1 00:00:00,080 --> 00:00:02,200 Speaker 1: Hello, and welcome back to another episode of The Mark 2 00:00:02,240 --> 00:00:05,640 Speaker 1: moa show where we're talking about the world. We're talking 3 00:00:05,640 --> 00:00:07,560 Speaker 1: about the world in context of what's going on in 4 00:00:07,640 --> 00:00:10,799 Speaker 1: the world today, specifically looking at the intersection of politics, finance, 5 00:00:10,840 --> 00:00:15,040 Speaker 1: and technology and how those three coming together and not 6 00:00:15,120 --> 00:00:18,280 Speaker 1: just coming together, converging or really clashing at the exact 7 00:00:18,280 --> 00:00:21,959 Speaker 1: same time, are changing the world as we know it. 8 00:00:22,360 --> 00:00:24,120 Speaker 1: A lot of people want to know when, Mark, When, 9 00:00:24,160 --> 00:00:27,040 Speaker 1: when is it gonna happen? Well, it's happening right now. 10 00:00:27,080 --> 00:00:28,960 Speaker 1: It's kind of like watching paint dry. You can't really 11 00:00:28,960 --> 00:00:31,240 Speaker 1: see that it's drying, but you know it's sitting there drying. 12 00:00:32,159 --> 00:00:34,440 Speaker 1: Or maybe like watching water boil, maybe like that. I 13 00:00:34,440 --> 00:00:38,839 Speaker 1: actually had to boil some water this morning. I do 14 00:00:38,880 --> 00:00:41,640 Speaker 1: intermittent fasting every day. I don't eat breakfast. I usually 15 00:00:41,800 --> 00:00:44,280 Speaker 1: go about eighteen hours about eating, but I drink coffee 16 00:00:44,880 --> 00:00:46,360 Speaker 1: and I know, I know, I know. For a For 17 00:00:46,400 --> 00:00:49,920 Speaker 1: your hardcore people, you say, Mark, that breaks you fast. Well, Uh, 18 00:00:50,000 --> 00:00:52,879 Speaker 1: technically you're right, but you're also technically wrong. I'm not 19 00:00:52,880 --> 00:00:55,920 Speaker 1: gonna get into that anyway. My water machine was out 20 00:00:55,920 --> 00:00:57,760 Speaker 1: of water and I had to actually boil some water. 21 00:00:57,800 --> 00:01:00,400 Speaker 1: I haven't done that a long time, and I watching 22 00:01:00,440 --> 00:01:02,120 Speaker 1: and watching, watching, I was in a hurry. I need 23 00:01:02,120 --> 00:01:03,760 Speaker 1: the hot water, and I can start to see the 24 00:01:03,760 --> 00:01:05,679 Speaker 1: little bubbles starting to form on the bottom. And I 25 00:01:05,720 --> 00:01:07,280 Speaker 1: knew once those little bubbles started to form on the 26 00:01:07,280 --> 00:01:09,000 Speaker 1: bottom that they were gonna get bigger and bigger, bigger, 27 00:01:09,040 --> 00:01:11,120 Speaker 1: and eventually those bubbles would start coming up and then 28 00:01:11,160 --> 00:01:14,319 Speaker 1: would really be boiling. I didn't need to wait until 29 00:01:14,400 --> 00:01:18,680 Speaker 1: those bubbles we're at full scale and bubbling up, because 30 00:01:18,680 --> 00:01:20,400 Speaker 1: the water was already hot when I started to see 31 00:01:20,440 --> 00:01:22,200 Speaker 1: the bubbles forming enough for me to pull off and 32 00:01:22,240 --> 00:01:24,759 Speaker 1: go ahead and make my coffee. Kind of a kind 33 00:01:24,760 --> 00:01:27,000 Speaker 1: of an interesting segue into kind of the world that 34 00:01:27,040 --> 00:01:30,360 Speaker 1: we know it where we're witnessing, we're watching the water boil. 35 00:01:31,400 --> 00:01:34,199 Speaker 1: At what point is it hot enough to pull off? 36 00:01:34,720 --> 00:01:38,039 Speaker 1: And uh, you know, you can wait until the bubbles 37 00:01:38,040 --> 00:01:41,360 Speaker 1: are overflowing the pan um. Personally, for me, I don't 38 00:01:41,400 --> 00:01:43,200 Speaker 1: need to I just wait until I see the little bubbles. 39 00:01:43,200 --> 00:01:45,560 Speaker 1: And we're certainly there right now. And so, uh, we're 40 00:01:45,560 --> 00:01:47,400 Speaker 1: witnessing it, we're watching it, we're trying to understand it, 41 00:01:47,400 --> 00:01:49,680 Speaker 1: we're trying to make we're trying to navigate it so 42 00:01:49,720 --> 00:01:51,880 Speaker 1: we can build, grow, and protect our wealth as we 43 00:01:51,920 --> 00:01:55,360 Speaker 1: go through this decentralized revolution that bitcoin is spearheading. Bitcoin 44 00:01:55,480 --> 00:02:00,120 Speaker 1: is the decentralized revolution. And that's what we're looking at now. Um. 45 00:02:00,160 --> 00:02:03,720 Speaker 1: As revolutionary as bitcoin is, of course, um, it's something 46 00:02:03,760 --> 00:02:06,960 Speaker 1: that cannot be controlled. And you know, the powers that 47 00:02:06,960 --> 00:02:10,160 Speaker 1: be don't like that. Right. If you could have a 48 00:02:10,200 --> 00:02:12,080 Speaker 1: money tree in your backyard and you could create as 49 00:02:12,160 --> 00:02:14,760 Speaker 1: much money as you wanted, whenever you wanted, why would 50 00:02:14,760 --> 00:02:16,560 Speaker 1: you want to give that up? I mean, you would 51 00:02:16,600 --> 00:02:18,000 Speaker 1: have all the power in the world if you could 52 00:02:18,000 --> 00:02:20,639 Speaker 1: make your own money. Right. Well, now you start to 53 00:02:20,680 --> 00:02:23,360 Speaker 1: understand the central bank. They can make as much money 54 00:02:23,400 --> 00:02:25,560 Speaker 1: as they want, which gives them all the power in 55 00:02:25,600 --> 00:02:29,800 Speaker 1: the world. As a matter of fact, it was Mayor Rothchild, 56 00:02:29,800 --> 00:02:32,600 Speaker 1: one of the Rothchild I think was Mayor Rothchild. He said, UM, 57 00:02:32,720 --> 00:02:35,360 Speaker 1: give me a control over a nation's money, and I 58 00:02:35,520 --> 00:02:39,640 Speaker 1: care not who makes the nation's laws. Just take just 59 00:02:39,680 --> 00:02:45,959 Speaker 1: take the money. Um. And it was Henry Kissinger said, 60 00:02:47,400 --> 00:02:52,600 Speaker 1: control the food, you control the people, control the energy, 61 00:02:53,200 --> 00:02:57,840 Speaker 1: you control a continent, control the money, you control the world. 62 00:02:58,760 --> 00:03:02,399 Speaker 1: So it's no surprise is that the leaders, the powers 63 00:03:02,440 --> 00:03:06,000 Speaker 1: that be are attacking those three things. Have you heard 64 00:03:06,280 --> 00:03:10,960 Speaker 1: Have you heard food crisis, food shortage, You've heard fertilizer, 65 00:03:11,200 --> 00:03:15,240 Speaker 1: food prices going up? The attack on food? Interesting? What 66 00:03:15,280 --> 00:03:17,440 Speaker 1: about the attack on energy? Have you heard about that? 67 00:03:17,760 --> 00:03:20,000 Speaker 1: You know, oil going up and gas prices going up. 68 00:03:20,080 --> 00:03:22,600 Speaker 1: You've you heard about the attack on energy? Food? Energy? 69 00:03:22,680 --> 00:03:26,040 Speaker 1: Or what about money? Oh? Yeah, they're trying to control 70 00:03:26,080 --> 00:03:27,519 Speaker 1: money too. And one of the ways of trying to 71 00:03:27,560 --> 00:03:29,720 Speaker 1: control money is with their trying to roll out these 72 00:03:29,760 --> 00:03:33,520 Speaker 1: central bank digital currencies. Were talking about CBDCs, that's the 73 00:03:33,520 --> 00:03:38,320 Speaker 1: acronym CBDC. And uh, you know what better way for 74 00:03:38,360 --> 00:03:42,360 Speaker 1: them to control us than to control us through the money. 75 00:03:42,560 --> 00:03:45,520 Speaker 1: Control the money, you control the world. So think about it, um, 76 00:03:45,600 --> 00:03:48,600 Speaker 1: you know I can. I mean, our phones are spying 77 00:03:48,640 --> 00:03:52,160 Speaker 1: machines right there listening to us every minute, UM, tracking 78 00:03:52,240 --> 00:03:54,280 Speaker 1: us everywhere we go, and they can get a lot 79 00:03:54,280 --> 00:03:56,160 Speaker 1: of data from us. They can find out where we 80 00:03:56,240 --> 00:03:58,960 Speaker 1: go and what our routines are, and who we're associating with, 81 00:03:59,000 --> 00:04:02,280 Speaker 1: and there's a bunch of information they can find. But 82 00:04:02,400 --> 00:04:06,000 Speaker 1: the money, the money is the most private. The money 83 00:04:06,040 --> 00:04:09,920 Speaker 1: shows what we're really doing. Am I buying baby formula? 84 00:04:10,360 --> 00:04:13,120 Speaker 1: Am I planning trips? Like all these different things and 85 00:04:13,120 --> 00:04:16,279 Speaker 1: so it's the money. And imagine if they could issue 86 00:04:16,360 --> 00:04:20,760 Speaker 1: a money a CBDC that was able to track US 87 00:04:21,000 --> 00:04:24,679 Speaker 1: control US surveillors, but even more importantly that it could 88 00:04:26,120 --> 00:04:33,640 Speaker 1: modify our behavior modifier behavior thinks. Think China social credit 89 00:04:33,640 --> 00:04:37,320 Speaker 1: score system, where in China you get a social credit score. Obviously, 90 00:04:37,360 --> 00:04:39,560 Speaker 1: the United States we have a credit score, so if 91 00:04:39,600 --> 00:04:41,000 Speaker 1: you don't pay your bills on time, you get to 92 00:04:41,000 --> 00:04:42,919 Speaker 1: doing on your credit score, you get too much credit, 93 00:04:42,920 --> 00:04:45,720 Speaker 1: et cetera. But in China it's a social credit score. 