1 00:00:00,360 --> 00:00:02,880 Speaker 1: Hello, and welcome to another episode of The Mark Moss Show, 2 00:00:02,920 --> 00:00:06,360 Speaker 1: of course, where we're talking about the decentralized revolution, the 3 00:00:06,400 --> 00:00:08,160 Speaker 1: way the world's changing, of course, as we look at 4 00:00:08,200 --> 00:00:10,440 Speaker 1: it through the lens of politics, finance, and technology, and 5 00:00:10,480 --> 00:00:14,440 Speaker 1: you know, trying to change the way you think about money, 6 00:00:14,440 --> 00:00:16,439 Speaker 1: trying to change the way you think about the world. 7 00:00:16,440 --> 00:00:18,040 Speaker 1: So I try to bring you some education to kind 8 00:00:18,040 --> 00:00:20,720 Speaker 1: of help change the way you see things and think 9 00:00:20,720 --> 00:00:23,160 Speaker 1: about things. Of course, some of the latest breaking news 10 00:00:23,200 --> 00:00:25,360 Speaker 1: headlines you can stay on top of the world as 11 00:00:25,360 --> 00:00:28,400 Speaker 1: it's changing, and some interesting guests. But right now I 12 00:00:28,440 --> 00:00:31,040 Speaker 1: want to talk about what has been going on this week, 13 00:00:31,120 --> 00:00:35,320 Speaker 1: because it has been wild. There's been some big stories 14 00:00:35,360 --> 00:00:37,360 Speaker 1: that are really cementing my. 15 00:00:37,440 --> 00:00:39,440 Speaker 2: Thesis of this decentralized revolution. 16 00:00:39,840 --> 00:00:41,680 Speaker 1: A lot of times people ask me, Mark, when is 17 00:00:41,720 --> 00:00:44,280 Speaker 1: the pendulum going to swing back? When all I see 18 00:00:44,320 --> 00:00:48,720 Speaker 1: is still centralization, I don't see your thesis playing out. Well, one, 19 00:00:48,920 --> 00:00:51,680 Speaker 1: you're zoom didn't wait too close, but two, holy cow, 20 00:00:51,760 --> 00:00:54,480 Speaker 1: it's happening right now. And so this week has been 21 00:00:54,480 --> 00:00:58,880 Speaker 1: big news, of course, dominated by the banking crisis in 22 00:00:58,920 --> 00:01:00,600 Speaker 1: the United States, and it's been going on for a 23 00:01:00,600 --> 00:01:03,400 Speaker 1: couple of weeks. And it is really picking up steam. 24 00:01:03,640 --> 00:01:06,479 Speaker 1: As a matter of fact, we just saw another bank 25 00:01:06,520 --> 00:01:09,760 Speaker 1: go down this week, and that is First Republic Bank. 26 00:01:10,400 --> 00:01:14,240 Speaker 1: Now it's important to understand what is going on here 27 00:01:14,400 --> 00:01:18,440 Speaker 1: for a couple of reasons. It's not just like, well, 28 00:01:18,480 --> 00:01:20,720 Speaker 1: another bank go down. A lot of people still have 29 00:01:20,840 --> 00:01:26,320 Speaker 1: sort of this PTSD, if you will, This PTSD from 30 00:01:28,480 --> 00:01:31,399 Speaker 1: the two thousand and eight banking crisis that led to 31 00:01:31,440 --> 00:01:35,080 Speaker 1: the Great Financial Crisis. And during that time in two 32 00:01:35,120 --> 00:01:38,560 Speaker 1: thousand and eight, we had a lot of banks fail obviously, right, 33 00:01:39,080 --> 00:01:44,560 Speaker 1: but can you believe that since then we've seen an 34 00:01:44,600 --> 00:01:48,520 Speaker 1: even worse banking crisis. Now, what is worse, well, not 35 00:01:48,640 --> 00:01:51,840 Speaker 1: worse in the terms of numbers of banks, but in 36 00:01:51,920 --> 00:01:55,720 Speaker 1: the size of the banks. The largest banking failure in 37 00:01:55,960 --> 00:01:58,680 Speaker 1: US history happened in two thousand and eight. 38 00:01:58,800 --> 00:02:00,200 Speaker 2: That was Washington Mutual. 39 00:02:00,120 --> 00:02:06,440 Speaker 1: Bank and it had three hundred billion in assets. First 40 00:02:06,480 --> 00:02:10,840 Speaker 1: Republic Bank is the second largest bank failure in history. 41 00:02:11,400 --> 00:02:13,640 Speaker 1: It had two hundred and twenty nine billion. But we 42 00:02:13,680 --> 00:02:16,640 Speaker 1: also saw the failure of Silicon Valley Bank. We also 43 00:02:16,680 --> 00:02:20,000 Speaker 1: saw the failure of Signature Bank. We also saw the 44 00:02:20,080 --> 00:02:24,560 Speaker 1: failure of Silvergate Bank before that, But Silicon Valley Bank 45 00:02:24,560 --> 00:02:28,720 Speaker 1: and Signature Bank, where the third and fourth largest banking 46 00:02:28,760 --> 00:02:34,800 Speaker 1: crisis collapses in US history. So collectively, the three banks 47 00:02:34,840 --> 00:02:36,880 Speaker 1: that have gone down in just the last couple of 48 00:02:36,919 --> 00:02:40,680 Speaker 1: weeks dwarf what happened, I don't want to say dwarf, 49 00:02:40,880 --> 00:02:45,760 Speaker 1: but are bigger than what happened in two thousand and eight. 50 00:02:46,160 --> 00:02:48,240 Speaker 1: So while a lot of people say, well, we're not 51 00:02:48,240 --> 00:02:50,680 Speaker 1: going to see another banking crisis, what we already are 52 00:02:51,480 --> 00:02:53,400 Speaker 1: The banks that have collapped in just the last three 53 00:02:53,520 --> 00:02:57,040 Speaker 1: or four weeks are already worse than what happened in 54 00:02:57,120 --> 00:03:00,239 Speaker 1: two thousand and eight. So we're there now. I don't 55 00:03:00,240 --> 00:03:01,680 Speaker 1: want to go through all the mechanics of that. I'm 56 00:03:01,680 --> 00:03:04,840 Speaker 1: sure you've probably already seen enough of that in a 57 00:03:04,880 --> 00:03:07,399 Speaker 1: number of other news sources. But what happened I think 58 00:03:07,480 --> 00:03:10,520 Speaker 1: is more important here. But even more important than that, 59 00:03:10,639 --> 00:03:11,600 Speaker 1: is what does this mean? 60 00:03:11,760 --> 00:03:13,360 Speaker 2: Where? Where are we going with this? 61 00:03:13,800 --> 00:03:17,320 Speaker 1: Well? You know one thing that I talk about quite 62 00:03:17,360 --> 00:03:20,760 Speaker 1: often here is I talk about central bank digital currencies, 63 00:03:20,800 --> 00:03:25,320 Speaker 1: which is of course more centralization. It's the central banks 64 00:03:25,440 --> 00:03:28,960 Speaker 1: taking over control over the money. And so rather than 65 00:03:29,000 --> 00:03:32,480 Speaker 1: having a decentralized banking system where we have all these 66 00:03:32,520 --> 00:03:35,560 Speaker 1: regional banks, local banks credit unions, et cetera that are 67 00:03:35,560 --> 00:03:39,760 Speaker 1: making local regional decisions knowing me personally and knowing what 68 00:03:39,960 --> 00:03:42,520 Speaker 1: I need in my local area. Personally, we're moving to 69 00:03:42,560 --> 00:03:45,920 Speaker 1: an area all we have is these big banks, and 70 00:03:46,000 --> 00:03:49,560 Speaker 1: these big banks basically take over everything, and then instead 71 00:03:49,560 --> 00:03:51,240 Speaker 1: of a local banker that knows me and what my 72 00:03:51,280 --> 00:03:53,160 Speaker 1: local area needs, have to deal with some banker in 73 00:03:53,200 --> 00:03:55,840 Speaker 1: New York who doesn't know me and doesn't know what 74 00:03:55,960 --> 00:03:57,880 Speaker 1: I need. And that's sort of where we're going, and 75 00:03:57,920 --> 00:04:00,680 Speaker 1: we're seeing it happening in rapid time. As a matter 76 00:04:00,720 --> 00:04:07,080 Speaker 1: of fact, what happened with First Republic Bank, Well, it's 77 00:04:07,240 --> 00:04:10,200 Speaker 1: good for the depositors in the short run. What do 78 00:04:10,240 --> 00:04:12,520 Speaker 1: I mean, Well, the depositors didn't lose any money. So 79 00:04:12,800 --> 00:04:16,160 Speaker 1: here we are again finding FDI and C insurance only 80 00:04:16,160 --> 00:04:19,240 Speaker 1: covers up to two hundred fifty thousand dollars. However, lots 81 00:04:19,240 --> 00:04:23,680 Speaker 1: of depositors had funds well over two hund fifty thousand dollars. 82 00:04:23,920 --> 00:04:26,200 Speaker 1: So the good news is for the depositors they didn't 83 00:04:26,240 --> 00:04:29,640 Speaker 1: lose any money, that all got covered. The bad news 84 00:04:29,720 --> 00:04:32,400 Speaker 1: is is that we're continuing to see this centralization of 85 00:04:32,400 --> 00:04:34,360 Speaker 1: the banks. As a matter of fact, thirty years ago 86 00:04:35,000 --> 00:04:38,520 Speaker 1: in the United States, we had almost eleven thousand banks. 