WEBVTT - Financial System, Bitcoin, The Broken Economic Structure | Parker Lewis 0:00:13.640 --> 0:00:15.920 All right, everyone, welcome to another episode of The Market 0:00:15.920 --> 0:00:18.880 Disruptor Show, and today I am joined by Parker Lewis. 0:00:18.920 --> 0:00:21.680 He is the head of business Development and Unchained Capital, 0:00:22.200 --> 0:00:24.279 which is in the bitcoin space. We'll get into that. 0:00:24.880 --> 0:00:28.280 You might previously have heard of him from me sharing 0:00:28.400 --> 0:00:30.560 lots and lots of his work on my channel. UM. 0:00:30.560 --> 0:00:34.080 He's written numerous articles UM talking about the financial system 0:00:34.080 --> 0:00:37.360 and bitcoin specifically. I want to get into that. But anyway, Parker, 0:00:37.360 --> 0:00:39.720 thank you much so much for joining us. Yeah, Mark, 0:00:39.720 --> 0:00:41.960 appreciate you inviting me on. It took a couple of 0:00:41.960 --> 0:00:44.320 months for us to get this actually to this day. 0:00:44.360 --> 0:00:47.440 But excited for the new year. Definitely. We're living through 0:00:47.440 --> 0:00:50.839 some uncertain times, but with bitcoin based on you know, 0:00:50.840 --> 0:00:52.720 not just what it's done to this point, but also 0:00:52.800 --> 0:00:54.720 what I expected to do for the future. I'm more 0:00:54.920 --> 0:00:58.440 optimistic than I ever really excited for getting behind us. 0:00:58.680 --> 0:01:01.960 I'm moving forward on and then also talking about some 0:01:02.000 --> 0:01:03.920 of the pieces that I've written. UM. You know, I've 0:01:03.960 --> 0:01:06.360 I've watched and consumed a lot of your content. I 0:01:06.400 --> 0:01:09.720 certainly appreciate, um, not just you know, the covers that 0:01:09.720 --> 0:01:11.760 you've you've in in the analysis that you've done on 0:01:11.760 --> 0:01:14.080 my pieces, but also just the work that you're doing 0:01:14.080 --> 0:01:16.840 to help people really understand the why a bitcoin, which 0:01:16.840 --> 0:01:18.679 I do think is the most important kind of first 0:01:18.760 --> 0:01:20.920 question and first part of the rabbit hole. And then 0:01:20.920 --> 0:01:23.760 it's actually, hey, just a real quick interruption to let 0:01:23.760 --> 0:01:26.000 you know that this video is brought to you add 0:01:26.120 --> 0:01:28.640 free by block Fire. Now they're giving you the ability 0:01:28.720 --> 0:01:31.280 to hodle your bitcoin and your crypto as it goes 0:01:31.400 --> 0:01:33.600 up in value, and at the same time you can 0:01:33.680 --> 0:01:36.320 earn high yielding interest on it, so you can basically 0:01:36.440 --> 0:01:38.959 hold it for all the upside potential and then you 0:01:39.000 --> 0:01:41.039 can make cash flow off of it at the exact 0:01:41.120 --> 0:01:44.920 same time. Now, opening accounts super fast, super simple, and 0:01:44.959 --> 0:01:47.600 they've offered to give me up the two dollars for 0:01:47.600 --> 0:01:49.360 every sign up, but I told them, you know what, 0:01:49.520 --> 0:01:51.680 let's give it back to you. So you can now 0:01:51.760 --> 0:01:54.360 go and you can get the two fifty dollars whenever 0:01:54.400 --> 0:01:56.120 you set up your account, and always to do is 0:01:56.160 --> 0:01:58.800 just check the link in the description for details, set 0:01:58.840 --> 0:02:01.120 up an account super quick and easy, and turn up 0:02:01.160 --> 0:02:04.000 to two fifty dollars brought to you by block fire. 0:02:04.040 --> 0:02:06.960 So check them out and seeing it actually changed people's lives, 0:02:07.000 --> 0:02:10.840 so appreciate what you do and glad to be here. Yeah. Yeah, good. 0:02:10.919 --> 0:02:13.119 So yeah, for sure, you know, I think i've I've 0:02:13.120 --> 0:02:16.400 definitely taken that approach, which is trying to show people 0:02:16.400 --> 0:02:17.880 that they have a problem, because a lot of people 0:02:17.919 --> 0:02:20.639 don't realize they have a problem. Um, and so like, hey, look, 0:02:20.720 --> 0:02:22.840 these are the problems that that you have. Here's a 0:02:22.840 --> 0:02:25.760 potential solution, and then I get the roadblock, which is 0:02:25.880 --> 0:02:27.600 but this is why it's not gonna work, and this 0:02:27.680 --> 0:02:30.079 is why. And that's really where your pieces have really 0:02:30.120 --> 0:02:32.960 really come, um to be a big instrumental piece for 0:02:33.000 --> 0:02:34.640 what I do, because I can just like copy paste 0:02:34.680 --> 0:02:37.120 and send that out. Um. So if you're watching this 0:02:37.160 --> 0:02:40.160 and you've ever had any objections to bitcoin on my channel, 0:02:40.160 --> 0:02:41.760 there's a good chance I might have sent you one 0:02:41.800 --> 0:02:43.160 of those links. And so this is the guy who 0:02:43.160 --> 0:02:45.639 did that. But tell me, um, maybe give us a 0:02:45.639 --> 0:02:47.760 little bit of your background. I know you came working 0:02:47.800 --> 0:02:50.680 from Kyle Bass and Hayman Capital, which seems pretty cool. 0:02:50.680 --> 0:02:52.720 You've been kind of in the financial space and now 0:02:52.800 --> 0:02:54.880 you've transitioned over so maybe just give us a little 0:02:54.880 --> 0:02:59.360 recap on that. Yeah, So, before I jumped into the 0:02:59.360 --> 0:03:01.720 world of vic when I UM kind of worked my 0:03:01.760 --> 0:03:05.080 whole life in the traditional financial world. So started my 0:03:05.160 --> 0:03:07.480 career at Deutsche Bank, you know, working in the merger 0:03:07.520 --> 0:03:09.959 and acquisitions group in New York from two thousand and 0:03:09.960 --> 0:03:11.520 six to two thousand nine. So I was in New 0:03:11.600 --> 0:03:13.519 York at the you know, kind of height of the 0:03:13.560 --> 0:03:16.320 financial crisis. UM kind of they'll lead up to and 0:03:16.320 --> 0:03:18.680 then the crisis itself and then the beginning of the aftermath. 0:03:19.440 --> 0:03:21.799 Ended up leaving Deutsche Bank in two thousand nine and 0:03:21.840 --> 0:03:23.760 went worked in the restructuring space and worked on the 0:03:23.760 --> 0:03:26.120 credit side UM, doing both in court and out of 0:03:26.120 --> 0:03:29.080 court bankruptcy work, and then also working with companies on 0:03:29.120 --> 0:03:31.600 the management side, helping them come out of bankruptcy. We're 0:03:31.639 --> 0:03:35.280 working with companies that were in bankruptcy from a stabilizing perspective, 0:03:35.320 --> 0:03:38.240 actually like working in a company rather than a consulting role. 0:03:38.560 --> 0:03:41.320 UM advising on an m and a transaction as an example. 0:03:41.720 --> 0:03:44.880 UM and then really moved from there. UM wasn't really 0:03:45.200 --> 0:03:48.400 looking to work for a hedge fund, but got a 0:03:48.440 --> 0:03:50.920 call from a guy who worked for Kyle Bass, who's 0:03:51.120 --> 0:03:55.040 an investor that has a fund called Hyman Capital in Dallas, 0:03:55.440 --> 0:03:59.120 and Kyle is famous or most famous for having shorted 0:03:59.160 --> 0:04:02.000 the subprime crisis. This UM in in in the housing 0:04:02.000 --> 0:04:04.800 crisis and in two thousand seven eight nine UM and 0:04:04.840 --> 0:04:06.520 so I went to work for Kyle in two thousand 0:04:06.640 --> 0:04:10.119 thirteen human capital as affirmed as a range of things 0:04:10.160 --> 0:04:12.840 as a very broad man date from long short equity, 0:04:12.920 --> 0:04:16.280 special situation, equity to distress credit too. There's always been 0:04:16.440 --> 0:04:19.000 a macro theme to to the book at Hayman and 0:04:19.080 --> 0:04:22.040 So I kind of immediately came in most recently from 0:04:22.040 --> 0:04:24.800 a credit background and was working on you know, distress credit. 0:04:24.920 --> 0:04:26.479 There was a lot of distress credit at the time, 0:04:26.760 --> 0:04:28.960 but then ultimately worked a lot on the equity side 0:04:28.960 --> 0:04:31.960 with my m and a background UM special situation on 0:04:32.000 --> 0:04:34.480 both the long and short side. Then as I kind 0:04:34.520 --> 0:04:36.440 of as as the firm evolved in is my time 0:04:36.520 --> 0:04:38.839 evolved there, you know, more and more of the activity 0:04:39.440 --> 0:04:42.960 was steered towards the macro side. And I like to 0:04:42.960 --> 0:04:45.720 think about it, as you know, at Deutsche Bank, I've 0:04:45.760 --> 0:04:48.160 really learned how to cut my teeth and just how 0:04:48.200 --> 0:04:52.200 to work UM and really developed just a pure baseline 0:04:52.200 --> 0:04:55.680 in terms of financial accounting and financial reporting at at 0:04:55.880 --> 0:04:57.320 you know, the consulting firm that I worked at the 0:04:57.360 --> 0:04:59.440 restruction side. I really figured out how business has worked. 0:04:59.440 --> 0:05:01.480 I was actually how uping, you know, on the operation 0:05:01.520 --> 0:05:03.840 side of businesses and really understanding a lot of the 0:05:03.880 --> 0:05:06.920 complexity of what goes into actually delivering a product from 0:05:06.920 --> 0:05:09.800 a business um from from the inside out, and then 0:05:10.120 --> 0:05:13.039 really at him and I learned how the global financial 0:05:13.080 --> 0:05:15.360 system are so learned how kind of the global macro 0:05:15.480 --> 0:05:18.320 landscape works, and and that's ultimately what led me to 0:05:18.360 --> 0:05:20.120 bit Quinn. And I was ultimately doing two things at 0:05:20.160 --> 0:05:22.880 hymand I was one at the times just you know, 0:05:22.920 --> 0:05:25.920 I really didn't get into bitcointil sixteen UM and then 0:05:25.920 --> 0:05:28.600 I accelerated my path. But I was doing a deep 0:05:28.640 --> 0:05:30.440 dive and trying to understand what would happen when the 0:05:30.440 --> 0:05:33.279 Fed on the bound its balance sheet. So they injected 0:05:33.320 --> 0:05:35.720 three point six trillion into the system between twenty two 0:05:35.720 --> 0:05:38.560 thousand nine early two thousand and eight, that tw two 0:05:38.560 --> 0:05:41.520 thousand fourteen, and it had been signaling at that point 0:05:41.520 --> 0:05:43.800 in time but they were going to They already had 0:05:43.800 --> 0:05:45.800 been raising short term interest rates, but they were signaling 0:05:45.839 --> 0:05:48.039 that they were going to further tighten financial conditions. I 0:05:48.080 --> 0:05:49.960 was trying to understand what would happen. When that happened 0:05:49.920 --> 0:05:51.960 and they actually started to remove the dollars that they 0:05:51.960 --> 0:05:54.360 had put in with QWI, I came to the conclusion, 0:05:54.440 --> 0:05:57.200 independent from Bitcoin that at that you know, kind of juncture, 0:05:57.440 --> 0:06:01.440 but they'd have to stop the the tightening and they'd 0:06:01.440 --> 0:06:02.960 have to put in a lot more money in the 0:06:03.000 --> 0:06:07.120 trillions of dollars because of the structure of the financial system. 0:06:07.160 --> 0:06:08.680 At the same time, I was going down to the 0:06:08.680 --> 0:06:12.080 bitcoin rabbit hole, and I ultimately got a chance to 0:06:12.120 --> 0:06:14.360 meet safety and a Moose, the author of the Bitcoin standard. 0:06:14.600 --> 0:06:17.440 He really, I said, it was the one most instrumental 0:06:17.440 --> 0:06:20.200 early on and helped me understand monetary economics and really 0:06:20.279 --> 0:06:22.880 unlocking a lot of mental blocks. So I was pursuing 0:06:22.880 --> 0:06:28.560 these two research paths which were fed QUE quantitative tightening 0:06:28.560 --> 0:06:31.120 and reverse QB and what would happen and realizing that 0:06:31.200 --> 0:06:33.720 QUE was an inevitability and the trillions of dollars, and 0:06:33.760 --> 0:06:36.360 then I figured out Bitcoin and and realized that Bitcoin 0:06:36.480 --> 0:06:38.960 was the solution of QUE, and that those two paths 0:06:39.400 --> 0:06:42.000 really converged to one for me. And as soon as 0:06:42.040 --> 0:06:44.840 it all started to click, um, I decided that I, 0:06:45.040 --> 0:06:47.599 you know, my time would be best spent not what 0:06:47.680 --> 0:06:50.160 I was doing working for a hedge fund, but helping 0:06:50.200 --> 0:06:53.640 to create value in the bitcoin world. Ultimately moved back 0:06:53.640 --> 0:06:55.800 to Austin where I'm from. Originally that the two co 0:06:55.880 --> 0:06:58.800 founders had unchained, I was really focused on custody infrastructure, 0:06:58.839 --> 0:07:01.600 and um, you know, you know, we'll talk mostly today 0:07:01.640 --> 0:07:03.920 about you know, the research and the why bitcoin, but 0:07:04.040 --> 0:07:06.440 that that led me to the path that I am 0:07:06.480 --> 0:07:08.839 now and I spend all day every day today working 0:07:08.839 --> 0:07:12.480 on on Jane helping people, um, you know, understand bitcoin, 0:07:13.280 --> 0:07:16.440 secure the bitcoin better, and then prepare for a world 0:07:16.480 --> 0:07:20.440 that's uh that's bitcoin native and bitcoin denomenated nice. Well 0:07:20.480 --> 0:07:24.160 that is Ah, it's a very broad background that um 0:07:24.200 --> 0:07:26.240 you know, it really takes somebody that has that brought 0:07:26.320 --> 0:07:28.720 up a background to really understand it. And that's why 0:07:28.760 --> 0:07:31.120 I think bitcoin is so hard to understand, because you 0:07:31.160 --> 0:07:33.520 have to have discipline and or you have to understand 0:07:33.520 --> 0:07:35.680 in all these different disciplines. And so I think that 0:07:35.720 --> 0:07:38.760 broad background definitely really helps you out there. Before we 0:07:38.840 --> 0:07:42.120 get into maybe some of the specifics that you write about, 0:07:42.320 --> 0:07:44.320 if we if we kind of focus on the why 0:07:44.640 --> 0:07:46.720 you've talked about, you know, the QUI that was printed 0:07:46.720 --> 0:07:49.800 in two thousand eight, um, what that's done, and how 0:07:49.880 --> 0:07:52.480 you started to see that maybe we you know, bitcoin 0:07:52.520 --> 0:07:54.880 could be a solution to that. I know you've talked 0:07:54.880 --> 0:07:57.800 about the amount of QUI that's been created, the debt 0:07:57.840 --> 0:07:59.960 you talked about you were studying uh you know, credit 0:08:00.000 --> 0:08:03.800 it before as well. And I also heard you talk about, um, 0:08:03.840 --> 0:08:07.200 you know, the amount of the US dollar denominated debt 0:08:07.240 --> 0:08:11.520 that's outstanding right, the demand for that debt. Um, how 0:08:11.560 --> 0:08:14.400 do you see like the amount of debt that the 0:08:14.440 --> 0:08:16.760 FED is creating, I guess the qu that they're creating, 0:08:16.800 --> 0:08:20.000 but also the amount of maybe the dollars that are outstanding. 