WEBVTT - Banned By Central Banks! (or not...) 0:00:00.040 --> 0:00:02.560 All right, welcome back. You are listening to another episode 0:00:02.560 --> 0:00:04.760 of the Mark Ma Show where we talk about bitcoin, 0:00:05.080 --> 0:00:08.760 we talk about cryptocurrencies, we talk about the decentralized revolution 0:00:09.320 --> 0:00:12.200 that is changing the world right before our very eyes. 0:00:13.400 --> 0:00:15.400 And it's kind of like, um, you can't see the 0:00:15.400 --> 0:00:17.040 forest through the trees kind of thing. It's like when 0:00:17.040 --> 0:00:19.600 you're living in it. You don't see it, but it's there. 0:00:20.400 --> 0:00:22.400 And UM, we've been talking a lot about what the 0:00:22.480 --> 0:00:24.439 central banks are doing. Of course, when you think about 0:00:24.480 --> 0:00:28.800 bitcoin cryptocurrencies, one of the biggest things that people would 0:00:28.840 --> 0:00:31.120 say trying to talk against it is that, yeah, but 0:00:31.160 --> 0:00:33.080 the central banks will never allow it, right, the central 0:00:33.080 --> 0:00:35.720 banks will ban it, things like that, And so it's 0:00:35.760 --> 0:00:37.680 kind of important to watch the central banks to see 0:00:37.680 --> 0:00:40.519 what they're saying. Now, I will say side note that 0:00:41.800 --> 0:00:45.879 the central banks can't can't do anything. No nobody can 0:00:45.880 --> 0:00:48.440 do anything. Nobody can do anything to stop it. Um 0:00:48.520 --> 0:00:51.400 what they could do. And first of all, first of all, 0:00:51.440 --> 0:00:54.160 central banks don't set the laws. UM. So that's that's 0:00:54.200 --> 0:00:56.320 one thing to keep in mind. UM. You can see 0:00:56.320 --> 0:01:00.160 this very clearly, UM in Russia, where you've seen in 0:01:00.200 --> 0:01:03.200 like different parts of the government fighting over this. UM. 0:01:03.240 --> 0:01:04.840 In the United States, you see it a little bit 0:01:04.840 --> 0:01:06.319 as well. I mean the sence the central Bank, the 0:01:06.319 --> 0:01:10.240 Federal Reserve is um separate right and their private Um. 0:01:10.240 --> 0:01:12.920 So you saw, like during Donald Trump's presidency, he was 0:01:13.480 --> 0:01:16.119 tweeting at them a lot and saying, hey, they better 0:01:16.160 --> 0:01:18.360 do this, they better raise the rates or lower the rates. 0:01:18.360 --> 0:01:19.880 They better you know, not do these things. And so 0:01:19.920 --> 0:01:23.039 they're like trying to kind of control them a little bit. Um. 0:01:23.080 --> 0:01:25.160 But at the same time, like I said, they're they're 0:01:25.560 --> 0:01:28.600 they're they're on their own, so they don't set laws. UM. 0:01:28.640 --> 0:01:30.360 So anyone who thinks that the central banks gonna make 0:01:30.360 --> 0:01:32.840 it illegal, they don't understand how central banks work. Um. 0:01:32.880 --> 0:01:35.760 That being said, though, of course, they wield enormous power 0:01:35.840 --> 0:01:38.160 because they control the money supply and so they can 0:01:38.200 --> 0:01:40.560 do things to you know, change the markets, which then 0:01:40.560 --> 0:01:44.320 of course could influence politics. UM. But I think it's 0:01:44.319 --> 0:01:46.480 still important to look at what the central banks are saying. 0:01:47.000 --> 0:01:48.880 Now we have obviously the Federal Reserve here in the 0:01:48.920 --> 0:01:51.960 United States, UM, led by J. Powell, and then in 0:01:52.000 --> 0:01:55.040 the in Europe we have the ECB European Central Bank, 0:01:55.120 --> 0:01:58.760 which is run by Christine Legarde. Now Christine Leguard is 0:02:00.120 --> 0:02:02.160 she's old. Let me just say that she's old. I 0:02:02.160 --> 0:02:03.720 don't know how old she is, but she's pretty old 0:02:04.000 --> 0:02:06.720 and she's been around a long time. Before being head 0:02:06.720 --> 0:02:09.079 of the e c B, she was head of the 0:02:09.160 --> 0:02:11.160 i m F. The i m F is the International 0:02:11.160 --> 0:02:13.720 Monetary Fund, which is sort of like the central bank 0:02:13.760 --> 0:02:17.160 above central banks. Um, the B I S is really that, 0:02:17.280 --> 0:02:19.960 