87 00:04:39,160 --> 00:04:44,000 Speaker 1: Today we have about four thousand banks, so we have 88 00:04:44,040 --> 00:04:46,120 Speaker 1: about thirty five percent of the banks that we had 89 00:04:46,120 --> 00:04:49,600 Speaker 1: thirty years ago. So we're seeing this massive centralization. Now, 90 00:04:49,920 --> 00:04:51,839 Speaker 1: what sort of centralization? Who dok it over? Well, of 91 00:04:51,839 --> 00:04:52,320 Speaker 1: course it. 92 00:04:52,279 --> 00:04:53,760 Speaker 2: Was JP Morgan. 93 00:04:54,920 --> 00:04:59,880 Speaker 1: JP Morgan seems to always be there to help o 94 00:05:00,200 --> 00:05:02,000 Speaker 1: whatever they need be. As a matter of fact, JP 95 00:05:02,080 --> 00:05:05,560 Speaker 1: Morgan has a long history of this. We saw them 96 00:05:05,839 --> 00:05:08,600 Speaker 1: way back in the day helping out. As a matter 97 00:05:08,640 --> 00:05:12,560 Speaker 1: of fact, before we had the Federal Reserve, JP Morgan 98 00:05:12,640 --> 00:05:14,800 Speaker 1: was there in the Panic of nineteen oh seven in 99 00:05:14,800 --> 00:05:18,839 Speaker 1: the banking crisis, JP Morgan stepped up to save the day. 100 00:05:20,080 --> 00:05:23,520 Speaker 1: Then JP Morgan was the one that led to the 101 00:05:23,640 --> 00:05:28,840 Speaker 1: creation of the Federal Reserve. And now JP Morgan is 102 00:05:28,920 --> 00:05:31,440 Speaker 1: still there saving the day. Now, don't think that there's 103 00:05:31,480 --> 00:05:34,400 Speaker 1: some hero here. As Jamie Diamond, the CEO of JP 104 00:05:34,520 --> 00:05:38,160 Speaker 1: Morgan said, quote, our government invited us to step up, 105 00:05:38,880 --> 00:05:41,680 Speaker 1: so we did end quote. That's what Jamie Diamond said. 106 00:05:41,760 --> 00:05:46,400 Speaker 1: So thank you, Jamie Diamond for thanklessly for serving the 107 00:05:46,440 --> 00:05:50,360 Speaker 1: American people in a way to save the day. Never 108 00:05:50,400 --> 00:05:54,120 Speaker 1: mind the fact that they generated a one time gain 109 00:05:54,640 --> 00:05:56,680 Speaker 1: of two point six billion dollars. 110 00:05:56,760 --> 00:05:59,120 Speaker 2: Yes, with a B billion, they. 111 00:05:58,960 --> 00:06:05,640 Speaker 1: Expect an ongoing five hundred million dollars of profit per 112 00:06:05,760 --> 00:06:10,760 Speaker 1: year now in doing so. The reason why they stepped 113 00:06:10,839 --> 00:06:14,200 Speaker 1: up is because the government took over all the losses 114 00:06:14,240 --> 00:06:17,800 Speaker 1: of the banks and gave them all the profits two 115 00:06:17,839 --> 00:06:20,760 Speaker 1: point six billion dollars plus five hundred million dollars per 116 00:06:20,800 --> 00:06:27,320 Speaker 1: year moving forward, the FDIC insurance covered thirteen billion dollars 117 00:06:27,320 --> 00:06:31,120 Speaker 1: in losses. This is another example of socializing the losses 118 00:06:31,160 --> 00:06:34,000 Speaker 1: and privatizing the gains. We all get to pay for 119 00:06:34,040 --> 00:06:36,640 Speaker 1: the losses and Jamie Diamond gets to keep all of 120 00:06:36,680 --> 00:06:41,640 Speaker 1: the profits. And the FDIC insurance also covered fifty billion 121 00:06:41,680 --> 00:06:47,480 Speaker 1: dollars in financing for them. So we're seeing the centralization 122 00:06:47,680 --> 00:06:51,040 Speaker 1: of the banking system, the consolidation of the banking system, 123 00:06:51,400 --> 00:06:55,400 Speaker 1: and it's it's doing a couple things. One, in the 124 00:06:55,440 --> 00:06:59,040 Speaker 1: short term, it's helping the Federal Reserve to continue to 125 00:06:59,160 --> 00:07:01,880 Speaker 1: tighten the screws on economy, to continue quantitative tightening where 126 00:07:01,880 --> 00:07:03,920 Speaker 1: they're raising interest rates at the fastest rate in history. 127 00:07:04,240 --> 00:07:07,120 Speaker 1: And of course it's causing the banks to collapse, but 128 00:07:08,240 --> 00:07:11,440 Speaker 1: it's pushing them right into the lapse of the big 129 00:07:11,480 --> 00:07:16,560 Speaker 1: banks like JP Morgan. Now, if you don't know, the 130 00:07:16,600 --> 00:07:20,160 Speaker 1: Central Bank, the Federal Reserve is not federal and they 131 00:07:20,160 --> 00:07:22,480 Speaker 1: have no reserves. They're not federal, they're not part of 132 00:07:22,480 --> 00:07:26,520 Speaker 1: the government. They're made up of member banks. And who's 133 00:07:26,520 --> 00:07:29,240 Speaker 1: the most important member bank. Oh, that would be the 134 00:07:29,280 --> 00:07:29,880 Speaker 1: New York. 135 00:07:29,760 --> 00:07:31,480 Speaker 2: Bank, and that would be Jamie Diamond. 136 00:07:31,520 --> 00:07:35,160 Speaker 1: Of course, of course it's Jamie Diamond who controls app 137 00:07:35,920 --> 00:07:39,000 Speaker 1: And what we're seeing through this consolidation is basically all 138 00:07:39,040 --> 00:07:40,800 Speaker 1: of the banks that we have, all the smaller banks 139 00:07:40,840 --> 00:07:45,400 Speaker 1: are consolidating into the big four, which are City Group, City, 140 00:07:45,680 --> 00:07:50,080 Speaker 1: JP Morgan, Chase, Bank of America, and Wells Fargo. And 141 00:07:50,120 --> 00:07:54,240 Speaker 1: they're becoming these two big to fail institutions. We're seeing 142 00:07:54,280 --> 00:07:58,320 Speaker 1: the end of capitalism as we know it. And really 143 00:07:58,360 --> 00:08:02,080 Speaker 1: what we're seeing is the nationalization of the banking sector. 144 00:08:02,880 --> 00:08:06,600 Speaker 1: And it's not over. We see this week more banks 145 00:08:06,600 --> 00:08:10,600 Speaker 1: are crashing. Pack West Bank in California, it's stock crashed 146 00:08:10,760 --> 00:08:14,200 Speaker 1: sixty percent. As a matter of fact, there's an index 147 00:08:14,440 --> 00:08:17,280 Speaker 1: you can look at, the kr It's a bank index 148 00:08:17,320 --> 00:08:20,400 Speaker 1: of regional banks, and it is plummeting like a rock. 149 00:08:21,840 --> 00:08:24,840 Speaker 1: And so all of these small regional banks are collapsing, 150 00:08:25,360 --> 00:08:28,400 Speaker 1: and what the Fed do? They raise their rates even more, 151 00:08:28,600 --> 00:08:32,640 Speaker 1: so what should you expect? Unfortunately, more banking collapses. What else? 152 00:08:33,200 --> 00:08:37,760 Speaker 1: More socialization of losses and privatizing the gains, more banking consolidation. 153 00:08:38,360 --> 00:08:41,520 Speaker 1: And so while we're moving into a more centralized world, 154 00:08:41,840 --> 00:08:44,760 Speaker 1: we also have a decentralized option. So if you're worried 155 00:08:44,760 --> 00:08:47,120 Speaker 1: about the banking collapse and you're worried about your money 156 00:08:47,120 --> 00:08:50,120 Speaker 1: in the bank, well you can opt out. We have bitcoin. 157 00:08:50,200 --> 00:08:51,920 Speaker 1: You can easily just buy bitcoin. Of course, you can 158 00:08:52,000 --> 00:08:53,240 Speaker 1: go buy gold, you can go buy real estate, you 159 00:08:53,240 --> 00:08:55,480 Speaker 1: can go buy stocks, whatever you want. But bitcoin is 160 00:08:55,520 --> 00:08:58,600 Speaker 1: the decentralized option that's set to counteract all of this 161 00:08:59,120 --> 00:09:02,760 Speaker 1: and help us to beat the great bank nationalization of 162 00:09:02,840 --> 00:09:05,240 Speaker 1: twenty twenty three. If you're just tuning in, you are 163 00:09:05,280 --> 00:09:07,839 Speaker 1: listening to the Mark Mass Show. Of course, we're talking 164 00:09:07,920 --> 00:09:10,720 Speaker 1: about the decentralized revolution, how the world is changing and 165 00:09:10,760 --> 00:09:12,920 Speaker 1: we're witnessing and we're still at the precipice here, we're 166 00:09:12,920 --> 00:09:16,200 Speaker 1: still watching the pendulum peeking out of centralization and decentralization. 