0:08:20.040 --> 0:08:21.960 I mean, how do you see that whole balance this 0:08:22.080 --> 0:08:24.880 problem that that's developing right before our eyes or has 0:08:25.000 --> 0:08:28.119 been developing and maybe maybe coming to a climax. Yeah, 0:08:28.240 --> 0:08:30.160 and and really so when I you know, if you 0:08:30.200 --> 0:08:33.480 could go back in time and imagine me and seen 0:08:33.520 --> 0:08:36.320 going down this um, you know, I'd say the FED 0:08:36.400 --> 0:08:38.840 rabbit hole it was. It was really trying to I 0:08:38.920 --> 0:08:41.640 was trying to create a mental model or framework for 0:08:41.679 --> 0:08:44.440 how to think about quantitative easing. And one of the 0:08:44.520 --> 0:08:46.400 key questions that comes up for people as if the 0:08:46.440 --> 0:08:50.240 FED prints three point six trillion dollars que and that's 0:08:50.320 --> 0:08:53.559 essentially they're creating digital dollars that they're putting in the 0:08:53.559 --> 0:08:56.480 banking system that can then be transferred in the banking 0:08:56.480 --> 0:08:58.520 system who are printed by the treasury and taken out. 0:08:58.760 --> 0:09:01.440 Why don't we just immediately seem rampant inflation when they 0:09:02.080 --> 0:09:04.800 create these manion dollars. So I was really trying to 0:09:04.880 --> 0:09:07.560 understand the construction and the structure of the financial system. 0:09:07.840 --> 0:09:09.839 And I kept going, you know, with each layer the 0:09:09.920 --> 0:09:12.199 onion that I was peeling back, and when fur them 0:09:12.240 --> 0:09:14.560 further down the rabbitble, I kind of keyed in on 0:09:14.600 --> 0:09:18.120 this idea of well, wait, how much like what actually 0:09:18.120 --> 0:09:21.960 happens when when with the operation the you know, the 0:09:22.000 --> 0:09:24.160 open market operation of buying a treasury and putting a 0:09:24.200 --> 0:09:28.880 dollar in h in the system and essentially swapping what 0:09:29.120 --> 0:09:32.680 is a treasury liability or a mortgage back security and 0:09:32.679 --> 0:09:35.280 putting a dollar in and then and then I was 0:09:35.280 --> 0:09:39.080 trying to understand, well, okay, if I was, if I, 0:09:39.080 --> 0:09:42.559 if I really zero in on you know, the right 0:09:42.600 --> 0:09:44.560 way to look at the playing field of the credit system, 0:09:44.600 --> 0:09:47.600 it's how much total debt is there, and then how 0:09:47.600 --> 0:09:50.160 many dollars are there? To service those debts, because if 0:09:50.200 --> 0:09:53.640 you get in the weeds and you know, you're looking 0:09:53.679 --> 0:09:56.559 at bank balance sheets versus corporate balance sheets versus consumer 0:09:56.559 --> 0:09:58.480 balance sheets, and you're you know, kind of lost in 0:09:58.520 --> 0:10:01.400 the minutia, you can kind of lose sense of the 0:10:01.640 --> 0:10:03.760 broader scope. And then and and if you're gonna try 0:10:03.760 --> 0:10:05.760 to understand QUE, even though I think if you want 0:10:05.760 --> 0:10:08.319 to actually understand economics and first principles, you need to 0:10:08.600 --> 0:10:10.800 really go down to the low this level. But if 0:10:10.800 --> 0:10:13.200 you really want to understand the US financial system, you 0:10:13.200 --> 0:10:14.920 really got to go to the highest level because you 0:10:14.960 --> 0:10:17.120 need to be you need to think about it an aggregates, 0:10:17.480 --> 0:10:20.600 uh not, because that's how economics really work. But that's 0:10:20.720 --> 0:10:23.760 ultimately the best way to describe how QUE works, how 0:10:23.800 --> 0:10:25.640 it can only work, and how it doesn't really solve 0:10:25.640 --> 0:10:28.959 any problems ultimately, in my view, ultimately creates more problems. 0:10:29.240 --> 0:10:31.959 But so what I ultimately did you know through that analysis? 0:10:31.960 --> 0:10:34.800 Like basically, there's a report that the FED puts out 0:10:34.840 --> 0:10:37.760 called the Z one Report, which is the Financial Accounts 0:10:37.800 --> 0:10:40.400 of the United States. And on about the fifth page 0:10:40.400 --> 0:10:42.760 of that report, there's a table and they show the 0:10:42.760 --> 0:10:47.200 total outstanding debt. They break it down between consumer and 0:10:47.440 --> 0:10:51.720 you know, basically mortgages, credit cards, you know, UM state 0:10:51.760 --> 0:10:56.320 and local governments, UM court, non non finance, corporate debt, 0:10:56.800 --> 0:11:00.680 corporate era findingly and basically the financial sector corporate debt, 0:11:00.960 --> 0:11:03.600 the federal government debt, and then foreign debt of financial 0:11:03.720 --> 0:11:06.880 foreign institutions that's in the U S. Banking and where 0:11:06.920 --> 0:11:09.280 that sits today, there's about eighty trillion dollars worth the debt, 0:11:09.360 --> 0:11:11.640 and there's only about four trillion dollars. I haven't looked 0:11:11.640 --> 0:11:13.680 at it in like the last three months, but usually 0:11:13.800 --> 0:11:16.760 those reports come out quarterly, and so there's likely a 0:11:16.760 --> 0:11:19.040 new update and there's probably you know, in excess of 0:11:19.200 --> 0:11:21.840 eighty trillion dollars of debt. But really thinking about it, 0:11:21.880 --> 0:11:24.400 to say, the only thing that can repay a dollar 0:11:24.440 --> 0:11:28.280 to nominated debt are dollars. There's only four trillion dollars. 0:11:28.320 --> 0:11:31.200 If there's only four trillion dollars that exists approximately, and 0:11:31.240 --> 0:11:35.320 there's eighty trillion dollars worth of debt, um there's you know, again, 0:11:35.400 --> 0:11:36.960 not every debt. The way I think about it is, 0:11:36.960 --> 0:11:39.160 not every debt is due today, and not every debt 0:11:39.400 --> 0:11:41.880 due tomorrow, not even thirty days or sixty a some 0:11:41.880 --> 0:11:46.360 people off thirty year mortgages, but that that imbalance that 0:11:46.480 --> 0:11:50.360 exists one can only exist and does only exist as 0:11:50.360 --> 0:11:53.280 a function of the FED. Basically, each time, you know, 0:11:53.320 --> 0:11:56.200 over the last thirty years, the Federal really the financial 0:11:56.240 --> 0:11:59.240 system tried to correct and tried to to restructure bad 0:11:59.240 --> 0:12:01.720 debts on an accurate at level, the FED prevented it 0:12:01.760 --> 0:12:06.199 by easy monetary conditions to allow essentially targeting of interest 0:12:06.280 --> 0:12:08.839 rates and to allow growth to continue. UM. So we 0:12:08.960 --> 0:12:13.800 ultimately kind of over time gradually created this metasticized credit 0:12:13.840 --> 0:12:16.360 system which end leads us in a world where you know, 0:12:16.400 --> 0:12:18.720 if there's age relion dollars or aguillion dollars of debt 0:12:18.760 --> 0:12:22.040 and only fortunately in dollars R for every dollar that exists, 0:12:22.040 --> 0:12:24.400 there's twenty dollars of debt. That creates a very high 0:12:24.480 --> 0:12:27.439 present demand of dollars. But then when you start, when 0:12:27.440 --> 0:12:30.080 the FED tries to unwind que and they take dollar 0:12:30.320 --> 0:12:32.280 the system, the amount of debts that exists in the 0:12:32.280 --> 0:12:35.040 world remain the same UM and and what what it 0:12:35.040 --> 0:12:37.480 effectively does is that it creates a run on the 0:12:37.520 --> 0:12:40.840 dollars that do remain. Basically, it sets off all equipment crisis. 0:12:41.200 --> 0:12:43.440 And then when the market finds out about it, it 0:12:43.480 --> 0:12:45.480 forces the FED to come in and print more dollars. 0:12:45.480 --> 0:12:48.160 So I like to say that that, you know, a 0:12:48.200 --> 0:12:50.440 lot of people say that the dollar has value because 0:12:50.440 --> 0:12:53.080 the government says it has value, or as value because 0:12:53.360 --> 0:12:55.559 the guys with guns will come and, you know, make 0:12:55.640 --> 0:12:58.120 you do something, or you know, the government has the 0:12:58.160 --> 0:13:01.520 ability to tax and think that when people really get 0:13:01.520 --> 0:13:03.960 down and think about it from a principal perspective, they 0:13:04.000 --> 0:13:07.360 realize that there's been any number of events of hyperinflation, 0:13:07.760 --> 0:13:10.079 and each one of those instances there have been governments 0:13:10.080 --> 0:13:12.480 with guns and they build into tax and then there's 0:13:12.480 --> 0:13:15.080 a reality that governments can print money, and they can 0:13:15.120 --> 0:13:17.880 they can create money through QE, every central bank, but 0:13:17.960 --> 0:13:19.960 you can't make so they can basically manage to supply 0:13:20.040 --> 0:13:22.280 of currency, but they can't make people value it. And 0:13:22.320 --> 0:13:26.400 that um the dollar ultimately retains value because of that 0:13:26.480 --> 0:13:29.079 dynamic between there's eighty trillion dollars of debt and for 0:13:29.240 --> 0:13:31.880 trillion dollars, for every dollar that exists, there's twenty of debt. 0:13:32.080 --> 0:13:35.000 So everyone has a very high present demand for dollars 0:13:35.040 --> 0:13:37.360 because what it ultimately represents is, you know, if you 0:13:37.400 --> 0:13:39.559 don't pay your car loan, someone comes and takes your car. 0:13:39.800 --> 0:13:41.520 If you don't pay your mortgage, someone takes your house. 0:13:41.559 --> 0:13:45.240 There's actually productive assets that are securing those debts, and 0:13:45.240 --> 0:13:47.480 people that are in dollar denomin a debt, I'm not 0:13:47.520 --> 0:13:50.880 one of them. Um, they have a very they have 0:13:50.920 --> 0:13:54.640 a high propensity to demand dollars, and that demand is 0:13:54.640 --> 0:13:59.000 what keeps the dollar stable. Now, over time, that dynamic 0:13:59.559 --> 0:14:02.240 of eight trillion dollars or agent trillion dollars worth of 0:14:02.280 --> 0:14:04.680 dollars an a debt and four trillion dollars, it's what 0:14:04.800 --> 0:14:09.520 creates dollar scarcity, but it's also what dictates the trillions 0:14:09.559 --> 0:14:12.960 more dollars will need to be created. Because again, most 0:14:13.000 --> 0:14:15.640 people that are unaware of this dynamic, they only feel 0:14:15.640 --> 0:14:18.480 it in there in the in the in the pricing mecanum. Right, 0:14:18.480 --> 0:14:20.680 they've got a mortgage and they've got a certain number 0:14:20.680 --> 0:14:22.440 of dollars in the bank account, and then when the 0:14:22.520 --> 0:14:24.960 Fed starts to take dollars out of the system, they 0:14:24.960 --> 0:14:28.320 don't know that that's necessarily happening. But they're getting fewer dollars, 0:14:28.320 --> 0:14:30.720 maybe fewer people are coming into their business, and then 0:14:30.760 --> 0:14:32.920 they're sitting there saying, oh, I need to start accumulating 0:14:32.920 --> 0:14:34.200 more dollars because I don't know if we're gonna able 0:14:34.240 --> 0:14:36.840 to pay my mortgage. That sets off basically a run 0:14:36.840 --> 0:14:40.760 on dollars. But what what is ultimately reflected in in 0:14:40.760 --> 0:14:43.760 in a credit system that has a propensity to contract. 0:14:44.040 --> 0:14:46.360 Once the credit system starts to contract because it's in 0:14:46.720 --> 0:14:49.840 this massive imbalance of you know, eighty trillion dollars are 0:14:49.880 --> 0:14:52.880 debt and four trillion dollars, then it starts to feed 0:14:52.920 --> 0:14:55.800 on itself. And that's ultimately what we saw basically last 0:14:55.840 --> 0:14:59.160 September when the repo market broke, and the repo markets 0:14:59.160 --> 0:15:01.960 are a short term fund mechanism um to to to 0:15:01.960 --> 0:15:04.760 to be a large funding mechanism for large financial transactions. 0:15:05.040 --> 0:15:07.640 And then in Mark there's a massive liquid in crisis. 0:15:07.640 --> 0:15:11.280 Well that's essentially the market finding out that everybody needs 0:15:11.280 --> 0:15:13.360 dollars and they're far more than you know, a few 0:15:13.360 --> 0:15:15.720 dollars short, and everyone has a run on them. So 0:15:16.040 --> 0:15:19.240 that then induces the Fed to print dollars. And that's 0:15:19.240 --> 0:15:20.960 where you look at and say, hey, well there's any 0:15:20.960 --> 0:15:22.960 trillion dollars of debt, and the Fed puts in another 0:15:23.000 --> 0:15:25.200 three trillion. There's still a massive a balance, so it 0:15:25.240 --> 0:15:27.720 doesn't just set off, you know, you know, day one 0:15:28.360 --> 0:15:30.640 massive monetary inflation. But that that that's at least kind 0:15:30.640 --> 0:15:33.040 of a framework that I think about it that explains 0:15:33.240 --> 0:15:35.480 the rough size, you know, kind of the fact that 0:15:35.520 --> 0:15:37.560 the FED is the one that really enables that because 0:15:37.560 --> 0:15:40.320 each time that credit system tries to correct, rather than 0:15:40.320 --> 0:15:42.720 being able to correct, the FED puts more dollars in. 0:15:43.000 --> 0:15:46.200 That ultimately makes dollars be worth less and less over time, 0:15:46.400 --> 0:15:49.280 and it causes massive distortions and the real economic activity 0:15:49.280 --> 0:15:52.840 the underpinning the comedy. Yeah, So, I mean that's a 0:15:53.080 --> 0:15:56.600 that's a it's a very uh good way to break 0:15:56.640 --> 0:15:58.680 it all down, and it and it kind of outlines 0:15:58.920 --> 0:16:01.320 the system that the govern mint that the FED is 0:16:01.360 --> 0:16:03.760 in right where they're going to have to continue to 0:16:03.800 --> 0:16:06.640 print more money in order to keep this system going. Right, 0:16:06.680 --> 0:16:09.120 So there's really no way around that at this point 0:16:09.160 --> 0:16:10.720 they're gonna to continue to print I mean, is that 0:16:11.040 --> 0:16:14.880 the summary, Yeah, that's that's the summary, cliff notes. It's 0:16:14.960 --> 0:16:19.080 it's the um the structure of the of the credit system. 0:16:19.120 --> 0:16:21.680 It is what dictates that the FED will have to 0:16:21.760 --> 0:16:24.440 print trillions of dollars. You know, there's another side of it, 0:16:24.440 --> 0:16:26.520 it's more larger or I mean, they're both logical, but 0:16:26.560 --> 0:16:28.280 when you think about the fact that the you know, 0:16:28.360 --> 0:16:31.880 you you understand that our audience that the FED in 0:16:31.920 --> 0:16:34.800 the Treasury or two separate organizations, but they now and 0:16:35.000 --> 0:16:36.920 they're supposed to be independent from each other, but they're 0:16:36.920 --> 0:16:40.920 wet together. Like if the if the Treasury on behalf 0:16:40.960 --> 0:16:44.640 of Congress and the federal government wants to to run 0:16:44.640 --> 0:16:47.840 a three trillion dollar deficit, um those dollars have to 0:16:47.840 --> 0:16:50.880 come from somewhere, and they either strain the private sector 0:16:50.920 --> 0:16:53.680 a versely every dollar that exists in the system, or 0:16:54.040 --> 0:16:56.560 the FED has to create more dollars to finance the 0:16:56.560 --> 0:16:59.800 federal government, and the FED is the private organization. But 0:17:00.080 --> 0:17:02.720 really is that dynamic between debt dollars and the massive 0:17:02.840 --> 0:17:05.680 balance that dictates that more dollars will have to be 0:17:06.040 --> 0:17:09.399 um provided to the credits and otherwise the credit system 0:17:09.440 --> 0:17:13.440 would collapse on itself. If you put too many dollars 0:17:13.440 --> 0:17:15.280 in the system, the same thing will happen. So it's 0:17:15.400 --> 0:17:19.000 it's literally a catch twenty two. Yeah. Yeah, So, I mean, 0:17:19.080 --> 0:17:21.280 that's a great way to talk about it, and I've 0:17:21.320 --> 0:17:23.960 I've done a few videos on that, specifically talking about 0:17:24.200 --> 0:17:26.240 with Janet Yellen, who used to be at the Fed 0:17:26.280 --> 0:17:28.399 going into the Treasury, there's a good chance we'll probably 0:17:28.400 --> 0:17:31.879 see those two agencies working pretty closely together, if not 0:17:32.040 --> 0:17:35.560 almost in unison, which probably will only accelerate that happening. 