1 00:00:00,240 --> 00:00:02,680 Speaker 1: Hello, Welcome back to another episode of the Mark Mass Show, 2 00:00:02,720 --> 00:00:06,760 Speaker 1: where we're always talking about the decentralized revolution, explaining to 3 00:00:06,840 --> 00:00:09,560 Speaker 1: you and the play by play of what the heck 4 00:00:09,600 --> 00:00:12,440 Speaker 1: is going on in this crazy world as it literally 5 00:00:12,480 --> 00:00:15,360 Speaker 1: breaks apart from a world of centralization and central planning 6 00:00:15,400 --> 00:00:18,840 Speaker 1: into decentralization. And so what we're witnessing is the growing pains. 7 00:00:18,880 --> 00:00:20,840 Speaker 1: We look at it through the lens of politics, finance, 8 00:00:20,920 --> 00:00:24,239 Speaker 1: and technology, so you can get a better context to 9 00:00:24,280 --> 00:00:25,680 Speaker 1: what's going on. If you look at only just one 10 00:00:25,720 --> 00:00:27,479 Speaker 1: of those on its own, you don't really understand, but 11 00:00:27,520 --> 00:00:29,440 Speaker 1: the three of them together give you the picture. Of course, 12 00:00:29,480 --> 00:00:33,080 Speaker 1: the technology that's really driving and changing the world is bitcoin, 13 00:00:33,440 --> 00:00:37,159 Speaker 1: the decentralized technology that's changing the money supply, because when 14 00:00:37,200 --> 00:00:39,760 Speaker 1: you change the money, you change the world. Now, I 15 00:00:39,880 --> 00:00:41,440 Speaker 1: like to run through some of the latest breaking news 16 00:00:41,479 --> 00:00:44,240 Speaker 1: headlines so you can keep up and see what's going on. 17 00:00:44,440 --> 00:00:45,479 Speaker 1: A lot of times people are like, Mark, what are 18 00:00:45,479 --> 00:00:48,400 Speaker 1: you talking about? You don't make any sense. We're still 19 00:00:48,400 --> 00:00:53,279 Speaker 1: at peak centralization, we're not decentralizing. Well, if you're zoomed in, 20 00:00:53,520 --> 00:00:55,320 Speaker 1: you're missing it. And so that's why we break down 21 00:00:55,320 --> 00:00:57,680 Speaker 1: some of the stuff and so you know, a lot 22 00:00:57,760 --> 00:00:59,440 Speaker 1: goes on on a weekly basis. I do my best 23 00:00:59,480 --> 00:01:00,600 Speaker 1: to bring it to you. And one of the things 24 00:01:00,640 --> 00:01:02,120 Speaker 1: I like to look at is what's just going on 25 00:01:02,120 --> 00:01:04,160 Speaker 1: in the economy right what's going on in the money. 26 00:01:04,160 --> 00:01:07,400 Speaker 1: And we can see that there's some new numbers that 27 00:01:07,480 --> 00:01:10,240 Speaker 1: we hit this last week that aren't very good. These 28 00:01:10,240 --> 00:01:12,880 Speaker 1: aren't the numbers that you want to hit. And I 29 00:01:12,920 --> 00:01:16,959 Speaker 1: am talking about the poor American consumers who have hit 30 00:01:17,040 --> 00:01:21,920 Speaker 1: a new record in credit card debt. Now that's not 31 00:01:22,040 --> 00:01:23,520 Speaker 1: a record that you want to hit. We saw during 32 00:01:23,560 --> 00:01:25,520 Speaker 1: the second quarter that credit card balance is shot up 33 00:01:25,560 --> 00:01:31,840 Speaker 1: by forty five billion, or about almost five percent, which 34 00:01:31,880 --> 00:01:36,400 Speaker 1: are now over one trillion dollars of consumer debt. Now, 35 00:01:37,040 --> 00:01:40,839 Speaker 1: there is a couple different types of debt. My mentor 36 00:01:40,880 --> 00:01:46,080 Speaker 1: Robert Kiyosaki talks about good debt versus bad debt. Consumer 37 00:01:46,160 --> 00:01:48,640 Speaker 1: credit card debt is what we call bad debt, and 38 00:01:48,680 --> 00:01:50,240 Speaker 1: I'm going to break that down and explain to you 39 00:01:50,560 --> 00:01:53,000 Speaker 1: why that is. But what we see in is that 40 00:01:53,280 --> 00:01:56,200 Speaker 1: it's driving the overall household debt levels up. So there's 41 00:01:56,240 --> 00:01:58,960 Speaker 1: lots of things that households have debt over cars, houses. 42 00:01:58,640 --> 00:01:59,080 Speaker 2: Et cetera. 43 00:01:59,320 --> 00:02:01,520 Speaker 1: But it's pushing the debt levels up by one percent 44 00:02:01,640 --> 00:02:06,520 Speaker 1: or now over seventeen trillion dollars in debt, and that 45 00:02:06,560 --> 00:02:08,560 Speaker 1: debt is like putting on a backpack full of rocks 46 00:02:08,600 --> 00:02:10,520 Speaker 1: and trying to run up a hill. The more rocks 47 00:02:10,560 --> 00:02:12,520 Speaker 1: you put in that backpack, the harder it's going to 48 00:02:12,520 --> 00:02:14,920 Speaker 1: be to run up that hill, which means the harder 49 00:02:14,919 --> 00:02:16,880 Speaker 1: it's going to be for you to get ahead. You're 50 00:02:16,880 --> 00:02:19,600 Speaker 1: now making payments to your credit cards or whatever debt 51 00:02:19,600 --> 00:02:22,440 Speaker 1: you have the interest that's burning up your capital instead 52 00:02:22,480 --> 00:02:25,520 Speaker 1: of that capital going into investments that would be growing. 53 00:02:25,720 --> 00:02:27,720 Speaker 1: So now you're basically taking your money and lighting it 54 00:02:27,760 --> 00:02:31,040 Speaker 1: on fire pH with interest, as opposed to putting your 55 00:02:31,040 --> 00:02:31,480 Speaker 1: money in a. 56 00:02:31,440 --> 00:02:32,760 Speaker 2: Garden and letting it grow. 57 00:02:33,080 --> 00:02:35,799 Speaker 1: We've seen credit card balances have risen now for five 58 00:02:36,200 --> 00:02:37,639 Speaker 1: consecutive quarters. 59 00:02:37,639 --> 00:02:39,680 Speaker 2: This is a trend. So we're always trying to figure 60 00:02:39,680 --> 00:02:41,000 Speaker 2: out is what is the direction? 61 00:02:41,160 --> 00:02:43,080 Speaker 1: Where are we going? And you can see here this 62 00:02:43,120 --> 00:02:46,200 Speaker 1: is a big trend. We're seeing savings rates plummeting, so 63 00:02:46,320 --> 00:02:48,080 Speaker 1: consumers savings, the amount of money they have in the 64 00:02:48,080 --> 00:02:52,040 Speaker 1: bank is going down while the amount of debt is going. 65 00:02:51,760 --> 00:02:52,280 Speaker 2: Through the roof. 66 00:02:52,440 --> 00:02:54,320 Speaker 1: That is not the right combo it's not what you 67 00:02:54,320 --> 00:02:58,000 Speaker 1: want to see. We can see that new delinquencies continue 68 00:02:58,040 --> 00:03:00,000 Speaker 1: to climb from their recent history. 69 00:03:00,000 --> 00:03:00,840 Speaker 2: Stor lows. 70 00:03:00,960 --> 00:03:03,200 Speaker 1: Nobody was defaulting on the debt. The debt was low, 71 00:03:03,360 --> 00:03:06,120 Speaker 1: income was good. But now the job markets are softening. 72 00:03:06,160 --> 00:03:09,160 Speaker 1: Massive layoffs, especially you know, more specifically in the tech sector, 73 00:03:09,160 --> 00:03:12,080 Speaker 1: we've seen and now we're starting to see delinquency starting 74 00:03:12,120 --> 00:03:14,600 Speaker 1: to climb up. We saw a Bank of America reporter 75 00:03:14,680 --> 00:03:18,359 Speaker 1: that more people are now tapping into their savings and 76 00:03:18,560 --> 00:03:23,640 Speaker 1: more specifically their four to one K retirement accounts because 77 00:03:23,639 --> 00:03:27,079 Speaker 1: of financial distress. That's not a problem. That's not a 78 00:03:27,080 --> 00:03:30,920 Speaker 1: good problem. It's one thing if you dipped into your savings, 79 00:03:30,919 --> 00:03:32,960 Speaker 1: which I would highly recommend not to do. But when 80 00:03:32,960 --> 00:03:37,280 Speaker 1: you're dipping into your retirement accounts and you're paying, most 81 00:03:37,320 --> 00:03:40,400 Speaker 1: likely paying like early withdrawal penalties and fines to get 82 00:03:40,440 --> 00:03:43,480 Speaker 1: that money, that is not a good problem. It says 83 00:03:43,480 --> 00:03:45,720 Speaker 1: the number of people who made a hardship withdraw during 84 00:03:45,720 --> 00:03:48,400 Speaker 1: the second quarter so you can qualify for like an 85 00:03:48,440 --> 00:03:51,360 Speaker 1: exemption with a hardship withdraw during the second quarter surge 86 00:03:51,760 --> 00:03:54,320 Speaker 1: from the first three months of the year at fifteen 87 00:03:54,720 --> 00:03:57,400 Speaker 1: nine hundred, about sixteen thousand which is an increase of 88 00:03:57,480 --> 00:03:59,520 Speaker 1: thirty six percent from the second. 89 00:03:59,320 --> 00:04:01,040 Speaker 2: Quarter of two last year. 90 00:04:01,120 --> 00:04:02,960 Speaker 1: So, like I said, this is not a good trend, 91 00:04:03,280 --> 00:04:05,520 Speaker 1: but this is where we're trending. Now, what does this 92 00:04:05,680 --> 00:04:09,520 Speaker 1: mean for us, Well, it means that the consumers are 93 00:04:09,560 --> 00:04:13,040 Speaker 1: getting weak. They're running out of money, their savings is plunging, 94 00:04:13,080 --> 00:04:15,200 Speaker 1: and the amount of debt that is that they're consuming 95 00:04:15,240 --> 00:04:16,560 Speaker 1: is going up. Now what does that mean for the 96 00:04:16,560 --> 00:04:18,800 Speaker 1: overall economy, Well, it means that, like I said, the 97 00:04:18,800 --> 00:04:21,320 Speaker 1: overall consumer is weak. And so if you sell consumer 98 00:04:21,360 --> 00:04:24,919 Speaker 1: goods product services, maybe your consumers maybe don't have that 99 00:04:25,000 --> 00:04:26,920 Speaker 1: much money moving forward. So it's definitely something to pay 100 00:04:26,920 --> 00:04:29,480 Speaker 1: attention to. Like I said, it's sort of like running 101 00:04:29,520 --> 00:04:31,240 Speaker 1: up a hill with rocks on your back, and the 102 00:04:31,240 --> 00:04:33,200 Speaker 1: more rocks you put, the harder is to run up 103 00:04:33,200 --> 00:04:35,600 Speaker 1: that hill. And you need to understand, like I said, 104 00:04:35,640 --> 00:04:37,240 Speaker 1: the difference of good debt and bad debt. So, like 105 00:04:37,240 --> 00:04:39,400 Speaker 1: I said, this is taught to me by my mentor, 106 00:04:39,480 --> 00:04:44,520 Speaker 1: Robert Kyosaki. Good debt is debt that allows me to 107 00:04:44,600 --> 00:04:46,840 Speaker 1: continue to grow. That's money I plant in my garden. 