167 00:09:16,360 --> 00:09:18,560 Speaker 1: I'm running through some of the biggest news headlines of 168 00:09:18,600 --> 00:09:21,520 Speaker 1: this week. I got more to go through because it 169 00:09:21,559 --> 00:09:23,640 Speaker 1: has been a busy week. But anyway, you're listening to 170 00:09:23,679 --> 00:09:25,640 Speaker 1: the Mark Mass Show, I got more headlines to cover 171 00:09:25,679 --> 00:09:28,240 Speaker 1: when I come back in a second. Don't go away, I'll. 172 00:09:28,080 --> 00:09:28,680 Speaker 2: Be right back. 173 00:09:28,960 --> 00:09:31,080 Speaker 1: Hello, welcome back. If you're just tuning in, you're listening 174 00:09:31,120 --> 00:09:33,040 Speaker 1: to the Mark Mass Show. Of course, we're talking about 175 00:09:33,080 --> 00:09:35,760 Speaker 1: the decentralized revolution like we do each and every week, 176 00:09:36,120 --> 00:09:38,640 Speaker 1: as we look at it through the lens of politics, finance, 177 00:09:38,679 --> 00:09:41,040 Speaker 1: and technology, and really we're looking for the convergence of 178 00:09:41,080 --> 00:09:44,520 Speaker 1: those three things because that's what brings us context and 179 00:09:44,559 --> 00:09:47,400 Speaker 1: helps us understand what's going on in the world, particularly 180 00:09:47,440 --> 00:09:50,680 Speaker 1: when it comes to our money, which is driving this 181 00:09:50,920 --> 00:09:54,360 Speaker 1: whole world and this decentralization. Now, you know, like I said, 182 00:09:54,360 --> 00:09:57,319 Speaker 1: there's been so many new stories coming as so fast. 183 00:09:57,360 --> 00:09:59,600 Speaker 1: It's hard to stay on top of this, and more importantly, 184 00:09:59,640 --> 00:10:03,040 Speaker 1: it's hard to understand what is going on. One of 185 00:10:03,040 --> 00:10:06,240 Speaker 1: the big stories dominated news headlines as it should, is 186 00:10:06,280 --> 00:10:11,520 Speaker 1: that the United States government has less than thirty days 187 00:10:11,559 --> 00:10:14,120 Speaker 1: of cash left on hand. Now that's the big deal. 188 00:10:16,000 --> 00:10:19,920 Speaker 1: I mean, it's more than a big deal. We're talking 189 00:10:19,960 --> 00:10:26,600 Speaker 1: about what twenty six trillion dollar economy, the greatest economy 190 00:10:26,600 --> 00:10:28,800 Speaker 1: in the history of the world, the greatest military in 191 00:10:28,800 --> 00:10:31,160 Speaker 1: the history of the world, the greatest ingenuity in the 192 00:10:31,200 --> 00:10:34,200 Speaker 1: history of the world. Twenty six trillion dollar economy. We're talking, 193 00:10:34,280 --> 00:10:37,000 Speaker 1: you know, five to six trillion dollars of revenue coming 194 00:10:37,040 --> 00:10:41,480 Speaker 1: in from taxes, and yet they have less than thirty days. 195 00:10:41,280 --> 00:10:42,240 Speaker 2: Of cash on hand. 196 00:10:43,000 --> 00:10:45,160 Speaker 1: Imagine if you ran your finances like that. Now, I've 197 00:10:45,160 --> 00:10:47,280 Speaker 1: been talking about this for a while. It shouldn't come 198 00:10:47,320 --> 00:10:51,080 Speaker 1: as a huge surprise to you. Part of it, well, 199 00:10:51,120 --> 00:10:54,400 Speaker 1: it's two parts. How does anyone go broke? Well, it's 200 00:10:54,480 --> 00:10:58,480 Speaker 1: usually two parts of the equation. One there's an incum problem, 201 00:10:58,559 --> 00:11:01,480 Speaker 1: and two there's an expense problem. There's a spending problem. 202 00:11:01,520 --> 00:11:07,199 Speaker 1: So easy math is, you're spending more than you're bringing in, obviously, 203 00:11:07,960 --> 00:11:09,840 Speaker 1: and so that's what the federal government has. Of course, right, 204 00:11:09,880 --> 00:11:12,000 Speaker 1: they continue to spend more and more money every single year, 205 00:11:12,960 --> 00:11:17,240 Speaker 1: and they're they're spending more than they're making. Now they're 206 00:11:17,400 --> 00:11:22,400 Speaker 1: spending more every year, and now we're seeing income plummeting. 207 00:11:22,559 --> 00:11:24,080 Speaker 1: And I've been talking about this for a while. I 208 00:11:24,080 --> 00:11:26,840 Speaker 1: told you this was coming six eight months ago. And 209 00:11:26,880 --> 00:11:29,040 Speaker 1: the reason why is because the Fed going on the 210 00:11:29,040 --> 00:11:31,920 Speaker 1: war path of raising rates at the fastest pace in history, 211 00:11:33,480 --> 00:11:35,840 Speaker 1: and it's doing a couple things. Why are they doing that, 212 00:11:35,880 --> 00:11:38,839 Speaker 1: of course, to fight inflation. Prices are going up too much, 213 00:11:38,840 --> 00:11:40,600 Speaker 1: and so the Fed says, well, here's what we'll do. 214 00:11:40,840 --> 00:11:44,200 Speaker 1: We'll make everybody broke. And if everybody's broke, then they 215 00:11:44,280 --> 00:11:46,360 Speaker 1: will stop buying as much, they won't drive as much, 216 00:11:46,400 --> 00:11:48,280 Speaker 1: they won't eat out as much, they won't travel as much, 217 00:11:48,280 --> 00:11:50,520 Speaker 1: and that will bring prices down. They're going to crush 218 00:11:50,600 --> 00:11:54,200 Speaker 1: demand quote unquote crush demand by making people broke. The 219 00:11:54,320 --> 00:11:58,880 Speaker 1: problem is when people are broke and asset prices come down, 220 00:11:58,960 --> 00:12:00,240 Speaker 1: or they don't have a much money to spend, and 221 00:12:00,280 --> 00:12:03,640 Speaker 1: then they don't pay as much taxes. And if they 222 00:12:03,640 --> 00:12:06,760 Speaker 1: don't pay as much taxes, then the government doesn't have 223 00:12:06,800 --> 00:12:09,920 Speaker 1: any income. But unlike you and I, who if our 224 00:12:09,920 --> 00:12:12,520 Speaker 1: income goes down, where our expenses go down. No, no, no, 225 00:12:12,559 --> 00:12:17,160 Speaker 1: not the government. Even though income goes down, expenses are 226 00:12:17,200 --> 00:12:19,640 Speaker 1: still going up. And here we are at the debt 227 00:12:19,720 --> 00:12:22,440 Speaker 1: limit ceiling. Again. You've heard this before. We've been at 228 00:12:22,440 --> 00:12:25,000 Speaker 1: this point several times in history. As a matter of fact, 229 00:12:25,400 --> 00:12:28,079 Speaker 1: dozens of times in history, because every single time we 230 00:12:28,160 --> 00:12:31,520 Speaker 1: hit the debt limit we have to raise it. And 231 00:12:31,559 --> 00:12:32,960 Speaker 1: every time we get to this point where we hit 232 00:12:32,960 --> 00:12:36,400 Speaker 1: the debt limit ceiling, a debate happens to how high 233 00:12:36,440 --> 00:12:38,199 Speaker 1: should we raise it, what should we do about in 234 00:12:38,240 --> 00:12:41,439 Speaker 1: all those things? And here we are at another debate, 235 00:12:41,679 --> 00:12:45,079 Speaker 1: and you know, seemingly at a stalemate, and again we've 236 00:12:45,080 --> 00:12:48,920 Speaker 1: been at a stillmate before. But is it okay? Is 237 00:12:49,000 --> 00:12:52,640 Speaker 1: it okay if we get past the stealmate? In my opinion, 238 00:12:52,760 --> 00:12:56,280 Speaker 1: even if and I would say the most probable outcome 239 00:12:56,360 --> 00:12:58,800 Speaker 1: is we do come to a resolution on this. But 240 00:12:58,920 --> 00:13:01,800 Speaker 1: even if we do, there's irreputable harm that's happening. So 241 00:13:01,880 --> 00:13:03,680 Speaker 1: let's break down what's happening a little bit here. So 242 00:13:03,720 --> 00:13:06,600 Speaker 1: first of all, we're at about thirty two trillion dollars 243 00:13:06,679 --> 00:13:07,400 Speaker 1: of government debt. 244 00:13:07,400 --> 00:13:08,520 Speaker 2: And when they say, well. 245 00:13:08,360 --> 00:13:10,280 Speaker 1: We owe it to ourselves, well. 246 00:13:10,760 --> 00:13:11,320 Speaker 2: Yes and no. 247 00:13:12,559 --> 00:13:16,840 Speaker 1: If you have a pension, most likely you've bought government 248 00:13:16,840 --> 00:13:19,080 Speaker 1: debt and they owe you money. If you're a foreign 249 00:13:19,120 --> 00:13:22,360 Speaker 1: government or some sort of sovereign fund. 250 00:13:22,440 --> 00:13:23,440 Speaker 2: You own government debt. 251 00:13:23,720 --> 00:13:26,400 Speaker 1: So if the government defaults on that, that means your 252 00:13:26,440 --> 00:13:29,280 Speaker 1: retirement probably takes a massive hit or goes away, right, 253 00:13:29,679 --> 00:13:32,200 Speaker 1: But it also does irreparable harm to the country itself. 