0:17:35.640 --> 0:17:38.160 Especially we have Bernie Standers there, we got Janet Yellen there. 0:17:38.560 --> 0:17:40.720 Um But but that's kind of a whole another topic. 0:17:40.800 --> 0:17:43.080 But um, so we have this, we have this massive 0:17:43.440 --> 0:17:46.480 demand for dollars which and which means more money printing. 0:17:46.680 --> 0:17:48.680 But the more money they put in, the more distortions 0:17:48.760 --> 0:17:52.360 we have in the market. Now, you did we talked earlier. 0:17:52.760 --> 0:17:54.880 I made a video off of one of your papers, 0:17:55.000 --> 0:17:57.840 and it was basically talking about that specifically, where the 0:17:57.920 --> 0:18:01.879 dollars are really at the end of today, their communication, right, 0:18:01.920 --> 0:18:05.800 and so they communicate to the market signals, and when 0:18:05.840 --> 0:18:08.840 you create more dollars and inject those in, it distorts 0:18:08.880 --> 0:18:11.760 the signals, which starts messing everything up. I mean, did 0:18:11.800 --> 0:18:14.680 I summarize that, right? Do you want to add to that? Yeah, 0:18:14.720 --> 0:18:16.920 one thing that I would you can really key in on, 0:18:17.000 --> 0:18:19.280 because I think it's a very um it's a very 0:18:19.320 --> 0:18:24.359 fundamental way that most people they never they never question 0:18:24.400 --> 0:18:27.440 what money is. They never question how it emerge or 0:18:27.800 --> 0:18:30.320 you know, why do you know I live in Austin, Texas. 0:18:30.320 --> 0:18:33.800 Why did two million people take you know, these physical 0:18:33.840 --> 0:18:37.000 bills or the digital representation when I swept my credit card? 0:18:37.040 --> 0:18:39.920 Like why why does that all exist? And what is it? 0:18:40.040 --> 0:18:41.800 What is the role of money? And so when people 0:18:42.000 --> 0:18:44.560 I think, if they start to really dig in and bitcoin, 0:18:44.800 --> 0:18:46.359 I think it's one of the best things about bitcoin, 0:18:46.440 --> 0:18:48.840 which is it forces people to kind of confront those 0:18:49.640 --> 0:18:54.320 really baseline fundamental questions that that are challenging. Um that 0:18:54.440 --> 0:18:56.200 we all we all kind of have lived in a 0:18:56.200 --> 0:18:58.399 world where we have stable forms of money. Uh not 0:18:58.520 --> 0:19:01.880 everyone has that kind of luxury or has had that luxury. 0:19:01.960 --> 0:19:04.520 Currency have fallen out apart all over the world. But 0:19:04.600 --> 0:19:08.280 for most people, say in the United States, Western Europe, Japan, China, 0:19:08.680 --> 0:19:11.080 they've always you know, from from day zero to wherever 0:19:11.119 --> 0:19:13.520 they are in their life, money has always worked and 0:19:13.600 --> 0:19:15.840 it's been a given. But that when people start to 0:19:15.880 --> 0:19:18.840 think about, you know, one, how money emerged, what what 0:19:19.040 --> 0:19:22.800 role does it facilitate? The way I describe it as 0:19:23.520 --> 0:19:27.919 um money, what money solves a problem for is trade 0:19:27.920 --> 0:19:31.679 and intermediation. So basically, you know, the money is an 0:19:31.720 --> 0:19:34.840 economic good, uh that that exists in the world, and 0:19:34.840 --> 0:19:38.280 it helps intermediate series of transactions. And there's certain things 0:19:38.359 --> 0:19:42.840 that that are certain properties that are inherent in a 0:19:42.920 --> 0:19:45.120 certain good that allow it to be better or worse 0:19:45.160 --> 0:19:48.320 as a form of money, and that you know, based 0:19:48.320 --> 0:19:52.560 on those very objective properties, there's a convergent on a 0:19:52.640 --> 0:19:57.280 single intermediary good that then allows people to use that 0:19:57.320 --> 0:19:59.800 good to facilitate trade, and that there's a general re 0:20:00.000 --> 0:20:03.080 cognition that everyone benefits from trade and specialization. You know, 0:20:03.119 --> 0:20:06.399 if you are, you know, great at communicating ideas and 0:20:06.440 --> 0:20:09.440 having a podcast, then that's your specialization. If somebody else 0:20:09.520 --> 0:20:12.280 is great at making cars, that's theirs are playing football 0:20:12.359 --> 0:20:15.639 or basketball or being a doctor nurse. That basically, money 0:20:15.720 --> 0:20:18.720 is the intermediary good that allows us to be able 0:20:18.760 --> 0:20:21.400 to specialize in these these one things during the day 0:20:21.680 --> 0:20:24.480 and be basically be able to purchase the output of others. 0:20:24.560 --> 0:20:27.520 And we use money as this common tool or good 0:20:27.640 --> 0:20:31.040 to communicate value and this recognition that that value is 0:20:31.040 --> 0:20:34.119 and inherently every form of value, any conception of value, 0:20:34.160 --> 0:20:37.359 is subjective. Money is a thing that helps us um 0:20:37.640 --> 0:20:41.600 put an objective quantity or to even have the very 0:20:41.680 --> 0:20:46.320 conception of value because it's basically, you know, it's what 0:20:46.359 --> 0:20:49.040 allows me to know how much other people are valuing 0:20:49.040 --> 0:20:51.200 what I do, and then how that translates to if 0:20:51.200 --> 0:20:53.439 I want, you know, goods X, y or z, how 0:20:53.520 --> 0:20:55.159 much value I need to deliver to others to be 0:20:55.200 --> 0:20:57.800 able to get that. And so when when I think 0:20:57.840 --> 0:21:00.720 about it, it's it's really this idea of this convergence 0:21:00.800 --> 0:21:04.520 on a single good to to fulfill that role of money. 0:21:04.640 --> 0:21:08.600 Um is critical to basically facilitating this function of communicating 0:21:08.720 --> 0:21:11.960 value because what emerges when a wide group of people 0:21:11.960 --> 0:21:14.760 are are a market economy converges on a single good 0:21:15.200 --> 0:21:19.240 is that a pricing mechanism ultimately emerges. And um, you know, 0:21:19.240 --> 0:21:21.720 i'd say the person or the person that I've read 0:21:21.720 --> 0:21:25.280 that helped me understand this, this mechanism. The best is 0:21:25.400 --> 0:21:27.800 and in the function of pricing mechanism is is fred 0:21:27.840 --> 0:21:32.560 or Kayak specifically two pieces, um, the you know, really 0:21:32.600 --> 0:21:34.080 three Pieces of the Road to Served Him, which is 0:21:34.119 --> 0:21:37.000 a book they wrote around the time of World War Two, 0:21:37.720 --> 0:21:40.240 an essay called The Pretense of Knowledge, and then an 0:21:40.400 --> 0:21:42.760 essay called The Use of Knowledge and Society. The the 0:21:42.840 --> 0:21:45.719 last one used Knowledge and Society really keys on on 0:21:45.760 --> 0:21:49.240 this idea of the pricing mechanism as you and he 0:21:49.280 --> 0:21:52.280 has a comment that says something along the lines of, 0:21:52.720 --> 0:21:56.119 you know, if if the pricing mechanism was you know, 0:21:56.200 --> 0:21:59.359 of conscious human design, that that it would be you know, 0:21:59.440 --> 0:22:02.639 one of the most important, you know, it would be 0:22:02.640 --> 0:22:05.240 considered one of the most important discoveries or inventions ever. 0:22:05.520 --> 0:22:08.560 But it wasn't of conscious design, you know, recognizing that 0:22:08.640 --> 0:22:12.360 this this idea of a pricing mechanism emerged organically as 0:22:12.359 --> 0:22:14.600 a group. As a large group, you will converge on 0:22:14.720 --> 0:22:16.880 different mediums as a form of money. And then if 0:22:16.880 --> 0:22:19.280 you think about those pricing mechanisms and one of the 0:22:19.320 --> 0:22:21.800 ways that I, you know, communicated I don't know if 0:22:21.840 --> 0:22:23.840 it was it was how high did or just something 0:22:23.840 --> 0:22:25.399 that I've evolved from mine, but I want to make 0:22:25.440 --> 0:22:27.760 sure I give credit to him if if if it's 0:22:27.760 --> 0:22:30.320 not my own original thought. But thinking about you know, 0:22:30.640 --> 0:22:32.719 say that there's somebody in the United States building a 0:22:32.720 --> 0:22:35.200 house and there's copper that goes into you know, in 0:22:36.280 --> 0:22:40.120 necessary as a supply input for building a house, and say, 0:22:40.320 --> 0:22:43.320 you know where that copper is coming from is chili 0:22:43.359 --> 0:22:46.040 Because there's massive copper minds in Chili. We'll say there's 0:22:46.040 --> 0:22:48.720 an earthquake in Chili and the supply lines for copper 0:22:49.040 --> 0:22:52.040 get screwed up. And now the guy who's building the 0:22:52.080 --> 0:22:54.919 house in the United States, he starts seeing that the 0:22:54.920 --> 0:22:59.360 price of copper is double. Well, that person needs either 0:22:59.600 --> 0:23:02.000 he should has been sent information via a price signal 0:23:02.240 --> 0:23:04.400 that then that price signal has been sent by using 0:23:04.400 --> 0:23:06.920 a form of money. And and what he ultimately does 0:23:07.000 --> 0:23:09.359 is he either increases the price of his house so 0:23:09.359 --> 0:23:12.919 he can pay twice much for copper, or he finds 0:23:13.040 --> 0:23:15.320 a different substitute. He doesn't have to actually know that 0:23:15.359 --> 0:23:20.120 there was a an earthquake in Chile. He just needs 0:23:20.119 --> 0:23:23.359 to know that the price of copper was now double, 0:23:23.600 --> 0:23:26.480 and that pricing mechanism is the filter that communicates information 0:23:26.680 --> 0:23:29.719 and it's actually the change in prices. This is kind 0:23:29.720 --> 0:23:32.280 of where it gets into the question that you initially asked. 0:23:32.320 --> 0:23:35.280 Apologies for being along winded, but the change in price. 0:23:35.840 --> 0:23:39.919 If if price signals or information, then um then a 0:23:40.040 --> 0:23:43.119 change in price is a change of information. And what 0:23:43.280 --> 0:23:46.560 one of these aspects that that's ironic but also incredibly 0:23:46.560 --> 0:23:50.080 destructive is that the Federal Reserve has was referred to 0:23:50.119 --> 0:23:53.080 as a price stability mandate, and once you start to 0:23:53.160 --> 0:23:55.480 key in on once you understand the function of money 0:23:55.920 --> 0:23:59.880 and and the fundamental role that the pricing mechanism fill, 0:24:00.200 --> 0:24:01.960 and what a price signal actually is, and it's the 0:24:01.960 --> 0:24:05.040 way that the majority of all information is communicated buying 0:24:05.080 --> 0:24:08.920 amongst human beings. Is that the change in price is 0:24:08.960 --> 0:24:11.760 sending an information sygntalm that something has changed in the world. 0:24:11.760 --> 0:24:15.280 And that in that example of you know, Chilian an earthquake, 0:24:15.320 --> 0:24:17.159 that you don't have to know that that you know 0:24:17.160 --> 0:24:18.800 there was an earthquake in Chili, but the price of 0:24:18.840 --> 0:24:21.240 copper is different. That that is a function of changing 0:24:21.240 --> 0:24:23.760 prices and it causes people to adapt then best use 0:24:23.800 --> 0:24:27.520 the resources that are available to them. Well, what happens 0:24:27.560 --> 0:24:30.200 when you know what you're with? The Central Bank essentially 0:24:30.200 --> 0:24:33.320 does when when there's a price signal that's changing, maybe 0:24:33.320 --> 0:24:35.400 it's a price continues to increase and then people say, 0:24:35.440 --> 0:24:37.159 you know what, you know, the price of housing is 0:24:37.200 --> 0:24:39.360 too expensive, so I'm gonna spend my dollars somewhere else, 0:24:39.359 --> 0:24:41.680 and then the price of housing starts to correct. Well, 0:24:42.760 --> 0:24:45.840 when the FED says as a price stability mandate, it's 0:24:45.840 --> 0:24:50.119 effectively manipulating prices when that very change in price is 0:24:50.560 --> 0:24:54.480 valuable information and it's and it's causing the the economy 0:24:54.520 --> 0:24:56.919 to go from a state of imbalance in a in 0:24:56.960 --> 0:24:58.520 a place where there was a price level that was 0:24:58.600 --> 0:25:03.359 unsustainable to to to correcting for that imbalance to restore 0:25:03.359 --> 0:25:05.560 the economy to balance well. When the FIT has a 0:25:05.600 --> 0:25:09.000 price stability mandate to basically target certain price levels, creating 0:25:09.040 --> 0:25:13.280 price rigid rigidity, what essentially is doing is is taking 0:25:13.280 --> 0:25:16.159 a world of imbalance and it's allowing that imbalance to 0:25:16.200 --> 0:25:18.879 be sustained rather than to heal itself. The way that 0:25:18.920 --> 0:25:22.040 the economy heals itself is by fluctuating prices. And the 0:25:22.640 --> 0:25:25.040 environment that the fret FED is created is a world 0:25:25.119 --> 0:25:28.879 that prevents that that healing or that that imbalanced elimination 0:25:28.960 --> 0:25:32.280 process to be undertaken, and that in that article I 0:25:32.320 --> 0:25:35.480 talk about the that idea of this function of the 0:25:35.520 --> 0:25:39.080 FED actually leads to greater and greater imbalance and causes 0:25:39.119 --> 0:25:42.760 greater and greater distortions in wealth and equality and poverty 0:25:43.040 --> 0:25:46.160 as a result of not having h an economic structure 0:25:46.200 --> 0:25:52.080 that's that's balanced, sustainable. Yeah. Yeah, So basically it coordinates 0:25:52.119 --> 0:25:54.800 this society, It coordinates the economy. So in the United States, 0:25:54.840 --> 0:25:58.120 we have three thirty million people, and everybody has different ones, 0:25:58.160 --> 0:26:01.080 needs and desires. And I love chocolate ice cream, but 0:26:01.080 --> 0:26:02.600 tomorrow I just want vanilla. And I don't know why 0:26:02.600 --> 0:26:04.240 I want manila, but I just do. And all of 0:26:04.280 --> 0:26:06.240 a sudden, if too many people want vanilla, then we 0:26:06.280 --> 0:26:08.480 have a problem. So all of a sudden, they can 0:26:08.600 --> 0:26:10.919 raise the price of vanilla, and I might decide for 0:26:10.960 --> 0:26:12.520 that price, I don't want it. I'll just go back 0:26:12.520 --> 0:26:14.760 to chocolate. But at the same time, now that a 0:26:14.800 --> 0:26:16.800 lot of people are paying more for it, more people 0:26:16.800 --> 0:26:19.840 can go make that vanilla ice cream. So everybody can 0:26:19.840 --> 0:26:23.800 now coordinate around that, which will one helped to supply 0:26:24.280 --> 0:26:28.120 or fix that supply mechanism. And I I've been investing 0:26:28.160 --> 0:26:31.160 in uh in non traditional stuff for a long time. 0:26:31.600 --> 0:26:33.000 I told you, I kind of grew up in Texas, 0:26:33.040 --> 0:26:35.520 so I've done a lot of oil oil field stuff. 