1 00:00:00,000 --> 00:00:02,640 Speaker 1: Hello, Welcome back to another episode of The Markmas Show, 2 00:00:02,640 --> 00:00:06,200 Speaker 1: where we talk about the decentralized Revolution. Each and every 3 00:00:06,200 --> 00:00:09,240 Speaker 1: week we bring you through what is happening around the world, 4 00:00:09,240 --> 00:00:11,480 Speaker 1: trying to narrate it for you so it kind of 5 00:00:11,800 --> 00:00:13,640 Speaker 1: makes sense of what's going on. Of course, I talked 6 00:00:13,640 --> 00:00:17,480 Speaker 1: about the decentralized revolution, the way the world has been 7 00:00:17,960 --> 00:00:20,960 Speaker 1: centralizing and now it's about to be decentralized that we 8 00:00:20,960 --> 00:00:22,760 Speaker 1: can see it happening all over the world, and of course, 9 00:00:23,200 --> 00:00:27,560 Speaker 1: UM it's being led by new technology like bitcoin and cryptocurrencies. 10 00:00:28,400 --> 00:00:31,200 Speaker 1: You now in the in the bitcoin cryptocurrency space. Over 11 00:00:31,200 --> 00:00:34,480 Speaker 1: the last couple of months, it's been been pretty bad 12 00:00:34,520 --> 00:00:37,840 Speaker 1: for a lot of people. We've seen, UM a blow 13 00:00:37,920 --> 00:00:40,800 Speaker 1: up similar to the Great Financial Crash, which I've covered 14 00:00:41,159 --> 00:00:44,680 Speaker 1: UM at length. I know for a lot of people 15 00:00:44,720 --> 00:00:47,959 Speaker 1: they got caught up in this crash and I and 16 00:00:48,000 --> 00:00:50,879 Speaker 1: I I don't hope for anyone to lose money. It 17 00:00:50,920 --> 00:00:53,680 Speaker 1: makes me sad to think of anybody that's being being 18 00:00:53,720 --> 00:00:56,560 Speaker 1: hurt by this, and I've heard, unfortunately, I've heard countless 19 00:00:56,560 --> 00:01:00,600 Speaker 1: stories of people that have lost everything. UM. I believe 20 00:01:00,600 --> 00:01:02,560 Speaker 1: I've even heard of people taking their own lives over 21 00:01:02,640 --> 00:01:04,720 Speaker 1: how much money they've lost. It's that bad. So I 22 00:01:04,720 --> 00:01:07,600 Speaker 1: don't I don't wish that on anybody, UM, but I 23 00:01:07,640 --> 00:01:09,600 Speaker 1: also hope that people learn their lessons from it. But 24 00:01:10,040 --> 00:01:13,080 Speaker 1: for those people that might be caught up in the 25 00:01:13,680 --> 00:01:17,600 Speaker 1: in the mix, there might be some good news hopefully. So, UM, 26 00:01:17,640 --> 00:01:19,240 Speaker 1: I've kind of been keeping you up to date on 27 00:01:19,240 --> 00:01:21,560 Speaker 1: what's going on, and we saw, um, you know, when 28 00:01:21,560 --> 00:01:26,000 Speaker 1: this domino started dropping down, UM, bigger companies started getting 29 00:01:26,280 --> 00:01:29,000 Speaker 1: getting caught up in this, and Celsius is one of 30 00:01:29,000 --> 00:01:32,080 Speaker 1: those companies that really got up, got caught, got caught 31 00:01:32,200 --> 00:01:34,039 Speaker 1: in this mess. You know. They had just way too 32 00:01:34,080 --> 00:01:39,000 Speaker 1: much exposure to these risky protocols and they stopped letting 33 00:01:39,040 --> 00:01:42,120 Speaker 1: withdrawals happen about a month ago. And UM, I've been 34 00:01:42,120 --> 00:01:43,440 Speaker 1: trying to keep you up to date on this in 35 00:01:43,480 --> 00:01:46,600 Speaker 1: case you have money that's locked up on there. And UM, 36 00:01:46,840 --> 00:01:49,440 Speaker 1: while I don't want to falsely encourage you and tell 37 00:01:49,480 --> 00:01:52,600 Speaker 1: you to hold your breath, I do you know there 38 00:01:52,720 --> 00:01:55,440 Speaker 1: is maybe a little bit of hope. UM. In the beginning, 39 00:01:55,520 --> 00:01:57,920 Speaker 1: when it first started happening with Celsius, they were in 40 00:01:58,000 --> 00:02:01,120 Speaker 1: danger of getting their positions liquidated because bitcoin was falling 41 00:02:01,280 --> 00:02:04,160 Speaker 1: so fast and they had wrapped up a bunch of 42 00:02:04,240 --> 00:02:07,440 Speaker 1: bitcoin and locked it up on some of these defied protocols. 43 00:02:07,880 --> 00:02:11,600 Speaker 1: And because it's in this defied decentralized finance protocols, um, 44 00:02:11,639 --> 00:02:15,280 Speaker 1: there's transparency. So most of the people could see where 45 00:02:15,360 --> 00:02:19,320 Speaker 1: that was apt and uh, you could see where their 46 00:02:19,400 --> 00:02:21,480 Speaker 1: liquidation price. I think at the beginning when they first 47 00:02:21,520 --> 00:02:24,520 Speaker 1: locked up withdraws, it was about eighteen thousand, so bitcoin 48 00:02:24,560 --> 00:02:27,840 Speaker 1: had hit about eighteen thousand, Celsius would be liquidated. But 49 00:02:27,880 --> 00:02:31,880 Speaker 1: then Celsius has been putting back more collateral, more collateral, 50 00:02:31,960 --> 00:02:35,840 Speaker 1: more collateral onto the system to lower that liquidation level. 51 00:02:35,919 --> 00:02:37,680 Speaker 1: Then they got it down to like fifteen, and then 52 00:02:37,720 --> 00:02:41,440 Speaker 1: the thirteen, and then to like eight and then to five. 53 00:02:41,960 --> 00:02:45,840 Speaker 1: And that's potentially good news if you have money locked 54 00:02:45,880 --> 00:02:49,240 Speaker 1: on Celsius because they have Uh, well, it's good for everybody. 55 00:02:49,639 --> 00:02:52,320 Speaker 1: Uh it's good for if you're in crypto at all. 56 00:02:52,760 --> 00:02:54,240 Speaker 1: But if you have money locked up in there, it's 57 00:02:54,240 --> 00:02:58,560 Speaker 1: it's potentially good because maybe if they don't get completely liquidated, 58 00:02:58,680 --> 00:03:01,679 Speaker 1: maybe there's a chance you get money back again. Don't 59 00:03:01,680 --> 00:03:04,080 Speaker 1: hold your breath, um, but maybe there's a little bit 60 00:03:04,080 --> 00:03:05,920 Speaker 1: of hope there for you. It's also good for the 61 00:03:06,240 --> 00:03:10,320 Speaker 1: bitcoin space, uh, even bigger, crypto space, even bigger, because 62 00:03:10,919 --> 00:03:13,640 Speaker 1: if they got liquidated, it could instantly put a lot 63 00:03:13,720 --> 00:03:16,920 Speaker 1: of bitcoin and cryptocurrencies onto the market and dump it 64 00:03:16,960 --> 00:03:19,160 Speaker 1: at a time when there's very thin liquidity, and it 65 00:03:19,200 --> 00:03:22,040 Speaker 1: could push the price down even lower. So we saw 66 00:03:22,080 --> 00:03:25,359 Speaker 1: this week. It says Celsius pays off their last defied 67 00:03:25,560 --> 00:03:30,400 Speaker 1: loan and reclaims nearly two hundred million of bitcoin from 68 00:03:30,760 --> 00:03:35,880 Speaker 1: um Compound, which is a decentralized finance protocol. It says 69 00:03:35,880 --> 00:03:39,040 Speaker 1: the troubled crypto lender previously paid off loans from Ave 70 00:03:39,280 --> 00:03:42,080 Speaker 1: and Maker, and so basically what happens is, in order 71 00:03:42,080 --> 00:03:44,240 Speaker 1: to get these loans, they had to put up they 72 00:03:44,240 --> 00:03:47,000 Speaker 1: had overcollateralize them. So they had to put up, you know, 73 00:03:47,040 --> 00:03:49,000 Speaker 1: about a hundred and fifty percent of the amount they 74 00:03:49,040 --> 00:03:51,720 Speaker 1: wanted to borrow back. And these are on these like protocols, 75 00:03:51,960 --> 00:03:54,240 Speaker 1: so there's nobody to call up and say like, hey, buddy, 76 00:03:54,520 --> 00:03:56,120 Speaker 1: you know we've done business for a long time, can 77 00:03:56,160 --> 00:03:59,120 Speaker 1: you hold off for a second. Um, there's no Uh, 78 00:03:59,320 --> 00:04:02,480 Speaker 1: that's different. So Celsius is c FI centralized finance. These 79 00:04:02,520 --> 00:04:05,400 Speaker 1: are defied decentralized finance. There's nobody to call and ask 80 00:04:05,480 --> 00:04:07,480 Speaker 1: if they could give you a favor, UM, And so 81 00:04:08,040 --> 00:04:09,960 Speaker 1: they paid them off from a they paid them off 82 00:04:09,960 --> 00:04:12,760 Speaker 1: for maker, and now they paid them off from Compound. 