254 00:13:32,760 --> 00:13:36,040 Speaker 1: The very fact that we're even debating this weakens the 255 00:13:36,040 --> 00:13:38,280 Speaker 1: confidence and the trust in the United States government and 256 00:13:38,320 --> 00:13:41,200 Speaker 1: the currency and all those things. We know that in 257 00:13:41,240 --> 00:13:44,840 Speaker 1: two previous debt ceialing debates in twenty eleven and twenty 258 00:13:44,920 --> 00:13:48,040 Speaker 1: thirteen that went for quite a long time, that were 259 00:13:48,600 --> 00:13:52,240 Speaker 1: two of the most extreme debt debates that we had. 260 00:13:52,640 --> 00:13:56,040 Speaker 1: We saw the credit rating of the United States government 261 00:13:56,120 --> 00:14:00,680 Speaker 1: get lowered. What does that mean, Well, when they lowered 262 00:14:00,679 --> 00:14:02,920 Speaker 1: the when they lowered the credit rating, and that means 263 00:14:02,960 --> 00:14:05,560 Speaker 1: that the government has to pay a higher interest rate 264 00:14:05,760 --> 00:14:09,080 Speaker 1: for the debt. So that happened in twenty eleven during 265 00:14:09,120 --> 00:14:15,160 Speaker 1: that showdown. Now, Alan Greenspan famously went on TV you know, 266 00:14:15,160 --> 00:14:16,640 Speaker 1: when he was still heead of the Federal Reserve, and 267 00:14:16,679 --> 00:14:19,560 Speaker 1: said that the United States can never default on its 268 00:14:19,600 --> 00:14:21,520 Speaker 1: debt because it has a money printer. And I've made 269 00:14:21,520 --> 00:14:23,200 Speaker 1: that case many times. I don't believe any country with 270 00:14:23,280 --> 00:14:26,440 Speaker 1: a money printer will ever default. However, it's not totally true, 271 00:14:26,600 --> 00:14:29,760 Speaker 1: because there's actually two types of defaults. One is a 272 00:14:29,760 --> 00:14:31,880 Speaker 1: deflationary default where we don't pay the money, and the 273 00:14:31,880 --> 00:14:35,120 Speaker 1: second is an inflationary default where we print the money. 274 00:14:35,200 --> 00:14:39,560 Speaker 1: They're both defaults. So, for example, if I owed you 275 00:14:39,920 --> 00:14:44,080 Speaker 1: a Mona Lisa painting, I borrowed it from you. I 276 00:14:44,160 --> 00:14:45,880 Speaker 1: owed it to you, but instead of giving you the 277 00:14:45,880 --> 00:14:48,000 Speaker 1: Mona Lisa print painting, I just printed one off my 278 00:14:48,040 --> 00:14:51,160 Speaker 1: ink jet printer and I gave it to you. That's inflationary. 279 00:14:51,400 --> 00:14:54,360 Speaker 1: I printed a counterfeit and I gave you the counterfeit 280 00:14:54,400 --> 00:14:57,640 Speaker 1: instead of back what you owed. That's a default as well. 281 00:14:58,120 --> 00:14:59,880 Speaker 1: Default one, I don't give you the Mona Lisa back. 282 00:15:00,000 --> 00:15:01,560 Speaker 1: Fault number two. I printed on mainjet and I give 283 00:15:01,560 --> 00:15:03,080 Speaker 1: it to you. And that's basically with the government don 284 00:15:03,160 --> 00:15:06,240 Speaker 1: So we know in nineteen thirty three, the government owed 285 00:15:06,320 --> 00:15:08,720 Speaker 1: gold and so they just stole it from all the people. 286 00:15:09,560 --> 00:15:11,240 Speaker 1: Nineteen thirty three, they made it illegal for Americans to 287 00:15:11,280 --> 00:15:13,440 Speaker 1: own gold, and then they devalue. They changed the price 288 00:15:13,440 --> 00:15:15,280 Speaker 1: from twenty dollars nouns to thirty five dollars ounce. 289 00:15:15,360 --> 00:15:16,040 Speaker 2: That's a default. 290 00:15:16,360 --> 00:15:19,000 Speaker 1: Nineteen seventy one, the nations around the world one of 291 00:15:19,000 --> 00:15:22,080 Speaker 1: the all their gold back from the United States. France 292 00:15:22,080 --> 00:15:25,360 Speaker 1: sent over warships to collect the gold, and Richard Nixon said, Nope, 293 00:15:25,360 --> 00:15:27,400 Speaker 1: the gold windows closed. We're not giving gold back anymore. 294 00:15:27,480 --> 00:15:30,720 Speaker 1: That was a default, so it does happen. But here 295 00:15:30,760 --> 00:15:33,920 Speaker 1: we are back at another debate here, and I want 296 00:15:33,920 --> 00:15:35,600 Speaker 1: to break this down for you a little bit, just 297 00:15:35,640 --> 00:15:37,200 Speaker 1: you can understand what they're fighting over. 298 00:15:37,240 --> 00:15:38,640 Speaker 2: So you understand where we're going here. 299 00:15:38,680 --> 00:15:42,240 Speaker 1: So check it out. So the Biden administration wants unlimited 300 00:15:42,240 --> 00:15:45,440 Speaker 1: spending power, so just get rid of the debt ceiling limit. 301 00:15:45,480 --> 00:15:48,200 Speaker 1: Let's just spend as much as we want. The Republicans 302 00:15:48,400 --> 00:15:50,280 Speaker 1: want to spend a bunch of money as well. They 303 00:15:50,320 --> 00:15:52,960 Speaker 1: just want to spend a little bit less. So I'm 304 00:15:52,960 --> 00:15:55,240 Speaker 1: not right or left here. Both sides want to continue 305 00:15:55,280 --> 00:15:57,560 Speaker 1: to print more money once Ide just wants to spend 306 00:15:57,640 --> 00:16:00,400 Speaker 1: even more. The Republicans have a plan. McCarthy put together 307 00:16:00,400 --> 00:16:02,680 Speaker 1: a plant called Limits, Save Grow Act, and they said, look, 308 00:16:02,720 --> 00:16:05,360 Speaker 1: we'll raise the debt limit by one point five trillion. 309 00:16:05,480 --> 00:16:07,600 Speaker 1: It's not a small number. We'll raise it by one 310 00:16:07,600 --> 00:16:10,400 Speaker 1: point five trillion. And then what we want to do 311 00:16:10,480 --> 00:16:13,280 Speaker 1: is we want to limit the future budget increases to 312 00:16:13,440 --> 00:16:16,880 Speaker 1: just one percent a year. Now, Biden administration says, oh, 313 00:16:16,920 --> 00:16:19,240 Speaker 1: they're going to cut social Security, You're going to cut Medicare. No, 314 00:16:19,720 --> 00:16:22,400 Speaker 1: they're going to The Republicans said, no caps on soci 315 00:16:22,400 --> 00:16:24,880 Speaker 1: security or Medicare. But what they do want is they 316 00:16:24,920 --> 00:16:29,800 Speaker 1: want stricter welfare rules. Welfare has gotten out of hand. 317 00:16:29,800 --> 00:16:32,360 Speaker 1: As a matter of fact, it's increased by two hundred 318 00:16:32,520 --> 00:16:35,640 Speaker 1: and forty percent over the last forty years. It's got 319 00:16:35,680 --> 00:16:37,800 Speaker 1: out of control, rife with fraud. They want to strict, 320 00:16:37,800 --> 00:16:39,040 Speaker 1: They want to they want to tighten that up a 321 00:16:39,040 --> 00:16:42,080 Speaker 1: little bit. They also want to cut the eighty million 322 00:16:42,160 --> 00:16:44,560 Speaker 1: dollars that the Biden administration wants to give to the 323 00:16:44,600 --> 00:16:48,040 Speaker 1: IRS to arm a bunch of IRS officers to come 324 00:16:48,080 --> 00:16:50,520 Speaker 1: shine flashlights into your accounts of six hundred dollars or more. 325 00:16:51,240 --> 00:16:54,160 Speaker 1: They also want to cancel the student loan forgiveness because 326 00:16:54,200 --> 00:16:56,440 Speaker 1: that's the largest asset on the government's books. They want 327 00:16:56,480 --> 00:16:58,840 Speaker 1: to repeal some pieces of the IRA Act, the Inflation 328 00:16:58,920 --> 00:17:02,080 Speaker 1: Production Act, and they want to add legislation to bring 329 00:17:02,200 --> 00:17:06,000 Speaker 1: US energy back to the United States, meaning, you know, 330 00:17:06,840 --> 00:17:08,359 Speaker 1: get more oil and actric gas out of the ground 331 00:17:08,400 --> 00:17:11,760 Speaker 1: and make the United States energy and dependent again. All 332 00:17:11,800 --> 00:17:14,280 Speaker 1: sound like good things to me. Still increases the budget 333 00:17:14,280 --> 00:17:16,119 Speaker 1: by one point five trillion dollars, But of course the 334 00:17:16,119 --> 00:17:20,119 Speaker 1: bid administration says, no deal, no deal, You're going to 335 00:17:20,200 --> 00:17:24,400 Speaker 1: shut it down. So we'll see how this plays out? Now, 336 00:17:24,480 --> 00:17:26,280 Speaker 1: what does this tell us? It tells us that there 337 00:17:26,359 --> 00:17:29,520 Speaker 1: is massive amounts of money printing ahead. Either way Republican 338 00:17:29,640 --> 00:17:35,800 Speaker 1: or Democrat, doesn't matter, which means more inflation ahead. And 339 00:17:35,880 --> 00:17:36,840 Speaker 1: so we know the directionality. 340 00:17:36,880 --> 00:17:37,480 Speaker 2: We don't know the timing. 