108 00:04:47,080 --> 00:04:50,919 Speaker 1: You know, the difference of the rich versus poor. I 109 00:04:50,920 --> 00:04:52,360 Speaker 1: don't even like to use the word rich. You can 110 00:04:52,400 --> 00:04:55,120 Speaker 1: be rich and poor. So in California, you make a 111 00:04:55,160 --> 00:04:57,080 Speaker 1: million dollars a year, half that goes to taxes, You 112 00:04:57,080 --> 00:05:00,080 Speaker 1: have five hundred thousand left you pay, you know, one 113 00:05:00,120 --> 00:05:03,119 Speaker 1: point five million dollar house. You have two new cars 114 00:05:03,160 --> 00:05:05,239 Speaker 1: and two kids go to private school. Like you're broke. 115 00:05:05,839 --> 00:05:07,680 Speaker 1: You make a million dollars a year. You're technically rich, 116 00:05:07,760 --> 00:05:09,960 Speaker 1: but you're broke, right, so you barely pay your bills. 117 00:05:11,360 --> 00:05:13,240 Speaker 1: I like to think about wealth and so the difference 118 00:05:13,240 --> 00:05:16,200 Speaker 1: of the poor and the wealthy wealthy have assets that grow. 119 00:05:16,839 --> 00:05:19,800 Speaker 1: Is that the poor and even just the rich, they 120 00:05:19,839 --> 00:05:23,119 Speaker 1: buy assets that they buy things that continue to cost 121 00:05:23,160 --> 00:05:25,320 Speaker 1: them more money. I go buy a brand new g 122 00:05:25,440 --> 00:05:28,320 Speaker 1: wagon for two hundred grand, and that g wagon continues 123 00:05:28,360 --> 00:05:31,280 Speaker 1: to cost me more money. I go buy this brand 124 00:05:31,279 --> 00:05:35,840 Speaker 1: new house, and the house continues to cost me more money. 125 00:05:36,279 --> 00:05:38,320 Speaker 1: What the wealthy do is they put their money into 126 00:05:38,360 --> 00:05:43,360 Speaker 1: things that grow their money, not lose them money. It's 127 00:05:43,400 --> 00:05:47,000 Speaker 1: the difference of spending money or investing money. And so 128 00:05:47,120 --> 00:05:50,240 Speaker 1: with debt, we can also use debt the same way. Unfortunately, 129 00:05:50,440 --> 00:05:54,640 Speaker 1: Americans have now surpassed a trillion dollars of consumer credit 130 00:05:54,680 --> 00:05:56,760 Speaker 1: card debt, so that probably means they went on shopping 131 00:05:56,800 --> 00:05:59,560 Speaker 1: sprees and bought clothes, maybe they bought cars, maybe they 132 00:05:59,600 --> 00:06:01,520 Speaker 1: went out to dinners, they bought vacations. 133 00:06:02,279 --> 00:06:03,760 Speaker 2: All of that money is gone. 134 00:06:03,880 --> 00:06:06,919 Speaker 1: That costs them money and will probably end up costing 135 00:06:06,960 --> 00:06:07,599 Speaker 1: them more money. 136 00:06:08,000 --> 00:06:09,080 Speaker 2: That's bad debt. 137 00:06:09,720 --> 00:06:12,039 Speaker 1: Good debt would be I would use that debt to 138 00:06:12,040 --> 00:06:14,520 Speaker 1: make me more money. So for example, I have a 139 00:06:14,520 --> 00:06:17,640 Speaker 1: business and I have trucks that go out in paint houses. 140 00:06:17,960 --> 00:06:20,880 Speaker 1: If I use debt to buy a new truck, now 141 00:06:20,920 --> 00:06:23,160 Speaker 1: I have one new crew that can go paint houses. 142 00:06:23,440 --> 00:06:25,720 Speaker 1: That debt I took on, being good debt is now 143 00:06:25,760 --> 00:06:27,560 Speaker 1: making me more money than it costs me. 144 00:06:28,120 --> 00:06:29,839 Speaker 2: I pay, you know, whatever the rate is. 145 00:06:29,880 --> 00:06:33,080 Speaker 1: I borrowed at six seven, eight percent, but it makes 146 00:06:33,120 --> 00:06:35,560 Speaker 1: me fifty percent a year by sending the crew out 147 00:06:35,640 --> 00:06:37,239 Speaker 1: to get you know, to do more jobs. 148 00:06:37,520 --> 00:06:38,440 Speaker 2: So that would be good debt. 149 00:06:38,520 --> 00:06:41,400 Speaker 1: It costs me eight percent, I make twenty five percent. 150 00:06:41,760 --> 00:06:43,719 Speaker 1: Another example, I talked to a buddy just this last 151 00:06:43,720 --> 00:06:46,120 Speaker 1: week and he said, hey, I want I need to 152 00:06:46,120 --> 00:06:48,120 Speaker 1: sell some of my bitcoin to fund this business. We're 153 00:06:48,120 --> 00:06:49,800 Speaker 1: about to do this big money raise, but I need 154 00:06:49,800 --> 00:06:52,239 Speaker 1: to kind of bridge this gap for me. It's probably 155 00:06:52,240 --> 00:06:54,640 Speaker 1: gonna take me six to six to twelve months. So 156 00:06:54,640 --> 00:06:56,560 Speaker 1: I want to sell my bitcoin. But I said, do 157 00:06:56,640 --> 00:06:58,640 Speaker 1: you really want to sell your bitcoin? Like I think 158 00:06:58,680 --> 00:07:00,880 Speaker 1: bitcoin's at this point where or like we could probably 159 00:07:00,880 --> 00:07:02,400 Speaker 1: see it go up in value by quite a bit 160 00:07:02,400 --> 00:07:04,880 Speaker 1: here in the next year. And if you sell your bitcoin, 161 00:07:04,920 --> 00:07:06,960 Speaker 1: let's say you need fifty thousand, you're gonna have to 162 00:07:06,960 --> 00:07:09,680 Speaker 1: sell one hundred thousand of the bitcoin because after taxes, 163 00:07:09,720 --> 00:07:12,280 Speaker 1: you up with fifty So now you have no bitcoin 164 00:07:12,400 --> 00:07:14,400 Speaker 1: and half of it went to the government for taxes. 165 00:07:14,600 --> 00:07:16,440 Speaker 1: And yes, you can fund your business and you make money, 166 00:07:16,440 --> 00:07:19,680 Speaker 1: that's great. What if you just borrowed the fifty thousand 167 00:07:20,120 --> 00:07:22,840 Speaker 1: against the bitcoin that you had. Now that's not a 168 00:07:22,880 --> 00:07:27,559 Speaker 1: taxable event because it's debt, right, And two, I still 169 00:07:27,600 --> 00:07:30,560 Speaker 1: have the bitcoin that can go up in value. Now 170 00:07:30,600 --> 00:07:36,040 Speaker 1: I'm paying ten percent interest on that debt. But you 171 00:07:36,080 --> 00:07:37,920 Speaker 1: think that your business is going to get this funding 172 00:07:38,000 --> 00:07:40,880 Speaker 1: that's going to make you one thousand percent return. I 173 00:07:40,960 --> 00:07:43,440 Speaker 1: will gladly pay ten percent to make one thousand percent. 174 00:07:43,560 --> 00:07:45,680 Speaker 1: I think most of you would as well. So that's 175 00:07:45,720 --> 00:07:48,200 Speaker 1: the way you need to think about debt that's productive 176 00:07:48,360 --> 00:07:53,520 Speaker 1: versus debt that's non productive. Going forward, again, like looking 177 00:07:53,560 --> 00:07:55,600 Speaker 1: at the consumer understanding where the market is going, we 178 00:07:55,640 --> 00:07:57,480 Speaker 1: also have to understand where prices are going. 179 00:07:57,880 --> 00:07:58,040 Speaker 2: Now. 180 00:07:58,080 --> 00:08:00,400 Speaker 1: Part of the reason why consumers are to take on 181 00:08:00,440 --> 00:08:02,680 Speaker 1: more debt, it's because things continue to get more expensive, 182 00:08:02,760 --> 00:08:04,480 Speaker 1: and we saw that just happen again. We saw the 183 00:08:04,520 --> 00:08:07,400 Speaker 1: latest CPI reading come out last month it had gone 184 00:08:07,480 --> 00:08:10,400 Speaker 1: down to three percent, and this month it went back 185 00:08:10,480 --> 00:08:14,000 Speaker 1: up a little bit to three point two percent, which 186 00:08:14,240 --> 00:08:16,920 Speaker 1: sounds pretty good compared to, you know, the eight percent 187 00:08:16,960 --> 00:08:18,880 Speaker 1: that we had had before. But you have to keep 188 00:08:18,920 --> 00:08:21,440 Speaker 1: in mind that this didn't erase the eight percent we 189 00:08:21,480 --> 00:08:24,520 Speaker 1: had before. This is three point two percent on top 190 00:08:24,640 --> 00:08:26,880 Speaker 1: of the eight percent. So when you say it's only 191 00:08:26,880 --> 00:08:29,160 Speaker 1: three percent, then why are houses up fifty percent? Why 192 00:08:29,240 --> 00:08:31,960 Speaker 1: is gas of fifty percent? It's because those prices don't 193 00:08:31,960 --> 00:08:34,680 Speaker 1: come back down. We're starting to see, like I said, 194 00:08:34,679 --> 00:08:37,240 Speaker 1: inflation going back up, and when you look at the 195 00:08:37,280 --> 00:08:41,000 Speaker 1: basket you can see why. It's because the big losers 196 00:08:41,160 --> 00:08:45,080 Speaker 1: have been the energy sector, mostly oil, gas, things like that. 197 00:08:45,400 --> 00:08:47,959 Speaker 1: But they are starting to tick back up again. 