But I am a for whatever we're talking about here. 0:02:20.000 --> 0:02:21.600 I think the i m F is kind of above 0:02:21.639 --> 0:02:22.920 the central bank. So she used to be the head 0:02:22.960 --> 0:02:25.359 of the IMF before the head of the ZB. Now 0:02:25.720 --> 0:02:29.760 it's important to note a side note that Christine Legard 0:02:29.800 --> 0:02:32.400 is a criminal. What do I mean by that? I 0:02:32.400 --> 0:02:37.120 mean like an actual real criminal, like actually convicted of crime. Um, 0:02:37.160 --> 0:02:43.320 actually convicted of crimes regarding finance financial decisions. But yet 0:02:43.440 --> 0:02:46.280 she's still head of the i m F previously and 0:02:46.320 --> 0:02:48.720 now she's had of the ECB. It seems kind of 0:02:48.720 --> 0:02:51.520 weird now, UM. I thought in the United States, like 0:02:51.600 --> 0:02:54.640 felons who did their time and got out and her 0:02:54.639 --> 0:02:57.880 productive members of SIETE again they can't even vote. But 0:02:58.000 --> 0:03:02.119 yet here we have a convicted criminal that's running the ECB. 0:03:03.160 --> 0:03:06.600 Pretty interesting, isn't it um And anyway, Christine leguards, he 0:03:06.639 --> 0:03:09.360 said a lot of crazy things. She's uh again, she's old. 0:03:09.880 --> 0:03:11.919 She has had a lot of crazy things, including some 0:03:12.000 --> 0:03:17.120 crazy things like um, innovation is a threat to our 0:03:17.200 --> 0:03:21.840 financial system. Mhm. More like innovation is a threat to 0:03:21.880 --> 0:03:26.239 their financial monopoly. Maybe we'll give them that. Uh now, 0:03:26.280 --> 0:03:27.880 I guess it could be a threat to the financial 0:03:27.880 --> 0:03:31.800 system as well, because the existing financial system, the status 0:03:31.880 --> 0:03:35.160 quo is changing, and we're building a new financial system. 0:03:35.160 --> 0:03:38.520 That's It's something called creative destruction. Creative destruction means when 0:03:38.560 --> 0:03:44.000 something new is created, something else must die. So for example, um, 0:03:44.080 --> 0:03:47.640 when digital when digital photos came out, and really it 0:03:47.680 --> 0:03:50.520 was because of the cell phone taking photos, I believe 0:03:50.560 --> 0:03:52.360 it was the Nokia phone really blew that up. And 0:03:52.400 --> 0:03:57.400 then with Instagram, that was creativity and it destroyed Kodak. 0:03:57.560 --> 0:04:01.320 Kodak was a film company, right, So something new destroyed 0:04:01.320 --> 0:04:05.440 something old. It's a circle of life, just the way 0:04:05.480 --> 0:04:08.800 it goes. Right now, old companies like Kodak, they actually 0:04:08.840 --> 0:04:11.920 had the digital camera first. They could have pioneered it. 0:04:11.960 --> 0:04:13.600 They had it, they were the first ones with it, 0:04:13.960 --> 0:04:16.480 but they decided to hang onto their old business model. 0:04:16.880 --> 0:04:18.599 And of course they were eventually replaced. That's just the 0:04:18.600 --> 0:04:20.640 way that that's just the way it goes. Um, it's 0:04:20.640 --> 0:04:22.800 not and it's not not sad, it's just the way 0:04:22.800 --> 0:04:25.200 it goes. And so, yes, the financial system will change, 0:04:25.200 --> 0:04:28.400 it is changing now. But anyway, she says crazy things 0:04:28.400 --> 0:04:31.839 like that. But she this week went on to a 0:04:31.880 --> 0:04:35.040 panel and uh it was it was pretty funny. Actually, 0:04:35.520 --> 0:04:39.600 Um she went and she said she urged patients as 0:04:39.640 --> 0:04:43.560 the bank looks to pair back it's now eight trillion 0:04:44.120 --> 0:04:48.960 euro balance sheet in the face of rising inflation, and 0:04:49.000 --> 0:04:52.279 asked viewers of a Dutch talk show to imagine the 0:04:52.480 --> 0:04:56.720 damage to the economy had the central Bank not intervened 0:04:56.960 --> 0:05:00.240 in such a large way during the COVID. Christ Is 0:05:01.320 --> 0:05:03.920 So she's saying, yeah, I know the FED, you know, 0:05:04.040 --> 0:05:06.960 or the ECB, the central Bank. Yeah, we we created 0:05:07.000 --> 0:05:09.919 a trillion dollars and uh, yeah, it's