raise the price of vanilla, and I might decide for 541 00:26:10,960 --> 00:26:12,520 Speaker 1: that price, I don't want it. I'll just go back 542 00:26:12,520 --> 00:26:14,760 Speaker 1: to chocolate. But at the same time, now that a 543 00:26:14,800 --> 00:26:16,800 Speaker 1: lot of people are paying more for it, more people 544 00:26:16,800 --> 00:26:19,840 Speaker 1: can go make that vanilla ice cream. So everybody can 545 00:26:19,840 --> 00:26:23,800 Speaker 1: now coordinate around that, which will one helped to supply 546 00:26:24,280 --> 00:26:28,120 Speaker 1: or fix that supply mechanism. And I I've been investing 547 00:26:28,160 --> 00:26:31,160 Speaker 1: in uh in non traditional stuff for a long time. 548 00:26:31,600 --> 00:26:33,000 Speaker 1: I told you, I kind of grew up in Texas, 549 00:26:33,040 --> 00:26:35,520 Speaker 1: so I've done a lot of oil oil field stuff. 550 00:26:35,640 --> 00:26:38,040 Speaker 1: And I remember that the whole world operated on this 551 00:26:38,119 --> 00:26:41,719 Speaker 1: theory called peak energy, right peak oil, And um, some 552 00:26:41,800 --> 00:26:43,520 Speaker 1: of the people that I followed and said, there will 553 00:26:43,520 --> 00:26:45,760 Speaker 1: never be will never run out of oil because the 554 00:26:45,760 --> 00:26:48,520 Speaker 1: free market will adjust it. So as the price of oil, 555 00:26:48,640 --> 00:26:50,639 Speaker 1: let's say that we were running out of oil, the 556 00:26:50,680 --> 00:26:53,240 Speaker 1: price of oil would start going higher. Well, that would 557 00:26:53,520 --> 00:26:55,760 Speaker 1: some people would not use it, which would bring the 558 00:26:55,800 --> 00:26:58,120 Speaker 1: demand down. And because the price is higher than people 559 00:26:58,119 --> 00:27:01,520 Speaker 1: would be able to invest into alternative things. And that's 560 00:27:01,560 --> 00:27:04,240 Speaker 1: how the free market kind of works in a sense. 561 00:27:04,240 --> 00:27:06,320 Speaker 1: I mean, would you say that's a good summery? Yeah, 562 00:27:06,400 --> 00:27:08,879 Speaker 1: I would say, like, like what you subscribed? There is 563 00:27:09,160 --> 00:27:11,360 Speaker 1: that the change in price on both the supply side 564 00:27:11,400 --> 00:27:14,560 Speaker 1: and the demand side changes behavior. It's communicating information and 565 00:27:14,600 --> 00:27:18,320 Speaker 1: then everybody and it's also communicating information about preferences, and 566 00:27:19,040 --> 00:27:23,040 Speaker 1: those price signals basically aggregate the preferences society. Why in 567 00:27:23,520 --> 00:27:27,800 Speaker 1: the most efficient way conceivable in almost in a in 568 00:27:27,840 --> 00:27:31,119 Speaker 1: a way that's that's really actually difficult to conceive of. 569 00:27:31,600 --> 00:27:34,920 Speaker 1: It's a beautiful mechanism um. And that's why hy talks 570 00:27:34,960 --> 00:27:37,480 Speaker 1: about it. Is like if it was of deliberate design 571 00:27:37,680 --> 00:27:40,840 Speaker 1: and of conscious thought, it would be the greatest invention 572 00:27:40,920 --> 00:27:42,879 Speaker 1: that was ever that was ever made up. It's not. 573 00:27:43,040 --> 00:27:46,119 Speaker 1: It's not of conscious design, wasn't of conscious control. And 574 00:27:46,119 --> 00:27:48,520 Speaker 1: therefore everyone kind of goes about it kind of taking 575 00:27:48,520 --> 00:27:50,240 Speaker 1: it for granted. And so I would you know, I 576 00:27:50,280 --> 00:27:52,480 Speaker 1: would I would think about that and say that that 577 00:27:52,520 --> 00:27:55,720 Speaker 1: there's price signals, whether it's oil or houses, like that's 578 00:27:55,720 --> 00:27:58,200 Speaker 1: what you want. You want prices to change. And when 579 00:27:58,240 --> 00:28:01,439 Speaker 1: you when you target prices by changing the monthy supply, 580 00:28:01,800 --> 00:28:05,920 Speaker 1: what you're actually doing is you're distorting every price level 581 00:28:05,960 --> 00:28:08,320 Speaker 1: because when when when you think about the value of 582 00:28:08,320 --> 00:28:11,000 Speaker 1: a home, it's five, and the value of a car 583 00:28:11,520 --> 00:28:15,160 Speaker 1: and it's fift. Those are two independent points that are valuable. 584 00:28:15,320 --> 00:28:17,680 Speaker 1: But what it's also communicating to you is the relative 585 00:28:17,760 --> 00:28:21,440 Speaker 1: value between a house and car one cars or ten houses. 586 00:28:21,800 --> 00:28:24,040 Speaker 1: You know or you know it takes you know, ex 587 00:28:24,200 --> 00:28:26,360 Speaker 1: meaning to create x number of apples to be able 588 00:28:26,359 --> 00:28:28,000 Speaker 1: to convert that into a car, however money might be. 589 00:28:28,320 --> 00:28:30,720 Speaker 1: So it's not just that the nominal price levels are valuable, 590 00:28:30,760 --> 00:28:34,479 Speaker 1: but it's also the exchange ratios. And so the critical 591 00:28:34,520 --> 00:28:38,040 Speaker 1: piece of information is the the price level of individual 592 00:28:38,040 --> 00:28:41,040 Speaker 1: good and the exchange or isteo between relative goods, because 593 00:28:41,080 --> 00:28:44,600 Speaker 1: that's actually what informs economic activity, tells you whether or 594 00:28:44,640 --> 00:28:47,560 Speaker 1: not you should focus on doing podcasts or focusing on 595 00:28:47,600 --> 00:28:50,280 Speaker 1: going and getting oil out of the ground. And when 596 00:28:50,320 --> 00:28:53,360 Speaker 1: you start mucking up the system by putting more dollars in, 597 00:28:53,920 --> 00:28:57,480 Speaker 1: you're basically those incremental dollars are extraneous to the whole 598 00:28:57,520 --> 00:29:01,160 Speaker 1: process of relative price signals. And so all you do 599 00:29:01,280 --> 00:29:04,120 Speaker 1: by distorting price signals, and when you put more dollars 600 00:29:04,120 --> 00:29:06,520 Speaker 1: in the system, you just store every single price signal 601 00:29:06,560 --> 00:29:11,560 Speaker 1: in the world. You you basically disrupt and distort the 602 00:29:11,600 --> 00:29:16,120 Speaker 1: communicate otherwise unfiltered communication channels between humans. When that happens, 603 00:29:16,320 --> 00:29:20,360 Speaker 1: you get massive economic imbountance effectively, And and what it 604 00:29:20,400 --> 00:29:21,920 Speaker 1: really comes down to, and this seems to be the 605 00:29:21,960 --> 00:29:24,960 Speaker 1: piece that the Hiak and the Austrians got so well, 606 00:29:25,000 --> 00:29:29,520 Speaker 1: but today's economists completely seemed to miss. And it's it's 607 00:29:29,520 --> 00:29:33,719 Speaker 1: really self interest, right, self determination, and so um, you know, 608 00:29:33,800 --> 00:29:35,680 Speaker 1: we all have our own self interest that we want 609 00:29:35,680 --> 00:29:38,000 Speaker 1: to push. And so when we see these price signals 610 00:29:38,160 --> 00:29:40,320 Speaker 1: will shoot. Everybody wants a podcast, I s go start 611 00:29:40,320 --> 00:29:42,120 Speaker 1: a podcast where everybody wants oil, I'll go, or everybody 612 00:29:42,120 --> 00:29:44,400 Speaker 1: wants vanilla ice cream, and so all of a sudden, 613 00:29:44,400 --> 00:29:46,960 Speaker 1: people will go start to fill those needs. Um. And 614 00:29:47,000 --> 00:29:49,479 Speaker 1: the problem when we get these fixed price signals, as 615 00:29:49,520 --> 00:29:51,160 Speaker 1: you say, right, the government wants to mandate what those 616 00:29:51,200 --> 00:29:53,480 Speaker 1: price signals are. There Everyone's like, I ain't gonna make 617 00:29:53,480 --> 00:29:56,280 Speaker 1: bread for that price, and then it leads to massive 618 00:29:56,360 --> 00:29:59,400 Speaker 1: shortages and so um, if you look at any of 619 00:29:59,440 --> 00:30:02,440 Speaker 1: these third countries or whatever they are, you know, more 620 00:30:02,560 --> 00:30:05,760 Speaker 1: more captured controlled systems where they've done these types of things, 621 00:30:05,840 --> 00:30:08,480 Speaker 1: you can start to see all these imbalances as you're 622 00:30:08,480 --> 00:30:12,600 Speaker 1: talking about, right, I guess that sums it up. So 623 00:30:13,080 --> 00:30:15,480 Speaker 1: we've we've basically I wanted to just kind of set 624 00:30:15,480 --> 00:30:17,760 Speaker 1: the stage a little bit. So we've basically talked about 625 00:30:18,000 --> 00:30:21,720 Speaker 1: or you've you've explained to us why the government to fed, 626 00:30:21,760 --> 00:30:24,440 Speaker 1: the central banks have to continue to print more money. Um. 627 00:30:24,480 --> 00:30:26,720 Speaker 1: At this point, there's really no option for them but 628 00:30:26,760 --> 00:30:29,120 Speaker 1: to continue to create more money. And the problem with 629 00:30:29,160 --> 00:30:32,280 Speaker 1: that is that it leads to all these imbalances um 630 00:30:32,480 --> 00:30:35,280 Speaker 1: and eventually that leads to lack of goods and things 631 00:30:35,320 --> 00:30:38,440 Speaker 1: like that, and and a lot of people, unfortunately, the 632 00:30:38,440 --> 00:30:40,360 Speaker 1: whole world has kind of shifted to this short term 633 00:30:40,400 --> 00:30:43,080 Speaker 1: thinking today and I see it all the time today. 634 00:30:43,160 --> 00:30:45,760 Speaker 1: I I put something on Twitter and I talked about 635 00:30:45,800 --> 00:30:48,880 Speaker 1: you know, Biden and Sanders and yelling and like, we 636 00:30:48,920 --> 00:30:51,560 Speaker 1: know money printing is gonna be there next year, and 637 00:30:51,600 --> 00:30:53,520 Speaker 1: a lot of people are like, well, who cares if 638 00:30:53,520 --> 00:30:56,479 Speaker 1: it's gonna like help some people out this year, and 639 00:30:56,520 --> 00:30:59,080 Speaker 1: so it's that short term thinking where like maybe it 640 00:30:59,160 --> 00:31:02,280 Speaker 1: helps me in the show work term, but it's destroying 641 00:31:02,400 --> 00:31:05,320 Speaker 1: things in the long term, and so people have to 642 00:31:05,360 --> 00:31:07,480 Speaker 1: have that shift. Do you see that a lot, I 643 00:31:07,480 --> 00:31:10,760 Speaker 1: guess from your research. Yeah, I would say they're The 644 00:31:10,800 --> 00:31:14,240 Speaker 1: way that I would relate that idea is is twofold. First, Yeah, 645 00:31:14,800 --> 00:31:18,800 Speaker 1: we we we also recognize that there's there's always a chance, 646 00:31:19,200 --> 00:31:21,480 Speaker 1: it's always the possibility that the FED doesn't have like 647 00:31:21,520 --> 00:31:23,880 Speaker 1: they don't have to print money. We just know that 648 00:31:23,960 --> 00:31:26,480 Speaker 1: they will. And the reason why they will print money 649 00:31:26,520 --> 00:31:29,800 Speaker 1: is because if they didn't, one, we've we've got history 650 00:31:29,800 --> 00:31:31,720 Speaker 1: and we can read about their psychology, and we know 651 00:31:32,440 --> 00:31:34,880 Speaker 1: how they operate, and we know what drives their system 652 00:31:34,960 --> 00:31:36,960 Speaker 1: may be in the credit system that if they didn't 653 00:31:37,000 --> 00:31:40,760 Speaker 1: print more money, the credit system would collapse, and and 654 00:31:40,800 --> 00:31:42,960 Speaker 1: it would collapse in a way that would render every 655 00:31:43,000 --> 00:31:45,160 Speaker 1: single investment bank and solve it if they didn't print 656 00:31:45,160 --> 00:31:48,040 Speaker 1: another dollar, every single investment bank. Your whole system is 657 00:31:48,080 --> 00:31:50,959 Speaker 1: built on credit. The credit system is many, you know, 658 00:31:51,000 --> 00:31:54,120 Speaker 1: as I've described as many orders, its multiple worders of 659 00:31:54,160 --> 00:31:57,080 Speaker 1: magnazude bigger than the based money supply to the allocation 660 00:31:57,120 --> 00:31:59,000 Speaker 1: of credit is how is what you know, how our 661 00:31:59,000 --> 00:32:02,000 Speaker 1: economy functions. If that criticystem collap the FED would be 662 00:32:02,040 --> 00:32:05,240 Speaker 1: over it wouldn't It wouldn't have a system to control anymore. 