83 00:04:13,280 --> 00:04:16,040 Speaker 1: Now we can see that. Um. Like I said, they've 84 00:04:16,040 --> 00:04:20,200 Speaker 1: been facing these liquidity problems, facing getting liquidated, but now 85 00:04:20,320 --> 00:04:22,839 Speaker 1: they've been able to pay off this two million. They 86 00:04:22,880 --> 00:04:26,480 Speaker 1: had paid down fifty million to Compound on Wednesday, and 87 00:04:26,600 --> 00:04:30,440 Speaker 1: then that got them back ten thousand bitcoin, which was 88 00:04:30,520 --> 00:04:33,040 Speaker 1: pretty pretty big number. Like I said, even if you 89 00:04:33,080 --> 00:04:36,200 Speaker 1: don't have any money on these, still nice to not 90 00:04:36,480 --> 00:04:39,280 Speaker 1: have to see ten thousand bitcoin get dumped into the 91 00:04:39,839 --> 00:04:42,440 Speaker 1: UM into the market at one time, that'd be pretty bad. 92 00:04:43,839 --> 00:04:46,960 Speaker 1: That was worth about a million current prices. So they 93 00:04:47,200 --> 00:04:51,160 Speaker 1: with with fifty million paid down, they got access to 94 00:04:51,360 --> 00:04:55,760 Speaker 1: about two hundred million back UM, which, like I said, 95 00:04:55,839 --> 00:04:59,919 Speaker 1: maybe it is pretty good. Um. He said. The maneuver 96 00:05:00,000 --> 00:05:03,559 Speaker 1: followed a similar treasury management tactic that Celsius used recently 97 00:05:03,600 --> 00:05:05,480 Speaker 1: to pay out to fully pay off and closes loans 98 00:05:06,120 --> 00:05:09,520 Speaker 1: from a van maker. The loans on these protocols are overcollateralized, 99 00:05:09,560 --> 00:05:11,599 Speaker 1: me in the borrows to lock up. So we've already 100 00:05:11,640 --> 00:05:15,920 Speaker 1: covered that now. UM. Is that a good thing or 101 00:05:16,000 --> 00:05:18,520 Speaker 1: is it a bad thing, Well, there's could be potential 102 00:05:18,760 --> 00:05:22,240 Speaker 1: legal problems from this, and the reason why is that, so, 103 00:05:22,960 --> 00:05:25,400 Speaker 1: how are they able to pay these down? Where are 104 00:05:25,440 --> 00:05:28,280 Speaker 1: they getting the money to do this? And if they 105 00:05:28,320 --> 00:05:31,080 Speaker 1: have money to pay these down, why are they not 106 00:05:31,640 --> 00:05:34,440 Speaker 1: giving money back to people who had money on the exchange? 107 00:05:34,440 --> 00:05:37,840 Speaker 1: Why are they not paying back to positors. What happens 108 00:05:37,960 --> 00:05:40,160 Speaker 1: is whenever you run into legal problems and you have 109 00:05:40,279 --> 00:05:42,280 Speaker 1: to go into some sort of a restructuring or some 110 00:05:42,360 --> 00:05:47,240 Speaker 1: sort of a reorganization, there's typically an order process of 111 00:05:47,320 --> 00:05:50,880 Speaker 1: who gets their money back first. Now, typically creditors get 112 00:05:51,000 --> 00:05:56,159 Speaker 1: money back before depositors, so UM in a traditional publicly 113 00:05:56,200 --> 00:06:00,360 Speaker 1: traded company, for example, bondholders who are creditors would money 114 00:06:00,400 --> 00:06:05,279 Speaker 1: back before equity holders or stockholders right um. Or for example, 115 00:06:05,920 --> 00:06:07,680 Speaker 1: on a house you have like a first trustee, you 116 00:06:07,720 --> 00:06:09,839 Speaker 1: could have a second trustee, the third, fourth, et cetera. 117 00:06:10,360 --> 00:06:12,360 Speaker 1: And the first money would go to pay back the 118 00:06:12,480 --> 00:06:14,720 Speaker 1: first trusteed, and then whatever is left we go to 119 00:06:14,800 --> 00:06:16,559 Speaker 1: the second. If there's anything left goes to the third, etcetera. 120 00:06:16,640 --> 00:06:19,400 Speaker 1: There's typically an order of that, and we can see 121 00:06:19,440 --> 00:06:22,120 Speaker 1: that there's all types of legal questions that are being 122 00:06:22,200 --> 00:06:26,479 Speaker 1: raised of who should get paid first, and there's an 123 00:06:26,520 --> 00:06:29,159 Speaker 1: article that came out of Bloomberg that says the leaguered 124 00:06:29,160 --> 00:06:31,240 Speaker 1: crypto lender has paid back a string of death totally 125 00:06:31,320 --> 00:06:35,440 Speaker 1: more than nine hundred million, which is good except for 126 00:06:36,320 --> 00:06:40,680 Speaker 1: should some of that llion gone back to the depositors. Well, 127 00:06:41,320 --> 00:06:42,920 Speaker 1: it says the paydowns have raised the spectru of a 128 00:06:43,000 --> 00:06:47,039 Speaker 1: legal debate on how and in what order should distress 129 00:06:47,120 --> 00:06:51,320 Speaker 1: crypto companies payback creditors. Now, no matter what the typical 130 00:06:51,440 --> 00:06:53,480 Speaker 1: order is, people are not going to be happy about this, 131 00:06:53,640 --> 00:06:55,440 Speaker 1: and so it's definitely gonna be a legal debate and 132 00:06:55,520 --> 00:06:58,160 Speaker 1: it's definitely going to bring all types of legal concerns 133 00:06:58,680 --> 00:07:01,599 Speaker 1: about this, uh haiing back these platforms as we talked 134 00:07:01,600 --> 00:07:04,920 Speaker 1: about Compound Maker, et cetera. So it's because the loans 135 00:07:04,920 --> 00:07:08,200 Speaker 1: from defied platforms are often required to be overclatteralized. Doing 136 00:07:08,279 --> 00:07:10,840 Speaker 1: so what allows Celsius to reclaim the extra coins locked 137 00:07:10,880 --> 00:07:13,800 Speaker 1: on the platform, thus securing more assets on a net basis. 138 00:07:13,880 --> 00:07:17,720 Speaker 1: So you know, they did pay out fifty million, but 139 00:07:17,760 --> 00:07:20,960 Speaker 1: they got two hundred million back, so I guess that's 140 00:07:20,960 --> 00:07:25,440 Speaker 1: a good thing. But it says like uh, like most things, 141 00:07:25,480 --> 00:07:28,440 Speaker 1: crypto were an uncharted territory in terms of who shouldn't 142 00:07:28,480 --> 00:07:31,080 Speaker 1: ultimately get paid back ahead of other parties, which is 143 00:07:31,160 --> 00:07:34,640 Speaker 1: complicated by the smart contracts implicated and by the intertwined 144 00:07:34,680 --> 00:07:39,920 Speaker 1: defined lending contractual relationships. So it says Celsius has been 145 00:07:39,960 --> 00:07:42,440 Speaker 1: exploring options, including a restructure and of its liability. So 146 00:07:42,480 --> 00:07:44,920 Speaker 1: they're trying to figure out how to restructure this. They 147 00:07:44,920 --> 00:07:47,040 Speaker 1: can see who gets their money back. Now, from what 148 00:07:47,160 --> 00:07:49,280 Speaker 1: I've been able to dig in and find out, it 149 00:07:49,360 --> 00:07:51,880 Speaker 1: looks like Celsius was holding money in a couple different ways. 150 00:07:52,160 --> 00:07:55,640 Speaker 1: So some people just had money deposited there, so Celsius 151 00:07:55,720 --> 00:07:58,200 Speaker 1: was just holding it on their behalf. So I think 152 00:07:58,280 --> 00:08:00,800 Speaker 1: if you just had money being deposited there, then that 153 00:08:01,040 --> 00:08:05,200 Speaker 1: probably comes back first. Then if you were getting a loan, 154 00:08:05,520 --> 00:08:07,880 Speaker 1: so you gave them collateral and they they gave you 155 00:08:07,960 --> 00:08:10,920 Speaker 1: a loan back, that might be second. And if you 156 00:08:11,040 --> 00:08:13,400 Speaker 1: gave them money and they were paying you yield back, 157 00:08:14,040 --> 00:08:16,480 Speaker 1: that would probably be the last to get paid back. 158 00:08:16,560 --> 00:08:19,440 Speaker 1: So it looks like depend on how you had money, 159 00:08:19,600 --> 00:08:20,880 Speaker 1: or if you had money and how you had it 160 00:08:21,000 --> 00:08:23,480 Speaker 1: on Celsius, that would be the order that you get 161 00:08:23,520 --> 00:08:26,760 Speaker 1: paid back. Hopefully, maybe it depends on where you're at. 162 00:08:26,800 --> 00:08:29,200 Speaker 1: There is that Celsius repaying some debt ahead of a 163 00:08:29,240 --> 00:08:32,960 Speaker 1: potential bankruptcy raises the issue of so called quote unquote 164 00:08:33,000 --> 00:08:37,760 Speaker 1: preference claims in a Chapter eleven bankruptcy, some creditors aren't 165 00:08:38,000 --> 00:08:41,880 Speaker 1: supposed to end up better off than others. Quote. It's 166 00:08:41,880 --> 00:08:43,800 Speaker 1: fair to say that any payments or exchange is made 167 00:08:43,960 --> 00:08:45,959 Speaker 1: while not allowing creditors to get their money in the 168 00:08:46,080 --> 00:08:50,560 Speaker 1: ordinary course of business or potentially subject to clawbacks in bankruptcy. 