94 00:04:45,800 --> 00:04:48,520 Speaker 1: So if you say mean things on the internet, for example, 95 00:04:48,920 --> 00:04:52,360 Speaker 1: your credit score gets stocked and you now don't get 96 00:04:52,400 --> 00:04:54,560 Speaker 1: to buy a train ticket or a bus ticket, on 97 00:04:54,560 --> 00:04:56,600 Speaker 1: airplane ticket. As a matter of fact, in two thousand eighteen, 98 00:04:56,680 --> 00:05:01,040 Speaker 1: like four years ago, in two Thoeen, I believe, man, 99 00:05:01,080 --> 00:05:02,479 Speaker 1: it's been a while since I did the data on this. 100 00:05:03,120 --> 00:05:05,480 Speaker 1: I want to say it was like eighteen million people 101 00:05:06,360 --> 00:05:10,599 Speaker 1: were prevented from buying a train ticket because their social 102 00:05:10,680 --> 00:05:13,000 Speaker 1: creditic core was too low. And of course that's the 103 00:05:13,080 --> 00:05:17,719 Speaker 1: money side, right, They couldn't buy they couldn't buy the 104 00:05:17,720 --> 00:05:20,400 Speaker 1: train ticket, they didn't have the money. Now I've made 105 00:05:20,400 --> 00:05:25,360 Speaker 1: the case before without freedom of payments, you have no freedom. 106 00:05:25,440 --> 00:05:29,239 Speaker 1: Let me say that again. Without freedom of payments, there 107 00:05:29,480 --> 00:05:35,200 Speaker 1: is no freedom. So the United States guarantees me the 108 00:05:35,279 --> 00:05:38,320 Speaker 1: right the freedom of speech. But if I can't pay 109 00:05:38,360 --> 00:05:39,839 Speaker 1: for a computer, or pay for a phone to go 110 00:05:39,839 --> 00:05:41,839 Speaker 1: on social media, or pay to print a flyer, or 111 00:05:41,839 --> 00:05:44,520 Speaker 1: pay to build a website, do I have freedom of speech? 112 00:05:44,560 --> 00:05:45,760 Speaker 1: I mean sure, I guess I could sit there on 113 00:05:45,760 --> 00:05:48,520 Speaker 1: the beach and yell into the wind I have. I have. 114 00:05:48,960 --> 00:05:53,920 Speaker 1: The Constitution guarantees me the freedom to assemble, but if 115 00:05:53,960 --> 00:05:57,120 Speaker 1: I can't pay to a gas in my truck, I 116 00:05:57,160 --> 00:05:59,680 Speaker 1: can't go to that assembly, right, and on and on. 117 00:05:59,880 --> 00:06:02,000 Speaker 1: Now they want to control that with the Central Bank 118 00:06:02,000 --> 00:06:05,320 Speaker 1: digital currencies, and so they're working on that really really quickly, 119 00:06:05,440 --> 00:06:09,160 Speaker 1: and that is a hot battleground right now. What's interesting 120 00:06:09,240 --> 00:06:15,240 Speaker 1: is they talk about, um, we need to preserve people's privacy. Yeah, right, 121 00:06:15,279 --> 00:06:17,599 Speaker 1: Like that's their goal, preserving privacy, because everything the government 122 00:06:17,640 --> 00:06:19,240 Speaker 1: does with money is to take away our privacy. As 123 00:06:19,240 --> 00:06:22,520 Speaker 1: a matter of factor, you've probably heard anybody who has 124 00:06:22,520 --> 00:06:25,000 Speaker 1: more than six dollars in transactions in their bank accounts. 125 00:06:25,040 --> 00:06:27,480 Speaker 1: They want to do full surveillance on you heard that, right, 126 00:06:27,800 --> 00:06:30,720 Speaker 1: Does that sound like, does that sound like privacy? They 127 00:06:30,720 --> 00:06:32,720 Speaker 1: want to shine a flashlight up your button, inspect every 128 00:06:32,720 --> 00:06:34,240 Speaker 1: single transaction you do if you have more than six 129 00:06:34,320 --> 00:06:36,280 Speaker 1: hundred bucks. That is not privacy. As a matter of fact, 130 00:06:36,279 --> 00:06:38,640 Speaker 1: it goes against the Bank Secrecy Act that guarantees is 131 00:06:38,720 --> 00:06:40,880 Speaker 1: privacy from that type of Uh. Well, and then we 132 00:06:40,920 --> 00:06:46,240 Speaker 1: have a constitution UH guarantees us against unlawful search and seizure, 133 00:06:46,320 --> 00:06:49,320 Speaker 1: which I would say that definitely qualifies the unlawful search. 134 00:06:49,400 --> 00:06:50,839 Speaker 1: They don't have a warrant for that, they have no 135 00:06:50,920 --> 00:06:54,480 Speaker 1: probable cause. How about we were innocent until proven guilty. 136 00:06:54,760 --> 00:06:56,720 Speaker 1: I thought that's the America that I grew up in 137 00:06:57,279 --> 00:06:59,479 Speaker 1: about it. Now apparently you're guilty until provenance. But they 138 00:06:59,480 --> 00:07:01,480 Speaker 1: talked about these central bank digital currencies and how how 139 00:07:01,520 --> 00:07:04,920 Speaker 1: can they preserve privacy when they look at the transaction? Well, 140 00:07:05,040 --> 00:07:08,720 Speaker 1: I think the nuance is they're talking about how could 141 00:07:08,720 --> 00:07:13,560 Speaker 1: they prevent how could they keep help you protect your 142 00:07:13,640 --> 00:07:17,640 Speaker 1: privacy from other governments. We want to make sure other 143 00:07:17,720 --> 00:07:19,760 Speaker 1: governments don't get the data. We want to make sure 144 00:07:19,840 --> 00:07:22,440 Speaker 1: that um, other people don't get the data. Of course 145 00:07:22,480 --> 00:07:24,800 Speaker 1: we want it right. So when they talk about protecting 146 00:07:24,800 --> 00:07:28,080 Speaker 1: your privacy, it's uh, privacy from people that they don't 147 00:07:28,120 --> 00:07:29,920 Speaker 1: want to have it. It's not privacy from them. So 148 00:07:30,000 --> 00:07:32,280 Speaker 1: let's let's make that clear. But they do talk about 149 00:07:32,280 --> 00:07:34,040 Speaker 1: that all the time. And we saw this week US 150 00:07:34,080 --> 00:07:37,840 Speaker 1: lawmakers introduced a e cash e cash bill and a 151 00:07:37,880 --> 00:07:40,120 Speaker 1: new push to create a digital dollar, and it says 152 00:07:40,160 --> 00:07:42,600 Speaker 1: that e cash would be a digital analog to the 153 00:07:42,600 --> 00:07:46,640 Speaker 1: green back and could preserve privacy and anonymous transactions. According 154 00:07:46,680 --> 00:07:49,000 Speaker 1: to an advisor on the bill, it says a group 155 00:07:49,000 --> 00:07:51,560 Speaker 1: of US lawmakers says the US Trangy Department maybe the 156 00:07:51,640 --> 00:07:55,000 Speaker 1: right government entity to create a digital dollar, not the 157 00:07:55,040 --> 00:07:57,679 Speaker 1: Federal Reserve. So the center the central bank digital currency 158 00:07:57,840 --> 00:08:00,600 Speaker 1: is a central bank. The Federal Reserve is the center bank. 159 00:08:01,160 --> 00:08:02,640 Speaker 1: And so what the lawmakers want to do is they 160 00:08:02,680 --> 00:08:05,960 Speaker 1: want the Treasury Department to do this, not the Fed. 161 00:08:06,040 --> 00:08:08,200 Speaker 1: Now it's interesting about this. They used the word in 162 00:08:08,200 --> 00:08:11,160 Speaker 1: this article. It says, um, the cash would be a 163 00:08:11,160 --> 00:08:13,520 Speaker 1: digital analog to the green back. Now what does that mean? 164 00:08:14,000 --> 00:08:17,640 Speaker 1: Digital analog to the green back? You may not pick 165 00:08:17,760 --> 00:08:20,280 Speaker 1: up on that nuance. So it's understand you have to 166 00:08:20,360 --> 00:08:21,960 Speaker 1: you have to what you have to do. Let me 167 00:08:22,000 --> 00:08:24,520 Speaker 1: give you just a little lesson on critical thinking. Here, 168 00:08:24,840 --> 00:08:28,720 Speaker 1: so critical thinking one who wrote the article? So if 169 00:08:28,720 --> 00:08:30,600 Speaker 1: it came from the Washington Post, well that there are 170 00:08:30,680 --> 00:08:33,360 Speaker 1: mouthpiece for the CIA. Okay, if it came from Urt, 171 00:08:33,559 --> 00:08:36,240 Speaker 1: well they're from Russia, right, So who wrote it and 172 00:08:36,520 --> 00:08:38,000 Speaker 1: what are they trying to say? Then you want to 173 00:08:38,040 --> 00:08:42,000 Speaker 1: parse it for what's the data, and then what's the narrative? 174 00:08:42,520 --> 00:08:44,559 Speaker 1: And then who's telling me? Right? So that's what we're doing. 