it's a lot 0:05:10.000 --> 0:05:11.880 of money, and it's debt that we we need to 0:05:11.920 --> 0:05:14.360 oh we gotta pay, and yeah it's dragging things down. 0:05:14.400 --> 0:05:17.559 And yeah it's a problem. But imagine how much worse 0:05:17.600 --> 0:05:21.880 it could have been if we hadn't intervened in such 0:05:21.920 --> 0:05:27.880 a large way during the COVID crisis. Um she wanted 0:05:27.880 --> 0:05:32.400 to say. Uh. Leguard argued, had the ECB not stepped 0:05:32.400 --> 0:05:35.080 in with an emergency package of asset purchases as the 0:05:35.120 --> 0:05:38.680 COVID lockdowns began and massively boosted that program as the 0:05:38.720 --> 0:05:43.839 pandemic continued, the damage to EU economies would have been devastating, 0:05:44.120 --> 0:05:48.680 which I would agree with her. The problem is that 0:05:51.960 --> 0:05:56.640 the problem wasn't the pandemic itself. The problem was the 0:05:56.680 --> 0:06:01.560 government's response to it. So the government forced people to 0:06:01.560 --> 0:06:05.520 shut their businesses down. The government ran businesses out of 0:06:05.600 --> 0:06:10.080 business that had been around for decades and centuries. It 0:06:10.160 --> 0:06:14.160 was the response to that that created business that that 0:06:14.279 --> 0:06:18.800 put companies bankrupt. And so had they not helped bell 0:06:19.040 --> 0:06:21.680 some of that damage out, yeah, it could have been worse. 0:06:21.880 --> 0:06:23.840 Or maybe they wouldn't have done the damage in the 0:06:23.880 --> 0:06:26.600 first place. There's that too, But anyway, she went on 0:06:26.640 --> 0:06:30.040 to say that when asked specifically about this eight trillion 0:06:30.080 --> 0:06:32.320 dollars and what are we gonna do about it, and 0:06:32.600 --> 0:06:35.960 she said, quote, it will come, It will come in 0:06:36.080 --> 0:06:41.520 d due course. Yeah, that's what she said. Um, they 0:06:41.560 --> 0:06:48.880 asked her, quote how great question? How the questionnaire during 0:06:48.880 --> 0:06:51.720 an episode of the College Tour TV show pressed again, 0:06:51.920 --> 0:06:55.320 how and she said, in due course it will come. 0:06:55.920 --> 0:06:57.720 That was the only answer. So it's gonna come. It's 0:06:57.720 --> 0:07:00.120 gonna come in due course. And they said, okay, but 0:07:00.200 --> 0:07:03.479 how and she said in due course it will come 0:07:04.200 --> 0:07:07.000 means she has no idea. Uh. And and the reason 0:07:07.000 --> 0:07:10.000 why she has no idea is because it's impossible, because 0:07:10.040 --> 0:07:11.440 there is no way for it to come back down. 0:07:11.440 --> 0:07:13.760 That's why she has no idea. It can't come back down. 0:07:13.800 --> 0:07:18.200 What they uh, this is a Kensian economics, so Unkensian economics. 0:07:18.200 --> 0:07:20.520 They believe that the government should step in and start 0:07:20.600 --> 0:07:23.200 printing money to stimulate the economy. And so when the 0:07:23.200 --> 0:07:26.200 economy takes a hit, if we lose a trillion dollars 0:07:26.200 --> 0:07:28.600 out of the economy, if the government weren't to intervene 0:07:28.640 --> 0:07:32.080 and say, print a half a trillion, they could stimulate 0:07:32.280 --> 0:07:36.680 enough to get that trillion dollars back, borrowing a little 0:07:36.680 --> 0:07:39.600 bit of money to make more money. The problem is 0:07:39.600 --> 0:07:42.320 is that they've gone way too far and now with 0:07:42.440 --> 0:07:46.080 eight trillion dollars, there's no way to get enough growth 0:07:46.160 --> 0:07:48.320 to pay that back. We're in a very low growth 0:07:49.080 --> 0:07:52.520 place in the world um where de evolving supply chains 0:07:52.560 --> 0:07:55.560 are breaking down. The entire world is being remapped out. Um. 0:07:55.680 --> 0:07:59.080 The the economies of the West developed world of Europe 0:07:59.160 --> 0:08:01.680 and Canada and US are not growing at all, like 0:08:01.800 --> 0:08:03.760 almost no growth, and so there's just no way to 0:08:03.760 --> 0:08:05.000 grow out of it. And so the reason why she 0:08:05.040 --> 0:08:11.000 has no answer is because there is no answer, not 0:08:11.000 --> 0:08:12.880 not for them, but there's an answer for us. Now, 0:08:12.880 --> 0:08:14.320 what does this have to do with bitcoin? Well, what's 0:08:14.320 --> 0:08:17.120 funny is that Christine Leguard, who has been very outspoken 0:08:17.160 --> 0:08:21.040 about bitcoin and cryptocurrencies in general, like I said, saying 0:08:21.080 --> 0:08:24.280 that innovation is a threat to her financial system. She 0:08:24.360 --> 0:08:29.440 went on to say that crypto and bitcoin is worth nothing. 