663 00:32:05,480 --> 00:32:08,680 Speaker 1: So we know that like it prints money for that reason. Um, 664 00:32:08,720 --> 00:32:11,520 Speaker 1: and that's why I say again, it's always possible that 665 00:32:11,560 --> 00:32:14,560 Speaker 1: they don't. It's not a realistically probably probable that they 666 00:32:14,600 --> 00:32:17,920 Speaker 1: don't to the point of like impossible. Now going to 667 00:32:18,000 --> 00:32:20,960 Speaker 1: your to the next question of you know, yes, it's 668 00:32:20,960 --> 00:32:23,040 Speaker 1: it's short term thinking, right like, and that's what got 669 00:32:23,080 --> 00:32:26,240 Speaker 1: us to this point. Does it doesn't follow any logic 670 00:32:26,320 --> 00:32:28,360 Speaker 1: or reason. It's like if you if you, if you 671 00:32:28,440 --> 00:32:32,640 Speaker 1: start with a very core common sense idea that printing 672 00:32:32,640 --> 00:32:35,040 Speaker 1: money like and I the way I described the evil 673 00:32:35,120 --> 00:32:39,360 Speaker 1: is imagine the moment that money is printed, that does 674 00:32:39,440 --> 00:32:44,160 Speaker 1: not do anything to create another job, right Like, the 675 00:32:44,240 --> 00:32:47,400 Speaker 1: function of printing money is not the productive activity. So 676 00:32:47,440 --> 00:32:49,360 Speaker 1: if you just start with that, if you just do that, 677 00:32:50,080 --> 00:32:54,520 Speaker 1: all it serves to do is change how the money 678 00:32:54,560 --> 00:32:58,400 Speaker 1: is divvied up. So it basically takes it from the 679 00:32:58,440 --> 00:33:02,959 Speaker 1: people and the people setting preferences and prices and shifts 680 00:33:02,960 --> 00:33:04,880 Speaker 1: it to the hand of the FED and the fet 681 00:33:04,960 --> 00:33:07,640 Speaker 1: decides how to to print money, and that you've probably 682 00:33:07,640 --> 00:33:10,040 Speaker 1: seen it on Twitter. But there's you know the fact 683 00:33:10,040 --> 00:33:12,640 Speaker 1: that you know, hey, just another quick interruption to let 684 00:33:12,640 --> 00:33:14,520 Speaker 1: you know that this video it's brought to you add 685 00:33:14,600 --> 00:33:17,240 Speaker 1: free by Block five. Now they allow you to hold 686 00:33:17,400 --> 00:33:19,720 Speaker 1: onto your bitcoin and your other cryptos for all the 687 00:33:19,760 --> 00:33:22,400 Speaker 1: potential upside, and at the same time you can earn 688 00:33:22,520 --> 00:33:25,440 Speaker 1: high yielding interest on it, so it basically cash flows. 689 00:33:25,560 --> 00:33:27,400 Speaker 1: Now with Block five you can earn up to eight 690 00:33:27,480 --> 00:33:30,560 Speaker 1: point six percent interest. You can also borrow against your 691 00:33:30,560 --> 00:33:33,360 Speaker 1: crypto as well. It's super fast, it's super easy to 692 00:33:33,360 --> 00:33:35,440 Speaker 1: set up an account, and right now you can get 693 00:33:35,520 --> 00:33:37,760 Speaker 1: up to two hundred and fifty dollars. When you set 694 00:33:37,800 --> 00:33:40,560 Speaker 1: up your account, check the link in the description that 695 00:33:40,600 --> 00:33:42,320 Speaker 1: I have for details in order to claim that two 696 00:33:42,320 --> 00:33:45,840 Speaker 1: and fifty dollars. Because Block five is the future of finance. 697 00:33:45,840 --> 00:33:47,480 Speaker 1: Just check the link in the description for all the 698 00:33:47,520 --> 00:33:50,720 Speaker 1: details of how to claim your two and fifty dollars today. 699 00:33:51,120 --> 00:33:54,400 Speaker 1: All dollars that exists today, we're printed last year. Um 700 00:33:54,840 --> 00:33:57,200 Speaker 1: so you know, the the universe of people that held 701 00:33:57,240 --> 00:34:00,360 Speaker 1: dollars and they were setting the prices of things in 702 00:34:00,400 --> 00:34:02,959 Speaker 1: the real world that commanded what would get built just 703 00:34:03,080 --> 00:34:04,960 Speaker 1: changed overnight and the FED decided. How you know, I 704 00:34:05,040 --> 00:34:07,320 Speaker 1: like to say that you can either get dollars by 705 00:34:07,320 --> 00:34:10,240 Speaker 1: delivering value to people that have dollars or by getting 706 00:34:10,239 --> 00:34:12,399 Speaker 1: it from the FED. And in in in a world 707 00:34:12,480 --> 00:34:15,680 Speaker 1: where people can't print money, and in order to get 708 00:34:16,000 --> 00:34:18,160 Speaker 1: to get money or to get dollars, you actually have 709 00:34:18,200 --> 00:34:20,880 Speaker 1: to deliver to value to those people that have it. 710 00:34:21,400 --> 00:34:23,719 Speaker 1: Um that that leads to better economic incentive. So if 711 00:34:23,719 --> 00:34:26,520 Speaker 1: you start with those what a what a shocking revelation 712 00:34:26,600 --> 00:34:29,839 Speaker 1: you actually have to provide value to get dollars. Yeah, 713 00:34:29,880 --> 00:34:32,279 Speaker 1: they're like, that actually creates more balance and aligns and 714 00:34:32,360 --> 00:34:34,319 Speaker 1: sentences between those who don't have money in those who 715 00:34:34,400 --> 00:34:37,840 Speaker 1: do who do have money. Yeah, and then there's this 716 00:34:37,920 --> 00:34:41,799 Speaker 1: classic refrain. You know that the practically, I'd say nine 717 00:34:41,800 --> 00:34:43,640 Speaker 1: out of ten, if you talk to nine out of 718 00:34:43,640 --> 00:34:47,400 Speaker 1: ten hedge fund guys, they would say, you know, the 719 00:34:47,400 --> 00:34:50,920 Speaker 1: FED printed three trillion dollars and they would say that 720 00:34:51,040 --> 00:34:54,000 Speaker 1: was crazy. It's not going to end well, but the 721 00:34:54,040 --> 00:34:56,840 Speaker 1: FED had to do it, Like that's the thought process. 722 00:34:56,840 --> 00:34:58,879 Speaker 1: And you're like, okay, well it's crazy and if it's 723 00:34:58,880 --> 00:35:02,680 Speaker 1: not going to end well, m connect that logical leave 724 00:35:02,760 --> 00:35:05,960 Speaker 1: them between there, and they had to do it right, 725 00:35:06,440 --> 00:35:08,359 Speaker 1: you know. So the short reason is that they don't 726 00:35:08,400 --> 00:35:10,680 Speaker 1: have to do anything right and they live in the 727 00:35:10,719 --> 00:35:13,200 Speaker 1: mentality where they do. But all of us that that 728 00:35:13,200 --> 00:35:15,560 Speaker 1: that operate in the real world. And this is something 729 00:35:15,600 --> 00:35:18,200 Speaker 1: that the mesas that talks about it, believe how it 730 00:35:18,200 --> 00:35:21,120 Speaker 1: talks about as well, this idea that like not taking 731 00:35:21,200 --> 00:35:24,040 Speaker 1: an action is also an action, and oftentimes not doing 732 00:35:24,080 --> 00:35:27,160 Speaker 1: something is the right decision. In the fed's world, there 733 00:35:27,239 --> 00:35:30,680 Speaker 1: isn't a decision that's a that's practical or serviceable. That is, 734 00:35:30,719 --> 00:35:32,760 Speaker 1: don't print money, you know, when the when the credit 735 00:35:32,960 --> 00:35:35,000 Speaker 1: when the credit system starts to collapse, and in the 736 00:35:35,080 --> 00:35:38,840 Speaker 1: very short term, you can alleviate some pain. You know. 737 00:35:39,280 --> 00:35:42,440 Speaker 1: Wouldn't it be great if every time me, as an individual, 738 00:35:42,440 --> 00:35:44,640 Speaker 1: I didn't have something that I want, if I could 739 00:35:44,680 --> 00:35:46,040 Speaker 1: just go to the money tree and pick off a 740 00:35:46,080 --> 00:35:48,080 Speaker 1: dollar and get the thing that I want. Yeah, like 741 00:35:48,120 --> 00:35:50,360 Speaker 1: a great if I had that power would be awesome, 742 00:35:50,680 --> 00:35:54,040 Speaker 1: But that's not Also, you know, if that world existed, 743 00:35:54,360 --> 00:35:56,239 Speaker 1: then the incentives would be screwed up in time in 744 00:35:56,320 --> 00:35:58,919 Speaker 1: terms the whole economy. That's effectively what happens with the FETs. 745 00:35:58,960 --> 00:36:01,759 Speaker 1: So it's like, yes, if if you can manipulate the 746 00:36:01,760 --> 00:36:04,400 Speaker 1: world by printing the dollars and telling and giving it 747 00:36:04,440 --> 00:36:07,439 Speaker 1: to that person, say hey, continue to you know, build 748 00:36:07,480 --> 00:36:09,200 Speaker 1: the house that you were going to build, because you 749 00:36:09,200 --> 00:36:11,640 Speaker 1: know that imbalance that exists in the housing market. Let's 750 00:36:11,680 --> 00:36:13,560 Speaker 1: keep the dream alive for another year or two years. 751 00:36:13,920 --> 00:36:15,520 Speaker 1: You can keep the dream alife for another year or 752 00:36:15,520 --> 00:36:18,480 Speaker 1: two years. The way that it ultimately ends is Venezuela, 753 00:36:18,600 --> 00:36:21,640 Speaker 1: and then everybody suffers. And that's how I really think about, 754 00:36:21,960 --> 00:36:23,880 Speaker 1: you know, the FED system, because people think, you know, 755 00:36:23,920 --> 00:36:26,279 Speaker 1: the other thing that's not logical that people say as well, 756 00:36:26,320 --> 00:36:28,920 Speaker 1: it could never happen here. And and my refrain to 757 00:36:28,960 --> 00:36:32,600 Speaker 1: that from an economics principles perspective is the value of 758 00:36:32,680 --> 00:36:35,320 Speaker 1: something is going to trend to its marginal costs to produce. 759 00:36:35,719 --> 00:36:38,440 Speaker 1: So if the cost to produce a dollar zero and 760 00:36:38,480 --> 00:36:40,560 Speaker 1: the cost to produce a trillion dollars zero and the 761 00:36:40,560 --> 00:36:44,799 Speaker 1: cost of producing three trillion dollars zero, the value of 762 00:36:44,800 --> 00:36:48,200 Speaker 1: that good is going to to zero. People will stop value. 