169 00:08:50,640 --> 00:08:54,880 Speaker 1: So if Celsius gave you some money back and then 170 00:08:54,960 --> 00:08:57,840 Speaker 1: through bankruptcy court they found they shouldn't have, they could 171 00:08:57,960 --> 00:09:00,600 Speaker 1: come after you to get some of that money back. 172 00:09:00,720 --> 00:09:03,199 Speaker 1: Something to keep in mind now, probably nobody listening to 173 00:09:03,240 --> 00:09:05,360 Speaker 1: this is getting money back from Celsius. If you have, 174 00:09:05,440 --> 00:09:06,880 Speaker 1: I'd love to hear from you. Hit me up on 175 00:09:06,920 --> 00:09:10,079 Speaker 1: social media at one Mark Moss. That's at just the 176 00:09:10,160 --> 00:09:12,080 Speaker 1: number one Mark Boss. I'm gonna come back. I got 177 00:09:12,120 --> 00:09:14,520 Speaker 1: a whole lot more to cover today, talking about what's 178 00:09:14,559 --> 00:09:18,240 Speaker 1: happening with cryptocurrencies, what's happened with the US Treasury, um 179 00:09:18,520 --> 00:09:20,920 Speaker 1: happening in South Africa. There's been a whole lot of 180 00:09:20,960 --> 00:09:23,199 Speaker 1: news this week. I got a lot to get through. Um, 181 00:09:23,400 --> 00:09:25,280 Speaker 1: you're listening to the Mark Mos Show talking about the 182 00:09:25,320 --> 00:09:30,120 Speaker 1: decentralized Revolution, talking about bitcoin, cryptocurrencies and macroeconomics. Be back 183 00:09:30,160 --> 00:09:31,840 Speaker 1: with that and more in a minute. So don't go away, 184 00:09:32,240 --> 00:09:33,959 Speaker 1: all right, welcome back. You are listening to the Mark 185 00:09:34,040 --> 00:09:37,280 Speaker 1: Mass Show. We're talking about the decentralized Revolution. We're talking 186 00:09:37,280 --> 00:09:41,120 Speaker 1: about bitcoin cryptocurrencies, We're talking about the macro economic picture 187 00:09:41,120 --> 00:09:44,040 Speaker 1: of the world, the geopolitics picture of the world, and 188 00:09:44,400 --> 00:09:47,000 Speaker 1: so much more. You know, I don't have a lot 189 00:09:47,040 --> 00:09:50,959 Speaker 1: to dig into the geopolitics side today, um, but we 190 00:09:51,080 --> 00:09:52,480 Speaker 1: have to look at all of that. I'm trying to 191 00:09:52,559 --> 00:09:55,679 Speaker 1: really bring everything that's happening in the world today into context. 192 00:09:56,120 --> 00:09:59,360 Speaker 1: And you have to understand what's happening with politics and 193 00:09:59,440 --> 00:10:03,240 Speaker 1: the geopol Understand where the financial markets are moving, because 194 00:10:04,320 --> 00:10:07,920 Speaker 1: unfortunately it's become very political. Um. And we can see 195 00:10:08,000 --> 00:10:12,240 Speaker 1: some of that happening. UM. So, for example, we saw 196 00:10:12,720 --> 00:10:17,400 Speaker 1: the US Treasury. So the United States has a central bank, 197 00:10:17,440 --> 00:10:19,920 Speaker 1: the Federal Reserve, right, and then they also have the 198 00:10:20,040 --> 00:10:23,560 Speaker 1: U S Treasury. Now, the Federal Reserve is a semi 199 00:10:23,800 --> 00:10:27,679 Speaker 1: quasi private institution. It's kind of run by the banks. Um. 200 00:10:27,720 --> 00:10:30,280 Speaker 1: There's a there's a lot to be said about that. Um, 201 00:10:30,400 --> 00:10:32,440 Speaker 1: if you'd like to know more about that, you can 202 00:10:32,520 --> 00:10:33,839 Speaker 1: hit me up on social media tell me you want 203 00:10:33,840 --> 00:10:35,960 Speaker 1: me to talk about that more, or just check out 204 00:10:36,000 --> 00:10:38,719 Speaker 1: the book The Creature from Jekyl Island. They really get 205 00:10:38,760 --> 00:10:40,760 Speaker 1: into that. It's pretty good. Um. So, the FED is 206 00:10:40,800 --> 00:10:44,959 Speaker 1: this kind of semi quasi private you know, institution that 207 00:10:45,280 --> 00:10:48,959 Speaker 1: basically creates money from thin air, and they loan it 208 00:10:49,040 --> 00:10:52,120 Speaker 1: to the banks, the commercial banks, and then the commercial 209 00:10:52,160 --> 00:10:54,880 Speaker 1: banks create that money into existence. Now the government also 210 00:10:55,040 --> 00:10:58,040 Speaker 1: needs money. The the US government is in debt thirty 211 00:10:58,160 --> 00:11:00,800 Speaker 1: one trillion dollars. How do they get the Well, people 212 00:11:00,840 --> 00:11:02,640 Speaker 1: have to loan it to them. So who loans it 213 00:11:02,720 --> 00:11:05,520 Speaker 1: to them? Well, uh, if you have money and a 214 00:11:05,640 --> 00:11:07,920 Speaker 1: pension fund or a four oh one K fund or 215 00:11:07,960 --> 00:11:09,920 Speaker 1: something like that, there's a good chance there's a good 216 00:11:09,960 --> 00:11:12,400 Speaker 1: chance you have loaned money to the US government. If 217 00:11:12,440 --> 00:11:14,680 Speaker 1: you have bonds in your portfolio, there's a good chance 218 00:11:14,760 --> 00:11:17,319 Speaker 1: you've loaned money to the government. Other nations loan money 219 00:11:17,360 --> 00:11:20,080 Speaker 1: to the government. So Japan and China have loan money 220 00:11:20,080 --> 00:11:22,360 Speaker 1: to the government by buying bonds. So when they buy 221 00:11:22,400 --> 00:11:25,240 Speaker 1: the bonds, they do that. So how does the problem is? 222 00:11:25,320 --> 00:11:29,240 Speaker 1: Is that the US government runs a deficit, meaning they 223 00:11:29,280 --> 00:11:32,760 Speaker 1: have to live off debt, and they have less and 224 00:11:32,840 --> 00:11:36,680 Speaker 1: less people wanting to loan them money. So the amount 225 00:11:36,679 --> 00:11:38,400 Speaker 1: of the amount of people that want to loan money 226 00:11:38,400 --> 00:11:41,880 Speaker 1: to the US government has been dropping. China doesn't want 227 00:11:41,880 --> 00:11:44,559 Speaker 1: to lend money to the government anymore. Japan doesn't have 228 00:11:44,640 --> 00:11:47,160 Speaker 1: any money to borrow, buy money, or lend money to 229 00:11:47,240 --> 00:11:50,520 Speaker 1: the government anymore. So then who does Well, that's where 230 00:11:50,559 --> 00:11:52,880 Speaker 1: the Federal Reserve comes in. So the Federal Reserve can 231 00:11:52,920 --> 00:11:54,319 Speaker 1: create money from thin air and then loan it to 232 00:11:54,360 --> 00:11:58,160 Speaker 1: the government. Pretty interesting, right, So that's uh, I broke 233 00:11:58,240 --> 00:11:59,800 Speaker 1: I broke that down for you so you can understand. 234 00:11:59,800 --> 00:12:02,160 Speaker 1: That's with the U. S. Treasury. The U. S. Treasury 235 00:12:02,679 --> 00:12:05,520 Speaker 1: is the the accountant there, the CFO of the government 236 00:12:05,600 --> 00:12:07,480 Speaker 1: right there, the bookkeeper whenever you want to call it. 237 00:12:08,679 --> 00:12:12,040 Speaker 1: So the Treasury Department handles the money issuance. So these 238 00:12:12,080 --> 00:12:14,400 Speaker 1: are the dollars, the coins that we have, and they 239 00:12:14,480 --> 00:12:17,600 Speaker 1: also issue you know, the treasury there, the accounting department, 240 00:12:17,640 --> 00:12:20,920 Speaker 1: so they manage who gets paid. Do we give out 241 00:12:21,000 --> 00:12:23,240 Speaker 1: welfare U b I, do we give out you know, 242 00:12:23,320 --> 00:12:26,000 Speaker 1: tax re rebase refunds? Right, And so they get the 243 00:12:26,040 --> 00:12:28,160 Speaker 1: money out to the public. And this is why a 244 00:12:28,160 --> 00:12:29,800 Speaker 1: lot of times people say that the federal Reserve isn't 245 00:12:29,800 --> 00:12:32,120 Speaker 1: really inflationary because the federal Reserve can't get money to 246 00:12:32,280 --> 00:12:36,560 Speaker 1: the public. The Federal Reserve can only get money, um, 247 00:12:36,640 --> 00:12:39,120 Speaker 1: they can buy debt of the government and then the 248 00:12:39,200 --> 00:12:42,000 Speaker 1: government can now put more money out into the public. 