0:26:35.640 --> 0:26:38.040 And I remember that the whole world operated on this 0:26:38.119 --> 0:26:41.719 theory called peak energy, right peak oil, And um, some 0:26:41.800 --> 0:26:43.520 of the people that I followed and said, there will 0:26:43.520 --> 0:26:45.760 never be will never run out of oil because the 0:26:45.760 --> 0:26:48.520 free market will adjust it. So as the price of oil, 0:26:48.640 --> 0:26:50.639 let's say that we were running out of oil, the 0:26:50.680 --> 0:26:53.240 price of oil would start going higher. Well, that would 0:26:53.520 --> 0:26:55.760 some people would not use it, which would bring the 0:26:55.800 --> 0:26:58.120 demand down. And because the price is higher than people 0:26:58.119 --> 0:27:01.520 would be able to invest into alternative things. And that's 0:27:01.560 --> 0:27:04.240 how the free market kind of works in a sense. 0:27:04.240 --> 0:27:06.320 I mean, would you say that's a good summery? Yeah, 0:27:06.400 --> 0:27:08.879 I would say, like, like what you subscribed? There is 0:27:09.160 --> 0:27:11.360 that the change in price on both the supply side 0:27:11.400 --> 0:27:14.560 and the demand side changes behavior. It's communicating information and 0:27:14.600 --> 0:27:18.320 then everybody and it's also communicating information about preferences, and 0:27:19.040 --> 0:27:23.040 those price signals basically aggregate the preferences society. Why in 0:27:23.520 --> 0:27:27.800 the most efficient way conceivable in almost in a in 0:27:27.840 --> 0:27:31.119 a way that's that's really actually difficult to conceive of. 0:27:31.600 --> 0:27:34.920 It's a beautiful mechanism um. And that's why hy talks 0:27:34.960 --> 0:27:37.480 about it. Is like if it was of deliberate design 0:27:37.680 --> 0:27:40.840 and of conscious thought, it would be the greatest invention 0:27:40.920 --> 0:27:42.879 that was ever that was ever made up. It's not. 0:27:43.040 --> 0:27:46.119 It's not of conscious design, wasn't of conscious control. And 0:27:46.119 --> 0:27:48.520 therefore everyone kind of goes about it kind of taking 0:27:48.520 --> 0:27:50.240 it for granted. And so I would you know, I 0:27:50.280 --> 0:27:52.480 would I would think about that and say that that 0:27:52.520 --> 0:27:55.720 there's price signals, whether it's oil or houses, like that's 0:27:55.720 --> 0:27:58.200 what you want. You want prices to change. And when 0:27:58.240 --> 0:28:01.439 you when you target prices by changing the monthy supply, 0:28:01.800 --> 0:28:05.920 what you're actually doing is you're distorting every price level 0:28:05.960 --> 0:28:08.320 because when when when you think about the value of 0:28:08.320 --> 0:28:11.000 a home, it's five, and the value of a car 0:28:11.520 --> 0:28:15.160 and it's fift. Those are two independent points that are valuable. 0:28:15.320 --> 0:28:17.680 But what it's also communicating to you is the relative 0:28:17.760 --> 0:28:21.440 value between a house and car one cars or ten houses. 0:28:21.800 --> 0:28:24.040 You know or you know it takes you know, ex 0:28:24.200 --> 0:28:26.360 meaning to create x number of apples to be able 0:28:26.359 --> 0:28:28.000 to convert that into a car, however money might be. 0:28:28.320 --> 0:28:30.720 So it's not just that the nominal price levels are valuable, 0:28:30.760 --> 0:28:34.479 but it's also the exchange ratios. And so the critical 0:28:34.520 --> 0:28:38.040 piece of information is the the price level of individual 0:28:38.040 --> 0:28:41.040 good and the exchange or isteo between relative goods, because 0:28:41.080 --> 0:28:44.600 that's actually what informs economic activity, tells you whether or 0:28:44.640 --> 0:28:47.560 not you should focus on doing podcasts or focusing on 0:28:47.600 --> 0:28:50.280 going and getting oil out of the ground. And when 0:28:50.320 --> 0:28:53.360 you start mucking up the system by putting more dollars in, 0:28:53.920 --> 0:28:57.480 you're basically those incremental dollars are extraneous to the whole 0:28:57.520 --> 0:29:01.160 process of relative price signals. And so all you do 0:29:01.280 --> 0:29:04.120 by distorting price signals, and when you put more dollars 0:29:04.120 --> 0:29:06.520 in the system, you just store every single price signal 0:29:06.560 --> 0:29:11.560 in the world. You you basically disrupt and distort the 0:29:11.600 --> 0:29:16.120 communicate otherwise unfiltered communication channels between humans. When that happens, 0:29:16.320 --> 0:29:20.360 you get massive economic imbountance effectively, And and what it 0:29:20.400 --> 0:29:21.920 really comes down to, and this seems to be the 0:29:21.960 --> 0:29:24.960 piece that the Hiak and the Austrians got so well, 0:29:25.000 --> 0:29:29.520 but today's economists completely seemed to miss. And it's it's 0:29:29.520 --> 0:29:33.719 really self interest, right, self determination, and so um, you know, 0:29:33.800 --> 0:29:35.680 we all have our own self interest that we want 0:29:35.680 --> 0:29:38.000 to push. And so when we see these price signals 0:29:38.160 --> 0:29:40.320 will shoot. Everybody wants a podcast, I s go start 0:29:40.320 --> 0:29:42.120 a podcast where everybody wants oil, I'll go, or everybody 0:29:42.120 --> 0:29:44.400 wants vanilla ice cream, and so all of a sudden, 0:29:44.400 --> 0:29:46.960 people will go start to fill those needs. Um. And 0:29:47.000 --> 0:29:49.479 the problem when we get these fixed price signals, as 0:29:49.520 --> 0:29:51.160 you say, right, the government wants to mandate what those 0:29:51.200 --> 0:29:53.480 price signals are. There Everyone's like, I ain't gonna make 0:29:53.480 --> 0:29:56.280 bread for that price, and then it leads to massive 0:29:56.360 --> 0:29:59.400 shortages and so um, if you look at any of 0:29:59.440 --> 0:30:02.440 these third countries or whatever they are, you know, more 0:30:02.560 --> 0:30:05.760 more captured controlled systems where they've done these types of things, 0:30:05.840 --> 0:30:08.480 you can start to see all these imbalances as you're 0:30:08.480 --> 0:30:12.600 talking about, right, I guess that sums it up. So 0:30:13.080 --> 0:30:15.480 we've we've basically I wanted to just kind of set 0:30:15.480 --> 0:30:17.760 the stage a little bit. So we've basically talked about 0:30:18.000 --> 0:30:21.720 or you've you've explained to us why the government to fed, 0:30:21.760 --> 0:30:24.440 the central banks have to continue to print more money. Um. 0:30:24.480 --> 0:30:26.720 At this point, there's really no option for them but 0:30:26.760 --> 0:30:29.120 to continue to create more money. And the problem with 0:30:29.160 --> 0:30:32.280 that is that it leads to all these imbalances um 0:30:32.480 --> 0:30:35.280 and eventually that leads to lack of goods and things 0:30:35.320 --> 0:30:38.440 like that, and and a lot of people, unfortunately, the 0:30:38.440 --> 0:30:40.360 whole world has kind of shifted to this short term 0:30:40.400 --> 0:30:43.080 thinking today and I see it all the time today. 0:30:43.160 --> 0:30:45.760 I I put something on Twitter and I talked about 0:30:45.800 --> 0:30:48.880 you know, Biden and Sanders and yelling and like, we 0:30:48.920 --> 0:30:51.560 know money printing is gonna be there next year, and 0:30:51.600 --> 0:30:53.520 a lot of people are like, well, who cares if 0:30:53.520 --> 0:30:56.479 it's gonna like help some people out this year, and 0:30:56.520 --> 0:30:59.080 so it's that short term thinking where like maybe it 0:30:59.160 --> 0:31:02.280 helps me in the show work term, but it's destroying 0:31:02.400 --> 0:31:05.320 things in the long term, and so people have to 0:31:05.360 --> 0:31:07.480 have that shift. Do you see that a lot, I 0:31:07.480 --> 0:31:10.760 guess from your research. Yeah, I would say they're The 0:31:10.800 --> 0:31:14.240 way that I would relate that idea is is twofold. First, Yeah, 0:31:14.800 --> 0:31:18.800 we we we also recognize that there's there's always a chance, 0:31:19.200 --> 0:31:21.480 it's always the possibility that the FED doesn't have like 0:31:21.520 --> 0:31:23.880 they don't have to print money. We just know that 0:31:23.960 --> 0:31:26.480 they will. And the reason why they will print money 0:31:26.520 --> 0:31:29.800 is because if they didn't, one, we've we've got history 0:31:29.800 --> 0:31:31.720 and we can read about their psychology, and we know 0:31:32.440 --> 0:31:34.880 how they operate, and we know what drives their system 0:31:34.960 --> 0:31:36.960 may be in the credit system that if they didn't 0:31:37.000 --> 0:31:40.760 print more money, the credit system would collapse, and and 0:31:40.800 --> 0:31:42.960 it would collapse in a way that would render every 0:31:43.000 --> 0:31:45.160 single investment bank and solve it if they didn't print 0:31:45.160 --> 0:31:48.040 another dollar, every single investment bank. Your whole system is 0:31:48.080 --> 0:31:50.959 built on credit. The credit system is many, you know, 0:31:51.000 --> 0:31:54.120 as I've described as many orders, its multiple worders of 0:31:54.160 --> 0:31:57.080 magnazude bigger than the based money supply to the allocation 0:31:57.120 --> 0:31:59.000 of credit is how is what you know, how our 0:31:59.000 --> 0:32:02.000 economy functions. If that criticystem collap the FED would be 0:32:02.040 --> 0:32:05.240 over it wouldn't It wouldn't have a system to control anymore. 0:32:05.480 --> 0:32:08.680 So we know that like it prints money for that reason. Um, 0:32:08.720 --> 0:32:11.520 and that's why I say again, it's always possible that 0:32:11.560 --> 0:32:14.560 they don't. It's not a realistically probably probable that they 0:32:14.600 --> 0:32:17.920 don't to the point of like impossible. Now going to 0:32:18.000 --> 0:32:20.960 your to the next question of you know, yes, it's 0:32:20.960 --> 0:32:23.040 it's short term thinking, right like, and that's what got 0:32:23.080 --> 0:32:26.240 us to this point. Does it doesn't follow any logic 0:32:26.320 --> 0:32:28.360 or reason. It's like if you if you, if you 0:32:28.440 --> 0:32:32.640 start with a very core common sense idea that printing 0:32:32.640 --> 0:32:35.040 money like and I the way I described the evil 0:32:35.120 --> 0:32:39.360 is imagine the moment that money is printed, that does 0:32:39.440 --> 0:32:44.160 not do anything to create another job, right Like, the 0:32:44.240 --> 0:32:47.400 function of printing money is not the productive activity. So 0:32:47.440 --> 0:32:49.360 if you just start with that, if you just do that, 0:32:50.080 --> 0:32:54.520 all it serves to do is change how the money 0:32:54.560 --> 0:32:58.400 is divvied up. So it basically takes it from the 0:32:58.440 --> 0:33:02.959 people and the people setting preferences and prices and shifts 0:33:02.960 --> 0:33:04.880 it to the hand of the FED and the fet 0:33:04.960 --> 0:33:07.640 decides how to to print money, and that you've probably 0:33:07.640 --> 0:33:10.040 seen it on Twitter. But there's you know the fact 0:33:10.040 --> 0:33:12.640 that you know, hey, just another quick interruption to let 0:33:12.640 --> 0:33:14.520 you know that this video it's brought to you add 0:33:14.600 --> 0:33:17.240 free by Block five. Now they allow you to hold 0:33:17.400 --> 0:33:19.720 onto your bitcoin and your other cryptos for all the 0:33:19.760 --> 0:33:22.400 potential upside, and at the same time you can earn 0:33:22.520 --> 0:33:25.440 high yielding interest on it, so it basically cash flows. 0:33:25.560 --> 0:33:27.400 Now with Block five you can earn up to eight 0:33:27.480 --> 0:33:30.560 point six percent interest. You can also borrow against your 0:33:30.560 --> 0:33:33.360 crypto as well. It's super fast, it's super easy to 0:33:33.360 --> 0:33:35.440 set up an account, and right now you can get 0:33:35.520 --> 0:33:37.760 up to two hundred and fifty dollars. When you set 0:33:37.800 --> 0:33:40.560 up your account, check the link in the description that 0:33:40.600 --> 0:33:42.320 I have for details in order to claim that two 0:33:42.320 --> 0:33:45.840 and fifty dollars. Because Block five is the future of finance. 0:33:45.840 --> 0:33:47.480 Just check the link in the description for all the 0:33:47.520 --> 0:33:50.720 details of how to claim your two and fifty dollars today. 0:33:51.120 --> 0:33:54.400 All dollars that exists today, we're printed last year. Um 0:33:54.840 --> 0:33:57.200 so you know, the the universe of people that held 0:33:57.240 --> 0:34:00.360 dollars and they were setting the prices of things in 0:34:00.400 --> 0:34:02.959 the real world that commanded what would get built just 0:34:03.080 --> 0:34:04.960 changed overnight and the FED decided. How you know, I 0:34:05.040 --> 0:34:07.320 like to say that you can either get dollars by 0:34:07.320 --> 0:34:10.240 delivering value to people that have dollars or by getting 0:34:10.239 --> 0:34:12.399 it from the FED. And in in in a world 0:34:12.480 --> 0:34:15.680 where people can't print money, and in order to get 0:34:16.000 --> 0:34:18.160 to get money or to get dollars, you actually have 0:34:18.200 --> 0:34:20.880 to deliver to value to those people that have it. 0:34:21.400 --> 0:34:23.719 Um that that leads to better economic incentive. So if 0:34:23.719 --> 0:34:26.520 you start with those what a what a shocking revelation 0:34:26.600 --> 0:34:29.839 you actually have to provide value to get dollars. Yeah, 0:34:29.880 --> 0:34:32.279 they're like, that actually creates more balance and aligns and 0:34:32.360 --> 0:34:34.319 sentences between those who don't have money in those who 0:34:34.400 --> 0:34:37.840 do who do have money. Yeah, and then there's this 0:34:37.920 --> 0:34:41.799 classic refrain. You know that the practically, I'd say nine 0:34:41.800 --> 0:34:43.640 out of ten, if you talk to nine out of 0:34:43.640 --> 0:34:47.400 ten hedge fund guys, they would say, you know, the 0:34:47.400 --> 0:34:50.920 FED printed three trillion dollars and they would say that 0:34:51.040 --> 0:34:54.000 was crazy. It's not going to end well, but the 0:34:54.040 --> 0:34:56.840 FED had to do it, Like that's the thought process. 