763 00:36:48,719 --> 00:36:52,160 Speaker 1: The central bank can control the supply of the currency, 764 00:36:52,160 --> 00:36:54,839 Speaker 1: but they can't make people value. And when people are 765 00:36:54,880 --> 00:36:57,200 Speaker 1: looking at that world be going to be Bitcoin. That 766 00:36:57,360 --> 00:36:59,200 Speaker 1: that's where they start to key in on this this 767 00:36:59,280 --> 00:37:03,840 Speaker 1: idea that before two thousand nine people realistically did not 768 00:37:03,960 --> 00:37:07,080 Speaker 1: have another option to opt out of that, you know, 769 00:37:07,160 --> 00:37:09,840 Speaker 1: kind of uncontrollable money printing. And like, you know, the 770 00:37:09,840 --> 00:37:14,399 Speaker 1: other thing I tell people is our our politicians they 771 00:37:14,440 --> 00:37:19,400 Speaker 1: throw out the word trillion out very but if you 772 00:37:19,440 --> 00:37:23,320 Speaker 1: start to think about what a trillion is, you know, um, basically, 773 00:37:23,440 --> 00:37:25,720 Speaker 1: you know, if you if you're familiar with Jerry World, 774 00:37:25,880 --> 00:37:27,560 Speaker 1: which at the time it was the and it may 775 00:37:27,600 --> 00:37:31,080 Speaker 1: be still the nicest football stadium that's ever been built. Um, 776 00:37:31,160 --> 00:37:33,680 Speaker 1: every other one is down modeled after that took like 777 00:37:33,719 --> 00:37:35,439 Speaker 1: the planning of that and the building of that took 778 00:37:35,480 --> 00:37:37,560 Speaker 1: seven years, and it costs I think one point one 779 00:37:37,640 --> 00:37:42,840 Speaker 1: five billion dollars. The Federal Reserve printed three trillion dollars. 780 00:37:43,320 --> 00:37:45,800 Speaker 1: So there's only thirty Jerry Worlds that exists in the 781 00:37:45,840 --> 00:37:48,200 Speaker 1: world in term of the football staves that you know, 782 00:37:48,520 --> 00:37:52,439 Speaker 1: if Jerry World was a billion, and there's a thousand, uh, 783 00:37:52,480 --> 00:37:55,560 Speaker 1: you know, thousand billions and a trillion, and then three 784 00:37:55,600 --> 00:37:59,120 Speaker 1: thousand billions and three trillion, it's like that's how much 785 00:38:00,200 --> 00:38:05,200 Speaker 1: manipulation the FED manufactured in a very short period of time. 786 00:38:05,560 --> 00:38:08,840 Speaker 1: How many dairy worlds do they make? Three thousand approximately? 787 00:38:08,880 --> 00:38:12,799 Speaker 1: Maybe like it's like and thinking about that, you know, 788 00:38:13,360 --> 00:38:16,399 Speaker 1: one point one seven billion dollars one point one five 789 00:38:16,400 --> 00:38:18,439 Speaker 1: of things. What it technically was to build, It took 790 00:38:18,480 --> 00:38:21,560 Speaker 1: seven years and coordinated economic activity for that period of time, 791 00:38:22,040 --> 00:38:24,120 Speaker 1: um and then boom you just printed and that when 792 00:38:24,480 --> 00:38:27,120 Speaker 1: and the way the storage activities is by distorting price 793 00:38:27,160 --> 00:38:31,120 Speaker 1: signals and ultimately stop people stop being valuing the dollar itself, 794 00:38:31,600 --> 00:38:35,799 Speaker 1: um and and and real economic activity and actually exacerbates unemployment. 795 00:38:35,840 --> 00:38:39,239 Speaker 1: Now you know, you go from that world to a 796 00:38:39,280 --> 00:38:42,319 Speaker 1: world and bitcoin and you know, people say bitcoins complicated, 797 00:38:42,040 --> 00:38:45,319 Speaker 1: and I reassure them, trust me, the dollar system is 798 00:38:45,320 --> 00:38:48,560 Speaker 1: more complicated. You've just never thought about it. Um. But 799 00:38:48,719 --> 00:38:50,520 Speaker 1: if I simplify it, it's just, hey, do you want 800 00:38:50,520 --> 00:38:52,720 Speaker 1: to live in a system where you're the Fed prints 801 00:38:52,760 --> 00:38:55,360 Speaker 1: trillions of dollars and devalues each dollar that you hold 802 00:38:55,719 --> 00:38:59,160 Speaker 1: essentially changes the game, or would you rather get paid 803 00:38:59,160 --> 00:39:01,160 Speaker 1: in the form of current even though it's a little 804 00:39:01,200 --> 00:39:03,759 Speaker 1: bit esoteric, that can't be manipulated, and that there's a 805 00:39:03,800 --> 00:39:07,000 Speaker 1: fixed supply of and nobody can print end. Yet an 806 00:39:07,040 --> 00:39:09,640 Speaker 1: average person if they don't know that that thing's bitcoin. 807 00:39:09,960 --> 00:39:12,239 Speaker 1: They opt for a you're sorry, they offer be the 808 00:39:12,600 --> 00:39:15,359 Speaker 1: fixed supply, and they opt out of the system that 809 00:39:15,440 --> 00:39:18,480 Speaker 1: their their government can print trillions of the unit of currency. 810 00:39:18,800 --> 00:39:20,799 Speaker 1: And that's ultimately what's happening right now. More and more 811 00:39:20,800 --> 00:39:23,480 Speaker 1: people are figuring that out. The two things. This is 812 00:39:23,520 --> 00:39:26,000 Speaker 1: what led me down the path. Trillions more dollars are 813 00:39:26,000 --> 00:39:31,040 Speaker 1: going to be printed. And bitcoin there's only twenty one million, 814 00:39:31,440 --> 00:39:33,319 Speaker 1: and there can never be more. And the hard thing 815 00:39:33,400 --> 00:39:35,960 Speaker 1: is trying to understand how that twenty one million is 816 00:39:36,000 --> 00:39:38,279 Speaker 1: really you know, whether it is and if it is 817 00:39:38,360 --> 00:39:41,200 Speaker 1: credibly fixed at twenty one and twenty one million. But 818 00:39:41,280 --> 00:39:44,120 Speaker 1: I say, if that is the case, if twenty one 819 00:39:44,120 --> 00:39:47,799 Speaker 1: million and bitcoin is incredibly fixed supply, bitcoin will be 820 00:39:48,160 --> 00:39:50,320 Speaker 1: the global reserve currency in the future and likely in 821 00:39:50,360 --> 00:39:52,399 Speaker 1: the next ten years. And that's how I think about 822 00:39:52,400 --> 00:39:55,440 Speaker 1: It's like those two stories are so intertwined, um and 823 00:39:55,480 --> 00:39:58,600 Speaker 1: so interrelated because they ultimately, um, they're there. You know, 824 00:39:58,600 --> 00:40:00,839 Speaker 1: they're choosing a over being you know, or be over 825 00:40:00,920 --> 00:40:04,239 Speaker 1: a and and the monetary economics is your song. That's 826 00:40:04,280 --> 00:40:06,440 Speaker 1: a that's a that's a pretty bold statement to come 827 00:40:06,440 --> 00:40:09,160 Speaker 1: out with, and it wasn't on my list of questions. 828 00:40:09,160 --> 00:40:10,960 Speaker 1: But I'm gonna jump into that for a second. So 829 00:40:11,320 --> 00:40:14,839 Speaker 1: um with with that statement and then we'll get into 830 00:40:14,840 --> 00:40:17,439 Speaker 1: some of the common objections. But um so, so stay 831 00:40:17,480 --> 00:40:19,239 Speaker 1: tuned for that if you're watching. But um to that 832 00:40:19,320 --> 00:40:22,600 Speaker 1: statement that bitcoin will become the reserve currency in the 833 00:40:22,600 --> 00:40:25,920 Speaker 1: next ten years, next decade. Um. I mean, do you 834 00:40:25,960 --> 00:40:28,600 Speaker 1: really think that the whole world needs to be on 835 00:40:29,120 --> 00:40:31,840 Speaker 1: bitcoin as a reserve standard or couldn't it just be 836 00:40:31,880 --> 00:40:34,360 Speaker 1: the people's money And couldn't there be multiple forms of 837 00:40:34,400 --> 00:40:37,239 Speaker 1: reserve Maybe maybe the world governments are still using an 838 00:40:37,320 --> 00:40:39,719 Speaker 1: SDR basket with the I M F like or do 839 00:40:39,760 --> 00:40:41,720 Speaker 1: you really think the whole world is going to switch 840 00:40:41,719 --> 00:40:44,439 Speaker 1: over to a unit of account like that. I don't 841 00:40:44,480 --> 00:40:46,400 Speaker 1: think that the only thing is like a whole world 842 00:40:46,440 --> 00:40:48,959 Speaker 1: needs to I think it's if you if you start 843 00:40:49,000 --> 00:40:51,920 Speaker 1: to think about monetary economics and realizing that kind of 844 00:40:51,960 --> 00:40:55,200 Speaker 1: this idea that you know, what is the function that 845 00:40:55,280 --> 00:40:59,400 Speaker 1: money facilitates, and that it's solving this kind of intersubjective, 846 00:41:00,120 --> 00:41:05,080 Speaker 1: you know, problem of trade and understanding value that because 847 00:41:05,120 --> 00:41:08,800 Speaker 1: that problem is intersubjective, there's there's a reason why money, 848 00:41:08,880 --> 00:41:12,319 Speaker 1: if left to its normal or natural course monopolizes and 849 00:41:12,320 --> 00:41:15,520 Speaker 1: and and it does so because of the function you know, 850 00:41:15,520 --> 00:41:18,360 Speaker 1: the economic function that it actually facilitates and in trade 851 00:41:18,400 --> 00:41:22,360 Speaker 1: and helping to facilitate specialization of an economy and so 852 00:41:22,440 --> 00:41:24,960 Speaker 1: in the coordination of an economy. So it's like it's 853 00:41:24,960 --> 00:41:29,600 Speaker 1: like water rolling downhill. And I think about it as um, 854 00:41:29,640 --> 00:41:32,759 Speaker 1: you know, knowledge is distributing exponentially at this point. You know, 855 00:41:32,760 --> 00:41:35,239 Speaker 1: if it's not, it's nothing, it's not exponential as it's 856 00:41:35,239 --> 00:41:38,880 Speaker 1: increasing by orders of magnitude um. And so you know, 857 00:41:39,040 --> 00:41:40,799 Speaker 1: when you think about that, and I think about the 858 00:41:40,800 --> 00:41:43,040 Speaker 1: fact that you know, the FED is getting into the 859 00:41:43,080 --> 00:41:44,719 Speaker 1: position each time it has to print money has to 860 00:41:44,760 --> 00:41:48,319 Speaker 1: print more because the system is now larger. Um. You know, 861 00:41:48,360 --> 00:41:52,560 Speaker 1: information is distributing at a rapid pace. The infrastructure that's 862 00:41:52,600 --> 00:41:55,480 Speaker 1: being built around bitcoin is only accelerating as the as 863 00:41:55,480 --> 00:41:58,640 Speaker 1: the monetary network grows, more capital is allocated to build 864 00:41:58,640 --> 00:42:02,160 Speaker 1: more things. Uh. And that as that mind share goes 865 00:42:02,360 --> 00:42:05,160 Speaker 1: from you know to basically to build bitcoin. It's coming 866 00:42:05,160 --> 00:42:08,160 Speaker 1: out of the legacy system. So somebody's focusing on building 867 00:42:08,360 --> 00:42:12,600 Speaker 1: you know the bitcoin you know, protocol layer or working 868 00:42:12,600 --> 00:42:15,640 Speaker 1: on lightning, you know, in bitcoin payments, that's somebody that's 869 00:42:15,680 --> 00:42:18,760 Speaker 1: not working on you know, bank settlement, you know. So 870 00:42:18,760 --> 00:42:21,040 Speaker 1: so the two systems are dynamic. And then I think, well, 871 00:42:21,080 --> 00:42:23,600 Speaker 1: there's two more happenings to the rate of issuance and 872 00:42:23,640 --> 00:42:26,280 Speaker 1: bitcoin gets cut every four years over two more cycles. 873 00:42:26,800 --> 00:42:29,640 Speaker 1: Um that that you know in generally each cycle sets 874 00:42:29,680 --> 00:42:32,239 Speaker 1: off an adoption wave of ten x. Well, if there's 875 00:42:32,360 --> 00:42:36,520 Speaker 1: roughly you know, I don't you know people that have 876 00:42:36,520 --> 00:42:39,160 Speaker 1: bitcoin to day, but realistically it's only you know, five 877 00:42:39,200 --> 00:42:42,280 Speaker 1: to ten million people have meaningful exposure, and two cycles 878 00:42:42,320 --> 00:42:45,600 Speaker 1: were probably in a world where billion people have bitcoin. 879 00:42:45,680 --> 00:42:47,040 Speaker 1: I mean, it's gonna be adopted all over the world. 