0:08:29.520 --> 0:08:32.920 That's what she said, It's worth nothing, she read read 0:08:32.960 --> 0:08:34.480 it at that point, Well, one I would say, if 0:08:34.480 --> 0:08:36.320 it's worth nothing, then why are you're worried about it? 0:08:36.360 --> 0:08:37.920 And if it's worth nothing, why are you trying to 0:08:37.960 --> 0:08:40.240 regulate it? Because it's worth nothing? Right, just leave it? 0:08:40.280 --> 0:08:42.280 What do you care about it? Right? Um? But what's 0:08:42.280 --> 0:08:44.439 funny is she was asked by an audience member if 0:08:44.440 --> 0:08:48.679 she owned any digital assets and she said, no, she isn't. No, 0:08:48.920 --> 0:08:51.280 maybe she does, maybe she doesn't, but she said her 0:08:51.320 --> 0:08:56.000 son does. Her son has invested and she said, as 0:08:56.000 --> 0:08:57.920 they asked, what's the success track record with it? And 0:08:57.960 --> 0:09:00.480 then she said, oh, he hasn't told me. So It's 0:09:00.480 --> 0:09:04.600 funny is she's old, but her son owns bitcoin and cryptocurrencies. 0:09:05.440 --> 0:09:07.439 He gets it. What are we doing letting these old 0:09:07.440 --> 0:09:09.599 people make our policies? That's a whole another question for 0:09:09.640 --> 0:09:11.760 a whole another time. You listen to the Mark Mo Show. 0:09:11.760 --> 0:09:15.079 We're talking about bitcoin, cryptocurrencies and the decentralized revolution. Giving 0:09:15.080 --> 0:09:17.760 you the play by play, I got more coming back. 0:09:17.800 --> 0:09:20.080 We're talking about what the central banks are doing and 0:09:20.080 --> 0:09:22.640 what these governments are doing, uh, and more importantly, what 0:09:22.679 --> 0:09:24.120 you should be doing about it. And I want to 0:09:24.120 --> 0:09:28.880 talk about um ethereum crashing, the prices crashed and another 0:09:29.080 --> 0:09:32.200 massive development UM in the payment space that's happened. I'll 0:09:32.200 --> 0:09:34.040 be back with that and more in a minute, So 0:09:34.120 --> 0:09:36.440 don't go away, all right, Welcome back. You are listening 0:09:36.480 --> 0:09:38.600 to the Mark Mo Show. We're talking about bitcoin. We're 0:09:38.640 --> 0:09:43.040 talking about the decentralized revolution that we're witnessing right now. Now. 0:09:43.080 --> 0:09:45.560 I talk a lot about UM. If you've been paying 0:09:45.600 --> 0:09:47.360 attention to any of my content for any period of time, 0:09:47.360 --> 0:09:50.120 you know I talk a lot about three revolutionary cycles 0:09:50.120 --> 0:09:52.920 that are converging hundreds of years of history, tell us 0:09:52.920 --> 0:09:55.440 what's happening now and where we're going and how we're 0:09:55.440 --> 0:10:00.400 moving into peak centralization. So through this money inter it's 0:10:00.480 --> 0:10:04.200 enabled these institutions and not government, not just governments, but 0:10:04.240 --> 0:10:09.920 institutions three letter NGOs, non government organizations to just grow 0:10:10.000 --> 0:10:13.080 increasingly bigger and bigger and bigger. And so we're witnessing 0:10:13.080 --> 0:10:17.559 this peak centralization and it's been been completely on display 0:10:17.600 --> 0:10:20.640 for the world to see this week as all these 0:10:20.760 --> 0:10:23.920 so called world leaders have been meeting in Davos in Davos, 0:10:23.960 --> 0:10:29.640 Switzerland at the World Economic Forum, to plan our lives, 0:10:29.920 --> 0:10:31.880 to tell us how much meat we should be eating 0:10:31.880 --> 0:10:33.880 on a daily basis, how many miles we should be 0:10:33.920 --> 0:10:36.680 driving on a daily basis, and on and on and on, which, 0:10:36.679 --> 0:10:38.160 by the way, is nine. They think you should drive 0:10:38.240 --> 0:10:40.560 nine miles a day. Um, if you drive more than that, 0:10:40.559 --> 0:10:43.160 that's a problem anyway. Um. So they've been having all 0:10:43.160 --> 0:10:45.560 these meetings, have been saying all these crazy, wacky things. 