0:34:56.840 --> 0:34:58.879 And you're like, okay, well it's crazy and if it's 0:34:58.880 --> 0:35:02.680 not going to end well, m connect that logical leave 0:35:02.760 --> 0:35:05.960 them between there, and they had to do it right, 0:35:06.440 --> 0:35:08.359 you know. So the short reason is that they don't 0:35:08.400 --> 0:35:10.680 have to do anything right and they live in the 0:35:10.719 --> 0:35:13.200 mentality where they do. But all of us that that 0:35:13.200 --> 0:35:15.560 that operate in the real world. And this is something 0:35:15.600 --> 0:35:18.200 that the mesas that talks about it, believe how it 0:35:18.200 --> 0:35:21.120 talks about as well, this idea that like not taking 0:35:21.200 --> 0:35:24.040 an action is also an action, and oftentimes not doing 0:35:24.080 --> 0:35:27.160 something is the right decision. In the fed's world, there 0:35:27.239 --> 0:35:30.680 isn't a decision that's a that's practical or serviceable. That is, 0:35:30.719 --> 0:35:32.760 don't print money, you know, when the when the credit 0:35:32.960 --> 0:35:35.000 when the credit system starts to collapse, and in the 0:35:35.080 --> 0:35:38.840 very short term, you can alleviate some pain. You know. 0:35:39.280 --> 0:35:42.440 Wouldn't it be great if every time me, as an individual, 0:35:42.440 --> 0:35:44.640 I didn't have something that I want, if I could 0:35:44.680 --> 0:35:46.040 just go to the money tree and pick off a 0:35:46.080 --> 0:35:48.080 dollar and get the thing that I want. Yeah, like 0:35:48.120 --> 0:35:50.360 a great if I had that power would be awesome, 0:35:50.680 --> 0:35:54.040 But that's not Also, you know, if that world existed, 0:35:54.360 --> 0:35:56.239 then the incentives would be screwed up in time in 0:35:56.320 --> 0:35:58.919 terms the whole economy. That's effectively what happens with the FETs. 0:35:58.960 --> 0:36:01.759 So it's like, yes, if if you can manipulate the 0:36:01.760 --> 0:36:04.400 world by printing the dollars and telling and giving it 0:36:04.440 --> 0:36:07.439 to that person, say hey, continue to you know, build 0:36:07.480 --> 0:36:09.200 the house that you were going to build, because you 0:36:09.200 --> 0:36:11.640 know that imbalance that exists in the housing market. Let's 0:36:11.680 --> 0:36:13.560 keep the dream alive for another year or two years. 0:36:13.920 --> 0:36:15.520 You can keep the dream alife for another year or 0:36:15.520 --> 0:36:18.480 two years. The way that it ultimately ends is Venezuela, 0:36:18.600 --> 0:36:21.640 and then everybody suffers. And that's how I really think about, 0:36:21.960 --> 0:36:23.880 you know, the FED system, because people think, you know, 0:36:23.920 --> 0:36:26.279 the other thing that's not logical that people say as well, 0:36:26.320 --> 0:36:28.920 it could never happen here. And and my refrain to 0:36:28.960 --> 0:36:32.600 that from an economics principles perspective is the value of 0:36:32.680 --> 0:36:35.320 something is going to trend to its marginal costs to produce. 0:36:35.719 --> 0:36:38.440 So if the cost to produce a dollar zero and 0:36:38.480 --> 0:36:40.560 the cost to produce a trillion dollars zero and the 0:36:40.560 --> 0:36:44.799 cost of producing three trillion dollars zero, the value of 0:36:44.800 --> 0:36:48.200 that good is going to to zero. People will stop value. 0:36:48.719 --> 0:36:52.160 The central bank can control the supply of the currency, 0:36:52.160 --> 0:36:54.839 but they can't make people value. And when people are 0:36:54.880 --> 0:36:57.200 looking at that world be going to be Bitcoin. That 0:36:57.360 --> 0:36:59.200 that's where they start to key in on this this 0:36:59.280 --> 0:37:03.840 idea that before two thousand nine people realistically did not 0:37:03.960 --> 0:37:07.080 have another option to opt out of that, you know, 0:37:07.160 --> 0:37:09.840 kind of uncontrollable money printing. And like, you know, the 0:37:09.840 --> 0:37:14.399 other thing I tell people is our our politicians they 0:37:14.440 --> 0:37:19.400 throw out the word trillion out very but if you 0:37:19.440 --> 0:37:23.320 start to think about what a trillion is, you know, um, basically, 0:37:23.440 --> 0:37:25.720 you know, if you if you're familiar with Jerry World, 0:37:25.880 --> 0:37:27.560 which at the time it was the and it may 0:37:27.600 --> 0:37:31.080 be still the nicest football stadium that's ever been built. Um, 0:37:31.160 --> 0:37:33.680 every other one is down modeled after that took like 0:37:33.719 --> 0:37:35.439 the planning of that and the building of that took 0:37:35.480 --> 0:37:37.560 seven years, and it costs I think one point one 0:37:37.640 --> 0:37:42.840 five billion dollars. The Federal Reserve printed three trillion dollars. 0:37:43.320 --> 0:37:45.800 So there's only thirty Jerry Worlds that exists in the 0:37:45.840 --> 0:37:48.200 world in term of the football staves that you know, 0:37:48.520 --> 0:37:52.439 if Jerry World was a billion, and there's a thousand, uh, 0:37:52.480 --> 0:37:55.560 you know, thousand billions and a trillion, and then three 0:37:55.600 --> 0:37:59.120 thousand billions and three trillion, it's like that's how much 0:38:00.200 --> 0:38:05.200 manipulation the FED manufactured in a very short period of time. 0:38:05.560 --> 0:38:08.840 How many dairy worlds do they make? Three thousand approximately? 0:38:08.880 --> 0:38:12.799 Maybe like it's like and thinking about that, you know, 0:38:13.360 --> 0:38:16.399 one point one seven billion dollars one point one five 0:38:16.400 --> 0:38:18.439 of things. What it technically was to build, It took 0:38:18.480 --> 0:38:21.560 seven years and coordinated economic activity for that period of time, 0:38:22.040 --> 0:38:24.120 um and then boom you just printed and that when 0:38:24.480 --> 0:38:27.120 and the way the storage activities is by distorting price 0:38:27.160 --> 0:38:31.120 signals and ultimately stop people stop being valuing the dollar itself, 0:38:31.600 --> 0:38:35.799 um and and and real economic activity and actually exacerbates unemployment. 0:38:35.840 --> 0:38:39.239 Now you know, you go from that world to a 0:38:39.280 --> 0:38:42.319 world and bitcoin and you know, people say bitcoins complicated, 0:38:42.040 --> 0:38:45.319 and I reassure them, trust me, the dollar system is 0:38:45.320 --> 0:38:48.560 more complicated. You've just never thought about it. Um. But 0:38:48.719 --> 0:38:50.520 if I simplify it, it's just, hey, do you want 0:38:50.520 --> 0:38:52.720 to live in a system where you're the Fed prints 0:38:52.760 --> 0:38:55.360 trillions of dollars and devalues each dollar that you hold 0:38:55.719 --> 0:38:59.160 essentially changes the game, or would you rather get paid 0:38:59.160 --> 0:39:01.160 in the form of current even though it's a little 0:39:01.200 --> 0:39:03.759 bit esoteric, that can't be manipulated, and that there's a 0:39:03.800 --> 0:39:07.000 fixed supply of and nobody can print end. Yet an 0:39:07.040 --> 0:39:09.640 average person if they don't know that that thing's bitcoin. 0:39:09.960 --> 0:39:12.239 They opt for a you're sorry, they offer be the 0:39:12.600 --> 0:39:15.359 fixed supply, and they opt out of the system that 0:39:15.440 --> 0:39:18.480 their their government can print trillions of the unit of currency. 0:39:18.800 --> 0:39:20.799 And that's ultimately what's happening right now. More and more 0:39:20.800 --> 0:39:23.480 people are figuring that out. The two things. This is 0:39:23.520 --> 0:39:26.000 what led me down the path. Trillions more dollars are 0:39:26.000 --> 0:39:31.040 going to be printed. And bitcoin there's only twenty one million, 0:39:31.440 --> 0:39:33.319 and there can never be more. And the hard thing 0:39:33.400 --> 0:39:35.960 is trying to understand how that twenty one million is 0:39:36.000 --> 0:39:38.279 really you know, whether it is and if it is 0:39:38.360 --> 0:39:41.200 credibly fixed at twenty one and twenty one million. But 0:39:41.280 --> 0:39:44.120 I say, if that is the case, if twenty one 0:39:44.120 --> 0:39:47.799 million and bitcoin is incredibly fixed supply, bitcoin will be 0:39:48.160 --> 0:39:50.320 the global reserve currency in the future and likely in 0:39:50.360 --> 0:39:52.399 the next ten years. And that's how I think about 0:39:52.400 --> 0:39:55.440 It's like those two stories are so intertwined, um and 0:39:55.480 --> 0:39:58.600 so interrelated because they ultimately, um, they're there. You know, 0:39:58.600 --> 0:40:00.839 they're choosing a over being you know, or be over 0:40:00.920 --> 0:40:04.239 a and and the monetary economics is your song. That's 0:40:04.280 --> 0:40:06.440 a that's a that's a pretty bold statement to come 0:40:06.440 --> 0:40:09.160 out with, and it wasn't on my list of questions. 0:40:09.160 --> 0:40:10.960 But I'm gonna jump into that for a second. So 0:40:11.320 --> 0:40:14.839 um with with that statement and then we'll get into 0:40:14.840 --> 0:40:17.439 some of the common objections. But um so, so stay 0:40:17.480 --> 0:40:19.239 tuned for that if you're watching. But um to that 0:40:19.320 --> 0:40:22.600 statement that bitcoin will become the reserve currency in the 0:40:22.600 --> 0:40:25.920 next ten years, next decade. Um. I mean, do you 0:40:25.960 --> 0:40:28.600 really think that the whole world needs to be on 0:40:29.120 --> 0:40:31.840 bitcoin as a reserve standard or couldn't it just be 0:40:31.880 --> 0:40:34.360 the people's money And couldn't there be multiple forms of 0:40:34.400 --> 0:40:37.239 reserve Maybe maybe the world governments are still using an 0:40:37.320 --> 0:40:39.719 SDR basket with the I M F like or do 0:40:39.760 --> 0:40:41.720 you really think the whole world is going to switch 0:40:41.719 --> 0:40:44.439 over to a unit of account like that. I don't 0:40:44.480 --> 0:40:46.400 think that the only thing is like a whole world 0:40:46.440 --> 0:40:48.959 needs to I think it's if you if you start 0:40:49.000 --> 0:40:51.920 to think about monetary economics and realizing that kind of 0:40:51.960 --> 0:40:55.200 this idea that you know, what is the function that 0:40:55.280 --> 0:40:59.400 money facilitates, and that it's solving this kind of intersubjective, 0:41:00.120 --> 0:41:05.080 you know, problem of trade and understanding value that because 0:41:05.120 --> 0:41:08.800 that problem is intersubjective, there's there's a reason why money, 0:41:08.880 --> 0:41:12.319 if left to its normal or natural course monopolizes and 0:41:12.320 --> 0:41:15.520 and and it does so because of the function you know, 0:41:15.520 --> 0:41:18.360 the economic function that it actually facilitates and in trade 0:41:18.400 --> 0:41:22.360 and helping to facilitate specialization of an economy and so 0:41:22.440 --> 0:41:24.960 in the coordination of an economy. So it's like it's 0:41:24.960 --> 0:41:29.600 like water rolling downhill. And I think about it as um, 0:41:29.640 --> 0:41:32.759 you know, knowledge is distributing exponentially at this point. You know, 0:41:32.760 --> 0:41:35.239 if it's not, it's nothing, it's not exponential as it's 0:41:35.239 --> 0:41:38.880 increasing by orders of magnitude um. And so you know, 0:41:39.040 --> 0:41:40.799 when you think about that, and I think about the 0:41:40.800 --> 0:41:43.040 fact that you know, the FED is getting into the 0:41:43.080 --> 0:41:44.719 position each time it has to print money has to 0:41:44.760 --> 0:41:48.319 print more because the system is now larger. Um. You know, 0:41:48.360 --> 0:41:52.560 information is distributing at a rapid pace. The infrastructure that's 0:41:52.600 --> 0:41:55.480 being built around bitcoin is only accelerating as the as 0:41:55.480 --> 0:41:58.640 the monetary network grows, more capital is allocated to build 0:41:58.640 --> 0:42:02.160 more things. Uh. And that as that mind share goes 0:42:02.360 --> 0:42:05.160 from you know to basically to build bitcoin. It's coming 0:42:05.160 --> 0:42:08.160 out of the legacy system. So somebody's focusing on building 0:42:08.360 --> 0:42:12.600 you know the bitcoin you know, protocol layer or working 0:42:12.600 --> 0:42:15.640 on lightning, you know, in bitcoin payments, that's somebody that's 0:42:15.680 --> 0:42:18.760 not working on you know, bank settlement, you know. So 0:42:18.760 --> 0:42:21.040 so the two systems are dynamic. And then I think, well, 0:42:21.080 --> 0:42:23.600 there's two more happenings to the rate of issuance and 0:42:23.640 --> 0:42:26.280 bitcoin gets cut every four years over two more cycles. 0:42:26.800 --> 0:42:29.640 Um that that you know in generally each cycle sets 0:42:29.680 --> 0:42:32.239 off an adoption wave of ten x. Well, if there's 0:42:32.360 --> 0:42:36.520 roughly you know, I don't you know people that have 0:42:36.520 --> 0:42:39.160 bitcoin to day, but realistically it's only you know, five 0:42:39.200 --> 0:42:42.280 to ten million people have meaningful exposure, and two cycles 0:42:42.320 --> 0:42:45.600 were probably in a world where billion people have bitcoin. 0:42:45.680 --> 0:42:47.040 I mean, it's gonna be adopted all over the world. 0:42:47.080 --> 0:42:49.360 It's gonna be the largest currency system in the world, 0:42:49.760 --> 0:42:52.319 I believe in ten years. And judging that based on 0:42:52.760 --> 0:42:54.640 you know, that kind of combination of things, what the 0:42:54.680 --> 0:42:56.920 central banks are doing in terms of printing money, the 0:42:57.400 --> 0:42:59.640 distribution and knowledge, and then the rate of the actual 0:42:59.680 --> 0:43:02.759 developed one of the monetary system itself. And it's not 0:43:02.800 --> 0:43:05.160 that I like, I want it. I mean, I do 0:43:05.200 --> 0:43:06.960 think it's gonna be positive and it's gonna have a 0:43:06.960 --> 0:43:10.120 positive impact for for anybody that's part of that monetary network. 0:43:10.320 --> 0:43:14.239 But it's also you know, the natural course of the 0:43:14.280 --> 0:43:18.120 way that that money would proliferate and spread and kind 0:43:18.120 --> 0:43:20.400 of keying in on this idea, and you you mentioned 0:43:20.400 --> 0:43:22.600 it at the top, that money is this problem that 0:43:22.640 --> 0:43:25.360 every like money. Everyone needs money. It's very basic necessity. 0:43:26.400 --> 0:43:28.879 Everybody has a problem with their money. Most people don't 0:43:28.920 --> 0:43:32.080 know it. And what we're experiencing right now is more 0:43:32.080 --> 0:43:34.799 and more figuring out people figuring out in a more 0:43:35.360 --> 0:43:38.440 um kind of direct way that they have that problem. 