1
00:00:00,200 --> 00:00:04,680
Speaker 1: From UFOs to psychic powers and government conspiracies. History is

2
00:00:04,760 --> 00:00:09,080
Speaker 1: riddled with unexplained events. You can turn back now or

3
00:00:09,160 --> 00:00:12,119
Speaker 1: learn this stuff they don't want you to know. A

4
00:00:12,200 --> 00:00:13,920
Speaker 1: production of iHeartRadio.

5
00:00:25,920 --> 00:00:28,600
Speaker 2: Welcome back to the show. My name is Matt, my

6
00:00:28,720 --> 00:00:29,520
Speaker 2: name is Noah.

7
00:00:29,600 --> 00:00:32,159
Speaker 3: They call me Ben. We're joined as always with our

8
00:00:32,280 --> 00:00:36,640
Speaker 3: super producer Dylan the Tennessee pal Fagan. Most importantly, you

9
00:00:36,800 --> 00:00:40,680
Speaker 3: are you. You are here. That makes this the stuff

10
00:00:40,760 --> 00:00:43,920
Speaker 3: they don't want you to know. And friends and neighbors,

11
00:00:43,960 --> 00:00:48,920
Speaker 3: fellow conspiracy realists, We're not too high faluting to admit

12
00:00:48,960 --> 00:00:52,279
Speaker 3: it tonight. We are in debt, right like we all,

13
00:00:52,520 --> 00:00:54,480
Speaker 3: oh someone a little bit.

14
00:00:54,320 --> 00:00:57,280
Speaker 4: Of money, a debt of gratitude at the very least

15
00:00:57,560 --> 00:01:02,240
Speaker 4: to you conspiracy realists. We love and owe our lives.

16
00:01:01,960 --> 00:01:06,200
Speaker 2: Too, Yes, and to our government to the tune of

17
00:01:06,200 --> 00:01:07,520
Speaker 2: a couple hundred thousand dollars.

18
00:01:08,760 --> 00:01:10,440
Speaker 4: You guys heard of this talk of people saying, you

19
00:01:10,480 --> 00:01:11,959
Speaker 4: know what, maybe I'm just not going to pay taxes

20
00:01:12,000 --> 00:01:12,320
Speaker 4: this year.

21
00:01:12,520 --> 00:01:13,440
Speaker 2: I'm just not going to do it.

22
00:01:14,640 --> 00:01:18,960
Speaker 3: I hear that every year from all all imaginable demographics.

23
00:01:19,000 --> 00:01:21,080
Speaker 4: Actually I saw it as a headline and it just

24
00:01:21,160 --> 00:01:23,560
Speaker 4: kind of seemed like a little bit of like a like, really,

25
00:01:23,760 --> 00:01:26,960
Speaker 4: that's okay, who's saying this? And it's not just like

26
00:01:27,040 --> 00:01:29,000
Speaker 4: how it you know, typically it is also like and

27
00:01:29,040 --> 00:01:33,160
Speaker 4: but also before you do that, please consider that it's illegal.

28
00:01:33,440 --> 00:01:36,600
Speaker 2: Or also social security, or that you are.

29
00:01:36,520 --> 00:01:41,160
Speaker 3: Not a billionaire nor a financial stakeholder in the grand

30
00:01:41,240 --> 00:01:44,280
Speaker 3: scheme of things. Now, as we know, some of us

31
00:01:44,319 --> 00:01:48,800
Speaker 3: in the crowd tonight are are technically billionaire, so thanks

32
00:01:48,800 --> 00:01:52,160
Speaker 3: for tuning in. Some of us are broken. Most of us,

33
00:01:52,560 --> 00:01:55,280
Speaker 3: most people in the show, in the crowd tonight are

34
00:01:55,360 --> 00:01:58,880
Speaker 3: mainly getting by. And that's because debt is a reality.

35
00:01:59,000 --> 00:02:04,680
Speaker 3: Debt has his dorically preceded war. Ancient and modern nations alike,

36
00:02:05,360 --> 00:02:08,639
Speaker 3: all hinge on this concept of help me out here, Guys,

37
00:02:09,080 --> 00:02:11,200
Speaker 3: who owes whom?

38
00:02:12,120 --> 00:02:16,000
Speaker 4: Or whom owes who? Who's on first? Is the question

39
00:02:16,080 --> 00:02:16,480
Speaker 4: that I have.

40
00:02:17,919 --> 00:02:20,160
Speaker 2: They got to get that style guide out.

41
00:02:20,840 --> 00:02:21,760
Speaker 3: Yeah that's true.

42
00:02:21,880 --> 00:02:24,160
Speaker 4: Yeah, I think I think we're on the same page, though. Yeah,

43
00:02:24,320 --> 00:02:26,839
Speaker 4: somebody owes somebody something most of the time.

44
00:02:27,360 --> 00:02:31,119
Speaker 3: Right, And while we're breaking out ev and Strunk, that's

45
00:02:31,160 --> 00:02:33,799
Speaker 3: a shout out for maybe twelve people. If you live,

46
00:02:37,520 --> 00:02:39,840
Speaker 3: that's a shout out for ten people. Now, if you

47
00:02:39,960 --> 00:02:43,120
Speaker 3: live in the United States who've heard the term national

48
00:02:43,280 --> 00:02:47,240
Speaker 3: debt right, Like, in general, it means there's a discrepancy

49
00:02:47,400 --> 00:02:53,440
Speaker 3: between the income of a nation state and its current expenditures,

50
00:02:54,360 --> 00:02:57,960
Speaker 3: not to be confused with a deficit, which we'll get into.

51
00:02:58,040 --> 00:03:01,880
Speaker 3: But could you guys share with us the first time

52
00:03:02,320 --> 00:03:06,919
Speaker 3: you remember in your life hearing the term national debt

53
00:03:07,040 --> 00:03:08,160
Speaker 3: in mainstream media.

54
00:03:09,360 --> 00:03:11,760
Speaker 4: I guess in my mind I have always sort of

55
00:03:11,800 --> 00:03:15,400
Speaker 4: construed it with the deficit. And we're gonna obviously get

56
00:03:15,400 --> 00:03:18,560
Speaker 4: into the distinction between those two things today. But you know,

57
00:03:18,680 --> 00:03:22,480
Speaker 4: probably in the late nineties, when I maybe started paying

58
00:03:22,480 --> 00:03:25,079
Speaker 4: a little more attention to the news.

59
00:03:26,480 --> 00:03:29,720
Speaker 2: I was gonna say, George H. W. Bush, when I

60
00:03:29,720 --> 00:03:33,800
Speaker 2: remember hearing about that, and when SNL was really skewing

61
00:03:33,880 --> 00:03:36,720
Speaker 2: him pretty hard, I didn't really understand some of the references.

62
00:03:36,800 --> 00:03:39,320
Speaker 2: So I remember asking my dad about it, and then

63
00:03:39,400 --> 00:03:42,080
Speaker 2: him showing me some of the stuff and actually putting

64
00:03:42,080 --> 00:03:43,560
Speaker 2: the news on for me a couple of times. How

65
00:03:43,560 --> 00:03:44,000
Speaker 2: are we talking?

66
00:03:44,160 --> 00:03:45,840
Speaker 4: Read my lips, Read my lips.

67
00:03:45,880 --> 00:03:48,240
Speaker 2: No new taxis that's the era? Yes?

68
00:03:48,600 --> 00:03:49,040
Speaker 3: Yeah? Right?

69
00:03:49,640 --> 00:03:50,640
Speaker 4: And he got punks for that.

70
00:03:50,640 --> 00:03:54,760
Speaker 3: Too, he did because he went back on his campaign promise.

71
00:03:54,880 --> 00:03:57,440
Speaker 3: But also I don't do this often, but I'll share

72
00:03:57,440 --> 00:04:01,240
Speaker 3: a brief anecdote my biological father, this time around a

73
00:04:01,360 --> 00:04:04,680
Speaker 3: bit of a Colonel Kurtz character, and I remember, similar

74
00:04:05,240 --> 00:04:10,240
Speaker 3: to you guys in that era. I asked the old colonel, Hey,

75
00:04:10,920 --> 00:04:14,320
Speaker 3: do you think it's possible that I'll ever be a millionaire?

76
00:04:14,680 --> 00:04:18,080
Speaker 3: And the guy looked at me and he had a cigar,

77
00:04:18,240 --> 00:04:21,920
Speaker 3: which was weird, and he said, he said, you know what,

78
00:04:22,480 --> 00:04:26,560
Speaker 3: a little sort of a we could all be millionaires tomorrow.

79
00:04:27,160 --> 00:04:30,800
Speaker 3: You ever heard about inflation? And then he just kept

80
00:04:30,920 --> 00:04:33,680
Speaker 3: driving and he switched the radio to a ballgame.

81
00:04:34,560 --> 00:04:36,000
Speaker 2: Man, your dad is so baller.

82
00:04:37,920 --> 00:04:43,560
Speaker 4: Big guess, I guess adjusted for inflation, some folks might

83
00:04:43,600 --> 00:04:46,320
Speaker 4: have been millionaires at one point or another. And does

84
00:04:46,360 --> 00:04:48,960
Speaker 4: it count as being a millionaire if throughout the course

85
00:04:49,000 --> 00:04:53,280
Speaker 4: of your life you've earned exactly one million dollars thresholds?

86
00:04:53,320 --> 00:04:56,960
Speaker 3: No, excellent question, because this is what we're this is

87
00:04:57,000 --> 00:04:59,640
Speaker 3: what we're exploring. For a while back, I can't remember

88
00:05:00,279 --> 00:05:05,600
Speaker 3: which episode it was, we started saying national debt. Come on,

89
00:05:05,720 --> 00:05:10,200
Speaker 3: everybody throws those two words around together, But what exactly

90
00:05:10,320 --> 00:05:12,560
Speaker 3: is it? Why is it such a big deal? And

91
00:05:12,600 --> 00:05:15,080
Speaker 3: we started looking into it, and we found that all

92
00:05:15,120 --> 00:05:19,720
Speaker 3: opinions historically are sharply divided. Some people will tell you

93
00:05:20,080 --> 00:05:23,520
Speaker 3: the system is rigged, and others will go further it

94
00:05:23,600 --> 00:05:27,440
Speaker 3: will argue there is not only a conspiracy afoot, but

95
00:05:27,640 --> 00:05:31,960
Speaker 3: disaster ahead. I don't know. Maybe that's our gold open

96
00:05:32,520 --> 00:05:33,680
Speaker 3: adjusted for inflation.

97
00:05:34,120 --> 00:05:36,800
Speaker 4: Indeed, let's take a quick break and we'll jump into

98
00:05:37,160 --> 00:05:39,800
Speaker 4: all the nuts and bolts of national debt.

99
00:05:45,880 --> 00:05:51,400
Speaker 3: Here are the facts, all right, what is debt? What

100
00:05:51,520 --> 00:05:53,120
Speaker 3: is it?

101
00:05:54,200 --> 00:05:58,920
Speaker 2: You take on spending that you don't currently have. Debt

102
00:05:59,040 --> 00:06:02,600
Speaker 2: just means you owe some buddy something for using it

103
00:06:03,360 --> 00:06:05,719
Speaker 2: whatever it is, one hundred percent.

104
00:06:05,760 --> 00:06:07,480
Speaker 4: But I also, you know, I remember growing up this

105
00:06:07,600 --> 00:06:11,320
Speaker 4: idea of good debt. You want to have a little debt,

106
00:06:11,440 --> 00:06:13,960
Speaker 4: carry a little bit, It helps build your credit. It's

107
00:06:14,040 --> 00:06:16,880
Speaker 4: all paying into the system. You know that we all

108
00:06:16,880 --> 00:06:21,240
Speaker 4: participate in the idea of you know, building that financial reputation.

109
00:06:21,320 --> 00:06:22,280
Speaker 3: I guess you can call it.

110
00:06:22,760 --> 00:06:26,400
Speaker 2: I agree, But that's that's so that other institutions will

111
00:06:26,400 --> 00:06:29,040
Speaker 2: be more inclined to let you borrow more money so

112
00:06:29,040 --> 00:06:30,320
Speaker 2: that you can be further in debt.

113
00:06:30,720 --> 00:06:35,120
Speaker 3: Oh, now we're talking leverage. Yeah, debt is This might

114
00:06:35,160 --> 00:06:38,800
Speaker 3: feel like an obvious question, but it is an important

115
00:06:39,040 --> 00:06:44,239
Speaker 3: origin story. Debt is just an obligation, as we're saying,

116
00:06:44,440 --> 00:06:49,599
Speaker 3: or a liability to pay someone or something, some entity,

117
00:06:50,240 --> 00:06:55,400
Speaker 3: or to render goods and services wholly or partially at

118
00:06:55,440 --> 00:06:56,680
Speaker 3: some point in time.

119
00:06:57,360 --> 00:07:00,200
Speaker 4: Everybody, we pay you Tuesday for a Hamburger today.

120
00:07:00,520 --> 00:07:05,239
Speaker 3: Nailed it, bro. Everybody understands the basic concept, even if

121
00:07:05,360 --> 00:07:11,480
Speaker 3: everyone doesn't agree on who owes whom or whom owes

122
00:07:11,560 --> 00:07:16,040
Speaker 3: who or the specifics involved. We're having a little wordplay there.

123
00:07:16,240 --> 00:07:19,960
Speaker 3: But there are different kind of debts, right, different definitions

124
00:07:20,080 --> 00:07:26,960
Speaker 3: or striations, right, different little rings on the dendo chronology

125
00:07:27,360 --> 00:07:28,640
Speaker 3: of debt as a concept.

126
00:07:28,920 --> 00:07:31,520
Speaker 4: Does American legal tender still have that little note about

127
00:07:31,560 --> 00:07:33,760
Speaker 4: good for all debts public and private?

128
00:07:35,120 --> 00:07:39,320
Speaker 3: Well, I mean it's our favorite coupon, so yeah it should.

129
00:07:39,480 --> 00:07:41,720
Speaker 3: Let's pull out our cash, guys.

130
00:07:44,440 --> 00:07:47,400
Speaker 2: Let's see this note is legal tender for all debts

131
00:07:47,440 --> 00:07:48,360
Speaker 2: public and private.

132
00:07:48,640 --> 00:07:52,800
Speaker 3: Tiring you go ty, I'd love to do some counterfeit,

133
00:07:53,080 --> 00:07:58,880
Speaker 3: you know, DPRK supernotes that just say this is legal

134
00:07:58,960 --> 00:08:02,440
Speaker 3: tender for some debts public of branding.

135
00:08:02,800 --> 00:08:06,800
Speaker 2: This is for marketable and non marketable securities. However, intragovernmental

136
00:08:06,840 --> 00:08:07,600
Speaker 2: debt will not do.

137
00:08:08,280 --> 00:08:10,840
Speaker 3: Oh, we're not even going to get to it's outside

138
00:08:10,840 --> 00:08:12,560
Speaker 3: of the scope of this, But we're not even going

139
00:08:12,680 --> 00:08:17,480
Speaker 3: to get to the biggest denominations of US paper currency

140
00:08:17,840 --> 00:08:21,160
Speaker 3: that are not allowed to be traded by you, the

141
00:08:21,240 --> 00:08:25,080
Speaker 3: average person. I mean, look, if you are listening tonight

142
00:08:26,080 --> 00:08:29,440
Speaker 3: as an individual, you may have run into a situation

143
00:08:29,680 --> 00:08:33,560
Speaker 3: where you owe money on a mortgage and you have

144
00:08:33,640 --> 00:08:39,079
Speaker 3: to pay X amount of dollars every every month properly

145
00:08:39,640 --> 00:08:43,959
Speaker 3: over a certain period of time. Thirty fifty years, perhaps

146
00:08:44,200 --> 00:08:46,600
Speaker 3: fifty is the new pitch, and that's going to that's

147
00:08:46,600 --> 00:08:50,600
Speaker 3: a very terrible idea. Check out our Rent to Own episode.