175 00:08:44,559 --> 00:08:46,160 Speaker 1: So if we look at this, what's the data, Well 176 00:08:46,160 --> 00:08:48,720 Speaker 1: says he cas should be digital analog to the green back. 177 00:08:48,840 --> 00:08:52,040 Speaker 1: What does that mean? Well, when it says further on 178 00:08:52,200 --> 00:08:54,719 Speaker 1: here that the lawmakers say that the U. S. Treasury 179 00:08:54,800 --> 00:08:59,719 Speaker 1: should create the digital dollar, not the federal reserve. That's 180 00:08:59,720 --> 00:09:01,600 Speaker 1: about attle a battle between the government and the bank 181 00:09:01,720 --> 00:09:03,280 Speaker 1: central Bank, that go O reserve, and then the green 182 00:09:03,320 --> 00:09:05,280 Speaker 1: back is the key piece. I'm gonna tell you what 183 00:09:05,320 --> 00:09:08,520 Speaker 1: that means in a second when I come back, because 184 00:09:08,640 --> 00:09:10,240 Speaker 1: I want to dig into that. You have to understand 185 00:09:10,240 --> 00:09:11,559 Speaker 1: the nuance of hear what's going on. You're listening to 186 00:09:11,600 --> 00:09:15,560 Speaker 1: the markma Show talking about the decentralized Revolution, talking about bitcoin, 187 00:09:16,480 --> 00:09:20,040 Speaker 1: talking about politics, finance and technology coming together to change 188 00:09:20,040 --> 00:09:22,400 Speaker 1: the world as we know it. We're talking about the 189 00:09:22,400 --> 00:09:24,760 Speaker 1: central bank digital currencies and this new e cash bill 190 00:09:24,800 --> 00:09:27,200 Speaker 1: and the fight between the government and the Fed. And 191 00:09:27,200 --> 00:09:30,400 Speaker 1: I'm gonna tell you what the significance of this green 192 00:09:30,559 --> 00:09:33,200 Speaker 1: back is in here. Maybe you already know. If you do, 193 00:09:33,320 --> 00:09:35,800 Speaker 1: send me a message on Twitter at one Mark Moss. 194 00:09:36,040 --> 00:09:37,839 Speaker 1: Otherwise don't go away. I'll be right back and explain 195 00:09:37,880 --> 00:09:39,760 Speaker 1: to you. All right, welcome back here listening to the 196 00:09:39,760 --> 00:09:43,120 Speaker 1: markma Show. We're talking about the decentralized revolution. We're talking 197 00:09:43,160 --> 00:09:46,720 Speaker 1: about the intersection of politics, technology and finance. We're talking 198 00:09:46,720 --> 00:09:50,200 Speaker 1: about how bitcoin is changing the world and how everybody 199 00:09:50,200 --> 00:09:52,880 Speaker 1: else is changing and organizing and moving and shaking based 200 00:09:52,880 --> 00:09:55,960 Speaker 1: off of that. And specifically we're talking about this uh 201 00:09:56,400 --> 00:09:59,560 Speaker 1: new bill. US lawmakers introduced an e cash bill in 202 00:09:59,600 --> 00:10:02,240 Speaker 1: a new is to create a digital dollar. And what's 203 00:10:02,240 --> 00:10:04,240 Speaker 1: interesting is, as I was saying before the break, the 204 00:10:04,280 --> 00:10:07,040 Speaker 1: e cash would be a digital analog to the green back. 205 00:10:08,040 --> 00:10:10,200 Speaker 1: And then I says, here a group of lawmakers says 206 00:10:10,200 --> 00:10:13,200 Speaker 1: the Treasury Department. The Treasury is the government should be 207 00:10:13,200 --> 00:10:16,520 Speaker 1: the right government and to create a digital digital dollar, 208 00:10:16,760 --> 00:10:19,920 Speaker 1: not the Federal Reserve. So there's a fight. Now, Okay, 209 00:10:19,920 --> 00:10:24,080 Speaker 1: here's the significance. Many people would ask why does the 210 00:10:24,200 --> 00:10:29,960 Speaker 1: government have to borrow money from the Federal Reserve. Why 211 00:10:29,960 --> 00:10:32,839 Speaker 1: wouldn't the government just create their own money because the 212 00:10:32,840 --> 00:10:35,080 Speaker 1: Federal Reserve has no money. It's not like in the 213 00:10:35,120 --> 00:10:38,280 Speaker 1: old days before we had money. Um, a king would 214 00:10:38,320 --> 00:10:40,280 Speaker 1: borrow money from the rich people, right, because they need 215 00:10:40,280 --> 00:10:45,199 Speaker 1: to borrow gold for example. Um, but why would the government, 216 00:10:45,440 --> 00:10:48,400 Speaker 1: the Unknited States government, the treasury borrow from the FED 217 00:10:48,440 --> 00:10:50,560 Speaker 1: when the Fed has no money. The FED just creates 218 00:10:50,559 --> 00:10:52,080 Speaker 1: it from thin air. Well, if the Fed's going to 219 00:10:52,080 --> 00:10:53,720 Speaker 1: create from thin air, what doesn't the government just created 220 00:10:53,760 --> 00:10:55,839 Speaker 1: from thin air? Right? That was a good question, and 221 00:10:55,880 --> 00:10:57,640 Speaker 1: as a matter of fact, it was a good question 222 00:10:57,960 --> 00:11:02,680 Speaker 1: that President Abraham link And asked as President Abraham Lincoln 223 00:11:02,760 --> 00:11:05,240 Speaker 1: going into the Civil War trying to uh, well, I'm 224 00:11:05,240 --> 00:11:06,840 Speaker 1: not gonna get into a civil war, It's not what 225 00:11:06,920 --> 00:11:09,760 Speaker 1: you think it is. But um, going too civil war? 226 00:11:09,920 --> 00:11:13,080 Speaker 1: He asked that the same very question, why should the 227 00:11:13,160 --> 00:11:17,559 Speaker 1: government have to try to borrow money from these bankers? 228 00:11:17,679 --> 00:11:20,199 Speaker 1: As a matter of fact, let's this the government creator 229 00:11:20,240 --> 00:11:23,199 Speaker 1: oh money? And he did. And the money that Abraham 230 00:11:23,280 --> 00:11:26,560 Speaker 1: Lincoln created to go fight the Civil War was called 231 00:11:27,120 --> 00:11:30,120 Speaker 1: wait for it, wait for it, It was called the 232 00:11:30,160 --> 00:11:33,040 Speaker 1: green back. Now, most of us think that greenback is 233 00:11:33,080 --> 00:11:35,839 Speaker 1: just another slang word like bucks, right or something like that. 234 00:11:36,360 --> 00:11:38,280 Speaker 1: Greenback is just another slang word. But that's not the truth. 235 00:11:38,360 --> 00:11:40,560 Speaker 1: A greenback was a very specific form of money that 236 00:11:40,600 --> 00:11:43,000 Speaker 1: Abraham Lincoln created that the government, the U. S. Treasury 237 00:11:43,000 --> 00:11:46,079 Speaker 1: Department created, not the Federal Reserve. So it was interesting 238 00:11:46,120 --> 00:11:47,720 Speaker 1: here is this says the law. The lawmakers say the 239 00:11:47,720 --> 00:11:50,800 Speaker 1: Treasury Department should be the right entity, not the FED. 240 00:11:51,360 --> 00:11:53,559 Speaker 1: That's why it's saying the green back. Kind of interesting things. 241 00:11:54,559 --> 00:11:57,400 Speaker 1: So we got Reps. Stephen Lynch, Democrat from Massachusetts, Hey 242 00:11:57,440 --> 00:12:00,520 Speaker 1: sus Chewy Garcia, Democrat from Illinois. I Ana Press the 243 00:12:00,559 --> 00:12:04,959 Speaker 1: Democrat from Massachusetts, Rashida Talib, Democrat from Michigan. So all 244 00:12:05,040 --> 00:12:10,600 Speaker 1: Democrats introduced the Electronic Currency and Secure Hardware Act Electronic 245 00:12:10,760 --> 00:12:14,360 Speaker 1: Currency and Secure Hardware Act e CASH Act to direct 246 00:12:14,400 --> 00:12:16,480 Speaker 1: the Treasury to develop an issue an electronic version of 247 00:12:16,480 --> 00:12:19,160 Speaker 1: the US dollar with an with an eye to preserving 248 00:12:19,360 --> 00:12:25,320 Speaker 1: privacy and a non amenity in transactions. Interesting it says 249 00:12:25,360 --> 00:12:27,880 Speaker 1: the electronic dollars defining the bill would be a bearer 250 00:12:27,920 --> 00:12:30,280 Speaker 1: instrument that people could hold on their phone or a card. 251 00:12:30,600 --> 00:12:34,400 Speaker 1: The system would be token based, not account based, meaning 252 00:12:34,880 --> 00:12:36,520 Speaker 1: is someone were to lose their phone or card, they 253 00:12:36,520 --> 00:12:38,960 Speaker 1: would lose the funds. In other words, it would be 254 00:12:39,000 --> 00:12:41,480 Speaker 1: like losing a wallet with dollar bills in it. So 255 00:12:41,559 --> 00:12:43,640 Speaker 1: what they're saying is a bear instrument. So a barre 256 00:12:43,720 --> 00:12:45,920 Speaker 1: instrument means like a dollar. If I have a dollar, 257 00:12:45,960 --> 00:12:47,839 Speaker 1: it's my dollars, nobody else's dollar. If I hand the 258 00:12:47,880 --> 00:12:49,160 Speaker 1: dollar to you, you have the dollar now and as 259 00:12:49,160 --> 00:12:51,599 Speaker 1: nobody else's dollar. And so they want to make it 260 00:12:51,640 --> 00:12:53,640 Speaker 1: this bare instrument where I have the token, I have 261 00:12:53,679 --> 00:12:55,360 Speaker 1: the token, nobody else has the token. If I lose 262 00:12:55,400 --> 00:12:59,040 Speaker 1: my phone, I lose the token, the money's gone. That's 263 00:12:59,040 --> 00:13:01,080 Speaker 1: what they're saying there now. Um. They went on to 264 00:13:01,080 --> 00:13:03,560 Speaker 1: say that the bill is meant to create a true 265 00:13:03,720 --> 00:13:06,680 Speaker 1: digital analog to the US dollar. We're proposing to have 266 00:13:06,679 --> 00:13:10,080 Speaker 1: a genuine cash like bearer instrument, a token based system 267 00:13:10,080 --> 00:13:14,400 Speaker 1: that doesn't have either a centralized ledger or a distributed 268 00:13:14,480 --> 00:13:18,840 Speaker 1: ledger because it had no ledger whatsoever. The you secure 269 00:13:18,880 --> 00:13:21,520 Speaker 1: hardware software and it's issued by the Treasury. He said, 270 00:13:21,520 --> 00:13:26,439 Speaker 1: Now that's interesting. So it doesn't have either a centralized 271 00:13:26,480 --> 00:13:30,720 Speaker 1: ledger or a distributed ledger. So so bitcoin. The revolution 272 00:13:30,720 --> 00:13:33,319 Speaker 1: of bitcoin and cryptocurrencies in general is that instead of 273 00:13:33,360 --> 00:13:36,680 Speaker 1: having one centralized database, a centralized ledger to their point, 274 00:13:36,760 --> 00:13:41,319 Speaker 1: centralized ledger or database. Instead of having one, there's thousands 275 00:13:41,400 --> 00:13:44,400 Speaker 1: or hundreds, thousands or millions of databases copies. They're all 276 00:13:44,400 --> 00:13:46,400 Speaker 1: copies of each other, and they have to achieve consensus, 277 00:13:47,160 --> 00:13:49,560 Speaker 1: have to agree that that transaction is vowed. That's a 278 00:13:49,640 --> 00:13:52,840 Speaker 1: destruct that they're calling a distributed or a decentralized ledger. 