249 00:12:42,600 --> 00:12:44,120 Speaker 1: And so that's just kind of the difference of the U. S. 250 00:12:44,200 --> 00:12:47,320 Speaker 1: Treasury versus the follow Reserve. Now, the U. S. Treasury 251 00:12:49,040 --> 00:12:55,000 Speaker 1: um has at times throughout history made their own currency. Um, 252 00:12:55,120 --> 00:12:57,960 Speaker 1: they're talking about creating their own currency. Again. A lot 253 00:12:57,960 --> 00:13:01,000 Speaker 1: of people that understand how that works think, so, wait 254 00:13:01,040 --> 00:13:04,920 Speaker 1: a minute, why does the Treasury have to borrow money 255 00:13:04,960 --> 00:13:08,400 Speaker 1: from the federal reserve that has no reserves. They're not 256 00:13:08,520 --> 00:13:11,960 Speaker 1: federal and they have no reserves, And they basically loaned 257 00:13:12,080 --> 00:13:14,839 Speaker 1: me money that they created from thin air. So why 258 00:13:14,920 --> 00:13:17,120 Speaker 1: wouldn't I just create money from thin air? And if 259 00:13:17,120 --> 00:13:18,560 Speaker 1: you ask that question, that would be a very good 260 00:13:18,640 --> 00:13:21,400 Speaker 1: question to ask, and we'd all like to know the answer. Now, 261 00:13:22,160 --> 00:13:28,280 Speaker 1: in history, there's been really one time in where the 262 00:13:28,320 --> 00:13:30,240 Speaker 1: Treasury has said, you know what, we'll just make our 263 00:13:30,280 --> 00:13:34,559 Speaker 1: own money. And they did. They were it was a 264 00:13:34,600 --> 00:13:36,360 Speaker 1: type of money called a green back. Now a lot 265 00:13:36,400 --> 00:13:38,640 Speaker 1: of people think that the green back is a slang 266 00:13:38,840 --> 00:13:40,480 Speaker 1: term for the dollar, which it kind of is, but 267 00:13:40,559 --> 00:13:42,960 Speaker 1: it was actually a different type of money. And that's 268 00:13:42,960 --> 00:13:46,000 Speaker 1: when then President Abraham Lincoln said, we don't need to 269 00:13:46,240 --> 00:13:48,440 Speaker 1: create borrow money from the FED. That creates it from 270 00:13:48,480 --> 00:13:50,320 Speaker 1: thin air. Well, it wasn't the it wasn't the FED 271 00:13:50,360 --> 00:13:52,920 Speaker 1: at the time. Sorry, it was the National Bank. But 272 00:13:53,120 --> 00:13:55,000 Speaker 1: we'll we'll just create our our money, our green back, 273 00:13:55,040 --> 00:13:58,480 Speaker 1: which they did. Of course Abraham Lincoln died. Might have 274 00:13:58,600 --> 00:14:02,079 Speaker 1: a connection, maybe not. I'll leave that for you to 275 00:14:02,240 --> 00:14:04,600 Speaker 1: decide and draw your own flight. Are your own lines there? 276 00:14:04,679 --> 00:14:09,439 Speaker 1: But we've seen that the President Joe Biden he ordered 277 00:14:09,480 --> 00:14:14,600 Speaker 1: he had an executive order in March on cryptocurrencies directed 278 00:14:14,679 --> 00:14:17,280 Speaker 1: at the Treasury Department for them to take the lead 279 00:14:17,360 --> 00:14:21,800 Speaker 1: among other government agencies and developing policy recommendations on cryptocurrency. 280 00:14:21,880 --> 00:14:23,440 Speaker 1: So it's not up to the FED. A lot of 281 00:14:23,480 --> 00:14:25,760 Speaker 1: times people would say, why would the central banks ever 282 00:14:25,880 --> 00:14:28,200 Speaker 1: allow bitcoin to succeed? They don't want to give up 283 00:14:28,240 --> 00:14:31,280 Speaker 1: control over the money. Well, the FED doesn't create laws. 284 00:14:31,960 --> 00:14:33,440 Speaker 1: It's not up to the Fed to decide if they 285 00:14:33,480 --> 00:14:37,000 Speaker 1: can let a succeed or not. The government they make 286 00:14:37,080 --> 00:14:40,360 Speaker 1: the laws, and so here we have The President had 287 00:14:40,360 --> 00:14:43,360 Speaker 1: an executive order in March directing the Treasury to come 288 00:14:43,440 --> 00:14:48,000 Speaker 1: up with policy recommendations on bitcoin and cryptocurrencies. Now the Department, 289 00:14:48,040 --> 00:14:51,320 Speaker 1: the State Department of the Treasury, has requested comments from 290 00:14:51,360 --> 00:14:55,360 Speaker 1: the public on the potential opportunities and risks of digital 291 00:14:55,440 --> 00:15:00,400 Speaker 1: assets and compliance with that executive order. So whenever whenever, 292 00:15:00,960 --> 00:15:03,640 Speaker 1: a lot of times when the government is going to 293 00:15:03,880 --> 00:15:06,600 Speaker 1: create new laws or policies and regulations, they'll put things 294 00:15:06,640 --> 00:15:08,720 Speaker 1: out for a public comment so they can hear what 295 00:15:08,880 --> 00:15:11,600 Speaker 1: the public has to say. It's not quite a vote, 296 00:15:11,680 --> 00:15:14,280 Speaker 1: but at least they're getting information. So a lot of 297 00:15:14,320 --> 00:15:18,200 Speaker 1: times you'll see you know, think tanks and you know 298 00:15:18,760 --> 00:15:21,760 Speaker 1: law firms chime in on this. In the cryptocurrency space, 299 00:15:21,840 --> 00:15:24,680 Speaker 1: it's been common in the past for individual users to 300 00:15:24,720 --> 00:15:27,480 Speaker 1: start flooding on the comments, and that's kind of what's happening. 301 00:15:27,920 --> 00:15:30,160 Speaker 1: And it says in a Tuesday announced with the Treasury 302 00:15:30,160 --> 00:15:32,280 Speaker 1: said it was asking for input from the public that 303 00:15:32,360 --> 00:15:35,600 Speaker 1: will quote inform its work in reporting to the President 304 00:15:35,640 --> 00:15:38,240 Speaker 1: and possible implications of digital assets on the financial markets 305 00:15:38,320 --> 00:15:42,920 Speaker 1: and payment infrastructures. UM so that's something that you can 306 00:15:43,000 --> 00:15:45,120 Speaker 1: do if you would like your voice to be heard. 307 00:15:45,400 --> 00:15:47,280 Speaker 1: It's not gonna be done at the ballot box with 308 00:15:47,360 --> 00:15:49,840 Speaker 1: a vote, It's going to be done through comment like this. 309 00:15:50,560 --> 00:15:53,320 Speaker 1: It says, quote. For consumers, digital assets may present potential 310 00:15:53,360 --> 00:15:57,480 Speaker 1: benefits such as faster payments, as well as potential risks, 311 00:15:57,640 --> 00:16:03,480 Speaker 1: including risks related to frauds and scams. There's always frauds 312 00:16:03,480 --> 00:16:07,440 Speaker 1: and scams. If you need the government to protect you 313 00:16:07,600 --> 00:16:11,480 Speaker 1: from being defrauded or scammed, you should probably go look 314 00:16:11,520 --> 00:16:15,000 Speaker 1: in the mirror again. If you think the government can 315 00:16:15,040 --> 00:16:17,920 Speaker 1: protect you from getting fraud or scammed. Uh, I have 316 00:16:17,960 --> 00:16:19,320 Speaker 1: a bridge to tell you. I've been talking about that 317 00:16:19,320 --> 00:16:22,080 Speaker 1: a lot to tay. Um says the Treasury is seeking 318 00:16:22,160 --> 00:16:24,040 Speaker 1: to benefit from the expertise of the American people and 319 00:16:24,080 --> 00:16:27,160 Speaker 1: market participants by soliciting public comment as we engage in 320 00:16:27,160 --> 00:16:32,600 Speaker 1: the important work. Um, so is buying a lottery ticket 321 00:16:32,640 --> 00:16:34,160 Speaker 1: like I be in a scam? I mean, what's the 322 00:16:34,240 --> 00:16:37,160 Speaker 1: chance of you getting your money back? Uh? They don't 323 00:16:37,200 --> 00:16:40,160 Speaker 1: stop that anyway. The public has until August eight to 324 00:16:40,240 --> 00:16:44,280 Speaker 1: submit comments to the Treasury on what they believe would 325 00:16:44,280 --> 00:16:48,200 Speaker 1: be the implications of this. It says that the potential 326 00:16:48,240 --> 00:16:51,000 Speaker 1: impact of introducing new financial products and services. In addition, 327 00:16:51,320 --> 00:16:54,280 Speaker 1: the Government Department requested Americans waigh in on potential risks, 328 00:16:54,360 --> 00:16:58,960 Speaker 1: including losing private keys and the authenticity of digital assets. 329 00:17:00,160 --> 00:17:03,760 Speaker 1: Think about that, um, The government requested Americans weigh in 330 00:17:03,800 --> 00:17:09,240 Speaker 1: on the potential risks of losing your private keys. So 331 00:17:09,920 --> 00:17:14,119 Speaker 1: the revolution. The revolution is that I can hold my 332 00:17:14,359 --> 00:17:18,359 Speaker 1: assets in a way that can't be c stolen from me. 333 00:17:19,119 --> 00:17:22,480 Speaker 1: And I do that by me taking personal responsibility and 334 00:17:22,560 --> 00:17:27,000 Speaker 1: holding my cryptographic key. I don't have to I can 335 00:17:27,160 --> 00:17:28,720 Speaker 1: I don't have to buy it, I can leave it, 336 00:17:29,000 --> 00:17:30,920 Speaker 1: let someone else management key. But but I have the 337 00:17:30,960 --> 00:17:34,280 Speaker 1: ability to hold my key. But if you lose your key, 338 00:17:34,560 --> 00:17:36,879 Speaker 1: then you know, then you lose your key. So they 339 00:17:36,920 --> 00:17:38,639 Speaker 1: want to They want Americans to weigh in on the 340 00:17:38,840 --> 00:17:41,720 Speaker 1: risks of losing your private key. So if everyone says, well, 341 00:17:41,760 --> 00:17:43,640 Speaker 1: it's way too risky, it's way to risk you should 342 00:17:43,640 --> 00:17:44,920 Speaker 1: do something about feel that they're going to make it 343 00:17:44,960 --> 00:17:48,560 Speaker 1: illegal for you to hold your own keys. Now, think 344 00:17:48,640 --> 00:17:51,560 Speaker 1: long and hard about that. That's what they're talking about. 