1 00:00:00,040 --> 00:00:03,000 Speaker 1: Hello, Welcome to another episode of The Markmas Show where 2 00:00:03,000 --> 00:00:05,440 Speaker 1: we talk about the decentralized revolution, talking about the way 3 00:00:05,440 --> 00:00:09,479 Speaker 1: the world is changing, which, of course, unless you're totally 4 00:00:09,480 --> 00:00:13,200 Speaker 1: blind and deaf and dumb and not paying attention, you know, 5 00:00:14,440 --> 00:00:17,120 Speaker 1: it seems like everything is changing rapidly right before our 6 00:00:17,200 --> 00:00:19,560 Speaker 1: very eyes. I'd like to say that the world we 7 00:00:19,640 --> 00:00:23,600 Speaker 1: are going into is not the world that we've left behind. 8 00:00:24,160 --> 00:00:28,240 Speaker 1: Your investment advisor might tell you that past results are 9 00:00:28,320 --> 00:00:30,360 Speaker 1: no guarantee of the future. Then that's kind of what 10 00:00:30,400 --> 00:00:33,080 Speaker 1: we're talking about today. Or we talked about each and 11 00:00:33,080 --> 00:00:37,360 Speaker 1: every week, the way the world has changed, UM more importantly, 12 00:00:37,400 --> 00:00:39,839 Speaker 1: trying to understand this we know where it's going, and 13 00:00:39,880 --> 00:00:43,240 Speaker 1: of course we do that through historical references and looking 14 00:00:43,280 --> 00:00:47,760 Speaker 1: at through the lens of politics, technology and finance. And 15 00:00:47,920 --> 00:00:51,000 Speaker 1: it's been changing rapidly. Like I said, each and every week, 16 00:00:51,040 --> 00:00:54,640 Speaker 1: there is no shortage of signposts. I'd like to call them. 17 00:00:54,960 --> 00:00:59,200 Speaker 1: Signposts are like, UM, if I gave you directions to 18 00:00:59,440 --> 00:01:03,600 Speaker 1: my house, UM, and I said, you know, drive down 19 00:01:03,600 --> 00:01:06,080 Speaker 1: the freeway, tell you see this billboard and then exit, 20 00:01:06,160 --> 00:01:08,160 Speaker 1: and then go down to the end of the fence 21 00:01:08,200 --> 00:01:10,440 Speaker 1: and then make a left and then at the Blue House, 22 00:01:10,480 --> 00:01:12,760 Speaker 1: make a right. And I gave you these types of instructions, 23 00:01:13,200 --> 00:01:15,600 Speaker 1: but I didn't tell you how long it would take you, 24 00:01:15,640 --> 00:01:17,760 Speaker 1: how far it would you know each one would be. 25 00:01:18,440 --> 00:01:20,000 Speaker 1: You wouldn't know it is it gonna take me twenty 26 00:01:20,000 --> 00:01:21,560 Speaker 1: minutes to get there? Are two hours to get there? 27 00:01:21,560 --> 00:01:24,760 Speaker 1: I don't know, but I know I'm getting closer when 28 00:01:24,800 --> 00:01:27,600 Speaker 1: I see the signs. And that's what I'm talking about signposts. 29 00:01:27,840 --> 00:01:30,000 Speaker 1: These are all signs to show us how the world 30 00:01:30,120 --> 00:01:32,280 Speaker 1: is changing. And so each and every week we see 31 00:01:32,280 --> 00:01:34,480 Speaker 1: a ton of those. Um some of the big news 32 00:01:34,480 --> 00:01:38,399 Speaker 1: this week was that the Federal Reserve came out and 33 00:01:38,480 --> 00:01:43,520 Speaker 1: said that they are going to continue to increase the 34 00:01:43,560 --> 00:01:45,720 Speaker 1: price of money. They want to increase the Fed funds right. 35 00:01:46,760 --> 00:01:51,640 Speaker 1: And we also saw the government come out and tell 36 00:01:51,720 --> 00:01:55,880 Speaker 1: us that we are technically in a recession. So what 37 00:01:55,960 --> 00:01:58,520 Speaker 1: I mean by that technically in a recession. Well, they 38 00:01:58,600 --> 00:02:00,680 Speaker 1: said that we're technically in a recession, and based off 39 00:02:00,680 --> 00:02:03,559 Speaker 1: of the numbers they put out, But then the Biden 40 00:02:03,560 --> 00:02:07,160 Speaker 1: administration White House was very quick as a matter of fact, 41 00:02:07,200 --> 00:02:10,560 Speaker 1: even before the numbers were released. We're starting to tell 42 00:02:10,639 --> 00:02:14,920 Speaker 1: us that the definition of a recession isn't what the 43 00:02:15,000 --> 00:02:20,640 Speaker 1: definition of a recession is. M hmm. So you're notice 44 00:02:20,680 --> 00:02:23,040 Speaker 1: starting to notice, So hopefully you're starting to notice that 45 00:02:23,639 --> 00:02:27,640 Speaker 1: they're constantly telling us what we're seeing and what we're hearing, 46 00:02:28,280 --> 00:02:32,200 Speaker 1: and what we know isn't what we're seeing, hearing and knowing. 47 00:02:33,040 --> 00:02:37,320 Speaker 1: So for example, um, the CDC went to their website 48 00:02:37,440 --> 00:02:40,640 Speaker 1: and changed the definition of what a vaccine is. It 49 00:02:40,760 --> 00:02:43,799 Speaker 1: used to be one thing, Now it's another because now 50 00:02:43,840 --> 00:02:47,560 Speaker 1: it fits what they wanted to be. So uh, never 51 00:02:47,639 --> 00:02:49,800 Speaker 1: never mind what it's always been, never mind what the 52 00:02:49,800 --> 00:02:55,040 Speaker 1: definition it is. Uh, we're just going to change the definition. Right. Um. 53 00:02:55,200 --> 00:02:58,760 Speaker 1: The the chant that goes around still at stadiums around 54 00:02:58,760 --> 00:03:02,160 Speaker 1: the nation, Let's go Brandon. I mean where that originated 55 00:03:02,240 --> 00:03:04,240 Speaker 1: was at this NASCAR race and there was a reporter 56 00:03:04,320 --> 00:03:10,200 Speaker 1: talking to a driver and the crowd was chanting the 57 00:03:10,200 --> 00:03:13,840 Speaker 1: the uh F Joe Bryan Biden. I don't know. I 58 00:03:13,840 --> 00:03:16,280 Speaker 1: hopefy I can say that, um, And the report is like, oh, 59 00:03:16,320 --> 00:03:19,600 Speaker 1: they're saying, let's go Brandon. Um. So even what you're 60 00:03:19,639 --> 00:03:22,360 Speaker 1: hearing isn't what you're hearing, you're hearing something different. What 61 00:03:22,440 --> 00:03:24,680 Speaker 1: you're seeing is something different, right, and it's called gas 62 00:03:24,800 --> 00:03:29,079 Speaker 1: lighting and so now, um, you know, yeah, the GDP 63 00:03:29,280 --> 00:03:31,800 Speaker 1: went down for a second straight quarter, which fits the 64 00:03:31,840 --> 00:03:34,320 Speaker 1: definition of a recession. But they came out days in 65 00:03:34,360 --> 00:03:38,760 Speaker 1: advance telling us that it's not a recession because it's 66 00:03:38,760 --> 00:03:42,240 Speaker 1: it's not just that, there's lots of other factors like uh, 67 00:03:42,520 --> 00:03:45,560 Speaker 1: you know, like job growth, like the job that that 68 00:03:45,560 --> 00:03:48,280 Speaker 1: that that's a big one, and look how much jobs 69 00:03:48,320 --> 00:03:52,440 Speaker 1: have grown. Well, if you look at their one single 70 00:03:52,520 --> 00:03:55,440 Speaker 1: data point that they provide you, maybe you could believe that, 71 00:03:55,560 --> 00:03:57,080 Speaker 1: but if you look at the broader data, you see 72 00:03:57,120 --> 00:03:59,960 Speaker 1: that that's a lie as well. And so um, it's 73 00:04:00,000 --> 00:04:02,440 Speaker 1: it's important to kind of understand what's going on. This 74 00:04:02,480 --> 00:04:06,480 Speaker 1: is all part of it. So um, not according to 75 00:04:06,480 --> 00:04:09,600 Speaker 1: the White House, but according to most economists, the market, 76 00:04:09,840 --> 00:04:13,640 Speaker 1: the economy is in a recession two quarters in a row. 77 00:04:14,280 --> 00:04:17,760 Speaker 1: That means six months with negative GDP growth. Now, the 78 00:04:17,839 --> 00:04:20,160 Speaker 1: GDP growth is the size of the economy, the gross 79 00:04:20,200 --> 00:04:24,440 Speaker 1: domestic product of the economy, and it's supposed to be growing. 80 00:04:25,400 --> 00:04:27,360 Speaker 1: We're supposed to be doing better, we're supposed to be 81 00:04:27,400 --> 00:04:30,640 Speaker 1: producing more goods and services. Now the GDP indicator is 82 00:04:30,640 --> 00:04:33,800 Speaker 1: a big scam in the first place. Uh, the GDP 83 00:04:34,000 --> 00:04:36,520 Speaker 1: is gross domestic product, but it doesn't really tell us 84 00:04:36,640 --> 00:04:39,240 Speaker 1: much data, much good data. And the reason why is 85 00:04:39,279 --> 00:04:44,040 Speaker 1: because let's say, for example, um, if if we sold 86 00:04:44,120 --> 00:04:46,960 Speaker 1: ten computers. Let's say, because the economy is made of 87 00:04:47,120 --> 00:04:50,320 Speaker 1: producing goods and services, let's say that we produced ten 88 00:04:50,360 --> 00:04:54,799 Speaker 1: computers this quarter, and next next quarter we also produced 89 00:04:54,960 --> 00:04:59,680 Speaker 1: ten computers. Well, the economic growth hasn't changed ten computers before, 90 00:04:59,760 --> 00:05:03,719 Speaker 1: ten computers now. But the problem is we have massive inflation. 