341 00:17:37,560 --> 00:17:40,160 Speaker 1: We know the directionality. If you just tune in, you're 342 00:17:40,160 --> 00:17:41,760 Speaker 1: listening to the Mark Maas Show. Of course, we're talking 343 00:17:41,800 --> 00:17:44,040 Speaker 1: about the decentralized Revolution. I'm running through some of the 344 00:17:44,040 --> 00:17:47,360 Speaker 1: biggest news headlines and articles this week so you can 345 00:17:47,560 --> 00:17:50,120 Speaker 1: understand what's going on in the world and more importantly, 346 00:17:50,160 --> 00:17:52,840 Speaker 1: the direction that we're heading in the timeframe. These are 347 00:17:52,880 --> 00:17:55,760 Speaker 1: the signposts that show you where we're going. I got 348 00:17:55,800 --> 00:17:57,680 Speaker 1: a whole lot more to cover. There are some even 349 00:17:57,680 --> 00:18:00,560 Speaker 1: bigger news that I haven't talked about yet this week. 350 00:18:00,680 --> 00:18:02,320 Speaker 1: I might take a quick break. You don't want to 351 00:18:02,320 --> 00:18:03,600 Speaker 1: miss it, so don't go away. 352 00:18:03,720 --> 00:18:04,480 Speaker 2: I'll be right back. 353 00:18:04,640 --> 00:18:06,240 Speaker 1: All right, Welcome back. If you're just tuned in, youwhere 354 00:18:06,320 --> 00:18:08,480 Speaker 1: listening to the Mark mass Show. Of course, we're talking 355 00:18:08,520 --> 00:18:11,560 Speaker 1: about the decentralized revolution each and every week. How to 356 00:18:11,640 --> 00:18:14,600 Speaker 1: run through some of the biggest breaking news headlines. Of course, 357 00:18:14,640 --> 00:18:16,680 Speaker 1: I like to look at them through lens of politics, finance, 358 00:18:16,720 --> 00:18:19,640 Speaker 1: and technology, and the technology is what changes the world 359 00:18:19,680 --> 00:18:22,280 Speaker 1: more than anything. And of course that technology has changed 360 00:18:22,320 --> 00:18:25,840 Speaker 1: the world right now. Is bitcoin the decentralized protocol, the 361 00:18:25,880 --> 00:18:29,760 Speaker 1: decentralized network now, you know? Talking about bitcoin, I went 362 00:18:29,880 --> 00:18:31,680 Speaker 1: on record. I made a couple videos on my main 363 00:18:31,680 --> 00:18:34,480 Speaker 1: YouTube channel, Mark Moss. I do a couple teaching videos 364 00:18:34,480 --> 00:18:36,280 Speaker 1: there per week. So if you want to check those 365 00:18:36,280 --> 00:18:39,040 Speaker 1: out where I have slides and graphs and presentations, just 366 00:18:39,080 --> 00:18:41,920 Speaker 1: go to Mark Moss check out my main YouTube channel there. Also, 367 00:18:41,960 --> 00:18:43,399 Speaker 1: by the way, if you miss any of these shows, 368 00:18:43,400 --> 00:18:45,480 Speaker 1: you can watch me and listen to me on the 369 00:18:45,480 --> 00:18:49,359 Speaker 1: Market Disruptors YouTube channel. But on my main YouTube channel, 370 00:18:49,400 --> 00:18:51,960 Speaker 1: I made some videos and I went on Fox Business 371 00:18:52,040 --> 00:18:54,080 Speaker 1: and Stansbury Radio and all the big shows, and I 372 00:18:54,119 --> 00:18:57,119 Speaker 1: made a statement that I believe that bitcoin, I'm sorry, 373 00:18:57,119 --> 00:19:01,920 Speaker 1: an cryptocurrency as a category wouldn't have another bull run. 374 00:19:03,119 --> 00:19:07,720 Speaker 1: Bitcoin will, but cryptocurrency wouldn't as a category. And the 375 00:19:07,800 --> 00:19:09,959 Speaker 1: reason why I said that is because after the collapse 376 00:19:10,000 --> 00:19:12,600 Speaker 1: of FTX, I knew that the financial regulators were going 377 00:19:12,640 --> 00:19:16,120 Speaker 1: to come after it so hard that it would drive 378 00:19:16,160 --> 00:19:20,520 Speaker 1: a lot of that venture capital money away. And people say, Mark, 379 00:19:20,560 --> 00:19:23,240 Speaker 1: you don't understand it's going to go offshore. Yes it will, 380 00:19:23,280 --> 00:19:26,120 Speaker 1: I agree, Mark, you don't understand, like we'll still trade 381 00:19:26,119 --> 00:19:27,440 Speaker 1: it on decentralized protocols. 382 00:19:27,520 --> 00:19:28,800 Speaker 2: Yes you will. I get that. 383 00:19:29,240 --> 00:19:32,679 Speaker 1: But the big money, the venture capitalists that were putting 384 00:19:32,720 --> 00:19:36,040 Speaker 1: the hundreds of millions of dollars in and putting the 385 00:19:36,080 --> 00:19:39,080 Speaker 1: money into advertising and talking it on TV, that would 386 00:19:39,119 --> 00:19:42,800 Speaker 1: go away. And so would there be little assets that 387 00:19:42,840 --> 00:19:45,440 Speaker 1: will still blow up like what just happened this week 388 00:19:45,440 --> 00:19:47,440 Speaker 1: with that peppy coin and went up to two thousand percent. 389 00:19:47,480 --> 00:19:50,600 Speaker 1: Sure that still will happen. But as a category, the 390 00:19:50,680 --> 00:19:52,200 Speaker 1: days of just you know, closing your eyes, throwing a 391 00:19:52,240 --> 00:19:54,080 Speaker 1: dart and having everything go up, I think that's over. 392 00:19:54,640 --> 00:20:00,960 Speaker 1: I saw this week. Long time crypto advocate, not a 393 00:20:00,960 --> 00:20:05,440 Speaker 1: big fan, not a big friend of bitcoin. I've used 394 00:20:05,520 --> 00:20:08,840 Speaker 1: us some clips of I'm talking about Chamath Pella Petea. 395 00:20:08,960 --> 00:20:11,080 Speaker 1: If I said that right, Chimoth is what they call him, 396 00:20:11,440 --> 00:20:15,400 Speaker 1: and I think he's he's like early early Facebook. He's 397 00:20:15,440 --> 00:20:18,080 Speaker 1: an early bitcoin adopter. He's also been involved in a 398 00:20:18,080 --> 00:20:21,480 Speaker 1: lot of cryptocurrencies. He was a big, big adopter of Solana. 399 00:20:22,840 --> 00:20:24,679 Speaker 1: There's a video that I've used before. Other people have 400 00:20:24,720 --> 00:20:27,639 Speaker 1: posted around where you hear him and like David Zach's 401 00:20:27,720 --> 00:20:31,159 Speaker 1: laughing about, they only buy at a discount, meaning they 402 00:20:31,160 --> 00:20:33,240 Speaker 1: buy cheaper than retail, and then when they can they 403 00:20:33,400 --> 00:20:36,440 Speaker 1: dump it, you know, they dump it on retail. Anyway, 404 00:20:36,480 --> 00:20:39,080 Speaker 1: he went on. He was on CNBC this week talking 405 00:20:39,080 --> 00:20:43,200 Speaker 1: about how he says, quote crypto is dead in America. 406 00:20:44,720 --> 00:20:47,280 Speaker 1: The reason why he says that is because the United 407 00:20:47,320 --> 00:20:50,360 Speaker 1: States has He says, the United States authorities have firmly 408 00:20:50,800 --> 00:20:55,560 Speaker 1: pointed their guns at cryptocurrency. So basically what I'm saying right, 409 00:20:55,720 --> 00:20:58,760 Speaker 1: the regulators are coming so fast and so hard after 410 00:20:58,840 --> 00:21:03,280 Speaker 1: cryptocurrency overall that he says it's dead in America, meaning 411 00:21:03,280 --> 00:21:05,160 Speaker 1: that it's all going to start going offshore, and we're 412 00:21:05,200 --> 00:21:10,560 Speaker 1: seeing that. But again that's crypto, not bitcoin. Bitcoin, on 413 00:21:10,600 --> 00:21:13,840 Speaker 1: the other hand, is has been just blowing up an adoption. 414 00:21:14,240 --> 00:21:16,639 Speaker 1: The price has been doing good the adoption, and what 415 00:21:16,680 --> 00:21:18,600 Speaker 1: we typically want to look at is development on the 416 00:21:18,600 --> 00:21:21,320 Speaker 1: network and use of the network. And I saw this 417 00:21:21,359 --> 00:21:25,280 Speaker 1: week Jack Dorsey's the founder of Twitter, previous CEO of Twitter. 418 00:21:25,880 --> 00:21:28,000 Speaker 1: He has left now to go start bitcoin companies that 419 00:21:28,119 --> 00:21:30,159 Speaker 1: he wants to dedicate the rest of his life to 420 00:21:30,280 --> 00:21:36,040 Speaker 1: working on bitcoin. He announced a legal defense fund for 421 00:21:36,160 --> 00:21:40,320 Speaker 1: any any type of cases that could come against open 422 00:21:40,400 --> 00:21:44,480 Speaker 1: source developers. So if anybody wanted to bring cases against 423 00:21:44,480 --> 00:21:46,240 Speaker 1: any of the open source developers. A bitcoin is an 424 00:21:46,280 --> 00:21:49,040 Speaker 1: open source network. Anybody can join it, anybody can use it. 425 00:21:49,280 --> 00:21:49,520 Speaker 2: Who can. 426 00:21:49,880 --> 00:21:53,639 Speaker 1: It's permissionless, open borderless, permissionless, et cetera, where cryptocurrency is not. 427 00:21:53,760 --> 00:21:57,720 Speaker 1: And so cryptocurrency, you know, like ethereum of Solana or Cardano, 428 00:21:57,800 --> 00:22:01,040 Speaker 1: et cetera, is private, right, it's a it's essential entity. 429 00:22:01,800 --> 00:22:04,840 Speaker 1: And while there are developers that work on it, Bitcoin 430 00:22:04,920 --> 00:22:07,600 Speaker 1: is all open source, and so these core developers aren't 431 00:22:07,600 --> 00:22:10,560 Speaker 1: getting paid. There's no company funds that pay them, there's 432 00:22:10,800 --> 00:22:12,800 Speaker 1: et cetera. And so he has opened up a legal 433 00:22:12,800 --> 00:22:14,680 Speaker 1: defense fund. I thought that was pretty interesting. But talking 434 00:22:14,720 --> 00:22:18,240 Speaker 1: about the development that's been going on, it's been blowing up. 435 00:22:18,440 --> 00:22:20,760 Speaker 1: You might, of course know by now about Michael Sailor. 