198 00:08:48,240 --> 00:08:48,400 Speaker 2: Now. 199 00:08:48,440 --> 00:08:51,160 Speaker 1: I've been on record many times saying that I believe that, yes, 200 00:08:51,240 --> 00:08:54,640 Speaker 1: wall inflation is coming down. Disinflation, I believe this is 201 00:08:54,679 --> 00:08:56,520 Speaker 1: going to be still some of the lowest inflation we'll 202 00:08:56,520 --> 00:08:58,920 Speaker 1: see for the rest of the decade. So you pair 203 00:08:59,280 --> 00:09:03,120 Speaker 1: prices going back more higher inflation. You add in the 204 00:09:03,120 --> 00:09:08,160 Speaker 1: weakening consumer, plunging saving rates, increasing the consumer debt, and 205 00:09:08,280 --> 00:09:10,960 Speaker 1: it's a pretty bad recipe. It's a pretty bad, pretty 206 00:09:11,000 --> 00:09:13,160 Speaker 1: bad recipe to be in. If you just tune in, 207 00:09:13,360 --> 00:09:15,640 Speaker 1: you're listening to the Mark Mass Show. I got a 208 00:09:15,640 --> 00:09:17,000 Speaker 1: lot more to cover when I come back. I'm going 209 00:09:17,080 --> 00:09:20,640 Speaker 1: to talk about something that Goldman Sachs said about bitcoin. 210 00:09:20,640 --> 00:09:23,040 Speaker 1: You're not gonna believe it. What PayPal is doing, what's 211 00:09:23,080 --> 00:09:24,800 Speaker 1: going on with the banks, and so much more. 212 00:09:24,840 --> 00:09:27,600 Speaker 2: Don't go away, I'll bear back, all right, Welcome back. 213 00:09:27,600 --> 00:09:29,040 Speaker 1: If you're just tune in, you're listening to the Mark 214 00:09:29,040 --> 00:09:31,720 Speaker 1: Mass Show. Of course, we're talking about the latest breaking 215 00:09:31,720 --> 00:09:35,360 Speaker 1: news headlines that demonstrate show us the signposts as we 216 00:09:35,400 --> 00:09:38,600 Speaker 1: move through this decentralized revolution. You know, we're talking about 217 00:09:38,640 --> 00:09:42,520 Speaker 1: the consumer and the economy before. But like I said, 218 00:09:42,559 --> 00:09:45,680 Speaker 1: we have gold that's been one of our best performing assets, 219 00:09:45,720 --> 00:09:47,560 Speaker 1: or I should say best store of value for thousands 220 00:09:47,559 --> 00:09:50,520 Speaker 1: of years. But bitcoin is definitely on its path to 221 00:09:50,800 --> 00:09:53,599 Speaker 1: overtake that thrown we know. JP Morgan and Citybank have 222 00:09:53,679 --> 00:09:57,040 Speaker 1: both put out guidance saying they believe bitcoin will overtake gold. 223 00:09:57,200 --> 00:09:58,240 Speaker 2: Now I get it. 224 00:09:58,280 --> 00:10:01,280 Speaker 1: If you're an old gold bug, you don't trust something 225 00:10:01,320 --> 00:10:02,959 Speaker 1: that's not tangible, you don't put in your hand. 226 00:10:03,400 --> 00:10:04,160 Speaker 2: But that changes. 227 00:10:04,640 --> 00:10:06,480 Speaker 1: I mean, think about all the things that are digital 228 00:10:06,480 --> 00:10:09,719 Speaker 1: today that you trust. But when you have a new technology, 229 00:10:10,600 --> 00:10:13,000 Speaker 1: it takes time. There's an evolution, and there's something called 230 00:10:13,000 --> 00:10:15,240 Speaker 1: the diffusion of innovation, which is like this bell curve. 231 00:10:15,240 --> 00:10:17,360 Speaker 1: You've probably seen it before, where you have like the innovators, 232 00:10:17,360 --> 00:10:19,560 Speaker 1: those are the people who developed the technology, and then 233 00:10:19,600 --> 00:10:21,280 Speaker 1: you have the true believers that'd be like the venture 234 00:10:21,280 --> 00:10:23,880 Speaker 1: capital people who invested in it. But then there's a 235 00:10:23,960 --> 00:10:26,440 Speaker 1: gap called the chasm, and then you have the early 236 00:10:26,480 --> 00:10:29,080 Speaker 1: majority in late majority. The chasm is the gap that 237 00:10:29,240 --> 00:10:32,280 Speaker 1: has to be crossed before most people will accept it 238 00:10:32,320 --> 00:10:34,600 Speaker 1: and use it, and so people are still very skeptical, 239 00:10:34,640 --> 00:10:37,839 Speaker 1: which that's understandable because it's still very new. The people 240 00:10:37,840 --> 00:10:40,880 Speaker 1: that understand it earlier have a better advantage than people 241 00:10:40,920 --> 00:10:43,480 Speaker 1: who understand it later. But some of the things that 242 00:10:43,559 --> 00:10:47,600 Speaker 1: will help it push over that chasm is by seeing 243 00:10:47,600 --> 00:10:52,680 Speaker 1: more and more mainstream adoption, more and more authentication of 244 00:10:52,720 --> 00:10:56,080 Speaker 1: it or acceptance of it. So for example, you know 245 00:10:56,120 --> 00:10:59,800 Speaker 1: when we saw PayPal and Venmo putting bitcoin in well, 246 00:10:59,800 --> 00:11:02,040 Speaker 1: that makes it seem sort of legit. I mean, if 247 00:11:02,040 --> 00:11:04,960 Speaker 1: PayPal is doing it, they're a big company, right. We 248 00:11:05,000 --> 00:11:08,960 Speaker 1: see that, we have the Commodities Exchange Commission recognize it 249 00:11:08,960 --> 00:11:11,000 Speaker 1: as a commodity, and there's ways that we can trade 250 00:11:11,040 --> 00:11:14,120 Speaker 1: on the futures. Well, that makes it pretty legitimate. We 251 00:11:14,160 --> 00:11:18,400 Speaker 1: have talk of Blackrock, which is basically a quasi arm 252 00:11:18,440 --> 00:11:21,000 Speaker 1: of the government. They help the Fed get money out 253 00:11:21,040 --> 00:11:23,000 Speaker 1: and manipulate the market. 254 00:11:23,040 --> 00:11:23,520 Speaker 2: We'll say that. 255 00:11:24,240 --> 00:11:28,320 Speaker 1: And now Blackrock is trying to launch a bitcoin ETF fund. Now, 256 00:11:28,400 --> 00:11:31,800 Speaker 1: if Blackrock, being basically an arm of the government, launches 257 00:11:31,920 --> 00:11:35,319 Speaker 1: a bitcoin ETF, do you think that legitimizes it a 258 00:11:35,320 --> 00:11:38,880 Speaker 1: little bit, Well, the answer would be yes in my opinion. 259 00:11:39,440 --> 00:11:46,600 Speaker 1: We also saw very very interesting report KPMG, which is 260 00:11:46,920 --> 00:11:48,920 Speaker 1: one of the top four counting firms we call them 261 00:11:48,960 --> 00:11:49,400 Speaker 1: the Big four. 262 00:11:49,600 --> 00:11:51,120 Speaker 2: If you have like a Fortune five hundred. 263 00:11:50,880 --> 00:11:52,800 Speaker 1: Company or a big company, then you kind of need 264 00:11:52,840 --> 00:11:55,800 Speaker 1: to get audits done by one of the big four companies, 265 00:11:56,120 --> 00:11:59,880 Speaker 1: and one of those is KPMG. They got two hundred 266 00:12:00,160 --> 00:12:04,360 Speaker 1: sixty thousand employees worldwide, and they came out with a report. 267 00:12:04,400 --> 00:12:06,439 Speaker 1: So they're big, right, one of the Big four, a 268 00:12:06,559 --> 00:12:10,280 Speaker 1: quarter over a quarter million people worldwide, very big, very respected, 269 00:12:10,880 --> 00:12:15,080 Speaker 1: and they came out with a report not being a 270 00:12:15,120 --> 00:12:16,920 Speaker 1: hit piece on bitcoin like we see with the New 271 00:12:16,960 --> 00:12:20,559 Speaker 1: York Times and other things, but actually touting the benefits 272 00:12:20,720 --> 00:12:26,240 Speaker 1: of bitcoin, tying the benefits of bitcoin from an environmental perspective, 273 00:12:26,280 --> 00:12:31,360 Speaker 1: even an ESG perspective Environmental social governance. KPMG reports that 274 00:12:31,400 --> 00:12:37,160 Speaker 1: bitcoin offers massive environmental, social and governance benefits. So what 275 00:12:37,200 --> 00:12:38,800 Speaker 1: we hear all the time is that bitcoin's bad for 276 00:12:38,840 --> 00:12:41,120 Speaker 1: the environment and uses more energy than the whole energy 277 00:12:41,160 --> 00:12:44,320 Speaker 1: of the world, use more energy than another country. Bad, bad, bad. 278 00:12:44,600 --> 00:12:47,400 Speaker 1: I mean, first of all, why is using energy bad? 279 00:12:48,559 --> 00:12:50,920 Speaker 1: We can talk about that, that's another subject. But the 280 00:12:51,080 --> 00:12:53,680 Speaker 1: very fact that while bitcoin has been attacked by most 281 00:12:53,720 --> 00:12:55,760 Speaker 1: mainstream media, like I said, include this New York Times 282 00:12:55,840 --> 00:12:58,320 Speaker 1: hip piece that came out here, KPMG is actually saying no, no, 283 00:12:58,320 --> 00:13:01,679 Speaker 1: actually it's good. They called bitcoin zero. 284 00:13:01,520 --> 00:13:03,480 Speaker 2: Emission like evs. 285 00:13:04,679 --> 00:13:08,480 Speaker 1: Hmm, well, let's think about that for a second. Evs 286 00:13:08,520 --> 00:13:11,280 Speaker 1: are zero emission because when I charge them up and 287 00:13:11,320 --> 00:13:15,439 Speaker 1: I drive them around. They don't combust there's no combustion engine, 288 00:13:15,920 --> 00:13:18,319 Speaker 1: so there's no emissions that come from that EV as 289 00:13:18,360 --> 00:13:22,800 Speaker 1: I run it around. Well, bitcoin has a computer a 290 00:13:22,840 --> 00:13:26,959 Speaker 1: minor that processes transactions and that also doesn't produce any emissions, 291 00:13:27,160 --> 00:13:30,720 Speaker 1: just like the car. So in that they're right, zero missions, 292 00:13:30,880 --> 00:13:34,880 Speaker 1: just like an EV vehicle. Now where the where the 293 00:13:34,920 --> 00:13:40,480 Speaker 1: critics would say, yeah, but bitcoin uses electricity, which does 294 00:13:40,600 --> 00:13:42,679 Speaker 1: produce carbon, Well, I would say the same thing, because 295 00:13:42,720 --> 00:13:47,439 Speaker 1: it turns out a tesla also needs electricity. So I 296 00:13:48,280 --> 00:13:51,320 Speaker 1: saw somebody posts on social media. They said that there 297 00:13:51,320 --> 00:13:54,440 Speaker 1: should be a law that ev vehicles can only charge 298 00:13:54,480 --> 00:13:58,600 Speaker 1: off of solar and wind. Otherwise what's the point. Now, 299 00:13:58,640 --> 00:14:01,160 Speaker 1: I'm not for making laws. I believe in freedom, but 300 00:14:01,200 --> 00:14:03,680 Speaker 1: it was an interesting perspective because you want to be, 301 00:14:04,040 --> 00:14:06,920 Speaker 1: you know, carbon free, you want to like have zero emissions. Well, 302 00:14:06,920 --> 00:14:08,640 Speaker 1: then so you buy an evy vehicle, but. 303 00:14:08,640 --> 00:14:12,200 Speaker 2: If you're still plugging it into the grid, what's the difference. 