91 00:05:03,760 --> 00:05:06,080 Speaker 1: The prices of all those things are going up. So 92 00:05:06,640 --> 00:05:09,280 Speaker 1: gd we sold ten computers for a thousand dollars each 93 00:05:09,360 --> 00:05:12,839 Speaker 1: or ten thousand. Now we sold ten computers for fifteen 94 00:05:13,080 --> 00:05:15,800 Speaker 1: hundred each, and we now fifteen thousands. So g d 95 00:05:15,920 --> 00:05:19,120 Speaker 1: P says, look, GDP grew, We grew from ten percent 96 00:05:19,560 --> 00:05:23,800 Speaker 1: to that's amazing. That's a fifty percent increase in g 97 00:05:23,920 --> 00:05:28,480 Speaker 1: d P. Hooray, hooray. But it's kind of a lie 98 00:05:28,600 --> 00:05:31,800 Speaker 1: because we just sold the same ten computers. No growth 99 00:05:31,839 --> 00:05:36,200 Speaker 1: in the economic output. That's one example. We also have 100 00:05:36,640 --> 00:05:39,239 Speaker 1: the amount of government spending and so today the government 101 00:05:39,320 --> 00:05:42,599 Speaker 1: spending makes up about half of GDP as well, and 102 00:05:42,680 --> 00:05:45,200 Speaker 1: so it's important for you to understand this fact is 103 00:05:45,240 --> 00:05:50,800 Speaker 1: that the governments cannot create anything. The governments cannot give 104 00:05:51,640 --> 00:05:55,919 Speaker 1: something they have not taken. Let me repeat that, the 105 00:05:55,960 --> 00:05:59,800 Speaker 1: government's cannot give something they have not taken. All they 106 00:05:59,839 --> 00:06:03,240 Speaker 1: can do is redistribute. So let's say that I made 107 00:06:03,600 --> 00:06:06,800 Speaker 1: ten thousand dollars for the month, and then I pay 108 00:06:06,880 --> 00:06:10,599 Speaker 1: my wife five thousand dollars for her work cleaning the house. 109 00:06:11,520 --> 00:06:14,240 Speaker 1: Then I would might say, hey, hooray, now we're making 110 00:06:14,360 --> 00:06:18,400 Speaker 1: fifteen thousand dollars a month. I made ten thousand, my 111 00:06:18,440 --> 00:06:23,240 Speaker 1: wife my my My wife made five thousand, and that's 112 00:06:23,240 --> 00:06:26,120 Speaker 1: how GDP works. But the reality is we didn't make 113 00:06:26,160 --> 00:06:29,359 Speaker 1: fifteen thousand. We still only made the tent. All we 114 00:06:29,440 --> 00:06:32,159 Speaker 1: did was redistribute some of the wealth that I had gotten, 115 00:06:32,160 --> 00:06:34,920 Speaker 1: and I gave it to her. See how that works. 116 00:06:34,960 --> 00:06:36,800 Speaker 1: So the g d P is a is A is 117 00:06:36,800 --> 00:06:39,760 Speaker 1: A is a manipulated number, and it should be going up, 118 00:06:40,240 --> 00:06:43,760 Speaker 1: especially with inflation raging so high, but yet it went down. 119 00:06:44,000 --> 00:06:46,000 Speaker 1: It's a big it's a big deal. It's a real 120 00:06:46,040 --> 00:06:50,000 Speaker 1: big deal. The government is hoping to stimulate the market. 121 00:06:50,000 --> 00:06:52,880 Speaker 1: You here about these stimulus programs, and so when they 122 00:06:53,040 --> 00:06:56,200 Speaker 1: shut the economy down, um thinking it's like a light 123 00:06:56,200 --> 00:06:58,280 Speaker 1: switch that could just be turned on and off. Of course, 124 00:06:58,279 --> 00:07:01,599 Speaker 1: we're finding out now that it can't be people like 125 00:07:01,680 --> 00:07:03,240 Speaker 1: you and I. We always knew that the case. For 126 00:07:03,279 --> 00:07:05,640 Speaker 1: some reason, they thought they could do this, um, and 127 00:07:05,680 --> 00:07:08,680 Speaker 1: now we're finding out that we have massive problems from 128 00:07:08,720 --> 00:07:11,440 Speaker 1: just turning the economy on and off like a light switch. 129 00:07:11,440 --> 00:07:15,040 Speaker 1: And so we went from three four GDP growth, which 130 00:07:15,040 --> 00:07:16,600 Speaker 1: was kind of the rate of inflation that we had, 131 00:07:16,840 --> 00:07:19,400 Speaker 1: and now having two quarters in a row with negative 132 00:07:19,440 --> 00:07:21,880 Speaker 1: not just slowing. So we didn't go from three point 133 00:07:21,880 --> 00:07:23,520 Speaker 1: five to three point two to three point one to 134 00:07:23,560 --> 00:07:28,280 Speaker 1: two point five, we went to negative one point six. 135 00:07:29,080 --> 00:07:33,360 Speaker 1: Now um, the markets responded favorably to that news because 136 00:07:34,800 --> 00:07:37,400 Speaker 1: it actually wasn't as bad as what was predicted. So 137 00:07:38,200 --> 00:07:42,200 Speaker 1: we were expecting another negative one point six and instead 138 00:07:42,200 --> 00:07:46,520 Speaker 1: we got a negative point nine. So hooray, hooray, hooray. 139 00:07:46,640 --> 00:07:51,120 Speaker 1: We beat the estimates and the market rebounded. We saw 140 00:07:52,040 --> 00:07:54,760 Speaker 1: many of the most of the stock market rallied off 141 00:07:54,800 --> 00:07:57,640 Speaker 1: of that news. We saw the SMP five hundred pounds 142 00:07:57,680 --> 00:07:59,920 Speaker 1: pretty well. As a matter of fact, since that announcement, 143 00:08:00,000 --> 00:08:02,680 Speaker 1: it's up about three and a half percent, which isn't 144 00:08:02,720 --> 00:08:05,720 Speaker 1: massive but for the SNP is and it's contendued to 145 00:08:05,760 --> 00:08:08,760 Speaker 1: do good. Since it's uh about a month ago, We're 146 00:08:08,840 --> 00:08:12,800 Speaker 1: up almost twelve p on the SMP five hundred. The Nasdaq, 147 00:08:12,920 --> 00:08:18,600 Speaker 1: which is way more responsive to this, is up about 148 00:08:18,720 --> 00:08:21,200 Speaker 1: five percent off of the news not bad, and from 149 00:08:21,200 --> 00:08:25,640 Speaker 1: it's low about two months ago, it's up almost thirty 150 00:08:24,920 --> 00:08:31,000 Speaker 1: pounds and so um, the markets are forward leaning. They're 151 00:08:31,000 --> 00:08:34,559 Speaker 1: trying to predict where things are going. They were predicting 152 00:08:34,600 --> 00:08:38,040 Speaker 1: that things would get worse, and yet they were bad, 153 00:08:38,920 --> 00:08:43,559 Speaker 1: but not as bad as they were predicted. But what 154 00:08:43,559 --> 00:08:45,920 Speaker 1: what does that mean for other assets? I want to 155 00:08:46,000 --> 00:08:47,640 Speaker 1: discuss that when I come back in a minute. We're 156 00:08:47,640 --> 00:08:50,840 Speaker 1: gonna talk about what bitcoins responses, and then I have 157 00:08:50,960 --> 00:08:55,560 Speaker 1: some other talk about what the government's doing with stable coins, um, 158 00:08:55,640 --> 00:08:59,040 Speaker 1: what the public is saying about digital dollars and the 159 00:08:59,120 --> 00:09:02,319 Speaker 1: problem that the all or is causing around the world, 160 00:09:02,840 --> 00:09:04,760 Speaker 1: and then some more danger that's happening in the markets 161 00:09:04,760 --> 00:09:06,200 Speaker 1: that you need to be aware of. So I'm gonna 162 00:09:06,200 --> 00:09:08,640 Speaker 1: cover all those stories when I get back. You're listening 163 00:09:08,640 --> 00:09:10,280 Speaker 1: to the Mark ma Show. Of course, we're talking about 164 00:09:10,280 --> 00:09:14,920 Speaker 1: the decentralized revolution through the lens of politics, finance, and technology. 165 00:09:15,679 --> 00:09:18,000 Speaker 1: I got a lot of important news to cover UM 166 00:09:18,040 --> 00:09:21,680 Speaker 1: this week. It's been a busy week, a couple of things, 167 00:09:21,679 --> 00:09:23,240 Speaker 1: like I said, you do not want to miss. I'm 168 00:09:23,240 --> 00:09:25,000 Speaker 1: gonna cover all that and more in a minute. You 169 00:09:25,080 --> 00:09:26,880 Speaker 1: listen to the Mark Marcelle be back in a minute. 170 00:09:26,880 --> 00:09:29,560 Speaker 1: Don't go away, We're back, all right, Welcome back. You 171 00:09:29,600 --> 00:09:31,800 Speaker 1: are listening to the Mark Ma Show. We're talking about 172 00:09:32,760 --> 00:09:35,440 Speaker 1: the decentralized revolution. Each and every week we talk about that, 173 00:09:35,520 --> 00:09:38,800 Speaker 1: looking at the looking at the world as its changing, 174 00:09:39,360 --> 00:09:42,959 Speaker 1: as it's morphine, as it's evolving. Well right now, it's 175 00:09:42,960 --> 00:09:45,480 Speaker 1: still kind of de evolving, and then it will evolve. 