148
00:08:51,160 --> 00:08:54,560
Speaker 3: You might have a credit card which usually is going

149
00:08:54,600 --> 00:08:58,120
Speaker 3: to have an egregious interest rate, you serious interest rate,

150
00:08:58,520 --> 00:09:01,480
Speaker 3: and if you were an individual, well you can get

151
00:09:01,840 --> 00:09:05,160
Speaker 3: in some serious hot water. You can get jammed up

152
00:09:05,200 --> 00:09:08,319
Speaker 3: if you fall behind or you default on those payments,

153
00:09:08,960 --> 00:09:11,520
Speaker 3: if you go bankrupt, it's bad for you.

154
00:09:11,640 --> 00:09:14,720
Speaker 4: Well yeah, but even like going defaulting on a debt

155
00:09:14,840 --> 00:09:17,040
Speaker 4: like that will be a mark on your credit that

156
00:09:17,120 --> 00:09:21,079
Speaker 4: can take a long time to remedy. Getting a collection

157
00:09:21,200 --> 00:09:24,120
Speaker 4: taken out against you, for example, those are things that

158
00:09:24,360 --> 00:09:27,080
Speaker 4: take take a good bit of work to get to

159
00:09:27,200 --> 00:09:30,400
Speaker 4: drop off of your credit report. Yeah, we're not even talking.

160
00:09:30,440 --> 00:09:33,200
Speaker 4: I would even gotten into the whole math and magic

161
00:09:33,400 --> 00:09:39,160
Speaker 4: to quote our cea of credit reports, Friends and neighbors.

162
00:09:39,160 --> 00:09:45,640
Speaker 3: Stay tuned for upcoming our upcoming episode on the credit

163
00:09:46,160 --> 00:09:49,160
Speaker 3: concept and the conspiracies involved.

164
00:09:49,320 --> 00:09:51,320
Speaker 2: You know, well that's maybe one of the cruxes of

165
00:09:51,360 --> 00:09:55,560
Speaker 2: this entire episode, that concept of math and magic. And

166
00:09:55,640 --> 00:09:59,880
Speaker 2: once you go up the ladder of monies and wealth

167
00:10:00,679 --> 00:10:04,160
Speaker 2: like far enough, then you realize, oh, this is a

168
00:10:04,200 --> 00:10:06,440
Speaker 2: big old game, so we can play.

169
00:10:06,880 --> 00:10:08,760
Speaker 4: At a certain level. It's so ephemeral.

170
00:10:08,840 --> 00:10:12,160
Speaker 2: Right, well, well there are advanced tactics, and then there

171
00:10:12,160 --> 00:10:16,600
Speaker 2: are master tactics, and you know, leavers, you can pull institutions.

172
00:10:16,720 --> 00:10:19,520
Speaker 2: There all these things that you can do once you

173
00:10:19,640 --> 00:10:21,280
Speaker 2: have enough of the money stuff.

174
00:10:21,760 --> 00:10:25,640
Speaker 3: Yeah. Agree, The rules change as you higher up on

175
00:10:25,800 --> 00:10:31,000
Speaker 3: the socioeconomic pyramid. So a billionaire owing money is way

176
00:10:31,040 --> 00:10:34,840
Speaker 3: different from the average person sweat in next month's light build.

177
00:10:35,280 --> 00:10:38,960
Speaker 3: High net worth individuals are going to tend to have

178
00:10:39,320 --> 00:10:43,240
Speaker 3: access to all sorts of financial instruments and tactics the

179
00:10:43,360 --> 00:10:48,200
Speaker 3: ordinary person simply cannot afford or simply is not aware of.

180
00:10:48,320 --> 00:10:52,960
Speaker 3: You can also leverage existing capital or assets, so your

181
00:10:53,040 --> 00:10:57,880
Speaker 3: debt becomes as we're saying, a much more fluid, abstract

182
00:10:58,040 --> 00:11:00,960
Speaker 3: concept at that time. Plus, if you can afford a

183
00:11:01,040 --> 00:11:05,320
Speaker 3: legal team, you can jam up. You can jam up

184
00:11:05,360 --> 00:11:08,720
Speaker 3: creditors forever, you know what I mean, you can bury

185
00:11:08,760 --> 00:11:13,720
Speaker 3: them under paperwork. But gets even weirder when we move

186
00:11:13,880 --> 00:11:19,240
Speaker 3: past billionaires human individuals and talked about financial institutions or

187
00:11:19,320 --> 00:11:24,840
Speaker 3: large corporations or for our purposes tonight, Nation States. I

188
00:11:24,840 --> 00:11:28,959
Speaker 3: think we could agree, guys, that history has proven time

189
00:11:29,040 --> 00:11:34,360
Speaker 3: and time again the rules around debt get very muddy

190
00:11:35,160 --> 00:11:39,320
Speaker 3: when politics and global economy get involved. Like when the

191
00:11:39,440 --> 00:11:45,280
Speaker 3: people who decide how debt is defined are in charge

192
00:11:45,280 --> 00:11:49,640
Speaker 3: of deciding how they pay that debt, they often end

193
00:11:49,720 --> 00:11:55,200
Speaker 3: up bending the rules for themselves, but with consequences for

194
00:11:55,360 --> 00:11:57,120
Speaker 3: the public at large.

195
00:11:57,360 --> 00:12:00,200
Speaker 2: Yeah, and it gets super weird when you realize that

196
00:12:00,880 --> 00:12:04,199
Speaker 2: a portion of the debt that let's say the United

197
00:12:04,240 --> 00:12:06,600
Speaker 2: States owes it actually owes itself.

198
00:12:08,040 --> 00:12:08,240
Speaker 3: Yeah.

199
00:12:08,640 --> 00:12:12,960
Speaker 2: So then you just your mind starts to boggle and go, well,

200
00:12:12,960 --> 00:12:15,079
Speaker 2: then who's in charge of that and who says what's

201
00:12:15,160 --> 00:12:17,480
Speaker 2: real and what's not and how much is owed? And

202
00:12:17,480 --> 00:12:20,240
Speaker 2: how does it matter that it gets paid back?

203
00:12:20,280 --> 00:12:23,680
Speaker 4: If you owe yourself, it starts to you know that

204
00:12:23,720 --> 00:12:27,800
Speaker 4: whole robbing Peter to pay Paul turn a phrase starts

205
00:12:27,840 --> 00:12:29,280
Speaker 4: to become real appropriate.

206
00:12:29,320 --> 00:12:34,640
Speaker 2: But Peter, But Peter and Paul are the same person exactly.

207
00:12:35,000 --> 00:12:38,080
Speaker 3: Yeah, yeah, yeah, yeah, just two different passports. But check

208
00:12:38,120 --> 00:12:42,400
Speaker 3: the biometrics. In the United States, debt does matter, right.

209
00:12:42,480 --> 00:12:47,079
Speaker 3: The vast majority of people have to go into debt

210
00:12:47,160 --> 00:12:49,679
Speaker 3: at one point or another. That is how the system

211
00:12:49,800 --> 00:12:53,440
Speaker 3: is constructed. Well, you've got student loans. Actually, it just

212
00:12:53,480 --> 00:12:54,320
Speaker 3: paid mine off.

213
00:12:55,360 --> 00:12:56,920
Speaker 4: So that's such a good feeling.

214
00:12:57,520 --> 00:13:02,520
Speaker 3: It's so weird man housing mortgage, right, that's a big one. Vehicles,

215
00:13:02,640 --> 00:13:07,520
Speaker 3: medical expenses. One of the top drivers of bankruptcy in

216
00:13:07,559 --> 00:13:10,080
Speaker 3: the States. Yeah, and in other country is the concept

217
00:13:10,120 --> 00:13:14,560
Speaker 3: of medical debt would seem absurd because it is inherently absurd, right,

218
00:13:14,600 --> 00:13:18,920
Speaker 3: and your earlier point, our credit system is built to

219
00:13:19,240 --> 00:13:23,280
Speaker 3: require you to get in some sort of debt to

220
00:13:23,520 --> 00:13:27,000
Speaker 3: establish your stakes in the game. So please stay tuned

221
00:13:27,280 --> 00:13:31,360
Speaker 3: for a credit score episode. But if we scope out,

222
00:13:31,440 --> 00:13:35,880
Speaker 3: if we look at the world at large, modern and ancient,

223
00:13:36,600 --> 00:13:40,520
Speaker 3: we'll see that it literally it runs on the concept

224
00:13:40,559 --> 00:13:44,960
Speaker 3: of debt. Every country has some sort of national debt,

225
00:13:45,320 --> 00:13:48,880
Speaker 3: total amount of money that a government owes to its creditors.

226
00:13:49,480 --> 00:13:52,480
Speaker 3: Here in the US, that's primarily going to be the public.

227
00:13:53,520 --> 00:13:57,880
Speaker 3: It results from borrowing to cover your deficit, which is

228
00:13:57,960 --> 00:14:02,680
Speaker 3: different when you're the money you're spending exceeds the money

229
00:14:02,679 --> 00:14:09,160
Speaker 3: you receive. And usually in most modern democracies, your government's

230
00:14:09,240 --> 00:14:12,760
Speaker 3: primary means of income is taxation.

231
00:14:14,240 --> 00:14:17,840
Speaker 2: So in this case we're talking about debt to GDP ratios.

232
00:14:17,960 --> 00:14:19,440
Speaker 2: That's exciting stuff.

233
00:14:20,320 --> 00:14:25,320
Speaker 3: Yeah, in the US, if you look at the latest

234
00:14:25,440 --> 00:14:28,960
Speaker 3: reports and estimates from November of twenty twenty five, we're

235
00:14:29,000 --> 00:14:34,320
Speaker 3: recording this on November seventeenth, Uncle Sam owes a collection

236
00:14:34,400 --> 00:14:38,280
Speaker 3: of people, mainly the US public and some to itself.

237
00:14:38,360 --> 00:14:42,320
Speaker 3: It owes thirty eight trillion US dollars.

238
00:14:42,640 --> 00:14:46,440
Speaker 2: That's insane. Two percentage of that I think twelve percent,

239
00:14:47,360 --> 00:14:54,040
Speaker 2: maybe it's more at this point zonned by foreign nations individuals.

240
00:14:54,280 --> 00:14:59,120
Speaker 3: So it's the individual part is worrisome. The foreign government

241
00:14:59,200 --> 00:15:04,800
Speaker 3: part is actually xenophon. Yeah, that's that's an advantage of

242
00:15:04,840 --> 00:15:08,360
Speaker 3: the system. And to go back to the original question there,

243
00:15:08,560 --> 00:15:14,120
Speaker 3: the annual budget deficit we are spending more than we make,

244
00:15:14,920 --> 00:15:18,800
Speaker 3: is different from the national debt. The national debt becomes

245
00:15:18,880 --> 00:15:21,120
Speaker 3: a result of the.

246
00:15:21,200 --> 00:15:24,320
Speaker 2: Deficit growing and growing and growing.

247
00:15:25,080 --> 00:15:27,800
Speaker 4: So that handful of billion bucks that we just gave

248
00:15:27,880 --> 00:15:32,040
Speaker 4: to was it Argentina? Oh yeah, yeah, that's a loan

249
00:15:32,560 --> 00:15:33,640
Speaker 4: and that goes on the ledger.

250
00:15:34,000 --> 00:15:38,520
Speaker 3: Hmmm, we'll get to some crypto in a second. Yeah,

251
00:15:37,800 --> 00:15:42,720
Speaker 3: it's a it's a books we're talking as well, right, yeah, yeah,

252
00:15:42,760 --> 00:15:46,000
Speaker 3: well it's a favor. Also, if you own the printing press,

253
00:15:46,320 --> 00:15:48,760
Speaker 3: you decide what the books will publish, you know what

254
00:15:48,760 --> 00:15:52,560
Speaker 3: I mean. That's the situation we're in. Who watches the watchmen?

255
00:15:53,160 --> 00:15:56,840
Speaker 2: Well, just to stay in deficit or second at least

256
00:15:56,880 --> 00:16:03,240
Speaker 2: according to who is this reporting it? This is Investipedia,

257
00:16:03,320 --> 00:16:08,200
Speaker 2: who knows, but they have numbers from a congressional committee

258
00:16:08,240 --> 00:16:11,480
Speaker 2: who is looking at spending from April twenty twenty five,

259
00:16:11,640 --> 00:16:14,960
Speaker 2: and they mentioned that the US debt to GDP ratio

260
00:16:15,160 --> 00:16:19,520
Speaker 2: earlier this year was one hundred and eighteen point eight percent,

261
00:16:20,360 --> 00:16:24,600
Speaker 2: which means we are overspending what the entirety of the

262
00:16:24,680 --> 00:16:27,480
Speaker 2: US makes by eighteen point eight percent.

263
00:16:28,480 --> 00:16:31,680
Speaker 3: Yeah. Yeah, we have to note here, that's a great

264
00:16:31,720 --> 00:16:34,800
Speaker 3: segue to this. We have to note here the US

265
00:16:34,920 --> 00:16:42,000
Speaker 3: national debt, any nation states overall debt, can be leveraged, politicized, weaponized, indeed,

266
00:16:42,040 --> 00:16:45,360
Speaker 3: for all sorts of things. So when one political party

267
00:16:45,440 --> 00:16:50,600
Speaker 3: is in charge, the other is going to inevitably criticize

268
00:16:51,040 --> 00:16:53,760
Speaker 3: the amount of money owed. It does.

269
00:16:53,760 --> 00:16:56,520
Speaker 4: Just look it up. It's been since the late nineties,

270
00:16:56,600 --> 00:17:00,520
Speaker 4: early two thousands since we've last had a surplus.

271
00:17:01,200 --> 00:17:02,560
Speaker 2: Yeah Clinton.

272
00:17:03,360 --> 00:17:06,840
Speaker 3: Yeah. So if you if you are in power and

273
00:17:06,880 --> 00:17:09,840
Speaker 3: you want to cut a certain program or attack a

274
00:17:09,840 --> 00:17:12,960
Speaker 3: certain demographic, all you got to do is shout about

275
00:17:12,960 --> 00:17:16,439
Speaker 3: fiscal security and deficits and debt. If you want to

276
00:17:16,440 --> 00:17:20,280
Speaker 3: throw a bunch of money into a big project, a war,

277
00:17:20,960 --> 00:17:24,320
Speaker 3: then you as the government, since you make the rules,

278
00:17:24,480 --> 00:17:27,760
Speaker 3: you can loosen those rules or throw them out entirely

279
00:17:28,359 --> 00:17:31,560
Speaker 3: until the consequences catch up with you. It reminds me

280
00:17:31,640 --> 00:17:36,399
Speaker 3: of like if we all went to a dim Sum restaurant.

281
00:17:37,200 --> 00:17:40,119
Speaker 3: You guys like dim Sum, love it? Yeah, it's okay

282
00:17:40,160 --> 00:17:43,720
Speaker 3: to say no, that's what we're up board.

283
00:17:43,920 --> 00:17:45,920
Speaker 4: I mean, I don't love all dim Sum, I don't

284
00:17:45,960 --> 00:17:48,159
Speaker 4: love all the offerings, but either there, you know, I

285
00:17:48,200 --> 00:17:50,000
Speaker 4: love a dumpling of anything stripe.

286
00:17:50,440 --> 00:17:50,880
Speaker 2: Yeah.