304 00:14:13,160 --> 00:14:14,440 Speaker 1: I thought it was a pretty good point. But in 305 00:14:14,480 --> 00:14:18,920 Speaker 1: this perspective, I agree Bitcoin is zero mission. Computers put 306 00:14:18,920 --> 00:14:22,960 Speaker 1: out zero carbon, just like a Tesla. They also said 307 00:14:23,200 --> 00:14:28,280 Speaker 1: that bitcoin can route around authoritarium, authoritative regimes, which I 308 00:14:28,280 --> 00:14:31,280 Speaker 1: think is a great point. I was at this Mastermind 309 00:14:31,280 --> 00:14:33,840 Speaker 1: conference this week and I was talking to two guys. 310 00:14:33,880 --> 00:14:36,040 Speaker 1: One guy is like a Bangladeshi guy who's living in 311 00:14:36,040 --> 00:14:39,080 Speaker 1: Singapore and the finance district. Another guy, I forget where 312 00:14:39,080 --> 00:14:40,760 Speaker 1: he's from, somewhere in the Middle East. He lives in Miami. 313 00:14:40,800 --> 00:14:44,840 Speaker 1: Both very very very successful, multi multiple multimillionaires, and they 314 00:14:44,840 --> 00:14:46,560 Speaker 1: are both going, well, what's the deal with bitcoin? I 315 00:14:46,560 --> 00:14:47,880 Speaker 1: don't see a use case. And I said, let me 316 00:14:47,880 --> 00:14:51,080 Speaker 1: give you this couple examples. You saw the truck of 317 00:14:51,120 --> 00:14:53,920 Speaker 1: protest happen in Canada and like people went and did 318 00:14:53,920 --> 00:14:58,320 Speaker 1: like a legally protected, constitutionally protected right to assembly, but 319 00:14:58,400 --> 00:15:02,240 Speaker 1: yet they got their bankcount shut down. So if that 320 00:15:02,400 --> 00:15:04,400 Speaker 1: was you, would you want a way that you could 321 00:15:04,400 --> 00:15:04,920 Speaker 1: have money. 322 00:15:04,720 --> 00:15:05,680 Speaker 2: That could be shut down? Yeah? 323 00:15:05,680 --> 00:15:07,880 Speaker 1: Of course, okay, And I said, do you understand that 324 00:15:07,880 --> 00:15:09,800 Speaker 1: when the governments the central banks of the world print 325 00:15:09,800 --> 00:15:12,200 Speaker 1: more money, it steals the value from your money. It 326 00:15:12,200 --> 00:15:13,880 Speaker 1: means that your perching power goes down price goup. 327 00:15:13,960 --> 00:15:15,840 Speaker 2: Yeah, yeah, we understand that. I said, great, So let 328 00:15:15,880 --> 00:15:17,000 Speaker 2: me ask you just two questions. 329 00:15:17,520 --> 00:15:20,440 Speaker 1: One, do you think that central banks around the world 330 00:15:20,440 --> 00:15:22,320 Speaker 1: print more money in the future. 331 00:15:22,080 --> 00:15:23,840 Speaker 2: Or less, And they said, of course more. 332 00:15:24,240 --> 00:15:26,760 Speaker 1: It's a great I said, do you think nations states 333 00:15:26,800 --> 00:15:30,160 Speaker 1: get more authoritarian in the future or do they give 334 00:15:30,200 --> 00:15:32,400 Speaker 1: you more freedoms back? And I said, well, more authoritarian, 335 00:15:32,800 --> 00:15:35,200 Speaker 1: I said great. And all of a sudden there's like 336 00:15:35,200 --> 00:15:36,960 Speaker 1: a light bulb went off in their head and they're like, man, 337 00:15:37,720 --> 00:15:39,240 Speaker 1: that is a great way to explain it. I never 338 00:15:39,280 --> 00:15:41,440 Speaker 1: thought about that way. And so that's exactly the point 339 00:15:41,440 --> 00:15:44,920 Speaker 1: that KPMG put out, which is it's a great way 340 00:15:44,920 --> 00:15:49,320 Speaker 1: to route around authoritarian regimes. Now, if you're an authoritarian regime, 341 00:15:49,480 --> 00:15:51,320 Speaker 1: you probably don't like that, and so you have to 342 00:15:51,360 --> 00:15:57,360 Speaker 1: ask yourself, why would a government not want that? Hmm, Well, 343 00:15:57,360 --> 00:15:58,680 Speaker 1: because they're an authoritary regime. 344 00:15:59,240 --> 00:16:00,000 Speaker 2: They don't want. 345 00:15:59,840 --> 00:16:02,240 Speaker 1: You you to have the ability to store your wealth in 346 00:16:02,280 --> 00:16:05,240 Speaker 1: a way they can't steal from you. They don't want 347 00:16:05,280 --> 00:16:08,240 Speaker 1: you to have money that you could spend in ways 348 00:16:08,240 --> 00:16:11,720 Speaker 1: they don't approve of. But doesn't that make you want 349 00:16:11,720 --> 00:16:14,920 Speaker 1: it that much more So if you don't understand what 350 00:16:14,920 --> 00:16:18,040 Speaker 1: the use case is, ask yourself why authority in regimes 351 00:16:18,200 --> 00:16:21,640 Speaker 1: like the US or ECB in Europe want to ban it? 352 00:16:23,120 --> 00:16:25,440 Speaker 1: And then just imagine the flip side. Of that and 353 00:16:25,520 --> 00:16:27,720 Speaker 1: you'll answer your you answer your own question for you. 354 00:16:28,440 --> 00:16:29,720 Speaker 1: So I thought it was pretty interesting. I think that's 355 00:16:29,720 --> 00:16:32,560 Speaker 1: where they came up with the social governance parts of that, 356 00:16:33,440 --> 00:16:35,920 Speaker 1: and like I said, it's a great academic study to 357 00:16:36,040 --> 00:16:36,800 Speaker 1: check out. 358 00:16:37,640 --> 00:16:40,080 Speaker 2: You know, some facts on that is. I don't even 359 00:16:40,120 --> 00:16:42,360 Speaker 2: want to get into the the to the power part 360 00:16:42,400 --> 00:16:42,640 Speaker 2: of that. 361 00:16:42,800 --> 00:16:45,560 Speaker 1: But I like to say with bitcoin, the answers are 362 00:16:45,560 --> 00:16:47,560 Speaker 1: out there if you want them, they're there. I can't 363 00:16:47,560 --> 00:16:50,600 Speaker 1: teach you everything bit by bit, I certainly will. We've 364 00:16:50,600 --> 00:16:53,560 Speaker 1: seen that the SEC Securious Exchange Commission, which is trying 365 00:16:53,600 --> 00:16:56,960 Speaker 1: to protect you, they've done a horrible job. They should 366 00:16:56,960 --> 00:16:59,400 Speaker 1: shut down in disgrace. But now they're trying to close 367 00:16:59,440 --> 00:17:05,720 Speaker 1: the barn door after the car. The cows are gone proverbally, proverbally, proverbally, 368 00:17:06,560 --> 00:17:09,760 Speaker 1: whatever that is. But the coin base went to sorry, 369 00:17:09,880 --> 00:17:12,479 Speaker 1: SEC went to Coinbase and told coin Base that they 370 00:17:12,520 --> 00:17:17,359 Speaker 1: had to delist all the tokens, all the crypto except 371 00:17:17,359 --> 00:17:19,760 Speaker 1: for bitcoin. And so this is what fits into the 372 00:17:19,800 --> 00:17:21,959 Speaker 1: narrative when we talk about when I talk about bitcoin, 373 00:17:22,000 --> 00:17:24,080 Speaker 1: I'm talking about bitcoin only. So when you hear me 374 00:17:24,080 --> 00:17:26,639 Speaker 1: say bitcoin, I mean bitcoin, I don't mean crypto. And 375 00:17:26,640 --> 00:17:28,760 Speaker 1: That's why we're very clear to like break down the difference. 376 00:17:28,760 --> 00:17:31,359 Speaker 1: When we say bitcoin not crypto. We're not saying that 377 00:17:31,359 --> 00:17:35,199 Speaker 1: bitcoin isn't a crypto currency obviously use a cryptography. What 378 00:17:35,240 --> 00:17:37,879 Speaker 1: we're saying is that everything else is everything else is crypto, 379 00:17:37,920 --> 00:17:39,879 Speaker 1: this is bitcoin. And so that's exactly what the SEC 380 00:17:39,920 --> 00:17:43,800 Speaker 1: told coin Base. You need to delist everything except for 381 00:17:43,840 --> 00:17:47,680 Speaker 1: bitcoin because bitcoin is a commodity. Everything else is security, 382 00:17:47,680 --> 00:17:48,119 Speaker 1: and you need to. 383 00:17:48,119 --> 00:17:48,680 Speaker 2: Shut that down. 384 00:17:49,160 --> 00:17:50,600 Speaker 1: If you're just tuning in, you're listening to the Mark 385 00:17:50,640 --> 00:17:52,560 Speaker 1: Maus Show, we're breaking down some of the latest breaking 386 00:17:52,600 --> 00:17:56,080 Speaker 1: news headlines this week so you can understand the decentralized 387 00:17:56,119 --> 00:17:58,480 Speaker 1: world as it's unfolding. I want to come back and 388 00:17:58,480 --> 00:18:01,040 Speaker 1: talk about the banks. The banks are in trouble. Moody's 389 00:18:01,119 --> 00:18:04,000 Speaker 1: is downgrading them, we have massive amounts of debt and 390 00:18:04,040 --> 00:18:05,640 Speaker 1: there is a lot going on. I'm going to cover 391 00:18:05,760 --> 00:18:07,960 Speaker 1: all of that when I come back, but I gotta 392 00:18:07,960 --> 00:18:09,760 Speaker 1: take a quick break, so don't go away. I'll bear back, 393 00:18:11,600 --> 00:18:13,000 Speaker 1: all right, Welcome back. If youre just tune in, you're 394 00:18:13,000 --> 00:18:14,760 Speaker 1: listening to the Mark Maus Show. We're running through some 395 00:18:14,760 --> 00:18:16,760 Speaker 1: of the latest breaking news headlines this week so you 396 00:18:16,800 --> 00:18:20,560 Speaker 1: can understand the world as it's literally changing right before 397 00:18:20,720 --> 00:18:24,240 Speaker 1: very eyes. I was talking about before the break, I 398 00:18:24,280 --> 00:18:28,400 Speaker 1: was talking about how one of the largest accounting firms, 399 00:18:28,400 --> 00:18:30,320 Speaker 1: one of the top four accounting firms in the world, KPMG, 400 00:18:31,440 --> 00:18:35,520 Speaker 1: just starting to change their mind around the narrative around bitcoin. 