176 00:09:46,320 --> 00:09:49,280 Speaker 1: I call I. I give a talk called de evolution 177 00:09:49,360 --> 00:09:51,520 Speaker 1: and re evolution and how we're seeing this de evolution 178 00:09:51,559 --> 00:09:54,560 Speaker 1: process and then we'll re evolve. UM. But if you 179 00:09:54,720 --> 00:09:57,800 Speaker 1: understand it through these through the lens of these three topics, 180 00:09:57,800 --> 00:10:00,320 Speaker 1: I think you get a better understanding. Before break, I 181 00:10:00,360 --> 00:10:06,520 Speaker 1: was talking about how, um, how the economies in bad shape. 182 00:10:07,000 --> 00:10:09,280 Speaker 1: It's in real bad shape, but it's not as bad 183 00:10:09,640 --> 00:10:12,640 Speaker 1: maybe as what we thought it was. And so that's 184 00:10:12,679 --> 00:10:15,520 Speaker 1: a good thing, I guess, And so UM I talked 185 00:10:15,559 --> 00:10:19,640 Speaker 1: about how the NASDAC and how the SMP five hundred reacted, 186 00:10:19,920 --> 00:10:22,760 Speaker 1: which was good and bitcoin actually had a pretty good 187 00:10:22,800 --> 00:10:24,520 Speaker 1: response to it as well. As a matter of fact, 188 00:10:25,040 --> 00:10:29,520 Speaker 1: the bitcoin market UM had its single biggest day gain 189 00:10:29,920 --> 00:10:33,400 Speaker 1: in six weeks, which was a pretty big deal based 190 00:10:33,400 --> 00:10:37,520 Speaker 1: off of that news. And so we saw bitcoin has 191 00:10:37,720 --> 00:10:43,880 Speaker 1: jumped up about about um based off of that news. 192 00:10:43,880 --> 00:10:46,880 Speaker 1: So not bad, especially considering the SMP and the and 193 00:10:46,920 --> 00:10:50,760 Speaker 1: the NASDAC. And basically, like I said, it really moved 194 00:10:50,840 --> 00:10:53,480 Speaker 1: off of the news of this for a couple of reasons. 195 00:10:53,520 --> 00:10:55,680 Speaker 1: We saw the FED come out and change the price 196 00:10:55,720 --> 00:10:59,040 Speaker 1: of money, and we saw less bad news than what 197 00:10:59,080 --> 00:11:02,560 Speaker 1: we were expected. Team I guess those two things. And 198 00:11:02,559 --> 00:11:05,040 Speaker 1: the reason why bitcoin is so sensitive to that is 199 00:11:05,080 --> 00:11:07,640 Speaker 1: because it's considered what's uh, what's what's called a risk 200 00:11:07,720 --> 00:11:11,440 Speaker 1: on assets, so sort of like tech stocks and so 201 00:11:11,760 --> 00:11:15,360 Speaker 1: UM in a in a risky environment where things are 202 00:11:15,440 --> 00:11:18,040 Speaker 1: looking shaky, when we don't know the future, when things 203 00:11:18,040 --> 00:11:21,640 Speaker 1: could be crashing, and those risk on assets will do bad. UM. 204 00:11:21,679 --> 00:11:23,760 Speaker 1: But when it's a game on and the FED is 205 00:11:23,800 --> 00:11:26,240 Speaker 1: doing massive amounts of stimulus, and those risk on assets 206 00:11:26,480 --> 00:11:30,680 Speaker 1: do really really well. UM. But like I said, this 207 00:11:30,800 --> 00:11:33,720 Speaker 1: data that came out both from the FED and from 208 00:11:33,760 --> 00:11:36,199 Speaker 1: the g d P so FED chair Jerome pal came 209 00:11:36,200 --> 00:11:41,720 Speaker 1: out and said, quote that he's going to stay data dependent. UM. 210 00:11:41,840 --> 00:11:45,080 Speaker 1: And that looks like it signals a sign that they're 211 00:11:45,120 --> 00:11:49,360 Speaker 1: worried about a recession. They want to stay data dependent. 212 00:11:49,920 --> 00:11:54,400 Speaker 1: It also looks like maybe they're expecting inflation to start 213 00:11:54,520 --> 00:11:57,319 Speaker 1: dropping pretty quickly, and so it's kind of a way 214 00:11:57,400 --> 00:12:00,760 Speaker 1: to say, we have our options open. They were very 215 00:12:00,920 --> 00:12:03,440 Speaker 1: dug in or something I was afraid of. They were 216 00:12:03,559 --> 00:12:05,760 Speaker 1: very dug in on their position to get through all 217 00:12:05,760 --> 00:12:08,000 Speaker 1: these rate hikes that they wanted. The problem that I 218 00:12:08,000 --> 00:12:10,480 Speaker 1: I fear is that the FED seems to be pretty 219 00:12:10,520 --> 00:12:14,000 Speaker 1: dug in. Like I said before, they really want to 220 00:12:14,040 --> 00:12:16,720 Speaker 1: project way out what they're gonna do. They don't want 221 00:12:16,760 --> 00:12:19,280 Speaker 1: to have any surprises, and so they say, hey, if 222 00:12:19,280 --> 00:12:21,040 Speaker 1: we're gonna raise rates, we're gonna give you a couple 223 00:12:21,040 --> 00:12:23,080 Speaker 1: of months notice that we're gonna do that. Um. And 224 00:12:23,080 --> 00:12:25,160 Speaker 1: so they don't want to have these surprises. And what 225 00:12:25,280 --> 00:12:28,240 Speaker 1: happens is um he had said back, going back to 226 00:12:28,400 --> 00:12:32,280 Speaker 1: you know, really, UM, we can't get the inflation. We 227 00:12:32,280 --> 00:12:34,680 Speaker 1: can't get the inflation. We're gonna we're gonna quote let 228 00:12:34,679 --> 00:12:37,520 Speaker 1: it run hot. And so they did. They let it 229 00:12:37,600 --> 00:12:39,920 Speaker 1: run hot. They just let inflation run hot, and it 230 00:12:40,040 --> 00:12:43,720 Speaker 1: got way too hot. They should have pivoted sooner, but 231 00:12:43,880 --> 00:12:45,560 Speaker 1: they had told us they're gonna let it run hot, 232 00:12:45,600 --> 00:12:46,840 Speaker 1: and they kind of had to do that. They were 233 00:12:46,880 --> 00:12:49,880 Speaker 1: dug in that position. I'm also afraid that once they 234 00:12:49,920 --> 00:12:52,160 Speaker 1: commit to doing all these rate hikes, they might be 235 00:12:52,280 --> 00:12:55,679 Speaker 1: dug in on that. But it looks like they're coming 236 00:12:55,840 --> 00:12:58,520 Speaker 1: off of that now, so to leave some leave some 237 00:12:58,600 --> 00:13:00,560 Speaker 1: my fears as well as looks like the market as 238 00:13:00,559 --> 00:13:04,920 Speaker 1: well by him saying that their data dependent and said that, 239 00:13:05,120 --> 00:13:08,240 Speaker 1: you know, maybe there might be one more hike, but 240 00:13:08,400 --> 00:13:12,240 Speaker 1: depending on what the data shows, there might not be. 241 00:13:12,640 --> 00:13:15,480 Speaker 1: And so this is that pivot that everybody is starting 242 00:13:15,520 --> 00:13:18,320 Speaker 1: to look for. Could this be the pivot? And of course, 243 00:13:18,360 --> 00:13:21,280 Speaker 1: like I said, Bitcoin responded very well to this as 244 00:13:21,280 --> 00:13:27,960 Speaker 1: a matter of fact, Um, even though they did raise rates. Again, 245 00:13:28,080 --> 00:13:32,200 Speaker 1: markets are forward looking, so they had already priced that in. 246 00:13:32,240 --> 00:13:35,640 Speaker 1: Markets were already predicting at point increase. Some people thought 247 00:13:35,640 --> 00:13:37,800 Speaker 1: it could be as high as a one percent increase, 248 00:13:38,360 --> 00:13:39,840 Speaker 1: but it came in at points at five, so it 249 00:13:39,920 --> 00:13:42,680 Speaker 1: was already priced in. And it wasn't just Bitcoin that 250 00:13:42,760 --> 00:13:46,240 Speaker 1: did good. Um, it looks like the finance Minister of 251 00:13:46,280 --> 00:13:50,440 Speaker 1: El Salvador also says that their bitcoin bet is working good. 252 00:13:50,600 --> 00:13:53,960 Speaker 1: So I'd like to see that. You know. El Salvado 253 00:13:54,040 --> 00:13:57,120 Speaker 1: was the first nation to adopt bitcoin as legal tender. 254 00:13:57,920 --> 00:13:59,760 Speaker 1: Of course, when they decided to move into it, they've 255 00:13:59,760 --> 00:14:03,760 Speaker 1: seen the US dollar valuation of bitcoin drop, and so 256 00:14:03,800 --> 00:14:05,280 Speaker 1: a lot of people like to point to out and 257 00:14:05,360 --> 00:14:07,560 Speaker 1: laugh and say, oh, look how bad that decision was. 258 00:14:08,760 --> 00:14:11,280 Speaker 1: Look how bad it's been for them. But they say, 259 00:14:11,400 --> 00:14:15,480 Speaker 1: the finance ministers that it's actually working really well. Uh. 260 00:14:15,520 --> 00:14:17,640 Speaker 1: For a number of reasons, the finance minister defended the 261 00:14:17,640 --> 00:14:21,720 Speaker 1: country's strategy to adopt bitcoin is legal tender um even 262 00:14:21,760 --> 00:14:25,480 Speaker 1: as critics urge the nation to ditch the experiment as 263 00:14:25,480 --> 00:14:28,320 Speaker 1: the cryptocurrency world suffers through a bear market. First of all, 264 00:14:28,320 --> 00:14:30,880 Speaker 1: why why would they need to ditch the experiment? If 265 00:14:30,920 --> 00:14:33,000 Speaker 1: people want to pay with bitcoin, let them pay with bitcoin. 