345 00:17:51,680 --> 00:17:54,440 Speaker 1: That's their words, not mine. Man. You listen to the 346 00:17:54,480 --> 00:17:57,200 Speaker 1: Marktmas show. We're talking about the decentralized Revolution. We're talking 347 00:17:57,200 --> 00:18:02,120 Speaker 1: about bitcoin, cryptocurrencies, macroeconomics, politics as well, talking about US 348 00:18:02,200 --> 00:18:05,520 Speaker 1: Treasury deciding whether you should use cryptocurrencies or if they're 349 00:18:05,560 --> 00:18:07,600 Speaker 1: too risky. I got a lot more to cover in 350 00:18:07,680 --> 00:18:09,280 Speaker 1: a minute when I come back, so don't go away. 351 00:18:09,320 --> 00:18:11,680 Speaker 1: I'll be right back. Hello, welcome back. You are listening 352 00:18:11,760 --> 00:18:15,720 Speaker 1: to the Markma Show. We're talking about the Decentralized Revolution. 353 00:18:15,800 --> 00:18:20,120 Speaker 1: We're talking about bitcoin cryptocurrencies, We're talking about geopolitics, we're 354 00:18:20,160 --> 00:18:24,000 Speaker 1: talking about macroeconomics. We just got done talking about the 355 00:18:24,440 --> 00:18:29,280 Speaker 1: politics side, talking about the Biden administration and the Treasury um. 356 00:18:30,400 --> 00:18:33,080 Speaker 1: And you know how they want to protect you from 357 00:18:33,200 --> 00:18:38,600 Speaker 1: the risks that are in the bitcoin cryptocurrency space. And 358 00:18:38,680 --> 00:18:42,200 Speaker 1: it's not just the US government that wants to protect 359 00:18:42,359 --> 00:18:46,399 Speaker 1: you from your own self. We see in other countries 360 00:18:46,440 --> 00:18:50,040 Speaker 1: as well. The thought of needing the government to protect 361 00:18:50,200 --> 00:18:54,360 Speaker 1: me from myself it kind of makes me mad. I mean, 362 00:18:56,160 --> 00:18:59,560 Speaker 1: the fact that anybody would need would want I should 363 00:18:59,600 --> 00:19:02,320 Speaker 1: say I could see, I could see that some people 364 00:19:02,520 --> 00:19:07,200 Speaker 1: may want it. But the fact that anybody thinks they 365 00:19:07,400 --> 00:19:11,480 Speaker 1: need the government to protect them from theirselves, I guess 366 00:19:11,520 --> 00:19:13,159 Speaker 1: it just kind of shows you where we're at in 367 00:19:13,200 --> 00:19:18,160 Speaker 1: the world today where you know, with great freedom comes 368 00:19:18,280 --> 00:19:23,840 Speaker 1: great responsibility, Like if I have the freedom to hurt myself, 369 00:19:23,960 --> 00:19:28,160 Speaker 1: I have to be responsible enough not to hurt myself. Um. 370 00:19:29,119 --> 00:19:32,119 Speaker 1: I guess the government could take away my freedom to 371 00:19:32,160 --> 00:19:34,200 Speaker 1: hurt myself and they don't have to have the responsibility 372 00:19:34,240 --> 00:19:35,600 Speaker 1: of being able to hurt myself. But is that the 373 00:19:35,680 --> 00:19:40,200 Speaker 1: world that you want to live in? But some people 374 00:19:40,280 --> 00:19:45,200 Speaker 1: do It's it's insane, So I guess the government needs 375 00:19:45,200 --> 00:19:47,080 Speaker 1: to keep doing that. But it seems in saying to me, 376 00:19:47,119 --> 00:19:48,560 Speaker 1: I'd love to hear your thoughts. Hit me up on 377 00:19:48,600 --> 00:19:50,720 Speaker 1: social media at one Mark Moss, just at the number 378 00:19:50,760 --> 00:19:52,880 Speaker 1: one Mark Moss, hit me up on Twitter or Instagram. 379 00:19:53,000 --> 00:19:54,399 Speaker 1: Let me know what you think on that. But we 380 00:19:54,440 --> 00:19:56,879 Speaker 1: can see it's happening in South Africa. This week we 381 00:19:56,920 --> 00:20:01,240 Speaker 1: saw the same thing. Um. The South Africa's Reserve Bank 382 00:20:01,680 --> 00:20:06,439 Speaker 1: will regulate cryptocurrencies as financial assets, and new laws are 383 00:20:06,520 --> 00:20:09,200 Speaker 1: expected to come in over the next twelve months. Now 384 00:20:10,359 --> 00:20:13,399 Speaker 1: regulating as financial assets, I suppose that's okay. That's how 385 00:20:13,440 --> 00:20:16,359 Speaker 1: they're regulated the United States already as financial assets. So 386 00:20:16,480 --> 00:20:19,360 Speaker 1: a lot of people get confused by this. Um. Basically, 387 00:20:19,560 --> 00:20:21,720 Speaker 1: if you buy and sell bitcoin and cryptocurrencies. It's no 388 00:20:21,760 --> 00:20:24,920 Speaker 1: different than buying selling stocks, buying selling gold, buy and 389 00:20:25,000 --> 00:20:27,359 Speaker 1: selling real estate. It's the same thing. It's not a 390 00:20:27,400 --> 00:20:29,920 Speaker 1: big deal. Your normal tax advisors fuel to help you 391 00:20:30,000 --> 00:20:33,240 Speaker 1: with that. UM. It's being taxed as property financial assets. 392 00:20:33,280 --> 00:20:37,600 Speaker 1: Now UM, they're they're similar to that, but they're not that, 393 00:20:37,800 --> 00:20:41,840 Speaker 1: which is where the problem comes in. UM. Bitcoin and 394 00:20:41,920 --> 00:20:47,119 Speaker 1: cryptocurrencies could be and and I believe they will be 395 00:20:47,480 --> 00:20:51,879 Speaker 1: used as payment as currencies. They already are UM throughout 396 00:20:51,920 --> 00:20:54,800 Speaker 1: the world, mostly developing markets, which they definitely are an 397 00:20:54,840 --> 00:20:58,680 Speaker 1: El Salvador where it's actually legal tender UM in the 398 00:20:58,800 --> 00:21:02,639 Speaker 1: Central African Republic they are UM. In Central America they 399 00:21:02,680 --> 00:21:06,359 Speaker 1: are El Salvador. As they said, Panama they are UM. 400 00:21:06,400 --> 00:21:07,720 Speaker 1: In the United States they are as well. A lot 401 00:21:07,760 --> 00:21:11,800 Speaker 1: of people use them. The problem is that in areas 402 00:21:11,840 --> 00:21:14,600 Speaker 1: of the United States where they're regulated as a financial asset, 403 00:21:15,160 --> 00:21:19,520 Speaker 1: then every payment becomes a taxable event. So let's say 404 00:21:19,560 --> 00:21:22,200 Speaker 1: I bought bitcoin whenever, and then I went down to 405 00:21:22,240 --> 00:21:24,000 Speaker 1: Starbucks and I bought I bought a cup of coffee 406 00:21:24,040 --> 00:21:27,320 Speaker 1: with with my bitcoin. Then that's a taxable events and 407 00:21:27,359 --> 00:21:28,680 Speaker 1: I have to figure out, well, when did I buy 408 00:21:28,800 --> 00:21:30,600 Speaker 1: this bitcoin. What was the price at that bitcoin at 409 00:21:30,640 --> 00:21:31,960 Speaker 1: the time, and and then I bought it? So I 410 00:21:32,040 --> 00:21:34,520 Speaker 1: bought I bought five with a bitcoin at this price, 411 00:21:34,560 --> 00:21:37,240 Speaker 1: and then I sold four dollars and twenty seven cents 412 00:21:37,640 --> 00:21:39,879 Speaker 1: at this price. And so how much of that did 413 00:21:39,960 --> 00:21:41,840 Speaker 1: I sell at this price? And what's the taxable event? 414 00:21:41,920 --> 00:21:44,040 Speaker 1: And then I have to fill out tax reform. I mean, 415 00:21:44,119 --> 00:21:46,119 Speaker 1: that's just insanity. So who wants to do that? So 416 00:21:46,640 --> 00:21:50,080 Speaker 1: the problem is, as long as they're classified as financial assets, 417 00:21:50,160 --> 00:21:53,960 Speaker 1: it's gonna greatly reduce the use of them being used 418 00:21:54,040 --> 00:21:58,080 Speaker 1: as currencies because of that onerous regulation. Who wants to 419 00:21:58,119 --> 00:22:00,720 Speaker 1: deal with that? Um that, which is why in the 420 00:22:00,840 --> 00:22:05,080 Speaker 1: African Republic, which is why we've seen in Panama, in 421 00:22:05,400 --> 00:22:08,200 Speaker 1: El Salvado, etcetera, they've they've removed that so now you 422 00:22:08,240 --> 00:22:10,200 Speaker 1: can just buy or not buy it, but you can 423 00:22:10,400 --> 00:22:13,000 Speaker 1: use it freely. It says here the cryptocurrency use in 424 00:22:13,040 --> 00:22:16,960 Speaker 1: South Africa is in a healthy space, with around thirteen 425 00:22:17,080 --> 00:22:21,720 Speaker 1: percent of the population estimated to own some form of cryptocurrency. 