279 00:13:52,840 --> 00:13:57,520 Speaker 1: That's what bitcoin is. And nobody controls bitcoin. Unlike other cryptocurrencies, 280 00:13:57,520 --> 00:14:00,160 Speaker 1: people control the ledger, but with bitcoin, nobody controls it. 281 00:14:00,360 --> 00:14:02,120 Speaker 1: And what they're saying here is that they're proposing that 282 00:14:02,160 --> 00:14:03,640 Speaker 1: it doesn't have either of those. It doesn't have a 283 00:14:03,640 --> 00:14:06,360 Speaker 1: centralized ledger or distributed ledger because it had no ledger 284 00:14:06,400 --> 00:14:09,080 Speaker 1: at all. It is interesting, if it has no ledger, 285 00:14:09,679 --> 00:14:12,480 Speaker 1: how do they prevent it from being counterfeited? Y's that's 286 00:14:12,600 --> 00:14:16,400 Speaker 1: that's what bitcoin solved. Now for those of you that 287 00:14:16,440 --> 00:14:19,280 Speaker 1: don't know bitcoin, a lot of people say, well, bitcoin 288 00:14:19,360 --> 00:14:21,600 Speaker 1: is like MySpace and then and and the Facebook is 289 00:14:21,640 --> 00:14:24,800 Speaker 1: gonna come along later, right, But that's not true. So 290 00:14:24,920 --> 00:14:29,920 Speaker 1: bitcoin um wasn't just wasn't just Facebook that came along later. Facebook, 291 00:14:29,960 --> 00:14:31,960 Speaker 1: it was like, it's like getter or like I don't 292 00:14:31,960 --> 00:14:33,840 Speaker 1: know whatever parlor or whatever the new one is right 293 00:14:33,840 --> 00:14:37,320 Speaker 1: now right locals um it's it was like, there's many 294 00:14:37,440 --> 00:14:42,360 Speaker 1: variations UM that had come before bitcoin, but Bitcoin solved 295 00:14:42,360 --> 00:14:44,680 Speaker 1: the problem that none of those could solve, which was 296 00:14:44,760 --> 00:14:49,080 Speaker 1: the double spend problem. The double spend problem. So the 297 00:14:49,080 --> 00:14:51,400 Speaker 1: problem with digital things is that we can copy and 298 00:14:51,480 --> 00:14:54,920 Speaker 1: duplicate digital things. If you give me a song, I 299 00:14:54,960 --> 00:14:56,680 Speaker 1: can duplicate the song. If you give me a movie, 300 00:14:56,680 --> 00:14:58,520 Speaker 1: I can duplicate the movie. If you give me a 301 00:14:58,560 --> 00:15:00,200 Speaker 1: PDF or an e book, I can do up like 302 00:15:00,280 --> 00:15:03,280 Speaker 1: at that. But UM, but bitcoin solved that, and it's 303 00:15:03,360 --> 00:15:08,080 Speaker 1: solved it by having the distributed ledger that nobody controls, 304 00:15:09,600 --> 00:15:11,840 Speaker 1: because if somebody controls it, then they could change the ledger. 305 00:15:12,200 --> 00:15:14,000 Speaker 1: So they're proposing to try to come up with a 306 00:15:14,040 --> 00:15:16,520 Speaker 1: way to do the same thing that bitcoin does, but 307 00:15:16,640 --> 00:15:20,120 Speaker 1: without a ledger. Pretty interesting, they say it. It would 308 00:15:20,120 --> 00:15:22,120 Speaker 1: support peer to peer transactions, and given the nature of 309 00:15:22,120 --> 00:15:25,200 Speaker 1: its set up, it would fully support anonymous transactions, which 310 00:15:25,240 --> 00:15:28,880 Speaker 1: is pretty cool. Now. Anonymous UM as opposed to what's 311 00:15:28,920 --> 00:15:32,480 Speaker 1: known as k y C Know Your Customer so whenever 312 00:15:32,520 --> 00:15:34,080 Speaker 1: you do transactions. As a matter of fact, in the 313 00:15:34,160 --> 00:15:36,680 Speaker 1: United States, legally required by law, if you do transactions 314 00:15:36,760 --> 00:15:39,760 Speaker 1: over ten thousand dollars, you're required to know your customer, 315 00:15:39,800 --> 00:15:41,960 Speaker 1: which means after get your name and your address and 316 00:15:42,000 --> 00:15:47,320 Speaker 1: your all these things. Very it's very intrusive. It's very 317 00:15:47,360 --> 00:15:51,280 Speaker 1: difficult to follow that. And anyone who thinks that sounds 318 00:15:51,440 --> 00:15:56,200 Speaker 1: right doesn't understand economics, because, um, to do business, I 319 00:15:56,400 --> 00:16:00,920 Speaker 1: must know my business. If I'm going to buy food 320 00:16:01,000 --> 00:16:03,080 Speaker 1: from In and Out Burger, I hadn't out Burger last night. 321 00:16:03,120 --> 00:16:04,640 Speaker 1: If you're in California, know what I'm saying. If you're 322 00:16:04,640 --> 00:16:07,800 Speaker 1: not in California, then you're missing out. But I trust 323 00:16:07,840 --> 00:16:10,320 Speaker 1: In and Out to deliver me a good quality product 324 00:16:10,320 --> 00:16:13,320 Speaker 1: every time I go there. I know them. I trust them. 325 00:16:13,360 --> 00:16:16,560 Speaker 1: They've built up their brand, but they don't have to 326 00:16:16,600 --> 00:16:20,720 Speaker 1: know me. That's what money is for. I know them, 327 00:16:20,840 --> 00:16:23,240 Speaker 1: I trust them, but when I give them my money, 328 00:16:23,920 --> 00:16:26,640 Speaker 1: they don't need to know me. Now, in the old days, um, 329 00:16:26,680 --> 00:16:28,760 Speaker 1: you know, you had a little town, a little village, whatever, 330 00:16:28,800 --> 00:16:31,400 Speaker 1: and the guy at the general store knew everybody and 331 00:16:31,440 --> 00:16:33,280 Speaker 1: he would let me run a tab. Hey, I know Mark, 332 00:16:33,320 --> 00:16:34,600 Speaker 1: I know where he lives. Yeah, he can run a 333 00:16:34,600 --> 00:16:36,440 Speaker 1: tab kind of thing. But we don't need to know 334 00:16:36,440 --> 00:16:39,000 Speaker 1: people anymore because we have money, so it gets rid 335 00:16:39,040 --> 00:16:40,600 Speaker 1: of that need. But they're saying this is going to 336 00:16:40,720 --> 00:16:43,120 Speaker 1: bring that back, which is pretty interesting. UM. I don't 337 00:16:43,120 --> 00:16:47,000 Speaker 1: know how it's gonna work, but um I think I think, uh, 338 00:16:47,040 --> 00:16:48,920 Speaker 1: I think they got a long road ahead of them. 339 00:16:48,920 --> 00:16:52,000 Speaker 1: It's pretty interesting to see that. UM. I highly doubt 340 00:16:52,040 --> 00:16:53,440 Speaker 1: that they're going to be able to figure this out, 341 00:16:53,520 --> 00:16:57,680 Speaker 1: especially and keep this uh private anonymous type of transaction 342 00:16:57,680 --> 00:17:00,120 Speaker 1: they're talking about it. But anyway, with the bill and 343 00:17:00,120 --> 00:17:01,600 Speaker 1: some of them, these aren't these aren't just new people. 344 00:17:01,600 --> 00:17:03,800 Speaker 1: I mean, these are these are some like Rashida Talib. 345 00:17:03,840 --> 00:17:05,320 Speaker 1: I mean these are these are people that have some 346 00:17:05,400 --> 00:17:08,080 Speaker 1: power and the paulic and it's not just one and 347 00:17:08,119 --> 00:17:09,960 Speaker 1: they have one, two before five, like five six names 348 00:17:09,960 --> 00:17:12,200 Speaker 1: on here. So maybe maybe it's gonna go somewhere. Um 349 00:17:12,240 --> 00:17:15,520 Speaker 1: but again it's a battle. They're saying the government, the 350 00:17:15,560 --> 00:17:18,160 Speaker 1: Treasury should be able to do this, not the Federal Reserve, 351 00:17:18,600 --> 00:17:20,320 Speaker 1: but the Federal Reserve is not to be outdone. Of course, 352 00:17:20,320 --> 00:17:22,640 Speaker 1: they're trying to roll out their central bank digital currency 353 00:17:22,680 --> 00:17:26,080 Speaker 1: as fast as they can because they want to keep 354 00:17:26,119 --> 00:17:28,159 Speaker 1: control over the money. Why would they ever give that 355 00:17:28,240 --> 00:17:30,760 Speaker 1: control up? Of course they wouldn't, Um, And so there's 356 00:17:30,760 --> 00:17:35,560 Speaker 1: a battle brewing there. Um. However, there's also some Congressmen 357 00:17:35,600 --> 00:17:38,600 Speaker 1: that don't want the Federal Reserve to have control of 358 00:17:38,600 --> 00:17:42,600 Speaker 1: the central bank digital currency. As a matter of fact, Um, 359 00:17:42,640 --> 00:17:47,000 Speaker 1: a very outspoken member of Congress, Um introduced a bill 360 00:17:47,480 --> 00:17:51,040 Speaker 1: to prevent the FED from actually getting essential bank digcurrecy. 361 00:17:51,040 --> 00:17:53,200 Speaker 1: I'm gonna talk about that, uh and a little bit 362 00:17:53,200 --> 00:17:55,640 Speaker 1: more when I come back. You're listening to the Markmas Show. 363 00:17:55,680 --> 00:17:58,240 Speaker 1: We're talking about the intersection of politics, finance, and technology. 364 00:17:58,240 --> 00:18:01,400 Speaker 1: We're talking about the decentralized revolution. We're talking about bitcoin. 