266 00:14:33,080 --> 00:14:36,320 Speaker 1: What's the big deal? What's so dangerous about that experiment? 267 00:14:39,440 --> 00:14:42,920 Speaker 1: Letting people choose to pay me in one currency or another. 268 00:14:43,280 --> 00:14:46,640 Speaker 1: That's that's a dangerous experiment, I guess. But it said 269 00:14:46,680 --> 00:14:50,280 Speaker 1: that the digital currency has brought financial services to a 270 00:14:50,400 --> 00:14:56,560 Speaker 1: largely unbanked population, and it's attracted tourism and investments. So 271 00:14:56,640 --> 00:14:58,680 Speaker 1: who would have thought you open up a little bit 272 00:14:58,680 --> 00:15:02,520 Speaker 1: of freedom and allow people to choose how they want 273 00:15:02,560 --> 00:15:05,520 Speaker 1: to pay for things, and all of a sudden people 274 00:15:05,520 --> 00:15:08,120 Speaker 1: want to come there. Wow. Who would have thought that 275 00:15:08,400 --> 00:15:11,520 Speaker 1: giving people more freedom would attract tourism and investment. But 276 00:15:11,560 --> 00:15:14,520 Speaker 1: that's exactly what it means. It says that UM as 277 00:15:14,680 --> 00:15:17,400 Speaker 1: as a music exchange, has still been pretty low, but 278 00:15:17,440 --> 00:15:20,600 Speaker 1: they believe that the digital money um and and the 279 00:15:20,640 --> 00:15:24,760 Speaker 1: bitcoin bond the governments to release could still be something big, 280 00:15:24,800 --> 00:15:27,720 Speaker 1: as do I. They say it's something new and something 281 00:15:27,720 --> 00:15:31,280 Speaker 1: that they don't totally understand, but it's a phenomenon and 282 00:15:31,280 --> 00:15:33,640 Speaker 1: it's and it's and it's working really well. Now the 283 00:15:33,640 --> 00:15:40,240 Speaker 1: government had purchased one bitcoin UM but they're worth about 284 00:15:40,960 --> 00:15:43,880 Speaker 1: less in U S doll our terms than when they 285 00:15:43,880 --> 00:15:49,120 Speaker 1: had paid for them, which isn't super good. However, the president, 286 00:15:49,160 --> 00:15:52,520 Speaker 1: President Kayley, has been continuing to buy as the market's 287 00:15:52,560 --> 00:15:55,360 Speaker 1: gone down. So what happens is that starts to that 288 00:15:55,440 --> 00:15:59,760 Speaker 1: starts to average out the valuations that they paid UM 289 00:15:59,800 --> 00:16:02,680 Speaker 1: and now they have all this bitcoin on their books. 290 00:16:03,280 --> 00:16:06,320 Speaker 1: And now because they have those bitcoins on their books, 291 00:16:06,920 --> 00:16:10,640 Speaker 1: now they have assets they have collateral, and so it's 292 00:16:10,680 --> 00:16:13,960 Speaker 1: working really well for them to attract more investment capital 293 00:16:14,080 --> 00:16:19,640 Speaker 1: into their country. Um, the financeminer said, I believe in 294 00:16:19,640 --> 00:16:22,200 Speaker 1: the traditional international monetary system, just as I believe that 295 00:16:22,200 --> 00:16:25,080 Speaker 1: new technologies are going to help human beings in the future. 296 00:16:25,600 --> 00:16:28,680 Speaker 1: So I think making that transition is vital and it 297 00:16:28,760 --> 00:16:32,400 Speaker 1: would be wrong of us not to pursue financial innovation 298 00:16:32,840 --> 00:16:38,400 Speaker 1: that could benefit El Salvador. What a great statement. The 299 00:16:38,520 --> 00:16:41,640 Speaker 1: opposite of that Christine Lagarde, who all throw out, by 300 00:16:41,640 --> 00:16:44,160 Speaker 1: the way as a convicted criminal, who's the head of 301 00:16:44,200 --> 00:16:46,720 Speaker 1: the European Central Bank, previously head of the i m F, 302 00:16:46,760 --> 00:16:53,120 Speaker 1: which he referred here, said as much. Quote said um 303 00:16:53,400 --> 00:16:58,760 Speaker 1: financial or said, innovation is a threat to our financial system. 304 00:16:58,800 --> 00:17:02,800 Speaker 1: Innovation is a threat. You mean making things better, making 305 00:17:02,840 --> 00:17:06,640 Speaker 1: things faster, cheaper, more accessible, that's a threat. I mean, 306 00:17:06,640 --> 00:17:11,119 Speaker 1: it's certainly a threat to the worst system, the more expensive, clunky, 307 00:17:11,240 --> 00:17:16,400 Speaker 1: permission based system. But isn't progress. Isn't innovation better? If 308 00:17:16,440 --> 00:17:20,160 Speaker 1: it wasn't better, it wouldn't replace a different system, right, 309 00:17:21,640 --> 00:17:23,960 Speaker 1: She said, Innovation is a threat, So let's not have 310 00:17:24,000 --> 00:17:26,520 Speaker 1: any more innovation. Let's just let's just freeze the world 311 00:17:26,600 --> 00:17:30,720 Speaker 1: as it is today will never invent anything new, very 312 00:17:30,800 --> 00:17:34,280 Speaker 1: very dangerous in my opinion, And the finance Minister of 313 00:17:34,280 --> 00:17:37,640 Speaker 1: Elstober gets it and they say, look, uh, I get 314 00:17:37,680 --> 00:17:39,200 Speaker 1: it right. I m f is important, but I also 315 00:17:39,200 --> 00:17:41,960 Speaker 1: think new technology are important to and I think making 316 00:17:42,000 --> 00:17:44,320 Speaker 1: that transition is vital and would be wrong of us 317 00:17:44,480 --> 00:17:47,920 Speaker 1: not to pursue financial innovation that could benefit of course, 318 00:17:48,200 --> 00:17:51,280 Speaker 1: it would be wrong of anybody to not pursue innovation 319 00:17:51,320 --> 00:17:53,719 Speaker 1: that could benefit people. Why would you not do that? 320 00:17:54,440 --> 00:17:58,159 Speaker 1: It's insane. But in the United States they have a 321 00:17:58,200 --> 00:18:01,280 Speaker 1: big effort on stable coins and an innovation and the 322 00:18:01,359 --> 00:18:04,880 Speaker 1: public has spoken. I got those stories um to cover 323 00:18:04,920 --> 00:18:06,320 Speaker 1: when I come back in a minute. You're listening to 324 00:18:06,359 --> 00:18:10,200 Speaker 1: the Markma Show talking about the decentralized Revolution, and I'll 325 00:18:10,240 --> 00:18:12,880 Speaker 1: be back in a minute with that. Don't go away, Hello, 326 00:18:12,920 --> 00:18:14,720 Speaker 1: welcome back. You are listening to the Mark Ma Show. 327 00:18:14,720 --> 00:18:18,200 Speaker 1: We are talking about the decentralized Revolution, navigating you through 328 00:18:18,280 --> 00:18:20,560 Speaker 1: the craziness of the world, of course, looking at through 329 00:18:20,560 --> 00:18:24,520 Speaker 1: the lens of politics, finance, and technology, calling out the signposts, 330 00:18:24,520 --> 00:18:27,520 Speaker 1: calling out for the signs that we see that the 331 00:18:27,560 --> 00:18:33,080 Speaker 1: world is changing. More importantly, the future that we're going into. Uh, 332 00:18:33,119 --> 00:18:36,360 Speaker 1: there's no shortage of signposts that are popping up. Of course, 333 00:18:36,400 --> 00:18:38,840 Speaker 1: I'm talking about news stories. I'm talking about policies, programs 334 00:18:38,880 --> 00:18:40,880 Speaker 1: that are being put into place that are ushering in 335 00:18:40,920 --> 00:18:44,760 Speaker 1: this new world UM to this decentralized revolution. This week 336 00:18:44,800 --> 00:18:47,000 Speaker 1: in the United States, of course, we talked about the 337 00:18:47,040 --> 00:18:50,600 Speaker 1: United States because the Federal Reserve is the most powerful organization. 338 00:18:50,640 --> 00:18:52,280 Speaker 1: Of course, they control the dollar, which is the reserve 339 00:18:52,400 --> 00:18:55,960 Speaker 1: currency of the world. Something we've been talking about, UH 340 00:18:56,000 --> 00:18:59,040 Speaker 1: at length is of course bitcoin and cryptocurrencies, and of 341 00:18:59,080 --> 00:19:02,200 Speaker 1: course then we talked about stable coins and central bank 342 00:19:02,440 --> 00:19:06,560 Speaker 1: digital currencies. I've gone deep into central bank digital currencies. 343 00:19:06,560 --> 00:19:09,480 Speaker 1: Of course, they are nothing like a bitcoin. They are 344 00:19:09,480 --> 00:19:12,520 Speaker 1: probably the antithesis of that. They're the opposite of what 345 00:19:12,560 --> 00:19:20,520 Speaker 1: bitcoin is. Instead of open, permissionless, transparent, they're closed, permissioned, hidden, 346 00:19:20,600 --> 00:19:25,440 Speaker 1: secret systems. Instead of a system of freedom and UH 347 00:19:25,600 --> 00:19:29,919 Speaker 1: private property rights, it's the system of UM spine and 348 00:19:30,040 --> 00:19:34,040 Speaker 1: surveillance and zero private property rights. So it's the exact opposite. 