401 00:18:35,800 --> 00:18:37,800 Speaker 1: And I said that if you don't understand bitcoin, understand 402 00:18:37,800 --> 00:18:40,480 Speaker 1: why people don't like it, meaning authority in regimes don't 403 00:18:40,560 --> 00:18:42,960 Speaker 1: like it, and you start to understand why we need it, 404 00:18:43,200 --> 00:18:44,840 Speaker 1: but we can also see we need it over and 405 00:18:44,880 --> 00:18:48,639 Speaker 1: over and over as the banks are continuing to collapse. 406 00:18:48,680 --> 00:18:53,399 Speaker 1: We saw this week that Moody's downgrades US banks. As 407 00:18:53,440 --> 00:18:57,720 Speaker 1: a matter of fact, Moody's Credit Rating downgrades ten small 408 00:18:57,840 --> 00:19:01,080 Speaker 1: and mid sized banks and put the big banks, the 409 00:19:01,080 --> 00:19:03,359 Speaker 1: giant banks like Bank of New York Mellon, which is 410 00:19:03,440 --> 00:19:08,200 Speaker 1: America's oldest bank, Trust, Financial, State Street, US Bank corpor 411 00:19:08,200 --> 00:19:11,080 Speaker 1: et cetera. Puts them all onto a watch list. So 412 00:19:11,480 --> 00:19:13,080 Speaker 1: you might have seen a lot of people talking about 413 00:19:13,080 --> 00:19:16,440 Speaker 1: how these banks that collapse so far, Silicon Valley Bank, 414 00:19:16,560 --> 00:19:20,119 Speaker 1: First Republic Bank, et cetera, are sort of just the beginning, 415 00:19:20,160 --> 00:19:23,120 Speaker 1: and there's going to be this much larger banking collapse happening, 416 00:19:23,400 --> 00:19:26,080 Speaker 1: which I guess is sort of what Moody's is seen 417 00:19:26,440 --> 00:19:30,320 Speaker 1: when they're downgrading the credit rating of these banks. And 418 00:19:30,359 --> 00:19:34,399 Speaker 1: the reason why this is important is because the just 419 00:19:34,440 --> 00:19:36,960 Speaker 1: like you, you have a credit rating, and your credit 420 00:19:37,040 --> 00:19:40,560 Speaker 1: rating determines your ability to borrow. One can I even 421 00:19:40,560 --> 00:19:42,840 Speaker 1: get access to liquidity? Two? How much will I be 422 00:19:42,880 --> 00:19:44,359 Speaker 1: able to pay or do I have to pay for 423 00:19:44,400 --> 00:19:49,240 Speaker 1: that liquidity? And that greatly affects your choices moving forward, 424 00:19:49,240 --> 00:19:51,159 Speaker 1: what you're able to do things like that, and so 425 00:19:51,280 --> 00:19:53,719 Speaker 1: it's no different for banks. It's going to change their 426 00:19:53,760 --> 00:19:57,000 Speaker 1: ability to access capital, what price they pay capital for, 427 00:19:57,359 --> 00:19:57,840 Speaker 1: et cetera. 428 00:19:58,240 --> 00:20:01,400 Speaker 2: And it also just sort of makes them look bad. 429 00:20:01,680 --> 00:20:03,600 Speaker 1: So if I have my money in a bank that 430 00:20:03,680 --> 00:20:05,160 Speaker 1: I think is going to go out of business, I'm 431 00:20:05,160 --> 00:20:07,040 Speaker 1: probably going to want to pull my money out of 432 00:20:07,040 --> 00:20:09,359 Speaker 1: that bank and move it somewhere else, which is actually 433 00:20:09,359 --> 00:20:11,680 Speaker 1: what caused those collapses that we saw in Silicon Valley 434 00:20:11,680 --> 00:20:15,800 Speaker 1: and First Republican, et cetera. It also it also would 435 00:20:15,840 --> 00:20:18,760 Speaker 1: expect the banks to hold more capital on their balance sheets, 436 00:20:18,960 --> 00:20:20,920 Speaker 1: which means they have to hold more money not really 437 00:20:20,960 --> 00:20:23,119 Speaker 1: doing much as opposed to putting it out there, putting 438 00:20:23,160 --> 00:20:26,120 Speaker 1: it to work, which is going to affect them. Per Moody's, 439 00:20:26,160 --> 00:20:28,400 Speaker 1: they said, quote that this comes as a mild US 440 00:20:28,400 --> 00:20:31,160 Speaker 1: recession is on the horizon for early twenty twenty four. 441 00:20:32,000 --> 00:20:36,720 Speaker 1: So I'll just say that experts through expert polls, Bank 442 00:20:36,720 --> 00:20:39,840 Speaker 1: of American Poles, et cetera, have dropped the percentage of 443 00:20:39,880 --> 00:20:43,560 Speaker 1: an expectation of recession from about sixty eight to sixty 444 00:20:43,560 --> 00:20:45,359 Speaker 1: three to now. I think it's a fifty eight percent. 445 00:20:46,119 --> 00:20:47,879 Speaker 1: We'll see when it comes out next month. Probably my 446 00:20:47,920 --> 00:20:50,800 Speaker 1: guess is closer to fifty to fifty. But Moody's is 447 00:20:50,840 --> 00:20:53,520 Speaker 1: saying here part of why they're doing this downgrade is 448 00:20:53,560 --> 00:20:57,000 Speaker 1: because of this potentially expected US recession on the horizon, 449 00:20:57,400 --> 00:21:01,160 Speaker 1: it says, quote with particular risks so banks commercial real 450 00:21:01,280 --> 00:21:04,200 Speaker 1: estate portfolios. So I've covered this on my main YouTube channel, 451 00:21:04,240 --> 00:21:05,960 Speaker 1: Mark Moss. If you're not following me there, you should 452 00:21:05,960 --> 00:21:08,240 Speaker 1: because I do videos where I put the charts on 453 00:21:08,359 --> 00:21:10,400 Speaker 1: the screen, the graphs, and if you want to see 454 00:21:10,400 --> 00:21:12,960 Speaker 1: the visuals, it's very helpful to see that. But I 455 00:21:13,000 --> 00:21:15,920 Speaker 1: talked about this before where the commercial real estate portfolio 456 00:21:16,200 --> 00:21:18,080 Speaker 1: is really really bad, and of course it makes sense 457 00:21:18,480 --> 00:21:21,120 Speaker 1: commercial real estate, namely office buildings, things. 458 00:21:20,920 --> 00:21:23,160 Speaker 2: Like that they're losing tenants. 459 00:21:23,200 --> 00:21:24,680 Speaker 1: As a matter of fact, I believe at the time 460 00:21:24,680 --> 00:21:27,080 Speaker 1: when I did the last report was one out of 461 00:21:27,240 --> 00:21:32,080 Speaker 1: five office buildings aren't paying their rent. And so if 462 00:21:32,080 --> 00:21:33,800 Speaker 1: you're not paying rent, how do you cover your debt? 463 00:21:33,880 --> 00:21:36,119 Speaker 1: And that's a big deal. And so that's what Moody's 464 00:21:36,200 --> 00:21:41,480 Speaker 1: is saying. Here risks in some banks commercial real estate portfolios. Now, 465 00:21:42,240 --> 00:21:46,720 Speaker 1: I'll just say that I think that just like when 466 00:21:46,760 --> 00:21:49,120 Speaker 1: these other banks collapsed, I mean, the FED basically set 467 00:21:49,160 --> 00:21:52,280 Speaker 1: up some backdoor deals, the BTFB programs and gave the 468 00:21:52,280 --> 00:21:55,439 Speaker 1: banks the money they needed, so the banks, while the 469 00:21:55,520 --> 00:21:58,360 Speaker 1: banks went out of business, the depositors didn't really lose 470 00:21:58,400 --> 00:22:02,240 Speaker 1: any money. Now, they also set up these backdoor funding 471 00:22:02,280 --> 00:22:07,199 Speaker 1: channels to hopefully keep other banks from collapsing as well. 472 00:22:07,240 --> 00:22:09,280 Speaker 1: But even though, like I said, these other banks went, 473 00:22:09,640 --> 00:22:11,879 Speaker 1: they collapsed. So if you own the bank, or you 474 00:22:11,920 --> 00:22:13,680 Speaker 1: worked at the bank, or you had equity in the bank, 475 00:22:13,680 --> 00:22:16,080 Speaker 1: that was a problem for you. But as a depositor 476 00:22:16,080 --> 00:22:18,359 Speaker 1: in the bank, adamitally matter. I didn't lose money in 477 00:22:18,400 --> 00:22:22,720 Speaker 1: that transaction, and in my guess, I don't have a 478 00:22:22,760 --> 00:22:23,320 Speaker 1: crystal ball. 479 00:22:23,359 --> 00:22:24,640 Speaker 2: So take this for what it's worth. 480 00:22:24,720 --> 00:22:27,600 Speaker 1: But based off of what I've seen historically and where 481 00:22:27,640 --> 00:22:29,359 Speaker 1: the bank, you know, where the government and the Federal 482 00:22:29,359 --> 00:22:32,840 Speaker 1: Reserve is today, I think that this commercial real estate 483 00:22:33,160 --> 00:22:35,760 Speaker 1: mortgage back security market, that's this big bomb that's about 484 00:22:35,760 --> 00:22:38,280 Speaker 1: to go off in the economy. I think it's probably 485 00:22:38,320 --> 00:22:40,919 Speaker 1: sort of like a nothing burger in a sense where 486 00:22:41,000 --> 00:22:43,120 Speaker 1: the FED will probably just take those assets and put 487 00:22:43,160 --> 00:22:46,480 Speaker 1: them on their books and you don't have this massive 488 00:22:46,480 --> 00:22:49,000 Speaker 1: collapse in the market. Now that is a bad thing. 