1 00:00:00,680 --> 00:00:02,720 Speaker 1: Hello, and welcome back to another episode of The Mark 2 00:00:02,759 --> 00:00:05,760 Speaker 1: Moss Show, where we're always talking about the decentralized revolution, 3 00:00:05,880 --> 00:00:07,800 Speaker 1: giving you the play by play of how this world 4 00:00:07,880 --> 00:00:13,399 Speaker 1: is changing in a world of insanity, bringing context, giving 5 00:00:13,440 --> 00:00:15,800 Speaker 1: you the play by place you can understand and see 6 00:00:15,800 --> 00:00:18,599 Speaker 1: what's happening. Most importantly is you know what direction we're going. 7 00:00:18,600 --> 00:00:20,280 Speaker 1: And of course we like to look at the world 8 00:00:20,280 --> 00:00:25,000 Speaker 1: do the lenses of politics, finance, and technology together. It's 9 00:00:25,040 --> 00:00:27,200 Speaker 1: the technology that changed the world more than anything. And 10 00:00:27,240 --> 00:00:29,920 Speaker 1: of course that technologists changed the world is bitcoin and 11 00:00:30,000 --> 00:00:33,640 Speaker 1: the decentralized technology, but it's changing the world of finance 12 00:00:33,800 --> 00:00:36,440 Speaker 1: and the world of politics, and so when we look 13 00:00:36,479 --> 00:00:39,239 Speaker 1: at the world through those lenses, it all starts to 14 00:00:39,280 --> 00:00:42,159 Speaker 1: make sense. And some of the biggest news headlines that 15 00:00:42,200 --> 00:00:46,160 Speaker 1: broke this week that really demonstrate where things are going 16 00:00:46,880 --> 00:00:48,960 Speaker 1: couldn't be any better for what we're talking about. We're 17 00:00:48,960 --> 00:00:50,879 Speaker 1: going to look at the US credit rating and how 18 00:00:50,880 --> 00:00:53,320 Speaker 1: it just got downgraded. We're going to talk about what 19 00:00:53,360 --> 00:00:58,320 Speaker 1: the sec the Securities Exchange Commission secretly told some crypto exchanges. 20 00:00:58,680 --> 00:01:02,200 Speaker 1: We're going to talk about a big, big, big deal 21 00:01:02,240 --> 00:01:03,959 Speaker 1: that happened in the United States the first time we've 22 00:01:04,000 --> 00:01:07,320 Speaker 1: seen it in like something like a decade and more 23 00:01:07,360 --> 00:01:08,840 Speaker 1: news around the world, So let's go ahead and just 24 00:01:08,880 --> 00:01:10,119 Speaker 1: jump right into it. You know, one of the big 25 00:01:10,160 --> 00:01:13,040 Speaker 1: pieces this week was the US credit rating got downgraded. 26 00:01:13,240 --> 00:01:15,880 Speaker 1: Now I hate to say I told you so, but 27 00:01:15,959 --> 00:01:18,319 Speaker 1: I told you so. What do I mean by that? 28 00:01:18,400 --> 00:01:22,160 Speaker 1: You know, I covered the debt ceiling debate extensively. We 29 00:01:22,200 --> 00:01:25,000 Speaker 1: talked about it. I made videos on my main YouTube channel, which, 30 00:01:25,040 --> 00:01:26,560 Speaker 1: by the way, if you're not following me on YouTube, 31 00:01:26,560 --> 00:01:29,199 Speaker 1: you should check it out. I make videos with charts 32 00:01:29,200 --> 00:01:31,520 Speaker 1: and graphs and very illustrative so you could see it 33 00:01:31,560 --> 00:01:32,960 Speaker 1: and kind of understand it better. So check it out 34 00:01:33,000 --> 00:01:34,960 Speaker 1: Mark Moss on YouTube. But I covered here on the 35 00:01:35,040 --> 00:01:36,960 Speaker 1: radio of the podcast I covered on YouTube as well, 36 00:01:37,240 --> 00:01:40,080 Speaker 1: and talked about, you know, what the fight was about, 37 00:01:40,080 --> 00:01:41,679 Speaker 1: what the debate was about. You know, the pros and 38 00:01:41,680 --> 00:01:43,440 Speaker 1: colls if they do that. But what I said is 39 00:01:43,440 --> 00:01:47,240 Speaker 1: that regardless if a deal got reached, you know, got 40 00:01:47,280 --> 00:01:50,400 Speaker 1: agreed on or not, it was going to cause damage. 41 00:01:51,520 --> 00:01:54,280 Speaker 1: I referenced when we got this close to a debt 42 00:01:54,280 --> 00:01:57,760 Speaker 1: ceiling standoff, a debate standoff in the past, and what 43 00:01:57,920 --> 00:02:01,280 Speaker 1: happened after those in twenty eleven, two thirteen, and I 44 00:02:01,360 --> 00:02:05,040 Speaker 1: showed how after we got very close to a default, 45 00:02:05,040 --> 00:02:07,320 Speaker 1: but then it got saved the last minute. The United 46 00:02:07,360 --> 00:02:12,840 Speaker 1: States credit rating got downgraded. All right, Well, history doesn't repeat, 47 00:02:12,840 --> 00:02:15,240 Speaker 1: it rhymes. Well, in this case, it repeated. And here 48 00:02:15,280 --> 00:02:17,320 Speaker 1: we are. We had another debate go down to the 49 00:02:17,440 --> 00:02:21,800 Speaker 1: last minute, and we just witnessed another downgrade. Now this 50 00:02:21,960 --> 00:02:24,720 Speaker 1: is sort of a nothing burger, but it's also something 51 00:02:24,760 --> 00:02:25,919 Speaker 1: at the same time. So I didn't want to spend 52 00:02:25,960 --> 00:02:27,160 Speaker 1: a whole lot of time on it, but it's important 53 00:02:27,160 --> 00:02:31,360 Speaker 1: to talk about for a couple of reasons. First thing is, sure, okay, 54 00:02:32,480 --> 00:02:35,680 Speaker 1: one of the rating agencies downgraded the credit Okay, whatever, 55 00:02:35,760 --> 00:02:38,600 Speaker 1: big deal, right, I mean it's just one agency. In 56 00:02:38,600 --> 00:02:40,880 Speaker 1: this case, it was Fitch and they moved it from 57 00:02:40,919 --> 00:02:44,720 Speaker 1: triple A down to double A plus. Okay, Well, that 58 00:02:44,919 --> 00:02:48,839 Speaker 1: really is not a big deal because the change from 59 00:02:48,919 --> 00:02:52,000 Speaker 1: triple A to double A plus doesn't really change the 60 00:02:52,040 --> 00:02:57,720 Speaker 1: capital requirements that the government has. In addition, everybody that's 61 00:02:57,760 --> 00:02:59,799 Speaker 1: going to loan money to the government, we're talking about 62 00:02:59,800 --> 00:03:03,440 Speaker 1: other nations, sovereigns, and even you if you're buying bonds 63 00:03:03,440 --> 00:03:05,800 Speaker 1: and treasuries, you're loaning ment to the government. We already 64 00:03:05,880 --> 00:03:07,680 Speaker 1: know the situation that's going in, so I don't think 65 00:03:07,680 --> 00:03:10,240 Speaker 1: it materially changed anything. It doesn't change capital requirements, doesn't 66 00:03:10,240 --> 00:03:13,400 Speaker 1: really change the interest rates the government. The FEDS is 67 00:03:13,400 --> 00:03:14,480 Speaker 1: just going to print the money to buy their own 68 00:03:14,520 --> 00:03:16,320 Speaker 1: bonds anyway if they have to, So it doesn't really 69 00:03:16,360 --> 00:03:18,160 Speaker 1: change it from that perspective. But the reason why I 70 00:03:18,160 --> 00:03:20,840 Speaker 1: think it's important for us to talk about for a 71 00:03:20,880 --> 00:03:26,000 Speaker 1: minute is because of why it was downgraded. Why Now, 72 00:03:26,200 --> 00:03:28,560 Speaker 1: of course the debt ceialing debate was part of that, 73 00:03:28,600 --> 00:03:31,239 Speaker 1: but it's actually much bigger. As a matter of fact, Fitch, 74 00:03:31,480 --> 00:03:35,000 Speaker 1: who downgraded it, gave us the reason why. They said, 75 00:03:35,040 --> 00:03:39,360 Speaker 1: tax cuts, big big government spending programs, and concerns over 76 00:03:39,400 --> 00:03:44,200 Speaker 1: the repeated debt ceiling political battles in recent years all 77 00:03:44,280 --> 00:03:49,240 Speaker 1: undermine America's credit worthiness in the eyes of investors, especially 78 00:03:49,280 --> 00:03:55,160 Speaker 1: compared to the other countries with perfect credit ratings. So 79 00:03:56,720 --> 00:04:01,400 Speaker 1: tax cuts, big government spending programs, and concerns over repeated 80 00:04:01,440 --> 00:04:04,640 Speaker 1: debt ceiling battles. So let's just look at those. So 81 00:04:04,720 --> 00:04:08,320 Speaker 1: I've covered this extensively. Big government spending programs, so we 82 00:04:08,360 --> 00:04:11,800 Speaker 1: know that the government cannot stop spending and not just 83 00:04:11,880 --> 00:04:16,760 Speaker 1: stop spending. I'm talking like a drunken sailor, so leading 84 00:04:16,839 --> 00:04:18,680 Speaker 1: up to the pandemic in twenty nineteen. Well, let's just 85 00:04:18,720 --> 00:04:23,880 Speaker 1: go back throughout history. When the governments need to spend 86 00:04:23,880 --> 00:04:25,960 Speaker 1: more money, they do so. For example, World War one, 87 00:04:26,000 --> 00:04:28,560 Speaker 1: World War two, the US needs a lot of money, 88 00:04:28,560 --> 00:04:31,159 Speaker 1: so they take on a lot of debt. Go back 89 00:04:31,279 --> 00:04:34,000 Speaker 1: hundreds of years before we even a FIA money system. 