349 00:19:34,080 --> 00:19:36,800 Speaker 1: But we're gonna talk about both of those things. UM. 350 00:19:37,000 --> 00:19:42,400 Speaker 1: Stable coins sit somewhere in the middle. Stable Coins are basically, 351 00:19:42,640 --> 00:19:45,480 Speaker 1: if for a quick preview, UM, basically, if I were 352 00:19:45,520 --> 00:19:47,400 Speaker 1: to give you a dollar, you could give me back 353 00:19:47,440 --> 00:19:51,560 Speaker 1: a token that's that's worth it's redeemable for that dollar 354 00:19:51,640 --> 00:19:53,639 Speaker 1: I gave you. So you give me the token, and 355 00:19:53,680 --> 00:19:54,800 Speaker 1: at some point if I want to give you the 356 00:19:54,840 --> 00:19:57,719 Speaker 1: token back, you give my dollar back. And they're always 357 00:19:57,760 --> 00:19:59,639 Speaker 1: pegged to a dollar. It's always worth a dollar. But 358 00:19:59,680 --> 00:20:02,520 Speaker 1: it allows knows me to operate in this cryptosystem, on 359 00:20:02,560 --> 00:20:06,639 Speaker 1: this crypto rail as we call it UM, which helps 360 00:20:07,080 --> 00:20:09,159 Speaker 1: it's really helped with traders. In the early days of 361 00:20:09,200 --> 00:20:13,040 Speaker 1: cryptocurrencies UM, most of the cryptocurrency exchanges where you could 362 00:20:13,080 --> 00:20:17,960 Speaker 1: trade cryptocurrency assets weren't able to use dollars, and so 363 00:20:18,119 --> 00:20:20,280 Speaker 1: they didn't have the licensing. Again, the dollar is a 364 00:20:20,359 --> 00:20:24,280 Speaker 1: very permission system. You have to have permission to operate 365 00:20:24,280 --> 00:20:26,160 Speaker 1: with dollars, and so most of them didn't have permission 366 00:20:26,200 --> 00:20:28,960 Speaker 1: to do that, and so they created these stable coins 367 00:20:29,000 --> 00:20:32,680 Speaker 1: that were essentially worth a dollar and peg to a dollar, 368 00:20:33,160 --> 00:20:36,040 Speaker 1: but they could be traded through this crypto ecosystem. And 369 00:20:36,560 --> 00:20:38,960 Speaker 1: they've blown up. I mean, they've gotten really really big, 370 00:20:39,000 --> 00:20:41,760 Speaker 1: and they've become a big part of not just the cryptosystem, 371 00:20:42,359 --> 00:20:44,639 Speaker 1: but now they're a big part of the dollar system 372 00:20:44,680 --> 00:20:47,320 Speaker 1: and They're a big part of the global system, and 373 00:20:47,400 --> 00:20:50,679 Speaker 1: so I think, you know, in this transition period that 374 00:20:50,720 --> 00:20:53,920 Speaker 1: we have, I think it's a useful product for the world. 375 00:20:54,000 --> 00:20:55,320 Speaker 1: So you have lots of people in the world that 376 00:20:55,359 --> 00:20:59,520 Speaker 1: are experiencing massive amounts of inflation. The US as inflation, 377 00:20:59,560 --> 00:21:01,200 Speaker 1: but nothing like some of the parts of the world 378 00:21:01,200 --> 00:21:04,399 Speaker 1: where they're seeing a hundred percent inflation a year, you know, 379 00:21:05,160 --> 00:21:08,800 Speaker 1: sixty a year. Their money is losing value so fast 380 00:21:09,560 --> 00:21:11,720 Speaker 1: that they just they have no choice but to get 381 00:21:11,800 --> 00:21:15,560 Speaker 1: out of that local currency. But the problem is get 382 00:21:15,600 --> 00:21:17,800 Speaker 1: into what what do they get into? And so shoure 383 00:21:17,840 --> 00:21:20,480 Speaker 1: they can get into bitcoin. Bitcoin is still pretty volatile, 384 00:21:20,600 --> 00:21:22,959 Speaker 1: it's not very easy to get gold. Um, you know, 385 00:21:23,200 --> 00:21:26,679 Speaker 1: there's a lot of there's a lot of things preventing 386 00:21:26,720 --> 00:21:30,480 Speaker 1: them get into dollars specifically, and so getting into US 387 00:21:30,560 --> 00:21:33,680 Speaker 1: dollars back stable coins is a pretty good option for them. 388 00:21:33,760 --> 00:21:36,120 Speaker 1: And so you know, for money that you need short term, 389 00:21:36,200 --> 00:21:37,680 Speaker 1: you want to pay your bills, you want to buy 390 00:21:37,800 --> 00:21:40,240 Speaker 1: food tomorrow or next week, you want something that's a 391 00:21:40,280 --> 00:21:42,880 Speaker 1: little bit less volatile, the dollar works pretty well for that. 392 00:21:43,520 --> 00:21:45,560 Speaker 1: And so I think this the stable coins are are 393 00:21:45,640 --> 00:21:48,119 Speaker 1: filling a need right now and it's also helped the 394 00:21:48,200 --> 00:21:53,119 Speaker 1: United States to maintain the dollars reserve status across the world. 395 00:21:54,400 --> 00:21:56,159 Speaker 1: So I think, you know, a lot of people, a 396 00:21:56,200 --> 00:21:59,760 Speaker 1: lot of politicians inside the government, are fearful that the 397 00:22:00,160 --> 00:22:04,119 Speaker 1: that bitcoin and cryptocurrencies could undermine the dollars position in 398 00:22:04,119 --> 00:22:06,280 Speaker 1: the world. But the stable coins have actually helped it 399 00:22:06,680 --> 00:22:10,879 Speaker 1: cement or secure its position in the world. But you know, 400 00:22:11,000 --> 00:22:12,919 Speaker 1: there's all different types of stable coins run by all 401 00:22:12,920 --> 00:22:15,040 Speaker 1: different types of companies, and they are running all different 402 00:22:15,040 --> 00:22:17,080 Speaker 1: types of programs, one of which is like this Terra 403 00:22:17,160 --> 00:22:20,280 Speaker 1: Luna we've covered at length, which basically blew up. It 404 00:22:20,359 --> 00:22:24,280 Speaker 1: was an algorithmically pegged the stable coin, which is never 405 00:22:24,320 --> 00:22:27,120 Speaker 1: gonna work in my opinion. Um I said that before 406 00:22:27,119 --> 00:22:29,720 Speaker 1: it blew up, and and and it did. But one 407 00:22:29,760 --> 00:22:34,000 Speaker 1: that literally holds the dollar in full reserve, and we'll 408 00:22:34,000 --> 00:22:36,080 Speaker 1: give that dollar back to me any time. I think 409 00:22:36,119 --> 00:22:38,560 Speaker 1: those can work. The problem is do they have the 410 00:22:38,560 --> 00:22:42,199 Speaker 1: dollars they say they have. That's a big problem, and 411 00:22:42,320 --> 00:22:44,639 Speaker 1: as opposed to investing them into some other asset that 412 00:22:44,640 --> 00:22:47,080 Speaker 1: could lose value. So the so the US government has 413 00:22:47,119 --> 00:22:49,600 Speaker 1: been working on some bills to really try to regulate 414 00:22:49,600 --> 00:22:52,000 Speaker 1: these stable coins. UM and it looks like it's been 415 00:22:52,040 --> 00:22:54,000 Speaker 1: held up. We saw this week the US stable Coin 416 00:22:54,040 --> 00:22:58,520 Speaker 1: Bill delayed by Congressional committee and tell after August, so 417 00:22:58,560 --> 00:23:00,640 Speaker 1: they've been really trying to get this through, but now 418 00:23:00,680 --> 00:23:02,600 Speaker 1: it's been held up. It's a the legislation that could 419 00:23:02,720 --> 00:23:06,800 Speaker 1: establish U S regulations for stable coins has formerly been 420 00:23:06,840 --> 00:23:11,120 Speaker 1: delayed until after the August congressional break, and it says 421 00:23:11,200 --> 00:23:15,399 Speaker 1: that um uh, it's a bipartisan effort. So we have 422 00:23:15,440 --> 00:23:19,480 Speaker 1: the panels ranking Republican, which is Rep. McHenry. So shout 423 00:23:19,520 --> 00:23:22,760 Speaker 1: out to Ret. McHenry. He is a bitcoiner, he gets it, 424 00:23:23,400 --> 00:23:25,639 Speaker 1: um so shout out to him. He's heading that up. 425 00:23:25,800 --> 00:23:28,439 Speaker 1: But we also have the Treasury Secretary Janet Yellen. She 426 00:23:28,520 --> 00:23:34,119 Speaker 1: insisted that legislation include further protections for crypto investors, and 427 00:23:34,200 --> 00:23:37,639 Speaker 1: so that's something you know. I don't think it's the 428 00:23:37,640 --> 00:23:40,359 Speaker 1: government's job to protect us. I think it should be 429 00:23:40,440 --> 00:23:43,280 Speaker 1: up to us to protect ourselves. And so if I 430 00:23:43,359 --> 00:23:46,000 Speaker 1: don't want to give my money to this person, or 431 00:23:46,040 --> 00:23:47,800 Speaker 1: I should say, if I do want to give my 432 00:23:47,880 --> 00:23:50,720 Speaker 1: money to this person, then I should do my due 433 00:23:50,720 --> 00:23:54,160 Speaker 1: diligence on that person. Now, if they don't give me 434 00:23:54,359 --> 00:23:57,680 Speaker 1: the tools to do due diligence. Then I can choose 435 00:23:57,720 --> 00:24:01,480 Speaker 1: not to give them my money. I'm not really for 436 00:24:01,520 --> 00:24:04,240 Speaker 1: the government coming in and mandating that. Now. I believe 437 00:24:04,280 --> 00:24:06,600 Speaker 1: in competition. So let's say that this company wants to 438 00:24:06,600 --> 00:24:08,480 Speaker 1: give me a stable coin in return for my dollars. 