287
00:17:51,040 --> 00:17:54,440
Speaker 3: Thinking of the model of a dim Sum restaurant, right,

288
00:17:54,600 --> 00:17:57,080
Speaker 3: every you've got a big table of people, always go

289
00:17:57,119 --> 00:18:01,119
Speaker 3: in a group, right, and you're ordering things that add

290
00:18:01,200 --> 00:18:04,520
Speaker 3: up and everybody's got different interests, they got different dumplings

291
00:18:04,560 --> 00:18:08,240
Speaker 3: they like, and eventually coming around on different carts. Right,

292
00:18:08,359 --> 00:18:11,160
Speaker 3: eventually the bill comes due. But what if we are

293
00:18:11,240 --> 00:18:15,000
Speaker 3: the owners of the dim sum restaurant. While we're eating

294
00:18:15,080 --> 00:18:18,000
Speaker 3: at the dim sum restaurant, it becomes easier for us

295
00:18:18,040 --> 00:18:21,919
Speaker 3: to say, ah, just more dumplets. We'll catch up later.

296
00:18:22,320 --> 00:18:25,920
Speaker 2: And in this case, it's kind of choosing which parts

297
00:18:25,920 --> 00:18:27,600
Speaker 2: you want to yell about when we're talking about the debt.

298
00:18:27,640 --> 00:18:31,760
Speaker 2: Right in this scenario, I didn't order the chicken feet. Yeah,

299
00:18:31,840 --> 00:18:34,400
Speaker 2: well it's I was thinking about this this morning, guys,

300
00:18:34,440 --> 00:18:37,199
Speaker 2: And I don't know if you've noticed this, but it

301
00:18:37,280 --> 00:18:42,199
Speaker 2: feels as though, at least from the political from the

302
00:18:42,240 --> 00:18:46,280
Speaker 2: politicalization of debt that I've seen in the news, you've

303
00:18:46,280 --> 00:18:49,040
Speaker 2: got people clamoring that it's entitlements, so the things that

304
00:18:49,040 --> 00:18:51,120
Speaker 2: we're going to talk about here, you know, like medicare,

305
00:18:51,200 --> 00:18:55,600
Speaker 2: medicaid and social security, versus people who think the big

306
00:18:55,640 --> 00:18:59,000
Speaker 2: problem is military spending, which is part of discretionary spending.

307
00:18:59,520 --> 00:19:01,359
Speaker 2: But there's there doesn't seem to be a lot of

308
00:19:01,359 --> 00:19:03,879
Speaker 2: people who are going, wow, yeah, we are actually spending

309
00:19:03,880 --> 00:19:05,919
Speaker 2: a lot of money in both of these sectors. And

310
00:19:05,960 --> 00:19:09,480
Speaker 2: there needs to be like some braining in of all

311
00:19:09,520 --> 00:19:11,879
Speaker 2: of this stuff. It seems like it is the thing

312
00:19:11,880 --> 00:19:13,800
Speaker 2: you're talking about. Ben. You pick and choose what's the

313
00:19:13,880 --> 00:19:16,479
Speaker 2: bad part of debt, and that's the one we're gonna hammer.

314
00:19:16,800 --> 00:19:19,119
Speaker 4: Well, that's the politicization of it too. I mean, you

315
00:19:19,240 --> 00:19:21,800
Speaker 4: do that to suit your policy goals.

316
00:19:22,240 --> 00:19:26,200
Speaker 2: Right, yes, but there's no policy person at least that

317
00:19:26,280 --> 00:19:28,480
Speaker 2: I could find out there that is just saying all

318
00:19:28,520 --> 00:19:30,200
Speaker 2: of this stuff is getting out of hand.

319
00:19:30,960 --> 00:19:35,879
Speaker 3: There are a couple and everybody else is super duper

320
00:19:36,000 --> 00:19:41,199
Speaker 3: mad at them. No, nobody wants to Nobody wants to

321
00:19:41,240 --> 00:19:44,120
Speaker 3: stand up at the dim sum restaurant and say, I

322
00:19:44,160 --> 00:19:48,439
Speaker 3: think we've had enough dumplings. That's why I think the

323
00:19:48,800 --> 00:19:52,880
Speaker 3: analogy holds. Nobody wants to be the fun police, and

324
00:19:52,960 --> 00:19:56,000
Speaker 3: sometimes you need them. I mean, that's why, going back

325
00:19:56,040 --> 00:20:00,879
Speaker 3: to the earlier point, that's why economists the the adherence

326
00:20:00,960 --> 00:20:03,960
Speaker 3: of the dismal science. That's why they tend to focus

327
00:20:04,119 --> 00:20:08,119
Speaker 3: less on absolute debt and more on ratios like the

328
00:20:08,240 --> 00:20:13,640
Speaker 3: Genie indets or a country's debt to gross domestic product ratios.

329
00:20:13,720 --> 00:20:17,400
Speaker 3: So the idea here is that all right, guys, country

330
00:20:18,040 --> 00:20:22,080
Speaker 3: grows right and so as a country grows, you got

331
00:20:22,119 --> 00:20:26,600
Speaker 3: more people paying taxes, more businesses paying taxes, so the

332
00:20:26,680 --> 00:20:31,680
Speaker 3: economy rolls along and the government makes more money off

333
00:20:31,720 --> 00:20:34,920
Speaker 3: of these taxes, and then it can start paying down

334
00:20:35,080 --> 00:20:40,199
Speaker 3: its debt. That's they're paying interest. That's the idea that

335
00:20:41,080 --> 00:20:45,840
Speaker 3: is claimed in textbooks. And just so you know, as

336
00:20:45,840 --> 00:20:48,480
Speaker 3: we'll see, economists fight about this stuff all the time.

337
00:20:48,840 --> 00:20:53,040
Speaker 3: But I think even without getting into the weeds, this

338
00:20:53,160 --> 00:20:56,320
Speaker 3: shows us right that there is a lot of bizarre

339
00:20:56,400 --> 00:21:01,080
Speaker 3: stuff hidden. And those two little words national and debt,

340
00:21:01,640 --> 00:21:02,600
Speaker 3: well we always.

341
00:21:02,280 --> 00:21:05,320
Speaker 4: Hear to talk about what would happen if China called

342
00:21:05,400 --> 00:21:09,000
Speaker 4: the debt in you know, how that could potentially tank

343
00:21:09,080 --> 00:21:12,960
Speaker 4: the dollar. And maybe I'm speaking in too broad terms there,

344
00:21:13,000 --> 00:21:14,760
Speaker 4: but that's just one that comes to minds.

345
00:21:15,080 --> 00:21:17,560
Speaker 3: Yeah, I agree with you there, man, I mean shout

346
00:21:17,600 --> 00:21:20,359
Speaker 3: out to the petro dollar as well. We got to

347
00:21:20,400 --> 00:21:23,920
Speaker 3: get into this. With everything we just said in mind,

348
00:21:25,119 --> 00:21:29,560
Speaker 3: we are not economic experts. I would argue there are

349
00:21:29,600 --> 00:21:33,920
Speaker 3: actually very few with this in mind. It's no surprise

350
00:21:34,160 --> 00:21:37,280
Speaker 3: that people think the system is broken or maybe even

351
00:21:37,400 --> 00:21:41,280
Speaker 3: purposely rigged. So what's the truth of the matter. Are

352
00:21:41,359 --> 00:21:46,560
Speaker 3: there conspiracies at play? Let's say we take a break

353
00:21:46,600 --> 00:21:48,960
Speaker 3: for a word from our sponsor, which might be a

354
00:21:49,000 --> 00:21:52,920
Speaker 3: financial company, and then tive in, Oh my gosh, is

355
00:21:52,960 --> 00:21:54,360
Speaker 3: it going to be a financial company?

356
00:21:54,920 --> 00:22:02,920
Speaker 4: I hope. So here's where it gets crazy.

357
00:22:03,440 --> 00:22:07,680
Speaker 3: Yes, there are serious problems with the concept of national debt,

358
00:22:07,800 --> 00:22:10,639
Speaker 3: at least the way it's handled in the United States.

359
00:22:10,640 --> 00:22:12,879
Speaker 3: And we got to say there are more than a

360
00:22:12,920 --> 00:22:14,880
Speaker 3: few historical factors of play here.

361
00:22:15,520 --> 00:22:18,680
Speaker 2: Well, I guess you know, the US when it began,

362
00:22:18,760 --> 00:22:21,879
Speaker 2: it borrowed some money to fight ye old revolution to

363
00:22:21,880 --> 00:22:23,800
Speaker 2: become a country, right, but that was only to the

364
00:22:23,840 --> 00:22:27,560
Speaker 2: tune of several million dollars. Yeah, and we need to

365
00:22:27,600 --> 00:22:30,200
Speaker 2: fill up our war chest. Well, yeah, and those debts

366
00:22:30,200 --> 00:22:33,560
Speaker 2: were paid down pretty quickly, and then a lot of

367
00:22:33,640 --> 00:22:36,760
Speaker 2: years happened, and then there was this World War One thing,

368
00:22:37,680 --> 00:22:39,880
Speaker 2: and you know, some money's changed hands of debts, got

369
00:22:39,880 --> 00:22:41,840
Speaker 2: a crew. Then they paid back down a little bit.

370
00:22:41,880 --> 00:22:45,160
Speaker 2: But then once we got to World War Two, that's

371
00:22:45,240 --> 00:22:48,879
Speaker 2: post you know, the Great Depression and everything. That's post

372
00:22:49,200 --> 00:22:52,480
Speaker 2: what is an eighteen seventy three panic with the railroad system.

373
00:22:52,920 --> 00:22:57,159
Speaker 2: But around World War two is when debts in this

374
00:22:57,240 --> 00:23:01,040
Speaker 2: country began to accrew like crazy.

375
00:23:01,640 --> 00:23:05,200
Speaker 3: Because who's going to stop you, you know, and.

376
00:23:04,920 --> 00:23:07,840
Speaker 2: I for helping everybody out in World War Two.

377
00:23:08,080 --> 00:23:12,119
Speaker 3: And I appreciate the new about the providence of money

378
00:23:12,320 --> 00:23:16,679
Speaker 3: in the United States. Hamilton the musical spends a little

379
00:23:16,680 --> 00:23:21,520
Speaker 3: time alluding to this post World War Two, when the

380
00:23:21,640 --> 00:23:26,440
Speaker 3: Allies won and it was kind of a pyrrhic victory

381
00:23:26,520 --> 00:23:29,280
Speaker 3: for most of the world because stuff was wrecked left

382
00:23:29,320 --> 00:23:36,440
Speaker 3: and right. Because of its geographical advantage, the US enjoyed

383
00:23:36,520 --> 00:23:40,520
Speaker 3: a catbird seat in global finance. So now fast forward

384
00:23:40,520 --> 00:23:44,040
Speaker 3: twenty twenty five, well over half a century, the US

385
00:23:44,160 --> 00:23:47,800
Speaker 3: dollar has been a de facto global reserve currency. And

386
00:23:47,880 --> 00:23:51,720
Speaker 3: also Nixon played a role in making the petro dollar,

387
00:23:51,880 --> 00:23:53,960
Speaker 3: which is a big part of this. So that means

388
00:23:53,960 --> 00:23:59,560
Speaker 3: that even if you are a rival country and you

389
00:23:59,640 --> 00:24:02,760
Speaker 3: hate United States, you're gonna have a boffin in the

390
00:24:02,800 --> 00:24:07,880
Speaker 3: back room that says, hey, let's put some investments into

391
00:24:08,320 --> 00:24:12,760
Speaker 3: US dollars. It's a safe haven because the United States

392
00:24:12,800 --> 00:24:17,200
Speaker 3: since World War Two has more or less kept its

393
00:24:17,280 --> 00:24:18,360
Speaker 3: currency stable.

394
00:24:19,640 --> 00:24:22,600
Speaker 2: Yeah, somehow, even after ending the gold standard in nineteen

395
00:24:22,640 --> 00:24:25,560
Speaker 2: thirty three, which is very odd, right, and then linking

396
00:24:25,600 --> 00:24:30,439
Speaker 2: it to oil essentially, not really, not officially.

397
00:24:30,040 --> 00:24:34,120
Speaker 3: Maybe well shout out to Nixon again. I mean second,

398
00:24:34,119 --> 00:24:36,119
Speaker 3: the second point here that we have to get to

399
00:24:36,400 --> 00:24:40,960
Speaker 3: is that might makes right. The US currently has the

400
00:24:41,440 --> 00:24:45,520
Speaker 3: largest debt in the world, but it also has the

401
00:24:45,880 --> 00:24:50,280
Speaker 3: world's most dangerous military. So if push comes to shove

402
00:24:50,880 --> 00:24:55,399
Speaker 3: and everybody stops acting nice and someone says, hey, we

403
00:24:55,480 --> 00:24:58,679
Speaker 3: got to pay the bill at this dim sum restaurant,

404
00:24:59,080 --> 00:25:02,760
Speaker 3: can everyone else really make Uncle Sam follow the rules?

405
00:25:03,400 --> 00:25:10,000
Speaker 2: I know, right? Well, yeah, I was reading Jazir about

406
00:25:10,080 --> 00:25:14,680
Speaker 2: how the US debt total is equal to the value

407
00:25:14,880 --> 00:25:18,919
Speaker 2: of the entire value of the economies of China plus Japan,

408
00:25:19,080 --> 00:25:23,679
Speaker 2: plus India, plus Germany and plus the UK. All of that,

409
00:25:23,920 --> 00:25:26,720
Speaker 2: all of those economies equal the amount of money of

410
00:25:26,720 --> 00:25:29,399
Speaker 2: the usos. That's crazy.

411
00:25:29,960 --> 00:25:33,560
Speaker 3: Yeah, And I was thinking back in two thousand and two,

412
00:25:33,840 --> 00:25:37,960
Speaker 3: some of our fellow conspiracy realists, we may remember, that's

413
00:25:38,680 --> 00:25:42,359
Speaker 3: during the Houseyon days of one of the Bush presidencies.

414
00:25:43,040 --> 00:25:47,520
Speaker 3: Vice President Dick Cheney RIP is sitting down with the

415
00:25:47,560 --> 00:25:52,600
Speaker 3: Treasury Secretary Paul H. O'Neil, and they're talking turkey about

416
00:25:52,600 --> 00:25:55,800
Speaker 3: a second round of tax cuts, because there was another

417
00:25:55,880 --> 00:26:00,399
Speaker 3: round of tax cuts preceding this in two thousand and one. Buddy,

418
00:26:00,520 --> 00:26:06,880
Speaker 3: the Treasury sect he is saying, look, Penis, Dick Richard, whatever,

419
00:26:07,119 --> 00:26:11,800
Speaker 3: We're already running one hundred and fifty eight billion dollar deficit.

420
00:26:12,800 --> 00:26:16,879
Speaker 3: Our nation could be careading toward a financial crisis. And

421
00:26:16,920 --> 00:26:24,159
Speaker 3: then Chaney allegedly dismissed this and he said, simply, deficits

422
00:26:24,200 --> 00:26:28,600
Speaker 3: don't matter. Really, I mean, we make the rules, we

423
00:26:28,720 --> 00:26:31,280
Speaker 3: run the bank, so do we have to follow the

424
00:26:31,320 --> 00:26:36,000
Speaker 3: bank's rules. The US can disregard financial norms, it can

425
00:26:36,080 --> 00:26:40,520
Speaker 3: ignore the rules, it can bend them. I mean the US,

426
00:26:41,119 --> 00:26:46,280
Speaker 3: this country has, can and will force other countries into debt.

427
00:26:46,359 --> 00:26:48,760
Speaker 3: I'd like to give a shout out to Confessions of

428
00:26:48,760 --> 00:26:50,959
Speaker 3: an Economic hit Man. Remember that book.

429
00:26:52,119 --> 00:26:53,919
Speaker 4: I've heard the name, but I have not read it.

430
00:26:54,520 --> 00:26:57,880
Speaker 3: If you don't want to start kinetic war, you can

431
00:26:58,040 --> 00:27:01,600
Speaker 3: pull some levers. Right. If you're a big enough fish

432
00:27:01,640 --> 00:27:07,120
Speaker 3: in the sea, and you can drive another country into hyperinflation,

433
00:27:07,800 --> 00:27:11,439
Speaker 3: you can wreck its economy, you can push it to

434
00:27:11,560 --> 00:27:16,679
Speaker 3: a terrible place. Venezuela is one example. Currently post World

435
00:27:16,720 --> 00:27:19,920
Speaker 3: War One. Germany is another example.