880 00:42:47,080 --> 00:42:49,360 Speaker 1: It's gonna be the largest currency system in the world, 881 00:42:49,760 --> 00:42:52,319 Speaker 1: I believe in ten years. And judging that based on 882 00:42:52,760 --> 00:42:54,640 Speaker 1: you know, that kind of combination of things, what the 883 00:42:54,680 --> 00:42:56,920 Speaker 1: central banks are doing in terms of printing money, the 884 00:42:57,400 --> 00:42:59,640 Speaker 1: distribution and knowledge, and then the rate of the actual 885 00:42:59,680 --> 00:43:02,759 Speaker 1: developed one of the monetary system itself. And it's not 886 00:43:02,800 --> 00:43:05,160 Speaker 1: that I like, I want it. I mean, I do 887 00:43:05,200 --> 00:43:06,960 Speaker 1: think it's gonna be positive and it's gonna have a 888 00:43:06,960 --> 00:43:10,120 Speaker 1: positive impact for for anybody that's part of that monetary network. 889 00:43:10,320 --> 00:43:14,239 Speaker 1: But it's also you know, the natural course of the 890 00:43:14,280 --> 00:43:18,120 Speaker 1: way that that money would proliferate and spread and kind 891 00:43:18,120 --> 00:43:20,400 Speaker 1: of keying in on this idea, and you you mentioned 892 00:43:20,400 --> 00:43:22,600 Speaker 1: it at the top, that money is this problem that 893 00:43:22,640 --> 00:43:25,360 Speaker 1: every like money. Everyone needs money. It's very basic necessity. 894 00:43:26,400 --> 00:43:28,879 Speaker 1: Everybody has a problem with their money. Most people don't 895 00:43:28,920 --> 00:43:32,080 Speaker 1: know it. And what we're experiencing right now is more 896 00:43:32,080 --> 00:43:34,799 Speaker 1: and more figuring out people figuring out in a more 897 00:43:35,360 --> 00:43:38,440 Speaker 1: um kind of direct way that they have that problem. 898 00:43:38,520 --> 00:43:40,920 Speaker 1: So so it's the problem that everyone has everyone needs 899 00:43:40,920 --> 00:43:43,319 Speaker 1: solved bitcoin. Just as it solves a problem for me 900 00:43:43,440 --> 00:43:46,200 Speaker 1: and you, it's gonna solve a problem for anybody that 901 00:43:46,239 --> 00:43:48,719 Speaker 1: has a problem with money, and everybody needs money. So 902 00:43:49,480 --> 00:43:52,239 Speaker 1: we we actually we live in a better world, not 903 00:43:52,320 --> 00:43:56,920 Speaker 1: because it's a utopian but this idea that you're incentivized 904 00:43:56,960 --> 00:43:59,800 Speaker 1: to join a larger monetary network from a smaller monetary 905 00:44:00,080 --> 00:44:03,240 Speaker 1: work if it's you know, sufficiently dense in your local economy, 906 00:44:03,640 --> 00:44:06,200 Speaker 1: um and so in that world, whether you know it's 907 00:44:06,239 --> 00:44:09,239 Speaker 1: people operating in Rush or China or on or the 908 00:44:09,360 --> 00:44:13,279 Speaker 1: United States, opting into a larger net monetary network with 909 00:44:14,040 --> 00:44:17,600 Speaker 1: um more potential trading partners, it allows you to convert 910 00:44:17,640 --> 00:44:20,399 Speaker 1: your time into a broader range of choice and bi cooin. 911 00:44:20,520 --> 00:44:24,319 Speaker 1: It's global um, it's permission list, it's cross border, so 912 00:44:25,200 --> 00:44:28,040 Speaker 1: it naturally you know, I think that the natural consequence 913 00:44:28,040 --> 00:44:31,279 Speaker 1: of that kind of mechanism is that it will not 914 00:44:31,600 --> 00:44:34,600 Speaker 1: monopolize all money. There There will be you know, no, 915 00:44:34,880 --> 00:44:36,959 Speaker 1: you know, the the idea of money is not something 916 00:44:37,000 --> 00:44:39,719 Speaker 1: that's absolute. Will be other things that in ten years 917 00:44:39,719 --> 00:44:44,839 Speaker 1: are still use as money. But Bitcoin's monetary network will 918 00:44:44,840 --> 00:44:47,640 Speaker 1: be larger than all others, and that will be facilitating 919 00:44:47,640 --> 00:44:50,720 Speaker 1: more commerce than I think any other form of currency. Great, 920 00:44:50,840 --> 00:44:54,000 Speaker 1: that's good. So we've we've set the stage on the 921 00:44:54,040 --> 00:44:56,440 Speaker 1: problem that we have with money, or the fact that 922 00:44:56,440 --> 00:44:57,840 Speaker 1: we're gonna have to continue to pret more money, and 923 00:44:57,920 --> 00:44:59,960 Speaker 1: then we've set the stage on what the damage does 924 00:45:00,040 --> 00:45:02,480 Speaker 1: us to that, And now we've just transitioned into why 925 00:45:02,520 --> 00:45:06,319 Speaker 1: bitcoin um can really help that situation and why you 926 00:45:06,360 --> 00:45:08,319 Speaker 1: think maybe in the next ten years that's the reserve 927 00:45:08,400 --> 00:45:10,600 Speaker 1: currency of the world. I want to dive into some 928 00:45:10,680 --> 00:45:13,960 Speaker 1: of the individual objections that I hear quite regularly, and 929 00:45:14,040 --> 00:45:16,080 Speaker 1: I know you've written papers on each one of them, 930 00:45:16,360 --> 00:45:18,200 Speaker 1: and anybody listening, I'm gonna link to it in the 931 00:45:18,200 --> 00:45:20,480 Speaker 1: show notes. Of course. So UM if you haven't heard 932 00:45:20,480 --> 00:45:21,920 Speaker 1: the whole thing, I don't stick around the whole thing, 933 00:45:21,960 --> 00:45:24,400 Speaker 1: go and look at all those different articles on each piece. 934 00:45:24,800 --> 00:45:26,400 Speaker 1: But maybe we can dive into each one and just 935 00:45:26,480 --> 00:45:28,839 Speaker 1: kind of hit him kind of quickly. The first one 936 00:45:28,880 --> 00:45:31,400 Speaker 1: I want to dive into. Actually, um kind of segues 937 00:45:31,520 --> 00:45:33,120 Speaker 1: right off of the point you were just making. So 938 00:45:33,880 --> 00:45:36,000 Speaker 1: you've said a couple of things. One you said that 939 00:45:36,520 --> 00:45:40,240 Speaker 1: value is subjective, um, And I agree with that. Um. 940 00:45:40,440 --> 00:45:44,080 Speaker 1: You said that it's subjective and whatever we assign value too. 941 00:45:45,560 --> 00:45:47,160 Speaker 1: And then you go to say that it's going to 942 00:45:47,200 --> 00:45:50,000 Speaker 1: be the reserve currency. And there's only twenty one million units, 943 00:45:50,000 --> 00:45:53,480 Speaker 1: and I think there's more double than that millionaires in 944 00:45:53,520 --> 00:45:56,680 Speaker 1: the world. There's forty some millionaires or forty million millionaires 945 00:45:56,680 --> 00:45:58,719 Speaker 1: in the world, So not even enough bitcoin for the 946 00:45:58,760 --> 00:46:02,160 Speaker 1: millionaires to own one, or not even half of one. UM. 947 00:46:02,200 --> 00:46:06,120 Speaker 1: But if value is subjective, what if nobody gives value 948 00:46:06,120 --> 00:46:10,640 Speaker 1: to bitcoin? So I would say that there's an objective 949 00:46:10,719 --> 00:46:14,319 Speaker 1: reason why, you know, Like, so the train of thought 950 00:46:14,520 --> 00:46:17,160 Speaker 1: is and I wrote a piece called bitcoin obsoletes all 951 00:46:17,160 --> 00:46:22,600 Speaker 1: the money. The train of thought is that, Um, you 952 00:46:22,600 --> 00:46:25,319 Speaker 1: have to accept that money is not a collective hallucination 953 00:46:25,640 --> 00:46:29,120 Speaker 1: and that it's not a belief system. That money is 954 00:46:29,120 --> 00:46:31,080 Speaker 1: a very basic necessity. In the way that I help 955 00:46:31,120 --> 00:46:34,400 Speaker 1: people understand that, as I'd say, you like just start 956 00:46:34,520 --> 00:46:38,200 Speaker 1: noticing some of the things around you, like walk into 957 00:46:38,239 --> 00:46:41,600 Speaker 1: a grocery store and actually stop and kind of taking 958 00:46:41,680 --> 00:46:44,880 Speaker 1: the fact that all the different goods that magically showed 959 00:46:44,960 --> 00:46:48,040 Speaker 1: up to one place for you, um, and then realize 960 00:46:48,320 --> 00:46:50,960 Speaker 1: that that couldn't have happened without money. That like the 961 00:46:51,040 --> 00:46:54,399 Speaker 1: one good that coordinated all that economic activity to get 962 00:46:54,440 --> 00:46:57,560 Speaker 1: all of those things. They're like literally probably a hundred 963 00:46:57,600 --> 00:47:00,919 Speaker 1: million people at minimum had and put in getting all 964 00:47:01,000 --> 00:47:04,200 Speaker 1: those goods to the stores that you could choose exactly 965 00:47:04,239 --> 00:47:06,080 Speaker 1: what you want to and spend ten ten minutes in 966 00:47:06,080 --> 00:47:08,840 Speaker 1: the grocery store. The good that caused that to happen 967 00:47:08,960 --> 00:47:13,600 Speaker 1: is money. So the good that causes water clean water 968 00:47:13,640 --> 00:47:16,239 Speaker 1: to show up to your house is money. Good that 969 00:47:16,280 --> 00:47:20,120 Speaker 1: causes your phone to work is money. Uh. It allows 970 00:47:20,160 --> 00:47:22,759 Speaker 1: for specialization so that people can vote focus on very 971 00:47:23,120 --> 00:47:26,759 Speaker 1: specialized skill set to to deliver value and then turn 972 00:47:26,840 --> 00:47:30,200 Speaker 1: that value into the specialized labor and output of others. 973 00:47:30,200 --> 00:47:34,800 Speaker 1: So money is a necessity. Uh, there is an objective 974 00:47:34,800 --> 00:47:38,719 Speaker 1: will while value is subjective uh and what and money 975 00:47:38,760 --> 00:47:44,600 Speaker 1: allows us to to to objectifies? What is subjective value? UM? 976 00:47:44,640 --> 00:47:48,279 Speaker 1: That there are objective properties of certain goods that better 977 00:47:48,360 --> 00:47:52,320 Speaker 1: facilitate exchange. That if we do, if we recognize that 978 00:47:52,360 --> 00:47:55,120 Speaker 1: we all benefit from trade and specialization, and then we 979 00:47:55,160 --> 00:47:58,440 Speaker 1: need an intermediary good to facilitate this. Everyone is going 980 00:47:58,520 --> 00:48:01,560 Speaker 1: to go out and sort through and search for the 981 00:48:01,600 --> 00:48:06,319 Speaker 1: goods that best facilitate that that function of trade uh 982 00:48:06,320 --> 00:48:09,880 Speaker 1: and and and trade intermediation. So then they start looking 983 00:48:09,880 --> 00:48:11,720 Speaker 1: at the various different goods. They look at the bottom 984 00:48:11,719 --> 00:48:13,480 Speaker 1: of water, they look at the computer, they look at 985 00:48:13,480 --> 00:48:16,560 Speaker 1: the microphone, they look at the oil, They'll they'll look 986 00:48:16,600 --> 00:48:19,360 Speaker 1: at the gold, and they'll say, which one of these things, 987 00:48:19,840 --> 00:48:23,319 Speaker 1: you know, if I wanted to to, you know, sell 988 00:48:23,400 --> 00:48:25,200 Speaker 1: my labor today for and then buy something else in 989 00:48:25,200 --> 00:48:28,279 Speaker 1: the future, what's gonna what's gonna do that most effectively? Um? 990 00:48:28,320 --> 00:48:30,279 Speaker 1: And So they start, you know, whether they're doing it 991 00:48:30,320 --> 00:48:34,440 Speaker 1: consciously or subconsciously, they're evaluating all those intermediary goods just 992 00:48:34,520 --> 00:48:37,160 Speaker 1: like I'm today and you know, evaluating dollars versus a 993 00:48:37,160 --> 00:48:40,319 Speaker 1: bitcoin and figuring out which one has properties that's going 994 00:48:40,360 --> 00:48:43,680 Speaker 1: to allow me to best maintain my purchasing power or 995 00:48:43,680 --> 00:48:46,719 Speaker 1: best store my value in the future. So I'm you know, 996 00:48:46,760 --> 00:48:53,120 Speaker 1: we're all again consciously or subconsciously evaluating the different relative 997 00:48:53,160 --> 00:48:57,160 Speaker 1: properties that are objective again, like you know, evaluating properties 998 00:48:57,200 --> 00:49:00,560 Speaker 1: whether something's physical or cold or hot, or are you 999 00:49:00,760 --> 00:49:04,239 Speaker 1: able to be sent to somebody else? Uh, those are 1000 00:49:04,280 --> 00:49:08,120 Speaker 1: objective propertism that can be evaluated. You know, a verse 1001 00:49:08,239 --> 00:49:11,279 Speaker 1: be on on many different metrics. You know how how 1002 00:49:11,360 --> 00:49:14,040 Speaker 1: valuable one is versus the other. Again, is the output 1003 00:49:14,280 --> 00:49:16,840 Speaker 1: of the convergence. You know, they're very concept of that 1004 00:49:17,040 --> 00:49:19,400 Speaker 1: there's a conversions on a single intermediary good to to 1005 00:49:19,440 --> 00:49:22,319 Speaker 1: conceive of a price system. And so I would say 1006 00:49:22,320 --> 00:49:25,520 Speaker 1: to people that are thinking through that equation that people 1007 00:49:25,560 --> 00:49:29,120 Speaker 1: will demand bitcoin because they demand money because the trade 1008 00:49:29,120 --> 00:49:33,240 Speaker 1: and specialization is something that we all recognize increases value. 