0:43:38.520 --> 0:43:40.920 So so it's the problem that everyone has everyone needs 0:43:40.920 --> 0:43:43.319 solved bitcoin. Just as it solves a problem for me 0:43:43.440 --> 0:43:46.200 and you, it's gonna solve a problem for anybody that 0:43:46.239 --> 0:43:48.719 has a problem with money, and everybody needs money. So 0:43:49.480 --> 0:43:52.239 we we actually we live in a better world, not 0:43:52.320 --> 0:43:56.920 because it's a utopian but this idea that you're incentivized 0:43:56.960 --> 0:43:59.800 to join a larger monetary network from a smaller monetary 0:44:00.080 --> 0:44:03.240 work if it's you know, sufficiently dense in your local economy, 0:44:03.640 --> 0:44:06.200 um and so in that world, whether you know it's 0:44:06.239 --> 0:44:09.239 people operating in Rush or China or on or the 0:44:09.360 --> 0:44:13.279 United States, opting into a larger net monetary network with 0:44:14.040 --> 0:44:17.600 um more potential trading partners, it allows you to convert 0:44:17.640 --> 0:44:20.399 your time into a broader range of choice and bi cooin. 0:44:20.520 --> 0:44:24.319 It's global um, it's permission list, it's cross border, so 0:44:25.200 --> 0:44:28.040 it naturally you know, I think that the natural consequence 0:44:28.040 --> 0:44:31.279 of that kind of mechanism is that it will not 0:44:31.600 --> 0:44:34.600 monopolize all money. There There will be you know, no, 0:44:34.880 --> 0:44:36.959 you know, the the idea of money is not something 0:44:37.000 --> 0:44:39.719 that's absolute. Will be other things that in ten years 0:44:39.719 --> 0:44:44.839 are still use as money. But Bitcoin's monetary network will 0:44:44.840 --> 0:44:47.640 be larger than all others, and that will be facilitating 0:44:47.640 --> 0:44:50.720 more commerce than I think any other form of currency. Great, 0:44:50.840 --> 0:44:54.000 that's good. So we've we've set the stage on the 0:44:54.040 --> 0:44:56.440 problem that we have with money, or the fact that 0:44:56.440 --> 0:44:57.840 we're gonna have to continue to pret more money, and 0:44:57.920 --> 0:44:59.960 then we've set the stage on what the damage does 0:45:00.040 --> 0:45:02.480 us to that, And now we've just transitioned into why 0:45:02.520 --> 0:45:06.319 bitcoin um can really help that situation and why you 0:45:06.360 --> 0:45:08.319 think maybe in the next ten years that's the reserve 0:45:08.400 --> 0:45:10.600 currency of the world. I want to dive into some 0:45:10.680 --> 0:45:13.960 of the individual objections that I hear quite regularly, and 0:45:14.040 --> 0:45:16.080 I know you've written papers on each one of them, 0:45:16.360 --> 0:45:18.200 and anybody listening, I'm gonna link to it in the 0:45:18.200 --> 0:45:20.480 show notes. Of course. So UM if you haven't heard 0:45:20.480 --> 0:45:21.920 the whole thing, I don't stick around the whole thing, 0:45:21.960 --> 0:45:24.400 go and look at all those different articles on each piece. 0:45:24.800 --> 0:45:26.400 But maybe we can dive into each one and just 0:45:26.480 --> 0:45:28.839 kind of hit him kind of quickly. The first one 0:45:28.880 --> 0:45:31.400 I want to dive into. Actually, um kind of segues 0:45:31.520 --> 0:45:33.120 right off of the point you were just making. So 0:45:33.880 --> 0:45:36.000 you've said a couple of things. One you said that 0:45:36.520 --> 0:45:40.240 value is subjective, um, And I agree with that. Um. 0:45:40.440 --> 0:45:44.080 You said that it's subjective and whatever we assign value too. 0:45:45.560 --> 0:45:47.160 And then you go to say that it's going to 0:45:47.200 --> 0:45:50.000 be the reserve currency. And there's only twenty one million units, 0:45:50.000 --> 0:45:53.480 and I think there's more double than that millionaires in 0:45:53.520 --> 0:45:56.680 the world. There's forty some millionaires or forty million millionaires 0:45:56.680 --> 0:45:58.719 in the world, So not even enough bitcoin for the 0:45:58.760 --> 0:46:02.160 millionaires to own one, or not even half of one. UM. 0:46:02.200 --> 0:46:06.120 But if value is subjective, what if nobody gives value 0:46:06.120 --> 0:46:10.640 to bitcoin? So I would say that there's an objective 0:46:10.719 --> 0:46:14.319 reason why, you know, Like, so the train of thought 0:46:14.520 --> 0:46:17.160 is and I wrote a piece called bitcoin obsoletes all 0:46:17.160 --> 0:46:22.600 the money. The train of thought is that, Um, you 0:46:22.600 --> 0:46:25.319 have to accept that money is not a collective hallucination 0:46:25.640 --> 0:46:29.120 and that it's not a belief system. That money is 0:46:29.120 --> 0:46:31.080 a very basic necessity. In the way that I help 0:46:31.120 --> 0:46:34.400 people understand that, as I'd say, you like just start 0:46:34.520 --> 0:46:38.200 noticing some of the things around you, like walk into 0:46:38.239 --> 0:46:41.600 a grocery store and actually stop and kind of taking 0:46:41.680 --> 0:46:44.880 the fact that all the different goods that magically showed 0:46:44.960 --> 0:46:48.040 up to one place for you, um, and then realize 0:46:48.320 --> 0:46:50.960 that that couldn't have happened without money. That like the 0:46:51.040 --> 0:46:54.399 one good that coordinated all that economic activity to get 0:46:54.440 --> 0:46:57.560 all of those things. They're like literally probably a hundred 0:46:57.600 --> 0:47:00.919 million people at minimum had and put in getting all 0:47:01.000 --> 0:47:04.200 those goods to the stores that you could choose exactly 0:47:04.239 --> 0:47:06.080 what you want to and spend ten ten minutes in 0:47:06.080 --> 0:47:08.840 the grocery store. The good that caused that to happen 0:47:08.960 --> 0:47:13.600 is money. So the good that causes water clean water 0:47:13.640 --> 0:47:16.239 to show up to your house is money. Good that 0:47:16.280 --> 0:47:20.120 causes your phone to work is money. Uh. It allows 0:47:20.160 --> 0:47:22.759 for specialization so that people can vote focus on very 0:47:23.120 --> 0:47:26.759 specialized skill set to to deliver value and then turn 0:47:26.840 --> 0:47:30.200 that value into the specialized labor and output of others. 0:47:30.200 --> 0:47:34.800 So money is a necessity. Uh, there is an objective 0:47:34.800 --> 0:47:38.719 will while value is subjective uh and what and money 0:47:38.760 --> 0:47:44.600 allows us to to to objectifies? What is subjective value? UM? 0:47:44.640 --> 0:47:48.279 That there are objective properties of certain goods that better 0:47:48.360 --> 0:47:52.320 facilitate exchange. That if we do, if we recognize that 0:47:52.360 --> 0:47:55.120 we all benefit from trade and specialization, and then we 0:47:55.160 --> 0:47:58.440 need an intermediary good to facilitate this. Everyone is going 0:47:58.520 --> 0:48:01.560 to go out and sort through and search for the 0:48:01.600 --> 0:48:06.319 goods that best facilitate that that function of trade uh 0:48:06.320 --> 0:48:09.880 and and and trade intermediation. So then they start looking 0:48:09.880 --> 0:48:11.720 at the various different goods. They look at the bottom 0:48:11.719 --> 0:48:13.480 of water, they look at the computer, they look at 0:48:13.480 --> 0:48:16.560 the microphone, they look at the oil, They'll they'll look 0:48:16.600 --> 0:48:19.360 at the gold, and they'll say, which one of these things, 0:48:19.840 --> 0:48:23.319 you know, if I wanted to to, you know, sell 0:48:23.400 --> 0:48:25.200 my labor today for and then buy something else in 0:48:25.200 --> 0:48:28.279 the future, what's gonna what's gonna do that most effectively? Um? 0:48:28.320 --> 0:48:30.279 And So they start, you know, whether they're doing it 0:48:30.320 --> 0:48:34.440 consciously or subconsciously, they're evaluating all those intermediary goods just 0:48:34.520 --> 0:48:37.160 like I'm today and you know, evaluating dollars versus a 0:48:37.160 --> 0:48:40.319 bitcoin and figuring out which one has properties that's going 0:48:40.360 --> 0:48:43.680 to allow me to best maintain my purchasing power or 0:48:43.680 --> 0:48:46.719 best store my value in the future. So I'm you know, 0:48:46.760 --> 0:48:53.120 we're all again consciously or subconsciously evaluating the different relative 0:48:53.160 --> 0:48:57.160 properties that are objective again, like you know, evaluating properties 0:48:57.200 --> 0:49:00.560 whether something's physical or cold or hot, or are you 0:49:00.760 --> 0:49:04.239 able to be sent to somebody else? Uh, those are 0:49:04.280 --> 0:49:08.120 objective propertism that can be evaluated. You know, a verse 0:49:08.239 --> 0:49:11.279 be on on many different metrics. You know how how 0:49:11.360 --> 0:49:14.040 valuable one is versus the other. Again, is the output 0:49:14.280 --> 0:49:16.840 of the convergence. You know, they're very concept of that 0:49:17.040 --> 0:49:19.400 there's a conversions on a single intermediary good to to 0:49:19.440 --> 0:49:22.319 conceive of a price system. And so I would say 0:49:22.320 --> 0:49:25.520 to people that are thinking through that equation that people 0:49:25.560 --> 0:49:29.120 will demand bitcoin because they demand money because the trade 0:49:29.120 --> 0:49:33.240 and specialization is something that we all recognize increases value. 0:49:33.239 --> 0:49:36.080 Like economies are not zero sum. Your life is actually 0:49:36.120 --> 0:49:38.319 made better because somebody figured out how to make a 0:49:38.360 --> 0:49:40.600 car really well, and somebody else figured out how to 0:49:40.600 --> 0:49:42.520 most efficiently get oil out of the ground. And maybe 0:49:42.560 --> 0:49:44.840 you figured out how to be a better heart surgeon 0:49:45.120 --> 0:49:48.080 or to play the violin better um, and so like 0:49:48.280 --> 0:49:51.120 those the aggregation of all those skills creates, you know, 0:49:51.160 --> 0:49:53.640 a sum that's greater than the parts. And if you 0:49:53.680 --> 0:49:56.120 recognize that there's value in that trade, then you recognize 0:49:56.120 --> 0:49:59.880 that there's um some rhyme or reason to the coordination 0:50:00.000 --> 0:50:03.400 mechanism that helps allow for people to both specialized and 0:50:03.440 --> 0:50:06.360 to capture the output of the value that others create. 0:50:06.440 --> 0:50:08.279 That thing is money. And then if you're looking for 0:50:08.480 --> 0:50:11.759 monetary goods to facilitate trade intermediation, you're going to start 0:50:11.800 --> 0:50:15.760 to look for things that are scarce that combined scarcity 0:50:15.760 --> 0:50:18.680 with the ability to transfer. And and that's ultimately what 0:50:18.719 --> 0:50:21.840 bitcoin provides is a pride of finite scarcity with the 0:50:21.840 --> 0:50:25.160 ability to transfer it over an Internet channel. And the 0:50:25.160 --> 0:50:27.080 way that I would describe that is, you know, kind 0:50:27.080 --> 0:50:30.200 of scarcy in itself is not valuable. If you think 0:50:30.239 --> 0:50:32.440 about like Mount Rushmore, great, it's the only amount, is 0:50:32.440 --> 0:50:36.440 only one Mount Rushmore in the world. Finitely scarce, not 0:50:36.520 --> 0:50:39.239 valuable as money. And so it's really this confluence of 0:50:39.280 --> 0:50:43.759 properties that makes something valuable as as an intermediary good 0:50:44.120 --> 0:50:46.520 and bitcoin and you know what I tell people is 0:50:47.360 --> 0:50:50.960 price is the output. The input is monetary properties. So 0:50:51.040 --> 0:50:53.240 people when they see the try the price of bitcoin 0:50:53.320 --> 0:50:57.040 trading recognized that that you know, when a bitcoin is 0:50:57.040 --> 0:50:59.680 traded for a dollar, the exact same number of dollars 0:50:59.719 --> 0:51:03.120 and bit point exists. Somebody has just displayed a preference 0:51:03.120 --> 0:51:05.480 as to which one they would like to hold more 0:51:05.480 --> 0:51:07.640 on which when they value more, and the input is 0:51:07.680 --> 0:51:11.080 the monetary property. They're expecting, you know, one to increase 0:51:11.080 --> 0:51:12.600 in value over time, but one's going to increase in 0:51:12.680 --> 0:51:14.359 value over time. Is one's more or less scarce than 0:51:14.360 --> 0:51:16.600 the other, and the one's going to be more or 0:51:16.680 --> 0:51:18.520 less demanded as a form of money in the future 0:51:18.560 --> 0:51:21.200 relative to how much is demanded today. And so there's 0:51:21.239 --> 0:51:24.160 more and more people figure out this combination of Bitcoin 0:51:24.320 --> 0:51:27.560 is practically speaking, infinitely divisible, is divisible to down to 0:51:27.640 --> 0:51:30.480 a hundred million units, which is also an important property 0:51:30.480 --> 0:51:33.799 because it can measure all value large and small. Uh, 0:51:33.960 --> 0:51:36.880 it has finite scarcity, and it combines those two properties 0:51:36.880 --> 0:51:39.120 with the ability to transfer it over communication channel. And 0:51:39.160 --> 0:51:41.600 that's like bitcoin's mic drop moment. And so when you 0:51:41.640 --> 0:51:45.400 can bind those three properties and and everyone's comparing various 0:51:45.400 --> 0:51:49.040 different forms of money to facilitate the exact same function, 0:51:49.080 --> 0:51:51.920 which is the intermediary the transaction today and carry that 0:51:51.960 --> 0:51:55.040 forward to a transaction in the future. Um, they're going 0:51:55.080 --> 0:51:58.440 to opt for bitcoin because it has vastly superior by 0:51:58.440 --> 0:52:02.919 an order of magnitude better model terrain properties. Yeah. So, UM, 0:52:02.920 --> 0:52:05.799 the reason why everybody's going to choose that if if 0:52:05.840 --> 0:52:09.000 all value subjective is because it's the best, and it's 0:52:09.040 --> 0:52:11.080 the best because of all the reasons that you've broken down, 0:52:11.160 --> 0:52:13.880 and eventually enough people are going to realize that, UM. 0:52:13.920 --> 0:52:16.000 I do. I do like to say often that you know, 0:52:16.080 --> 0:52:18.440 even still today bitcoin is probably still one of the 0:52:18.480 --> 0:52:22.280 best long term opportunities as an investor we have today. Um, 0:52:22.360 --> 0:52:25.680 it's asymmetric, more upside than downside. And part of the reason, well, 0:52:25.680 --> 0:52:29.640 what gives us those asymmetric upside is asymmetric information. And 0:52:29.680 --> 0:52:32.200 so you've just rattled off a ton of information that 0:52:32.239 --> 0:52:35.200 most people don't have. UM. And so the more information 0:52:35.320 --> 0:52:37.960 you get, the more information everybody gets, the more will 0:52:37.960 --> 0:52:40.160 come around eventually as you're as you're making the case, 0:52:40.160 --> 0:52:43.200 and then of course the less upside there will be. UM. 0:52:43.360 --> 0:52:46.120 There's now there's a ton of people that have objections 0:52:46.120 --> 0:52:49.120 in their head that we hear all the time, which is, um, 0:52:49.200 --> 0:52:51.200 what about the other However, many I don't know eight 0:52:51.239 --> 0:52:54.120 thousand other cryptos there are. It's not backed by anything, 0:52:54.520 --> 0:52:56.680 you know. Uh, it's just gonna be banned. And I'd 0:52:56.680 --> 0:52:58.879 like to dive into those, but you know, honestly, you've 0:52:58.880 --> 0:53:00.920 already written papers on each one of those, and and 0:53:01.040 --> 0:53:03.880 each one can be a conversation, will be here for 0:53:04.000 --> 0:53:06.239 days if we try to do that. So, UM, what 0:53:06.280 --> 0:53:08.440 I'm wanna do is the most common objections. I want 0:53:08.480 --> 0:53:10.200 to link to each one of those individually in the 0:53:10.239 --> 0:53:12.880 show notes. So if you want to know why, why 0:53:12.960 --> 0:53:14.520 it could be banned, or why it could be copied 0:53:14.600 --> 0:53:16.279 or whatever, I'll link to those. UM. And I want 0:53:16.280 --> 0:53:19.440 to just transition into the last piece, which UM I 0:53:19.480 --> 0:53:22.400 really resonated with UM that you wrote, and it was 0:53:22.800 --> 0:53:26.560 that bitcoin is a rally cry. And so we've set 0:53:26.560 --> 0:53:29.080 the stage of of where we're at. We have to 0:53:29.120 --> 0:53:31.360 print the money to keep the system going. UM. The 0:53:31.440 --> 0:53:33.880 damage is doing to the system. We have a better 0:53:33.920 --> 0:53:37.880 option today, UM, and right now especially, I know you 0:53:37.920 --> 0:53:39.839 wrote that paper a while ago, not that long ago, 0:53:39.880 --> 0:53:42.920 but a while back. The rally cry. Um, it resonated 0:53:42.920 --> 0:53:45.839 with me because I was at the Alamo recently. UM, 0:53:46.120 --> 0:53:48.680 well maybe in the last year, but it's even more 0:53:48.680 --> 0:53:51.239 important today because over the last couple of weeks and 0:53:51.320 --> 0:53:54.360 crazy things have been going on. But why is bitcoin 0:53:54.520 --> 0:53:59.239 now the rally crying? Well, I think that I've I've 0:53:59.280 --> 0:54:02.439 also had experience to or you know, as a kid 0:54:02.800 --> 0:54:05.320 and someone tells you to read your Texas history. You know, 0:54:05.360 --> 0:54:07.480 I grew up in Texas and one of the have 0:54:07.560 --> 0:54:09.600 been revisiting a lot of my Texas history, you know, 0:54:09.600 --> 0:54:11.600 in the past several years. But as a kid, you 0:54:11.600 --> 0:54:13.640 just don't have the same appreciation work of some teachers 0:54:13.640 --> 0:54:15.920 asking you to read a book in the classroom and 0:54:16.080 --> 0:54:18.120 you're just you want to go out and you know, 0:54:18.239 --> 0:54:20.160 run down to the creek, and you're not super interested. 