436
00:27:21,119 --> 00:27:26,800
Speaker 2: Yeah, USS are right, But in Afghanistan, we certainly done that.

437
00:27:27,160 --> 00:27:29,600
Speaker 3: There are any news about Afghanistan right now?

438
00:27:29,680 --> 00:27:31,920
Speaker 2: Actually, what's the news? Yeah?

439
00:27:32,040 --> 00:27:36,919
Speaker 3: Right now? The economy of Afghanistan is in some serious trouble.

440
00:27:37,320 --> 00:27:42,840
Speaker 3: Nine to ten families are forced to skip meals or

441
00:27:43,000 --> 00:27:46,480
Speaker 3: sell off their stuff or take on debt to survive

442
00:27:47,200 --> 00:27:49,960
Speaker 3: because of the economy is spirally right on.

443
00:27:50,800 --> 00:27:52,879
Speaker 2: We're close behind, right. Don't you guys think when the

444
00:27:52,920 --> 00:27:57,639
Speaker 2: AI bubble bursts here in about six months? I mean really,

445
00:27:59,359 --> 00:28:04,760
Speaker 2: you think back like when the major things that are

446
00:28:04,760 --> 00:28:08,080
Speaker 2: being invested in in a country collapse, like with the

447
00:28:08,160 --> 00:28:11,320
Speaker 2: railroads back in eighteen seventy three, or I don't know,

448
00:28:11,680 --> 00:28:14,640
Speaker 2: the stock market and how it collapsed after everybody bought

449
00:28:14,640 --> 00:28:16,600
Speaker 2: in and it was only like nine years, eight or

450
00:28:16,640 --> 00:28:19,080
Speaker 2: nine years after the stock market was a thing, it

451
00:28:19,119 --> 00:28:22,639
Speaker 2: collapsed and everybody was losing money. Eight billion dollars just disappeared.

452
00:28:23,119 --> 00:28:26,480
Speaker 2: And now we're all deciding that this AI thing is

453
00:28:26,520 --> 00:28:28,840
Speaker 2: the thing, and we're all invested, just like in the

454
00:28:28,880 --> 00:28:31,120
Speaker 2: dot com bubble. I don't know.

455
00:28:32,400 --> 00:28:35,280
Speaker 4: So what you're saying is we should all get out

456
00:28:35,320 --> 00:28:37,080
Speaker 4: of the stock market entirely, Matt.

457
00:28:37,080 --> 00:28:40,520
Speaker 2: No, I'm just saying you can pressure. What what we're

458
00:28:40,520 --> 00:28:45,040
Speaker 2: talking about here is like pressuring a country to over

459
00:28:45,120 --> 00:28:48,240
Speaker 2: exert themselves when it comes to spending on things, and

460
00:28:48,320 --> 00:28:50,920
Speaker 2: in this case, we're talking about private money. And then

461
00:28:51,400 --> 00:28:54,480
Speaker 2: you know the in this case, the United States getting

462
00:28:54,520 --> 00:28:58,600
Speaker 2: government dollars to invest in this AI infrastructure thing, whatever

463
00:28:58,640 --> 00:29:01,120
Speaker 2: it is and whatever it becomes, and if it all

464
00:29:01,160 --> 00:29:05,040
Speaker 2: just collapses and falls apart, then the US government and

465
00:29:05,120 --> 00:29:08,320
Speaker 2: the public is also on the hook. Yeah.

466
00:29:08,480 --> 00:29:12,080
Speaker 3: True. The issue is the envelope can only be pushed

467
00:29:12,320 --> 00:29:17,760
Speaker 3: so far. Historically, the bill always comes due. That is

468
00:29:17,840 --> 00:29:22,960
Speaker 3: why so many people continually worry that if a public

469
00:29:23,240 --> 00:29:26,840
Speaker 3: lets a debt for a nation get too high, we

470
00:29:26,920 --> 00:29:31,360
Speaker 3: will reach a crisis moment with dire consequences. There are

471
00:29:31,640 --> 00:29:38,240
Speaker 3: tons of historical anecdotes about this stagflation, recession, depression, collapse.

472
00:29:38,880 --> 00:29:43,320
Speaker 3: Let's go to the Brookings Institution. They sum it up

473
00:29:43,360 --> 00:29:43,920
Speaker 3: pretty well.

474
00:29:44,040 --> 00:29:48,120
Speaker 4: Yes, the Brookings Institution points out the national debt can

475
00:29:48,240 --> 00:29:51,760
Speaker 4: lead to higher interest rates, which increases borrowing costs for

476
00:29:51,800 --> 00:29:56,560
Speaker 4: individuals and businesses, and it may crowd out private investment. Additionally,

477
00:29:56,680 --> 00:30:01,840
Speaker 4: persistent debt growth can burden future generation with financial obligations,

478
00:30:01,880 --> 00:30:05,160
Speaker 4: potentially leading to a fiscal crisis if not addressed.

479
00:30:05,360 --> 00:30:09,680
Speaker 3: Ooh, I'm shivering. I'm thinking of the Philip Larkin pull up.

480
00:30:09,760 --> 00:30:14,160
Speaker 3: You know, man hands misery odd to man. Oh, and

481
00:30:14,200 --> 00:30:14,640
Speaker 3: then I.

482
00:30:14,560 --> 00:30:17,920
Speaker 4: Mean, we just had a FED adjustment, right, we did,

483
00:30:17,920 --> 00:30:21,360
Speaker 4: And some of the news around that had to do

484
00:30:21,520 --> 00:30:26,280
Speaker 4: with this really only benefits people that are that have

485
00:30:26,440 --> 00:30:29,320
Speaker 4: wealth now and that it could potentially down the line

486
00:30:29,680 --> 00:30:32,720
Speaker 4: be negative for younger people. And this idea of accruing

487
00:30:33,000 --> 00:30:36,760
Speaker 4: wealth and generational wealth is becoming less and less possible.

488
00:30:37,000 --> 00:30:40,920
Speaker 3: Things are more expensive while your dollars are losing value.

489
00:30:41,440 --> 00:30:44,480
Speaker 3: It's a pretty distressing time to be a young human

490
00:30:44,720 --> 00:30:45,840
Speaker 3: in the United States.

491
00:30:46,480 --> 00:30:50,040
Speaker 2: Oh yeah, well, especially because one of the big parts

492
00:30:50,280 --> 00:30:53,920
Speaker 2: of this whole credit thing is that countries have credit too,

493
00:30:54,080 --> 00:30:57,120
Speaker 2: like a credit score, a credit rating. Right, And we

494
00:30:57,640 --> 00:30:59,400
Speaker 2: talked a long time ago. I think it was twenty

495
00:30:59,400 --> 00:31:02,080
Speaker 2: eleven when the US first got downgraded by one of

496
00:31:02,120 --> 00:31:05,800
Speaker 2: the big institutions. It was like Moody's maybe else, I

497
00:31:05,840 --> 00:31:09,120
Speaker 2: think that's Fitch back in twenty eleven. Then Standard of

498
00:31:09,160 --> 00:31:13,800
Speaker 2: Poorers downgraded US in twenty twenty three, then Moody's I

499
00:31:13,840 --> 00:31:17,520
Speaker 2: think last year downgraded US, and then this year in May,

500
00:31:17,920 --> 00:31:21,280
Speaker 2: Moody's downgraded the United States credit rating from triple A

501
00:31:21,720 --> 00:31:23,520
Speaker 2: to double A. One.

502
00:31:23,800 --> 00:31:29,440
Speaker 3: Yeah, which sounds so up to at academic but does

503
00:31:29,480 --> 00:31:33,240
Speaker 3: have real world consequences. Also, I love the name standard

504
00:31:33,240 --> 00:31:37,760
Speaker 3: and poor. I think it's just very brutally written. There's

505
00:31:37,840 --> 00:31:42,480
Speaker 3: never a good, there's never a great. There's standard and poor.

506
00:31:42,840 --> 00:31:46,040
Speaker 3: Reminds me of an old German girlfriend of mine who

507
00:31:46,120 --> 00:31:47,920
Speaker 3: once said I was severely adequate.

508
00:31:48,880 --> 00:31:53,000
Speaker 2: Ay, well, well that's the person. That's kind of how

509
00:31:53,000 --> 00:31:55,600
Speaker 2: it is for everybody, except for whoever it is that

510
00:31:55,800 --> 00:31:59,680
Speaker 2: is lending money OH to you to recruit to accrue

511
00:31:59,680 --> 00:32:00,320
Speaker 2: the in.

512
00:32:00,560 --> 00:32:03,760
Speaker 3: Oh at various times. History is again littered with so

513
00:32:03,920 --> 00:32:08,880
Speaker 3: many precedents here, Different governments and empires since evenings of

514
00:32:08,920 --> 00:32:11,960
Speaker 3: old have messed with the money a little too much.

515
00:32:12,320 --> 00:32:15,040
Speaker 3: In some cases they have hoarded it right, like back

516
00:32:15,080 --> 00:32:18,360
Speaker 3: when money was tied to a tangible asset, or in

517
00:32:18,400 --> 00:32:22,400
Speaker 3: other cases, especially in the world of fiat currency, they

518
00:32:22,480 --> 00:32:27,680
Speaker 3: just said, forget it, print more money. What could go wrong? Everything?

519
00:32:28,280 --> 00:32:31,240
Speaker 3: And right now. The reason we're doing this episode is

520
00:32:31,280 --> 00:32:35,960
Speaker 3: because a lot of people, very smart observers, in some

521
00:32:36,000 --> 00:32:41,320
Speaker 3: cases very ideologically driven experts. They're arguing the current US

522
00:32:41,440 --> 00:32:45,920
Speaker 3: government is going down the same terrifying all too well

523
00:32:46,000 --> 00:32:50,760
Speaker 3: paved path. Could a collapse be on the way? How

524
00:32:50,840 --> 00:32:54,840
Speaker 3: much debt can Uncle Sam get before somewhat at the

525
00:32:54,880 --> 00:32:59,200
Speaker 3: dim sum restaurant runs the credit card or ask for payment.

526
00:32:58,880 --> 00:33:01,840
Speaker 2: In cash, gonna say the credit card was declined.

527
00:33:03,440 --> 00:33:06,360
Speaker 3: Yeah, that's the thing. And then Uncle Sam, you know,

528
00:33:06,440 --> 00:33:10,600
Speaker 3: if history proves anything, Uncle Sam will say, well, I

529
00:33:10,640 --> 00:33:14,080
Speaker 3: have a tank outside. Yeah, I've got several guns.

530
00:33:14,440 --> 00:33:17,360
Speaker 2: Wait, and I've got these pieces of paper with with

531
00:33:17,440 --> 00:33:18,600
Speaker 2: pyramids on them.

532
00:33:19,040 --> 00:33:22,960
Speaker 3: They have my watch, a nice watch. Here's my here's

533
00:33:23,000 --> 00:33:28,240
Speaker 3: my secret little card to a fancy place on a boat. Sorry, guys,

534
00:33:28,280 --> 00:33:30,560
Speaker 3: I just found my secret card from earlier.

535
00:33:30,800 --> 00:33:34,120
Speaker 4: Remember that, do you accept loose diamonds?

536
00:33:35,440 --> 00:33:39,239
Speaker 3: Love a loose diamonds reference? Right? So okay in the

537
00:33:39,280 --> 00:33:42,280
Speaker 3: present day, gotta love a loose diamond's reference.

538
00:33:42,400 --> 00:33:45,480
Speaker 4: It's so shady. Why he's just rolling around in there,

539
00:33:45,600 --> 00:33:45,920
Speaker 4: just lose.

540
00:33:45,960 --> 00:33:48,520
Speaker 3: You have a bag of loose diamonds anyways, the sound

541
00:33:48,520 --> 00:33:52,880
Speaker 3: of always in a little velvet, black velvet bagged. Yeah,

542
00:33:53,000 --> 00:33:54,680
Speaker 3: you know, I like give.

543
00:33:54,600 --> 00:33:55,120
Speaker 2: Me the tingle.

544
00:33:55,640 --> 00:33:59,040
Speaker 3: Yeah, those are nice shout out to a SMR. Okay,

545
00:33:59,160 --> 00:34:02,120
Speaker 3: So I would say most people in the United States,

546
00:34:02,480 --> 00:34:06,440
Speaker 3: regardless of demographic, if you're an adult, you're properly familiar

547
00:34:06,560 --> 00:34:12,400
Speaker 3: with the controversy surrounding some recent legislation. One big beautiful

548
00:34:12,520 --> 00:34:15,399
Speaker 3: bill that's the street name. It lays out the core

549
00:34:15,680 --> 00:34:22,040
Speaker 3: financial principles and goals of the second Trump administration, the

550
00:34:22,080 --> 00:34:25,560
Speaker 3: current motus, and the tax cuts are a big part

551
00:34:25,560 --> 00:34:29,919
Speaker 3: of this. So the tax cuts involved, experts agree, may

552
00:34:30,040 --> 00:34:34,759
Speaker 3: add another three trillion dollars to the US.

553
00:34:34,640 --> 00:34:38,160
Speaker 4: Debt, but that's okay because the tax cuts are for

554
00:34:38,239 --> 00:34:41,560
Speaker 4: the super rich, and that wealth will just trickle down

555
00:34:42,080 --> 00:34:45,120
Speaker 4: to the rest of us and make the economy better overall.

556
00:34:45,200 --> 00:34:47,800
Speaker 4: So it's worth it. Is this not kind of Reaganomics.

557
00:34:48,840 --> 00:34:52,359
Speaker 3: Horse and sparrow. Yeah, they rebranded. It is trickled down.

558
00:34:52,440 --> 00:34:55,600
Speaker 3: But the original idea was you feed the horse, the

559
00:34:55,680 --> 00:34:58,480
Speaker 3: horse poops, and now the sparrow has something to eat.

560
00:34:59,040 --> 00:35:02,120
Speaker 3: We are the sparrow eating all the Yeah, you are

561
00:35:02,239 --> 00:35:06,120
Speaker 3: the sparrow. And so the modern GOP to your point,

562
00:35:06,200 --> 00:35:09,920
Speaker 3: Nol in particular has long been a champion of tax cuts,

563
00:35:10,080 --> 00:35:14,600
Speaker 3: and the argument is you cut taxes on individuals and businesses,

564
00:35:15,120 --> 00:35:19,960
Speaker 3: that means you encourage entrepreneurship, you give businesses a chance

565
00:35:20,000 --> 00:35:24,600
Speaker 3: to grow, you throw high octane fiscal fuel into the

566
00:35:24,640 --> 00:35:28,160
Speaker 3: gas tank of the economy. We're not saying this is correct.

567
00:35:28,520 --> 00:35:32,839
Speaker 3: This is an argument people make historically and at this

568
00:35:32,960 --> 00:35:37,600
Speaker 3: level of finance. Those theories pretty much become articles of faith.

569
00:35:37,680 --> 00:35:40,480
Speaker 3: You know, guys, I was thinking about this really like

570
00:35:40,640 --> 00:35:45,640
Speaker 3: studying a lot of old school economics and their later

571
00:35:46,200 --> 00:35:52,040
Speaker 3: ideological descendants. Often at this level, economists can seem a

572
00:35:52,080 --> 00:35:55,879
Speaker 3: lot less like academics or scientists and a lot more

573
00:35:55,920 --> 00:35:59,920
Speaker 3: like priests from differing denominations. You know what I mean.

574
00:36:00,239 --> 00:36:02,319
Speaker 3: It's it's a religious argument at some point.