1009 00:49:33,239 --> 00:49:36,080 Speaker 1: Like economies are not zero sum. Your life is actually 1010 00:49:36,120 --> 00:49:38,319 Speaker 1: made better because somebody figured out how to make a 1011 00:49:38,360 --> 00:49:40,600 Speaker 1: car really well, and somebody else figured out how to 1012 00:49:40,600 --> 00:49:42,520 Speaker 1: most efficiently get oil out of the ground. And maybe 1013 00:49:42,560 --> 00:49:44,840 Speaker 1: you figured out how to be a better heart surgeon 1014 00:49:45,120 --> 00:49:48,080 Speaker 1: or to play the violin better um, and so like 1015 00:49:48,280 --> 00:49:51,120 Speaker 1: those the aggregation of all those skills creates, you know, 1016 00:49:51,160 --> 00:49:53,640 Speaker 1: a sum that's greater than the parts. And if you 1017 00:49:53,680 --> 00:49:56,120 Speaker 1: recognize that there's value in that trade, then you recognize 1018 00:49:56,120 --> 00:49:59,880 Speaker 1: that there's um some rhyme or reason to the coordination 1019 00:50:00,000 --> 00:50:03,400 Speaker 1: mechanism that helps allow for people to both specialized and 1020 00:50:03,440 --> 00:50:06,360 Speaker 1: to capture the output of the value that others create. 1021 00:50:06,440 --> 00:50:08,279 Speaker 1: That thing is money. And then if you're looking for 1022 00:50:08,480 --> 00:50:11,759 Speaker 1: monetary goods to facilitate trade intermediation, you're going to start 1023 00:50:11,800 --> 00:50:15,760 Speaker 1: to look for things that are scarce that combined scarcity 1024 00:50:15,760 --> 00:50:18,680 Speaker 1: with the ability to transfer. And and that's ultimately what 1025 00:50:18,719 --> 00:50:21,840 Speaker 1: bitcoin provides is a pride of finite scarcity with the 1026 00:50:21,840 --> 00:50:25,160 Speaker 1: ability to transfer it over an Internet channel. And the 1027 00:50:25,160 --> 00:50:27,080 Speaker 1: way that I would describe that is, you know, kind 1028 00:50:27,080 --> 00:50:30,200 Speaker 1: of scarcy in itself is not valuable. If you think 1029 00:50:30,239 --> 00:50:32,440 Speaker 1: about like Mount Rushmore, great, it's the only amount, is 1030 00:50:32,440 --> 00:50:36,440 Speaker 1: only one Mount Rushmore in the world. Finitely scarce, not 1031 00:50:36,520 --> 00:50:39,239 Speaker 1: valuable as money. And so it's really this confluence of 1032 00:50:39,280 --> 00:50:43,759 Speaker 1: properties that makes something valuable as as an intermediary good 1033 00:50:44,120 --> 00:50:46,520 Speaker 1: and bitcoin and you know what I tell people is 1034 00:50:47,360 --> 00:50:50,960 Speaker 1: price is the output. The input is monetary properties. So 1035 00:50:51,040 --> 00:50:53,240 Speaker 1: people when they see the try the price of bitcoin 1036 00:50:53,320 --> 00:50:57,040 Speaker 1: trading recognized that that you know, when a bitcoin is 1037 00:50:57,040 --> 00:50:59,680 Speaker 1: traded for a dollar, the exact same number of dollars 1038 00:50:59,719 --> 00:51:03,120 Speaker 1: and bit point exists. Somebody has just displayed a preference 1039 00:51:03,120 --> 00:51:05,480 Speaker 1: as to which one they would like to hold more 1040 00:51:05,480 --> 00:51:07,640 Speaker 1: on which when they value more, and the input is 1041 00:51:07,680 --> 00:51:11,080 Speaker 1: the monetary property. They're expecting, you know, one to increase 1042 00:51:11,080 --> 00:51:12,600 Speaker 1: in value over time, but one's going to increase in 1043 00:51:12,680 --> 00:51:14,359 Speaker 1: value over time. Is one's more or less scarce than 1044 00:51:14,360 --> 00:51:16,600 Speaker 1: the other, and the one's going to be more or 1045 00:51:16,680 --> 00:51:18,520 Speaker 1: less demanded as a form of money in the future 1046 00:51:18,560 --> 00:51:21,200 Speaker 1: relative to how much is demanded today. And so there's 1047 00:51:21,239 --> 00:51:24,160 Speaker 1: more and more people figure out this combination of Bitcoin 1048 00:51:24,320 --> 00:51:27,560 Speaker 1: is practically speaking, infinitely divisible, is divisible to down to 1049 00:51:27,640 --> 00:51:30,480 Speaker 1: a hundred million units, which is also an important property 1050 00:51:30,480 --> 00:51:33,799 Speaker 1: because it can measure all value large and small. Uh, 1051 00:51:33,960 --> 00:51:36,880 Speaker 1: it has finite scarcity, and it combines those two properties 1052 00:51:36,880 --> 00:51:39,120 Speaker 1: with the ability to transfer it over communication channel. And 1053 00:51:39,160 --> 00:51:41,600 Speaker 1: that's like bitcoin's mic drop moment. And so when you 1054 00:51:41,640 --> 00:51:45,400 Speaker 1: can bind those three properties and and everyone's comparing various 1055 00:51:45,400 --> 00:51:49,040 Speaker 1: different forms of money to facilitate the exact same function, 1056 00:51:49,080 --> 00:51:51,920 Speaker 1: which is the intermediary the transaction today and carry that 1057 00:51:51,960 --> 00:51:55,040 Speaker 1: forward to a transaction in the future. Um, they're going 1058 00:51:55,080 --> 00:51:58,440 Speaker 1: to opt for bitcoin because it has vastly superior by 1059 00:51:58,440 --> 00:52:02,919 Speaker 1: an order of magnitude better model terrain properties. Yeah. So, UM, 1060 00:52:02,920 --> 00:52:05,799 Speaker 1: the reason why everybody's going to choose that if if 1061 00:52:05,840 --> 00:52:09,000 Speaker 1: all value subjective is because it's the best, and it's 1062 00:52:09,040 --> 00:52:11,080 Speaker 1: the best because of all the reasons that you've broken down, 1063 00:52:11,160 --> 00:52:13,880 Speaker 1: and eventually enough people are going to realize that, UM. 1064 00:52:13,920 --> 00:52:16,000 Speaker 1: I do. I do like to say often that you know, 1065 00:52:16,080 --> 00:52:18,440 Speaker 1: even still today bitcoin is probably still one of the 1066 00:52:18,480 --> 00:52:22,280 Speaker 1: best long term opportunities as an investor we have today. Um, 1067 00:52:22,360 --> 00:52:25,680 Speaker 1: it's asymmetric, more upside than downside. And part of the reason, well, 1068 00:52:25,680 --> 00:52:29,640 Speaker 1: what gives us those asymmetric upside is asymmetric information. And 1069 00:52:29,680 --> 00:52:32,200 Speaker 1: so you've just rattled off a ton of information that 1070 00:52:32,239 --> 00:52:35,200 Speaker 1: most people don't have. UM. And so the more information 1071 00:52:35,320 --> 00:52:37,960 Speaker 1: you get, the more information everybody gets, the more will 1072 00:52:37,960 --> 00:52:40,160 Speaker 1: come around eventually as you're as you're making the case, 1073 00:52:40,160 --> 00:52:43,200 Speaker 1: and then of course the less upside there will be. UM. 1074 00:52:43,360 --> 00:52:46,120 Speaker 1: There's now there's a ton of people that have objections 1075 00:52:46,120 --> 00:52:49,120 Speaker 1: in their head that we hear all the time, which is, um, 1076 00:52:49,200 --> 00:52:51,200 Speaker 1: what about the other However, many I don't know eight 1077 00:52:51,239 --> 00:52:54,120 Speaker 1: thousand other cryptos there are. It's not backed by anything, 1078 00:52:54,520 --> 00:52:56,680 Speaker 1: you know. Uh, it's just gonna be banned. And I'd 1079 00:52:56,680 --> 00:52:58,879 Speaker 1: like to dive into those, but you know, honestly, you've 1080 00:52:58,880 --> 00:53:00,920 Speaker 1: already written papers on each one of those, and and 1081 00:53:01,040 --> 00:53:03,880 Speaker 1: each one can be a conversation, will be here for 1082 00:53:04,000 --> 00:53:06,239 Speaker 1: days if we try to do that. So, UM, what 1083 00:53:06,280 --> 00:53:08,440 Speaker 1: I'm wanna do is the most common objections. I want 1084 00:53:08,480 --> 00:53:10,200 Speaker 1: to link to each one of those individually in the 1085 00:53:10,239 --> 00:53:12,880 Speaker 1: show notes. So if you want to know why, why 1086 00:53:12,960 --> 00:53:14,520 Speaker 1: it could be banned, or why it could be copied 1087 00:53:14,600 --> 00:53:16,279 Speaker 1: or whatever, I'll link to those. UM. And I want 1088 00:53:16,280 --> 00:53:19,440 Speaker 1: to just transition into the last piece, which UM I 1089 00:53:19,480 --> 00:53:22,400 Speaker 1: really resonated with UM that you wrote, and it was 1090 00:53:22,800 --> 00:53:26,560 Speaker 1: that bitcoin is a rally cry. And so we've set 1091 00:53:26,560 --> 00:53:29,080 Speaker 1: the stage of of where we're at. We have to 1092 00:53:29,120 --> 00:53:31,360 Speaker 1: print the money to keep the system going. UM. The 1093 00:53:31,440 --> 00:53:33,880 Speaker 1: damage is doing to the system. We have a better 1094 00:53:33,920 --> 00:53:37,880 Speaker 1: option today, UM, and right now especially, I know you 1095 00:53:37,920 --> 00:53:39,839 Speaker 1: wrote that paper a while ago, not that long ago, 1096 00:53:39,880 --> 00:53:42,920 Speaker 1: but a while back. The rally cry. Um, it resonated 1097 00:53:42,920 --> 00:53:45,839 Speaker 1: with me because I was at the Alamo recently. UM, 1098 00:53:46,120 --> 00:53:48,680 Speaker 1: well maybe in the last year, but it's even more 1099 00:53:48,680 --> 00:53:51,239 Speaker 1: important today because over the last couple of weeks and 1100 00:53:51,320 --> 00:53:54,360 Speaker 1: crazy things have been going on. But why is bitcoin 1101 00:53:54,520 --> 00:53:59,239 Speaker 1: now the rally crying? Well, I think that I've I've 1102 00:53:59,280 --> 00:54:02,439 Speaker 1: also had experience to or you know, as a kid 1103 00:54:02,800 --> 00:54:05,320 Speaker 1: and someone tells you to read your Texas history. You know, 1104 00:54:05,360 --> 00:54:07,480 Speaker 1: I grew up in Texas and one of the have 1105 00:54:07,560 --> 00:54:09,600 Speaker 1: been revisiting a lot of my Texas history, you know, 1106 00:54:09,600 --> 00:54:11,600 Speaker 1: in the past several years. But as a kid, you 1107 00:54:11,600 --> 00:54:13,640 Speaker 1: just don't have the same appreciation work of some teachers 1108 00:54:13,640 --> 00:54:15,920 Speaker 1: asking you to read a book in the classroom and 1109 00:54:16,080 --> 00:54:18,120 Speaker 1: you're just you want to go out and you know, 1110 00:54:18,239 --> 00:54:20,160 Speaker 1: run down to the creek, and you're not super interested. 