436 00:22:20,800 --> 00:22:23,320 Speaker 1: He's one of the largest bitcoin holders in the world. 437 00:22:23,320 --> 00:22:26,440 Speaker 1: Billionaire owns like one hundred and thirty thousand something like 438 00:22:26,520 --> 00:22:30,600 Speaker 1: that bitcoin worth billions of dollars. His company, micro Strategy, 439 00:22:30,600 --> 00:22:33,840 Speaker 1: which is a technology company, has been holding an event 440 00:22:33,920 --> 00:22:39,000 Speaker 1: all week for corporate leaders talking about ways they can 441 00:22:39,160 --> 00:22:44,880 Speaker 1: integrate bitcoin and Lightning into their businesses for payments, how 442 00:22:44,920 --> 00:22:48,320 Speaker 1: they can reimagine their payments. Bitcoin isn't just a form 443 00:22:48,359 --> 00:22:50,840 Speaker 1: of money, it's a network. And with Bitcoin and the 444 00:22:50,840 --> 00:22:53,960 Speaker 1: network and the Lightning network, there's all types of new 445 00:22:54,080 --> 00:22:57,000 Speaker 1: use cases that can be done on that network. And 446 00:22:57,000 --> 00:22:58,919 Speaker 1: that's exactly what they're talking about. And so remember we 447 00:22:58,920 --> 00:23:00,639 Speaker 1: want to look at two things, that the development on 448 00:23:00,680 --> 00:23:03,960 Speaker 1: the network and the growth of the network. And this 449 00:23:04,040 --> 00:23:08,000 Speaker 1: is massive development on the network. He's bringing Fortune five 450 00:23:08,080 --> 00:23:12,000 Speaker 1: hundred CEOs financial executive technology innovators from all over the 451 00:23:12,000 --> 00:23:14,880 Speaker 1: world in to figure out how they can use this 452 00:23:15,000 --> 00:23:18,560 Speaker 1: new network, not the money, the network and the technology 453 00:23:18,840 --> 00:23:22,680 Speaker 1: for their businesses. Pretty amazing. I also saw this week 454 00:23:22,760 --> 00:23:25,399 Speaker 1: something that I thought was really cool, and that is 455 00:23:26,119 --> 00:23:30,840 Speaker 1: a new type of network, a peer to peer marketplace, 456 00:23:30,920 --> 00:23:36,119 Speaker 1: if you will, that's being built on bitcoin. And so 457 00:23:36,200 --> 00:23:41,119 Speaker 1: this will be a full fledged marketplace that is censorship resistant, 458 00:23:41,200 --> 00:23:45,840 Speaker 1: it's permissionless, it's all built on open source technology, and 459 00:23:45,880 --> 00:23:48,600 Speaker 1: it's all peer to peer. And so if you think 460 00:23:48,600 --> 00:23:54,360 Speaker 1: about you know eBay or Amazon for example, those are marketplaces, right, 461 00:23:54,440 --> 00:23:58,160 Speaker 1: but Amazon sits in the middle. Amazon says who can 462 00:23:58,320 --> 00:24:02,720 Speaker 1: and can't sell or on Amazon? Amazon cells what can 463 00:24:02,800 --> 00:24:05,920 Speaker 1: and can't be bought or sold on Amazon, and so 464 00:24:06,000 --> 00:24:08,120 Speaker 1: you have this central entity that sits in the middle 465 00:24:08,119 --> 00:24:11,280 Speaker 1: that's able to censor us, et cetera. And they want 466 00:24:11,320 --> 00:24:15,920 Speaker 1: to build a new peer to peer electronic marketplace, which 467 00:24:15,920 --> 00:24:18,520 Speaker 1: I thought was pretty cool. And they're using it not 468 00:24:18,600 --> 00:24:22,320 Speaker 1: on the Bitcoin technology necessarily, but on the Noster architecture. 469 00:24:22,359 --> 00:24:24,280 Speaker 1: So I've been talking about this quite a bit. We 470 00:24:24,320 --> 00:24:27,840 Speaker 1: have these open monetary protocols like Bitcoin, and then we 471 00:24:27,880 --> 00:24:32,680 Speaker 1: have these open communication on protocols like Noster. Is a 472 00:24:32,720 --> 00:24:36,399 Speaker 1: new way that we can communicate peer to peer. So 473 00:24:36,440 --> 00:24:38,439 Speaker 1: instead of the Internet that goes to a central entity, 474 00:24:38,720 --> 00:24:41,000 Speaker 1: it can communicate peer to peer. And so they're building 475 00:24:41,040 --> 00:24:45,800 Speaker 1: it on top of this Noster architecture and then integrating 476 00:24:46,000 --> 00:24:49,280 Speaker 1: the Bitcoin Lightning network into it. So you have this 477 00:24:49,440 --> 00:24:56,000 Speaker 1: decentralized platform, decentralized identity, decentralized moderation and all, and then 478 00:24:56,119 --> 00:24:59,080 Speaker 1: peer to peer inside of it, so we can communicate 479 00:24:59,080 --> 00:25:02,680 Speaker 1: between us and transfer money. It's pretty amazing. It's just 480 00:25:02,720 --> 00:25:05,560 Speaker 1: in the beginning stages right now, but it gives you 481 00:25:05,600 --> 00:25:09,320 Speaker 1: an idea of exactly what's going on here in the space. 482 00:25:09,359 --> 00:25:11,200 Speaker 2: And it's like I said, it's happening fast. 483 00:25:11,680 --> 00:25:15,520 Speaker 1: And of course, you know, while there's this massive innovation happening, 484 00:25:15,880 --> 00:25:19,640 Speaker 1: just like anytime there would be what we call creative destruction, 485 00:25:20,400 --> 00:25:23,439 Speaker 1: something new comes and a new creation, it destroys the 486 00:25:23,480 --> 00:25:27,439 Speaker 1: old way, and unfortunately, disruptive technology does that, and so 487 00:25:27,520 --> 00:25:30,600 Speaker 1: we're seeing some crazy pushback. As a matter of fact, 488 00:25:30,640 --> 00:25:33,040 Speaker 1: this week we saw the White House, President Biden and 489 00:25:33,119 --> 00:25:38,080 Speaker 1: the administration put together one of the most stupid, most 490 00:25:38,280 --> 00:25:42,040 Speaker 1: crazy bills I could even imagine, and they want to 491 00:25:42,119 --> 00:25:47,640 Speaker 1: propose a thirty percent tax on any energy that would 492 00:25:47,640 --> 00:25:52,639 Speaker 1: be used by bitcoin minors. So if you buy a 493 00:25:52,680 --> 00:25:56,320 Speaker 1: computer and plug it in and happen to use that 494 00:25:56,359 --> 00:25:59,800 Speaker 1: computer on a network in a data center to work 495 00:25:59,840 --> 00:26:02,760 Speaker 1: on bitcoin, you have to pay a thirty percent tax 496 00:26:02,880 --> 00:26:05,159 Speaker 1: on that energy. But if you use the computer in 497 00:26:05,160 --> 00:26:08,800 Speaker 1: the data center to stream porn or to play video 498 00:26:08,920 --> 00:26:11,640 Speaker 1: games or watch YouTube videos, you don't have to pay 499 00:26:11,680 --> 00:26:14,880 Speaker 1: a tax. So now the government is going to tell 500 00:26:14,960 --> 00:26:19,119 Speaker 1: you what you can and can't use your computer for you, 501 00:26:19,480 --> 00:26:22,800 Speaker 1: what you can and can't use electricity for. 502 00:26:24,000 --> 00:26:25,959 Speaker 2: Think about that for a second. 503 00:26:26,200 --> 00:26:28,800 Speaker 1: I've said, you know, I've seen the government's talking about 504 00:26:28,840 --> 00:26:32,840 Speaker 1: banning what type of stove you can use when the 505 00:26:32,880 --> 00:26:37,280 Speaker 1: government is trying to tell you what you can cook 506 00:26:37,320 --> 00:26:40,040 Speaker 1: your food with, When the government's trying to tell you 507 00:26:40,080 --> 00:26:43,280 Speaker 1: what you can and can't use your electricity for. I 508 00:26:43,280 --> 00:26:46,240 Speaker 1: think the government's too big now. I think the government's 509 00:26:46,240 --> 00:26:48,359 Speaker 1: been way too big for way too long anyway, but 510 00:26:48,720 --> 00:26:50,439 Speaker 1: it's definitely too big when they're trying to tell you 511 00:26:50,440 --> 00:26:51,760 Speaker 1: what you can cook your food with or what you 512 00:26:51,800 --> 00:26:52,240 Speaker 1: can use. 513 00:26:52,119 --> 00:26:54,400 Speaker 2: Your electricity for. And it's coming to a head. 514 00:26:54,400 --> 00:26:57,479 Speaker 1: We're going to see this all happening much faster than 515 00:26:57,520 --> 00:27:00,760 Speaker 1: we could imagine, especially really to ahead in this next 516 00:27:00,800 --> 00:27:07,920 Speaker 1: presidential election, where we're starting to see president's potential presidential 517 00:27:08,280 --> 00:27:11,560 Speaker 1: candidates on both sides of the aisle running on a 518 00:27:11,560 --> 00:27:15,159 Speaker 1: bitcoin and Central Bank digital currency platform. Ron DeSantis on 519 00:27:15,160 --> 00:27:18,480 Speaker 1: one side, RFK Junior on the other, and Vimmick Ramaswami 520 00:27:19,119 --> 00:27:21,240 Speaker 1: coming out of nowhere trying to make a name for himself, 521 00:27:21,280 --> 00:27:23,199 Speaker 1: also run on that platform. If