0:10:46.320 --> 0:10:48.520 And I've been talking a lot about how the financial 0:10:48.520 --> 0:10:50.640 system is changing right before our very eyes. And one 0:10:50.679 --> 0:10:54.360 of the biggest catalysts that we've seen, which it's been increasing. Um. 0:10:54.400 --> 0:10:57.080 You know, we saw the UK sees Venezuela's gold two 0:10:57.120 --> 0:11:00.560 billion dollars of gold. The Biden administration seized um, the 0:11:00.640 --> 0:11:03.280 Central Bank of Afghanistan's money about seven and a half 0:11:03.280 --> 0:11:07.400 billion dollars. Then we saw the Trucker protest where the 0:11:07.440 --> 0:11:11.880 Bank of Canada's just started stealing people's money or freezing 0:11:11.880 --> 0:11:14.439 their accounts. I should say, I believe all those accounts 0:11:14.440 --> 0:11:17.200 were actually um open back up, they got their money, 0:11:17.240 --> 0:11:19.960 but they did freeze them temporarily. But then the final 0:11:20.040 --> 0:11:22.560 nail in the coffin was this Russia Ukraine situation where 0:11:22.679 --> 0:11:27.000 now basically the financial the FX reserve system, the financial 0:11:27.040 --> 0:11:29.599 system was weaponized against Russia and about six and a 0:11:29.600 --> 0:11:34.520 half billion dollars of their money was frozen. So all 0:11:34.520 --> 0:11:37.440 of this is happening now. Um, when I talk about 0:11:37.440 --> 0:11:41.080 the financial system weaponized against them. Um, how has money 0:11:41.160 --> 0:11:44.920 moved around the world. Well, it's moved through the Swift system. 0:11:44.960 --> 0:11:46.360 So if you've ever gone to the bank and sent 0:11:46.400 --> 0:11:48.920 to wire, then you probably you've probably heard of what 0:11:49.000 --> 0:11:51.120 swift is before. So Swift is a as a as 0:11:51.120 --> 0:11:54.520 a messaging service and it's what trans transmits the money 0:11:54.520 --> 0:11:57.480 around the world. Now, the Swift system is old. It's 0:11:57.480 --> 0:12:00.440 from I believe the seventies and it's this message system 0:12:00.480 --> 0:12:02.800 that that like I said, since this money Now, how 0:12:02.920 --> 0:12:08.959 much has technology changed since the seventies? A lot? Right, 0:12:09.520 --> 0:12:11.640 there was no personal computers, there's no Internet, there's no 0:12:11.679 --> 0:12:15.400 iPhones back then. But yet we're still using nineteen seventies 0:12:15.440 --> 0:12:17.840 technology to send money around the world. Kind of interesting 0:12:18.559 --> 0:12:22.360 and so um, but now that this Swift system has 0:12:22.400 --> 0:12:29.720 been basically weaponized, now, um, the brick nations, which are Brazil, Russia, India, China, 0:12:30.360 --> 0:12:34.360 they're all including others, Iran, et cetera. They're all working 0:12:34.400 --> 0:12:38.240 to set up a new payment network that's not Swift. 0:12:38.679 --> 0:12:41.880 And so really Swift has already been dying. It's already 0:12:41.880 --> 0:12:46.240 old technology. But um, by kicking people out of it, 0:12:46.400 --> 0:12:48.960 you've now forced them to go start their own. And 0:12:49.000 --> 0:12:51.240 so it's already on the demise, and I think it's 0:12:51.240 --> 0:12:53.719 gonna happen sooner than later. But at the world that 0:12:53.800 --> 0:12:55.960 kind ofic formed this week there was a there was 0:12:56.000 --> 0:12:59.440 a a meeting going on, a panel going on with 0:12:59.480 --> 0:13:03.040 a bunch of of financial titans, if you will, and 0:13:03.080 --> 0:13:07.160 we had Michael my back he's the CEO of MasterCard, 0:13:08.000 --> 0:13:10.520 and he was there on on the panel along with 0:13:10.559 --> 0:13:14.559 some other people. It was part of the Global Blockchain 0:13:14.720 --> 0:13:19.959 Business Council UM Blockchain