439 00:24:08,760 --> 00:24:10,760 Speaker 1: But they don't give me any type of transparency. They 440 00:24:10,760 --> 00:24:12,280 Speaker 1: don't show me how much they have in reserves, they 441 00:24:12,280 --> 00:24:14,840 Speaker 1: don't show me where they're there's no attestations on a 442 00:24:14,840 --> 00:24:18,560 Speaker 1: monthly basis, no audits, none of that. And this one 443 00:24:18,600 --> 00:24:21,040 Speaker 1: over here does that. They're completely transparent, and they could 444 00:24:21,080 --> 00:24:23,400 Speaker 1: do audits on a weekly basis and all that. Which 445 00:24:23,440 --> 00:24:25,920 Speaker 1: one would I choose? Well, of course I would choose 446 00:24:25,920 --> 00:24:28,679 Speaker 1: the transparent one that does audits. Right, So the market 447 00:24:28,720 --> 00:24:31,600 Speaker 1: will decide what the people want. We don't need the 448 00:24:31,600 --> 00:24:33,640 Speaker 1: government to come in and put more legislations. But yet 449 00:24:33,640 --> 00:24:35,480 Speaker 1: here we are, um and they want to do this. 450 00:24:35,520 --> 00:24:38,639 Speaker 1: It says the Treasury Department won't endorse the bill unless 451 00:24:38,680 --> 00:24:42,240 Speaker 1: it also ensures that the industry exchanges keep customer money 452 00:24:42,359 --> 00:24:46,040 Speaker 1: separate from the company's assets, which would protect them if 453 00:24:46,040 --> 00:24:48,399 Speaker 1: the firms failed. The people said, so that's an important piece, 454 00:24:51,920 --> 00:24:56,960 Speaker 1: And uh man, I don't know these are messy things. Um, 455 00:24:57,000 --> 00:25:00,240 Speaker 1: the problem is if I give you my dollar and 456 00:25:00,280 --> 00:25:04,760 Speaker 1: you give me a token back that who owns that? 457 00:25:05,400 --> 00:25:08,160 Speaker 1: So technically that would be a claim you would owe 458 00:25:08,200 --> 00:25:10,400 Speaker 1: me a dollar. But then if you were to fail, 459 00:25:10,480 --> 00:25:13,719 Speaker 1: go out of business and declare bankruptcy, then who owns 460 00:25:13,760 --> 00:25:16,040 Speaker 1: that asset? And so what they're saying is that they 461 00:25:16,040 --> 00:25:18,320 Speaker 1: want tot sure that the the industry exchanges keep customer momonies 462 00:25:18,440 --> 00:25:22,080 Speaker 1: separate from the company's assets, which would protect them at 463 00:25:22,080 --> 00:25:24,920 Speaker 1: the firm fail. So for example, that that money has 464 00:25:24,920 --> 00:25:27,760 Speaker 1: to be held in an account that says I own 465 00:25:27,840 --> 00:25:31,159 Speaker 1: that that money. Similar, Uh, it's done with gold in 466 00:25:31,160 --> 00:25:33,440 Speaker 1: a way where I can keep my golden a vault, 467 00:25:33,520 --> 00:25:35,560 Speaker 1: but I own that goal to of the vault company 468 00:25:35,600 --> 00:25:38,760 Speaker 1: goes broke that gold there is my asset, not there's 469 00:25:38,840 --> 00:25:40,400 Speaker 1: And I guess that's what they're trying to do, which 470 00:25:41,160 --> 00:25:45,320 Speaker 1: would go a long way to protecting customers. We can 471 00:25:45,359 --> 00:25:49,600 Speaker 1: see that. Um, we have the US Senate Republicans seeking 472 00:25:49,640 --> 00:25:52,800 Speaker 1: bipartisanport support for stable coins overside efforts. So they're really 473 00:25:52,800 --> 00:25:58,560 Speaker 1: trying to make this a bipartisan effort. You know, it 474 00:25:58,960 --> 00:26:03,840 Speaker 1: bothers me to see today where words like freedom get 475 00:26:03,880 --> 00:26:07,680 Speaker 1: assigned to one political party or another, or a neutral 476 00:26:07,800 --> 00:26:12,520 Speaker 1: tool like a dollar or bitcoin could be ascribed to 477 00:26:12,640 --> 00:26:18,480 Speaker 1: one political ideology or another. Politics is one thing. Money 478 00:26:18,560 --> 00:26:22,680 Speaker 1: should not be a political tool. But the problem is 479 00:26:22,720 --> 00:26:25,680 Speaker 1: the dollar. It is right, they used to buy favors, 480 00:26:25,680 --> 00:26:29,000 Speaker 1: they used to influence things. Bitcoin being a neutral asset 481 00:26:29,000 --> 00:26:32,639 Speaker 1: that nobody control, doesn't get influenced by politics in that way. 482 00:26:33,720 --> 00:26:36,320 Speaker 1: So while I like to see them having this quote 483 00:26:36,400 --> 00:26:40,719 Speaker 1: unquote bipartisan support, um, it's a little bit unnecessary. As 484 00:26:40,720 --> 00:26:43,760 Speaker 1: a Senator Patrick to me, the ranking Republican on the U. S. 485 00:26:43,760 --> 00:26:47,600 Speaker 1: Senate Banking Committee is now talking to Democrats to make 486 00:26:47,640 --> 00:26:52,720 Speaker 1: his stable coin oversight bill a bipartisan effort, which is good. 487 00:26:53,560 --> 00:26:56,720 Speaker 1: It says that again they push for full disclosure of 488 00:26:56,800 --> 00:27:00,320 Speaker 1: reserves that back stable coins, which could have ended a 489 00:27:00,359 --> 00:27:02,879 Speaker 1: lot of the problems that we had UH in the 490 00:27:02,920 --> 00:27:05,119 Speaker 1: last couple of months with these things blowing up, I 491 00:27:05,160 --> 00:27:08,880 Speaker 1: want to talk about the central bank digital currencies and 492 00:27:08,920 --> 00:27:11,440 Speaker 1: what the American people are saying about this. Now there's 493 00:27:11,440 --> 00:27:13,160 Speaker 1: a new study that came out. I'm going to cover 494 00:27:13,240 --> 00:27:15,320 Speaker 1: that in the minutes. You can understand what is going 495 00:27:15,359 --> 00:27:17,679 Speaker 1: on with that. And I got a lot more stories 496 00:27:17,720 --> 00:27:19,600 Speaker 1: to cover and a minute. You're listening to the Mark 497 00:27:19,640 --> 00:27:22,040 Speaker 1: mo Show. We're talking about the decentralized revolution, talking about 498 00:27:22,040 --> 00:27:25,160 Speaker 1: the way the world is changing right before our very eyes. 499 00:27:25,200 --> 00:27:28,000 Speaker 1: Of course you know that by now. I'll help you 500 00:27:28,080 --> 00:27:31,520 Speaker 1: navigate that. Um, you listen to the Mark Mars Show. 501 00:27:31,560 --> 00:27:34,000 Speaker 1: I'll be back with those stories and more in a minute. 502 00:27:34,000 --> 00:27:36,399 Speaker 1: So don't go away, all right, welcome back. You are 503 00:27:36,440 --> 00:27:38,240 Speaker 1: listening to the Mark ma Show. We're talking about the 504 00:27:38,280 --> 00:27:41,000 Speaker 1: decentralized revolution, talking about the way the world is changing 505 00:27:41,680 --> 00:27:46,440 Speaker 1: right before our very eyes. Now I was talking about 506 00:27:46,480 --> 00:27:48,600 Speaker 1: We've talked about the markets, we talked about bitcoin, we 507 00:27:48,600 --> 00:27:52,119 Speaker 1: talked about stable coins. There's one other version. So you've 508 00:27:52,160 --> 00:27:54,840 Speaker 1: got the bitcoin, you got the cryptocurrencies, you've got stable coins. 509 00:27:54,840 --> 00:27:59,680 Speaker 1: They're different, and then you have a central bank digital currency. 