365 00:18:01,800 --> 00:18:04,359 Speaker 1: We're talking about how the world is changing because of 366 00:18:04,400 --> 00:18:08,040 Speaker 1: this new technology that's impacting every area of our life, 367 00:18:08,040 --> 00:18:10,879 Speaker 1: and we're seeing it with a battle between the Treasury 368 00:18:11,200 --> 00:18:13,040 Speaker 1: and the FED and some of these congressmen and what 369 00:18:13,080 --> 00:18:14,359 Speaker 1: they're trying to do. I'm gonna come back and tell 370 00:18:14,359 --> 00:18:16,080 Speaker 1: you what this congressman is trying to do to stop 371 00:18:16,359 --> 00:18:18,199 Speaker 1: the Fed from having a central bank digital currency. It's 372 00:18:18,200 --> 00:18:21,040 Speaker 1: pretty interesting. We'll see how much how much success is 373 00:18:21,040 --> 00:18:22,760 Speaker 1: gonna have. Don't go away, I'm gonna be right back. 374 00:18:23,359 --> 00:18:25,560 Speaker 1: All right, welcome back. You are listening to the markma Show. 375 00:18:25,560 --> 00:18:28,640 Speaker 1: We're talking about the intersection of politics, technology, and finance. 376 00:18:28,680 --> 00:18:32,160 Speaker 1: We're talking about the decentralized revolution that's being led by 377 00:18:32,359 --> 00:18:37,520 Speaker 1: bitcoin and cryptocurrencies I guess, but really just bitcoin. But anyway, um, 378 00:18:37,600 --> 00:18:39,520 Speaker 1: you know, it's technology is changing the world as we 379 00:18:39,560 --> 00:18:42,399 Speaker 1: know it, and it's changing the face of money as 380 00:18:42,440 --> 00:18:44,400 Speaker 1: we know it. And of course money makes the world 381 00:18:44,400 --> 00:18:46,280 Speaker 1: go around. I'm sure you've heard that before. Really, it's 382 00:18:46,760 --> 00:18:50,760 Speaker 1: one half of every transaction that we make is money, 383 00:18:51,200 --> 00:18:54,000 Speaker 1: and so it is, uh, the most important thing for 384 00:18:54,000 --> 00:18:55,600 Speaker 1: the economy. I'm not gonna say it's the most important 385 00:18:55,600 --> 00:18:58,000 Speaker 1: thing in life. More things more important than money. But 386 00:18:58,040 --> 00:19:00,320 Speaker 1: without money, it ain't a very good life with all that. 387 00:19:00,400 --> 00:19:02,720 Speaker 1: But there's a battle raging and we were talking about 388 00:19:02,760 --> 00:19:04,320 Speaker 1: before the break. I was talking about how there's a 389 00:19:04,760 --> 00:19:07,320 Speaker 1: new bill from five different Congressmen trying to submit a 390 00:19:07,320 --> 00:19:09,720 Speaker 1: bill saying that the Fed shouldn't have the power to 391 00:19:09,960 --> 00:19:12,480 Speaker 1: the digital dollars. In fact, it should be the Treasury, 392 00:19:12,520 --> 00:19:14,120 Speaker 1: and they want to come up with some new digital dollar. 393 00:19:14,160 --> 00:19:16,280 Speaker 1: It's sort of some like a cryptocurrency, except for there's 394 00:19:16,359 --> 00:19:21,000 Speaker 1: no centralized or even decentralized Ledger. Pretty interesting. I'm not 395 00:19:21,040 --> 00:19:23,560 Speaker 1: gonna go back through that. But now the FED of 396 00:19:23,560 --> 00:19:25,600 Speaker 1: course is trying to get their central bank digital currency 397 00:19:25,720 --> 00:19:27,679 Speaker 1: through and they want to get through as fast as 398 00:19:27,720 --> 00:19:30,280 Speaker 1: they can. China's of course already rolled, There's out, Many 399 00:19:30,320 --> 00:19:32,440 Speaker 1: other smaller nations have already rolled. There's out as well. 400 00:19:33,040 --> 00:19:38,480 Speaker 1: Um And Ted Cruz from Texas introduced a companion to 401 00:19:38,640 --> 00:19:43,960 Speaker 1: Emmer's bill to exclude exclude the FED, exclude the FEDS 402 00:19:44,000 --> 00:19:47,879 Speaker 1: retail c b DC issue. So he says that his 403 00:19:48,000 --> 00:19:52,160 Speaker 1: bill would keep the US quote off an insiduous path 404 00:19:52,520 --> 00:19:57,800 Speaker 1: akin to China's some strong words, keep the US off 405 00:19:57,800 --> 00:20:00,920 Speaker 1: an insidious path akin to China's. What does that mean? Well, 406 00:20:01,680 --> 00:20:05,600 Speaker 1: I was talking about before China's China's Social credit score system. 407 00:20:05,840 --> 00:20:08,399 Speaker 1: So China has a system where your whole life is 408 00:20:08,440 --> 00:20:11,560 Speaker 1: in one app, and you have payment and movement gateways, 409 00:20:11,880 --> 00:20:14,920 Speaker 1: and everything's tracked, including your online behavior, and if you 410 00:20:15,040 --> 00:20:16,920 Speaker 1: visit the wrong website or say the wrong thing, or 411 00:20:16,960 --> 00:20:19,960 Speaker 1: criticize some leader, then you lose social credit score and 412 00:20:20,000 --> 00:20:23,240 Speaker 1: then your life is impacted because of that. So it's 413 00:20:23,280 --> 00:20:28,400 Speaker 1: a it's a we'd probably say like an Orwellian dystopia 414 00:20:28,600 --> 00:20:31,520 Speaker 1: something like that, Like George Orrel wrote the book. If 415 00:20:31,560 --> 00:20:34,360 Speaker 1: you haven't read that book, you should. I don't think 416 00:20:34,400 --> 00:20:37,040 Speaker 1: George Orwell meant that to be like a playbook or 417 00:20:37,080 --> 00:20:39,760 Speaker 1: a or a documentary. But that's unfortunately how the world 418 00:20:39,800 --> 00:20:42,920 Speaker 1: is turning out to be. Um, maybe these people should 419 00:20:42,920 --> 00:20:45,040 Speaker 1: stop writing these books and making these movies because I 420 00:20:45,040 --> 00:20:47,119 Speaker 1: think it's giving these politicians too much of an idea. 421 00:20:47,680 --> 00:20:49,240 Speaker 1: But that's what he's saying. He said, it can keep 422 00:20:49,240 --> 00:20:52,080 Speaker 1: the US off that insiduous path againto China. What China's 423 00:20:52,119 --> 00:20:54,879 Speaker 1: doing the social credit score system where they monitor and 424 00:20:54,920 --> 00:20:58,639 Speaker 1: surveill and censor everybody. But it says Texas Senator Ted 425 00:20:58,680 --> 00:21:01,560 Speaker 1: Cruz introduced a companion let slation into the US. Sent 426 00:21:01,640 --> 00:21:06,240 Speaker 1: it on Wednesday, UH from Minnesota Representative Tom Emmer. That 427 00:21:06,320 --> 00:21:10,919 Speaker 1: prohibits prohibits the Federal Reserve from issuing Central Bank Digital 428 00:21:10,960 --> 00:21:16,320 Speaker 1: currency or CBDC directly to individuals, not to key peace. 429 00:21:16,720 --> 00:21:18,199 Speaker 1: So the way that money is created, and that we 430 00:21:18,240 --> 00:21:19,960 Speaker 1: talked about a lot on this show. I said, Oh, 431 00:21:20,000 --> 00:21:22,119 Speaker 1: the Federal Reserve is printing money. We talked about that 432 00:21:22,119 --> 00:21:26,000 Speaker 1: printing money. Of course that's not really what happens. UM. 433 00:21:26,040 --> 00:21:28,960 Speaker 1: If you think that's what happens. That's not what happens. Uh. 434 00:21:29,080 --> 00:21:32,200 Speaker 1: The amount of printed money, like actual physical dollars, is 435 00:21:32,320 --> 00:21:35,200 Speaker 1: very very small comparison to how many dollars are out there. Um. So, 436 00:21:35,359 --> 00:21:37,720 Speaker 1: the way it works is the central bank. The Central 437 00:21:37,720 --> 00:21:43,600 Speaker 1: Bank gives reserves to commercial banks, so thank JP, Morgan, Wills, Fargo, etcetera. 438 00:21:44,200 --> 00:21:46,680 Speaker 1: So the Federal Reserve pushes a button on a keyboard 439 00:21:46,920 --> 00:21:50,560 Speaker 1: and puts reserves into these commercial banks, and then the 440 00:21:50,600 --> 00:21:55,800 Speaker 1: commercial banks create the money into existence through loans. So 441 00:21:55,800 --> 00:21:57,520 Speaker 1: when you go to your bank and you get a 442 00:21:57,560 --> 00:21:59,960 Speaker 1: home loan, a car loan, a boat loan, a motor 443 00:22:00,040 --> 00:22:05,000 Speaker 1: cyclelane or whatever, that money is then created into existence. 444 00:22:05,000 --> 00:22:07,919 Speaker 1: So that means that I, you and I both have 445 00:22:07,960 --> 00:22:10,719 Speaker 1: accounts with our local bank or commercial bank, and the 446 00:22:10,720 --> 00:22:13,679 Speaker 1: commercial bank then has an account with the Fed. What 447 00:22:13,840 --> 00:22:15,800 Speaker 1: the Fed wants to do is they want to compress 448 00:22:15,880 --> 00:22:19,199 Speaker 1: that stack. They want us to have account directly with 449 00:22:19,280 --> 00:22:21,640 Speaker 1: the Fed. And the reason why I was, I think 450 00:22:21,640 --> 00:22:23,119 Speaker 1: there's a bunch of reasons that I don't want to 451 00:22:23,119 --> 00:22:27,200 Speaker 1: talk about. Two two main reasons why. One um in 452 00:22:27,359 --> 00:22:29,840 Speaker 1: in March when you know the economy dropped out because 453 00:22:29,840 --> 00:22:31,960 Speaker 1: everybody locked everybody got locked in their home and the 454 00:22:31,960 --> 00:22:34,359 Speaker 1: government forced you to shut your business down, Thank you 455 00:22:34,440 --> 00:22:37,840 Speaker 1: very much. When that happened, Um, they tried to stimulate 456 00:22:37,880 --> 00:22:39,840 Speaker 1: the economy, So let's send out money to everybody. And 457 00:22:39,840 --> 00:22:41,600 Speaker 1: they did, sent a bunch of money out there, everybody, 458 00:22:41,640 --> 00:22:43,600 Speaker 1: not me. I didn't get any money. I