Central at Davos, and it ran 0:13:20.000 --> 0:13:23.800 adjacent to the World Economic Forum in Davos, Switzerland. And 0:13:23.840 --> 0:13:26.200 so we had all these big heavyweights there, UM, and 0:13:26.240 --> 0:13:31.240 they're all asked different things. UM. And the moderator asked 0:13:31.280 --> 0:13:35.400 each panelist whether they thought Swift would still exist in 0:13:35.520 --> 0:13:40.200 five years now. UM, each of these panelists are, like 0:13:40.240 --> 0:13:42.880 I said, heavyweights in the financial space, and they didn't 0:13:42.960 --> 0:13:48.640 want to be UM antagonistic if you will, UM, we 0:13:48.720 --> 0:13:51.319 had you've all rus, the CEO of Digital Assets and 0:13:51.440 --> 0:13:54.559 Data Technology, David Treat, director of Assenture and co lead 0:13:54.559 --> 0:13:58.600 of the company's blockchain business UM and so forth. However, 0:13:59.280 --> 0:14:02.400 master Cards se EO my Buck, he didn't hold any 0:14:02.480 --> 0:14:04.560 punches back. As a matter of fact, when asked by 0:14:04.600 --> 0:14:07.600 the moderator if I thought Swift would still exist in 0:14:07.600 --> 0:14:10.440 five years, my Buck caused the audience to gasp in 0:14:10.640 --> 0:14:16.199 shock as he said, no, I don't. Uh. He was 0:14:16.240 --> 0:14:19.840 pretty he was pretty pretty blunt about that. UM. Now, 0:14:20.160 --> 0:14:23.440 since that's happened, it's kind of like Biden. President Biden 0:14:23.480 --> 0:14:26.040 with all his gaffs. Um, President Biden said that we 0:14:26.080 --> 0:14:29.600 would attack Russia with chemical weapons, and then the State 0:14:29.600 --> 0:14:32.560 departments like, well, well, he didn't he didn't really mean that. 0:14:32.560 --> 0:14:34.360 That's that's not what he meant, even though that's what 0:14:34.400 --> 0:14:38.680 he said. Um. Just last week Biden said that we would, uh, 0:14:38.800 --> 0:14:41.160 we would go to war against China to defend Taiwan, 0:14:41.520 --> 0:14:44.320 and very quickly the State deparments like, well, he didn't 0:14:44.320 --> 0:14:45.800 really mean that, and that's that's kind of like what 0:14:45.880 --> 0:14:49.000 happened here. Um. And so the CEO of MasterCard said, no, 0:14:49.440 --> 0:14:51.680 I don't think Swift will be around in five years now. 0:14:51.960 --> 0:14:55.600 I would say probably, Um, they probably will be around. 0:14:56.360 --> 0:15:00.640 It probably won't be be used very often. And why 0:15:00.640 --> 0:15:04.040 would they Why do we need to use ancient system 0:15:04.040 --> 0:15:06.800 when we have new technologies. But, like I said, they 0:15:06.800 --> 0:15:10.000 had to walk that statement back. MasterCard spokesperson downplayed my 0:15:10.080 --> 0:15:13.600 Back's comments, and an email statement said, quote, let us 0:15:14.040 --> 0:15:17.520 let us clarify the intent of the on stage comment. Uh, 0:15:17.640 --> 0:15:19.680 it's not what he really meant. Let us clarify this. 0:15:19.920 --> 0:15:22.120 It's not as simple as a yes or no answer. 0:15:22.200 --> 0:15:26.440 Michael was simply reinforcing what Swift has previously said. Their 0:15:26.480 --> 0:15:30.680 operations continue to evolve, its current form will not be 0:15:30.760 --> 0:15:33.800 the same in the future. They're adding more functionality and 0:15:33.840 --> 0:15:37.000 moving past just being a messaging system. So uh, they said, well, 0:15:37.040 --> 0:15:39.120 well that's not many meant that they just won't be 0:15:39.120 --> 0:15:42.320 around in their current form. But the thing is with 0:15:42.320 --> 0:15:46.160 bitcoin is that it's peer to peer. So if I want, 0:15:46.520 --> 0:15:49.560 I can send you money any anybody anywhere in the world, 0:15:49.720 --> 0:15:52.800 regardless of sanctions, regardless of permission. Anyone in the world 0:15:52.880 --> 0:15:55.560 can download an app on their phone and I can 0:15:55.640 --> 0:15:58.600 send them bitcoin. Right now. I don't need to go 0:15:58.720 --> 0:16:01.240 to the bank to send a why your transfer. I 0:16:01.240 --> 0:16:03.600 don't need the bank for it. The bank doesn't need 0:16:03.640 --> 0:16:06.080 