you're just tuning in, 522 00:27:23,200 --> 00:27:25,120 Speaker 1: you're listening to the Mark Maus Show. Of course, we're 523 00:27:25,119 --> 00:27:28,120 Speaker 1: talking about the decentralized revolution, the way the world changes, 524 00:27:28,520 --> 00:27:31,399 Speaker 1: and I got more news headlines that you don't want 525 00:27:31,400 --> 00:27:32,760 Speaker 1: to miss. I'm gonna be back in a second I 526 00:27:32,800 --> 00:27:35,720 Speaker 1: take a quick break, don't go away, all right, welcome back. 527 00:27:35,760 --> 00:27:37,400 Speaker 1: If you're just tuning in, you're listening to the Mark 528 00:27:37,440 --> 00:27:40,040 Speaker 1: Mas Show. Of course, we are always talking about the 529 00:27:40,080 --> 00:27:43,960 Speaker 1: way the world is changing from a centralized world to 530 00:27:44,040 --> 00:27:45,879 Speaker 1: a decentralized world, and we look at it through the 531 00:27:45,920 --> 00:27:48,199 Speaker 1: lens of politics, finance technology. And we're running through some 532 00:27:48,240 --> 00:27:50,239 Speaker 1: of the biggest news headlines this week, so you can 533 00:27:50,320 --> 00:27:54,280 Speaker 1: see that it is literally happening right before very eyes. 534 00:27:54,760 --> 00:27:55,960 Speaker 1: And of course we look at through the lens of 535 00:27:55,960 --> 00:27:58,080 Speaker 1: politics finance technology because like I said that, I think 536 00:27:58,119 --> 00:28:01,280 Speaker 1: that gives us the most comprehensive view. Like I said, 537 00:28:01,280 --> 00:28:05,440 Speaker 1: it brings everything into context and they all feed into 538 00:28:05,480 --> 00:28:08,840 Speaker 1: each other. Right, So solutions come to problems, problems need solutions, 539 00:28:08,880 --> 00:28:09,320 Speaker 1: et cetera. 540 00:28:10,520 --> 00:28:11,400 Speaker 2: And man. 541 00:28:13,040 --> 00:28:15,520 Speaker 1: Coming from I don't know, the Great State of California, 542 00:28:15,520 --> 00:28:17,840 Speaker 1: we'll call it that. As I say, the formerly great 543 00:28:17,840 --> 00:28:20,840 Speaker 1: state of California, in my opinion, is still great. Sure 544 00:28:20,840 --> 00:28:23,359 Speaker 1: it's bankrupt, and sure it's full of homeless people, and 545 00:28:23,400 --> 00:28:27,080 Speaker 1: sure it's leading trying to lead in crime, but it's 546 00:28:27,080 --> 00:28:31,000 Speaker 1: still pretty great. I heard what was his name, I 547 00:28:31,080 --> 00:28:35,480 Speaker 1: mentioned him earlier, Adam Carolla, and he's from California, and 548 00:28:35,520 --> 00:28:37,440 Speaker 1: he was talking about how he's like, I think he's 549 00:28:37,480 --> 00:28:39,120 Speaker 1: a comedian, so it'd be more funny coming from him. 550 00:28:39,120 --> 00:28:42,000 Speaker 1: But he said something like, I think California is sort 551 00:28:42,000 --> 00:28:46,440 Speaker 1: of like that, you know, really hot girl in high 552 00:28:46,440 --> 00:28:49,280 Speaker 1: school that everyone thought was the most beautiful girl, and 553 00:28:49,360 --> 00:28:52,560 Speaker 1: now she's like forty five or fifty years old. Right, Like, 554 00:28:52,640 --> 00:28:54,560 Speaker 1: California still seems to be living off its laurels. 555 00:28:54,560 --> 00:28:55,960 Speaker 2: But I think it's still great anyway. 556 00:28:56,920 --> 00:29:00,280 Speaker 1: Unfortunately in the big cities of California, which I do 557 00:29:00,320 --> 00:29:02,960 Speaker 1: not live in. Luckily, I'm living in a red county 558 00:29:02,960 --> 00:29:04,800 Speaker 1: in a red town, but in some of the big 559 00:29:04,840 --> 00:29:08,760 Speaker 1: cities of California, it is a complete and utter nightmare. 560 00:29:08,800 --> 00:29:11,280 Speaker 1: As a matter of fact, San Francisco is trying to 561 00:29:11,360 --> 00:29:13,240 Speaker 1: lead the world and show the way. 562 00:29:14,760 --> 00:29:17,640 Speaker 2: That we shouldn't go, but yet. 563 00:29:17,440 --> 00:29:21,959 Speaker 1: For some reason, cities seemingly want to copy what San 564 00:29:22,000 --> 00:29:23,720 Speaker 1: Francisco is doing. As a matter of fact, the Los 565 00:29:23,760 --> 00:29:27,400 Speaker 1: Angeles brought the district attorney of San Francisco down and 566 00:29:27,400 --> 00:29:28,880 Speaker 1: gave him a job in LA so we could turn 567 00:29:29,040 --> 00:29:31,760 Speaker 1: La into the same as San Francisco, which again is 568 00:29:31,760 --> 00:29:33,560 Speaker 1: not a way that we should be wanting to go. 569 00:29:34,320 --> 00:29:38,760 Speaker 1: But in San Francisco. It has been a complete breakdown 570 00:29:38,840 --> 00:29:41,920 Speaker 1: of all law and order. And what do you think 571 00:29:41,960 --> 00:29:44,280 Speaker 1: happens with a breakdown of law and order when you 572 00:29:44,320 --> 00:29:51,720 Speaker 1: have when you decriminalize crime, When you decriminalize crime drug use, 573 00:29:52,240 --> 00:29:55,880 Speaker 1: When you decriminalize crime, a theft, any theft under a 574 00:29:55,920 --> 00:29:59,280 Speaker 1: thousand dollars is okay. When you decriminalize those things, when 575 00:29:59,320 --> 00:30:02,120 Speaker 1: you decriminalize resisting arrest, what do you think happens, Well, 576 00:30:02,120 --> 00:30:05,840 Speaker 1: you get more of it. So you have people living 577 00:30:06,080 --> 00:30:09,840 Speaker 1: all over the streets in San Francisco doing drugs in daylight, 578 00:30:10,560 --> 00:30:13,560 Speaker 1: stealing from all the stores, and the police will do 579 00:30:13,680 --> 00:30:15,040 Speaker 1: nothing about. 580 00:30:14,720 --> 00:30:16,120 Speaker 2: It because it's not a crime. 581 00:30:17,920 --> 00:30:21,000 Speaker 1: I once heard a saying and said that San Francisco 582 00:30:21,080 --> 00:30:23,520 Speaker 1: is the city where a dog has to be afraid 583 00:30:23,520 --> 00:30:27,360 Speaker 1: to step in human feces, And well, that's kind of 584 00:30:27,400 --> 00:30:29,360 Speaker 1: a joke, not really. If you've been there, especially in 585 00:30:29,400 --> 00:30:31,400 Speaker 1: these main downtown areas, you know that's the truth. And 586 00:30:31,840 --> 00:30:34,320 Speaker 1: you know, unfortunately, what happens when you have high crime 587 00:30:34,440 --> 00:30:40,120 Speaker 1: like that is that law abiding citizens can't stay there. 588 00:30:41,000 --> 00:30:43,960 Speaker 1: Nobody's going to live there. The reason why, one of 589 00:30:44,040 --> 00:30:47,200 Speaker 1: the main reasons why people leave these third world countries 590 00:30:47,280 --> 00:30:50,200 Speaker 1: is because they don't feel safe there, and so you 591 00:30:50,240 --> 00:30:53,200 Speaker 1: can look at example after example after example. I've gave 592 00:30:53,240 --> 00:30:55,960 Speaker 1: the story of Detroit before of how that city fell 593 00:30:56,000 --> 00:30:59,040 Speaker 1: into disrepair, and basically, the people that can afford to 594 00:30:59,160 --> 00:31:03,479 Speaker 1: leave leave, and so in San Francisco, in the downtown areas, 595 00:31:03,560 --> 00:31:06,520 Speaker 1: the people that can't afford to leave have left, and 596 00:31:06,640 --> 00:31:09,520 Speaker 1: all the stores that have been left there have been 597 00:31:09,640 --> 00:31:12,320 Speaker 1: hit with a double whammy. One, their customers that had 598 00:31:12,360 --> 00:31:14,360 Speaker 1: money to shop there are no longer there. But two, 599 00:31:14,760 --> 00:31:18,080 Speaker 1: because now any homeless person can steal whatever they want 600 00:31:18,080 --> 00:31:21,040 Speaker 1: from them, and they do. They're constantly being hit with theft, 601 00:31:21,680 --> 00:31:23,840 Speaker 1: and we're seeing an example after example of example of 602 00:31:23,880 --> 00:31:26,160 Speaker 1: businesses shutting down. As a matter of fact, we saw 603 00:31:26,680 --> 00:31:29,200 Speaker 1: Whole Foods, I think in the last week announcing that 604 00:31:29,240 --> 00:31:32,400 Speaker 1: they're done. They had people overdosing in the bathrooms, they 605 00:31:32,440 --> 00:31:35,440 Speaker 1: had fights breaking out, constant theft. We just saw this 606 00:31:35,520 --> 00:31:39,920 Speaker 1: week Nordstrom is now shutting down both downtown San Francisco stores, 607 00:31:40,440 --> 00:31:44,320 Speaker 1: and of course they cite difficult conditions. They said, quote 608 00:31:44,400 --> 00:31:46,880 Speaker 1: the dynamics of the downtown San Francisco market have changed 609 00:31:46,960 --> 00:31:51,000 