make over 459 00:22:43,640 --> 00:22:46,400 Speaker 1: sars in California, so of course I guess I'm rich, 460 00:22:46,960 --> 00:22:48,520 Speaker 1: but I didn't get any but but hopefully you did. 461 00:22:48,560 --> 00:22:50,560 Speaker 1: But um, nevertheless they sent that money out. What the 462 00:22:50,560 --> 00:22:53,560 Speaker 1: problem is. It was supposed to stimulate the economy, meaning 463 00:22:53,560 --> 00:22:56,720 Speaker 1: people were supposed to take that money and then go 464 00:22:57,320 --> 00:23:01,119 Speaker 1: spend it, go buys things, stimulate economy. But what do 465 00:23:01,200 --> 00:23:04,640 Speaker 1: people do? They saved it. The other problem is that 466 00:23:04,680 --> 00:23:07,240 Speaker 1: they couldn't get the money out fast because the Federal 467 00:23:07,280 --> 00:23:09,760 Speaker 1: Reserve was putting reserves onto the banks, but the banks 468 00:23:09,760 --> 00:23:13,359 Speaker 1: weren't loaning the money out, so the money wasn't getting 469 00:23:13,359 --> 00:23:15,960 Speaker 1: created into existence. So we could just save all this 470 00:23:16,000 --> 00:23:17,720 Speaker 1: if we just got rid of those pesky banks in 471 00:23:17,720 --> 00:23:20,680 Speaker 1: the middle and we just had accounts directly with people 472 00:23:20,720 --> 00:23:22,760 Speaker 1: to the FED, and then the Fed could just push 473 00:23:22,760 --> 00:23:24,560 Speaker 1: money right into your account. That would be so much better, 474 00:23:24,600 --> 00:23:28,000 Speaker 1: wouldn't It would also give the Fed a lot more 475 00:23:28,119 --> 00:23:31,720 Speaker 1: power because now they could create money directly as opposed 476 00:23:31,720 --> 00:23:33,600 Speaker 1: to having to go through those pesky banks. You know, 477 00:23:33,640 --> 00:23:35,920 Speaker 1: who needs all these extra mentalmen with these checks and 478 00:23:35,960 --> 00:23:38,320 Speaker 1: balances on power. We should just have unlimited power, and 479 00:23:38,320 --> 00:23:42,200 Speaker 1: we should have unlimited visibility to all the data. So 480 00:23:42,240 --> 00:23:44,160 Speaker 1: what this bill is saying is that prohibits the Federal 481 00:23:44,160 --> 00:23:46,520 Speaker 1: Reserve from issue with central bank digital currency or CBDC 482 00:23:46,800 --> 00:23:52,720 Speaker 1: directly to individuals. Didn't didn't say they can't make CBDCs, 483 00:23:52,800 --> 00:23:57,480 Speaker 1: just not directly to individuals. UM and it says fellow 484 00:23:57,800 --> 00:24:01,480 Speaker 1: Congressman Cruizes legislation could potentially speed up the passage or 485 00:24:01,640 --> 00:24:04,240 Speaker 1: rejection of the bill by allowing to be considered in 486 00:24:04,280 --> 00:24:06,720 Speaker 1: both chambers of Congress at the same time. So basically, 487 00:24:06,760 --> 00:24:09,720 Speaker 1: you have like a lower level representative UM that submitted 488 00:24:09,720 --> 00:24:11,800 Speaker 1: a bill, and now we have a senior representative like 489 00:24:11,800 --> 00:24:14,520 Speaker 1: tex Texas Senator Tad Crews came on and sponsored it UM, 490 00:24:14,520 --> 00:24:16,760 Speaker 1: which should hopefully help to speed that up. As what 491 00:24:16,800 --> 00:24:21,240 Speaker 1: they're hoping. Um It says that they are motivated. The 492 00:24:21,280 --> 00:24:24,240 Speaker 1: bill was motivated by a concern that a retail CBDC 493 00:24:24,440 --> 00:24:27,120 Speaker 1: would force consumers to open accounts with the Federal Reserve Bank. 494 00:24:27,720 --> 00:24:31,040 Speaker 1: According to the lawmaker, that could quote be used as 495 00:24:31,040 --> 00:24:35,440 Speaker 1: a surveillance tool that Americans should never tolerate from their 496 00:24:35,440 --> 00:24:40,159 Speaker 1: own government. End quote. I love that there's still a 497 00:24:40,200 --> 00:24:43,120 Speaker 1: few people in government that think that people should still 498 00:24:43,160 --> 00:24:51,040 Speaker 1: have privacy. You know, uh uh snowdon snowdon, snowdon. He 499 00:24:51,280 --> 00:24:54,280 Speaker 1: has a quote, he said, people that argue that they 500 00:24:57,160 --> 00:24:59,320 Speaker 1: people that argue they don't have a right, they don't 501 00:24:59,320 --> 00:25:03,080 Speaker 1: have a need for privacy is like saying they don't 502 00:25:03,200 --> 00:25:05,800 Speaker 1: have a need for freedom of speech because they have 503 00:25:05,880 --> 00:25:08,159 Speaker 1: nothing to say. Oh, people that argue they don't need 504 00:25:08,200 --> 00:25:10,320 Speaker 1: freedom of privacy because they have nothing to hide, is 505 00:25:10,359 --> 00:25:12,040 Speaker 1: like saying they don't need freedom of speech because they 506 00:25:12,080 --> 00:25:15,480 Speaker 1: have nothing to say. Well, I have something to say, 507 00:25:15,800 --> 00:25:18,120 Speaker 1: you have something to say. We all need freedom of privacy. 508 00:25:18,359 --> 00:25:20,160 Speaker 1: Do you want the whole world to know how much 509 00:25:20,200 --> 00:25:21,919 Speaker 1: money you make and how much money you spend and 510 00:25:21,920 --> 00:25:24,840 Speaker 1: where you spend it? If I do. If I have 511 00:25:24,880 --> 00:25:27,520 Speaker 1: a business and I sell my product to one price 512 00:25:27,560 --> 00:25:29,359 Speaker 1: to one guy, and I made a special deal for 513 00:25:29,440 --> 00:25:31,920 Speaker 1: him because of some special circumstances, I might want to 514 00:25:32,000 --> 00:25:34,200 Speaker 1: keep that transaction private so other people don't know about that. 515 00:25:34,320 --> 00:25:36,280 Speaker 1: I'm sure you've probably done business with somebody where they said, hey, 516 00:25:36,320 --> 00:25:39,080 Speaker 1: you don't tell anybody about this deal. Right, So there's 517 00:25:39,119 --> 00:25:41,960 Speaker 1: privacy doesn't mean that. It doesn't mean that there's nefarest 518 00:25:41,960 --> 00:25:43,840 Speaker 1: things going on in the United States. We have do 519 00:25:44,240 --> 00:25:46,200 Speaker 1: what we're supposed to have due process of law, meaning 520 00:25:46,440 --> 00:25:51,879 Speaker 1: we are innocent until we're proven guilty. Innocence until proven guilty. 521 00:25:51,960 --> 00:25:55,320 Speaker 1: So privacy is not because we're guilty. Privacy is just 522 00:25:55,320 --> 00:25:58,400 Speaker 1: because we don't need everybody to know everything. I don't 523 00:25:58,400 --> 00:25:59,560 Speaker 1: need to know. I don't need the world to know 524 00:25:59,600 --> 00:26:01,680 Speaker 1: that I'm of you a special deal and he didn't 525 00:26:01,680 --> 00:26:03,880 Speaker 1: get it. I don't need everyone to know how much 526 00:26:03,880 --> 00:26:05,960 Speaker 1: money I made last year on this deal or whatever. 527 00:26:06,119 --> 00:26:10,360 Speaker 1: Nobody needs to know those kinds of things. I can 528 00:26:10,440 --> 00:26:12,520 Speaker 1: let them know that if I need to. Um, it 529 00:26:12,560 --> 00:26:14,240 Speaker 1: says requiring us just to open an account of the 530 00:26:14,240 --> 00:26:16,440 Speaker 1: FED is uh like, oh yeah, put it put people 531 00:26:16,480 --> 00:26:20,439 Speaker 1: in aciduous path through China's digital authoritarianism, is what it says. 532 00:26:21,200 --> 00:26:23,520 Speaker 1: So we'll see how this plays out. It's interesting, Um, 533 00:26:23,560 --> 00:26:25,760 Speaker 1: I think that they're going to want to get this through. 534 00:26:25,920 --> 00:26:27,399 Speaker 1: I think it's going to happen. I mean, it's it's 535 00:26:27,440 --> 00:26:29,520 Speaker 1: only a matter of time. In my opinion, it's the 536 00:26:29,600 --> 00:26:32,720 Speaker 1: next step. The goal is to get The goal is 537 00:26:32,760 --> 00:26:35,320 Speaker 1: to get China's social credit course system installed, not just 538 00:26:35,359 --> 00:26:36,840 Speaker 1: in the United States, but in the in the rest 539 00:26:36,880 --> 00:26:39,959 Speaker 1: of the world, in the West. That's the real battle. Um, 540 00:26:40,000 --> 00:26:41,600 Speaker 1: if you look at the pandemic, if you look at 541 00:26:41,640 --> 00:26:43,919 Speaker 1: the measures that we're taking, forcing us to use a 542 00:26:44,000 --> 00:26:46,520 Speaker 1: stupid app on our phone to show some stupid QR 543 00:26:46,560 --> 00:26:50,000 Speaker 1: code to get access into areas of life, it's not 544 00:26:50,200 --> 00:26:54,760 Speaker 1: about the virus. It's about forcing us to comply to 545 00:26:55,040 --> 00:26:58,520 Speaker 1: gain access. Governments are calling it freedom as a service. 546 00:26:58,920 --> 00:27:02,800 Speaker 1: They want to build pain and movement gateways. So we 547 00:27:02,880 --> 00:27:05,800 Speaker 1: have to do these things to get freedom. Now, I 548 00:27:05,840 --> 00:27:08,960 Speaker 1: believe I was born free. The government's role was to 549 00:27:09,200 --> 00:27:13,000 Speaker 1: protect freedom. The Constitution is not a set of rules 550 00:27:13,040 --> 00:27:15,640 Speaker 1: for us to live by. The Constitution is a set 551 00:27:15,680 --> 00:27:18,840 Speaker 1: of rules the government is supposed to be restricted by. 552 00:27:19,040 --> 00:27:22,000 Speaker 1: It's not if the constumers just doesn't give us freedom. 