510 00:28:00,000 --> 00:28:03,520 Speaker 1: There they're nothing the same as I said before. Bitcoin 511 00:28:03,640 --> 00:28:07,800 Speaker 1: is open, transparent, borderless permission lists. Central maank digital currencies 512 00:28:07,800 --> 00:28:11,000 Speaker 1: are the opposite. They're completely hidden in private uh, they're 513 00:28:11,000 --> 00:28:16,640 Speaker 1: completely permissioned, they're completely bordered. So the the exact opposite 514 00:28:16,640 --> 00:28:19,919 Speaker 1: of that. What a lot of people don't realize is 515 00:28:19,960 --> 00:28:24,040 Speaker 1: that it's also probably going to be well, I shouldn't 516 00:28:24,040 --> 00:28:25,240 Speaker 1: say a lot of people and realize a lot of 517 00:28:25,280 --> 00:28:27,000 Speaker 1: people are starting to realize I'm gonna tell you about 518 00:28:27,000 --> 00:28:29,040 Speaker 1: the survey that was just done, but it's probably one 519 00:28:29,080 --> 00:28:33,199 Speaker 1: of the greatest assaults on our freedom we might have 520 00:28:33,280 --> 00:28:36,600 Speaker 1: seen today. And that's a that's a big claim. Um. 521 00:28:36,640 --> 00:28:40,080 Speaker 1: I constantly think about the day that most the more 522 00:28:40,160 --> 00:28:42,520 Speaker 1: freedom died than any time before, which was under the 523 00:28:42,560 --> 00:28:46,600 Speaker 1: Patriot Act, after the nine eleven attacks, and so through 524 00:28:46,600 --> 00:28:48,600 Speaker 1: the digital age, we've lost a lot of freedom. Of course, 525 00:28:48,600 --> 00:28:51,080 Speaker 1: the government spies on us through all different ways, but 526 00:28:51,160 --> 00:28:53,640 Speaker 1: there's really no easy way for them to do this. 527 00:28:53,680 --> 00:28:56,080 Speaker 1: So they have to get get ahold of a bunch 528 00:28:56,120 --> 00:28:59,040 Speaker 1: of different networks to gather this data. Then they have 529 00:28:59,080 --> 00:29:00,960 Speaker 1: to somehow get all this data and some not piece 530 00:29:00,960 --> 00:29:04,720 Speaker 1: it together. But essential bank digital currency could fix all 531 00:29:04,760 --> 00:29:10,000 Speaker 1: of that. What you spend your money on is probably 532 00:29:10,040 --> 00:29:13,200 Speaker 1: the most important thing, and they want to control that. 533 00:29:13,240 --> 00:29:15,000 Speaker 1: Not only want to control that, they want to surveil 534 00:29:15,080 --> 00:29:18,200 Speaker 1: at So I like to say that without the freedom 535 00:29:18,240 --> 00:29:21,200 Speaker 1: of payments, there is no freedom. I don't have freedom 536 00:29:21,200 --> 00:29:22,880 Speaker 1: of speech if I can't pay to go online. I 537 00:29:22,920 --> 00:29:24,800 Speaker 1: don't have freedom to assemble if I can't pay it 538 00:29:24,840 --> 00:29:26,360 Speaker 1: to go as symbol. If I can't put gas in 539 00:29:26,440 --> 00:29:29,200 Speaker 1: my truck, I don't have freedom of religion. If I 540 00:29:29,240 --> 00:29:33,200 Speaker 1: can't pay my church, can't pay for a building, and 541 00:29:33,320 --> 00:29:35,600 Speaker 1: essential bank digital currency could stop all that. Now, if 542 00:29:35,640 --> 00:29:38,640 Speaker 1: I have cash paper dollars in my wallet and I 543 00:29:38,680 --> 00:29:41,280 Speaker 1: want to transfer them to you, nobody needs to know 544 00:29:41,280 --> 00:29:43,520 Speaker 1: about that. You and I we get together, I hand 545 00:29:43,560 --> 00:29:46,560 Speaker 1: it to you, put in your pocket. Done private. We 546 00:29:46,640 --> 00:29:50,640 Speaker 1: have freedom there. But in a central bank digital world, 547 00:29:51,160 --> 00:29:54,720 Speaker 1: they would not only see that surveyal that log that 548 00:29:54,920 --> 00:29:57,959 Speaker 1: track that, but they could also program it to not 549 00:29:58,000 --> 00:30:01,320 Speaker 1: even happen. So central bank digital currencies aren't just digital 550 00:30:01,360 --> 00:30:05,400 Speaker 1: dollars now, we have digital dollars today. Over of all 551 00:30:05,440 --> 00:30:09,720 Speaker 1: transactions today are already done digital. Now. I am no 552 00:30:09,880 --> 00:30:12,080 Speaker 1: fan of this, I'm I'm actively fighting it, which is 553 00:30:12,080 --> 00:30:14,480 Speaker 1: why I talked to you about it all the time. However, 554 00:30:15,560 --> 00:30:19,040 Speaker 1: I don't use much cash personally. I use my debit 555 00:30:19,080 --> 00:30:22,080 Speaker 1: card everywhere I go. I don't want to carry cash, 556 00:30:22,400 --> 00:30:24,360 Speaker 1: and so they already have some access to that. But 557 00:30:24,400 --> 00:30:26,040 Speaker 1: like I said, it's very difficult for them to get 558 00:30:26,040 --> 00:30:27,920 Speaker 1: all of that data and put it all together, and 559 00:30:28,600 --> 00:30:31,320 Speaker 1: versus essential bagal currency that can be programmed. So it's 560 00:30:31,400 --> 00:30:35,760 Speaker 1: programmable money. So they could say, for example, uh, they 561 00:30:35,760 --> 00:30:38,840 Speaker 1: want to modify behavior. So let's say that, hey, Mark, 562 00:30:38,920 --> 00:30:42,760 Speaker 1: you're you're you're not saving enough money. You should save 563 00:30:42,800 --> 00:30:45,680 Speaker 1: more money, So we're gonna pay you a big interest rate, um, 564 00:30:45,800 --> 00:30:48,600 Speaker 1: just to save more money. Or Mark, You're you're saving 565 00:30:48,640 --> 00:30:50,560 Speaker 1: way too much, you're hoarding. You need to go spend 566 00:30:50,560 --> 00:30:52,640 Speaker 1: more money, so we're gonna hit you with a negative 567 00:30:52,640 --> 00:30:54,640 Speaker 1: interest rate. We're gonna start taking money away from you, 568 00:30:55,080 --> 00:30:56,840 Speaker 1: or we're gonna give you the stimulus we want to. 569 00:30:56,880 --> 00:30:59,160 Speaker 1: We're trying to stimulate growth, so we're gonna give you money, 570 00:30:59,160 --> 00:31:00,680 Speaker 1: but if you don't spend it by Friday, it comes 571 00:31:00,720 --> 00:31:02,480 Speaker 1: back to us. Or how about your part of this 572 00:31:02,560 --> 00:31:05,719 Speaker 1: minority group, So how about some reparations or something for you. 573 00:31:06,000 --> 00:31:08,160 Speaker 1: There's all types of behavioral things that could be done. 574 00:31:08,600 --> 00:31:10,960 Speaker 1: But also it could be like, um, hey, you know, 575 00:31:11,040 --> 00:31:13,400 Speaker 1: nothing good happens after midnight, so after midnight you just 576 00:31:13,400 --> 00:31:16,720 Speaker 1: can't spend your money anymore. Or we said that red 577 00:31:16,720 --> 00:31:18,840 Speaker 1: meat is no good for you anymore, and so now 578 00:31:19,000 --> 00:31:21,040 Speaker 1: you can't use your money to buy red meat anymore. 579 00:31:21,920 --> 00:31:25,760 Speaker 1: Or um, you know this person is uh, you know, 580 00:31:25,880 --> 00:31:29,000 Speaker 1: there's there's their credit scores too low. We've deemed them 581 00:31:29,000 --> 00:31:30,840 Speaker 1: to be a bad actor. So you can't give money 582 00:31:30,880 --> 00:31:34,280 Speaker 1: to that person. And so you can start to see 583 00:31:34,320 --> 00:31:37,640 Speaker 1: how a bad that can be programmed in to the money. 584 00:31:38,200 --> 00:31:41,200 Speaker 1: It's very very dangerous, and it can log all of it, 585 00:31:41,280 --> 00:31:42,920 Speaker 1: so not only can they program it to control you, 586 00:31:43,280 --> 00:31:45,000 Speaker 1: but then they have all the surveillance on top of that. 587 00:31:45,080 --> 00:31:49,720 Speaker 1: It's very very dangerous. And UM, the Cato Institute, which 588 00:31:50,320 --> 00:31:51,760 Speaker 1: used to be really good, I'm not a big fan 589 00:31:51,840 --> 00:31:54,160 Speaker 1: of them anymore, but they you know, they're they're out 590 00:31:54,160 --> 00:31:58,320 Speaker 1: there all of freedom policy think tank. And they did 591 00:31:58,320 --> 00:32:03,040 Speaker 1: a poll. They did a uh more than two thousand responses, 592 00:32:03,080 --> 00:32:05,479 Speaker 1: which is a pretty decent sized pool. Um to the 593 00:32:05,560 --> 00:32:08,920 Speaker 1: US Federal Reserves the invitation to comment on a digital dollar. 594 00:32:09,000 --> 00:32:11,160 Speaker 1: So the US Federal Reserve opened it up for comment 595 00:32:12,240 --> 00:32:14,160 Speaker 1: trying to get the public's opinion on this. I talked 596 00:32:14,160 --> 00:32:17,400 Speaker 1: about this before and I urged everybody to please go comment. 