1111 00:54:20,520 --> 00:54:23,360 Speaker 1: But one of the one of the more powerful experiences 1112 00:54:23,400 --> 00:54:25,279 Speaker 1: I've had is that when you're sitting in front of 1113 00:54:25,280 --> 00:54:28,800 Speaker 1: the Aluma itself, there's a placard and it's got the 1114 00:54:29,080 --> 00:54:32,640 Speaker 1: Travis letter William be you know, Lieutenant Colonel William B. Travis, 1115 00:54:32,640 --> 00:54:35,080 Speaker 1: and you have this this recognition. I think I think 1116 00:54:35,440 --> 00:54:38,960 Speaker 1: Travis at the time was twenty seven years old. You know. Um, 1117 00:54:39,000 --> 00:54:41,800 Speaker 1: so I'm not sure how old you are, but you 1118 00:54:41,840 --> 00:54:43,759 Speaker 1: know I'm thirty six year old. You have this picture 1119 00:54:43,760 --> 00:54:45,520 Speaker 1: and your head of a twenty seven year old, you know, 1120 00:54:45,640 --> 00:54:48,719 Speaker 1: in the Alumna, and he writes a letter and he 1121 00:54:49,800 --> 00:54:52,320 Speaker 1: you know, one of the one of the most you know, um. 1122 00:54:52,360 --> 00:54:54,800 Speaker 1: He signs it with victory and your death. But he 1123 00:54:54,800 --> 00:54:57,560 Speaker 1: he says, you know, basically describes the scene where they're 1124 00:54:57,600 --> 00:55:02,320 Speaker 1: surrounded by the Spanish um during the Texas Revolution and 1125 00:55:03,000 --> 00:55:05,839 Speaker 1: um and he and he describes how he's surrounded by 1126 00:55:06,080 --> 00:55:08,239 Speaker 1: thousands of troops and there's a couple hundred people that 1127 00:55:08,280 --> 00:55:10,760 Speaker 1: are that are in uh in the in the ford 1128 00:55:10,760 --> 00:55:14,319 Speaker 1: at the Alamo, and that he said, you know, the 1129 00:55:14,320 --> 00:55:17,239 Speaker 1: the army, the Mexican army, had demanded surrender, and that 1130 00:55:17,320 --> 00:55:20,279 Speaker 1: he returned to he returned the demand for surrender with 1131 00:55:20,360 --> 00:55:24,120 Speaker 1: the cannon shot, and that you know, he basically you know, 1132 00:55:24,320 --> 00:55:28,040 Speaker 1: started it with I think two Americans on all to 1133 00:55:28,040 --> 00:55:30,200 Speaker 1: to the people of Texas and Americans and Americans in 1134 00:55:30,239 --> 00:55:32,440 Speaker 1: all the world, just kind of a very um, kind 1135 00:55:32,480 --> 00:55:34,760 Speaker 1: of a signal that it was beyond you know, Texas 1136 00:55:34,800 --> 00:55:37,319 Speaker 1: Revolution and at this point in time, it was you know, 1137 00:55:37,400 --> 00:55:40,200 Speaker 1: in eighteen twenties or you know, there weren't there weren't 1138 00:55:40,200 --> 00:55:41,840 Speaker 1: Americans all over the world. But it was really a 1139 00:55:41,920 --> 00:55:44,960 Speaker 1: call out to anybody who loved freedom. Basically said you know, 1140 00:55:44,960 --> 00:55:47,200 Speaker 1: I'm gonna sit here and I'm gonna fight. And you 1141 00:55:47,239 --> 00:55:49,920 Speaker 1: know I'm calling you and calling to arms, please come 1142 00:55:49,960 --> 00:55:51,960 Speaker 1: and help us. But if you don't come, I'm gonna 1143 00:55:51,960 --> 00:55:54,840 Speaker 1: fight here until I die. UM. And basically you know, 1144 00:55:55,000 --> 00:55:56,960 Speaker 1: saying that, you know, live free or die, you know 1145 00:55:57,040 --> 00:55:59,520 Speaker 1: essentially that and uh and and if you go to 1146 00:55:59,560 --> 00:56:01,640 Speaker 1: the album and you actually read that, you know, kind 1147 00:56:01,640 --> 00:56:03,880 Speaker 1: of placquer right there. It's a very powerful moment. And 1148 00:56:03,880 --> 00:56:06,719 Speaker 1: that's something that I, um, you know, several years ago. 1149 00:56:07,239 --> 00:56:09,279 Speaker 1: And and the Travis letter itself is one of the 1150 00:56:09,640 --> 00:56:14,080 Speaker 1: great pieces of Texas history. The album will ultimately fell, um, 1151 00:56:14,160 --> 00:56:16,879 Speaker 1: but it became the rallying cry when you know, people 1152 00:56:16,920 --> 00:56:21,279 Speaker 1: stay remember the album O the the Garrison, you know, 1153 00:56:21,360 --> 00:56:23,759 Speaker 1: in the album of every single one except for for 1154 00:56:23,800 --> 00:56:26,760 Speaker 1: a few people died. But then that became the rallying cry. 1155 00:56:26,800 --> 00:56:30,200 Speaker 1: And Texas want it's for you know, kind of its independence. Um. 1156 00:56:30,320 --> 00:56:32,720 Speaker 1: There took Texas declared to in despense. They've they declared 1157 00:56:32,719 --> 00:56:34,960 Speaker 1: theirpendence a number of times. They declared their independence ten 1158 00:56:35,040 --> 00:56:38,000 Speaker 1: days after that, UM and then ultimately one their independence 1159 00:56:38,040 --> 00:56:41,080 Speaker 1: ultimately became part of the United States. But just this 1160 00:56:41,280 --> 00:56:43,560 Speaker 1: this idea that that people stayed and fought for what 1161 00:56:43,560 --> 00:56:46,400 Speaker 1: they believed in UM and and that that you know, 1162 00:56:46,520 --> 00:56:49,600 Speaker 1: kind of there there there were scars. Not everybody made it, 1163 00:56:49,840 --> 00:56:52,560 Speaker 1: but that the people that that ultimately, if you believe 1164 00:56:52,560 --> 00:56:54,200 Speaker 1: in something, you have to fight for it. The freedom 1165 00:56:54,200 --> 00:56:57,560 Speaker 1: doesn't come easy. And that I wrote that article. It's 1166 00:56:57,560 --> 00:57:00,440 Speaker 1: probably my favorite article of the series. You know, definitely 1167 00:57:00,520 --> 00:57:02,919 Speaker 1: not the most popular, probably the most popular for certain people. 1168 00:57:02,960 --> 00:57:05,640 Speaker 1: I appreciate you saying that it's probably my favorite. Uh 1169 00:57:05,760 --> 00:57:09,960 Speaker 1: I wrote it right after the March twelveth Bitcoin dropped 1170 00:57:09,960 --> 00:57:12,080 Speaker 1: from eight thousand to four thousand on a single day. 1171 00:57:12,440 --> 00:57:16,640 Speaker 1: You know, certain people got liquidated. You know, was a 1172 00:57:16,880 --> 00:57:18,560 Speaker 1: was a punch to summit for a lot of people, 1173 00:57:18,960 --> 00:57:21,600 Speaker 1: and you know, there's a there was a massive equity crisis. 1174 00:57:21,640 --> 00:57:25,120 Speaker 1: I was basically right to say that this, you know, 1175 00:57:25,280 --> 00:57:29,040 Speaker 1: like because there was also volatilion in the broader markets, 1176 00:57:29,040 --> 00:57:31,000 Speaker 1: and the FED ultimately came in and put in one 1177 00:57:31,000 --> 00:57:34,120 Speaker 1: point five trillion new in in uh in repo funding 1178 00:57:34,120 --> 00:57:38,360 Speaker 1: and announced basically q E forever um like an unfettered, 1179 00:57:38,440 --> 00:57:42,440 Speaker 1: unlimited and and basically I've I've developed this you know 1180 00:57:42,520 --> 00:57:44,880 Speaker 1: thesis or you know, I don't even think of that thesis. 1181 00:57:44,880 --> 00:57:46,840 Speaker 1: I think it's the an actual description of the world, 1182 00:57:47,040 --> 00:57:49,200 Speaker 1: which is the the instability that we're feeling in the world, 1183 00:57:49,240 --> 00:57:51,560 Speaker 1: because it wasn't just volatili in the bitcoin world, but 1184 00:57:51,640 --> 00:57:54,440 Speaker 1: it was you know, the SMP five dropping ten percent 1185 00:57:54,440 --> 00:57:58,040 Speaker 1: in a single day. You know, like all of this instability, 1186 00:57:58,040 --> 00:58:02,080 Speaker 1: and it's like this this this you know, re reintroduction 1187 00:58:02,200 --> 00:58:04,120 Speaker 1: of the instability that I think has been there since 1188 00:58:04,160 --> 00:58:06,480 Speaker 1: the financial crisis that has been massed over and basically 1189 00:58:07,400 --> 00:58:09,480 Speaker 1: kicked the gan down the road and put put us 1190 00:58:09,560 --> 00:58:12,680 Speaker 1: all in this position of economic fragility and that and 1191 00:58:12,680 --> 00:58:17,640 Speaker 1: that that has really damning consequences on society at large 1192 00:58:17,720 --> 00:58:19,760 Speaker 1: and the social fabric. And I think that a lot 1193 00:58:19,800 --> 00:58:22,960 Speaker 1: of the issues that exists in society, whether it's today 1194 00:58:23,000 --> 00:58:25,160 Speaker 1: with two halves of the country wine to kill each 1195 00:58:25,200 --> 00:58:27,680 Speaker 1: other um and shouting each other down, there are a 1196 00:58:27,680 --> 00:58:31,600 Speaker 1: lot of those issues arise from a broken economic structure 1197 00:58:31,800 --> 00:58:36,000 Speaker 1: that ultimately is underpinned by a broken monetary structure. And 1198 00:58:36,040 --> 00:58:39,160 Speaker 1: that that day when bitcoin crash eight thousands to four thousand, 1199 00:58:39,400 --> 00:58:41,560 Speaker 1: it's this idea that you know, there's no one, there's 1200 00:58:41,560 --> 00:58:43,320 Speaker 1: no one in the bitcoin world that's gonna be there's 1201 00:58:43,360 --> 00:58:45,280 Speaker 1: no one like the Fed's gonna come and print more 1202 00:58:45,280 --> 00:58:47,760 Speaker 1: bitcoin to to bail you out, and everybody has to 1203 00:58:47,800 --> 00:58:51,440 Speaker 1: be maximally accountable. And and that you know, those people 1204 00:58:51,760 --> 00:58:54,360 Speaker 1: that have woken up to this idea that there's something 1205 00:58:54,640 --> 00:58:57,880 Speaker 1: significantly broken with our monetary structure that's causing things to 1206 00:58:57,920 --> 00:59:00,720 Speaker 1: be broken in our economic structure, which caused social fabric 1207 00:59:00,800 --> 00:59:04,120 Speaker 1: to freight. Is that bitcoin is a thing that will 1208 00:59:04,160 --> 00:59:06,160 Speaker 1: fix it by fixing the thing that sits at the 1209 00:59:06,160 --> 00:59:08,960 Speaker 1: foundation of what is broken, being the monetary structure. And 1210 00:59:09,000 --> 00:59:11,240 Speaker 1: that with all this volatility in the world is basically 1211 00:59:11,560 --> 00:59:13,480 Speaker 1: you know, a signal to everybody else out there to 1212 00:59:13,520 --> 00:59:16,560 Speaker 1: be like, you know, there there's the saying and bitcoin 1213 00:59:16,600 --> 00:59:19,160 Speaker 1: of Hoddle hold on for gear life. That's that you 1214 00:59:19,160 --> 00:59:21,680 Speaker 1: know kind of um, you know, hold the line. You know, 1215 00:59:21,760 --> 00:59:25,040 Speaker 1: like bitcoin is a is a monetary structure of the 1216 00:59:25,080 --> 00:59:28,200 Speaker 1: future that that's more sound, more resilient. It's more volatile 1217 00:59:28,240 --> 00:59:30,720 Speaker 1: today because there there you know, if we go back 1218 00:59:30,720 --> 00:59:32,640 Speaker 1: to that idea, there's no one that's priced set. You know, 1219 00:59:32,720 --> 00:59:34,880 Speaker 1: there's no one if the price drops to to inflate 1220 00:59:34,880 --> 00:59:36,840 Speaker 1: the amount of bitcoin to you know, or to to 1221 00:59:37,160 --> 00:59:39,200 Speaker 1: suck up the amount of bitcoin to increase the price backup. 