489 00:22:49,040 --> 00:22:51,360 Speaker 1: It's not a good thing. It just prevents it from 490 00:22:51,440 --> 00:22:54,520 Speaker 1: being this cataclysmic event that it all happens at once. 491 00:22:54,760 --> 00:22:56,840 Speaker 1: But what it does do is it starts to consolidate 492 00:22:56,880 --> 00:22:59,320 Speaker 1: the banks. So we started to see these smaller banks 493 00:22:59,359 --> 00:23:01,840 Speaker 1: getting consolid into bigger banks, which is exactly what happened 494 00:23:01,880 --> 00:23:04,600 Speaker 1: with Silicon Valley and First Republic where people pull their 495 00:23:04,600 --> 00:23:06,359 Speaker 1: money out and they sent it to the big banks 496 00:23:06,359 --> 00:23:08,840 Speaker 1: like JP Morgan, et cetera. And the problem with this 497 00:23:08,920 --> 00:23:11,879 Speaker 1: consolidation of banks is that it's the banks that actually 498 00:23:11,920 --> 00:23:15,119 Speaker 1: create the money through loans. And what we do is 499 00:23:15,119 --> 00:23:17,400 Speaker 1: instead of having these decentralized banks that are broken down 500 00:23:17,440 --> 00:23:19,840 Speaker 1: with like local banks, regional banks, credit union banks etc. 501 00:23:20,119 --> 00:23:23,240 Speaker 1: That know me know, my business, know my local area 502 00:23:23,359 --> 00:23:26,399 Speaker 1: that can make a decision for me here. Now all 503 00:23:26,440 --> 00:23:28,600 Speaker 1: those decisions gets pushed back to like a big bank 504 00:23:28,680 --> 00:23:32,000 Speaker 1: like JP Morgan, and they make decisions from New York 505 00:23:32,040 --> 00:23:33,639 Speaker 1: and they don't know me, and they don't know my 506 00:23:33,720 --> 00:23:36,359 Speaker 1: area or my business. And the problem is it's going 507 00:23:36,400 --> 00:23:38,639 Speaker 1: to start to favor more and more liquidity for big, 508 00:23:38,720 --> 00:23:42,080 Speaker 1: big businesses and much less for small businesses. So while 509 00:23:42,080 --> 00:23:46,639 Speaker 1: it's not an imminent impact, I want you to understand 510 00:23:46,640 --> 00:23:47,720 Speaker 1: I'm saying I don't think it's going to be a 511 00:23:47,720 --> 00:23:49,560 Speaker 1: big impact. I think the FED will kind of save 512 00:23:49,600 --> 00:23:51,200 Speaker 1: the day there, but it is going to be a 513 00:23:51,240 --> 00:23:55,000 Speaker 1: big long term impact that's going to have massive downward pressure. 514 00:23:55,640 --> 00:23:58,040 Speaker 1: Of course, if the liquidity drives up, then businesses don't 515 00:23:58,040 --> 00:23:59,960 Speaker 1: get the funny they need. We don't have as many businesses, 516 00:24:00,160 --> 00:24:03,400 Speaker 1: and the whole economy really suffers from that. Another thing 517 00:24:03,400 --> 00:24:05,680 Speaker 1: that I saw was very interesting. So this is all 518 00:24:05,720 --> 00:24:08,639 Speaker 1: pushing the bitcoin narrative. Of course, if your money's in 519 00:24:08,640 --> 00:24:10,280 Speaker 1: the bank and the banks don't have your money and 520 00:24:10,320 --> 00:24:12,080 Speaker 1: that you could lose it, then it sort of makes 521 00:24:12,119 --> 00:24:13,720 Speaker 1: you not want to keep your money in the bank. 522 00:24:13,720 --> 00:24:15,560 Speaker 1: And that's the whole point in bitcoin. I can take 523 00:24:15,680 --> 00:24:17,120 Speaker 1: custody of my bitcoin. 524 00:24:17,200 --> 00:24:19,120 Speaker 2: Nobody else needs to hold it, so I. 525 00:24:19,040 --> 00:24:20,399 Speaker 1: Don't have to worry about it being there when I 526 00:24:20,440 --> 00:24:22,840 Speaker 1: want it, because I have it. But if you need 527 00:24:22,840 --> 00:24:25,520 Speaker 1: even more bad information about the banks, we saw that 528 00:24:25,600 --> 00:24:29,600 Speaker 1: banks were hit with five hundred and forty nine million 529 00:24:29,720 --> 00:24:33,520 Speaker 1: dollars in fines. Now the banks get fined all the 530 00:24:33,520 --> 00:24:36,240 Speaker 1: time because they're always doing bad things. All the bad 531 00:24:36,240 --> 00:24:38,800 Speaker 1: things that they accuse bitcoin and crypto of, it's the 532 00:24:38,800 --> 00:24:41,120 Speaker 1: banks that do it. The banks got fined with four 533 00:24:41,200 --> 00:24:43,320 Speaker 1: hundred and forty nine million dollars in fines for the 534 00:24:43,480 --> 00:24:48,919 Speaker 1: use of Signal and WhatsApp because they weren't keeping proper records. 535 00:24:48,960 --> 00:24:49,600 Speaker 2: US regulators. 536 00:24:49,600 --> 00:24:52,280 Speaker 1: On Tuesday, an Noownsday, combined five hundred and forty nine 537 00:24:52,280 --> 00:24:54,960 Speaker 1: million in penalties against Wall Street firms that failed to 538 00:24:55,160 --> 00:25:02,280 Speaker 1: maintain electronic records of employee communications the securities The SEC 539 00:25:02,359 --> 00:25:06,000 Speaker 1: Security Exchange Commissi announced chargers against eleven firms for quote 540 00:25:06,240 --> 00:25:10,240 Speaker 1: widespread and long standing failures failures to do what failures 541 00:25:10,280 --> 00:25:16,159 Speaker 1: to maintain records, including by allowing employees to use unsupervised 542 00:25:16,200 --> 00:25:20,120 Speaker 1: side channels such as messaging messaging apps, WhatsApp, and signal 543 00:25:21,240 --> 00:25:24,560 Speaker 1: now they the SEC disclosed charges of two hundred and 544 00:25:24,640 --> 00:25:28,119 Speaker 1: eighty nine million in fines against eleven firms for this 545 00:25:29,320 --> 00:25:32,960 Speaker 1: for the record keeping and the CFTC Commodities Futures Trading 546 00:25:33,000 --> 00:25:35,720 Speaker 1: Commission also find four banks to total two hundred and 547 00:25:35,760 --> 00:25:39,360 Speaker 1: sixty million for failing to maintain records. Now, out of this, 548 00:25:41,080 --> 00:25:44,000 Speaker 1: any guess on maybe which bank got the biggest fins 549 00:25:44,760 --> 00:25:46,199 Speaker 1: lead me to the conference. Let me know what you think, 550 00:25:46,240 --> 00:25:48,800 Speaker 1: which bank got the biggest amount of fines on this? 551 00:25:49,440 --> 00:25:52,360 Speaker 1: While you're at it, if you could just like this podcast, 552 00:25:52,440 --> 00:25:55,040 Speaker 1: just could your favorite podcast player like it? Review it 553 00:25:55,080 --> 00:25:57,080 Speaker 1: mean the world to me. But the bank that got 554 00:25:57,160 --> 00:26:00,960 Speaker 1: the largest fines as well as Fargo, And that should 555 00:26:00,960 --> 00:26:03,720 Speaker 1: have been an easy guess because Wells Fargo has already 556 00:26:03,760 --> 00:26:06,680 Speaker 1: paid the largest bank fins in history. Seems like Wells 557 00:26:06,720 --> 00:26:09,320 Speaker 1: Fargo's always paying bank fines. They paid the largest bank 558 00:26:09,320 --> 00:26:14,000 Speaker 1: fine in history by putting accounts on people's adding accounts 559 00:26:14,000 --> 00:26:16,720 Speaker 1: to other people's accounts without their knowledge, sign them up 560 00:26:16,720 --> 00:26:18,800 Speaker 1: for a new checking accounts, saving accounts, credit card acount, 561 00:26:18,800 --> 00:26:20,480 Speaker 1: whatever it may be, because they were trying to get 562 00:26:20,480 --> 00:26:22,879 Speaker 1: their numbers up and they got busted for that. CEO 563 00:26:22,920 --> 00:26:25,560 Speaker 1: had to step down. They paid massive fines, largest find 564 00:26:25,560 --> 00:26:30,000 Speaker 1: in history, and here they are again paying the Wells Fargo, 565 00:26:30,040 --> 00:26:33,800 Speaker 1: being the fourth biggest US bank by assets, racked up 566 00:26:33,840 --> 00:26:37,560 Speaker 1: the most fines on Tuesday, with two hundred million in penalties. 567 00:26:37,960 --> 00:26:41,800 Speaker 1: Almost fifty percent of the penalties that were levied went 568 00:26:41,840 --> 00:26:45,160 Speaker 1: against Wells Fargo's name. Out of eleven banks, they whacked 569 00:26:45,200 --> 00:26:48,680 Speaker 1: up about fifty percent of it a pretty big deal. 570 00:26:48,720 --> 00:26:52,320 Speaker 1: We saw French bank BNP Paribas fined one hundred and 571 00:26:52,359 --> 00:26:56,719 Speaker 1: ten million, Bank of Montreal find sixty million, and on 572 00:26:56,760 --> 00:27:00,000 Speaker 1: and on and on. So if he needed any more 573 00:27:00,200 --> 00:27:02,080 Speaker 1: reason why you don't want to keep your money in 574 00:27:02,119 --> 00:27:05,240 Speaker 1: the banks, I've just given you several Moody's is downgraded 575 00:27:05,280 --> 00:27:08,320 Speaker 1: the credit, we're going to continuency consolidation of it, and 576 00:27:08,359 --> 00:27:10,959 Speaker 1: they're continue to get fined for wrongdoing that they have. 577 00:27:11,040 --> 00:27:13,040 Speaker 1: You know, it's funny because they want to put these 578 00:27:13,080 --> 00:27:15,440 Speaker 1: new regulations on cryptocurrencies like bitcoin, to have what they 579 00:27:15,440 --> 00:27:18,000 Speaker 1: call like a travel rule, so they know where the 580 00:27:18,280 --> 00:27:20,439 Speaker 1: flow of money is coming from. They want to know 581 00:27:21,040 --> 00:27:24,960 Speaker 1: the KYC know your customer there. But yet they can't 582 00:27:25,000 --> 00:27:27,520 Speaker 1: even get the banks to collect the data. The banks 583 00:27:27,560 --> 00:27:30,000 Speaker 1: that are so heavily regulated. They've been around forever that 584 00:27:30,280 --> 00:27:32,560 Speaker 1: have that data. They can't even keep it, but that 585 00:27:32,560 --> 00:27:34,720 Speaker 1: they want to enforce it on crypto. It's funny anyway. 