426 00:22:22,359 --> 00:22:24,920 Speaker 1: That's a that's a big number. Let me tell you 427 00:22:24,960 --> 00:22:28,119 Speaker 1: why that number is important. When you look at new 428 00:22:28,160 --> 00:22:33,680 Speaker 1: technologies telephone, color TV, washing machine, Internet, whatever. Um. There's 429 00:22:33,720 --> 00:22:36,359 Speaker 1: what's known as the diffusion of innovation, and it shows 430 00:22:36,520 --> 00:22:38,520 Speaker 1: how fast or how long it takes for a new 431 00:22:38,560 --> 00:22:42,840 Speaker 1: technology to reach a level of saturation or a level 432 00:22:42,960 --> 00:22:48,560 Speaker 1: of of you know, people using it. And when you 433 00:22:48,640 --> 00:22:50,400 Speaker 1: look back throughout history and you see all the different 434 00:22:50,440 --> 00:22:53,320 Speaker 1: things with the telephone and the color TV and the Internet, etcetera, 435 00:22:53,560 --> 00:22:56,119 Speaker 1: they all have different time frames and typically you measure 436 00:22:56,119 --> 00:22:58,959 Speaker 1: it to about an eight percent adoption rate and then 437 00:22:59,200 --> 00:23:01,080 Speaker 1: use something called an curve. And so if you look 438 00:23:01,119 --> 00:23:03,040 Speaker 1: at all these in a chart, which I can't show 439 00:23:03,080 --> 00:23:06,280 Speaker 1: you because you don't see it, uh, but if we 440 00:23:06,359 --> 00:23:07,840 Speaker 1: look at that, they all have this escort where they 441 00:23:07,920 --> 00:23:11,919 Speaker 1: kind of move in parallel the bottom very slow adoption cycle, 442 00:23:12,119 --> 00:23:15,720 Speaker 1: very very slow. It moves up slowly, and then there's 443 00:23:15,720 --> 00:23:17,800 Speaker 1: a point, this inflection point, where it starts to move 444 00:23:17,920 --> 00:23:21,560 Speaker 1: up and starts going up vertical pretty quickly. And then 445 00:23:21,640 --> 00:23:23,439 Speaker 1: it goes up vertical for quite a while, and then 446 00:23:23,520 --> 00:23:25,160 Speaker 1: it starts to taper off and it starts to move 447 00:23:25,200 --> 00:23:28,920 Speaker 1: to the right and moves horizontal very slowly. Again. The 448 00:23:29,000 --> 00:23:31,880 Speaker 1: way that s curve works and is reliable or lots 449 00:23:31,920 --> 00:23:35,400 Speaker 1: of different metrics is that typically the time it takes 450 00:23:35,440 --> 00:23:39,240 Speaker 1: to go from zero to ten percent adoption is the 451 00:23:39,240 --> 00:23:40,679 Speaker 1: same amount of time we would take to go from 452 00:23:40,760 --> 00:23:45,440 Speaker 1: ten percent to adoption. So the first ten percent is 453 00:23:45,520 --> 00:23:48,119 Speaker 1: very slow and the last ten percent is very slow. 454 00:23:48,520 --> 00:23:52,440 Speaker 1: The middle typically goes very fast. The reason why is 455 00:23:52,680 --> 00:23:55,520 Speaker 1: is an important number is because the time it took 456 00:23:55,560 --> 00:23:57,879 Speaker 1: to go from zero is the same time it take 457 00:23:57,960 --> 00:24:00,240 Speaker 1: to go from ten to thirty. So we're already asked 458 00:24:00,280 --> 00:24:04,480 Speaker 1: the ten percent adoption um that was reached in about 459 00:24:04,720 --> 00:24:09,920 Speaker 1: two twenty, so that means using s curve, which is 460 00:24:10,000 --> 00:24:14,080 Speaker 1: very reliable, that means that we should see bitcoin and 461 00:24:14,080 --> 00:24:18,399 Speaker 1: cryptocurrency reach an adoption by the end of the decade, 462 00:24:19,320 --> 00:24:22,040 Speaker 1: which for some people might seem like a long way away. 463 00:24:22,320 --> 00:24:24,119 Speaker 1: For some people who don't seem that far, it probably 464 00:24:24,119 --> 00:24:27,000 Speaker 1: depends on how old you are. The older you get, 465 00:24:27,040 --> 00:24:30,000 Speaker 1: the more time goes by fast and so um we 466 00:24:30,080 --> 00:24:33,360 Speaker 1: can see in countries all around the world we've well 467 00:24:33,480 --> 00:24:36,600 Speaker 1: surpassed the ten percent mark in pretty much every country, 468 00:24:37,080 --> 00:24:39,960 Speaker 1: and so we are on track to see about a 469 00:24:40,080 --> 00:24:44,800 Speaker 1: nine adoption rate by the end of the decade. That 470 00:24:44,920 --> 00:24:50,520 Speaker 1: means that this decade is going to change the world 471 00:24:50,600 --> 00:24:53,359 Speaker 1: faster than we've ever realized because it's technology that changes 472 00:24:53,400 --> 00:24:55,440 Speaker 1: the world. If you go back through thousands of years 473 00:24:55,480 --> 00:24:58,480 Speaker 1: of history, it's always one technological advancement that changes the world. 474 00:24:58,520 --> 00:25:03,720 Speaker 1: Let me give you an example. Um, for thousands of years, 475 00:25:03,800 --> 00:25:07,160 Speaker 1: people rode horses. The Roman army, which is the most powerful, 476 00:25:07,200 --> 00:25:09,800 Speaker 1: the biggest army in the world, rode horses. But they 477 00:25:09,840 --> 00:25:12,239 Speaker 1: would ride their horses to the battle. Then they'd get 478 00:25:12,280 --> 00:25:14,840 Speaker 1: off the horse and they'd fight. UM. But in the 479 00:25:14,920 --> 00:25:17,960 Speaker 1: medieval times there was a new technological advancement. It was 480 00:25:18,000 --> 00:25:20,840 Speaker 1: something known as the stirrup. The stirrup allows the rider 481 00:25:20,920 --> 00:25:23,000 Speaker 1: to get on top of the horse and more importantly 482 00:25:23,040 --> 00:25:25,480 Speaker 1: allows them to put their feet into these stirrups on 483 00:25:25,560 --> 00:25:28,400 Speaker 1: a saddle and kind of stand up on the horse 484 00:25:28,400 --> 00:25:31,639 Speaker 1: a little bit. With that new invention, it allowed a 485 00:25:31,800 --> 00:25:34,320 Speaker 1: night with full armor to get up on that horse 486 00:25:34,720 --> 00:25:36,800 Speaker 1: and now sit on that horse and have control with 487 00:25:36,880 --> 00:25:39,560 Speaker 1: his feet. And now they could fight from a horse. 488 00:25:40,440 --> 00:25:41,960 Speaker 1: It seems like they should have that a long time ago, 489 00:25:41,960 --> 00:25:43,959 Speaker 1: but they didn't, and so that changed everything. So now 490 00:25:44,119 --> 00:25:46,800 Speaker 1: one night on a horse could take out a hundred 491 00:25:46,840 --> 00:25:51,159 Speaker 1: peasants or surfs. That technological advancement changed the world. It 492 00:25:51,320 --> 00:25:54,879 Speaker 1: changed warfare as we knew it. Then in the hundreds 493 00:25:54,920 --> 00:25:57,760 Speaker 1: we had something called the gunpowder Revolution, which is guns 494 00:25:58,400 --> 00:26:01,680 Speaker 1: and now one or for one peasant with a gun 495 00:26:02,160 --> 00:26:05,440 Speaker 1: could now take out a hundred nights. And so those 496 00:26:05,480 --> 00:26:09,840 Speaker 1: technolical technological advancements change the balance of power, and then 497 00:26:09,880 --> 00:26:12,240 Speaker 1: it changed the world. And so that's what we're witnessing 498 00:26:12,320 --> 00:26:16,240 Speaker 1: today and we're on track in South Africa and most 499 00:26:16,280 --> 00:26:18,159 Speaker 1: of the world to get to there before the end 500 00:26:18,200 --> 00:26:19,920 Speaker 1: of the decade. It says, with more than six million 501 00:26:19,920 --> 00:26:22,680 Speaker 1: people in the country having cryptocurrency exposure. It's a lot 502 00:26:23,359 --> 00:26:25,959 Speaker 1: but there. But currently it's required to be recognized as 503 00:26:26,000 --> 00:26:29,000 Speaker 1: a financial there anyone who's involved in it is required 504 00:26:29,000 --> 00:26:32,520 Speaker 1: to be a financial service provider. Of course, they want 505 00:26:32,560 --> 00:26:36,600 Speaker 1: to protect against money laundering and tax evasion, of course 506 00:26:36,720 --> 00:26:39,560 Speaker 1: terrorism finance, because they're horrible things. We wouldn't want that 507 00:26:39,600 --> 00:26:43,640 Speaker 1: to happen. But they said, by all definitions, it's cryptocurrencies, 508 00:26:43,880 --> 00:26:47,080 Speaker 1: they're not a currency, it's an asset. It's something that 509 00:26:47,240 --> 00:26:51,440 Speaker 1: is tradeable, is something that is created. Those are true. 510 00:26:52,320 --> 00:26:55,760 Speaker 1: Those are true. But to try to define a brand 511 00:26:55,760 --> 00:26:58,440 Speaker 1: new technological revolution in a in a in a small 512 00:26:58,520 --> 00:27:01,359 Speaker 1: classification like that, it's too small. When when electricity was 513 00:27:01,440 --> 00:27:03,160 Speaker 1: first created, it was sort of like a digital candle, 514 00:27:03,200 --> 00:27:05,560 Speaker 1: and it was that, but it became so much more. 515 00:27:05,600 --> 00:27:07,040 Speaker 1: When the Internet first came out, it was a way 516 00:27:07,080 --> 00:27:09,560 Speaker 1: to send electronic messages. It was that it still is today, 517 00:27:09,640 --> 00:27:12,360 Speaker 1: but it became so much more. And so to say 518 00:27:12,600 --> 00:27:15,479 Speaker 1: it's only an asset, it's not a currency, it's right 519 