90 00:04:34,080 --> 00:04:35,760 Speaker 1: If a king wanted to go to war, he would 91 00:04:35,800 --> 00:04:38,080 Speaker 1: have to borrow money from the rich guys. Because gold 92 00:04:38,120 --> 00:04:39,400 Speaker 1: was money at the time, they could just print it, 93 00:04:39,560 --> 00:04:41,560 Speaker 1: and so the king would have to borrow money to 94 00:04:41,600 --> 00:04:45,039 Speaker 1: go to war, right, and so same thing today. The 95 00:04:45,080 --> 00:04:48,760 Speaker 1: government needs to borrow money. They issue treasuries, and so 96 00:04:48,800 --> 00:04:51,279 Speaker 1: we see massive spending by the government during those times 97 00:04:51,279 --> 00:04:54,520 Speaker 1: of war. But after the war is over, the spending 98 00:04:54,640 --> 00:04:56,760 Speaker 1: goes back down to normal. I broke this down on 99 00:04:56,800 --> 00:04:58,840 Speaker 1: a radio show a week or two ago, talking about 100 00:04:58,839 --> 00:05:02,480 Speaker 1: how this government's spending the deficit spending is actually inflationary. 101 00:05:03,000 --> 00:05:06,240 Speaker 1: But the reason why it's important to understand is that 102 00:05:06,600 --> 00:05:08,719 Speaker 1: in this instance, we went into a war. It was 103 00:05:08,720 --> 00:05:11,599 Speaker 1: the pandemic, a war against the pandemic, and leading up 104 00:05:11,640 --> 00:05:14,719 Speaker 1: to it, at the end of twenty nineteen, the US 105 00:05:14,839 --> 00:05:19,159 Speaker 1: government's budget was about four point eight trillion dollars four 106 00:05:19,160 --> 00:05:21,120 Speaker 1: point eight trillion. Then they spent a lot more to 107 00:05:21,120 --> 00:05:23,040 Speaker 1: fight the war, the pandemic, send out all the stimmy, 108 00:05:23,080 --> 00:05:26,880 Speaker 1: et cetera. But after the war was over, they didn't 109 00:05:26,960 --> 00:05:30,560 Speaker 1: return the spending back to where it was during the war. 110 00:05:30,680 --> 00:05:34,040 Speaker 1: They increased the spending to fight the worst out the 111 00:05:34,040 --> 00:05:38,760 Speaker 1: stimmy by about fifty percent, and that's where it is today. 112 00:05:38,880 --> 00:05:41,320 Speaker 1: So they jumped from four point eight to about six 113 00:05:41,360 --> 00:05:43,960 Speaker 1: point five trillion spending about a fifty percent increase, and 114 00:05:44,040 --> 00:05:45,400 Speaker 1: kept it there. And that was part of what this 115 00:05:45,480 --> 00:05:47,960 Speaker 1: debate was about, was Hey, we need to bring a 116 00:05:48,000 --> 00:05:50,520 Speaker 1: spending back down to normal, and the Biden administration is like, no, 117 00:05:50,640 --> 00:05:52,320 Speaker 1: we will never go back to normal. This is the 118 00:05:52,360 --> 00:05:55,120 Speaker 1: new normal. We will not cut it. And so that's 119 00:05:55,120 --> 00:05:57,080 Speaker 1: a big problem. And so here we have big government 120 00:05:57,120 --> 00:06:03,000 Speaker 1: spending programs. That's the problem. The US Treasury and the 121 00:06:03,040 --> 00:06:06,440 Speaker 1: Congressional Budget Office put out our report in twenty twenty 122 00:06:06,440 --> 00:06:12,000 Speaker 1: one and called it titled the Unsustainable Path. So we 123 00:06:12,080 --> 00:06:14,360 Speaker 1: know that this is not sustainable. We know that there 124 00:06:14,440 --> 00:06:17,840 Speaker 1: is no way to come out of this. This ends badly. 125 00:06:18,360 --> 00:06:22,040 Speaker 1: So everyone sees that Fitch sees it, the world sees it, 126 00:06:22,360 --> 00:06:28,200 Speaker 1: and that's why they downgraded it. They also cited the 127 00:06:28,200 --> 00:06:33,280 Speaker 1: political battles, and they also cited a breakdown in society. 128 00:06:34,160 --> 00:06:37,240 Speaker 1: It's not good. So obviously, as the money continues to 129 00:06:37,320 --> 00:06:40,040 Speaker 1: lose its value, it's harder and harder to live. You 130 00:06:40,080 --> 00:06:42,600 Speaker 1: take on more and more debt. Economic growth slows down. 131 00:06:42,720 --> 00:06:45,640 Speaker 1: Economic growth slows down, we have to do more social programs, 132 00:06:45,760 --> 00:06:48,640 Speaker 1: which means we need more economic stimulus. We have more 133 00:06:48,680 --> 00:06:52,960 Speaker 1: people that are unhappy, not making ends meet, and not working, 134 00:06:53,000 --> 00:06:56,280 Speaker 1: which leads to massive amounts of societal unrest. You see 135 00:06:56,279 --> 00:06:57,960 Speaker 1: it in the city. You see it in San Francisco, 136 00:06:58,040 --> 00:06:59,960 Speaker 1: you see it in Chicago, you see it in Detroit. 137 00:07:00,839 --> 00:07:03,080 Speaker 1: And that's another one of these things that they cited 138 00:07:03,120 --> 00:07:07,120 Speaker 1: that is not a good sign for a nation. Now, 139 00:07:07,320 --> 00:07:10,240 Speaker 1: Like you know, if they've downgraded the US government, you 140 00:07:10,280 --> 00:07:13,920 Speaker 1: know things have gotten pretty bad. Right again, Like I said, 141 00:07:13,960 --> 00:07:15,600 Speaker 1: it's sort of a nothing burger. But what it does 142 00:07:15,640 --> 00:07:19,600 Speaker 1: it reinforces that we know we're on the same trajectory, 143 00:07:20,160 --> 00:07:22,520 Speaker 1: the direction that we're headed. Now. It's important to understand 144 00:07:22,880 --> 00:07:27,000 Speaker 1: that there's actually a handful of states in the United 145 00:07:27,040 --> 00:07:29,640 Speaker 1: States that have much higher ratings than the US, and 146 00:07:29,680 --> 00:07:32,560 Speaker 1: of course some of those would be like yeah, Texas 147 00:07:32,840 --> 00:07:36,320 Speaker 1: and Florida, nations that I would just say, by the way, 148 00:07:36,520 --> 00:07:40,880 Speaker 1: have no state income tax. They have no state income tax, 149 00:07:40,920 --> 00:07:43,440 Speaker 1: and yet they run budgets and they have perfect much 150 00:07:43,480 --> 00:07:46,360 Speaker 1: better credit. In addition to the economy, we also saw 151 00:07:46,400 --> 00:07:49,360 Speaker 1: the jobs report came out. The JOLT Report showed that 152 00:07:49,480 --> 00:07:53,480 Speaker 1: job openings fell to nine point five eight million in June, 153 00:07:54,080 --> 00:07:57,600 Speaker 1: with one point six per available worker. That means that 154 00:07:57,720 --> 00:08:00,720 Speaker 1: each available worker, that means workers who are still actively 155 00:08:00,720 --> 00:08:02,800 Speaker 1: looking for jobs have about a job and a half 156 00:08:02,840 --> 00:08:06,560 Speaker 1: to go consider. It's really low, very very low. That 157 00:08:06,600 --> 00:08:09,160 Speaker 1: means that you don't have a lot of options, which 158 00:08:09,200 --> 00:08:14,120 Speaker 1: means that employees can now bargain, they have the upper hand. 159 00:08:14,160 --> 00:08:15,840 Speaker 1: There's not enough employees to go around for the jobs 160 00:08:15,840 --> 00:08:19,280 Speaker 1: that are opening, which is great for the workers. It's 161 00:08:19,320 --> 00:08:21,680 Speaker 1: bad for the businesses, but more importantly not so bad 162 00:08:21,720 --> 00:08:24,160 Speaker 1: for the business. Is bad for the customers because if 163 00:08:24,160 --> 00:08:26,360 Speaker 1: the business has to play they pay the employee more, 164 00:08:26,520 --> 00:08:28,960 Speaker 1: then they have to charge more for their goods and services. 165 00:08:29,200 --> 00:08:31,880 Speaker 1: So we saw that happening really big. But we did 166 00:08:31,920 --> 00:08:34,559 Speaker 1: see some changes with the banks themselves so, as I said, 167 00:08:34,600 --> 00:08:36,880 Speaker 1: the credit ratings didn't really change the capital requirements, but 168 00:08:36,920 --> 00:08:40,040 Speaker 1: we did see some regulators change some of the requirements 169 00:08:40,120 --> 00:08:43,240 Speaker 1: in the banking requirements. So banks that have more than 170 00:08:43,240 --> 00:08:46,600 Speaker 1: one hundred million dollars in assets are seen about a 171 00:08:46,679 --> 00:08:51,160 Speaker 1: sixteen percent increase in common equity in what they call 172 00:08:51,280 --> 00:08:54,240 Speaker 1: Tier one capital requirements across the industry. So a little 173 00:08:54,240 --> 00:08:57,640 Speaker 1: bit of movement on the banking side of things. But 174 00:08:57,679 --> 00:09:00,560 Speaker 1: one thing that we see is that that what this 175 00:09:00,600 --> 00:09:02,599 Speaker 1: problem is really caused. Remember, the Treasury says we're on 176 00:09:02,640 --> 00:09:05,160 Speaker 1: an unsustainable path. And as the Fed has gone on 177 00:09:05,240 --> 00:09:07,880 Speaker 1: this war path of raising rates at the fastest rate 178 00:09:07,880 --> 00:09:10,640 Speaker 1: in history, two things have hatten happened. One, they're trying 179 00:09:10,640 --> 00:09:13,120 Speaker 1: to make you poor and broke so you don't spend 180 00:09:13,160 --> 00:09:15,640 Speaker 1: as much money. But they've actually made the government broke 181 00:09:15,640 --> 00:09:17,560 Speaker 1: as a matter of fact. And then they've made the 182 00:09:17,760 --> 00:09:20,079 Speaker 1: interest on the debt more expensive than it's ever before. 