1222 00:59:39,240 --> 00:59:42,240 Speaker 1: Everyone's on their own. We deal with that volatility. That 1223 00:59:42,360 --> 00:59:45,960 Speaker 1: volatility ultimately makes bitcoin more anti fragile, and that you 1224 00:59:46,000 --> 00:59:48,920 Speaker 1: know kind of living through that and kind of you know, 1225 00:59:49,000 --> 00:59:51,560 Speaker 1: kind of taking that cannon shot or that shot across 1226 00:59:51,600 --> 00:59:53,920 Speaker 1: the bowl and and surviving on the other side and 1227 00:59:53,920 --> 00:59:56,240 Speaker 1: then ready to charge. That's the rally cry, and so 1228 00:59:56,360 --> 00:59:57,960 Speaker 1: kind of you know, part I was just trying to 1229 00:59:58,280 --> 00:59:59,920 Speaker 1: you know, signal that a lot of people do to 1230 01:00:00,000 --> 01:00:02,640 Speaker 1: ink a bitcoin as this as this force for good 1231 01:00:02,640 --> 01:00:05,360 Speaker 1: in the world. It's not easy, and you're gonna have scars, 1232 01:00:05,400 --> 01:00:07,360 Speaker 1: and it's gonna be an up and down road. But 1233 01:00:07,400 --> 01:00:08,880 Speaker 1: then once you start to see it for what it 1234 01:00:08,920 --> 01:00:12,640 Speaker 1: actually is, uh, it becomes a galvanizing force. Uh and 1235 01:00:12,640 --> 01:00:15,160 Speaker 1: and the volatility you start to actually like feed on it. 1236 01:00:15,480 --> 01:00:18,280 Speaker 1: And it's actually you know something that that I think 1237 01:00:18,680 --> 01:00:20,680 Speaker 1: people that that you know by you know, such a 1238 01:00:20,760 --> 01:00:23,040 Speaker 1: people that work in the bitcoin space, w do Bitcoin podcast, 1239 01:00:23,160 --> 01:00:25,120 Speaker 1: which just people that own it and that that that 1240 01:00:25,120 --> 01:00:28,520 Speaker 1: that are the pioneers that are you know, kind of 1241 01:00:28,520 --> 01:00:31,680 Speaker 1: the early adopters that are on for this massive roller coaster, 1242 01:00:31,800 --> 01:00:34,360 Speaker 1: but see it's great future in this bright future that 1243 01:00:34,520 --> 01:00:36,120 Speaker 1: you know, in a very in a world where it 1244 01:00:36,160 --> 01:00:39,440 Speaker 1: just seems like there's you know, choppy seas and and 1245 01:00:39,440 --> 01:00:42,640 Speaker 1: and storm clouds, that beyond all those's this bright future 1246 01:00:42,680 --> 01:00:45,080 Speaker 1: and it's all gonna be built and coordinated in the 1247 01:00:45,160 --> 01:00:48,720 Speaker 1: economic uh you know, bitcoin and nominated world. So um, 1248 01:00:48,760 --> 01:00:50,880 Speaker 1: you know kind of when we see uncertainty and we 1249 01:00:50,920 --> 01:00:53,400 Speaker 1: see volatility, and we see in the civilian economic system, 1250 01:00:53,640 --> 01:00:55,680 Speaker 1: we know that there's an anchor out there and it's bitcoin, 1251 01:00:56,040 --> 01:00:57,600 Speaker 1: and that if we hold on that that's going to 1252 01:00:57,800 --> 01:00:59,400 Speaker 1: be the thing that that gets us through the other 1253 01:00:59,600 --> 01:01:02,480 Speaker 1: the other outside of the tunnel. Yeah, and it gives 1254 01:01:02,600 --> 01:01:04,800 Speaker 1: and and and it's the rally cry, and it's something 1255 01:01:04,840 --> 01:01:07,760 Speaker 1: to rally around, right, So it gives everybody something to 1256 01:01:07,800 --> 01:01:11,440 Speaker 1: come by coming people. If bitcoin wasn't there, that's what 1257 01:01:11,600 --> 01:01:13,000 Speaker 1: I say, Like, if I was just looking at the 1258 01:01:13,000 --> 01:01:16,280 Speaker 1: world around me and bitcoin didn't exist, I'd be massively pessimistic, 1259 01:01:16,640 --> 01:01:18,919 Speaker 1: you know. And just just like that, that Travis letter 1260 01:01:19,280 --> 01:01:22,840 Speaker 1: was a rally cry at the Alamo. Um. Bitcoin is 1261 01:01:22,840 --> 01:01:26,040 Speaker 1: that rally cry that says, like, hey, if ship looks 1262 01:01:26,080 --> 01:01:30,360 Speaker 1: bad today, like hold on because it's getting better. This 1263 01:01:30,440 --> 01:01:32,240 Speaker 1: is this is going to be the agent of change. 1264 01:01:32,280 --> 01:01:35,800 Speaker 1: That gets us there and and be optimistic and be hopeful. 1265 01:01:36,240 --> 01:01:38,600 Speaker 1: Uh and and let this be the rally cry, because 1266 01:01:38,600 --> 01:01:41,800 Speaker 1: this is actually the thing that it's fixing in real time, 1267 01:01:42,080 --> 01:01:45,160 Speaker 1: the thing that's actually broken. It's causing so much unrest 1268 01:01:45,200 --> 01:01:50,000 Speaker 1: and distortion and and and discontent. Yeah. Yeah, I talked 1269 01:01:50,000 --> 01:01:52,760 Speaker 1: so much about the problems because I'm trying to show 1270 01:01:52,760 --> 01:01:55,480 Speaker 1: people the problems of what it solves. Um And we 1271 01:01:55,560 --> 01:01:57,320 Speaker 1: have a lot of them, obviously. You know, when we 1272 01:01:57,400 --> 01:01:59,240 Speaker 1: talk about the FED and the interest rates, we talked 1273 01:01:59,240 --> 01:02:01,240 Speaker 1: about you know, what happening on a global stage with 1274 01:02:01,280 --> 01:02:03,360 Speaker 1: globalism in the World Economic Forum and all that kind 1275 01:02:03,360 --> 01:02:05,800 Speaker 1: of stuff, and people said, oh, Mark, you're you're always 1276 01:02:05,880 --> 01:02:08,480 Speaker 1: always being so pessimistic. Um So. I made a video 1277 01:02:08,600 --> 01:02:11,080 Speaker 1: I think a week or two ago, and I called it, uh, 1278 01:02:11,320 --> 01:02:13,480 Speaker 1: I don't know, my my my biggest hope or whatever, 1279 01:02:13,880 --> 01:02:15,920 Speaker 1: and I made the case that like, the only thing 1280 01:02:15,960 --> 01:02:18,040 Speaker 1: that really gives me hope in the future is bitcoin 1281 01:02:18,120 --> 01:02:20,000 Speaker 1: because of the way it can transform things. And so, 1282 01:02:20,320 --> 01:02:22,400 Speaker 1: um to your point, yeah, the world, the world that 1283 01:02:22,520 --> 01:02:24,880 Speaker 1: the future doesn't look too good, but it is that 1284 01:02:24,920 --> 01:02:28,480 Speaker 1: one thing that that gives us hope. Um so. And 1285 01:02:28,640 --> 01:02:30,560 Speaker 1: and you know, I there's a there's a lot of 1286 01:02:30,600 --> 01:02:32,560 Speaker 1: talk right now with you know, this change of a 1287 01:02:32,560 --> 01:02:35,360 Speaker 1: political system that we have in the United States, and uh, 1288 01:02:35,400 --> 01:02:37,800 Speaker 1: they're saying, you know, supposedly the Biden camp is talking 1289 01:02:37,800 --> 01:02:40,160 Speaker 1: about unity and let's get everyone back together, but at 1290 01:02:40,200 --> 01:02:43,480 Speaker 1: the same time, they're trying to basically shut down half 1291 01:02:43,520 --> 01:02:46,320 Speaker 1: of half the Americans. Like and and when you think 1292 01:02:46,360 --> 01:02:50,240 Speaker 1: about this concept of unity, I mean, unity isn't silencing 1293 01:02:50,320 --> 01:02:52,640 Speaker 1: other people, so they just don't say anything against you, right, 1294 01:02:52,640 --> 01:02:55,240 Speaker 1: It's really about having something everybody could agree on. And 1295 01:02:55,280 --> 01:02:57,960 Speaker 1: so that's really where this bitcoin thing comes together. Where 1296 01:02:58,000 --> 01:03:00,560 Speaker 1: we all can agree that the money creates the problems, 1297 01:03:00,800 --> 01:03:02,880 Speaker 1: and we can agree that there's a better form of money, 1298 01:03:02,920 --> 01:03:06,560 Speaker 1: and you can kind of overlook a lot of other things. So, um, 1299 01:03:06,600 --> 01:03:09,520 Speaker 1: I love I love that. I love that viewpoint. Yeah, 1300 01:03:09,720 --> 01:03:13,480 Speaker 1: I agree with that. Yeah, and and and even and 1301 01:03:13,520 --> 01:03:15,480 Speaker 1: one thing that I'd add to that today too is, 1302 01:03:15,560 --> 01:03:17,920 Speaker 1: I mean, specifically what you're talking about with the Alamo, 1303 01:03:18,000 --> 01:03:19,680 Speaker 1: and I've been there, like I said, in the last year, 1304 01:03:19,680 --> 01:03:22,120 Speaker 1: and when you walk inside, there's like a big board 1305 01:03:22,400 --> 01:03:25,040 Speaker 1: and it kind of like timelines everything out. And man, 1306 01:03:25,120 --> 01:03:27,280 Speaker 1: when you read that, I mean, it's just so moving. 1307 01:03:27,760 --> 01:03:30,360 Speaker 1: And you know, my my grandfather was in World War 1308 01:03:30,400 --> 01:03:32,840 Speaker 1: Two and he went back then going to World War Two, 1309 01:03:32,840 --> 01:03:35,200 Speaker 1: there was a good chance you weren't coming home. And 1310 01:03:35,400 --> 01:03:37,560 Speaker 1: you know, my father went to Vietnam, and even in Vietnam, 1311 01:03:37,640 --> 01:03:39,440 Speaker 1: there was a good chance you weren't coming home. And 1312 01:03:39,480 --> 01:03:42,560 Speaker 1: today it's like people are afraid to even speak up 1313 01:03:42,760 --> 01:03:44,800 Speaker 1: because someone's gonna look at you weird or call you 1314 01:03:44,840 --> 01:03:48,880 Speaker 1: a name. And it's like they literally the Alumo, my grandfather, 1315 01:03:49,000 --> 01:03:51,800 Speaker 1: my father risked their lives and like now we're afraid 1316 01:03:51,880 --> 01:03:54,240 Speaker 1: to even speak up. So um, it is a rally cry. 1317 01:03:54,320 --> 01:03:58,040 Speaker 1: And and uh, I love that, Yeah, I and I agree. 1318 01:03:58,080 --> 01:04:00,640 Speaker 1: It's it's it's a real damning play or state of 1319 01:04:00,640 --> 01:04:03,360 Speaker 1: affairs when um, I think, you know, half the country 1320 01:04:03,480 --> 01:04:06,560 Speaker 1: is being silenced and uh and and and it's clearly 1321 01:04:06,600 --> 01:04:09,880 Speaker 1: not something that you know, if you are a leader, 1322 01:04:09,880 --> 01:04:12,320 Speaker 1: you don't you don't unify people by silence and you 1323 01:04:12,360 --> 01:04:15,720 Speaker 1: know half the country. Um. And it's also damning when 1324 01:04:15,760 --> 01:04:18,040 Speaker 1: when a lot of people feel that way but then 1325 01:04:18,120 --> 01:04:20,280 Speaker 1: feel like the you know, or too scared to even 1326 01:04:20,320 --> 01:04:22,840 Speaker 1: say anything. Um. And I think that kind of reality 1327 01:04:22,920 --> 01:04:25,280 Speaker 1: of what I'm not you know, Bitcoin might be a 1328 01:04:25,360 --> 01:04:26,720 Speaker 1: hill that I'm willing to die on. I don't think 1329 01:04:26,720 --> 01:04:28,200 Speaker 1: anybody's gonna have to die in the hill because the 1330 01:04:28,240 --> 01:04:30,800 Speaker 1: thing is gonna be a peaceful revolution, but it's it's 1331 01:04:30,840 --> 01:04:32,960 Speaker 1: going to be the thing that helps people kind of 1332 01:04:32,960 --> 01:04:36,640 Speaker 1: get back on the same page because they'll recognize that 1333 01:04:36,640 --> 01:04:39,120 Speaker 1: that the scapegoast that they thought was actually the source 1334 01:04:39,160 --> 01:04:41,000 Speaker 1: of the problem is actually something that they were all 1335 01:04:41,040 --> 01:04:43,280 Speaker 1: suffering from that was one of you know, the the 1336 01:04:43,280 --> 01:04:46,120 Speaker 1: biggest problem that we all have is a broken economic structure. 