00:27:15,560 --> 00:27:17,680 Speaker 1: and it's wrong. Yes, it's an asset, but it's so 520 00:27:18,240 --> 00:27:20,640 Speaker 1: much more. Listening to the Mark Mo Show, we're talking 521 00:27:20,640 --> 00:27:23,280 Speaker 1: about the decentralized Revolution, talking about the way the world 522 00:27:23,359 --> 00:27:29,040 Speaker 1: is changing through technology with bitcoin, cryptocurrencies, macroeconomics, geopolitics like 523 00:27:29,080 --> 00:27:30,760 Speaker 1: we're talking about today. I got a lot more to 524 00:27:30,800 --> 00:27:34,120 Speaker 1: cover when I come back in a minute. Um oh, 525 00:27:34,600 --> 00:27:35,719 Speaker 1: I don't know if I can get through it all. 526 00:27:35,960 --> 00:27:37,600 Speaker 1: Don't go away, You're not gonna want to miss what 527 00:27:37,640 --> 00:27:40,160 Speaker 1: I have to say. We're back in a minute. Don't 528 00:27:40,160 --> 00:27:43,560 Speaker 1: go away. Hello, Well, welcome back. You're listening to the 529 00:27:43,640 --> 00:27:47,040 Speaker 1: Mark Mo Show. We're talking about the decentralized Revolution. We're 530 00:27:47,040 --> 00:27:49,920 Speaker 1: talking about the way the world is changing right before 531 00:27:49,920 --> 00:27:53,920 Speaker 1: our very eyes, of course, being led by bitcoin and cryptocurrencies. 532 00:27:53,960 --> 00:27:57,159 Speaker 1: We're talking about it from a geopolitics and a macroeconomic 533 00:27:57,280 --> 00:28:00,840 Speaker 1: viewpoints you can understand exactly what's going on. And we've 534 00:28:00,960 --> 00:28:05,280 Speaker 1: covered a lot of stories today. Um, hopefully you're here listening. 535 00:28:05,480 --> 00:28:08,920 Speaker 1: If not, where are you been. If you're not driving, 536 00:28:08,960 --> 00:28:10,800 Speaker 1: pull your phone, put a reminder to join me on 537 00:28:10,920 --> 00:28:12,760 Speaker 1: this channel at this time each and every week. And 538 00:28:12,840 --> 00:28:14,879 Speaker 1: if you did miss any of it, don't worry. I 539 00:28:14,960 --> 00:28:17,960 Speaker 1: got your back. You can check me out on the podcast. 540 00:28:18,119 --> 00:28:20,520 Speaker 1: Just search Mark Moss Show or Mark Moss Podcast on 541 00:28:20,640 --> 00:28:23,800 Speaker 1: any of your favorite players iTunes or the I Heart 542 00:28:23,840 --> 00:28:27,680 Speaker 1: Radio app or whatever. You'll find me there. Oh and yeah, 543 00:28:28,240 --> 00:28:31,359 Speaker 1: if you wouldn't mind, I'd love a nice review. I 544 00:28:31,440 --> 00:28:33,879 Speaker 1: could share you some extra reviews to get my um 545 00:28:34,480 --> 00:28:37,200 Speaker 1: get a little bump up in the algorithm. Alright, So 546 00:28:37,440 --> 00:28:39,160 Speaker 1: I got a lot to cover. Are already covered a 547 00:28:39,200 --> 00:28:41,040 Speaker 1: lot hopefully. If you've missed some of that, go check 548 00:28:41,120 --> 00:28:43,360 Speaker 1: that out. But the big news this week, and the 549 00:28:43,400 --> 00:28:45,800 Speaker 1: trend that's been kind of going through all the headlines 550 00:28:46,600 --> 00:28:50,920 Speaker 1: has been that we have seen another record cp I print. 551 00:28:50,960 --> 00:28:54,160 Speaker 1: Another inflation number has reached and all time high. Now, 552 00:28:55,000 --> 00:28:56,960 Speaker 1: as I said, we haven't seen this high since forty 553 00:28:57,000 --> 00:29:00,160 Speaker 1: one years. Um. However, that's a really manipulated number and 554 00:29:00,200 --> 00:29:03,479 Speaker 1: the reality is we're higher than we've ever been, um, 555 00:29:03,920 --> 00:29:06,800 Speaker 1: and so it's causing a lot of problems in the marketplace. 556 00:29:07,000 --> 00:29:10,520 Speaker 1: And um, what exactly is going to happen? Well, right now, 557 00:29:10,760 --> 00:29:14,800 Speaker 1: stocks and risk assets, so tech stocks and bitcoin were 558 00:29:14,800 --> 00:29:17,320 Speaker 1: stumbling a little bit, although they seem to pick back up. 559 00:29:18,240 --> 00:29:20,440 Speaker 1: But this, this problem, this this is a big problem, 560 00:29:21,000 --> 00:29:22,600 Speaker 1: and it's important to understand. One of the reasons what 561 00:29:22,640 --> 00:29:25,160 Speaker 1: we talk about bitcoin and the decentralized revolution is because 562 00:29:25,640 --> 00:29:30,640 Speaker 1: nobody should be controlling the money. It's ridiculous that a 563 00:29:30,760 --> 00:29:33,760 Speaker 1: group of people at the Federal Reserve decide when they 564 00:29:33,800 --> 00:29:36,880 Speaker 1: want to increase the money supply and decrease the money 565 00:29:36,920 --> 00:29:41,360 Speaker 1: supply arbitrarily up to them. It's insanity. And if I 566 00:29:41,800 --> 00:29:43,440 Speaker 1: could show you a chart right now, show you a 567 00:29:43,560 --> 00:29:46,040 Speaker 1: chart that shows just how insane it is. Every boom 568 00:29:46,120 --> 00:29:48,760 Speaker 1: and bust we've had since the creation of the Federal 569 00:29:48,800 --> 00:29:52,719 Speaker 1: Reserve has gotten bigger and bigger and bigger. I mean, 570 00:29:52,800 --> 00:29:55,120 Speaker 1: I could just give you an example. So in two 571 00:29:55,240 --> 00:29:59,280 Speaker 1: thousand and eight they had to create seven hundred billion 572 00:29:59,560 --> 00:30:04,520 Speaker 1: dollar is to plug the hole in March. It was 573 00:30:04,920 --> 00:30:09,560 Speaker 1: um not seven billion, it was about seven trillion. Wow, 574 00:30:10,120 --> 00:30:15,240 Speaker 1: it's a big difference. The next one could take twenty trillion, 575 00:30:16,320 --> 00:30:18,480 Speaker 1: so you can start to see the magnitude of these. 576 00:30:18,880 --> 00:30:21,280 Speaker 1: Now some of the things, Uh, I'd like to say 577 00:30:21,320 --> 00:30:23,320 Speaker 1: that inflation, it's not. I don't want to say that. 578 00:30:23,480 --> 00:30:26,680 Speaker 1: The definition of inflation, per the Austrian economist view is 579 00:30:26,760 --> 00:30:29,719 Speaker 1: that inflation is the increase in the money supply. Prices 580 00:30:29,760 --> 00:30:31,680 Speaker 1: going up are the results of that, and we're seeing 581 00:30:31,760 --> 00:30:34,760 Speaker 1: some signs of that all over the place. One of 582 00:30:34,840 --> 00:30:37,680 Speaker 1: the reasons why inflation is so high is because rents 583 00:30:37,880 --> 00:30:41,720 Speaker 1: in the US are rising at their fastest pace since 584 00:30:42,840 --> 00:30:46,000 Speaker 1: six more More says more so the more supply and 585 00:30:46,120 --> 00:30:50,160 Speaker 1: signs of a peak could ease the market. Well, that's 586 00:30:50,160 --> 00:30:52,640 Speaker 1: what this is. I don't agree. It says the gap 587 00:30:52,720 --> 00:30:57,200 Speaker 1: between wage growth and rent increases is narrowing. So for 588 00:30:57,360 --> 00:30:59,240 Speaker 1: this article I read this week, it says rents rose 589 00:30:59,320 --> 00:31:01,720 Speaker 1: in the US last month at the fastest pace since, 590 00:31:03,000 --> 00:31:06,800 Speaker 1: helping to propel overall inflation to a fresh four decade high. Now, 591 00:31:06,920 --> 00:31:10,800 Speaker 1: first of all, this is greatly misunderstated in the CPI 592 00:31:11,000 --> 00:31:14,480 Speaker 1: numbers Like insane um and the next measuring rent of 593 00:31:14,520 --> 00:31:17,880 Speaker 1: a primary residence was zero point eight percent higher in 594 00:31:18,000 --> 00:31:21,640 Speaker 1: June than the month before. An acceleration from the zero 595 00:31:21,720 --> 00:31:24,760 Speaker 1: point six percent increase recorded in May. So, first of all, 596 00:31:25,280 --> 00:31:28,280 Speaker 1: what this is saying is that rents are still going up, 597 00:31:28,840 --> 00:31:32,040 Speaker 1: just at a little bit of a slower number. According 598 00:31:32,080 --> 00:31:35,040 Speaker 1: to the Labor Departments of report on Consumer Prices published Wednesday, 599 00:31:35,280 --> 00:31:38,280 Speaker 1: in the twelve months through June, rents were up five 600 00:31:38,480 --> 00:31:41,720 Speaker 1: point eight percent. Now that's insane. I don't know where 601 00:31:41,760 --> 00:31:44,800 Speaker 1: they get that number from. UM, well I do they 602 00:31:45,280 --> 00:31:48,040 Speaker 1: They got it from the Labor Department. I don't know 603 00:31:48,080 --> 00:31:50,040 Speaker 1: why they're getting that from the labor Department. I would 604 00:31:50,040 --> 00:31:52,440 Speaker 1: think there's be way better places to get that from. 605 00:31:52,840 --> 00:31:54,800 Speaker 1: So it says according