183 00:09:20,120 --> 00:09:22,880 Speaker 1: And now for the first time, the US Treasury is 184 00:09:22,920 --> 00:09:26,160 Speaker 1: spending more money just to cover the interest on the 185 00:09:26,200 --> 00:09:29,920 Speaker 1: debt than they are on the military. Government spending grew 186 00:09:29,960 --> 00:09:32,120 Speaker 1: by fifteen percent last month to a total of six 187 00:09:32,280 --> 00:09:35,400 Speaker 1: hundred and forty six billion with a deficit of only 188 00:09:35,440 --> 00:09:37,520 Speaker 1: two hundred and twenty million. If you're just tuning, you're 189 00:09:37,520 --> 00:09:38,760 Speaker 1: listening to the Mark Mahs Show. I got to take 190 00:09:38,760 --> 00:09:40,120 Speaker 1: a very quick break. We're going to be back with 191 00:09:40,160 --> 00:09:42,600 Speaker 1: more news headlines in a second. Don't go away, We're back, 192 00:09:43,240 --> 00:09:44,640 Speaker 1: all right. If you're just tune in, you're listening to 193 00:09:44,720 --> 00:09:47,520 Speaker 1: the Mark Maas Show, and we are talking about some 194 00:09:47,559 --> 00:09:50,040 Speaker 1: of the latest breaking news headlines this week in the 195 00:09:50,040 --> 00:09:52,559 Speaker 1: world of business, finance and technology, and of course the 196 00:09:52,600 --> 00:09:56,000 Speaker 1: technology we always talk about is bitcoin. That's really what's 197 00:09:56,040 --> 00:10:01,240 Speaker 1: changing the world, and it is changing the world faster. 198 00:10:01,440 --> 00:10:04,160 Speaker 1: It's like on this accelerating paces like a snowball, like 199 00:10:04,200 --> 00:10:06,400 Speaker 1: getting bigger and bigger and bigger and gaining steam as 200 00:10:06,400 --> 00:10:09,960 Speaker 1: it goes downhill. And we really saw it highlighted this 201 00:10:10,000 --> 00:10:12,480 Speaker 1: week in this article that kind of blew me away. 202 00:10:13,240 --> 00:10:15,760 Speaker 1: And you've probably heard me and many other people talk 203 00:10:15,800 --> 00:10:19,880 Speaker 1: about bitcoin not crypto, right, you've heard that before, And 204 00:10:20,000 --> 00:10:22,600 Speaker 1: what that means is, well, you know, we're not saying 205 00:10:22,679 --> 00:10:27,520 Speaker 1: that bitcoin is not a cryptocurrency. Technically, it uses cryptography, right, 206 00:10:27,600 --> 00:10:30,720 Speaker 1: so yes, it's a cryptocurrency. But what we're trying to 207 00:10:30,760 --> 00:10:32,640 Speaker 1: say is that when we're talking about bitcoin. We're just 208 00:10:32,640 --> 00:10:34,560 Speaker 1: talking about bitcoin, and we talk about crypto, we're talking 209 00:10:34,559 --> 00:10:37,960 Speaker 1: about everything other than bitcoin, So that's kind of what 210 00:10:37,960 --> 00:10:40,720 Speaker 1: we're talking about. And the reason why is because Bitcoin 211 00:10:40,920 --> 00:10:44,520 Speaker 1: is completely different than every other whatever. There are twenty 212 00:10:44,520 --> 00:10:49,679 Speaker 1: five thousand cryptocurrencies and obviously there's a ton of differences, 213 00:10:49,920 --> 00:10:55,000 Speaker 1: but the main core difference that changes everything is what 214 00:10:55,080 --> 00:10:59,000 Speaker 1: the SEC Securities Exchange Commission came out and stated. And 215 00:10:59,040 --> 00:11:00,960 Speaker 1: so you probably already know I've been talking about pretty 216 00:11:00,960 --> 00:11:04,480 Speaker 1: extensively over the last about a year now, how the 217 00:11:04,520 --> 00:11:06,560 Speaker 1: SEC was going to come out on a warpath and 218 00:11:06,640 --> 00:11:09,800 Speaker 1: just regulate the heck out of cryptocurrencies. I even went 219 00:11:09,840 --> 00:11:12,360 Speaker 1: as far as to say that I think that we 220 00:11:12,520 --> 00:11:16,600 Speaker 1: have probably seen the last cryptocurrency bull run. When I 221 00:11:16,600 --> 00:11:20,160 Speaker 1: say cryptocurrency bull runs as a as a broad market, 222 00:11:20,520 --> 00:11:22,200 Speaker 1: sure there will be individual assets that will pump here 223 00:11:22,240 --> 00:11:24,280 Speaker 1: and there, but as a broad market, I think it's over. 224 00:11:24,559 --> 00:11:26,760 Speaker 1: But I think that's actually beneficial for bitcoins. I think 225 00:11:26,760 --> 00:11:30,080 Speaker 1: Bitcoin will pump even harder because of that. And the 226 00:11:30,120 --> 00:11:31,920 Speaker 1: reason why is, as I said, right, the SEC was 227 00:11:31,960 --> 00:11:35,000 Speaker 1: going to come after these cryptocurrencies so hard, and so 228 00:11:35,360 --> 00:11:38,960 Speaker 1: they have Gary Ginsler, the SEC has been filing, you know, 229 00:11:39,000 --> 00:11:42,319 Speaker 1: sued after suit after suit, and really it hinges on 230 00:11:42,360 --> 00:11:45,000 Speaker 1: a claim that again, most of these cryptocurrencies can be 231 00:11:45,040 --> 00:11:50,200 Speaker 1: classified as securities or financial instruments. And you know, this 232 00:11:50,280 --> 00:11:54,199 Speaker 1: goes back to like this Howie test which was from 233 00:11:54,280 --> 00:11:56,560 Speaker 1: nineteen forty six and it was about an orange grove, which, 234 00:11:56,559 --> 00:12:01,040 Speaker 1: of course, how does that apply to cryptocurrency, but it 235 00:12:01,120 --> 00:12:04,760 Speaker 1: kind of does. And what the SEC is saying through 236 00:12:04,880 --> 00:12:07,600 Speaker 1: all these claims that cryptos can be securities is they 237 00:12:07,600 --> 00:12:10,440 Speaker 1: said that none of this that they're talking about applies 238 00:12:10,480 --> 00:12:15,440 Speaker 1: to Bitcoin, which they said is the world's most decentralized crypto. Now, 239 00:12:15,679 --> 00:12:18,520 Speaker 1: not only is the most decentralized crypto, has the market 240 00:12:18,559 --> 00:12:21,120 Speaker 1: cap of pretty much all the other cryptos combined. And 241 00:12:21,160 --> 00:12:24,680 Speaker 1: the SEC said that, quote, we believe every crypto asset 242 00:12:24,880 --> 00:12:28,400 Speaker 1: other than bitcoin is a security. That's what they told 243 00:12:28,440 --> 00:12:33,040 Speaker 1: coinbase before finds litigation. Now he said. Gary Ginso, the 244 00:12:33,040 --> 00:12:35,920 Speaker 1: head of the SEC, said, quote in New York magazine, 245 00:12:35,960 --> 00:12:39,720 Speaker 1: quote for everything other than bitcoin, you can find a website, 246 00:12:39,880 --> 00:12:42,360 Speaker 1: you can find a group of entrepreneurs, and these tokens 247 00:12:42,360 --> 00:12:44,560 Speaker 1: are securities because there's a group in the middle, in 248 00:12:44,600 --> 00:12:47,120 Speaker 1: the public that's anticipating profits on the group. Now, it 249 00:12:47,200 --> 00:12:50,679 Speaker 1: is worth noting that there was recently a ruling by 250 00:12:50,720 --> 00:12:55,079 Speaker 1: the court on Ripple so xr I'm sorry Ripple Labs 251 00:12:55,080 --> 00:12:57,959 Speaker 1: and XRP the token, and so the court came out 252 00:12:58,000 --> 00:13:01,360 Speaker 1: with like this double ruling where they said the token 253 00:13:01,480 --> 00:13:06,240 Speaker 1: itself XRP the token is not a security, but selling 254 00:13:06,280 --> 00:13:09,400 Speaker 1: it to the institutions was a security. So how does 255 00:13:09,440 --> 00:13:11,760 Speaker 1: that work? Well, the Howie test in nineteen forty six 256 00:13:11,840 --> 00:13:14,920 Speaker 1: was actually written about orange groves. So let's think about 257 00:13:14,920 --> 00:13:19,040 Speaker 1: it the orange groves. An orange is not a security, 258 00:13:19,080 --> 00:13:23,280 Speaker 1: it's just to orange. But if I raise investment capital 259 00:13:23,440 --> 00:13:26,679 Speaker 1: for an orange grove and then I promise those investors 260 00:13:26,720 --> 00:13:30,720 Speaker 1: when those oranges grow, I'll give them the oranges, that 261 00:13:30,880 --> 00:13:33,840 Speaker 1: is the security. The orange itself is not a security, 262 00:13:33,880 --> 00:13:38,360 Speaker 1: it's to orange, but the transaction is the security. They 263 00:13:38,520 --> 00:13:43,880 Speaker 1: own are a secure interest in that orange grove, backed 264 00:13:43,960 --> 00:13:47,079 Speaker 1: up by the oranges themselves. So the oranges aren't a security, 265 00:13:47,320 --> 00:13:51,520 Speaker 1: but the contract to give the investors oranges is. And 266 00:13:51,559 --> 00:13:54,560 Speaker 1: so basically the judge said XRP the token is not 267 00:13:54,720 --> 00:13:58,560 Speaker 1: a security, it's an orange, but the contract that allowed 268 00:13:58,559 --> 00:14:01,960 Speaker 1: these investors to get the token was And so everybody rejoiced, 269 00:14:02,280 --> 00:14:05,000 Speaker 1: x rap pisew security. Of course it's not. Of course 270 00:14:05,120 --> 00:14:06,920 Speaker 1: is not like that didn't need to be said, like 271 00:14:07,280 --> 00:14:09,360 Speaker 1: it's an orange, but the way they sold it was 272 00:14:10,320 --> 00:14:13,280 Speaker 1: and so it's important to understand that. But you know, 273 00:14:13,520 --> 00:14:15,000 Speaker 1: we'll continue to see how this plays out. I think 274 00:14:15,000 --> 00:14:17,840 Speaker 1: it's important to see that bitcoin itself is not a security. 