1337 01:04:46,400 --> 01:04:49,720 Speaker 1: That's you know, not something that's about diversity or you know, 1338 01:04:49,800 --> 01:04:52,520 Speaker 1: kind of um, it does tie into the to the 1339 01:04:52,520 --> 01:04:56,560 Speaker 1: wealth and equality, but it's like nobody hasn't intentionally caused 1340 01:04:56,560 --> 01:04:59,040 Speaker 1: that problem to happen. It's a meta problem that exists 1341 01:04:59,080 --> 01:05:00,640 Speaker 1: and we're working on solved doing it. And if we 1342 01:05:01,000 --> 01:05:02,640 Speaker 1: take the fly out of the ointment, then it's going 1343 01:05:02,680 --> 01:05:04,920 Speaker 1: to give us a greater baseline to be able to, 1344 01:05:05,200 --> 01:05:09,880 Speaker 1: you know, more harmoniously interact, coordinate, deliver value for each other. 1345 01:05:10,240 --> 01:05:12,240 Speaker 1: You know, that idea of if you want to want 1346 01:05:12,240 --> 01:05:14,760 Speaker 1: to get more bitcoin, you're gonna have to deliver value 1347 01:05:14,800 --> 01:05:16,640 Speaker 1: to somebody that has it. When you align all those 1348 01:05:16,640 --> 01:05:20,360 Speaker 1: incentives again, it's not to forecast the utopian world. But 1349 01:05:20,480 --> 01:05:23,120 Speaker 1: God does take us from this world where you know, 1350 01:05:23,160 --> 01:05:26,440 Speaker 1: seemingly no one cooperate or coordinate or be at each 1351 01:05:26,480 --> 01:05:29,480 Speaker 1: other through its on on everything, saving only um and 1352 01:05:29,800 --> 01:05:31,720 Speaker 1: goes to a world where they can just focus on, 1353 01:05:32,360 --> 01:05:34,480 Speaker 1: you know, living their daily lives and creating value for 1354 01:05:34,480 --> 01:05:37,120 Speaker 1: others around them, and that if we're if we're if 1355 01:05:37,320 --> 01:05:38,720 Speaker 1: you know, if we're able to do that, then it's 1356 01:05:38,720 --> 01:05:40,920 Speaker 1: going to take the temperature down. And I think that 1357 01:05:41,200 --> 01:05:43,560 Speaker 1: the more people that that wise up to this fact 1358 01:05:43,560 --> 01:05:46,520 Speaker 1: that there is a broken economic structure, it upsets people. 1359 01:05:46,640 --> 01:05:49,080 Speaker 1: So people kind of have love lived in the dark 1360 01:05:49,120 --> 01:05:52,080 Speaker 1: form for a long time and been ascribing probably different 1361 01:05:52,080 --> 01:05:54,600 Speaker 1: symptoms to different problems and not realizing that it's something 1362 01:05:54,640 --> 01:05:57,280 Speaker 1: with their money. And once they realize that it's the money, 1363 01:05:57,480 --> 01:05:59,680 Speaker 1: then it gives them that rally gride to work around, 1364 01:05:59,760 --> 01:06:01,920 Speaker 1: you know, say, hey, okay, like I can't control what 1365 01:06:01,920 --> 01:06:03,760 Speaker 1: the Democrats do, I can't control what the problems to. 1366 01:06:04,160 --> 01:06:06,880 Speaker 1: If I work on bitcoin, that that's the single greatest 1367 01:06:06,880 --> 01:06:09,480 Speaker 1: contribution I can do, even though I can't change you know, 1368 01:06:09,560 --> 01:06:10,840 Speaker 1: how it works or what it does. But if I 1369 01:06:10,840 --> 01:06:13,000 Speaker 1: can contribute on that, I can focus on that day 1370 01:06:13,040 --> 01:06:15,560 Speaker 1: to day that that's the path towards you know, a 1371 01:06:15,600 --> 01:06:17,720 Speaker 1: more prosperous feature. And the more and more people that 1372 01:06:17,840 --> 01:06:21,840 Speaker 1: look at the exact same equation come to the same conclusion. 1373 01:06:22,280 --> 01:06:25,040 Speaker 1: Let me work on this. This will become my my 1374 01:06:25,120 --> 01:06:27,200 Speaker 1: north star. My guide was, you know, at least in 1375 01:06:27,320 --> 01:06:29,880 Speaker 1: terms of you know, work and career, to try to 1376 01:06:29,920 --> 01:06:32,320 Speaker 1: make a difference and to get to a world that 1377 01:06:32,440 --> 01:06:35,440 Speaker 1: vances us beyond whatever it is we are in today, 1378 01:06:35,480 --> 01:06:39,840 Speaker 1: which is not a not a good state of affairs. Yeah, perfect, well, 1379 01:06:39,920 --> 01:06:42,080 Speaker 1: well said. And uh, with that, we're gonna go ahead 1380 01:06:42,080 --> 01:06:44,480 Speaker 1: and wrap it up. Um, Like I said, we could 1381 01:06:44,480 --> 01:06:46,760 Speaker 1: have probably made each one of these topics its own 1382 01:06:46,840 --> 01:06:49,280 Speaker 1: its own show, because there's just so much here. And 1383 01:06:49,280 --> 01:06:52,360 Speaker 1: and so what I would just encourage everybody who's listening, Um, 1384 01:06:52,680 --> 01:06:55,400 Speaker 1: no matter what objection or doubt or whatever question you 1385 01:06:55,440 --> 01:06:58,080 Speaker 1: have in your head, there is the answer. There is 1386 01:06:58,080 --> 01:06:59,760 Speaker 1: an answer for it. So I'm gonna link to his 1387 01:06:59,800 --> 01:07:02,280 Speaker 1: reach versus down below, But there's plenty of more answers 1388 01:07:02,320 --> 01:07:05,000 Speaker 1: out there. And so if you have the question, just 1389 01:07:05,040 --> 01:07:06,800 Speaker 1: spend a little bit of time and try to go 1390 01:07:07,000 --> 01:07:09,800 Speaker 1: get that answer for yourself. Um. And so with that, 1391 01:07:09,840 --> 01:07:12,000 Speaker 1: we'll wrap it up, Parker. UM, I'm gonna, like I said, 1392 01:07:12,000 --> 01:07:14,760 Speaker 1: I'll link to I'll link to your your your blog 1393 01:07:14,800 --> 01:07:16,640 Speaker 1: post down below. Is there anywhere else that you want 1394 01:07:16,640 --> 01:07:18,600 Speaker 1: to direct people to to follow, follow you or keep 1395 01:07:18,640 --> 01:07:20,920 Speaker 1: up with you. Yeah. They find us on on the 1396 01:07:20,960 --> 01:07:24,160 Speaker 1: website at an unshamed dashed capital dot com. I put 1397 01:07:24,160 --> 01:07:26,680 Speaker 1: out all my articles there. I need other content that 1398 01:07:26,680 --> 01:07:28,600 Speaker 1: that we work on from the bitcoin side to help 1399 01:07:28,600 --> 01:07:30,960 Speaker 1: people inter secure the bitcoin. I you can find me 1400 01:07:31,040 --> 01:07:35,280 Speaker 1: on Twitter for the time being, um at a Parker A. Lewis. Um, 1401 01:07:35,280 --> 01:07:38,520 Speaker 1: I'm also on bitcoin hackers dot Org. I mastered on 1402 01:07:38,760 --> 01:07:41,880 Speaker 1: at Parker Lewis as well. So find me either in 1403 01:07:41,880 --> 01:07:46,240 Speaker 1: those places and um, yeah, keep finding while you still can. Yeah, 1404 01:07:47,160 --> 01:07:49,640 Speaker 1: all right, thanks so much, Parker. He appreciate it. Mark. 1405 01:07:50,000 --> 01:07:55,560 Speaker 1: Thanks all right, that was good. Too many areas to 1406 01:07:55,640 --> 01:07:59,680 Speaker 1: jump into, but that was good. Um. I was gonna 1407 01:07:59,720 --> 01:08:01,840 Speaker 1: tell you one one interesting thing you know to your 1408 01:08:01,840 --> 01:08:03,680 Speaker 1: point about it's the better form of money, and not 1409 01:08:03,680 --> 01:08:05,000 Speaker 1: not just a better form of money, but it's just 1410 01:08:05,040 --> 01:08:07,120 Speaker 1: a better system overall. And obviously you know this right, 1411 01:08:07,160 --> 01:08:10,040 Speaker 1: but open border, list, permission, list, etcetera. And I've been 1412 01:08:10,080 --> 01:08:12,720 Speaker 1: in Puerto Rico now for what fourteen days or whatever? 1413 01:08:13,280 --> 01:08:16,479 Speaker 1: Fourteen days and I had I sold a piece of 1414 01:08:16,479 --> 01:08:19,280 Speaker 1: real estate, an apartment building in a closed desk for 1415 01:08:19,439 --> 01:08:22,200 Speaker 1: the day. I came over here and uh. I got 1416 01:08:22,240 --> 01:08:24,000 Speaker 1: here and I have all this money sit in the bank, 1417 01:08:24,040 --> 01:08:25,680 Speaker 1: and I'm like, you know, I'm probably just gonna throw 1418 01:08:25,720 --> 01:08:27,800 Speaker 1: them to some bitcoin while I'm just deciding what I'm 1419 01:08:27,800 --> 01:08:30,160 Speaker 1: gonna do with it. And uh, but but I had 1420 01:08:30,200 --> 01:08:32,240 Speaker 1: no way to access my money. It's in Wells Fargo. 1421 01:08:32,280 --> 01:08:34,000 Speaker 1: There's no Wells Fargo is in Puerto Rico. And I 1422 01:08:34,040 --> 01:08:36,000 Speaker 1: literally had to get on an airplane and fly over 1423 01:08:36,000 --> 01:08:38,400 Speaker 1: to Miami last weekend just so I could get access 1424 01:08:38,439 --> 01:08:40,080 Speaker 1: to my money and send it over to Puerto Rico. 1425 01:08:40,160 --> 01:08:43,799 Speaker 1: And I'm just like, like, how old is this banking system? 1426 01:08:43,840 --> 01:08:45,439 Speaker 1: Like I have to get on a plane to go 1427 01:08:45,479 --> 01:08:47,720 Speaker 1: to Miami to even get my money anyway. So now 1428 01:08:47,720 --> 01:08:50,680 Speaker 1: I'm back here and it's fourteen days in and I 1429 01:08:50,720 --> 01:08:52,920 Speaker 1: haven't been able to get my bank accounts opened up yet. 1430 01:08:52,960 --> 01:08:55,760 Speaker 1: And I literally went to the branch today. I've been 1431 01:08:55,760 --> 01:08:58,200 Speaker 1: dealing with bankers. My attorney's working with bankers. I probably 1432 01:08:58,200 --> 01:09:00,679 Speaker 1: went six emails back and forth today, so in documents 1433 01:09:00,680 --> 01:09:02,599 Speaker 1: and fourteen days and I can't even get a bank 1434 01:09:02,600 --> 01:09:07,360 Speaker 1: account opened. It's unbelievable. It's a disasters. A thick point 1435 01:09:07,360 --> 01:09:09,599 Speaker 1: address and holding on your own keys make a lot 1436 01:09:09,640 --> 01:09:14,400 Speaker 1: more sense. Yeah, so so anyway, that's that's crazy. Um, 1437 01:09:14,479 --> 01:09:16,600 Speaker 1: but I know we've gone late, so I'm sure you 1438 01:09:16,680 --> 01:09:18,600 Speaker 1: probably gonna go, and we'll let you go. But I 1439 01:09:18,640 --> 01:09:20,920 Speaker 1: would like to talk about maybe getting something set up 1440 01:09:20,920 --> 01:09:24,639 Speaker 1: for myself. UM. Yeah, do you do I have your email? 1441 01:09:24,640 --> 01:09:27,600 Speaker 1: Do you have my email? Um? I don't know, but 1442 01:09:27,640 --> 01:09:31,160 Speaker 1: I'll drop it. I can just drop it in Facebook, Twitter. Yeah, 1443 01:09:31,320 --> 01:09:34,400 Speaker 1: drop me your your email and I'll send you information 1444 01:09:34,439 --> 01:09:36,479 Speaker 1: getting you set up. You have someone to reach out 1445 01:09:36,520 --> 01:09:38,640 Speaker 1: to me or whatever, and I'll see about getting that 1446 01:09:38,680 --> 01:09:41,200 Speaker 1: set up. I just I have like six hardware wallets 1447 01:09:41,280 --> 01:09:43,439 Speaker 1: and I kind of like I have spread out, but 1448 01:09:43,560 --> 01:09:46,320 Speaker 1: like that's just not the best option. And uh, well 1449 01:09:46,320 --> 01:09:49,240 Speaker 1: we'll get you taken care of. Cool all right, Well 1450 01:09:49,280 --> 01:09:51,800 Speaker 1: thanks for jumping on, Parker. I will I'm probably gonna 1451 01:09:51,800 --> 01:09:54,000 Speaker 1: get this posted up this weekend. I'm gonna post it 1452 01:09:54,040 --> 01:09:56,120 Speaker 1: and I'll tag you in and stuff like that. Awesome. 1453 01:09:56,160 --> 01:10:01,160 Speaker 1: I appreciate you having me on. Okay, thanks to the 1454 01:10:01,880 --> 01:10:06,040 Speaker 1: lector surnup macor