586 00:27:34,720 --> 00:27:35,960 Speaker 1: If you're just tuning in, you're listening to the Mark 587 00:27:36,000 --> 00:27:38,439 Speaker 1: Maus Show, we're talking about the decentralized Revolution, running through 588 00:27:38,440 --> 00:27:40,879 Speaker 1: the latest breaking news headlines this week. I got a 589 00:27:40,880 --> 00:27:42,680 Speaker 1: whole lot more to cover when I come back. You 590 00:27:42,720 --> 00:27:43,960 Speaker 1: don't want to miss it, so don't go away. 591 00:27:44,119 --> 00:27:46,800 Speaker 2: We're back, all right, Welcome back. 592 00:27:46,800 --> 00:27:48,200 Speaker 1: If you're just tuning and you're listening to the Mark 593 00:27:48,240 --> 00:27:50,000 Speaker 1: ma Show, we're running through some of the latest breaking 594 00:27:50,040 --> 00:27:52,040 Speaker 1: news headlines this week as we look at the intersection 595 00:27:52,080 --> 00:27:57,280 Speaker 1: of politics, finance, and technology, mapping out the decentralized revolution, 596 00:27:57,359 --> 00:27:59,560 Speaker 1: the world moving from a centralized world to a much 597 00:27:59,560 --> 00:28:03,920 Speaker 1: more centralized world. And if you're not paying attention, maybe 598 00:28:03,960 --> 00:28:07,000 Speaker 1: you're not seeing it. But if you pay attention, you'll 599 00:28:07,000 --> 00:28:09,360 Speaker 1: see it. So we're running through those news headlines now. 600 00:28:09,600 --> 00:28:12,359 Speaker 1: We talked about in a different segment, I was talking 601 00:28:12,400 --> 00:28:16,360 Speaker 1: about how they are stealing your life. We talked about 602 00:28:16,359 --> 00:28:18,840 Speaker 1: it from a philosophical level down to a tactical level. 603 00:28:19,480 --> 00:28:22,199 Speaker 1: But when they print more money, they steal your purchasing power. 604 00:28:22,440 --> 00:28:25,360 Speaker 1: That means you have to work more hours to get 605 00:28:25,359 --> 00:28:28,080 Speaker 1: the same things you've got before, which is working more hours, 606 00:28:28,119 --> 00:28:29,720 Speaker 1: which is literally your life, your life that you could 607 00:28:29,720 --> 00:28:30,720 Speaker 1: be using for other things. 608 00:28:31,359 --> 00:28:31,960 Speaker 2: You have to do that. 609 00:28:32,000 --> 00:28:35,080 Speaker 1: We talked also about ways they're still in your life, 610 00:28:35,160 --> 00:28:37,560 Speaker 1: like through your taking away your freedom of expression and 611 00:28:37,600 --> 00:28:38,240 Speaker 1: things like that. 612 00:28:39,840 --> 00:28:44,400 Speaker 2: Unfortunately, the world that we're moving into. 613 00:28:44,280 --> 00:28:46,440 Speaker 1: Just continues to get more and more and more of 614 00:28:46,480 --> 00:28:51,960 Speaker 1: that protectionism, if you will, because I talked about this 615 00:28:52,240 --> 00:28:56,880 Speaker 1: in a video quite a while ago. How as the 616 00:28:56,920 --> 00:29:00,840 Speaker 1: world continues to get more corrupt, and as the internet 617 00:29:00,880 --> 00:29:03,360 Speaker 1: has come that allows us to see this and communicate it, 618 00:29:05,120 --> 00:29:08,320 Speaker 1: the people obviously don't like it. And so the more 619 00:29:08,360 --> 00:29:10,360 Speaker 1: corrupt they become, and the more that we see it, 620 00:29:10,480 --> 00:29:12,680 Speaker 1: the less we like it, the more we talk about it, 621 00:29:12,880 --> 00:29:14,080 Speaker 1: and they don't want that to happen, so they have 622 00:29:14,120 --> 00:29:16,520 Speaker 1: to crack down on it. When you look at what 623 00:29:16,880 --> 00:29:20,040 Speaker 1: the US Treasury does and things like fence and Financial 624 00:29:20,600 --> 00:29:24,600 Speaker 1: Financial Crimes Enforcement KYC, you know your customer AML, anti 625 00:29:24,600 --> 00:29:27,600 Speaker 1: money laundering, you know, all these different things that they 626 00:29:27,640 --> 00:29:32,960 Speaker 1: put in place. What they're really about is surveillance, right, 627 00:29:33,160 --> 00:29:36,160 Speaker 1: What it's really about is control. They want to be 628 00:29:36,200 --> 00:29:38,360 Speaker 1: able to see the all C and I of the 629 00:29:38,440 --> 00:29:40,600 Speaker 1: US Treasury wants to be able to see every single 630 00:29:40,680 --> 00:29:43,960 Speaker 1: transaction that's made, and that's what all these things are about, 631 00:29:44,160 --> 00:29:49,520 Speaker 1: so they can prevent, stop, track, monitor every single movement. 632 00:29:50,520 --> 00:29:53,080 Speaker 1: And the more corrupt they become and the more we 633 00:29:53,160 --> 00:29:55,480 Speaker 1: push back on it, the more they have to continue 634 00:29:55,520 --> 00:29:59,600 Speaker 1: locking down, the more protect protection they have to put 635 00:29:59,640 --> 00:30:04,080 Speaker 1: in place. And unfortunately, if you're paying attention, you can 636 00:30:04,120 --> 00:30:05,280 Speaker 1: easily see where this is going. 637 00:30:05,360 --> 00:30:05,600 Speaker 2: Now. 638 00:30:06,200 --> 00:30:09,680 Speaker 1: Henry Kissinger, who you know, Secretary of State many many 639 00:30:09,720 --> 00:30:14,120 Speaker 1: decades ago, who's sort of behind the architecture of the 640 00:30:14,160 --> 00:30:16,560 Speaker 1: world like Coomic Forum today, really kind of helps set 641 00:30:16,600 --> 00:30:20,480 Speaker 1: up the big conglomerates that kind of are behind that, 642 00:30:20,720 --> 00:30:22,960 Speaker 1: such as the Club of Rome and Chapman House, things 643 00:30:23,000 --> 00:30:26,400 Speaker 1: like that. And he was also the professor of the 644 00:30:26,400 --> 00:30:29,120 Speaker 1: top Class Schwab Head of the World like Coomic Forum. 645 00:30:29,480 --> 00:30:31,440 Speaker 1: He told us that if you control the food, you 646 00:30:31,440 --> 00:30:34,240 Speaker 1: control the people. Control the energy, you control the continent, 647 00:30:34,440 --> 00:30:36,640 Speaker 1: control the money, you control the world. So you understand, 648 00:30:36,640 --> 00:30:41,040 Speaker 1: those were always the three attack vectors, food, energy, and money. 649 00:30:41,160 --> 00:30:43,800 Speaker 1: And so if you extrapolate that out and you understand 650 00:30:43,840 --> 00:30:45,320 Speaker 1: that those are the things they have to protect against. 651 00:30:45,360 --> 00:30:47,400 Speaker 1: Then what does that mean for us? Well, that means 652 00:30:47,400 --> 00:30:51,080 Speaker 1: that they want to control those factors. So they want 653 00:30:51,120 --> 00:30:54,520 Speaker 1: to control the money, right, we talked about CBDCs things 654 00:30:54,600 --> 00:30:57,280 Speaker 1: like that. They want to control the energy, so we 655 00:30:57,360 --> 00:31:00,360 Speaker 1: can see that, and they want to control the food. 656 00:31:00,720 --> 00:31:02,000 Speaker 1: The other thing they want to do is they want 657 00:31:02,040 --> 00:31:05,400 Speaker 1: to be able to control the travel. So you hear 658 00:31:05,480 --> 00:31:07,960 Speaker 1: things like, as a matter of fact, like the G twenty. 659 00:31:08,040 --> 00:31:11,720 Speaker 1: So the top twenty nations have agreed to put in 660 00:31:11,800 --> 00:31:16,200 Speaker 1: a health passport system. Now what is the purpose of that, Well, 661 00:31:16,200 --> 00:31:18,040 Speaker 1: of course it was to keep us healthy, right, Well, 662 00:31:18,080 --> 00:31:22,200 Speaker 1: it's also to prevent movement gateways, so that you can 663 00:31:22,240 --> 00:31:25,640 Speaker 1: only move from point A to point B if you've 664 00:31:25,680 --> 00:31:28,120 Speaker 1: done what they say, and they have all the checkpoints 665 00:31:28,200 --> 00:31:30,400 Speaker 1: necessarily along the way to stop block and prevent you 666 00:31:30,440 --> 00:31:33,440 Speaker 1: from traveling if they don't want you to. Now we've 667 00:31:33,480 --> 00:31:37,000 Speaker 1: seen that the EU European Union now says that trips 668 00:31:37,080 --> 00:31:39,920 Speaker 1: over there are going to now require a visa and 669 00:31:40,520 --> 00:31:44,560 Speaker 1: all your personal data from travelers starting in twenty twenty four. 670 00:31:45,600 --> 00:31:48,640 Speaker 1: So that means starting in twenty twenty four, one point 671 00:31:48,720 --> 00:31:52,479 Speaker 1: four billion people, including now Americans. I just got back 672 00:31:52,520 --> 00:31:54,640 Speaker 1: from almost a month over in Europe. I took my family. 673 00:31:54,680 --> 00:31:58,320 Speaker 1: We did Italy and Greece. It was amazing, and that 674 00:31:58,400 --> 00:32:01,000 Speaker 1: was all visa free. But now they want to include 675 00:32:01,040 --> 00:32:04,600 Speaker 1: even Americans and you'll need a special travel authorization to 676 00:32:04,840 --> 00:32:07,760 Speaker 1: enter the Shingen area of Europe. 677 00:32:08,280 --> 00:32:09,520 Speaker 2: The restriction is part of. 678 00:32:09,480 --> 00:32:13,880 Speaker 1: An international effort to increase security. Of course, it's always 679 00:32:13,880 --> 00:32:15,800 Speaker 1: for our security. You know. 680 00:32:15,920 --> 00:32:17,120 Speaker 2: As I'm traveling through. 681 00:32:16,960 --> 00:32:20,080 Speaker 1: Here, I'm just constantly like, why do they need all 682 00:32:20,160 --> 00:32:23,480 Speaker 1: this information? Maybe it's just because I'm so old that 683 00:32:23,560 --> 00:32:25,760 Speaker 1: I can remember a world where they didn't need all 684 00:32:25,800 --> 00:32:30,240 Speaker 1: that information. Seems like I used to fly without having 685 00:32:30,280 --> 00:32:32,840 Speaker 1: to get my face scanned before I got on the plane. 