275 00:14:18,200 --> 00:14:20,040 Speaker 1: But there's going to be more and more legislation. As 276 00:14:20,080 --> 00:14:21,760 Speaker 1: a matter of fact, we saw a lot more this week. 277 00:14:21,880 --> 00:14:25,640 Speaker 1: The House Financial Services Committee approved legislation that would create 278 00:14:26,680 --> 00:14:29,360 Speaker 1: a framework a regulatory framework for the issuance and trading 279 00:14:29,360 --> 00:14:33,960 Speaker 1: of digital assets at the SEC and the CFTC, which 280 00:14:34,000 --> 00:14:38,000 Speaker 1: is the Commodity Futures Trading Commission. Now, I'm not a 281 00:14:38,040 --> 00:14:40,240 Speaker 1: fan of any of this regulation. I wish that the 282 00:14:40,280 --> 00:14:42,400 Speaker 1: SEC and the CFTC would just shut down a disgrace 283 00:14:42,440 --> 00:14:45,360 Speaker 1: and go away. I don't think I need any regulatory 284 00:14:45,360 --> 00:14:47,440 Speaker 1: body to protect me and what I put my money into. 285 00:14:47,840 --> 00:14:49,760 Speaker 1: If I want to buy lottery tickets or I want 286 00:14:49,800 --> 00:14:51,120 Speaker 1: to buy if I want to go to Vegas and 287 00:14:51,120 --> 00:14:53,600 Speaker 1: put it on twenty seven red, then I should be 288 00:14:53,640 --> 00:14:55,680 Speaker 1: allowed to do. It's my money. I don't need them 289 00:14:55,680 --> 00:14:58,720 Speaker 1: tell me what I can But here we are. Now 290 00:14:58,760 --> 00:15:02,960 Speaker 1: they're talking about this bill that is basically trying to, 291 00:15:02,960 --> 00:15:04,840 Speaker 1: like said, create this framework where they want to have 292 00:15:04,920 --> 00:15:11,720 Speaker 1: like this certification system that shows that a blockchain is 293 00:15:11,760 --> 00:15:15,920 Speaker 1: sufficiently decentralized. Now, what I really hate about this is 294 00:15:15,960 --> 00:15:20,040 Speaker 1: who's to say what that even is? Now? I, personally, 295 00:15:20,120 --> 00:15:23,480 Speaker 1: I guess I'm a decentralized MAXI I don't think there's 296 00:15:23,880 --> 00:15:27,920 Speaker 1: such thing as decentralized. Ish. It either is or it isn't. 297 00:15:28,880 --> 00:15:32,320 Speaker 1: In my opinion, what determines it is? Well, I think 298 00:15:32,360 --> 00:15:35,080 Speaker 1: Gary Ginsler said it right. They have websites, they have 299 00:15:35,120 --> 00:15:38,480 Speaker 1: groups of people that manage it. Bitcoin has no website, 300 00:15:38,520 --> 00:15:40,920 Speaker 1: there's no group of people. But more importantly, it's because 301 00:15:40,920 --> 00:15:43,440 Speaker 1: instead of one database, there's many. In order to have many, 302 00:15:43,680 --> 00:15:46,960 Speaker 1: everybody in the world must be able to run a database, 303 00:15:47,120 --> 00:15:51,000 Speaker 1: and that, to me is this big distinction there. And 304 00:15:51,040 --> 00:15:52,960 Speaker 1: so they want to create this regulatory framework to see 305 00:15:52,960 --> 00:15:55,960 Speaker 1: if it's sufficiently decentralized. Okay, whatever that is, it's arbitrary. 306 00:15:56,200 --> 00:16:01,720 Speaker 1: There's another bill that opened up, led by Elizabeth Warren. 307 00:16:02,520 --> 00:16:04,720 Speaker 1: I always laugh when I think about her because I 308 00:16:04,720 --> 00:16:06,240 Speaker 1: want to say it, but I don't. But I'm just 309 00:16:06,240 --> 00:16:08,280 Speaker 1: gonna say it. I always laughed when Donald Trump would 310 00:16:08,280 --> 00:16:10,560 Speaker 1: call her Pocahontas, if you don't know what that means. 311 00:16:10,760 --> 00:16:14,120 Speaker 1: She ran forever on a lie that she was Native American, 312 00:16:14,640 --> 00:16:16,680 Speaker 1: and so she tried to get like special access because 313 00:16:16,680 --> 00:16:19,320 Speaker 1: she's from a minority protected group or whatever Native American. 314 00:16:19,640 --> 00:16:21,840 Speaker 1: Turns out she's not and it was all a big lie, 315 00:16:22,200 --> 00:16:24,320 Speaker 1: so he'd call her Pocahontas. But anyway, she's on the 316 00:16:24,320 --> 00:16:30,440 Speaker 1: warpath on an anti crypto campaign. She reintroduced because nobody 317 00:16:30,440 --> 00:16:32,920 Speaker 1: wanted the first time, so let's try it again. Reintroduced 318 00:16:32,920 --> 00:16:37,200 Speaker 1: the Digital Asset Anti Money Laundering Act, and basically it's 319 00:16:37,200 --> 00:16:39,000 Speaker 1: a whole bunch of laws to crack down on money 320 00:16:39,080 --> 00:16:42,160 Speaker 1: laundering and terrorism, because of course that's real bad. Never 321 00:16:42,200 --> 00:16:45,200 Speaker 1: Mind that FIAT, about two trillion dollars of FIAT was 322 00:16:45,280 --> 00:16:47,320 Speaker 1: used for that, never mind that. Never Mind that the 323 00:16:47,360 --> 00:16:49,520 Speaker 1: Obama administration sent like one hundreds of millions of dollars 324 00:16:49,560 --> 00:16:52,040 Speaker 1: in cash over to Iran. Never mind any of that. 325 00:16:52,640 --> 00:16:55,280 Speaker 1: But it's the digital assets that we have to worry about. 326 00:16:55,440 --> 00:16:57,280 Speaker 1: And basically, what this bill is trying to do is 327 00:16:57,480 --> 00:17:02,000 Speaker 1: force KYC Know your Customer or rules onto people using 328 00:17:02,760 --> 00:17:06,480 Speaker 1: people in the cryptocurrency space, such as like wallet providers 329 00:17:06,640 --> 00:17:11,440 Speaker 1: and crypto miners. So if you're mining bitcoin or crypto, 330 00:17:11,760 --> 00:17:15,480 Speaker 1: then you're supposed to know your customer. But how is 331 00:17:15,480 --> 00:17:19,480 Speaker 1: that possible. It's not possible. If you have your own wallet, 332 00:17:19,520 --> 00:17:22,439 Speaker 1: you're custoding it yourself, and I transferre to you, then 333 00:17:22,440 --> 00:17:26,520 Speaker 1: I'm supposed to capture all your information somehow. That's what 334 00:17:26,560 --> 00:17:28,520 Speaker 1: these things are. Now. What I think is that it 335 00:17:28,640 --> 00:17:33,679 Speaker 1: shows just technology is advancing faster than the governments can 336 00:17:33,760 --> 00:17:36,119 Speaker 1: keep up with it, and when they try to put 337 00:17:36,480 --> 00:17:40,800 Speaker 1: bills in regulating technology like this, it shows how incompetent 338 00:17:41,280 --> 00:17:45,600 Speaker 1: and how irrelevant the government is. The current form of 339 00:17:45,640 --> 00:17:48,840 Speaker 1: government that we have today was designed for the world 340 00:17:48,880 --> 00:17:50,840 Speaker 1: that we lived in one hundred years ago, when we 341 00:17:50,880 --> 00:17:54,359 Speaker 1: had mass manufacturing and mass management. But that world no 342 00:17:54,400 --> 00:17:56,760 Speaker 1: longer exists, and so the form of government that we 343 00:17:56,800 --> 00:17:58,960 Speaker 1: have today is no longer compatible with the world that 344 00:17:59,000 --> 00:18:03,120 Speaker 1: we're in. And they try to enforce old world regulations 345 00:18:03,240 --> 00:18:06,720 Speaker 1: onto the new information world. Again, they look irrelevant and 346 00:18:06,760 --> 00:18:09,120 Speaker 1: they look incompetent. Now, if you're just tune in, you're 347 00:18:09,119 --> 00:18:11,320 Speaker 1: listening to the Mark Mass Show. Of course we're talking 348 00:18:11,320 --> 00:18:13,520 Speaker 1: about the decentralized revolution. We're running through some of the 349 00:18:13,600 --> 00:18:16,240 Speaker 1: latest breaking news headlines this week. I got a whole 350 00:18:16,280 --> 00:18:18,080 Speaker 1: lot more to cover when I come back, but I 351 00:18:18,080 --> 00:18:20,000 Speaker 1: gotta take a quick break. You don't want to miss it, though, 352 00:18:20,080 --> 00:18:23,040 Speaker 1: I'll be right back. Don't go away, you don't want 353 00:18:23,040 --> 00:18:25,919 Speaker 1: to miss it. We're back, all right, Welcome back. If 354 00:18:25,920 --> 00:18:27,880 Speaker 1: you just tune in, you're listening to the Mark Mass Show. 355 00:18:27,920 --> 00:18:32,280 Speaker 1: We're always talking about the intersection of politics, finance, and technology. 