597 00:32:17,920 --> 00:32:20,040 Speaker 1: Um a lot of times you say that you know 598 00:32:20,080 --> 00:32:21,920 Speaker 1: your voice isn't heard, but when they open up things 599 00:32:21,960 --> 00:32:24,560 Speaker 1: for comedy, should do that. And so UM, the Cato 600 00:32:24,600 --> 00:32:27,520 Speaker 1: Institute looked over these responses that the Federal Reserve was 601 00:32:27,520 --> 00:32:30,400 Speaker 1: getting two thousand responses to this invitation to comment on 602 00:32:30,400 --> 00:32:34,600 Speaker 1: the digital dollar, and came to this conclusion. Two thirds 603 00:32:34,800 --> 00:32:39,320 Speaker 1: of the responses appear to object to the idea. And 604 00:32:39,400 --> 00:32:41,720 Speaker 1: that's great. That's great news. That means the work that 605 00:32:41,760 --> 00:32:44,640 Speaker 1: I'm doing and many other people like me is working 606 00:32:45,080 --> 00:32:47,560 Speaker 1: or trying to wake the public up. Wake the people up. 607 00:32:47,600 --> 00:32:51,280 Speaker 1: This is a very scary, very dangerous thing, says the Washington, 608 00:32:51,320 --> 00:32:53,880 Speaker 1: d c. Based libertarian think tank, which opposes a central 609 00:32:53,920 --> 00:32:57,000 Speaker 1: bank digital currency as do I, as a government attempt 610 00:32:57,040 --> 00:33:00,800 Speaker 1: to control people's money, reviewed the public comments and found 611 00:33:00,800 --> 00:33:03,680 Speaker 1: that more than six of them raise concerns including a 612 00:33:03,880 --> 00:33:09,720 Speaker 1: loss of privacy and damage to the financial system. The 613 00:33:09,800 --> 00:33:12,840 Speaker 1: fact that two thirds of the over two thousand commenters 614 00:33:12,880 --> 00:33:15,200 Speaker 1: are pushing back against the idea of essential bank digital 615 00:33:15,240 --> 00:33:18,600 Speaker 1: currency shows not only this is not the niche issue 616 00:33:18,840 --> 00:33:21,480 Speaker 1: it once was a few years ago, but also that 617 00:33:21,520 --> 00:33:25,520 Speaker 1: Americans recognized the very real risk of CBDC could pose 618 00:33:25,640 --> 00:33:31,320 Speaker 1: to their financial freedom. So it shows it's not a 619 00:33:31,440 --> 00:33:35,320 Speaker 1: niche issue. People are waking up. People need to wake up. 620 00:33:35,840 --> 00:33:38,520 Speaker 1: Here this information, I'm telling you, share it with a 621 00:33:38,520 --> 00:33:41,040 Speaker 1: few other people. Let's wake the people up. We can 622 00:33:41,080 --> 00:33:45,200 Speaker 1: still push back on this. It's very scary. You think about. Um, 623 00:33:45,240 --> 00:33:47,400 Speaker 1: if you're worried about the government taking your money, you 624 00:33:47,400 --> 00:33:49,160 Speaker 1: could go pull the money out of the bank. Now 625 00:33:49,200 --> 00:33:50,520 Speaker 1: you can't get very much money out of the bank 626 00:33:50,520 --> 00:33:52,160 Speaker 1: at a time, and then you could have that cash 627 00:33:52,160 --> 00:33:54,120 Speaker 1: you can store and you're safer in your bed, under 628 00:33:54,160 --> 00:33:57,920 Speaker 1: your matches, wherever you wanted. Then you would have that money. 629 00:33:58,000 --> 00:33:59,680 Speaker 1: But what if you had no money, what if it 630 00:33:59,680 --> 00:34:03,160 Speaker 1: was all digital. You don't actually ever have money. What 631 00:34:03,240 --> 00:34:07,320 Speaker 1: you have is your government gives you credits on your tab, 632 00:34:08,880 --> 00:34:11,239 Speaker 1: and those credits can be given to you arbitrarily and 633 00:34:11,320 --> 00:34:15,719 Speaker 1: taken away arbitrarily. So let's say, hey you did more 634 00:34:15,719 --> 00:34:18,000 Speaker 1: social programs, you get more credits this week. Or hey 635 00:34:18,200 --> 00:34:20,560 Speaker 1: you're a politician, you're doing good, you get more credits, 636 00:34:20,560 --> 00:34:22,680 Speaker 1: and now you get less credits. You did these things right. 637 00:34:23,560 --> 00:34:27,040 Speaker 1: It's just a system of credits that the government decides 638 00:34:27,160 --> 00:34:30,640 Speaker 1: to give to us arbitrarily. We don't have control over that. Now. 639 00:34:30,640 --> 00:34:34,360 Speaker 1: It sounds great if you're China or North Korea, certainly 640 00:34:34,400 --> 00:34:37,960 Speaker 1: not America. Supporters of a digital dollar believe it could 641 00:34:37,960 --> 00:34:42,160 Speaker 1: be a national security benefit in the race against foreign competitors. 642 00:34:42,160 --> 00:34:44,439 Speaker 1: So supporters some people support it, I guess. The third 643 00:34:44,719 --> 00:34:46,600 Speaker 1: support the digital dollar believe it could be a national 644 00:34:46,640 --> 00:34:49,960 Speaker 1: security benefit in the race against foreign competitors. Reduced the 645 00:34:50,000 --> 00:34:54,240 Speaker 1: environmental costs from the production of paper currency, and improved 646 00:34:54,280 --> 00:34:58,480 Speaker 1: trust in the monetary system by making it more transparent. 647 00:34:58,600 --> 00:35:02,359 Speaker 1: So let's talk about that. Um. Supporters of the digital 648 00:35:02,400 --> 00:35:03,920 Speaker 1: I believe it could be a national security benefit in 649 00:35:03,920 --> 00:35:08,000 Speaker 1: their race against foreign competitors. There's no competitors to the dollar. 650 00:35:08,680 --> 00:35:10,080 Speaker 1: What are you gonna put your money in. You're gonna 651 00:35:10,080 --> 00:35:12,239 Speaker 1: put it in the ruble. Nobody in the world will 652 00:35:12,280 --> 00:35:15,120 Speaker 1: take a ruble. You're gonna put it in the lira 653 00:35:15,239 --> 00:35:17,479 Speaker 1: that's losing eight percent of value per year. You're gonna 654 00:35:17,480 --> 00:35:20,360 Speaker 1: put it into Chinese yuan. There's no there's no open 655 00:35:20,400 --> 00:35:22,640 Speaker 1: market for that. There's no there's no competitor. First of all. 656 00:35:22,640 --> 00:35:25,320 Speaker 1: Second of all, it reduces the environmental cost against production 657 00:35:25,320 --> 00:35:28,480 Speaker 1: of paper currency. Like I said, I don't even use 658 00:35:28,480 --> 00:35:30,920 Speaker 1: paper currency. Over eighty percent of transactions are already done 659 00:35:30,960 --> 00:35:33,920 Speaker 1: digital that's already being done, and improved trust in the 660 00:35:33,920 --> 00:35:36,400 Speaker 1: monetary system. So it improves trust. So in a system 661 00:35:36,400 --> 00:35:38,080 Speaker 1: where I can pull my cash out and store it 662 00:35:38,120 --> 00:35:40,759 Speaker 1: on my own and I can transact without anybody, without 663 00:35:40,800 --> 00:35:44,120 Speaker 1: permission from anybody. But now we live in a system 664 00:35:44,160 --> 00:35:47,200 Speaker 1: that they have complete control, surveillance over, and programming at 665 00:35:47,239 --> 00:35:51,799 Speaker 1: their will. That improves trust. So what I would say 666 00:35:51,840 --> 00:35:55,319 Speaker 1: is the supporters don't understand what they're saying. So while 667 00:35:55,400 --> 00:35:57,640 Speaker 1: I'm happy that sixty pc the people have woken up 668 00:35:57,640 --> 00:35:59,400 Speaker 1: to this and we're doing a pretty good job, the 669 00:35:59,480 --> 00:36:02,399 Speaker 1: thirty three percent they don't understand what the heck they're saying. 670 00:36:02,400 --> 00:36:05,520 Speaker 1: We've got to figure that out. It says that officials 671 00:36:05,600 --> 00:36:07,799 Speaker 1: the FED, which would be responsible for creating a maintain 672 00:36:07,880 --> 00:36:10,400 Speaker 1: a digital dollar, said the agency won't act on it 673 00:36:10,400 --> 00:36:13,160 Speaker 1: without a sign off from Congress and the Biden administration. 674 00:36:14,160 --> 00:36:18,600 Speaker 1: And it says that the researchers for the Office of 675 00:36:18,600 --> 00:36:21,160 Speaker 1: Financial Research looked into how CBDC would affect the inner 676 00:36:21,160 --> 00:36:23,880 Speaker 1: workings of US finance, concluding earlier this month that it 677 00:36:23,920 --> 00:36:28,319 Speaker 1: worries about a future panic driving people. So, uh, it's 678 00:36:28,520 --> 00:36:31,400 Speaker 1: looking like they're running into quite a headwind here, and 679 00:36:31,520 --> 00:36:33,920 Speaker 1: that is a good thing. We want to continue this headwind. 680 00:36:34,280 --> 00:36:37,000 Speaker 1: We do not want a central bank digital currency. If 681 00:36:37,000 --> 00:36:38,880 Speaker 1: you want to use the dollar digitally, you can use 682 00:36:38,880 --> 00:36:41,200 Speaker 1: a stable coin. They're going to continue to regulate. It's 683 00:36:41,200 --> 00:36:44,400 Speaker 1: going to continue, get it safer, use the digital dollar 684 00:36:44,600 --> 00:36:46,799 Speaker 1: as a stable coin, and we need to continue to 685 00:36:46,880 --> 00:36:51,560 Speaker 1: resist the central bank. Digital currency the antithesis of freedom, 686 00:36:51,920 --> 00:36:54,560 Speaker 1: the antithesis of bitcoin. You're listening to the Marketwall Show. 687 00:36:54,600 --> 00:36:57,680 Speaker 1: We're talking about the decentralized revolution, talking about politics, finance, 688 00:36:57,680 --> 00:37:01,600 Speaker 1: and technology, helping makes sense of the world today in 689 00:37:01,719 --> 00:37:04,359 Speaker 1: What's coming next. That's what I got for today. Thanks 690 00:37:04,360 --> 00:37:05,680 Speaker 1: for listening. Until next time.