Swift for it. I can send it directly to the 0:16:06.080 --> 0:16:08.920 recipient now before that, right, so, gold was money for 0:16:08.960 --> 0:16:10.960 five thousand years. The problem with gold is it's not 0:16:11.160 --> 0:16:15.480 very portable now today we and and so you know, 0:16:15.520 --> 0:16:17.240 if I wanted to send money across the country from 0:16:17.280 --> 0:16:19.920 California to New York, it was very difficult. So if 0:16:19.920 --> 0:16:21.840 we put our gold in the bank, then the bank 0:16:21.880 --> 0:16:23.840 could just use a ledger and they could say, hey, 0:16:23.840 --> 0:16:25.880 we're gonna deduct it from Mark's account and we're gonna 0:16:25.880 --> 0:16:28.480 give it to John's account for example. Right, Um, they 0:16:28.480 --> 0:16:31.160 could do that, and then banks different banks could have 0:16:31.200 --> 0:16:32.920 a way to communicate with each other, which is what 0:16:33.000 --> 0:16:35.760 the Swift system came into. And so now my bank 0:16:35.800 --> 0:16:37.800 can communicate with your bank, regardless if it's in the 0:16:37.840 --> 0:16:40.040 United States or across the world. And so when I 0:16:40.040 --> 0:16:43.520 go send a wire transfer through the Swift messaging service, 0:16:43.800 --> 0:16:46.200 they're basically saying, hey, take this money from Mark's account 0:16:46.240 --> 0:16:49.200 and send it and credit to John's account. The problem. Uh, 0:16:49.440 --> 0:16:50.760 And and that was great, that was a good way 0:16:50.800 --> 0:16:53.360 to do it. It's sped up the velocity, it's sped 0:16:53.440 --> 0:16:56.920 up how fast we can transfer money. But it caused 0:16:57.040 --> 0:17:00.360 us to use debt. So now instead of me given 0:17:00.720 --> 0:17:03.680 my gold from my golden California to John in New York, 0:17:04.080 --> 0:17:07.000 what we've done is we've issued an IOU debt, meaning 0:17:07.080 --> 0:17:09.080 John now has a claim he can go claim the 0:17:09.119 --> 0:17:12.239 gold if he wants, right, But Bitcoin has changed all that. 0:17:12.920 --> 0:17:16.520 Now I can just send the actual money to John 0:17:16.800 --> 0:17:19.800 right now without needing debt. I don't need issue debt, 0:17:19.800 --> 0:17:21.960 I don't need a claim for it, and I don't 0:17:21.960 --> 0:17:25.360 need the bank, and I don't need the Swift payment system. 0:17:25.440 --> 0:17:29.440 So um, to Swiss comments here. Um, they're they're trying 0:17:29.480 --> 0:17:34.320 to evolve their operations to add more functionality, to be 0:17:34.400 --> 0:17:38.240 more than just a messaging system. That's great, but I 0:17:38.240 --> 0:17:42.480 don't need him anymore. It's like the DVD player. We're 0:17:42.560 --> 0:17:46.240 stream music now. We don't need DVD, DVD or CD 0:17:46.320 --> 0:17:48.760 players anymore because we stream our music in our movies today. 0:17:48.800 --> 0:17:50.760 So the DVD and the CD player, they can go 0:17:50.800 --> 0:17:53.720 retool all they want, and they can build in streaming 0:17:53.760 --> 0:17:56.680 services inside that DVD or CD player. But I don't 0:17:56.680 --> 0:17:58.760 even need a CD or DVD player anymore. A matter 0:17:58.760 --> 0:18:00.600 of fact, I don't even have one of my else anymore. 0:18:01.600 --> 0:18:03.359 Why because I can just stream it directly to my 0:18:03.400 --> 0:18:06.440 TV and so they can go retool all they want. 0:18:06.640 --> 0:18:10.280 It doesn't matter in my opinion anyway. That's a lot. 0:18:10.320 --> 0:18:12.040 I know you're listening to the markma Show. We're talking 0:18:12.040 --> 0:18:14.720 about bitcoin and the decentralized Revolution. I got a lot 0:18:14.760 --> 0:18:16.800 more updates when I get back in a second, so 0:18:16.840 --> 0:18:19.199 don't go away, all right, Welcome back. You're listening to 0:18:19.240 --> 0:18:21.760 the markmas Show. We're talking about bitcoin, We're talking about 0:18:21.760 --> 0:18:26.080 the decentralized revolution. We're navigating the intersection of politics finance 0:18:26.160 --> 0:18:28.879 and technology to bring it all into context so we 0:18:28.880 --> 0:18:31.080 can understand what's going on. Now. We've been talking a 0:18:31.119 --> 0:18:34.080 lot about central banks and what they're doing, um, and 0:18:34.119 --> 0:18:37.920 we're seeing how this money is evolving and changing things UM. 0:18:37.960 --> 0:18:39.320 And a lot of times we don't understand all the 0:18:39.359 --> 0:18:41.360 implications of this and what that means. So that's why 0:18:41.359 --> 0:18:43.760 we try to dive into each of those subjects. And UM, 0:18:43.800 --> 0:18:48.960 of course, everybody's noticing that prices are going up on everything. 