0:54:20.520 --> 0:54:23.360 But one of the one of the more powerful experiences 0:54:23.400 --> 0:54:25.279 I've had is that when you're sitting in front of 0:54:25.280 --> 0:54:28.800 the Aluma itself, there's a placard and it's got the 0:54:29.080 --> 0:54:32.640 Travis letter William be you know, Lieutenant Colonel William B. Travis, 0:54:32.640 --> 0:54:35.080 and you have this this recognition. I think I think 0:54:35.440 --> 0:54:38.960 Travis at the time was twenty seven years old. You know. Um, 0:54:39.000 --> 0:54:41.800 so I'm not sure how old you are, but you 0:54:41.840 --> 0:54:43.759 know I'm thirty six year old. You have this picture 0:54:43.760 --> 0:54:45.520 and your head of a twenty seven year old, you know, 0:54:45.640 --> 0:54:48.719 in the Alumna, and he writes a letter and he 0:54:49.800 --> 0:54:52.320 you know, one of the one of the most you know, um. 0:54:52.360 --> 0:54:54.800 He signs it with victory and your death. But he 0:54:54.800 --> 0:54:57.560 he says, you know, basically describes the scene where they're 0:54:57.600 --> 0:55:02.320 surrounded by the Spanish um during the Texas Revolution and 0:55:03.000 --> 0:55:05.839 um and he and he describes how he's surrounded by 0:55:06.080 --> 0:55:08.239 thousands of troops and there's a couple hundred people that 0:55:08.280 --> 0:55:10.760 are that are in uh in the in the ford 0:55:10.760 --> 0:55:14.319 at the Alamo, and that he said, you know, the 0:55:14.320 --> 0:55:17.239 the army, the Mexican army, had demanded surrender, and that 0:55:17.320 --> 0:55:20.279 he returned to he returned the demand for surrender with 0:55:20.360 --> 0:55:24.120 the cannon shot, and that you know, he basically you know, 0:55:24.320 --> 0:55:28.040 started it with I think two Americans on all to 0:55:28.040 --> 0:55:30.200 to the people of Texas and Americans and Americans in 0:55:30.239 --> 0:55:32.440 all the world, just kind of a very um, kind 0:55:32.480 --> 0:55:34.760 of a signal that it was beyond you know, Texas 0:55:34.800 --> 0:55:37.319 Revolution and at this point in time, it was you know, 0:55:37.400 --> 0:55:40.200 in eighteen twenties or you know, there weren't there weren't 0:55:40.200 --> 0:55:41.840 Americans all over the world. But it was really a 0:55:41.920 --> 0:55:44.960 call out to anybody who loved freedom. Basically said you know, 0:55:44.960 --> 0:55:47.200 I'm gonna sit here and I'm gonna fight. And you 0:55:47.239 --> 0:55:49.920 know I'm calling you and calling to arms, please come 0:55:49.960 --> 0:55:51.960 and help us. But if you don't come, I'm gonna 0:55:51.960 --> 0:55:54.840 fight here until I die. UM. And basically you know, 0:55:55.000 --> 0:55:56.960 saying that, you know, live free or die, you know 0:55:57.040 --> 0:55:59.520 essentially that and uh and and if you go to 0:55:59.560 --> 0:56:01.640 the album and you actually read that, you know, kind 0:56:01.640 --> 0:56:03.880 of placquer right there. It's a very powerful moment. And 0:56:03.880 --> 0:56:06.719 that's something that I, um, you know, several years ago. 0:56:07.239 --> 0:56:09.279 And and the Travis letter itself is one of the 0:56:09.640 --> 0:56:14.080 great pieces of Texas history. The album will ultimately fell, um, 0:56:14.160 --> 0:56:16.879 but it became the rallying cry when you know, people 0:56:16.920 --> 0:56:21.279 stay remember the album O the the Garrison, you know, 0:56:21.360 --> 0:56:23.759 in the album of every single one except for for 0:56:23.800 --> 0:56:26.760 a few people died. But then that became the rallying cry. 0:56:26.800 --> 0:56:30.200 And Texas want it's for you know, kind of its independence. Um. 0:56:30.320 --> 0:56:32.720 There took Texas declared to in despense. They've they declared 0:56:32.719 --> 0:56:34.960 theirpendence a number of times. They declared their independence ten 0:56:35.040 --> 0:56:38.000 days after that, UM and then ultimately one their independence 0:56:38.040 --> 0:56:41.080 ultimately became part of the United States. But just this 0:56:41.280 --> 0:56:43.560 this idea that that people stayed and fought for what 0:56:43.560 --> 0:56:46.400 they believed in UM and and that that you know, 0:56:46.520 --> 0:56:49.600 kind of there there there were scars. Not everybody made it, 0:56:49.840 --> 0:56:52.560 but that the people that that ultimately, if you believe 0:56:52.560 --> 0:56:54.200 in something, you have to fight for it. The freedom 0:56:54.200 --> 0:56:57.560 doesn't come easy. And that I wrote that article. It's 0:56:57.560 --> 0:57:00.440 probably my favorite article of the series. You know, definitely 0:57:00.520 --> 0:57:02.919 not the most popular, probably the most popular for certain people. 0:57:02.960 --> 0:57:05.640 I appreciate you saying that it's probably my favorite. Uh 0:57:05.760 --> 0:57:09.960 I wrote it right after the March twelveth Bitcoin dropped 0:57:09.960 --> 0:57:12.080 from eight thousand to four thousand on a single day. 0:57:12.440 --> 0:57:16.640 You know, certain people got liquidated. You know, was a 0:57:16.880 --> 0:57:18.560 was a punch to summit for a lot of people, 0:57:18.960 --> 0:57:21.600 and you know, there's a there was a massive equity crisis. 0:57:21.640 --> 0:57:25.120 I was basically right to say that this, you know, 0:57:25.280 --> 0:57:29.040 like because there was also volatilion in the broader markets, 0:57:29.040 --> 0:57:31.000 and the FED ultimately came in and put in one 0:57:31.000 --> 0:57:34.120 point five trillion new in in uh in repo funding 0:57:34.120 --> 0:57:38.360 and announced basically q E forever um like an unfettered, 0:57:38.440 --> 0:57:42.440 unlimited and and basically I've I've developed this you know 0:57:42.520 --> 0:57:44.880 thesis or you know, I don't even think of that thesis. 0:57:44.880 --> 0:57:46.840 I think it's the an actual description of the world, 0:57:47.040 --> 0:57:49.200 which is the the instability that we're feeling in the world, 0:57:49.240 --> 0:57:51.560 because it wasn't just volatili in the bitcoin world, but 0:57:51.640 --> 0:57:54.440 it was you know, the SMP five dropping ten percent 0:57:54.440 --> 0:57:58.040 in a single day. You know, like all of this instability, 0:57:58.040 --> 0:58:02.080 and it's like this this this you know, re reintroduction 0:58:02.200 --> 0:58:04.120 of the instability that I think has been there since 0:58:04.160 --> 0:58:06.480 the financial crisis that has been massed over and basically 0:58:07.400 --> 0:58:09.480 kicked the gan down the road and put put us 0:58:09.560 --> 0:58:12.680 all in this position of economic fragility and that and 0:58:12.680 --> 0:58:17.640 that that has really damning consequences on society at large 0:58:17.720 --> 0:58:19.760 and the social fabric. And I think that a lot 0:58:19.800 --> 0:58:22.960 of the issues that exists in society, whether it's today 0:58:23.000 --> 0:58:25.160 with two halves of the country wine to kill each 0:58:25.200 --> 0:58:27.680 other um and shouting each other down, there are a 0:58:27.680 --> 0:58:31.600 lot of those issues arise from a broken economic structure 0:58:31.800 --> 0:58:36.000 that ultimately is underpinned by a broken monetary structure. And 0:58:36.040 --> 0:58:39.160 that that day when bitcoin crash eight thousands to four thousand, 0:58:39.400 --> 0:58:41.560 it's this idea that you know, there's no one, there's 0:58:41.560 --> 0:58:43.320 no one in the bitcoin world that's gonna be there's 0:58:43.360 --> 0:58:45.280 no one like the Fed's gonna come and print more 0:58:45.280 --> 0:58:47.760 bitcoin to to bail you out, and everybody has to 0:58:47.800 --> 0:58:51.440 be maximally accountable. And and that you know, those people 0:58:51.760 --> 0:58:54.360 that have woken up to this idea that there's something 0:58:54.640 --> 0:58:57.880 significantly broken with our monetary structure that's causing things to 0:58:57.920 --> 0:59:00.720 be broken in our economic structure, which caused social fabric 0:59:00.800 --> 0:59:04.120 to freight. Is that bitcoin is a thing that will 0:59:04.160 --> 0:59:06.160 fix it by fixing the thing that sits at the 0:59:06.160 --> 0:59:08.960 foundation of what is broken, being the monetary structure. And 0:59:09.000 --> 0:59:11.240 that with all this volatility in the world is basically 0:59:11.560 --> 0:59:13.480 you know, a signal to everybody else out there to 0:59:13.520 --> 0:59:16.560 be like, you know, there there's the saying and bitcoin 0:59:16.600 --> 0:59:19.160 of Hoddle hold on for gear life. That's that you 0:59:19.160 --> 0:59:21.680 know kind of um, you know, hold the line. You know, 0:59:21.760 --> 0:59:25.040 like bitcoin is a is a monetary structure of the 0:59:25.080 --> 0:59:28.200 future that that's more sound, more resilient. It's more volatile 0:59:28.240 --> 0:59:30.720 today because there there you know, if we go back 0:59:30.720 --> 0:59:32.640 to that idea, there's no one that's priced set. You know, 0:59:32.720 --> 0:59:34.880 there's no one if the price drops to to inflate 0:59:34.880 --> 0:59:36.840 the amount of bitcoin to you know, or to to 0:59:37.160 --> 0:59:39.200 suck up the amount of bitcoin to increase the price backup. 0:59:39.240 --> 0:59:42.240 Everyone's on their own. We deal with that volatility. That 0:59:42.360 --> 0:59:45.960 volatility ultimately makes bitcoin more anti fragile, and that you 0:59:46.000 --> 0:59:48.920 know kind of living through that and kind of you know, 0:59:49.000 --> 0:59:51.560 kind of taking that cannon shot or that shot across 0:59:51.600 --> 0:59:53.920 the bowl and and surviving on the other side and 0:59:53.920 --> 0:59:56.240 then ready to charge. That's the rally cry, and so 0:59:56.360 --> 0:59:57.960 kind of you know, part I was just trying to 0:59:58.280 --> 0:59:59.920 you know, signal that a lot of people do to 1:00:00.000 --> 1:00:02.640 ink a bitcoin as this as this force for good 1:00:02.640 --> 1:00:05.360 in the world. It's not easy, and you're gonna have scars, 1:00:05.400 --> 1:00:07.360 and it's gonna be an up and down road. But 1:00:07.400 --> 1:00:08.880 then once you start to see it for what it 1:00:08.920 --> 1:00:12.640 actually is, uh, it becomes a galvanizing force. Uh and 1:00:12.640 --> 1:00:15.160 and the volatility you start to actually like feed on it. 1:00:15.480 --> 1:00:18.280 And it's actually you know something that that I think 1:00:18.680 --> 1:00:20.680 people that that you know by you know, such a 1:00:20.760 --> 1:00:23.040 people that work in the bitcoin space, w do Bitcoin podcast, 1:00:23.160 --> 1:00:25.120 which just people that own it and that that that 1:00:25.120 --> 1:00:28.520 that are the pioneers that are you know, kind of 1:00:28.520 --> 1:00:31.680 the early adopters that are on for this massive roller coaster, 1:00:31.800 --> 1:00:34.360 but see it's great future in this bright future that 1:00:34.520 --> 1:00:36.120 you know, in a very in a world where it 1:00:36.160 --> 1:00:39.440 just seems like there's you know, choppy seas and and 1:00:39.440 --> 1:00:42.640 and storm clouds, that beyond all those's this bright future 1:00:42.680 --> 1:00:45.080 and it's all gonna be built and coordinated in the 1:00:45.160 --> 1:00:48.720 economic uh you know, bitcoin and nominated world. So um, 1:00:48.760 --> 1:00:50.880 you know kind of when we see uncertainty and we 1:00:50.920 --> 1:00:53.400 see volatility, and we see in the civilian economic system, 1:00:53.640 --> 1:00:55.680 we know that there's an anchor out there and it's bitcoin, 1:00:56.040 --> 1:00:57.600 and that if we hold on that that's going to 1:00:57.800 --> 1:00:59.400 be the thing that that gets us through the other 1:00:59.600 --> 1:01:02.480 the other outside of the tunnel. Yeah, and it gives 1:01:02.600 --> 1:01:04.800 and and and it's the rally cry, and it's something 1:01:04.840 --> 1:01:07.760 to rally around, right, So it gives everybody something to 1:01:07.800 --> 1:01:11.440 come by coming people. If bitcoin wasn't there, that's what 1:01:11.600 --> 1:01:13.000 I say, Like, if I was just looking at the 1:01:13.000 --> 1:01:16.280 world around me and bitcoin didn't exist, I'd be massively pessimistic, 1:01:16.640 --> 1:01:18.919 you know. And just just like that, that Travis letter 1:01:19.280 --> 1:01:22.840 was a rally cry at the Alamo. Um. Bitcoin is 1:01:22.840 --> 1:01:26.040 that rally cry that says, like, hey, if ship looks 1:01:26.080 --> 1:01:30.360 bad today, like hold on because it's getting better. This 1:01:30.440 --> 1:01:32.240 is this is going to be the agent of change. 1:01:32.280 --> 1:01:35.800 That gets us there and and be optimistic and be hopeful. 