356 00:18:32,280 --> 00:18:35,720 Speaker 1: Of course, that technology is bitcoin, the technology that's changing 357 00:18:35,840 --> 00:18:38,120 Speaker 1: the world more than you even know. But don't worry 358 00:18:38,160 --> 00:18:39,800 Speaker 1: if you tuning in each and every week, I'm going 359 00:18:39,880 --> 00:18:41,960 Speaker 1: to make sure that you understand that. But I like 360 00:18:42,000 --> 00:18:43,639 Speaker 1: to look at the intersection of those three things so 361 00:18:43,640 --> 00:18:46,159 Speaker 1: we can have better context of what's happening in the world. 362 00:18:46,480 --> 00:18:50,280 Speaker 1: And the three of those things converged onto this next 363 00:18:50,359 --> 00:18:52,879 Speaker 1: topic that I want to talk about, because yes it 364 00:18:52,960 --> 00:18:58,040 Speaker 1: covers bitcoin or really crypto tech, and yes it covers politics, 365 00:18:58,080 --> 00:19:00,280 Speaker 1: and yes it covers finance. And what am I talking about. 366 00:19:00,560 --> 00:19:04,160 Speaker 1: I'm talking about every single day waking up and seeing 367 00:19:04,200 --> 00:19:10,399 Speaker 1: another new headline that shows the two tiered system that 368 00:19:10,480 --> 00:19:15,720 Speaker 1: we have for criminals, for prosecuting criminals. If it hasn't 369 00:19:15,760 --> 00:19:18,440 Speaker 1: become apparent to you yet then not just I guess 370 00:19:18,480 --> 00:19:20,280 Speaker 1: there's no hope for you. But we can see the 371 00:19:20,400 --> 00:19:24,560 Speaker 1: judicial system has been weaponized against political opponents, and the 372 00:19:24,640 --> 00:19:28,040 Speaker 1: two tier system is more apparent than ever, and you 373 00:19:28,080 --> 00:19:31,600 Speaker 1: don't have to look forward to see this everywhere. One 374 00:19:31,600 --> 00:19:35,320 Speaker 1: of the things that really finally sent the cryptocurrency markets 375 00:19:35,320 --> 00:19:38,040 Speaker 1: into its final tel spin, which then brought the ire 376 00:19:38,119 --> 00:19:39,840 Speaker 1: of every regulator in the world to come and go 377 00:19:39,960 --> 00:19:44,320 Speaker 1: full scale against it, was the collapse of FTX. FTX was, 378 00:19:44,359 --> 00:19:47,679 Speaker 1: of course founded by Sam Bankman Freed SBF. I've covered 379 00:19:47,680 --> 00:19:50,120 Speaker 1: this extensively. Go back in the archives on the podcast 380 00:19:50,119 --> 00:19:51,760 Speaker 1: to search the Mark maw Show in your favorite podcast 381 00:19:51,760 --> 00:19:55,200 Speaker 1: player to go back and understand who SBF was and FTX, etc. 382 00:19:55,800 --> 00:19:58,680 Speaker 1: I did some sort of investigative journalism on my main 383 00:19:58,720 --> 00:20:00,800 Speaker 1: YouTube channel, Mark Moss where I they went deep into 384 00:20:00,800 --> 00:20:02,399 Speaker 1: who he was and his family, et cetera, if you 385 00:20:02,400 --> 00:20:05,479 Speaker 1: want to understand that. But one of the things that 386 00:20:05,520 --> 00:20:12,400 Speaker 1: he did, very very fishy, was that FTX opened right 387 00:20:12,440 --> 00:20:14,880 Speaker 1: when the Biden administration announced he was going to run 388 00:20:14,960 --> 00:20:18,119 Speaker 1: for president. Now, maybe that was just coincidental, probably was, 389 00:20:18,960 --> 00:20:23,040 Speaker 1: but Samamgmin Freed n FTX stole tens of billions of 390 00:20:23,080 --> 00:20:28,800 Speaker 1: dollars and became the largest donor for the Democrat Party. 391 00:20:28,920 --> 00:20:31,919 Speaker 1: He was the second largest donor for the Biden administration. 392 00:20:33,160 --> 00:20:37,040 Speaker 1: So they got involved with money from Ukraine. I mean, 393 00:20:37,080 --> 00:20:38,960 Speaker 1: there's a lot of dirty ties. Again, go back to 394 00:20:39,000 --> 00:20:41,399 Speaker 1: my main YouTube channel, search Mark Moss SBF if you 395 00:20:41,440 --> 00:20:43,480 Speaker 1: want to find out about all that, all the details. 396 00:20:43,520 --> 00:20:46,000 Speaker 1: But one of the things that they did, as I said, 397 00:20:46,119 --> 00:20:48,399 Speaker 1: is started up this right at the time when Biden 398 00:20:48,440 --> 00:20:50,560 Speaker 1: was running and started just funneling tens and tens and 399 00:20:50,560 --> 00:20:52,320 Speaker 1: tens of millions of dollars and think up to ninety 400 00:20:52,680 --> 00:20:58,440 Speaker 1: million dollars to the Democrat Party. Now, this is a 401 00:20:58,440 --> 00:21:00,679 Speaker 1: big deal for a lot of reasons, one of which 402 00:21:01,040 --> 00:21:06,159 Speaker 1: it violates all kinds of campaign finance laws that we have. Two, 403 00:21:06,480 --> 00:21:09,639 Speaker 1: when you do this right before a bankruptcy happens, the 404 00:21:09,680 --> 00:21:14,400 Speaker 1: bankruptcy court will usually go and claw back those funds. Oh, 405 00:21:14,480 --> 00:21:16,320 Speaker 1: you made a transfer right before you've been bankrupt. We're 406 00:21:16,320 --> 00:21:18,200 Speaker 1: going to go back and take that back from the person. 407 00:21:18,240 --> 00:21:22,720 Speaker 1: That's the way it works. Well, he had all kinds 408 00:21:22,720 --> 00:21:26,439 Speaker 1: of charges against him for campaign violence, as he should. 409 00:21:26,560 --> 00:21:29,880 Speaker 1: There should be lots of them But mysteriously this week 410 00:21:29,960 --> 00:21:32,960 Speaker 1: we saw federal prosecutors have now decided to drop the 411 00:21:33,000 --> 00:21:37,399 Speaker 1: campaign finance violation charges against against them. They came up 412 00:21:37,400 --> 00:21:44,280 Speaker 1: with some stupid story about, oh, the Bahamas court, you know, extradition, 413 00:21:44,480 --> 00:21:48,240 Speaker 1: something like that, as if the US is beholden to 414 00:21:48,240 --> 00:21:49,640 Speaker 1: the Bahamas. I don't think that's the way it works. 415 00:21:49,640 --> 00:21:52,359 Speaker 1: As a matter of fact, I believe almost every nation 416 00:21:52,600 --> 00:21:55,720 Speaker 1: on earth has an extradition treaty with the United States. 417 00:21:56,640 --> 00:21:58,600 Speaker 1: It's not the way it works. On top of that, 418 00:21:58,920 --> 00:22:02,480 Speaker 1: we had a federal judge, Judge Lewis Kaplan, placed a 419 00:22:02,520 --> 00:22:06,280 Speaker 1: gag order on SBF so he won't be talking about it. 420 00:22:06,960 --> 00:22:09,639 Speaker 1: But all of these charges were dropped. Now, he was 421 00:22:09,840 --> 00:22:16,080 Speaker 1: charged with using straw donors that allowed him to evade 422 00:22:16,200 --> 00:22:21,320 Speaker 1: contribution limits on individual donations to candidates. Right, he already 423 00:22:21,359 --> 00:22:24,439 Speaker 1: he donated the money. We know this all right, but 424 00:22:25,359 --> 00:22:28,960 Speaker 1: he somehow didn't have to face any problems. Now, let 425 00:22:29,000 --> 00:22:30,159 Speaker 1: me let me talk about why this is the two 426 00:22:30,200 --> 00:22:31,920 Speaker 1: tiered system. Let me let me give you an example. 427 00:22:32,600 --> 00:22:35,320 Speaker 1: So maybe some of you guys have heard of Dinish Desuza. 