575
00:36:03,440 --> 00:36:08,480
Speaker 2: Sure, yeah, no, you're right, You're absolutely right. I can

576
00:36:08,600 --> 00:36:12,480
Speaker 2: see the logic there, freeing up money so that it

577
00:36:12,520 --> 00:36:16,600
Speaker 2: could be invested by somebody who wants to start a

578
00:36:16,640 --> 00:36:22,719
Speaker 2: new business, right, I get that. That is. I think

579
00:36:22,760 --> 00:36:24,960
Speaker 2: it's a bit pie in the sky because generally, at

580
00:36:25,040 --> 00:36:28,000
Speaker 2: least the philosophies in the of the religion thing that

581
00:36:28,040 --> 00:36:30,440
Speaker 2: we're discussing here, or that you would never use your

582
00:36:30,480 --> 00:36:33,320
Speaker 2: own money to invest in a business, you would borrow

583
00:36:33,400 --> 00:36:38,640
Speaker 2: money to begin a new entrepreneurial pursuit. Right. So, ultimately,

584
00:36:38,680 --> 00:36:44,600
Speaker 2: if you are saving people money via their taxes, if

585
00:36:44,600 --> 00:36:49,160
Speaker 2: it's an individual, you're probably not actually creating more jobs

586
00:36:49,239 --> 00:36:53,439
Speaker 2: or more businesses by saving an individual taxes. You're doing

587
00:36:53,800 --> 00:36:56,680
Speaker 2: at the savings, yes, because the money is used to

588
00:36:56,719 --> 00:36:59,360
Speaker 2: stimulate the economy. In that way to create more businesses

589
00:36:59,520 --> 00:37:03,040
Speaker 2: actually come from a lending institution when someone decides to

590
00:37:03,080 --> 00:37:03,640
Speaker 2: do that thing.

591
00:37:04,440 --> 00:37:08,560
Speaker 4: Right, let's see, that's more or less my understanding as well.

592
00:37:08,640 --> 00:37:11,640
Speaker 3: Yes, yeah, yeah, and that's where we see the badger

593
00:37:11,680 --> 00:37:16,239
Speaker 3: in the bag here, right, Something that sounds good might

594
00:37:16,480 --> 00:37:21,560
Speaker 3: just be window dressing. This is why economists argue beat

595
00:37:21,600 --> 00:37:26,600
Speaker 3: me here, Dylan, please, all the time. So much of

596
00:37:27,040 --> 00:37:31,400
Speaker 3: their discourse is argumentative, but we do see precedent historically.

597
00:37:31,480 --> 00:37:36,200
Speaker 4: Well, an economic policy is its own kind of philosophy too, right,

598
00:37:36,280 --> 00:37:39,920
Speaker 4: there's a philosophical, almost religious quality to it, like you

599
00:37:39,960 --> 00:37:44,200
Speaker 4: were saying, Ben, So it's not like that argument implies

600
00:37:44,200 --> 00:37:47,840
Speaker 4: that there really is no cut and dry right answer,

601
00:37:48,600 --> 00:37:50,480
Speaker 4: and that there's all these factions and then you have

602
00:37:50,520 --> 00:37:53,319
Speaker 4: to argue then or wonder about the motivations, whether it's

603
00:37:53,360 --> 00:37:55,880
Speaker 4: political or whether it's actually the best interest of the

604
00:37:55,880 --> 00:37:59,759
Speaker 4: individual the consumer. And the answer is nine almost always know.

605
00:38:00,320 --> 00:38:00,680
Speaker 5: Yeah.

606
00:38:01,360 --> 00:38:04,759
Speaker 3: That's a great point that takes us back to if

607
00:38:04,760 --> 00:38:09,120
Speaker 3: we're really breaking it down, then the argument a lot

608
00:38:09,120 --> 00:38:12,279
Speaker 3: of people are ultimately making is what is best for me?

609
00:38:12,960 --> 00:38:16,319
Speaker 3: And how can I sell it to everybody else? How

610
00:38:16,360 --> 00:38:20,560
Speaker 3: can I convince everyone that what is actually good for

611
00:38:20,800 --> 00:38:26,239
Speaker 3: me primarily is somehow also good for you. That is,

612
00:38:26,640 --> 00:38:30,120
Speaker 3: that's part of the great game. But it doesn't go right.

613
00:38:30,480 --> 00:38:34,160
Speaker 3: There's so many disasters, Latin American debt crisis throughout the

614
00:38:34,239 --> 00:38:38,280
Speaker 3: nineteen eighties, which some of us may remember, the Greek

615
00:38:38,480 --> 00:38:43,799
Speaker 3: government debt crisis, the intervention multiple times of things like

616
00:38:43,840 --> 00:38:48,439
Speaker 3: the International Monetary Fund or the World Bank. Sometimes they

617
00:38:48,440 --> 00:38:52,520
Speaker 3: go in and they're saying, hey, we're gonna stabilize the

618
00:38:52,600 --> 00:38:57,799
Speaker 3: affected economy, or more realistically, we're going to make them

619
00:38:57,920 --> 00:39:03,400
Speaker 3: vassal states in practice resource or six traction. It's just nasty.

620
00:39:02,640 --> 00:39:08,160
Speaker 3: It's so weird. But now, like historically the US could

621
00:39:08,160 --> 00:39:12,080
Speaker 3: do tons of tax cuts right, the bill would always

622
00:39:12,120 --> 00:39:16,520
Speaker 3: come to things often went wrong. But if we look

623
00:39:16,560 --> 00:39:21,400
Speaker 3: at the new tax cut initiative, we'll see things are different.

624
00:39:21,960 --> 00:39:27,240
Speaker 3: Foreign investors are already kind of shook. The US has

625
00:39:27,560 --> 00:39:32,239
Speaker 3: upended the global trade system, their trade wars, their tariffs

626
00:39:32,560 --> 00:39:35,319
Speaker 3: or are their tariffs? Or what day is it? Or

627
00:39:35,320 --> 00:39:40,520
Speaker 3: how long is two weeks? People like certitude and investors

628
00:39:40,880 --> 00:39:44,600
Speaker 3: don't have that. Usually, Like look no further than the

629
00:39:44,640 --> 00:39:49,680
Speaker 3: Middle East or the African sphere. When there's a big conflict,

630
00:39:50,400 --> 00:39:55,680
Speaker 3: a lot of high fluting institutions, and indeed other nation states,

631
00:39:56,480 --> 00:39:59,680
Speaker 3: they'll pump up the US dollar, they'll invest in it

632
00:40:00,080 --> 00:40:03,919
Speaker 3: because they feel like it is a what we call

633
00:40:03,960 --> 00:40:06,880
Speaker 3: a safe haven. They feel like your money will retain

634
00:40:07,120 --> 00:40:11,560
Speaker 3: value if it's in US dollars versus you know, rubles

635
00:40:11,640 --> 00:40:15,960
Speaker 3: or what have you. But now people aren't so on

636
00:40:16,120 --> 00:40:19,600
Speaker 3: board with Uncle Sam. They don't like the coupons as

637
00:40:19,719 --> 00:40:22,760
Speaker 3: much as they did. And for any of these plans

638
00:40:22,760 --> 00:40:26,279
Speaker 3: to work, the dollar has to be the best coupon ever.

639
00:40:28,840 --> 00:40:34,960
Speaker 2: Yeah, but it's not. Whoops, I'm just looking at the

640
00:40:35,040 --> 00:40:38,520
Speaker 2: times that the debt ceiling has been raised and just

641
00:40:38,640 --> 00:40:44,080
Speaker 2: how much it's ballooned since twenty fifteen. Guys, it's insane.

642
00:40:44,440 --> 00:40:47,319
Speaker 2: It's crazy how much it ballooned during the whole COVID thing.

643
00:40:47,760 --> 00:40:50,920
Speaker 2: Oh yeah, it went from twenty two point seven trillion

644
00:40:51,000 --> 00:40:57,479
Speaker 2: dollars to in twenty twenty one, twenty eight point four

645
00:40:57,800 --> 00:41:02,799
Speaker 2: trillion dollars. So so, like, just think about that change

646
00:41:02,960 --> 00:41:06,480
Speaker 2: in the debt because there was so much money being spent. Well,

647
00:41:06,520 --> 00:41:09,120
Speaker 2: then you go back to the housing recession and the

648
00:41:09,160 --> 00:41:12,160
Speaker 2: collapse of that market and all that stuff. Those bailouts

649
00:41:12,160 --> 00:41:14,360
Speaker 2: were to the tune of trillions and trillions of dollars

650
00:41:14,440 --> 00:41:16,560
Speaker 2: where the government just printed money and gave it to

651
00:41:16,600 --> 00:41:21,560
Speaker 2: these banking institutions. Like, that's insane that that can be

652
00:41:21,600 --> 00:41:27,000
Speaker 2: an action taken and then everybody still is okay when

653
00:41:27,040 --> 00:41:30,560
Speaker 2: it comes to like the dollar still is worth as

654
00:41:30,600 --> 00:41:32,840
Speaker 2: much as it was worth, or maybe a little bit less.

655
00:41:34,160 --> 00:41:38,240
Speaker 2: You're talking about a fraction of a fraction. It's insane

656
00:41:38,280 --> 00:41:40,880
Speaker 2: that that can happen and that we can all just

657
00:41:40,920 --> 00:41:44,640
Speaker 2: continue to function and you know, pour billions and billions

658
00:41:44,640 --> 00:41:46,960
Speaker 2: of dollars into all these different places and bail out

659
00:41:47,000 --> 00:41:51,160
Speaker 2: other countries and then just act like everything's the same.

660
00:41:51,680 --> 00:41:53,680
Speaker 4: I mean, if you know, if we had all reached

661
00:41:53,760 --> 00:41:56,680
Speaker 4: our credit limits on our various credit cards and couldn't

662
00:41:56,680 --> 00:41:58,880
Speaker 4: afford to pay our minimums anymore, they're not going to

663
00:41:58,960 --> 00:41:59,960
Speaker 4: give us any more credit.

664
00:42:00,800 --> 00:42:03,239
Speaker 2: We could just hold a meeting and then say well, hey,

665
00:42:03,239 --> 00:42:05,799
Speaker 2: our debt means it is higher now, right.

666
00:42:08,640 --> 00:42:11,920
Speaker 4: War Yeah, I mean, I guess the analogy is that

667
00:42:11,960 --> 00:42:15,480
Speaker 4: you can always, as an individual, request a credit line increase,

668
00:42:15,719 --> 00:42:17,600
Speaker 4: but you're only going to get granted that if you're

669
00:42:17,600 --> 00:42:21,040
Speaker 4: in good standing, you know, and you pay your bills,

670
00:42:21,040 --> 00:42:24,480
Speaker 4: and you're certainly not if you're like in default. You

671
00:42:24,480 --> 00:42:26,320
Speaker 4: know they're not going to give you extend more. But

672
00:42:26,360 --> 00:42:28,200
Speaker 4: it just seems like the same rules that apply to

673
00:42:28,239 --> 00:42:33,360
Speaker 4: human beings just don't apply to these larger systems.

674
00:42:32,680 --> 00:42:37,920
Speaker 2: Because do you have an exact numerical value for the

675
00:42:38,000 --> 00:42:41,319
Speaker 2: amount of interest that the US pays every year on

676
00:42:41,400 --> 00:42:44,719
Speaker 2: the these debts. It was something like thirty three and

677
00:42:44,760 --> 00:42:48,479
Speaker 2: eighty billion dollars or in that ballpark that we pay

678
00:42:48,600 --> 00:42:51,640
Speaker 2: every year. And then so just imagine if you only

679
00:42:51,680 --> 00:42:55,520
Speaker 2: ever paid the interest on your credit card, right exactly right.

680
00:42:55,640 --> 00:42:58,680
Speaker 3: Like if the principle continues to accrue.

681
00:42:58,520 --> 00:43:01,840
Speaker 4: Yeah, it's almost a trill nine hundred and seventy billion

682
00:43:01,920 --> 00:43:04,359
Speaker 4: in interest on the national debt and fiscally year twenty

683
00:43:04,400 --> 00:43:04,960
Speaker 4: twenty five.

684
00:43:05,800 --> 00:43:07,200
Speaker 2: Wait wait, wait'll say that again.

685
00:43:07,520 --> 00:43:11,880
Speaker 4: Nine hundred and seventy billion in interest on the national

686
00:43:11,920 --> 00:43:15,160
Speaker 4: debt in fiscal year twenty twenty five. Last year it

687
00:43:15,239 --> 00:43:16,720
Speaker 4: was eight hundred and eighty billion.

688
00:43:17,440 --> 00:43:21,960
Speaker 3: Holy lord, okay, and that's US dollars. That's not ben Bucks,

689
00:43:22,520 --> 00:43:25,840
Speaker 3: Nol Nichols, or map money. I do want to I

690
00:43:26,239 --> 00:43:29,480
Speaker 3: do propose an exercise here, folks, just to get a

691
00:43:29,520 --> 00:43:33,520
Speaker 3: scale of this. As we pause for a word from

692
00:43:33,520 --> 00:43:39,120
Speaker 3: our sponsor, start counting to one trillion, and please do

693
00:43:39,440 --> 00:43:41,400
Speaker 3: let us know when you get there, let us know

694
00:43:41,640 --> 00:43:44,600
Speaker 3: how long it took. Shout out to our favorite subreddit

695
00:43:45,000 --> 00:43:45,799
Speaker 3: they did the math.

696
00:43:46,600 --> 00:43:49,759
Speaker 2: Oh heck. Yeah. Well, and also keep in mind as

697
00:43:49,760 --> 00:43:53,839
Speaker 2: you're doing that, that the national debt is growing this

698
00:43:53,960 --> 00:43:57,160
Speaker 2: year by sixty eighty four hundred and twelve dollars and

699
00:43:57,200 --> 00:44:00,520
Speaker 2: thirty four cents per second that you are counting. So

700
00:44:00,640 --> 00:44:02,560
Speaker 2: just imagine that in your mind.

701
00:44:03,239 --> 00:44:05,080
Speaker 3: And try to count to a trillion.

702
00:44:10,320 --> 00:44:10,640
Speaker 5: Or back.

703
00:44:10,719 --> 00:44:14,160
Speaker 4: Guys, apparently it would take like the rest of your life.

704
00:44:14,719 --> 00:44:19,759
Speaker 3: Yeah, it's beyond. Everybody starts drinking water, take some supplements,

705
00:44:20,080 --> 00:44:26,880
Speaker 3: do some calistenics. This question is Look, this is a

706
00:44:26,920 --> 00:44:32,000
Speaker 3: matter of reframing our axioms. So the question has never

707
00:44:32,280 --> 00:44:35,239
Speaker 3: really been, at least in the United States, how do

708
00:44:35,320 --> 00:44:39,120
Speaker 3: we eliminate debt and never ever owe anything again? How

709
00:44:39,160 --> 00:44:42,840
Speaker 3: do we stay in the black ink? The US government,

710
00:44:43,080 --> 00:44:47,640
Speaker 3: as we alluded to previously, has flirted with budget surpluses

711
00:44:47,680 --> 00:44:52,399
Speaker 3: in the past, but someone always wants more money for

712
00:44:52,520 --> 00:44:56,120
Speaker 3: some thing, and so when you have well over three

713
00:44:56,200 --> 00:44:59,960
Speaker 3: hundred and twenty million people in the conversation, that extra

714
00:45:00,120 --> 00:45:05,520
Speaker 3: money disappears virtually overnight. So instead the usual question becomes,

715
00:45:06,000 --> 00:45:08,880
Speaker 3: you know, how far can we push the envelope how

716
00:45:08,960 --> 00:45:13,239
Speaker 3: much debt piles up before triggers a financial crisis. So

717
00:45:13,239 --> 00:45:17,000
Speaker 3: the question is are these recent concerns valid or is this,

718
00:45:17,120 --> 00:45:22,040
Speaker 3: as we were saying, politicization or is it alarmism, fear mongering.