1:01:36.240 --> 1:01:38.600 Uh and and let this be the rally cry, because 1:01:38.600 --> 1:01:41.800 this is actually the thing that it's fixing in real time, 1:01:42.080 --> 1:01:45.160 the thing that's actually broken. It's causing so much unrest 1:01:45.200 --> 1:01:50.000 and distortion and and and discontent. Yeah. Yeah, I talked 1:01:50.000 --> 1:01:52.760 so much about the problems because I'm trying to show 1:01:52.760 --> 1:01:55.480 people the problems of what it solves. Um And we 1:01:55.560 --> 1:01:57.320 have a lot of them, obviously. You know, when we 1:01:57.400 --> 1:01:59.240 talk about the FED and the interest rates, we talked 1:01:59.240 --> 1:02:01.240 about you know, what happening on a global stage with 1:02:01.280 --> 1:02:03.360 globalism in the World Economic Forum and all that kind 1:02:03.360 --> 1:02:05.800 of stuff, and people said, oh, Mark, you're you're always 1:02:05.880 --> 1:02:08.480 always being so pessimistic. Um So. I made a video 1:02:08.600 --> 1:02:11.080 I think a week or two ago, and I called it, uh, 1:02:11.320 --> 1:02:13.480 I don't know, my my my biggest hope or whatever, 1:02:13.880 --> 1:02:15.920 and I made the case that like, the only thing 1:02:15.960 --> 1:02:18.040 that really gives me hope in the future is bitcoin 1:02:18.120 --> 1:02:20.000 because of the way it can transform things. And so, 1:02:20.320 --> 1:02:22.400 um to your point, yeah, the world, the world that 1:02:22.520 --> 1:02:24.880 the future doesn't look too good, but it is that 1:02:24.920 --> 1:02:28.480 one thing that that gives us hope. Um so. And 1:02:28.640 --> 1:02:30.560 and you know, I there's a there's a lot of 1:02:30.600 --> 1:02:32.560 talk right now with you know, this change of a 1:02:32.560 --> 1:02:35.360 political system that we have in the United States, and uh, 1:02:35.400 --> 1:02:37.800 they're saying, you know, supposedly the Biden camp is talking 1:02:37.800 --> 1:02:40.160 about unity and let's get everyone back together, but at 1:02:40.200 --> 1:02:43.480 the same time, they're trying to basically shut down half 1:02:43.520 --> 1:02:46.320 of half the Americans. Like and and when you think 1:02:46.360 --> 1:02:50.240 about this concept of unity, I mean, unity isn't silencing 1:02:50.320 --> 1:02:52.640 other people, so they just don't say anything against you, right, 1:02:52.640 --> 1:02:55.240 It's really about having something everybody could agree on. And 1:02:55.280 --> 1:02:57.960 so that's really where this bitcoin thing comes together. Where 1:02:58.000 --> 1:03:00.560 we all can agree that the money creates the problems, 1:03:00.800 --> 1:03:02.880 and we can agree that there's a better form of money, 1:03:02.920 --> 1:03:06.560 and you can kind of overlook a lot of other things. So, um, 1:03:06.600 --> 1:03:09.520 I love I love that. I love that viewpoint. Yeah, 1:03:09.720 --> 1:03:13.480 I agree with that. Yeah, and and and even and 1:03:13.520 --> 1:03:15.480 one thing that I'd add to that today too is, 1:03:15.560 --> 1:03:17.920 I mean, specifically what you're talking about with the Alamo, 1:03:18.000 --> 1:03:19.680 and I've been there, like I said, in the last year, 1:03:19.680 --> 1:03:22.120 and when you walk inside, there's like a big board 1:03:22.400 --> 1:03:25.040 and it kind of like timelines everything out. And man, 1:03:25.120 --> 1:03:27.280 when you read that, I mean, it's just so moving. 1:03:27.760 --> 1:03:30.360 And you know, my my grandfather was in World War 1:03:30.400 --> 1:03:32.840 Two and he went back then going to World War Two, 1:03:32.840 --> 1:03:35.200 there was a good chance you weren't coming home. And 1:03:35.400 --> 1:03:37.560 you know, my father went to Vietnam, and even in Vietnam, 1:03:37.640 --> 1:03:39.440 there was a good chance you weren't coming home. And 1:03:39.480 --> 1:03:42.560 today it's like people are afraid to even speak up 1:03:42.760 --> 1:03:44.800 because someone's gonna look at you weird or call you 1:03:44.840 --> 1:03:48.880 a name. And it's like they literally the Alumo, my grandfather, 1:03:49.000 --> 1:03:51.800 my father risked their lives and like now we're afraid 1:03:51.880 --> 1:03:54.240 to even speak up. So um, it is a rally cry. 1:03:54.320 --> 1:03:58.040 And and uh, I love that, Yeah, I and I agree. 1:03:58.080 --> 1:04:00.640 It's it's it's a real damning play or state of 1:04:00.640 --> 1:04:03.360 affairs when um, I think, you know, half the country 1:04:03.480 --> 1:04:06.560 is being silenced and uh and and and it's clearly 1:04:06.600 --> 1:04:09.880 not something that you know, if you are a leader, 1:04:09.880 --> 1:04:12.320 you don't you don't unify people by silence and you 1:04:12.360 --> 1:04:15.720 know half the country. Um. And it's also damning when 1:04:15.760 --> 1:04:18.040 when a lot of people feel that way but then 1:04:18.120 --> 1:04:20.280 feel like the you know, or too scared to even 1:04:20.320 --> 1:04:22.840 say anything. Um. And I think that kind of reality 1:04:22.920 --> 1:04:25.280 of what I'm not you know, Bitcoin might be a 1:04:25.360 --> 1:04:26.720 hill that I'm willing to die on. I don't think 1:04:26.720 --> 1:04:28.200 anybody's gonna have to die in the hill because the 1:04:28.240 --> 1:04:30.800 thing is gonna be a peaceful revolution, but it's it's 1:04:30.840 --> 1:04:32.960 going to be the thing that helps people kind of 1:04:32.960 --> 1:04:36.640 get back on the same page because they'll recognize that 1:04:36.640 --> 1:04:39.120 that the scapegoast that they thought was actually the source 1:04:39.160 --> 1:04:41.000 of the problem is actually something that they were all 1:04:41.040 --> 1:04:43.280 suffering from that was one of you know, the the 1:04:43.280 --> 1:04:46.120 biggest problem that we all have is a broken economic structure. 1:04:46.400 --> 1:04:49.720 That's you know, not something that's about diversity or you know, 1:04:49.800 --> 1:04:52.520 kind of um, it does tie into the to the 1:04:52.520 --> 1:04:56.560 wealth and equality, but it's like nobody hasn't intentionally caused 1:04:56.560 --> 1:04:59.040 that problem to happen. It's a meta problem that exists 1:04:59.080 --> 1:05:00.640 and we're working on solved doing it. And if we 1:05:01.000 --> 1:05:02.640 take the fly out of the ointment, then it's going 1:05:02.680 --> 1:05:04.920 to give us a greater baseline to be able to, 1:05:05.200 --> 1:05:09.880 you know, more harmoniously interact, coordinate, deliver value for each other. 1:05:10.240 --> 1:05:12.240 You know, that idea of if you want to want 1:05:12.240 --> 1:05:14.760 to get more bitcoin, you're gonna have to deliver value 1:05:14.800 --> 1:05:16.640 to somebody that has it. When you align all those 1:05:16.640 --> 1:05:20.360 incentives again, it's not to forecast the utopian world. But 1:05:20.480 --> 1:05:23.120 God does take us from this world where you know, 1:05:23.160 --> 1:05:26.440 seemingly no one cooperate or coordinate or be at each 1:05:26.480 --> 1:05:29.480 other through its on on everything, saving only um and 1:05:29.800 --> 1:05:31.720 goes to a world where they can just focus on, 1:05:32.360 --> 1:05:34.480 you know, living their daily lives and creating value for 1:05:34.480 --> 1:05:37.120 others around them, and that if we're if we're if 1:05:37.320 --> 1:05:38.720 you know, if we're able to do that, then it's 1:05:38.720 --> 1:05:40.920 going to take the temperature down. And I think that 1:05:41.200 --> 1:05:43.560 the more people that that wise up to this fact 1:05:43.560 --> 1:05:46.520 that there is a broken economic structure, it upsets people. 1:05:46.640 --> 1:05:49.080 So people kind of have love lived in the dark 1:05:49.120 --> 1:05:52.080 form for a long time and been ascribing probably different 1:05:52.080 --> 1:05:54.600 symptoms to different problems and not realizing that it's something 1:05:54.640 --> 1:05:57.280 with their money. And once they realize that it's the money, 1:05:57.480 --> 1:05:59.680 then it gives them that rally gride to work around, 1:05:59.760 --> 1:06:01.920 you know, say, hey, okay, like I can't control what 1:06:01.920 --> 1:06:03.760 the Democrats do, I can't control what the problems to. 1:06:04.160 --> 1:06:06.880 If I work on bitcoin, that that's the single greatest 1:06:06.880 --> 1:06:09.480 contribution I can do, even though I can't change you know, 1:06:09.560 --> 1:06:10.840 how it works or what it does. But if I 1:06:10.840 --> 1:06:13.000 can contribute on that, I can focus on that day 1:06:13.040 --> 1:06:15.560 to day that that's the path towards you know, a 1:06:15.600 --> 1:06:17.720 more prosperous feature. And the more and more people that 1:06:17.840 --> 1:06:21.840 look at the exact same equation come to the same conclusion. 1:06:22.280 --> 1:06:25.040 Let me work on this. This will become my my 1:06:25.120 --> 1:06:27.200 north star. My guide was, you know, at least in 1:06:27.320 --> 1:06:29.880 terms of you know, work and career, to try to 1:06:29.920 --> 1:06:32.320 make a difference and to get to a world that 1:06:32.440 --> 1:06:35.440 vances us beyond whatever it is we are in today, 1:06:35.480 --> 1:06:39.840 which is not a not a good state of affairs. Yeah, perfect, well, 1:06:39.920 --> 1:06:42.080 well said. And uh, with that, we're gonna go ahead 1:06:42.080 --> 1:06:44.480 and wrap it up. Um, Like I said, we could 1:06:44.480 --> 1:06:46.760 have probably made each one of these topics its own 1:06:46.840 --> 1:06:49.280 its own show, because there's just so much here. And 1:06:49.280 --> 1:06:52.360 and so what I would just encourage everybody who's listening, Um, 1:06:52.680 --> 1:06:55.400 no matter what objection or doubt or whatever question you 1:06:55.440 --> 1:06:58.080 have in your head, there is the answer. There is 1:06:58.080 --> 1:06:59.760 an answer for it. So I'm gonna link to his 1:06:59.800 --> 1:07:02.280 reach versus down below, But there's plenty of more answers 1:07:02.320 --> 1:07:05.000 out there. And so if you have the question, just 1:07:05.040 --> 1:07:06.800 spend a little bit of time and try to go 1:07:07.000 --> 1:07:09.800 get that answer for yourself. Um. And so with that, 1:07:09.840 --> 1:07:12.000 we'll wrap it up, Parker. UM, I'm gonna, like I said, 1:07:12.000 --> 1:07:14.760 I'll link to I'll link to your your your blog 1:07:14.800 --> 1:07:16.640 post down below. Is there anywhere else that you want 1:07:16.640 --> 1:07:18.600 to direct people to to follow, follow you or keep 1:07:18.640 --> 1:07:20.920 up with you. Yeah. They find us on on the 1:07:20.960 --> 1:07:24.160 website at an unshamed dashed capital dot com. I put 1:07:24.160 --> 1:07:26.680 out all my articles there. I need other content that 1:07:26.680 --> 1:07:28.600 that we work on from the bitcoin side to help 1:07:28.600 --> 1:07:30.960 people inter secure the bitcoin. I you can find me 1:07:31.040 --> 1:07:35.280 on Twitter for the time being, um at a Parker A. Lewis. Um, 1:07:35.280 --> 1:07:38.520 I'm also on bitcoin hackers dot Org. I mastered on 1:07:38.760 --> 1:07:41.880 at Parker Lewis as well. So find me either in 1:07:41.880 --> 1:07:46.240 those places and um, yeah, keep finding while you still can. Yeah, 1:07:47.160 --> 1:07:49.640 all right, thanks so much, Parker. He appreciate it. Mark. 1:07:50.000 --> 1:07:55.560 Thanks all right, that was good. Too many areas to 1:07:55.640 --> 1:07:59.680 jump into, but that was good. Um. I was gonna 1:07:59.720 --> 1:08:01.840 tell you one one interesting thing you know to your 1:08:01.840 --> 1:08:03.680 point about it's the better form of money, and not 1:08:03.680 --> 1:08:05.000 not just a better form of money, but it's just 1:08:05.040 --> 1:08:07.120 a better system overall. And obviously you know this right, 1:08:07.160 --> 1:08:10.040 but open border, list, permission, list, etcetera. And I've been 1:08:10.080 --> 1:08:12.720 in Puerto Rico now for what fourteen days or whatever? 1:08:13.280 --> 1:08:16.479 Fourteen days and I had I sold a piece of 1:08:16.479 --> 1:08:19.280 real estate, an apartment building in a closed desk for 1:08:19.439 --> 1:08:22.200 the day. I came over here and uh. I got 1:08:22.240 --> 1:08:24.000 here and I have all this money sit in the bank, 1:08:24.040 --> 1:08:25.680 and I'm like, you know, I'm probably just gonna throw 1:08:25.720 --> 1:08:27.800 them to some bitcoin while I'm just deciding what I'm 1:08:27.800 --> 1:08:30.160 gonna do with it. And uh, but but I had 1:08:30.200 --> 1:08:32.240 no way to access my money. It's in Wells Fargo. 1:08:32.280 --> 1:08:34.000 There's no Wells Fargo is in Puerto Rico. And I 1:08:34.040 --> 1:08:36.000 literally had to get on an airplane and fly over 1:08:36.000 --> 1:08:38.400 to Miami last weekend just so I could get access 1:08:38.439 --> 1:08:40.080 to my money and send it over to Puerto Rico. 1:08:40.160 --> 1:08:43.799 And I'm just like, like, how old is this banking system? 1:08:43.840 --> 1:08:45.439 Like I have to get on a plane to go 1:08:45.479 --> 1:08:47.720 to Miami to even get my money anyway. So now 1:08:47.720 --> 1:08:50.680 I'm back here and it's fourteen days in and I 1:08:50.720 --> 1:08:52.920 haven't been able to get my bank accounts opened up yet. 1:08:52.960 --> 1:08:55.760 And I literally went to the branch today. I've been 1:08:55.760 --> 1:08:58.200 dealing with bankers. My attorney's working with bankers. I probably 1:08:58.200 --> 1:09:00.679 went six emails back and forth today, so in documents 1:09:00.680 --> 1:09:02.599 and fourteen days and I can't even get a bank 1:09:02.600 --> 1:09:07.360 account opened. It's unbelievable. It's a disasters. A thick point 1:09:07.360 --> 1:09:09.599 address and holding on your own keys make a lot 1:09:09.640 --> 1:09:14.400 more sense. Yeah, so so anyway, that's that's crazy. Um, 1:09:14.479 --> 1:09:16.600 but I know we've gone late, so I'm sure you 1:09:16.680 --> 1:09:18.600 probably gonna go, and we'll let you go. But I 1:09:18.640 --> 1:09:20.920 would like to talk about maybe getting something set up 1:09:20.920 --> 1:09:24.639 for myself. UM. Yeah, do you do I have your email? 1:09:24.640 --> 1:09:27.600 Do you have my email? Um? I don't know, but 1:09:27.640 --> 1:09:31.160 I'll drop it. I can just drop it in Facebook, Twitter. Yeah, 1:09:31.320 --> 1:09:34.400 drop me your your email and I'll send you information 1:09:34.439 --> 1:09:36.479 getting you set up. You have someone to reach out 1:09:36.520 --> 1:09:38.640 to me or whatever, and I'll see about getting that 1:09:38.680 --> 1:09:41.200 set up. I just I have like six hardware wallets 1:09:41.280 --> 1:09:43.439 and I kind of like I have spread out, but 1:09:43.560 --> 1:09:46.320 like that's just not the best option. And uh, well 1:09:46.320 --> 1:09:49.240 we'll get you taken care of. Cool all right, Well 1:09:49.280 --> 1:09:51.800 thanks for jumping on, Parker. I will I'm probably gonna 1:09:51.800 --> 1:09:54.000 get this posted up this weekend. I'm gonna post it 1:09:54.040 --> 1:09:56.120 and I'll tag you in and stuff like that. Awesome. 1:09:56.160 --> 1:10:01.160 I appreciate you having me on. Okay, thanks to the 1:10:01.880 --> 1:10:06.040 lector surnup macor