553 00:27:22,280 --> 00:27:26,840 Speaker 1: It guarantees our freedom from the overreaching government. It's a 554 00:27:26,840 --> 00:27:32,040 Speaker 1: lot different. Um. Yeah, sorry about that little rant. Sometimes 555 00:27:32,040 --> 00:27:33,680 Speaker 1: they get a little fired up. I'll be right back 556 00:27:33,680 --> 00:27:35,960 Speaker 1: with more. All right, welcome back here. Listening to the 557 00:27:35,960 --> 00:27:39,680 Speaker 1: Markma Show. We're talking about the decentralized revolution. We're talking 558 00:27:39,680 --> 00:27:44,200 Speaker 1: about the world changing right before our very eyes, as politics, finance, 559 00:27:44,680 --> 00:27:49,640 Speaker 1: and technology are all merging together, converging together, converging cycles, 560 00:27:50,160 --> 00:27:51,960 Speaker 1: and the world's changing. Before the break, we're talking about 561 00:27:51,960 --> 00:27:55,679 Speaker 1: how the central banks are trying to introduce a digital 562 00:27:55,760 --> 00:27:58,120 Speaker 1: form of money, central bank digital currency, and how um 563 00:27:58,200 --> 00:28:00,000 Speaker 1: some people in the United States, some congressmen, have submit 564 00:28:00,040 --> 00:28:02,119 Speaker 1: to bill to say that no, the FED shouldn't create 565 00:28:02,160 --> 00:28:04,280 Speaker 1: the central band digital currency, it should be the Treasury. 566 00:28:04,560 --> 00:28:07,800 Speaker 1: We talked about that. We talked about how um Ted 567 00:28:07,800 --> 00:28:10,280 Speaker 1: Cruze sponsored bill to prevent the FED from opening up 568 00:28:10,280 --> 00:28:12,719 Speaker 1: central main digital currencies and send him directly to the 569 00:28:12,720 --> 00:28:16,680 Speaker 1: people bypassing the Bank's pretty interesting things. Uh, there's a 570 00:28:16,720 --> 00:28:19,439 Speaker 1: lot going on. It's pretty interesting. The world that we 571 00:28:19,480 --> 00:28:23,080 Speaker 1: are going into is not the world that we are 572 00:28:23,160 --> 00:28:26,320 Speaker 1: leaving behind, that is for sure, and a lot of 573 00:28:26,359 --> 00:28:31,000 Speaker 1: this is being really uh sped up. The catalyst is uh, 574 00:28:31,040 --> 00:28:34,160 Speaker 1: this war, this war on Russia. You know, war typically 575 00:28:34,200 --> 00:28:36,320 Speaker 1: comes at the end of a long term credit cycle, 576 00:28:36,440 --> 00:28:40,440 Speaker 1: debt cycles, um, and it's you. It's war comes for 577 00:28:40,480 --> 00:28:43,840 Speaker 1: many many reasons, some of which are when you run 578 00:28:43,880 --> 00:28:45,640 Speaker 1: out of money and you run out of resources, you 579 00:28:45,680 --> 00:28:47,640 Speaker 1: have to go take it from somebody else. That's some 580 00:28:47,680 --> 00:28:49,959 Speaker 1: of it. Also, it's because at the end of those 581 00:28:49,960 --> 00:28:52,640 Speaker 1: cycles things break down so much that even diplomacy and 582 00:28:53,200 --> 00:28:56,280 Speaker 1: conversations and uh and and that breaks down. There's a 583 00:28:56,320 --> 00:28:59,160 Speaker 1: lot of reasons why, but they all come at the 584 00:28:59,320 --> 00:29:01,600 Speaker 1: end of a long term cycle, which is exactly where 585 00:29:01,600 --> 00:29:03,760 Speaker 1: we're at right now. And one of the big things 586 00:29:03,800 --> 00:29:05,680 Speaker 1: that's been happening We've been talking about quite a bit, 587 00:29:05,920 --> 00:29:11,800 Speaker 1: is that because of this uh war over in Russian 588 00:29:11,800 --> 00:29:14,640 Speaker 1: and Ukraine, we see that there's a crunch on energy. 589 00:29:15,160 --> 00:29:19,640 Speaker 1: Um Europe, I'm sorry. Russia provides about ten of the 590 00:29:19,840 --> 00:29:22,120 Speaker 1: of the oil the energy for the world, and so 591 00:29:22,160 --> 00:29:23,720 Speaker 1: if we take that offline, it's a big deal. We 592 00:29:23,720 --> 00:29:26,560 Speaker 1: can't just the world just can't have teen percent less energy. 593 00:29:26,680 --> 00:29:30,320 Speaker 1: That's gonna be a pretty bad situation. Um and and 594 00:29:30,360 --> 00:29:32,560 Speaker 1: then and then what happened, So we need Russian energy, 595 00:29:32,640 --> 00:29:36,400 Speaker 1: but then the whole world sanctioned Russia. So now you 596 00:29:36,400 --> 00:29:38,640 Speaker 1: you know, the United States seized their bank accounts, almost 597 00:29:38,680 --> 00:29:42,960 Speaker 1: six hundred billion dollars gone, just seized. And so Russia 598 00:29:43,000 --> 00:29:45,760 Speaker 1: has no money. They can't transact in dollars. They can't 599 00:29:45,760 --> 00:29:49,920 Speaker 1: do any trade, but they have the energy. They got 600 00:29:49,960 --> 00:29:54,280 Speaker 1: the oil, they got the gas. And so Putin told 601 00:29:54,360 --> 00:29:58,960 Speaker 1: Europe that if you want your gas, which they desperately 602 00:29:59,000 --> 00:30:02,040 Speaker 1: need so of cour because of because of the central 603 00:30:02,080 --> 00:30:08,720 Speaker 1: planners and they're they're complete um and precision and guiding 604 00:30:08,880 --> 00:30:12,120 Speaker 1: the policies and economies. They decided in their in their 605 00:30:12,440 --> 00:30:15,720 Speaker 1: infinite wisdom and power, that they should shut down all 606 00:30:15,760 --> 00:30:18,240 Speaker 1: their production of natural gas in the Netherlands, in the UK, 607 00:30:18,400 --> 00:30:20,880 Speaker 1: and let's just dependent on buying it from Russia. What 608 00:30:20,880 --> 00:30:24,120 Speaker 1: could go wrong? Right? It sounds like a pretty good plan. Well, um, 609 00:30:24,160 --> 00:30:28,160 Speaker 1: they need it. People will literally die of freezing to 610 00:30:28,240 --> 00:30:30,800 Speaker 1: death or starvation if they don't have natural gas. So 611 00:30:30,840 --> 00:30:35,160 Speaker 1: they need it. And Putin just told Europe that you 612 00:30:35,200 --> 00:30:37,480 Speaker 1: need to now pay us in our own currency, in 613 00:30:37,520 --> 00:30:40,240 Speaker 1: the Russian ruble. And if you don't, guess what happens, 614 00:30:41,160 --> 00:30:44,960 Speaker 1: you don't get your gas. There's the golden rule. Who 615 00:30:44,920 --> 00:30:49,360 Speaker 1: he who has the gold sets the rules. Now i'veset 616 00:30:49,400 --> 00:30:54,880 Speaker 1: many times that gold is Gold's money, cash, dollars or money. 617 00:30:55,040 --> 00:31:00,080 Speaker 1: Bitcoin could be money, but money is worthless. Well, the 618 00:31:00,240 --> 00:31:05,520 Speaker 1: goods and services, it's food, it's energies, water, that's what 619 00:31:05,600 --> 00:31:07,840 Speaker 1: we need. We need that to survive. We don't need money. 620 00:31:07,840 --> 00:31:10,240 Speaker 1: If I had if I had gold, bitcoin and cash 621 00:31:10,400 --> 00:31:12,200 Speaker 1: in briefcases, but I had nothing to spend it on, 622 00:31:12,360 --> 00:31:16,280 Speaker 1: I'll be worthless. But energy that's worth something. So uh, 623 00:31:16,360 --> 00:31:19,280 Speaker 1: Russia was cut out of cut out of the world, 624 00:31:19,320 --> 00:31:20,680 Speaker 1: cut out of the banking and cut out of the dollar. 625 00:31:21,000 --> 00:31:22,600 Speaker 1: But they got the energy, they got the wealth, they 626 00:31:22,640 --> 00:31:24,840 Speaker 1: got the goods and services. So they say, fine, if 627 00:31:24,880 --> 00:31:27,320 Speaker 1: you want that, then you have to pay us in 628 00:31:27,320 --> 00:31:31,120 Speaker 1: our currency. Well, uh, European capital is rejected, which Berlin 629 00:31:31,200 --> 00:31:35,880 Speaker 1: said amounted to quote blackmail Germany. Berlin, Germany says, that's blackmail. 630 00:31:36,000 --> 00:31:39,719 Speaker 1: You can't do that. Well, what else are they gonna do? 631 00:31:39,880 --> 00:31:42,600 Speaker 1: They can't, they can't get paid in dollars. They got 632 00:31:42,640 --> 00:31:46,520 Speaker 1: cut out of the system. It's pretty interesting. But again, 633 00:31:46,560 --> 00:31:48,200 Speaker 1: I'm not trying to pick pick and choose winners here. 634 00:31:48,200 --> 00:31:49,960 Speaker 1: I'm not trying to say one side is right or wrong, 635 00:31:50,000 --> 00:31:51,720 Speaker 1: although I do have my opinions, but we're not getting 636 00:31:51,720 --> 00:31:54,920 Speaker 1: to that for now. Um. What we're doing is we're watness. 