719
00:45:22,600 --> 00:45:25,080
Speaker 3: I don't know, man. It's a lot of money though. Yeah,

720
00:45:25,160 --> 00:45:28,120
Speaker 3: and just that number, by the way, i'd been goofball.

721
00:45:28,239 --> 00:45:30,959
Speaker 4: It would take you thirty thousand plus years to count

722
00:45:31,000 --> 00:45:33,480
Speaker 4: to a trillion, So many, many, many lifetimes.

723
00:45:33,680 --> 00:45:35,600
Speaker 3: But keep going. I believe in you.

724
00:45:37,200 --> 00:45:40,160
Speaker 2: Something really weird. I just noticed here, guys, I'm looking

725
00:45:40,160 --> 00:45:42,880
Speaker 2: at more of the Investipedia stuff, and they've got a

726
00:45:42,920 --> 00:45:45,080
Speaker 2: really cool thing you can find if you want to

727
00:45:45,120 --> 00:45:47,759
Speaker 2: look it up. It is US national debt by year,

728
00:45:48,320 --> 00:45:51,360
Speaker 2: and in this I've just never seen this part of

729
00:45:51,400 --> 00:45:56,719
Speaker 2: it before. After World War Two, the US was in

730
00:45:56,800 --> 00:45:59,880
Speaker 2: debt to the tune of twohundred and fifty nine billion,

731
00:46:00,040 --> 00:46:01,880
Speaker 2: two hundred and sixty nine billion over of course of

732
00:46:01,920 --> 00:46:04,040
Speaker 2: two years there in ninety forty five nineteen forty six.

733
00:46:05,560 --> 00:46:08,879
Speaker 2: Then the Cold War began officially, at least according to them.

734
00:46:09,120 --> 00:46:10,680
Speaker 2: We know the Cold War was just a thing. That

735
00:46:10,719 --> 00:46:13,480
Speaker 2: was flowing through World War Two, but nineteen forty seven,

736
00:46:13,960 --> 00:46:17,640
Speaker 2: so two hundred and fifty eight billion. But the thing

737
00:46:17,680 --> 00:46:19,839
Speaker 2: that happened in forty eight and forty nine is that

738
00:46:19,880 --> 00:46:25,400
Speaker 2: there was a recession in the United States, and the

739
00:46:25,520 --> 00:46:28,920
Speaker 2: US national debt in nineteen forty seven, two hundred and

740
00:46:28,920 --> 00:46:31,760
Speaker 2: fifty eight billion jumps down to two hundred and fifty

741
00:46:31,760 --> 00:46:35,440
Speaker 2: two billion in nineteen forty eight, then only rises to

742
00:46:35,520 --> 00:46:38,120
Speaker 2: two hundred and fifty three billion in nineteen forty nine.

743
00:46:38,560 --> 00:46:40,880
Speaker 2: Those two years forty and forty nine, the US is

744
00:46:40,880 --> 00:46:46,160
Speaker 2: in a recession. I didn't Maybe somebody can call in

745
00:46:46,280 --> 00:46:48,440
Speaker 2: or write in and explain to us, how does the

746
00:46:48,520 --> 00:46:52,799
Speaker 2: debt level off when the US is experiencing a recession,

747
00:46:53,400 --> 00:46:57,920
Speaker 2: which theoretically would constitute less money being generated. Right, there's

748
00:46:58,200 --> 00:47:01,600
Speaker 2: there's problems with the money, But then somehow the national

749
00:47:01,680 --> 00:47:04,880
Speaker 2: debt only barely inches forward.

750
00:47:05,480 --> 00:47:10,280
Speaker 3: Fewer public services, fewer public expenditures.

751
00:47:09,680 --> 00:47:11,759
Speaker 2: But wouldn't that mean there would be way more in

752
00:47:12,280 --> 00:47:12,840
Speaker 2: that time.

753
00:47:12,680 --> 00:47:17,520
Speaker 3: Period crisis situation. Though they're staunching the wound. So I

754
00:47:17,520 --> 00:47:20,200
Speaker 3: don't understand price is still going up a little bit,

755
00:47:20,440 --> 00:47:22,279
Speaker 3: or the debt's still going up a little bit. But

756
00:47:22,320 --> 00:47:27,360
Speaker 3: people are a lot less likely to have crazy boondoggle

757
00:47:27,600 --> 00:47:30,360
Speaker 3: quagmire funding ideas they get approved.

758
00:47:30,680 --> 00:47:33,600
Speaker 2: Got it, So the government itself can't move forward with

759
00:47:33,680 --> 00:47:36,799
Speaker 2: a ton of huge, crazy spending no matter what the

760
00:47:36,840 --> 00:47:37,840
Speaker 2: public is going.

761
00:47:37,680 --> 00:47:41,200
Speaker 3: Through, unless they get a charismatic guy in a back

762
00:47:41,280 --> 00:47:46,839
Speaker 3: room who is like, finger guns, deficits don't matter, print

763
00:47:47,000 --> 00:47:50,279
Speaker 3: more money the poor. Thanks for the beep dilling.

764
00:47:50,520 --> 00:47:53,160
Speaker 2: And then the crazy part. We're talking about how war

765
00:47:53,360 --> 00:47:56,760
Speaker 2: ends up stimulating the economy. Nineteen fifty what's that, guys?

766
00:47:56,800 --> 00:48:01,320
Speaker 2: What happens in nineteen fifty Korean Dad stuff? Yeah, Korean

767
00:48:01,360 --> 00:48:04,520
Speaker 2: war and the debt starts going way back up. Hey,

768
00:48:04,600 --> 00:48:08,480
Speaker 2: but the economy is boosted, so.

769
00:48:08,640 --> 00:48:11,919
Speaker 3: Yeah, yeah, yeah, let's get under the hood. First off,

770
00:48:12,080 --> 00:48:14,560
Speaker 3: shout out to ridiculous history. Two hundred and forty eight

771
00:48:14,560 --> 00:48:18,400
Speaker 3: billion in nineteen forty six is about four point twelve

772
00:48:18,520 --> 00:48:21,919
Speaker 3: trillion today, So it's still a lot of money, even

773
00:48:21,920 --> 00:48:25,040
Speaker 3: if to forty eight billion for some reason, sounds like

774
00:48:25,080 --> 00:48:28,520
Speaker 3: a low amount of money to you, a fellow conspiracy realists.

775
00:48:28,960 --> 00:48:34,560
Speaker 3: We are and have always been talking about almost unreal

776
00:48:35,280 --> 00:48:40,640
Speaker 3: amounts of currency or value. If we look at the

777
00:48:40,719 --> 00:48:44,080
Speaker 3: US national debt today, we got to differentiate between like

778
00:48:44,600 --> 00:48:49,120
Speaker 3: total debt and public debt. Public debt is about eighty

779
00:48:49,200 --> 00:48:56,200
Speaker 3: percent of Uncle Sam's tally marks. The public debt is

780
00:48:56,280 --> 00:48:59,280
Speaker 3: owed to individuals, you know, shout out to anybody buying

781
00:48:59,320 --> 00:49:03,960
Speaker 3: treasury bomb companies, some foreign governments fewer than you think,

782
00:49:04,280 --> 00:49:08,600
Speaker 3: and investors. The other twenty percent is really interesting. It's

783
00:49:08,719 --> 00:49:14,600
Speaker 3: inter governmental stuff. It is your government owing itself through

784
00:49:14,680 --> 00:49:18,200
Speaker 3: various agencies and the Federal Reserve. So I'd love to

785
00:49:18,200 --> 00:49:20,680
Speaker 3: hear you guys think about this. I was trying to

786
00:49:20,719 --> 00:49:26,319
Speaker 3: come up with a microcosmic analogy. Imagine that you're in

787
00:49:26,400 --> 00:49:31,040
Speaker 3: your house and someone is telling you, hey, your kitchen

788
00:49:31,560 --> 00:49:36,080
Speaker 3: owes your living room a million dollars, and you're like, wait,

789
00:49:36,120 --> 00:49:37,960
Speaker 3: this is all my house though, right, so I can

790
00:49:38,080 --> 00:49:41,640
Speaker 3: just kind of ignore that for this week. It's not

791
00:49:41,719 --> 00:49:45,200
Speaker 3: like somebody else from across the cul de sac is

792
00:49:45,200 --> 00:49:47,360
Speaker 3: going to ride in on a tank, yell and pay

793
00:49:47,400 --> 00:49:51,280
Speaker 3: back the living room, free the kitchen from its debt

794
00:49:51,640 --> 00:49:52,120
Speaker 3: or whatever.

795
00:49:53,320 --> 00:49:57,680
Speaker 2: That's funny. Yeah, that would be a weird situation. So

796
00:49:57,840 --> 00:50:03,160
Speaker 2: that's what's happening. Our government. It's just borrowing money from

797
00:50:03,239 --> 00:50:06,360
Speaker 2: itself to pay for things. But if it's wait, but

798
00:50:06,440 --> 00:50:08,719
Speaker 2: it's only twenty percent of the debt.

799
00:50:09,320 --> 00:50:11,799
Speaker 3: Only twenty percent that we know of, and this is

800
00:50:11,880 --> 00:50:15,760
Speaker 3: complicated by you know, black bag projects. You might lose

801
00:50:15,800 --> 00:50:18,200
Speaker 3: a palette of a billion dollars or so in the

802
00:50:18,239 --> 00:50:23,640
Speaker 3: wrong neighborhood of the Middle East. Governments can feasibly roll

803
00:50:23,680 --> 00:50:28,440
Speaker 3: over debt indefinitely and do not technically have to repay it,

804
00:50:28,800 --> 00:50:30,520
Speaker 3: unlike a personal credit card.

805
00:50:31,000 --> 00:50:34,279
Speaker 2: So if you're sure that money is just printed so.

806
00:50:34,480 --> 00:50:38,160
Speaker 3: Yet well generate, just generated is a better word. Yeah,

807
00:50:38,200 --> 00:50:42,319
Speaker 3: I love it because if the US issues debt in

808
00:50:42,360 --> 00:50:46,520
Speaker 3: its own currency, it doesn't have to default on that

809
00:50:46,600 --> 00:50:53,719
Speaker 3: debt unless it chooses to, which is so ridiculous.

810
00:50:53,200 --> 00:50:57,240
Speaker 2: That's insane. Right now, intragovernmental debt as of November twelfth,

811
00:50:57,320 --> 00:51:01,440
Speaker 2: twenty twenty five, is seven trillion, four hundred and ninety

812
00:51:01,520 --> 00:51:02,600
Speaker 2: two billion.

813
00:51:03,160 --> 00:51:05,920
Speaker 3: Free the living room or whatever.

814
00:51:06,280 --> 00:51:06,560
Speaker 5: You know what.

815
00:51:07,120 --> 00:51:10,680
Speaker 3: No one No one gives it, thank you dolling. No

816
00:51:10,800 --> 00:51:15,000
Speaker 3: one's gonna really do anything historically, you know, as long

817
00:51:15,040 --> 00:51:18,600
Speaker 3: as the government can, like we're saying, pay it's it's

818
00:51:18,800 --> 00:51:21,759
Speaker 3: interest rate and not does it have to touch the

819
00:51:21,800 --> 00:51:25,640
Speaker 3: principle the word tickety boo, you know, if the economy

820
00:51:25,719 --> 00:51:31,640
Speaker 3: keeps growing. Yeah, if the economy keeps growing, We're tickety ya.

821
00:51:31,719 --> 00:51:35,520
Speaker 3: If the economy keeps growing, then as long as it

822
00:51:35,600 --> 00:51:38,920
Speaker 3: maintains a rate of growth that is higher than the

823
00:51:39,239 --> 00:51:45,759
Speaker 3: interest rate, are the money you murkiley, Oh, then the

824
00:51:45,800 --> 00:51:51,800
Speaker 3: government's effective interest rate cost becomes negative. If a dollar

825
00:51:51,920 --> 00:51:58,120
Speaker 3: becomes more powerful, more valuable, and ultimately you're saving money

826
00:51:58,400 --> 00:52:01,399
Speaker 3: and you just kick the can down the road into

827
00:52:01,440 --> 00:52:05,840
Speaker 3: the future forever. Right. I did my two terms. I

828
00:52:05,880 --> 00:52:09,879
Speaker 3: don't care. Good luck next generations. Shout out to gen

829
00:52:10,000 --> 00:52:12,480
Speaker 3: Z by the way, jeez.

830
00:52:14,160 --> 00:52:17,719
Speaker 2: It's nuts that the debt is currently projected to be

831
00:52:17,840 --> 00:52:21,720
Speaker 2: like we're gonna hit another I think thirty nine trillion

832
00:52:21,760 --> 00:52:25,040
Speaker 2: another milestone like early next year. Oh yeah, and then

833
00:52:25,080 --> 00:52:29,400
Speaker 2: it's not before exactly, and depending on what happens, we're

834
00:52:29,440 --> 00:52:32,080
Speaker 2: gonna hit forty definitely next year. I don't think we've

835
00:52:32,120 --> 00:52:36,040
Speaker 2: hit the gross national debt per household yet, but as

836
00:52:36,080 --> 00:52:41,000
Speaker 2: of November fifth, twenty twenty five, according to this source here,

837
00:52:41,040 --> 00:52:44,480
Speaker 2: this is the debt dashboard from the Joint Economic Committee

838
00:52:44,520 --> 00:52:48,480
Speaker 2: of the United States Congress. It's currently two hundred and

839
00:52:48,560 --> 00:52:52,239
Speaker 2: eighty eight thousand, one hundred and one dollars. So if

840
00:52:52,239 --> 00:52:55,000
Speaker 2: we if the bill came due and everybody had to

841
00:52:55,040 --> 00:52:56,480
Speaker 2: pay that would be your share.

842
00:52:57,600 --> 00:53:01,840
Speaker 3: And by the way, because we did look into this, no, folks,

843
00:53:02,120 --> 00:53:05,560
Speaker 3: you cannot write to the government and say I want

844
00:53:05,560 --> 00:53:08,960
Speaker 3: to pay my share and not be involved any longer.

845
00:53:10,000 --> 00:53:14,600
Speaker 3: They will take your money as a donation y, which

846
00:53:14,680 --> 00:53:21,640
Speaker 3: is again so illegal the way it's happening, but the

847
00:53:21,400 --> 00:53:25,080
Speaker 3: for the night debt. But everybody's at this dim sum

848
00:53:25,120 --> 00:53:29,080
Speaker 3: table together and it's very difficult for you to stand

849
00:53:29,200 --> 00:53:32,719
Speaker 3: up and ask the server to split your part of

850
00:53:32,760 --> 00:53:37,200
Speaker 3: the bill. They're not playing that game. So we're chicken

851
00:53:37,239 --> 00:53:41,279
Speaker 3: fee for everybody. Well, luckily, luckily, there is one in

852
00:53:41,280 --> 00:53:44,560
Speaker 3: this analogy, there's one guy at the table who's supposed

853
00:53:44,560 --> 00:53:48,080
Speaker 3: to keep all of us calm. It's the Federal Reserve.

854
00:53:50,080 --> 00:53:53,920
Speaker 3: Their job is just keep things on the rails economy wise.

855
00:53:54,719 --> 00:53:57,600
Speaker 3: They set the interest rate, which we had an analogy

856
00:53:57,640 --> 00:54:02,239
Speaker 3: about earlier. And know to your earlier question, this can

857
00:54:02,280 --> 00:54:06,319
Speaker 3: spell triumph or disaster for all sorts of stakeholders. You know,

858
00:54:06,480 --> 00:54:10,319
Speaker 3: it's historically it's true. Given administration in the US gets

859
00:54:10,320 --> 00:54:13,760
Speaker 3: a little too big for their dungarees, the Fed calls

860
00:54:13,800 --> 00:54:18,160
Speaker 3: it to heal. They pull a woo nelly move, and

861
00:54:18,880 --> 00:54:22,600
Speaker 3: when everything works out because they are a quasi private

862
00:54:23,040 --> 00:54:28,040
Speaker 3: quote unquote independent outfit. They can save Uncle Sam from

863
00:54:28,120 --> 00:54:31,360
Speaker 3: his own dumb ideas and theory.