428 00:22:36,000 --> 00:22:39,040 Speaker 1: Now Didnissuza as a filmmaker. He makes a bunch of 429 00:22:39,400 --> 00:22:43,159 Speaker 1: documentaries and things like that. He did one, uh I 430 00:22:43,160 --> 00:22:45,080 Speaker 1: forget the name of two thousand Mules or something like that, 431 00:22:45,119 --> 00:22:46,760 Speaker 1: where he kind of showed like all the election fraud 432 00:22:46,760 --> 00:22:50,040 Speaker 1: that was happening. But he did one. I think he 433 00:22:50,080 --> 00:22:53,960 Speaker 1: did two on Obama, and he basically did this documentary 434 00:22:53,960 --> 00:22:56,240 Speaker 1: on Obama where he went and showed who his dad 435 00:22:56,400 --> 00:22:58,480 Speaker 1: was and Kenya, and who his mom was, and growing 436 00:22:58,560 --> 00:23:00,600 Speaker 1: up in Hawaii and how he was sent at a 437 00:23:00,640 --> 00:23:02,480 Speaker 1: young age to go live in Chicago, and who he 438 00:23:02,520 --> 00:23:04,760 Speaker 1: lived with in Chicago, who ran the Red Star which 439 00:23:04,800 --> 00:23:07,560 Speaker 1: was a communist newspaper, and his right. It shows the 440 00:23:07,560 --> 00:23:09,040 Speaker 1: whole thing. If you want to know who Obama is, 441 00:23:09,640 --> 00:23:14,040 Speaker 1: go watch this, this documentary by Denisiasuza. Well, doesn't turn 442 00:23:14,200 --> 00:23:18,320 Speaker 1: out that Obama and his handlers like that. They didn't 443 00:23:18,320 --> 00:23:20,840 Speaker 1: want to be exposed like that. That Obama, you know, 444 00:23:21,160 --> 00:23:22,919 Speaker 1: didn't come from the US. I'm not going to go 445 00:23:22,920 --> 00:23:25,119 Speaker 1: intoll the conspiracies. You can go watch that yourself. But 446 00:23:25,160 --> 00:23:27,760 Speaker 1: it turns out the establishment that put Obama in power 447 00:23:27,960 --> 00:23:30,439 Speaker 1: didn't like that too much, and so Denish de Suza 448 00:23:30,560 --> 00:23:34,080 Speaker 1: became enemy number one and so they went after him 449 00:23:34,080 --> 00:23:36,080 Speaker 1: and they put him in prison. What they put him 450 00:23:36,080 --> 00:23:42,359 Speaker 1: in prison for campaign finance violations. Oh like Sam Bankman 451 00:23:42,359 --> 00:23:44,120 Speaker 1: Fried just got let off of So let's let's see. 452 00:23:44,119 --> 00:23:48,080 Speaker 1: So Sam Bateman Freed gave like ninety million dollars and 453 00:23:48,200 --> 00:23:52,400 Speaker 1: got let off. But Denish Desuza, Oh no, he attempted 454 00:23:52,800 --> 00:23:57,920 Speaker 1: to illegally contribute over ten thousand dollars to a Senate campaign, 455 00:23:58,600 --> 00:24:01,840 Speaker 1: willfully undermining the integra the campaign finance process, is what 456 00:24:01,880 --> 00:24:04,679 Speaker 1: it says here. This was September twenty third, twenty fourteen. 457 00:24:04,720 --> 00:24:08,000 Speaker 1: I'm reading the charge. I'm here. So he was sentenced 458 00:24:08,000 --> 00:24:11,400 Speaker 1: in a Manhattan federal court to five years of probation 459 00:24:11,520 --> 00:24:18,760 Speaker 1: for campaign finance fraud for attempting to illegally contribute over 460 00:24:18,840 --> 00:24:22,000 Speaker 1: ten thousand dollars. What he did is he gave ten 461 00:24:22,040 --> 00:24:24,520 Speaker 1: thousand dollars, five thousand for himself, five thousand for his wife, 462 00:24:24,640 --> 00:24:27,960 Speaker 1: and then some people that work for him also contributed, 463 00:24:28,400 --> 00:24:32,240 Speaker 1: and then he reimbursed him. We're talking a total of 464 00:24:32,280 --> 00:24:36,919 Speaker 1: twenty thousand dollars a total. But because he didn't didn't 465 00:24:36,920 --> 00:24:40,480 Speaker 1: document it properly, and because he reimbursed them, that's what 466 00:24:40,520 --> 00:24:44,520 Speaker 1: they called straw donors. And because he used these straw 467 00:24:44,600 --> 00:24:48,600 Speaker 1: donors for a total gross sum of ten thousand dollars 468 00:24:48,680 --> 00:24:52,359 Speaker 1: or twenty thousand dollars collectively. Then he got sentenced to 469 00:24:52,520 --> 00:24:55,960 Speaker 1: five years. But Sam Bankman Fried was a charge was 470 00:24:56,000 --> 00:25:00,520 Speaker 1: also charged with straw donors, but this time nine million, 471 00:25:00,560 --> 00:25:02,919 Speaker 1: and of course to Democrat candidates and not Republican and 472 00:25:03,040 --> 00:25:06,119 Speaker 1: he just got his charges dropped. Anyway, enough time on 473 00:25:06,160 --> 00:25:09,360 Speaker 1: that you understand what's going on. Big, big, big deal. 474 00:25:09,400 --> 00:25:11,840 Speaker 1: There some other big deals that we saw going back 475 00:25:11,840 --> 00:25:16,639 Speaker 1: to sort of the the combination of politics, finance, and 476 00:25:16,680 --> 00:25:20,960 Speaker 1: technology is more. Elizabeth Warren, more Pokemons, Elizabeth Warren and 477 00:25:21,000 --> 00:25:23,080 Speaker 1: Graham put a new bill together to now reign in 478 00:25:23,119 --> 00:25:25,679 Speaker 1: big tech because they hate technology as much as they 479 00:25:25,720 --> 00:25:29,560 Speaker 1: hate well, they hate progress, They hate new technology. And 480 00:25:29,600 --> 00:25:31,000 Speaker 1: basically what they want to do is they want to 481 00:25:31,040 --> 00:25:34,200 Speaker 1: create a new government regulator that would be in charge 482 00:25:34,560 --> 00:25:37,080 Speaker 1: a new governments are to control business. Sounds great, sounds 483 00:25:37,119 --> 00:25:41,080 Speaker 1: like a fascism to reign in meta Facebook, Apple, Google, Amazon, 484 00:25:41,160 --> 00:25:43,359 Speaker 1: et cetera, and all these big tech platforms. And they 485 00:25:43,359 --> 00:25:46,520 Speaker 1: want to create a commission that would create laws that 486 00:25:46,560 --> 00:25:50,359 Speaker 1: would tighten the antitrust, that would forbid companies from preferring 487 00:25:50,400 --> 00:25:54,439 Speaker 1: their own products over their rivals. I mean that sounds okay, 488 00:25:54,560 --> 00:25:56,920 Speaker 1: and I guess that's pretty good. Like I used to 489 00:25:56,920 --> 00:25:58,639 Speaker 1: sell a bunch of products on Amazon. I sold thousands 490 00:25:58,640 --> 00:26:00,560 Speaker 1: of thousands of products on Amazon, and I know the 491 00:26:00,560 --> 00:26:02,840 Speaker 1: way it works. Like Amazon sees what are the big sellers, 492 00:26:03,000 --> 00:26:05,960 Speaker 1: and then they create their own copy products of those 493 00:26:06,000 --> 00:26:09,760 Speaker 1: Amazon brands and they sell them, and they sell them 494 00:26:09,840 --> 00:26:13,080 Speaker 1: over other products, sort of like Costco does. Costco has 495 00:26:13,160 --> 00:26:15,520 Speaker 1: like Kerkland brand, right, and they sell their own products. 496 00:26:17,200 --> 00:26:20,000 Speaker 1: These are like sticky issues a little bit right where 497 00:26:22,080 --> 00:26:24,560 Speaker 1: I believe in free markets. And so if I create 498 00:26:24,600 --> 00:26:27,200 Speaker 1: a giant store, whether it's Costco or a grocery store 499 00:26:27,280 --> 00:26:29,280 Speaker 1: an online store, I should be able to sell my 500 00:26:29,320 --> 00:26:31,760 Speaker 1: own products, and I should be able to determine which 501 00:26:31,800 --> 00:26:34,560 Speaker 1: of those products get preferred treatment. I mean, I don't 502 00:26:34,600 --> 00:26:37,400 Speaker 1: understand what the big deal is now. Unfortunately it gets 503 00:26:37,440 --> 00:26:41,720 Speaker 1: murky because then big corporations like all these big ones 504 00:26:41,760 --> 00:26:45,280 Speaker 1: I named, then start to use the government. They lobby 505 00:26:45,320 --> 00:26:47,600 Speaker 1: the government to pass laws and regulations that then allow 506 00:26:47,640 --> 00:26:50,919 Speaker 1: them to build themselves a moat that prevents other people 507 00:26:50,920 --> 00:26:53,840 Speaker 1: from coming up and competing against them. And so in 508 00:26:53,920 --> 00:26:55,680 Speaker 1: order for free markets to work, you have to allow 509 00:26:55,720 --> 00:26:58,920 Speaker 1: for the competition to be there. So it's not free markets, 510 00:26:58,960 --> 00:27:02,520 Speaker 1: it's not capitalism. That's what we'd call corporatism, and so 511 00:27:02,800 --> 00:27:05,640 Speaker 1: I'm against corporatism. The problem that I have with this 512 00:27:06,080 --> 00:27:08,600 Speaker 1: is this is more of the same problem. So by 513 00:27:08,680 --> 00:27:13,199 Speaker 1: creating this regulatory body, then they can then take control 514 00:27:13,240 --> 00:27:16,320 Speaker 1: and regulate how these businesses works. That's more corportism. Governments 515 00:27:16,359 --> 00:27:19,679 Speaker 1: and corporations working together and through lots and lots of 516 00:27:19,720 --> 00:27:23,840 Speaker 1: money spent through lobbying, these corporations take over this regulatory 517 00:27:23,880 --> 00:27:26,159 Speaker 1: body and then control the whole thing, which is a 518 00:27:26,200 --> 00:27:29,320 Speaker 1: bigger moat and prevents even more competition from coming up 519 00:27:29,359 --> 00:27:33,680 Speaker 1: and challenging them. So big, big, big moves happening this week. 520 00:27:33,680 --> 00:27:35,240 Speaker 1: If you just tune in, you're listening to the Mark 521 00:27:35,280 --> 00:27:38,120 Speaker 1: Maas Show. Of course, we're always talking about the decentralized revolutions, 522 00:27:38,080 --> 00:27:41,000 Speaker 1: so you can see the direction that we're going. I 523 00:27:41,080 --> 00:27:42,600 Speaker 1: got a lot more. This is a busy week. I 524 00:27:42,600 --> 00:27:43,919 Speaker 1: got a lot more to cover. I'm gonna take a 525 00:27:44,000 --> 00:27:46,199 Speaker 1: very short break. I'm gonna be right back though, So 526 00:27:46,280 --> 00:27:48,600 Speaker 1: don't go away. I got a lot more to cover. 