637 00:31:55,120 --> 00:31:58,920 Speaker 1: We're witnessing. We're watching as the world is literally breaking apart, 638 00:31:59,200 --> 00:32:01,520 Speaker 1: the dollar being a reserve system of the world, the 639 00:32:01,520 --> 00:32:06,000 Speaker 1: whole world working and trading in with trust and consideration 640 00:32:06,080 --> 00:32:08,840 Speaker 1: for each other. And now we're devolving into a system 641 00:32:08,840 --> 00:32:11,760 Speaker 1: with absolutely no trust and no consideration for each other, 642 00:32:11,800 --> 00:32:14,040 Speaker 1: and everybody's out for their own And of course, why 643 00:32:14,080 --> 00:32:16,560 Speaker 1: would you use the dollars when the US just seize 644 00:32:16,600 --> 00:32:18,560 Speaker 1: your bank account? Why would use gold? As a matter 645 00:32:18,600 --> 00:32:23,200 Speaker 1: of fact, the UK just seized all of Venezuela's gold 646 00:32:23,480 --> 00:32:25,400 Speaker 1: because the gold wasn't in Venezuela, was in the UK 647 00:32:25,480 --> 00:32:28,720 Speaker 1: safes and they stole it. So, uh, Venezuela couldn't trust 648 00:32:28,720 --> 00:32:32,400 Speaker 1: the UK with their gold, Russia couldn't trust their dollars 649 00:32:32,560 --> 00:32:36,040 Speaker 1: with the US, so pay me and my money, that's 650 00:32:36,040 --> 00:32:37,840 Speaker 1: what they're saying. It's pretty interesting. And again I'm not 651 00:32:37,880 --> 00:32:39,719 Speaker 1: trying to say who's right or wrong here, but just 652 00:32:39,840 --> 00:32:43,560 Speaker 1: no notice that we are literally watching the death of 653 00:32:43,640 --> 00:32:45,479 Speaker 1: the US dollar. Now I'm not I'm not saying it's 654 00:32:45,480 --> 00:32:48,440 Speaker 1: eminently happening in the next day, week, month, or year, um, 655 00:32:48,440 --> 00:32:50,560 Speaker 1: but we're what we're witnessing it. We're watching this, we're 656 00:32:50,600 --> 00:32:54,240 Speaker 1: watching it decline pretty quickly. Now. Um. Of course, not 657 00:32:54,280 --> 00:32:57,400 Speaker 1: to be out done, good old President Biden has responded, 658 00:32:57,440 --> 00:33:01,719 Speaker 1: and he is going to start releasing um oil from 659 00:33:01,760 --> 00:33:07,160 Speaker 1: our strategic reserves. Now, strategic petroleum reserves SPRS sounds pretty important, right, 660 00:33:07,160 --> 00:33:10,280 Speaker 1: like strategic reserves. Like it's pretty good idea to have reserves, 661 00:33:10,280 --> 00:33:11,840 Speaker 1: Like you should have some reserves in the bank account, 662 00:33:11,920 --> 00:33:14,160 Speaker 1: like we should have reserve sounds like a pretty good deal. Um. 663 00:33:14,280 --> 00:33:16,440 Speaker 1: They were created in nineteen seventy four after the oil 664 00:33:16,440 --> 00:33:18,480 Speaker 1: embargo that we had when we ran out of oil, 665 00:33:18,560 --> 00:33:20,880 Speaker 1: so said, let's never let that happen again. Let's actually 666 00:33:20,880 --> 00:33:23,880 Speaker 1: save up some oil for an emergency. We have about 667 00:33:23,920 --> 00:33:26,960 Speaker 1: as of March fourth, about five and seventy seven five 668 00:33:26,960 --> 00:33:29,800 Speaker 1: seventy seven million barrels of oil, and Biden Seat Hill 669 00:33:29,840 --> 00:33:33,760 Speaker 1: release up to one million barrels per day. Now the 670 00:33:33,840 --> 00:33:39,200 Speaker 1: US consumes eighteen over eighteen million barrels per day, So um, 671 00:33:39,240 --> 00:33:41,400 Speaker 1: one million barrels out of eighteen million barrels per day. 672 00:33:41,440 --> 00:33:45,440 Speaker 1: It's not a lot, however, Um, it's something. But what 673 00:33:45,720 --> 00:33:50,280 Speaker 1: happens when they release all the reserves and then we 674 00:33:50,280 --> 00:33:56,160 Speaker 1: don't have any more reserves anymore. That could be a problem. 675 00:33:56,240 --> 00:33:58,560 Speaker 1: So it seems like you might want to keep those 676 00:33:58,560 --> 00:34:00,680 Speaker 1: reserves for the rainy day when you might need them 677 00:34:00,720 --> 00:34:03,760 Speaker 1: proverbial rainy day if you will, which is something I 678 00:34:03,760 --> 00:34:07,719 Speaker 1: think you should think about. Honest. Some other news, UM, 679 00:34:07,720 --> 00:34:11,560 Speaker 1: what's interesting with bitcoin is that we have Chris Larson 680 00:34:11,920 --> 00:34:16,400 Speaker 1: from UH from Ripple Ripple Labs. I want to be 681 00:34:16,840 --> 00:34:20,359 Speaker 1: UM competitor to bitcoin. UM and Chris Larson. He has 682 00:34:20,360 --> 00:34:25,280 Speaker 1: a plan to greenfy bitcoin. He is running a massive campaign, 683 00:34:26,320 --> 00:34:29,319 Speaker 1: spending a lot of his own money to run a 684 00:34:29,360 --> 00:34:33,640 Speaker 1: campaign in conjunction with Greenpeace, saying that Bitcoin uses too 685 00:34:33,719 --> 00:34:37,720 Speaker 1: much energy. Their Their campaign is called quote change the Code, 686 00:34:38,080 --> 00:34:42,400 Speaker 1: not the climate, and the goal is to pressure the 687 00:34:42,400 --> 00:34:46,000 Speaker 1: bitcoin community to make a transition away from power intensive 688 00:34:46,000 --> 00:34:49,120 Speaker 1: proofs of proof of work to proof of steak that 689 00:34:49,239 --> 00:34:53,479 Speaker 1: uses less energy. Yeah right, last I check. Bitcoin doesn't 690 00:34:53,520 --> 00:34:55,400 Speaker 1: have a CEO, doesn't have a marketing department, don't have 691 00:34:55,400 --> 00:34:59,120 Speaker 1: a development for it, so good luck with that. UM. 692 00:34:59,120 --> 00:35:02,239 Speaker 1: First of all, his UM, his reasoning for this is 693 00:35:02,320 --> 00:35:06,280 Speaker 1: completely misguided. Bitcoin doesn't use too much energy. That's ridiculous. 694 00:35:06,280 --> 00:35:10,400 Speaker 1: Bitcoin uses less energy than YouTube? Is YouTube that important? 695 00:35:11,160 --> 00:35:13,600 Speaker 1: Bitcoin uses less energy than closed dryers or closed dryers 696 00:35:13,640 --> 00:35:17,160 Speaker 1: that important? But I think this is a UH. He's 697 00:35:17,200 --> 00:35:20,600 Speaker 1: trying to pull on the heartstrings of the environmentalists to 698 00:35:20,880 --> 00:35:24,440 Speaker 1: make himself rich. This is what's happening. So what he's 699 00:35:24,440 --> 00:35:28,680 Speaker 1: gonna do is he is going to try to force 700 00:35:28,760 --> 00:35:32,840 Speaker 1: a change on the code by mounting this huge effort 701 00:35:32,920 --> 00:35:35,399 Speaker 1: and gaining mainstream press and try to get all these 702 00:35:35,400 --> 00:35:37,480 Speaker 1: people to change the code, similar to what happened in 703 00:35:37,480 --> 00:35:40,160 Speaker 1: two thousand seventeen with the block sized wars. And what 704 00:35:40,320 --> 00:35:43,319 Speaker 1: happens is you can't change it. What you could do 705 00:35:43,480 --> 00:35:45,920 Speaker 1: is you could fork it, so you could split the 706 00:35:46,000 --> 00:35:49,480 Speaker 1: code in half and make an exact duplicate copy of 707 00:35:49,520 --> 00:35:52,120 Speaker 1: the new chain and then start from there. It happened 708 00:35:52,120 --> 00:35:54,120 Speaker 1: in two thousands seventeen block sized Wars. There's a book 709 00:35:54,120 --> 00:35:57,480 Speaker 1: written about it, when bitcoin cash was created. And what 710 00:35:57,520 --> 00:36:00,320 Speaker 1: he does is he forks it and creates and exactly 711 00:36:00,360 --> 00:36:02,840 Speaker 1: duplicate for himself and prints a bunch of tokens for 712 00:36:02,920 --> 00:36:06,480 Speaker 1: himself and makes himself rich. What happened with bitcoin cash. 713 00:36:06,520 --> 00:36:09,200 Speaker 1: And then they sell all those new tokens and they 714 00:36:09,239 --> 00:36:11,880 Speaker 1: print a bunch of money for them pocketbooks, playing you 715 00:36:12,120 --> 00:36:14,719 Speaker 1: on behalf of the environment. They get themselves rich, and 716 00:36:14,760 --> 00:36:17,680 Speaker 1: nobody wins except for themselves. Now, the one thing you 717 00:36:17,719 --> 00:36:19,640 Speaker 1: want to do is you want to have a bunch 718 00:36:19,640 --> 00:36:21,960 Speaker 1: of bitcoin before they make a copy, because if you 719 00:36:21,960 --> 00:36:23,960 Speaker 1: own bitcoin and then they forked it, and then you 720 00:36:23,960 --> 00:36:27,040 Speaker 1: own bitcoin and bitcoin cash, you would instantly double the 721 00:36:27,040 --> 00:36:29,239 Speaker 1: amount of bitcoin instantly, and then you could quickly sell 722 00:36:29,280 --> 00:36:31,480 Speaker 1: that bitcoin cash when it was actually still worth something 723 00:36:32,000 --> 00:36:34,319 Speaker 1: before it went down to next to zero where it's 724 00:36:34,320 --> 00:36:37,400 Speaker 1: at today. So if he's successful and he forks the chain, 725 00:36:38,080 --> 00:36:41,520 Speaker 1: anyone that owns bitcoin will instantly get double the amount 726 00:36:41,520 --> 00:36:43,920 Speaker 1: of bitcoin and you could sell it right away, just 727 00:36:43,960 --> 00:36:46,080 Speaker 1: like he's gonna do. So he I believe he's going 728 00:36:46,120 --> 00:36:47,919 Speaker 1: to do this as a as a political stunt, trying 729 00:36:47,960 --> 00:36:52,520 Speaker 1: to use green Green peace to um enrich himself. But hey, 730 00:36:52,560 --> 00:36:54,440 Speaker 1: we can play along. You can't beat him, join them, 731 00:36:54,640 --> 00:36:56,960 Speaker 1: and so you should have as much bitcoin as you 732 00:36:57,000 --> 00:37:00,000 Speaker 1: can when he makes that copy, and you end up 733 00:37:00,000 --> 00:37:02,200 Speaker 1: but double the bitcoin. It's the pretty good deal. We 734 00:37:02,320 --> 00:37:04,520 Speaker 1: listen to the Markmath Show and thanks for listening.