0:18:49.000 --> 0:18:50.960 Doesn't matter where you're at in the world, you are 0:18:51.080 --> 0:18:54.440 noticing it. The price to buy your groceries, the price 0:18:54.520 --> 0:18:56.800 to go out to lunch, the price to fill up 0:18:56.840 --> 0:19:02.520 your car with gas is going crazy. Now, don't worry, Um, 0:19:02.760 --> 0:19:05.760 prices are going up, and there's even shortages of things. 0:19:05.840 --> 0:19:07.880 But don't worry, because the government's got your back, right, 0:19:08.440 --> 0:19:10.520 They've always they've always got your back, they've always got 0:19:10.600 --> 0:19:14.200 your best intentions in mind, and they're gonna fix everything, 0:19:14.280 --> 0:19:17.240 right because they're the solution to everything. Well, I don't 0:19:17.280 --> 0:19:18.480 think so. As a matter of fact, I said that 0:19:18.520 --> 0:19:21.920 sarcastically because I don't believe government's the solution. I think 0:19:21.920 --> 0:19:24.080 it's government's that's the problem. So let's let's take a 0:19:24.080 --> 0:19:27.920 look at that for a minute. And I remember it's 0:19:28.000 --> 0:19:30.320 through the unlimited money printing that allows the government to 0:19:30.320 --> 0:19:32.600 continue to grow bigger and bigger and bigger, which allows 0:19:32.640 --> 0:19:36.199 them to hire more and more regulators. What do regulators do? 0:19:36.480 --> 0:19:41.800 They pass regulations, what do those regulations do. It starts 0:19:41.840 --> 0:19:45.560 to drag on everything. It's more expensive for me to 0:19:45.640 --> 0:19:47.480 run my business today. Now, if it's more expensive for 0:19:47.520 --> 0:19:49.159 me to run my business, than I have to pass 0:19:49.200 --> 0:19:51.600 those costs onto you, right, And that's how it works. 0:19:52.280 --> 0:19:54.600 And so um, what we've seen is that prices are 0:19:54.600 --> 0:19:57.360 going up on everything for all different types of reasons. 0:19:57.640 --> 0:20:00.160 I've talked a lot about gas prices because that's where 0:20:00.160 --> 0:20:02.280 people are really feeling the pain. I know, I drive 0:20:02.320 --> 0:20:06.560 a truck. I'm in California, and gas prices are insane. 0:20:06.560 --> 0:20:08.960 As a matter of fact, they're pushing eight dollars a 0:20:09.000 --> 0:20:11.560 gallon in some places in Los Angeles, which is insane. 0:20:11.840 --> 0:20:14.840 When Biden took office, I said, I predicted that I 0:20:14.840 --> 0:20:19.200 would see ten dollar gallon gasoline before Biden Less left office. 0:20:19.640 --> 0:20:22.040 And here we are, and I think I weigh undershot that. 0:20:22.160 --> 0:20:24.320 Now I'm thinking it's gonna be fifteen bucks a gallon 0:20:24.359 --> 0:20:27.199 before he leaves. If not more, um, I hope not. 0:20:27.560 --> 0:20:31.000 But anyway, we're almost eight bucks a gallon in in California. 0:20:31.200 --> 0:20:33.760 And why And I've broken this down. You know, they 0:20:33.800 --> 0:20:35.679 say it's because of Putin, but I've talked about how 0:20:35.680 --> 0:20:37.639 it's not because of Putin. Gas prices were going up 0:20:37.760 --> 0:20:41.800 long before the Russia Ukraine War, and and a lot 0:20:41.800 --> 0:20:44.439 of it goes back to why. And it was because 0:20:44.720 --> 0:20:47.000 his very first day in office, the most important thing 0:20:47.000 --> 0:20:48.280 that he could do in the whole history of the 0:20:48.320 --> 0:20:51.560 world was by executive order, meaning no one else's opinion, 0:20:51.640 --> 0:20:54.000 just him as a dictator, was just start shutting down 0:20:54.040 --> 0:20:58.480