to the Labor Department's Report on 606 00:31:54,840 --> 00:31:58,120 Speaker 1: Consumer Prices published Wednesday, in the twelve months through June, 607 00:31:58,440 --> 00:32:01,240 Speaker 1: rents were up. Now, if I go on to rent 608 00:32:01,480 --> 00:32:05,760 Speaker 1: dot com, UM as of June fifteenth, the report was 609 00:32:05,880 --> 00:32:08,720 Speaker 1: last update, says that a monthly look at the average 610 00:32:08,760 --> 00:32:11,440 Speaker 1: rent price trends across the United States. It says that 611 00:32:11,680 --> 00:32:18,600 Speaker 1: year over year, a a two bedroom apartment went up 612 00:32:18,720 --> 00:32:24,880 Speaker 1: by twenty six point eight percent, so about a year 613 00:32:24,960 --> 00:32:29,840 Speaker 1: over year. So how did the labor mark the UM? 614 00:32:30,640 --> 00:32:33,880 Speaker 1: How did the Labor departments report show five point eight 615 00:32:33,960 --> 00:32:37,120 Speaker 1: percent it's a big discrepancy, isn't it. We should probably 616 00:32:37,120 --> 00:32:39,440 Speaker 1: get to the bottom of that. I would think it's 617 00:32:39,480 --> 00:32:42,120 Speaker 1: a pretty big difference. Now, Um, part of the thing 618 00:32:42,320 --> 00:32:44,640 Speaker 1: is that there is no such thing as the real 619 00:32:44,800 --> 00:32:46,680 Speaker 1: estate market. I make this case all the time. There's 620 00:32:46,720 --> 00:32:49,600 Speaker 1: thousands of markets broken up by size, type, everything, And 621 00:32:49,760 --> 00:32:54,680 Speaker 1: we can see that, for example, in the state of California, 622 00:32:55,080 --> 00:32:59,160 Speaker 1: rents went up by on average for the whole state, 623 00:33:00,720 --> 00:33:03,959 Speaker 1: But in Oregon they went up by forty five percent. 624 00:33:04,200 --> 00:33:09,880 Speaker 1: So two in California, fort in Oregon. Now, if I 625 00:33:09,960 --> 00:33:12,520 Speaker 1: go to month, if I go to let's see Nevada, 626 00:33:12,920 --> 00:33:16,720 Speaker 1: they only went up by five percent. These are rents, Okay, 627 00:33:16,800 --> 00:33:19,720 Speaker 1: this is per rent dot com. So okay, Nevada did 628 00:33:19,800 --> 00:33:21,480 Speaker 1: go by five percent. So if I go back to 629 00:33:21,560 --> 00:33:25,360 Speaker 1: this report here, it says that the Labor Department's report says, okay, 630 00:33:25,400 --> 00:33:29,920 Speaker 1: so for Nevada, that's correct. I can see, uh, Nebraska's 631 00:33:29,960 --> 00:33:33,800 Speaker 1: three point six that's pretty good, Okay, Minnesota's five percent, 632 00:33:34,160 --> 00:33:38,720 Speaker 1: Wisconsin six percent. But everywhere else, I mean, Ohio is 633 00:33:38,800 --> 00:33:45,440 Speaker 1: thirty five percent, Pennsylvania's North Carolina's South Carolina's thirty five, 634 00:33:45,560 --> 00:33:50,000 Speaker 1: Florida's forty two Louisiana's thirty eight, Arkansas is thirty five, 635 00:33:50,120 --> 00:33:55,520 Speaker 1: Texas is thirty Uh oh, New Mexico went down, so um, 636 00:33:55,840 --> 00:34:01,040 Speaker 1: it's certainly not an average. The average is twenty seven percent, 637 00:34:01,680 --> 00:34:04,280 Speaker 1: not five percent, so you can see how grossly misunderstated 638 00:34:04,360 --> 00:34:07,560 Speaker 1: this is. The Other thing to keep in mind is 639 00:34:07,640 --> 00:34:11,520 Speaker 1: that rents are a very long lagging indicator because most 640 00:34:11,560 --> 00:34:13,520 Speaker 1: people have a one year lease, some people have two 641 00:34:13,600 --> 00:34:16,680 Speaker 1: or three, and so those rents don't get marked up 642 00:34:16,719 --> 00:34:22,160 Speaker 1: again until that lease ends, So um, we might not 643 00:34:22,360 --> 00:34:25,680 Speaker 1: see the increase of these things for quite some time. 644 00:34:25,920 --> 00:34:28,759 Speaker 1: So it's a it's definitely the wrong major metric to 645 00:34:28,800 --> 00:34:32,160 Speaker 1: look at. He says. The Labor Department measures tends to 646 00:34:32,360 --> 00:34:35,160 Speaker 1: lag behind other estimates, so it's likely that rent increases 647 00:34:35,200 --> 00:34:37,239 Speaker 1: will contribute to rise and inflation in the Consumer Price 648 00:34:37,360 --> 00:34:40,560 Speaker 1: Index through the rest of this year. Now there's a 649 00:34:40,640 --> 00:34:46,160 Speaker 1: big deal because the rent or the owner's equivalent of rent, 650 00:34:46,880 --> 00:34:52,400 Speaker 1: is about I think thirty percent of the CPI basket measurement. 651 00:34:52,520 --> 00:34:55,080 Speaker 1: So if they say it's five percent, but the real 652 00:34:55,200 --> 00:34:58,560 Speaker 1: number is twenty eight percent and it makes up a 653 00:34:58,680 --> 00:35:02,840 Speaker 1: majority of that back skit, then CBI is way higher 654 00:35:03,000 --> 00:35:08,120 Speaker 1: than the nine point one at they're stating we're probably oh, no, 655 00:35:08,440 --> 00:35:11,000 Speaker 1: eleven twelve percent. I should probably do the math on that. 656 00:35:11,800 --> 00:35:13,319 Speaker 1: UM Now, it says the good news is that market 657 00:35:13,400 --> 00:35:16,560 Speaker 1: rents appeared to be topping out. UM. Yeah, right, I 658 00:35:16,600 --> 00:35:19,680 Speaker 1: don't know where. UM now. Again, as I said, these 659 00:35:19,719 --> 00:35:22,120 Speaker 1: are averages, so there are places that went down. As 660 00:35:22,120 --> 00:35:26,080 Speaker 1: a matter of fact, we can see here that UM Austin, 661 00:35:26,160 --> 00:35:28,640 Speaker 1: Texas went up by a hundred and twenty one percent. 662 00:35:28,760 --> 00:35:32,359 Speaker 1: Long Beach, California, went up by six. Tacoma, Washington went 663 00:35:32,400 --> 00:35:35,120 Speaker 1: up by fifty percent. New Jersey, Jersey City went up 664 00:35:35,120 --> 00:35:39,560 Speaker 1: by forty percent. New York, New York, New York went up. Okay, 665 00:35:39,880 --> 00:35:42,160 Speaker 1: but some places went down. So Cleveland, Ohio went down, 666 00:35:43,280 --> 00:35:48,680 Speaker 1: Pittsburgh went down by six, Indianapolis went down by Las Vegas, 667 00:35:48,719 --> 00:35:51,120 Speaker 1: Nevada went down by fourteen percent. So some areas did 668 00:35:51,239 --> 00:35:55,400 Speaker 1: go down while some went up. UM. So you know, 669 00:35:55,560 --> 00:35:59,719 Speaker 1: wherever they're getting their data, it's uh, it's obviously completely wrong. 670 00:36:00,200 --> 00:36:01,800 Speaker 1: And it's not just rents that are the problem. We 671 00:36:01,880 --> 00:36:05,719 Speaker 1: see gasoline prices remain high, nearly higher than the same 672 00:36:05,760 --> 00:36:09,040 Speaker 1: time last year, and it says that it's cutting off 673 00:36:09,120 --> 00:36:13,080 Speaker 1: people's summer leisurely driving. As a matter of fact, they 674 00:36:13,120 --> 00:36:16,239 Speaker 1: say it's keeping more drivers off the road than the 675 00:36:16,440 --> 00:36:20,839 Speaker 1: COVID nineteen pandemic did at the same time two years ago. 676 00:36:21,440 --> 00:36:25,520 Speaker 1: So the FED wants to destroy demand and it looks 677 00:36:25,560 --> 00:36:28,800 Speaker 1: like it's working. People are so broke or feel so 678 00:36:29,000 --> 00:36:32,680 Speaker 1: broke today that they're driving less than they did two 679 00:36:32,800 --> 00:36:36,080 Speaker 1: years ago when they weren't allowed to drive on the roads. 680 00:36:36,760 --> 00:36:40,160 Speaker 1: It's pretty bad. And on top of all that, you're 681 00:36:40,160 --> 00:36:42,520 Speaker 1: being completely lied to about the seat right number because 682 00:36:42,560 --> 00:36:45,839 Speaker 1: the rents are not five percent, they are twenty eight 683 00:36:45,920 --> 00:36:50,320 Speaker 1: percent on average for a two bedroom nationwide. What do 684 00:36:50,360 --> 00:36:52,400 Speaker 1: you think about that? I'd love to hear from you. 685 00:36:52,520 --> 00:36:54,399 Speaker 1: Hit me up on social media at number one. Mark 686 00:36:54,480 --> 00:36:57,080 Speaker 1: moss at one Mark moss Um. If you're listening to 687 00:36:57,120 --> 00:36:59,040 Speaker 1: the Market Mos Show, of course we're talking about the 688 00:36:59,120 --> 00:37:04,719 Speaker 1: decentralized Lucien talking about bitcoin, cryptocurrencies, talking about macroeconomics and geopolitics, 689 00:37:05,040 --> 00:37:07,640 Speaker 1: so you can have more understanding of the world as 690 00:37:07,680 --> 00:37:09,439 Speaker 1: we go through it. That's what I got for you today. 691 00:37:09,480 --> 00:37:10,040 Speaker 1: Thanks for listening.