Speaker 1: dramatically over the past several years, impacting customer foot traffic 610 00:31:51,000 --> 00:31:54,520 Speaker 1: to our stores and our ability to operate successfully. Yeah, 611 00:31:54,560 --> 00:31:57,160 Speaker 1: it turns out when you have people blocking the interests 612 00:31:57,160 --> 00:32:00,880 Speaker 1: in and defcating on the floors and overdosing in the bathroom, 613 00:32:00,960 --> 00:32:03,600 Speaker 1: people don't want to go there. And when people don't 614 00:32:03,600 --> 00:32:04,960 Speaker 1: want to go there and you're not making money and 615 00:32:04,960 --> 00:32:07,440 Speaker 1: then everyone's stealing from you, turns out, yes, it is 616 00:32:07,800 --> 00:32:14,040 Speaker 1: in their quote, it's difficult to operate successfully. But I 617 00:32:14,040 --> 00:32:17,360 Speaker 1: don't understand why when you see this happening, people want 618 00:32:17,480 --> 00:32:20,360 Speaker 1: more of it. We saw in Chicago. We're seeing the 619 00:32:20,400 --> 00:32:23,000 Speaker 1: same thing. Chicago voters had a clear choice elect the 620 00:32:23,040 --> 00:32:25,560 Speaker 1: new mayor who would be tougher on crime or elect 621 00:32:25,560 --> 00:32:28,160 Speaker 1: a new mayor who would be more leaning on crime, 622 00:32:28,840 --> 00:32:34,000 Speaker 1: and somehow they chose someone to be more leanient on crime. Look, 623 00:32:34,240 --> 00:32:39,840 Speaker 1: nobody wants this. Somehow this is getting through. I'll let 624 00:32:39,880 --> 00:32:43,760 Speaker 1: you fill in the blank on how nobody wants to 625 00:32:43,800 --> 00:32:45,920 Speaker 1: live in an area of crime. Nobody. 626 00:32:46,440 --> 00:32:48,480 Speaker 2: I mean, I guess if you're a criminal. 627 00:32:49,000 --> 00:32:52,600 Speaker 1: But no productive of society, no productive member of society 628 00:32:52,640 --> 00:32:58,680 Speaker 1: wants to do that. I SAWREI is now closing its 629 00:32:58,720 --> 00:33:03,160 Speaker 1: Portland store break ins and theft. In an email to 630 00:33:03,160 --> 00:33:06,400 Speaker 1: customers Monday, ARII said, It's store in Portland quote had 631 00:33:06,440 --> 00:33:10,160 Speaker 1: its highest number of break ins and thefts in two decades, 632 00:33:10,560 --> 00:33:15,560 Speaker 1: despite actions to provide extra security end quote. They're done 633 00:33:15,600 --> 00:33:18,720 Speaker 1: with it. They can't, they can't do it. Nobody wants 634 00:33:18,760 --> 00:33:20,880 Speaker 1: to live there, and no stores can operate on that. 635 00:33:21,400 --> 00:33:24,080 Speaker 1: Now we're seeing Office Depot will close us downtown location 636 00:33:25,240 --> 00:33:29,320 Speaker 1: in San Francisco, An employee confirmed on Tuesday the closes. 637 00:33:29,400 --> 00:33:31,320 Speaker 1: The closures are the latest in a series of retailers 638 00:33:31,400 --> 00:33:35,880 Speaker 1: leaving Union Square in downtown San Francisco. I mean, it's 639 00:33:35,960 --> 00:33:38,560 Speaker 1: just it's just a bloodbath going on everywhere. And of course, 640 00:33:38,640 --> 00:33:40,880 Speaker 1: like I said, who wants to live around in those 641 00:33:40,920 --> 00:33:45,360 Speaker 1: types of areas? And what happens if this continues? What 642 00:33:45,440 --> 00:33:48,000 Speaker 1: type of world do we have? What type of world 643 00:33:48,040 --> 00:33:50,520 Speaker 1: do we live in if people are eager to riot 644 00:33:50,600 --> 00:33:54,000 Speaker 1: and loot? Now, what will America look like once the 645 00:33:54,040 --> 00:33:57,920 Speaker 1: economic conditions really get bad? Like this isn't what a 646 00:33:57,960 --> 00:34:03,080 Speaker 1: civilized society looks like. You're post to punish crime. Unfortunately, 647 00:34:03,240 --> 00:34:08,600 Speaker 1: you have to punish crime. In California high schools, the 648 00:34:08,680 --> 00:34:11,440 Speaker 1: teachers aren't even allowed to send kids to the principal's 649 00:34:11,480 --> 00:34:15,600 Speaker 1: office anymore because if they send someonebody to the principal's office. 650 00:34:15,600 --> 00:34:18,279 Speaker 1: They might feel bad about themselves, and so they can't 651 00:34:18,320 --> 00:34:21,360 Speaker 1: do that. When I was a kid, you would go 652 00:34:21,400 --> 00:34:24,080 Speaker 1: to the principal's office and they would spank you. They 653 00:34:24,080 --> 00:34:27,040 Speaker 1: would get out of paddle and literally spank you. That 654 00:34:27,160 --> 00:34:30,080 Speaker 1: used to happen, and guess what, we didn't have all 655 00:34:30,120 --> 00:34:34,239 Speaker 1: this crime back then. People need correction. You know anything 656 00:34:34,239 --> 00:34:38,000 Speaker 1: about training animals, if you know anything about human nature, 657 00:34:38,040 --> 00:34:41,560 Speaker 1: there's a carrot, there's incentives, and there's a stick. And 658 00:34:41,600 --> 00:34:43,279 Speaker 1: it's not just the United States we're seeing this. We're 659 00:34:43,280 --> 00:34:46,080 Speaker 1: seeing France is also breaking down. If you haven't been 660 00:34:46,080 --> 00:34:47,680 Speaker 1: paying attention, I don't know where you've been living, But 661 00:34:47,680 --> 00:34:49,799 Speaker 1: for like about the last one hundred days or so, 662 00:34:50,200 --> 00:34:54,319 Speaker 1: France has had massive amounts of protest going on. The 663 00:34:54,320 --> 00:34:58,200 Speaker 1: President Macron is trying to quiet things down. He's calling 664 00:34:58,239 --> 00:35:01,480 Speaker 1: for quote a new pact life and work, but the 665 00:35:01,520 --> 00:35:03,759 Speaker 1: people don't want it. The people don't want it, and 666 00:35:03,760 --> 00:35:05,839 Speaker 1: they want to point to well, they have to raise 667 00:35:05,880 --> 00:35:09,040 Speaker 1: the retirement age by two years, you know, or whatever, 668 00:35:09,080 --> 00:35:13,680 Speaker 1: But that's not it. It's a long line of abuse. 669 00:35:13,800 --> 00:35:16,960 Speaker 1: It's the proverbial straw that broke the camel's back. 670 00:35:17,000 --> 00:35:20,759 Speaker 2: If you will, and so the people are over it. 671 00:35:20,800 --> 00:35:21,799 Speaker 2: The people are tired of it. 672 00:35:21,840 --> 00:35:27,840 Speaker 1: There's millions of people in the streets in in in France, rioting, 673 00:35:28,520 --> 00:35:31,360 Speaker 1: fighting with police, and social mainstream media wants to be 674 00:35:31,480 --> 00:35:34,280 Speaker 1: silent on this. Mainstream media wants to have a complete blackout. 675 00:35:34,640 --> 00:35:37,000 Speaker 1: If you're on social media specifically like on Twitter, you 676 00:35:37,040 --> 00:35:41,160 Speaker 1: can see first hand accounts, firsthand videos of this. But 677 00:35:41,200 --> 00:35:43,600 Speaker 1: this is not just a United States issue. Anywhere they 678 00:35:43,640 --> 00:35:49,319 Speaker 1: want to be soft on these things, it's going to happen. Now, 679 00:35:49,360 --> 00:35:52,359 Speaker 1: what does this mean for America. Well, one, we could 680 00:35:52,360 --> 00:35:56,120 Speaker 1: take away, shoot, we probably don't want pension reform here 681 00:35:56,160 --> 00:35:58,279 Speaker 1: in the United States because people might not like that. 682 00:35:58,880 --> 00:36:03,160 Speaker 1: But ultimately we we're gonna have to repeal. We have 683 00:36:03,200 --> 00:36:07,160 Speaker 1: to pull back on these authoritarian measures. You can only 684 00:36:07,239 --> 00:36:10,280 Speaker 1: push the people so far. History is a never ending 685 00:36:10,440 --> 00:36:18,280 Speaker 1: repeat story of peace and freedom but then eventually repression 686 00:36:18,600 --> 00:36:22,879 Speaker 1: and then eventually revolution and it's just never any story 687 00:36:22,880 --> 00:36:24,360 Speaker 1: of that. And I don't want that to continue. And 688 00:36:24,360 --> 00:36:27,640 Speaker 1: so hopefully the leaders will see this and start pulling back. 689 00:36:27,680 --> 00:36:31,160 Speaker 1: But unfortunately it looks like we're headed into a recession now. 690 00:36:31,360 --> 00:36:33,200 Speaker 1: Been listening to the Mark Ma Show talking about the 691 00:36:33,200 --> 00:36:35,520 Speaker 1: decentralized revolution, talking about the way the world is changing 692 00:36:35,520 --> 00:36:38,200 Speaker 1: before our very eyes. And that's what I got for 693 00:36:38,280 --> 00:36:38,799 Speaker 1: you this week. 694 00:36:38,920 --> 00:36:39,880 Speaker 2: Thanks so much for listening.