864
00:54:32,160 --> 00:54:34,960
Speaker 2: Theoretically, the creature from Jekyl Island is here.

865
00:54:34,719 --> 00:54:38,239
Speaker 3: To help, right right. Shout out to nineteen thirteen and

866
00:54:38,320 --> 00:54:40,240
Speaker 3: Jackal Island's nice if you get a chance.

867
00:54:40,600 --> 00:54:43,440
Speaker 2: It is lovely, and they have trains to go through there,

868
00:54:43,440 --> 00:54:46,399
Speaker 2: and you can have so many secret meetings on those trains.

869
00:54:48,200 --> 00:54:51,919
Speaker 3: Sea Island. I I yeah, I had a good time.

870
00:54:52,239 --> 00:54:56,240
Speaker 3: But what happens if the Fed? Then, to the questions

871
00:54:56,280 --> 00:54:59,880
Speaker 3: we were were alluding to, what happens if the federal

872
00:55:00,040 --> 00:55:05,000
Speaker 3: Reserve gets compromised. It is literally their job to fight

873
00:55:05,480 --> 00:55:10,080
Speaker 3: with Congress and the executive branch all the time. So

874
00:55:10,120 --> 00:55:13,000
Speaker 3: if they end up bowing to the pressure of any

875
00:55:13,080 --> 00:55:16,480
Speaker 3: particular king of the Hill, they lose public trust, we

876
00:55:16,600 --> 00:55:17,839
Speaker 3: get rotten policy.

877
00:55:19,440 --> 00:55:20,320
Speaker 4: Is that what just happened?

878
00:55:20,320 --> 00:55:20,920
Speaker 2: Do you think? I mean?

879
00:55:20,920 --> 00:55:23,120
Speaker 4: There was a big old clash and the President, even

880
00:55:23,239 --> 00:55:24,959
Speaker 4: just as recently as a couple of days ago, said

881
00:55:24,960 --> 00:55:27,160
Speaker 4: that the head of the FED was on his way

882
00:55:27,160 --> 00:55:29,719
Speaker 4: out talking a big game in terms of you know,

883
00:55:30,080 --> 00:55:33,560
Speaker 4: this guy being ineffective. But didn't they ultimately cave to

884
00:55:33,800 --> 00:55:34,919
Speaker 4: Trump's pressure.

885
00:55:34,600 --> 00:55:38,440
Speaker 3: To lower the interest over the interest rates. Yeah, the

886
00:55:38,480 --> 00:55:43,920
Speaker 3: threat of being declared politically P and G persona on grata. Yeah,

887
00:55:44,239 --> 00:55:46,960
Speaker 3: let's imagine someone does get to the Fed. What if

888
00:55:46,960 --> 00:55:50,359
Speaker 3: they force the Fed to keep interest rates artificially low?

889
00:55:50,760 --> 00:55:53,080
Speaker 3: Or what if they go they send the FED on

890
00:55:53,200 --> 00:55:56,840
Speaker 3: a shopping spree to buy up government debt. What's the

891
00:55:56,920 --> 00:56:01,040
Speaker 3: name of that old game show supermarket sweet to get

892
00:56:01,080 --> 00:56:06,840
Speaker 3: stone chair shout out the Black Monday Murders supermarket sweep

893
00:56:06,880 --> 00:56:12,799
Speaker 3: as well. The idea is that if you take control

894
00:56:12,920 --> 00:56:17,200
Speaker 3: of a regulatory body like the FED, you can make

895
00:56:17,239 --> 00:56:19,040
Speaker 3: it do things that are good for you in the

896
00:56:19,080 --> 00:56:25,720
Speaker 3: short term but lead to mid term problems like inflation hyperinflation.

897
00:56:26,000 --> 00:56:29,360
Speaker 3: So in Germany in the twenties it's a huge economic factor.

898
00:56:29,400 --> 00:56:32,279
Speaker 3: Indeed that led to World War Two where Germany's parted it,

899
00:56:32,560 --> 00:56:37,400
Speaker 3: or then more recently in Venezuela Confessions of an Economic Hitman,

900
00:56:38,040 --> 00:56:39,640
Speaker 3: or Zimbabwe as well.

901
00:56:39,880 --> 00:56:43,720
Speaker 2: Yeah, sometimes you can manipulate Atlas into doing some stuff

902
00:56:43,719 --> 00:56:46,920
Speaker 2: with his shoulders, you know, shrugging a little bit.

903
00:56:47,360 --> 00:56:52,640
Speaker 3: Sure, yes, yes, it's beautiful reference. I mean also this

904
00:56:53,120 --> 00:56:58,680
Speaker 3: may sound sort of arcane and finances magic, which it

905
00:56:58,760 --> 00:57:02,279
Speaker 3: kind of is, but it does have immediate consequences for

906
00:57:02,360 --> 00:57:08,360
Speaker 3: everybody who uses the world's former favorite coupon. You know,

907
00:57:08,560 --> 00:57:13,880
Speaker 3: when the dollar loses value, things become more expensive, the

908
00:57:13,880 --> 00:57:17,320
Speaker 3: the a buying power of every buck you possess plummets.

909
00:57:17,320 --> 00:57:19,880
Speaker 3: It reminds me of you guys, remember those old stories

910
00:57:19,920 --> 00:57:25,480
Speaker 3: about people having the whole German notes to the store

911
00:57:25,520 --> 00:57:30,120
Speaker 3: and wheelbarrows because the value was plummeting that much. Or

912
00:57:30,120 --> 00:57:34,840
Speaker 3: how the the butcher the baker would take your take

913
00:57:34,880 --> 00:57:37,920
Speaker 3: your currency and then place it down on the ground

914
00:57:38,000 --> 00:57:42,480
Speaker 3: and just cut a slice of bread around it. That

915
00:57:42,560 --> 00:57:47,240
Speaker 3: would be what your dollar could buy. I know it's silly,

916
00:57:47,240 --> 00:57:56,760
Speaker 3: but it's terrifyingy like a candy cigarette. Shout out that,

917
00:57:56,840 --> 00:57:59,960
Speaker 3: Dan Harmon. Yeah, yes, guys.

918
00:58:00,000 --> 00:58:03,360
Speaker 2: Do we know much about the Fed funds market? The

919
00:58:03,360 --> 00:58:06,400
Speaker 2: Federal funds market? I don't know.

920
00:58:06,760 --> 00:58:09,560
Speaker 3: I'm not much for gambling, but I got a little

921
00:58:09,600 --> 00:58:11,520
Speaker 3: blackjack money saved up. Let's get in.

922
00:58:12,480 --> 00:58:15,960
Speaker 2: I didn't know much about it until I just searched

923
00:58:15,960 --> 00:58:19,440
Speaker 2: it up right now. I was just trying to figure

924
00:58:19,440 --> 00:58:23,080
Speaker 2: out who are the folks that are actually putting money

925
00:58:23,120 --> 00:58:27,000
Speaker 2: down when the Fed, you know, when the central bank

926
00:58:27,280 --> 00:58:29,480
Speaker 2: is issuing out money and that kind of stuff.

927
00:58:29,680 --> 00:58:31,520
Speaker 3: Hell and mainly Dylan and Knowle.

928
00:58:31,640 --> 00:58:36,840
Speaker 2: Right, Yeah, it's really interesting. It's weird, guys. I feel

929
00:58:36,880 --> 00:58:39,280
Speaker 2: like this is a whole other episode here. Oh yeah,

930
00:58:40,040 --> 00:58:43,080
Speaker 2: just to really point out and say, hey, there's the institution,

931
00:58:43,360 --> 00:58:47,520
Speaker 2: the organization, the company, the whatever that is the thing

932
00:58:48,720 --> 00:58:54,360
Speaker 2: that is funding wars and doing all the stuff, because

933
00:58:54,360 --> 00:58:55,960
Speaker 2: what the heck is it. I don't know what some

934
00:58:56,000 --> 00:59:00,960
Speaker 2: of these things are, and it looks like they're's. It

935
00:59:01,000 --> 00:59:04,040
Speaker 2: looks so complicated to me. Maybe we could find somebody

936
00:59:04,080 --> 00:59:06,800
Speaker 2: in finance to come on and then find a way

937
00:59:06,840 --> 00:59:10,480
Speaker 2: to make it not sound like a finance episode.

938
00:59:10,760 --> 00:59:14,520
Speaker 3: We'd have to be careful. We'd want to Vin diagram

939
00:59:14,760 --> 00:59:17,600
Speaker 3: some of the board members. They know each other, bump up,

940
00:59:17,680 --> 00:59:18,080
Speaker 3: up up up.

941
00:59:19,440 --> 00:59:21,440
Speaker 2: So many FBO branches.

942
00:59:22,640 --> 00:59:26,800
Speaker 3: And also folks like Richard Haass, the president of the

943
00:59:26,920 --> 00:59:32,960
Speaker 3: CFR Council on Foreign Relations. He started Pauline in recent

944
00:59:33,040 --> 00:59:37,920
Speaker 3: news the thirty eight trillion US national debt a quote

945
00:59:38,040 --> 00:59:42,760
Speaker 3: national security crisis, who was recently in an interview with

946
00:59:42,920 --> 00:59:46,040
Speaker 3: Fortune where he said, look, there's a dramatic fall off

947
00:59:46,080 --> 00:59:50,680
Speaker 3: the cliff Elman Louise scenario where the Treasury tries to

948
00:59:50,720 --> 00:59:54,000
Speaker 3: sell t bills or bonds and no one buys them,

949
00:59:54,680 --> 01:00:00,440
Speaker 3: or some other rival power could coerce the FED into

950
01:00:00,640 --> 01:00:06,680
Speaker 3: doing something untoward, leading to inflation or collapse, or the

951
01:00:06,720 --> 01:00:11,800
Speaker 3: second scenario, debt keeps rising and then you can't spend

952
01:00:11,840 --> 01:00:16,160
Speaker 3: as much money on defense and US leverage gets weakened abroad.

953
01:00:16,320 --> 01:00:20,520
Speaker 3: That's what hass is saying. And again he is a

954
01:00:20,720 --> 01:00:25,440
Speaker 3: CFR salary man, So take his statements with a wheelbarrow

955
01:00:25,480 --> 01:00:26,360
Speaker 3: of doutchemarks.

956
01:00:26,920 --> 01:00:29,880
Speaker 2: Now, what is the Council of Foreign Relations again? Didn't

957
01:00:29,880 --> 01:00:30,960
Speaker 2: we do an episode on that?

958
01:00:31,560 --> 01:00:31,880
Speaker 3: Mmm?

959
01:00:32,360 --> 01:00:37,960
Speaker 2: Yeah, they're kind of a advisory group, right, you know,

960
01:00:38,120 --> 01:00:41,520
Speaker 2: they're just they're just people who know things better, I think,

961
01:00:41,720 --> 01:00:47,040
Speaker 2: keep tabs on stuff foreign relations wise, They.

962
01:00:46,960 --> 01:00:52,080
Speaker 4: Counsel you, it makes recommendations. Yeah yeah, yeah, yeah yeah.

963
01:00:52,080 --> 01:00:54,200
Speaker 2: Well there. You know, there's that other thing that's kind

964
01:00:54,200 --> 01:00:56,480
Speaker 2: of in the air here that we talked about Liberation

965
01:00:56,560 --> 01:00:59,800
Speaker 2: Day where they got everybody together and they were celebrating

966
01:01:00,400 --> 01:01:05,560
Speaker 2: their unity essentially in how they view the world and

967
01:01:05,600 --> 01:01:08,560
Speaker 2: what they want the new world order to be. The

968
01:01:08,600 --> 01:01:13,560
Speaker 2: new new World Order and that whole thing about changing

969
01:01:13,760 --> 01:01:17,040
Speaker 2: the way stuff is traded and the money that backs

970
01:01:17,080 --> 01:01:20,800
Speaker 2: those trades and the currency in which they trade could

971
01:01:20,800 --> 01:01:24,200
Speaker 2: get That could probably complicate things here if we're talking

972
01:01:24,240 --> 01:01:25,120
Speaker 2: about this situation.

973
01:01:25,800 --> 01:01:29,360
Speaker 3: If I wasn't the US, I would want my country

974
01:01:29,440 --> 01:01:34,080
Speaker 3: to be the reserve currency holder what I mean, Yeah,

975
01:01:34,160 --> 01:01:38,160
Speaker 3: I'd want the one to be cool. I'd want the

976
01:01:38,200 --> 01:01:40,880
Speaker 3: again to be the thing everybody buys.

977
01:01:41,200 --> 01:01:42,720
Speaker 2: Yeah, but you'd have to get a whole bunch of

978
01:01:42,760 --> 01:01:46,080
Speaker 2: other countries that also make, you know, large global trades

979
01:01:46,160 --> 01:01:49,080
Speaker 2: together and get everybody on the same page for that.

980
01:01:49,680 --> 01:01:53,680
Speaker 3: I'm an extrovert, I'm gregarious. Hey, I can sell a

981
01:01:53,760 --> 01:01:57,000
Speaker 3: door door to door, right, that's what they're doing, you know,

982
01:01:57,320 --> 01:02:00,280
Speaker 3: And folks don't. That's a beautiful point, Matt Foot. Folks

983
01:02:00,280 --> 01:02:05,240
Speaker 3: don't agree on why this is happening exactly, and political

984
01:02:05,400 --> 01:02:10,040
Speaker 3: polarization gets blamed pretty often, but I think most folks

985
01:02:10,760 --> 01:02:17,200
Speaker 3: can agree this national debt stuff is a problem. What

986
01:02:17,240 --> 01:02:21,360
Speaker 3: does a future hold? Some conspiracy theorists think they've figured

987
01:02:21,400 --> 01:02:25,200
Speaker 3: it out. You guys, you know him, you know him.

988
01:02:25,520 --> 01:02:30,920
Speaker 3: We've got a returning guest. Moscow has entered the chat. Russia, Russia, Russia.

989
01:02:31,000 --> 01:02:33,560
Speaker 2: I really thought you were gonna say, Rudy Giuliani, But okay,

990
01:02:34,200 --> 01:02:35,600
Speaker 2: he's been in the chat.

991
01:02:35,640 --> 01:02:39,120
Speaker 4: Man he's a lurker, that guy. Yeah, now it's true.

992
01:02:39,160 --> 01:02:43,200
Speaker 4: Just this past September, a guy named Anton Kobayakov, who's

993
01:02:43,200 --> 01:02:46,760
Speaker 4: a senior advisor to President Vladimir.

994
01:02:46,320 --> 01:02:48,000
Speaker 2: Putin VP him.

995
01:02:48,520 --> 01:02:52,400
Speaker 4: That's the one claim that the there is in fact

996
01:02:52,440 --> 01:02:57,800
Speaker 4: a US conspiracy to illegally wipe out thirty five trillion

997
01:02:58,040 --> 01:03:02,680
Speaker 4: of that debt via crypto and the gold market. H

998
01:03:02,840 --> 01:03:04,960
Speaker 4: that's some of those off the books things we were

999
01:03:05,000 --> 01:03:05,840
Speaker 4: talking about earlier.

1000
01:03:06,560 --> 01:03:09,640
Speaker 2: I don't believe it. That sounds way too mister robot

1001
01:03:09,680 --> 01:03:09,920
Speaker 2: to me.

1002
01:03:10,640 --> 01:03:14,960
Speaker 3: Well again, let me sell you a door here, says Kobyakov.