527 00:27:48,680 --> 00:27:52,359 Speaker 1: Don't go away. How wear back? All right? Welcome back? 528 00:27:52,400 --> 00:27:53,880 Speaker 1: If you just tune in, you're listening to the Mark 529 00:27:53,920 --> 00:27:56,240 Speaker 1: mass Show. We've been running through the latest breaking news 530 00:27:56,240 --> 00:27:59,560 Speaker 1: headlines this week to show you that we are still 531 00:27:59,680 --> 00:28:02,760 Speaker 1: on the direction. We're still headed to the decentralized revolution. 532 00:28:02,840 --> 00:28:06,399 Speaker 1: The world is literally changing right before our very eyes 533 00:28:06,480 --> 00:28:10,600 Speaker 1: from a world of centralization into a world of decentralization, which, 534 00:28:10,760 --> 00:28:14,200 Speaker 1: in my opinion, sounds like a good thing because instead 535 00:28:14,200 --> 00:28:16,600 Speaker 1: of having these big central entities that control every aspect 536 00:28:16,680 --> 00:28:18,919 Speaker 1: of our lives, it'll be much more regional, local, and 537 00:28:18,960 --> 00:28:22,800 Speaker 1: so forth. Now it's sort of like when will it happen, Well, 538 00:28:22,880 --> 00:28:25,359 Speaker 1: it's happening, and these are the signposts that show us 539 00:28:25,359 --> 00:28:31,040 Speaker 1: this on some other big news that also maybe fits 540 00:28:31,080 --> 00:28:33,359 Speaker 1: into this thesis as well, but it really kind of 541 00:28:33,359 --> 00:28:36,440 Speaker 1: goes back into this bigger ESG narrative that we talked 542 00:28:36,440 --> 00:28:43,960 Speaker 1: about earlier and how they're creating these energy crisises. What 543 00:28:44,000 --> 00:28:47,680 Speaker 1: they're doing through ESG is centralizing control of the energy, 544 00:28:48,240 --> 00:28:50,080 Speaker 1: and of course we've known this for a long time. 545 00:28:50,160 --> 00:28:53,080 Speaker 1: Was the attack vector. Henry Kissinger framed this up many 546 00:28:53,080 --> 00:28:54,960 Speaker 1: many decades ago when he said that if you control 547 00:28:55,000 --> 00:28:57,760 Speaker 1: the food, you control the people, control the energy, you 548 00:28:57,840 --> 00:29:01,480 Speaker 1: control the continent, control the money, you control the world. 549 00:29:01,680 --> 00:29:04,480 Speaker 1: So they of course they want to take over the food, energy, 550 00:29:04,640 --> 00:29:07,479 Speaker 1: and money, and then by taking those over then they 551 00:29:07,480 --> 00:29:11,400 Speaker 1: can control mass amounts of people. That's centralized control. And 552 00:29:11,440 --> 00:29:15,080 Speaker 1: so these ESG mandates sort of do that by saying 553 00:29:15,120 --> 00:29:19,960 Speaker 1: you can no longer get decentralized access, democratize access to energy. 554 00:29:20,200 --> 00:29:23,600 Speaker 1: You can't dig up coal or natural gas or oil 555 00:29:23,640 --> 00:29:25,560 Speaker 1: out of the ground anymore because anybody could just go 556 00:29:25,600 --> 00:29:27,400 Speaker 1: do that anywhere in the world, and we can't control that. 557 00:29:27,800 --> 00:29:30,120 Speaker 1: So you can no longer use those forms of energy. Instead, 558 00:29:30,160 --> 00:29:31,880 Speaker 1: you can only use the forms of energy that we 559 00:29:31,960 --> 00:29:35,760 Speaker 1: say that are made in our factories, like wind and solar, 560 00:29:36,760 --> 00:29:38,840 Speaker 1: and it's caused massive problems. We cover that extensively. We 561 00:29:38,840 --> 00:29:40,800 Speaker 1: talked about what's happening in Germany and what's happening in 562 00:29:40,880 --> 00:29:42,960 Speaker 1: South Africa. But some big news that I saw this 563 00:29:43,000 --> 00:29:45,320 Speaker 1: week in the United States shows that things might be 564 00:29:45,400 --> 00:29:49,040 Speaker 1: turning around. So again breaking centralization to decentralization. And that 565 00:29:49,200 --> 00:29:54,400 Speaker 1: is the first US nuclear reactor built from scratch entered 566 00:29:54,480 --> 00:29:58,520 Speaker 1: operation in Georgia. Finally, they've been working on us for 567 00:29:58,560 --> 00:30:02,880 Speaker 1: a long time. It was overdue. It was supposed to 568 00:30:02,880 --> 00:30:06,120 Speaker 1: have been completed in twenty sixteen. It went way over time, 569 00:30:06,160 --> 00:30:09,200 Speaker 1: it went way over budget. But it's a big deal. 570 00:30:09,480 --> 00:30:14,560 Speaker 1: It's the first nuclear reactor that has come online, I 571 00:30:14,640 --> 00:30:16,920 Speaker 1: want to say, in like a decade or a couple 572 00:30:16,880 --> 00:30:18,520 Speaker 1: of decades. I thought I had to air my notes, 573 00:30:18,520 --> 00:30:20,960 Speaker 1: but I don't see it. But this is a really 574 00:30:21,000 --> 00:30:23,360 Speaker 1: big deal because it shows a shift. You know, for 575 00:30:23,440 --> 00:30:25,400 Speaker 1: a long time they've been trying to push towards wind 576 00:30:25,400 --> 00:30:27,800 Speaker 1: and solar. When I say they those that control the 577 00:30:28,080 --> 00:30:30,960 Speaker 1: ESG narrative, and that's really the UN and the investment banks. 578 00:30:31,000 --> 00:30:32,520 Speaker 1: If you want to know again, go back and watch 579 00:30:32,600 --> 00:30:34,680 Speaker 1: that episode where I just broke all that down. But 580 00:30:35,240 --> 00:30:37,080 Speaker 1: this is a big deal because it starts to sort 581 00:30:37,120 --> 00:30:40,840 Speaker 1: of democratize this power access. A nuclear reactor can now 582 00:30:40,960 --> 00:30:43,680 Speaker 1: power like an entire town or entire city. In fact, 583 00:30:43,680 --> 00:30:47,520 Speaker 1: in this case, Unit three of Plant Vogue Till was 584 00:30:47,560 --> 00:30:51,560 Speaker 1: completed again seven years late, but its full output is 585 00:30:51,600 --> 00:30:56,160 Speaker 1: eleven hundred megawatts, which can power five hundred thousand homes 586 00:30:56,160 --> 00:31:04,400 Speaker 1: and businesses. That's a big deal. It's now been chained. 587 00:31:04,400 --> 00:31:06,560 Speaker 1: You know, the views of nuclear power has been bad 588 00:31:07,600 --> 00:31:11,640 Speaker 1: or because it's dangerous and it's whatever. Mostly because it's dangerous, 589 00:31:11,640 --> 00:31:14,560 Speaker 1: but it's also carbon free. Now, I think that's the 590 00:31:14,600 --> 00:31:17,040 Speaker 1: wrong metric. I think trying to measure the world by 591 00:31:17,080 --> 00:31:20,080 Speaker 1: carbon output is actually ridiculous. I could do a whole 592 00:31:20,080 --> 00:31:22,000 Speaker 1: episode on that. If you want, let me know, I'll 593 00:31:22,000 --> 00:31:26,160 Speaker 1: do that. But if you want carbon free energy, well 594 00:31:26,200 --> 00:31:28,720 Speaker 1: then this is the way to do that. Right now, 595 00:31:28,760 --> 00:31:30,920 Speaker 1: we know that there are many many more plan to 596 00:31:30,960 --> 00:31:33,440 Speaker 1: come online. So this is the start of a big trend. 597 00:31:34,680 --> 00:31:37,400 Speaker 1: And what's important to understand about this is again understand 598 00:31:37,400 --> 00:31:41,000 Speaker 1: the directionality of where we're going. You know, if they 599 00:31:41,040 --> 00:31:44,080 Speaker 1: want to continue to push energy in the United States 600 00:31:44,080 --> 00:31:46,920 Speaker 1: to be carbon free, this is the way to do it. 601 00:31:47,000 --> 00:31:50,320 Speaker 1: Not like what Germany did. Germany shut down their working 602 00:31:50,400 --> 00:31:53,520 Speaker 1: nuclear reactors and then invested into wind and solar and 603 00:31:53,560 --> 00:31:57,440 Speaker 1: then they had a low windier and then the windmill 604 00:31:57,480 --> 00:31:59,960 Speaker 1: didn't blow, and so this is the way to do it. 605 00:32:00,760 --> 00:32:02,840 Speaker 1: I think you should replace the energy first before you 606 00:32:02,840 --> 00:32:06,320 Speaker 1: shut down other sources. Now, just for some numbers so 607 00:32:06,360 --> 00:32:12,000 Speaker 1: you can understand where this is app France derives about 608 00:32:12,040 --> 00:32:16,240 Speaker 1: seventy percent of its electricity from nuclear energy. Now, France 609 00:32:16,520 --> 00:32:21,400 Speaker 1: has cheap energy and lots of it. Germany has very 610 00:32:21,440 --> 00:32:25,920 Speaker 1: expensive energy and not enough. The differences are that France 611 00:32:26,160 --> 00:32:28,600 Speaker 1: has seventy percent of their energy coming from nuclear and 612 00:32:28,720 --> 00:32:31,840 Speaker 1: Germany shut all theirs down. So I think this is 613 00:32:31,840 --> 00:32:33,680 Speaker 1: a big trend. I'm excited for it. Of course, we 614 00:32:33,720 --> 00:32:35,680 Speaker 1: know other nations in the world, like China are building 615 00:32:35,760 --> 00:32:38,080 Speaker 1: nuclear actors as fast as they possibly can because they 616 00:32:38,160 --> 00:32:40,760 Speaker 1: understand this somehow. Just in this developed world we don't 617 00:32:40,800 --> 00:32:43,840 Speaker 1: quite understand that. Now for some other numbers. We know 618 00:32:43,920 --> 00:32:50,400 Speaker 1: that in the United States, about about twenty percent of 619 00:32:50,440 --> 00:32:53,760 Speaker 1: the electricity in the United States comes from nuclear sources, 620 00:32:54,640 --> 00:32:57,080 Speaker 1: so two out of ten people in the US get 621 00:32:57,080 --> 00:32:59,480 Speaker 1: their energy from nuclear. We also know that the US 622 00:32:59,600 --> 00:33:05,000 Speaker 1: buy about thirty percent of the world's uranium for nuclear 623 00:33:05,720 --> 00:33:08,760 Speaker 1: Where do they get that from? Turns out they get 624 00:33:08,760 --> 00:33:13,280 Speaker 1: it from Russia and Kazakhstan. Turns out we're supposed to 625 00:33:13,280 --> 00:33:14,680 Speaker 1: be sanctioning in Russia and we're not supposed to be 626 00:33:14,680 --> 00:33:17,560 Speaker 1: buying our energy from Russia. So that's pretty interesting. So 627 00:33:17,720 --> 00:33:19,960 Speaker 1: sanction everything from Russia that we don't need except for 628 00:33:19,960 --> 00:33:22,120 Speaker 1: a whole shoot, we really need uranium, so let's go 629 00:33:22,120 --> 00:33:24,120 Speaker 1: ahead and keep buying that. Now, why are we in 630 00:33:24,120 --> 00:33:29,440 Speaker 1: that situation? Well, growing up as a kid, we were 631 00:33:29,480 --> 00:33:33,320 Speaker 1: in the Cold War with Russia, we had superpowers, three 632 00:33:33,400 --> 00:33:35,720 Speaker 1: superpowers with nuclear weapons, and we got to a point 633 00:33:35,760 --> 00:33:38,200 Speaker 1: with Ronald Reagan where it was like mutually assured destruction, 634 00:33:38,280 --> 00:33:39,920 Speaker 1: where we all have nuclear weapons, we can all kill 635 00:33:39,960 --> 00:33:41,640 Speaker 1: each other, so let's just not It sounds like a 636 00:33:41,680 --> 00:33:45,320 Speaker 1: pretty good idea. Well, then the USSR collapsed and the 637 00:33:45,440 --> 00:33:47,640 Speaker 1: United States basically went to Russia and said, hey, we'd 638 00:33:47,680 --> 00:33:50,480 Speaker 1: like for you to start denuclearising. You have way too 639 00:33:50,520 --> 00:33:53,160 Speaker 1: many nuclear weapons de nuclearized, and what we'll do is 640 00:33:53,160 --> 00:33:55,840 Speaker 1: we'll buy all that from you for our nuclear reactors. 641 00:33:56,120 --> 00:33:58,600 Speaker 1: And so we did, and so the United States started subsidizing, 642 00:33:58,680 --> 00:34:02,240 Speaker 1: started buying all of that. And what happened because of 643 00:34:02,240 --> 00:34:05,400 Speaker 1: that is that then all the investment capital, entrepreneurs and 644 00:34:05,400 --> 00:34:08,239 Speaker 1: investment capital in US uranium dried up and went away. 645 00:34:08,760 --> 00:34:11,360 Speaker 1: As a matter of fact, today there is like almost 646 00:34:11,400 --> 00:34:14,320 Speaker 1: no uranium in the United States. I think two hundred 647 00:34:14,320 --> 00:34:18,040 Speaker 1: and seventy people in the US work in the uranium industry, 648 00:34:18,760 --> 00:34:22,399 Speaker 1: which is pretty insane considering the usby is thirty percent 649 00:34:22,400 --> 00:34:24,320 Speaker 1: of the world supply and twenty percent of people in 650 00:34:24,360 --> 00:34:26,120 Speaker 1: the US depend on it every day, but we have 651 00:34:26,160 --> 00:34:29,040 Speaker 1: no two seventy people in the United States. It's insane. 652 00:34:29,760 --> 00:34:31,480 Speaker 1: And the bigger problem is that we're completely dependent on 653 00:34:31,600 --> 00:34:33,839 Speaker 1: Russia and Kazakhstan for it, and at the same time 654 00:34:33,840 --> 00:34:38,360 Speaker 1: we're sanctioning them. If they decided not to sell it 655 00:34:38,360 --> 00:34:40,640 Speaker 1: to the United States anymore, that'd be pretty bad. Two 656 00:34:40,680 --> 00:34:42,920 Speaker 1: out of ten people would find themselves without energy. But 657 00:34:43,120 --> 00:34:46,480 Speaker 1: this is the turn. We are now starting to develop 658 00:34:47,440 --> 00:34:50,320 Speaker 1: uranium supplies in the United States. We're seeing nuclear actors 659 00:34:50,320 --> 00:34:53,200 Speaker 1: coming on. It's a big deal. Some other big deals 660 00:34:53,239 --> 00:34:54,920 Speaker 1: that I saw this week that I thought were pretty 661 00:34:55,160 --> 00:34:59,560 Speaker 1: important was more bank closures. We talked about this the 662 00:34:59,600 --> 00:35:03,319 Speaker 1: other day, I think last week talking about one of 663 00:35:03,320 --> 00:35:05,960 Speaker 1: my good friends, doctor Joe Mercola, had his bank account 664 00:35:05,960 --> 00:35:09,080 Speaker 1: shut down just just like that, and it was like 665 00:35:09,080 --> 00:35:11,000 Speaker 1: one of those movies where like, hey, we don't just 666 00:35:11,080 --> 00:35:13,560 Speaker 1: kill you, We're gonna kill you and everyone you love 667 00:35:13,600 --> 00:35:15,279 Speaker 1: and everyone they love. And so they didn't just shut 668 00:35:15,320 --> 00:35:16,920 Speaker 1: down his bank account, they shut down the bankcounts of 669 00:35:16,960 --> 00:35:19,560 Speaker 1: other people that work for him and their family members. 670 00:35:20,280 --> 00:35:23,640 Speaker 1: It just illustrates the importance of having money that can't 671 00:35:23,680 --> 00:35:26,239 Speaker 1: be shut off. See. The banking system that we know 672 00:35:26,280 --> 00:35:31,600 Speaker 1: today requires permission to join, which is why Russia got 673 00:35:31,760 --> 00:35:34,560 Speaker 1: their permission revoked right that's what the sanctions were. Kicked 674 00:35:34,600 --> 00:35:36,600 Speaker 1: them out of the financial system. And if it can 675 00:35:36,600 --> 00:35:40,799 Speaker 1: happen to Russia, it can happen to anybody like Joe Mercola, 676 00:35:40,440 --> 00:35:42,279 Speaker 1: like it did to lots of other people. And we 677 00:35:42,280 --> 00:35:44,080 Speaker 1: saw the same thing happening this week more of that 678 00:35:44,560 --> 00:35:47,840 Speaker 1: where I saw Patreon, which is a popular service that 679 00:35:47,880 --> 00:35:52,320 Speaker 1: creators used to get money, they got their payment access blocked. 680 00:35:53,560 --> 00:35:58,839 Speaker 1: We also saw this week the cannabis industry, and you know, 681 00:35:59,000 --> 00:36:02,480 Speaker 1: has Matt major headwinds, including you know, not really being 682 00:36:02,640 --> 00:36:05,240 Speaker 1: able to join the banking system even though it's legal 683 00:36:05,360 --> 00:36:07,560 Speaker 1: in many of the United States, they're not allowed to 684 00:36:07,680 --> 00:36:11,960 Speaker 1: use banking and the second largest payment process or MasterCard, 685 00:36:12,800 --> 00:36:16,240 Speaker 1: basically told all the shops that they can no longer 686 00:36:16,680 --> 00:36:20,600 Speaker 1: allow US customers to buy legal marijuana in shops using 687 00:36:20,640 --> 00:36:25,440 Speaker 1: its debit cards. A pretty big deal. Now again, it 688 00:36:25,640 --> 00:36:28,600 Speaker 1: highlights the fact of why this old system is dying. 689 00:36:28,640 --> 00:36:31,240 Speaker 1: You have a centralized system that's set up on rules 690 00:36:31,520 --> 00:36:35,399 Speaker 1: that require permission, and if you don't do what they 691 00:36:35,440 --> 00:36:38,200 Speaker 1: say or what they like, then you no longer have permission, 692 00:36:38,320 --> 00:36:44,000 Speaker 1: even if you're doing something legally protected. They're selling legal marijuana, 693 00:36:44,080 --> 00:36:47,000 Speaker 1: but yet MasterCard says you can no longer use our network, 694 00:36:47,120 --> 00:36:49,920 Speaker 1: So what do they do. Turns out you need like 695 00:36:50,000 --> 00:36:55,200 Speaker 1: a permissionless system, a censorship resistance system, and of course 696 00:36:55,600 --> 00:36:59,440 Speaker 1: that's bitcoin. That's where technology comes in to play. If 697 00:36:59,440 --> 00:37:01,200 Speaker 1: you're just tuning in, you've been listening to The markmah 698 00:37:01,239 --> 00:37:03,319 Speaker 1: Show breaking down the latest news headlines in this week, 699 00:37:03,360 --> 00:37:06,040 Speaker 1: looking at the world of politics, finance, and technology, and 700 00:37:06,080 --> 00:37:08,040 Speaker 1: that's what we got. Thanks so much for listening. Until 701 00:37:08,080 --> 00:37:08,399 Speaker 1: next time.