686 00:32:33,800 --> 00:32:35,440 Speaker 1: Seems like I used to be able to go through 687 00:32:35,440 --> 00:32:39,680 Speaker 1: customs without needing to get my face scanned. I mean, 688 00:32:40,400 --> 00:32:43,760 Speaker 1: call me real old. I remember going onto the plane 689 00:32:44,200 --> 00:32:46,200 Speaker 1: with friends and family who weren't flying. They would just 690 00:32:46,280 --> 00:32:49,080 Speaker 1: walk you to the gate. I remember going to the 691 00:32:49,080 --> 00:32:53,440 Speaker 1: plane without having to get padded down and frisked. M interesting, 692 00:32:54,000 --> 00:32:57,360 Speaker 1: So don't worry, it's for your security. It's for your safeties, 693 00:32:57,360 --> 00:32:58,920 Speaker 1: what they say. The new rules are being rolled out 694 00:32:58,920 --> 00:33:02,640 Speaker 1: by the European Travel Information and Authorization system. It was 695 00:33:02,640 --> 00:33:04,600 Speaker 1: approved in twenty sixteen and was supposed to start in 696 00:33:04,600 --> 00:33:06,400 Speaker 1: twenty twenty two, but it was delayed by a series 697 00:33:06,440 --> 00:33:08,400 Speaker 1: of roadblocks. And those roadblocks are because the governments are 698 00:33:08,440 --> 00:33:11,840 Speaker 1: incompetent and they can never roll out programs. That's the 699 00:33:11,880 --> 00:33:14,520 Speaker 1: one thing that gives me hope. As much as the 700 00:33:14,560 --> 00:33:17,360 Speaker 1: governments want to roll out these types of programs, the 701 00:33:17,360 --> 00:33:21,360 Speaker 1: CBDs programs, the fifteen minute city programs, I have a 702 00:33:21,360 --> 00:33:25,520 Speaker 1: little bit of hope in their incompetence. So, for example, 703 00:33:25,520 --> 00:33:27,840 Speaker 1: the IRS has been trying to overhaul their system for 704 00:33:28,160 --> 00:33:29,000 Speaker 1: decades now. 705 00:33:30,040 --> 00:33:32,320 Speaker 2: They finally admitted defeat and gave up, and they said. 706 00:33:32,080 --> 00:33:35,160 Speaker 1: Fine, we're only going to overhaul a small percentage of 707 00:33:35,880 --> 00:33:37,640 Speaker 1: the software and we'll get it done by the end 708 00:33:37,640 --> 00:33:39,560 Speaker 1: of the decade. Like that's literally how incompetent they are. 709 00:33:39,600 --> 00:33:41,080 Speaker 1: You saw what happen when Obama tried to roll out 710 00:33:41,080 --> 00:33:46,320 Speaker 1: the Obamacare website, simple website to shop insurance plans that 711 00:33:46,400 --> 00:33:48,640 Speaker 1: we have like hundreds of them all over the internet, 712 00:33:49,200 --> 00:33:51,840 Speaker 1: and they couldn't roll that out. But basically when this happens, 713 00:33:51,880 --> 00:33:53,640 Speaker 1: as I said, now you have to get a v 714 00:33:53,680 --> 00:33:56,520 Speaker 1: set in order to travel there, including for Americans and 715 00:33:56,640 --> 00:33:59,840 Speaker 1: British tourists. Of course you have to apply for their 716 00:34:00,080 --> 00:34:05,440 Speaker 1: authorization to move around because your right to travel isn't guaranteed. 717 00:34:05,920 --> 00:34:07,960 Speaker 1: And of course the last piece is that you have 718 00:34:08,000 --> 00:34:08,759 Speaker 1: to pay a small fee. 719 00:34:08,800 --> 00:34:10,120 Speaker 2: Of course, it. 720 00:34:10,080 --> 00:34:12,000 Speaker 1: Applies to people who plan to stay in participating in 721 00:34:12,000 --> 00:34:14,000 Speaker 1: countries for fewer than ninety days. So even if you 722 00:34:14,000 --> 00:34:15,640 Speaker 1: want to pop in, you got to pay. At the 723 00:34:15,719 --> 00:34:16,840 Speaker 1: end of the day, I mean, is the end of 724 00:34:16,840 --> 00:34:20,040 Speaker 1: the world. No, I travel to Mexico all the time, 725 00:34:20,160 --> 00:34:21,560 Speaker 1: and if I want to go to Mexico for more 726 00:34:21,600 --> 00:34:24,120 Speaker 1: than like five days, you're supposed to get a visa. 727 00:34:24,680 --> 00:34:26,439 Speaker 1: So when you fly in, they give you the visa 728 00:34:26,480 --> 00:34:27,600 Speaker 1: on the plane. Not a big deal. 729 00:34:28,120 --> 00:34:29,680 Speaker 2: If I drive in, I can just pull. 730 00:34:29,480 --> 00:34:31,680 Speaker 1: Over at the at the border and I can pay 731 00:34:31,960 --> 00:34:33,759 Speaker 1: fifty bucks or whatever it's forty five bucks to get 732 00:34:33,800 --> 00:34:36,840 Speaker 1: a visa. They're good for like six months. There's no 733 00:34:36,960 --> 00:34:38,840 Speaker 1: like formal application process. 734 00:34:38,880 --> 00:34:39,799 Speaker 2: You can just get it there. 735 00:34:40,120 --> 00:34:42,040 Speaker 1: Like I said, typically just includes with the airline flight 736 00:34:42,080 --> 00:34:43,960 Speaker 1: like not a big deal. But however, this is more 737 00:34:43,960 --> 00:34:47,200 Speaker 1: of like a travel authorization that's required in advance. And 738 00:34:47,280 --> 00:34:50,120 Speaker 1: really what it comes down to though, is, like I said, 739 00:34:50,239 --> 00:34:53,799 Speaker 1: it's really looking at all of your data, and it 740 00:34:53,880 --> 00:34:57,799 Speaker 1: really comes down to controling who moves around, and a 741 00:34:57,800 --> 00:35:00,080 Speaker 1: lot of it really comes down to this protectionism. As 742 00:35:00,200 --> 00:35:03,359 Speaker 1: the world continues to decentralize, as we continue to move 743 00:35:03,360 --> 00:35:07,400 Speaker 1: into these multipolar worlds, each nation is moving into more 744 00:35:07,400 --> 00:35:11,160 Speaker 1: and more protectionism. I need to protect what I have, 745 00:35:11,360 --> 00:35:15,040 Speaker 1: more and more silos as opposed to global cooperation. Now, 746 00:35:15,120 --> 00:35:18,239 Speaker 1: unfortunately this is a bad trend. As the world became 747 00:35:18,280 --> 00:35:21,920 Speaker 1: more centralized, we had global trade and my iPhone has 748 00:35:21,960 --> 00:35:24,719 Speaker 1: parts from six continents and we use just in time 749 00:35:24,719 --> 00:35:28,040 Speaker 1: supply chains. But as that breaks down, as global trade 750 00:35:28,040 --> 00:35:32,520 Speaker 1: breaks down, things become much more expensive. Our selection of 751 00:35:32,560 --> 00:35:35,919 Speaker 1: goods and services goes down, our time frames go up, 752 00:35:36,080 --> 00:35:38,600 Speaker 1: and as I said, more expensive. That's a big deal. 753 00:35:38,719 --> 00:35:41,480 Speaker 1: And we can see this happening a lot, like for example, China. Recently, 754 00:35:41,520 --> 00:35:43,520 Speaker 1: I did a video on my main YouTube channel, Mark Moss, 755 00:35:43,680 --> 00:35:49,120 Speaker 1: but China recently banned exports of gallium and geranium to 756 00:35:49,200 --> 00:35:53,040 Speaker 1: the United States. They said in their release, why would 757 00:35:53,040 --> 00:35:58,080 Speaker 1: we continue giving our finite resources to a nation who's 758 00:35:58,080 --> 00:36:01,560 Speaker 1: not friendly and cooperative with us? Which is a good question. 759 00:36:01,719 --> 00:36:04,680 Speaker 1: Why would they? And they don't want to? Now what 760 00:36:04,880 --> 00:36:08,399 Speaker 1: does the United States need gallium and geranium for Oh 761 00:36:08,560 --> 00:36:10,719 Speaker 1: turns out we need it to make like some of 762 00:36:10,760 --> 00:36:13,439 Speaker 1: our ev stuff and renewable stuff. So if we don't 763 00:36:13,480 --> 00:36:16,719 Speaker 1: have that, what do we do? Well, you understand, we've 764 00:36:16,719 --> 00:36:20,799 Speaker 1: seen you know, Russia said they would start they would 765 00:36:20,840 --> 00:36:22,160 Speaker 1: pump less oil out. 766 00:36:22,080 --> 00:36:22,399 Speaker 2: Of the ground. 767 00:36:22,440 --> 00:36:24,720 Speaker 1: They'd rather keep the oil in the ground. We saw 768 00:36:26,040 --> 00:36:29,200 Speaker 1: Chile has started to nationalize mines, lithium mines. They don't 769 00:36:29,200 --> 00:36:31,040 Speaker 1: want the lithium being shipped out of the country. They 770 00:36:31,040 --> 00:36:35,160 Speaker 1: want to hold onto it. India banned exports of rice, 771 00:36:35,480 --> 00:36:38,680 Speaker 1: attempting to calm rising domestic prices at home. Prices are 772 00:36:38,719 --> 00:36:40,919 Speaker 1: going too high. People are freaking out about it. It's 773 00:36:40,960 --> 00:36:43,960 Speaker 1: causing problems. So now they want to ban exporting of rice. 774 00:36:44,719 --> 00:36:49,120 Speaker 1: And rice might seem inconsequential compared to lithium and gallium 775 00:36:49,120 --> 00:36:52,920 Speaker 1: and geranium, but it's all the same thing. As the 776 00:36:52,920 --> 00:36:56,600 Speaker 1: world continues to break down, each nation, instead of participating 777 00:36:56,600 --> 00:37:00,040 Speaker 1: in just in time supply chains move to just in 778 00:37:00,040 --> 00:37:03,520 Speaker 1: in case. I better hang on to this. But that's 779 00:37:03,520 --> 00:37:05,160 Speaker 1: what we got for today. We just went through the 780 00:37:05,239 --> 00:37:07,279 Speaker 1: latest breaking news headlines to show you how the world 781 00:37:07,360 --> 00:37:10,200 Speaker 1: is changing right before our very eyes, and thanks for listening.