1003
01:03:15,680 --> 01:03:20,000
Speaker 3: He says that Washington is doing just what we described

1004
01:03:20,080 --> 01:03:24,640
Speaker 3: with historical precedent, planning to rewrite the rules of global

1005
01:03:24,720 --> 01:03:30,640
Speaker 3: trade markets, positioning them as alternatives to the traditional order

1006
01:03:30,680 --> 01:03:34,000
Speaker 3: of global currency. So he's saying, look, and when he

1007
01:03:34,160 --> 01:03:37,880
Speaker 3: was saying this, it's September eighth, twenty twenty five, so

1008
01:03:37,960 --> 01:03:41,360
Speaker 3: not that long ago. And he says, look, the US

1009
01:03:41,480 --> 01:03:44,920
Speaker 3: is going to take a big part of its national

1010
01:03:45,000 --> 01:03:49,360
Speaker 3: debt and it's going to put that debt in stable coins.

1011
01:03:50,080 --> 01:03:53,400
Speaker 3: It will devalue the dollar, it will start from scratch,

1012
01:03:53,440 --> 01:03:58,040
Speaker 3: and he says, this is going to screw everyone over,

1013
01:03:58,760 --> 01:04:01,520
Speaker 3: but we're not sure. I don't know how the math maths,

1014
01:04:01,840 --> 01:04:05,000
Speaker 3: to be honest, like the idea here is kind of

1015
01:04:05,160 --> 01:04:09,800
Speaker 3: burning the village of global currency to save the village,

1016
01:04:10,040 --> 01:04:14,720
Speaker 3: or to save America's primacy. And obviously, of course, you know, Nola,

1017
01:04:14,720 --> 01:04:16,920
Speaker 3: I love that you pointed out this guy is a

1018
01:04:17,040 --> 01:04:22,640
Speaker 3: senior advisor to our buddy V. Poot, So he's got

1019
01:04:22,680 --> 01:04:25,000
Speaker 3: a horse in the race for sure. I don't think

1020
01:04:25,040 --> 01:04:27,360
Speaker 3: he's the guy who would come out and say, you know,

1021
01:04:27,400 --> 01:04:29,840
Speaker 3: what's great whatever the US does.

1022
01:04:32,400 --> 01:04:36,560
Speaker 5: Yeah, well, let's uh, let's talk about this thing the

1023
01:04:36,600 --> 01:04:41,560
Speaker 5: White House put out called Strengthening American Leadership in Digital

1024
01:04:41,760 --> 01:04:43,720
Speaker 5: Financial Technology.

1025
01:04:44,320 --> 01:04:45,240
Speaker 3: Hm.

1026
01:04:45,400 --> 01:04:48,960
Speaker 2: Uh oh. You gotta love a paper like this, a

1027
01:04:49,040 --> 01:04:54,680
Speaker 2: huge PDF that starts with all the acronyms. Oh my goodness,

1028
01:04:54,760 --> 01:04:59,600
Speaker 2: there's a lot of I'll just read a tiny bit

1029
01:04:59,640 --> 01:05:02,360
Speaker 2: of this. This is directly from Donald J. Trump, President

1030
01:05:02,400 --> 01:05:04,439
Speaker 2: of the United States, as it says on this piece

1031
01:05:04,480 --> 01:05:07,960
Speaker 2: of paper from January twenty third, twenty twenty five, says,

1032
01:05:08,200 --> 01:05:11,480
Speaker 2: the digital asset industry plays a crucial role in innovation

1033
01:05:11,600 --> 01:05:14,760
Speaker 2: and economic development in the US, as well as our

1034
01:05:14,880 --> 01:05:19,640
Speaker 2: nation's international leadership. It is therefore the policy of this

1035
01:05:19,760 --> 01:05:24,680
Speaker 2: administration to support the responsible growth and use of digital assets,

1036
01:05:25,000 --> 01:05:29,920
Speaker 2: blockchain technology, and related technologies across all sectors of the economy,

1037
01:05:30,520 --> 01:05:32,560
Speaker 2: and that has a big list about how to use

1038
01:05:32,640 --> 01:05:33,200
Speaker 2: that stuff.

1039
01:05:33,800 --> 01:05:34,200
Speaker 3: Tally ho.

1040
01:05:34,960 --> 01:05:38,640
Speaker 4: Hmmm, yeah, well, we certainly know that the president himself,

1041
01:05:38,680 --> 01:05:43,040
Speaker 4: through his sons, has made quite a killing on crypto.

1042
01:05:43,760 --> 01:05:46,720
Speaker 4: So I mean, I don't know, yeah, thing, it does

1043
01:05:46,760 --> 01:05:48,360
Speaker 4: seem that way, and it does. Also, you know, he

1044
01:05:48,400 --> 01:05:50,760
Speaker 4: pardoned the finance guy and then when asked about it,

1045
01:05:50,840 --> 01:05:52,840
Speaker 4: said he didn't know who he was. But also that

1046
01:05:53,160 --> 01:05:57,280
Speaker 4: individual whose name is escaping me, you know, personally contributed

1047
01:05:57,400 --> 01:06:00,560
Speaker 4: to a lot of that wealth being generated for the

1048
01:06:00,600 --> 01:06:02,760
Speaker 4: Trump family.

1049
01:06:02,760 --> 01:06:03,520
Speaker 3: Right, I don't know.

1050
01:06:03,760 --> 01:06:06,120
Speaker 4: No, it's almost like this guy's you know, not an

1051
01:06:06,160 --> 01:06:07,840
Speaker 4: and for the rest of us, I don't know, just saying.

1052
01:06:07,680 --> 01:06:09,920
Speaker 3: No, no, I'm going to yes, Andy here, and I

1053
01:06:10,040 --> 01:06:13,320
Speaker 3: like that you're getting on board because we can all agree.

1054
01:06:13,360 --> 01:06:17,240
Speaker 3: We have no idea who that guy is. Chengping Tao

1055
01:06:17,760 --> 01:06:22,680
Speaker 3: got no idea, I barely I don't know English.

1056
01:06:22,400 --> 01:06:23,440
Speaker 2: Founder of finance.

1057
01:06:23,920 --> 01:06:27,400
Speaker 3: That's the one I plead. The fifth point. I'm going

1058
01:06:27,440 --> 01:06:30,480
Speaker 3: to start a new kind of bitcoin called fifth Point,

1059
01:06:31,200 --> 01:06:35,240
Speaker 3: the stableist of coins, The Stableist of coins. A lot

1060
01:06:35,280 --> 01:06:39,600
Speaker 3: of this stuff at this point does sound conspiratorial. That's

1061
01:06:39,640 --> 01:06:41,959
Speaker 3: fair to say as a matter of fact, just as

1062
01:06:42,000 --> 01:06:46,840
Speaker 3: we record on November seventeenth, twenty twenty five, JP Morgan

1063
01:06:47,120 --> 01:06:50,800
Speaker 3: again the bank, not the dead guy. They just argued

1064
01:06:50,840 --> 01:06:54,560
Speaker 3: that America's path out of the thirty eight trillion dollar

1065
01:06:54,720 --> 01:07:00,960
Speaker 3: national debt crisis likely involves pushing up inflation and eroding

1066
01:07:02,000 --> 01:07:06,760
Speaker 3: fed independence, so compromising the federal Reserve, which is just,

1067
01:07:06,920 --> 01:07:11,800
Speaker 3: you know, a few minutes ago, exactly what economists warned

1068
01:07:12,000 --> 01:07:16,920
Speaker 3: everybody against doing for all of modern history. We're not

1069
01:07:16,960 --> 01:07:19,160
Speaker 3: telling you what to think, but we are telling you

1070
01:07:19,200 --> 01:07:19,840
Speaker 3: what's happening.

1071
01:07:20,360 --> 01:07:22,360
Speaker 4: No, no, we're just done giving you the lay of

1072
01:07:22,360 --> 01:07:22,640
Speaker 4: the lamp.

1073
01:07:23,240 --> 01:07:27,840
Speaker 3: Just counseling some relations domestic foreign.

1074
01:07:28,080 --> 01:07:32,120
Speaker 2: Acting in an advisory capacity, talking about relations. Guys. I

1075
01:07:33,040 --> 01:07:38,760
Speaker 2: just got another I got another alert for a strange

1076
01:07:38,800 --> 01:07:42,560
Speaker 2: thing that has become an alert blowing bubba. I have

1077
01:07:42,600 --> 01:07:43,160
Speaker 2: alerts for that.

1078
01:07:43,440 --> 01:07:47,320
Speaker 3: Yeah, read about this. I want to ask you guys

1079
01:07:47,360 --> 01:07:49,360
Speaker 3: off air. I mean, it's kind of outside the scope

1080
01:07:49,400 --> 01:07:55,480
Speaker 3: of this one. Maybe no, I all know they kept

1081
01:07:55,560 --> 01:07:57,680
Speaker 3: it in a home if you want to you know,

1082
01:07:58,200 --> 01:07:58,959
Speaker 3: or we're.

1083
01:07:58,920 --> 01:08:00,400
Speaker 2: Sure it wasn't on the Island. Okay.

1084
01:08:01,120 --> 01:08:04,040
Speaker 3: I mean also, how much of this is propaganda and

1085
01:08:05,400 --> 01:08:06,320
Speaker 3: smoking mirrors?

1086
01:08:06,320 --> 01:08:09,280
Speaker 4: And for sure it's fun to think about.

1087
01:08:09,640 --> 01:08:10,160
Speaker 2: No, it's not.

1088
01:08:13,400 --> 01:08:18,680
Speaker 3: It's just the scene from the Shining We know the

1089
01:08:18,720 --> 01:08:19,799
Speaker 3: what we're talking about.

1090
01:08:20,280 --> 01:08:23,320
Speaker 4: Yeah, with the bear suit. Yeah.

1091
01:08:23,400 --> 01:08:26,160
Speaker 3: So one thing is for sure, the debt adds up.

1092
01:08:26,280 --> 01:08:29,760
Speaker 3: The rules are different for nations and billionaires, but no

1093
01:08:29,840 --> 01:08:34,080
Speaker 3: one is truly inoculated against the system. And the pickle

1094
01:08:34,120 --> 01:08:36,479
Speaker 3: of it is the real badger in the bag is

1095
01:08:36,479 --> 01:08:40,480
Speaker 3: that the United States is so big and so entrenched

1096
01:08:40,520 --> 01:08:44,760
Speaker 3: in the global financial system that, just like China, a

1097
01:08:44,960 --> 01:08:51,840
Speaker 3: crisis here is automatically, without fail, a crisis everywhere. That

1098
01:08:52,000 --> 01:08:54,240
Speaker 3: is true, no matter who you vote for, no matter

1099
01:08:54,280 --> 01:08:57,240
Speaker 3: what you buy at the grocery store, no matter where

1100
01:08:57,280 --> 01:09:00,280
Speaker 3: you live, whatever your neck of the global wood is,

1101
01:09:00,800 --> 01:09:02,240
Speaker 3: this will affect.

1102
01:09:01,920 --> 01:09:06,759
Speaker 2: You unless your country has spent decades preparing for this moment.

1103
01:09:07,320 --> 01:09:08,240
Speaker 3: All right, name three?

1104
01:09:10,640 --> 01:09:11,160
Speaker 2: You love me?

1105
01:09:12,000 --> 01:09:13,479
Speaker 3: Yeah?

1106
01:09:13,560 --> 01:09:18,519
Speaker 2: Yeah, yep. I think it's like B, R, I and C. No,

1107
01:09:18,680 --> 01:09:19,679
Speaker 2: those are that's too many.

1108
01:09:20,160 --> 01:09:24,240
Speaker 3: M Oh. The brick countries are not ready. Brick is

1109
01:09:24,280 --> 01:09:27,479
Speaker 3: not ready for this one Bhutand maybe well so.

1110
01:09:27,520 --> 01:09:30,080
Speaker 2: We think they're not ready. I don't know, man, I.

1111
01:09:30,000 --> 01:09:33,160
Speaker 3: Don't think they're ready. I don't know China is ready,

1112
01:09:33,200 --> 01:09:39,280
Speaker 3: but the bree or not? Okay, Bhutad though shout out

1113
01:09:39,320 --> 01:09:42,519
Speaker 3: to Bhutad. I can't wait to go one day more

1114
01:09:42,560 --> 01:09:45,519
Speaker 3: than anything. Again, no matter where you live, this will

1115
01:09:45,560 --> 01:09:49,040
Speaker 3: affect you, and that appears to be the real stuff.

1116
01:09:49,080 --> 01:09:52,120
Speaker 3: They don't want you to know. We ran a little long, folks.

1117
01:09:52,160 --> 01:09:54,880
Speaker 3: We can't thank you enough for spending the only real

1118
01:09:54,960 --> 01:09:59,080
Speaker 3: currency on this world, your time with us. So we

1119
01:09:59,120 --> 01:10:01,840
Speaker 3: want to hear your thought. You can always write to

1120
01:10:01,920 --> 01:10:04,960
Speaker 3: us via email. The void rights back. You can always

1121
01:10:05,000 --> 01:10:07,160
Speaker 3: give us a call and you can find us right

1122
01:10:07,160 --> 01:10:08,839
Speaker 3: now on the lines.

1123
01:10:09,640 --> 01:10:12,080
Speaker 4: Please do find us at the handle Conspiracy Stuff or

1124
01:10:12,160 --> 01:10:14,639
Speaker 4: we exist on Facebook with our Facebook group here's where

1125
01:10:14,680 --> 01:10:17,639
Speaker 4: it gets crazy, on xfka, Twitter, and on YouTube where

1126
01:10:17,640 --> 01:10:20,640
Speaker 4: we have video content galore for YouTube or rules. If

1127
01:10:20,680 --> 01:10:22,200
Speaker 4: you don't want to find us in those places, you

1128
01:10:22,200 --> 01:10:24,640
Speaker 4: can head over to Instagram and TikTok or work Conspiracy

1129
01:10:24,640 --> 01:10:25,160
Speaker 4: Stuff Show.

1130
01:10:26,479 --> 01:10:29,519
Speaker 2: We have a phone number. It is one eight three

1131
01:10:29,640 --> 01:10:34,679
Speaker 2: three std WYTK. Go ahead and call in now before

1132
01:10:34,680 --> 01:10:37,240
Speaker 2: this whole thing comes crumbling down. When you do, give

1133
01:10:37,240 --> 01:10:38,880
Speaker 2: yourself a nickname and let us know if we can

1134
01:10:38,960 --> 01:10:41,840
Speaker 2: use your name and message on the air, and really

1135
01:10:41,880 --> 01:10:43,639
Speaker 2: those are the only rules. You got three minutes, say

1136
01:10:43,640 --> 01:10:45,679
Speaker 2: whatever you want. If you want to send us an email,

1137
01:10:45,840 --> 01:10:46,400
Speaker 2: we are.

1138
01:10:47,960 --> 01:10:52,679
Speaker 3: Where we're going. We don't need rules. Check us out, folks.

1139
01:10:52,920 --> 01:10:55,480
Speaker 3: We are the entities that read each piece of correspondence

1140
01:10:55,520 --> 01:10:58,840
Speaker 3: we receive. Be well aware, yet unafraid. Sometimes the void

1141
01:10:58,960 --> 01:11:02,400
Speaker 3: rights back, So join us out here in the dark.

1142
01:11:02,840 --> 01:11:24,920
Speaker 3: Email us for free conspiracy at iHeartRadio dot com.

1143
01:11:25,080 --> 01:11:27,120
Speaker 2: Stuff they Don't Want You to Know is a production

1144
01:11:27,240 --> 01:11:31,760
Speaker 2: of iHeartRadio. For more podcasts from iHeartRadio, visit the iHeartRadio app,

1145
01:11:31,880 --> 01:11:35,200
Speaker 2: Apple Podcasts, or wherever you listen to your favorite shows.