WEBVTT - The Crack-Up Boom 0:00:00.000 --> 0:00:02.360 Hello, and welcome to another episode of the Mark Moa 0:00:02.520 --> 0:00:05.880 Show where we talk about bitcoin and cryptocurrencies. We're really 0:00:05.920 --> 0:00:09.400 talking about this decentralized revolution the world is going through, UM. 0:00:09.440 --> 0:00:12.920 And we talk about politics, finance, and technology and really 0:00:12.920 --> 0:00:15.720 the intersection of those three things. So you can really 0:00:15.800 --> 0:00:20.440 understand how bitcoin, cryptocurrencies and how this decentralized revolution is 0:00:20.720 --> 0:00:24.239 moving through the world house changing the world, UM, how 0:00:24.360 --> 0:00:26.960 you should be interacting with it, how you should be 0:00:27.000 --> 0:00:31.520 adjusting your portfolios, and so much more. Now, this week, 0:00:31.840 --> 0:00:34.320 I got a lot of stuff to cover, and I 0:00:34.360 --> 0:00:37.639 want to cover some stuff that's completely shocking to me. 0:00:38.720 --> 0:00:41.479 And uh, maybe it's shocking to you. Well, maybe it's 0:00:41.520 --> 0:00:43.120 not shocking to you now, but it will be by 0:00:43.159 --> 0:00:46.120 the time we are done with this. And I'm talking 0:00:46.159 --> 0:00:52.560 about the United States Treasury Secretary. I'm talking about Janet Yellen, 0:00:53.200 --> 0:00:57.040 the Treasury Secretary of the United States, the person who 0:00:57.120 --> 0:00:59.840 runs the money for the United States, comes out and says, quote, 0:00:59.840 --> 0:01:04.440 I was wrong. I was wrong on inflation. I didn't 0:01:04.440 --> 0:01:08.440 see it coming. Which is funny because for years myself 0:01:08.959 --> 0:01:11.559 and many others, I said if you do these things, 0:01:11.560 --> 0:01:13.480 this is what will happen. Here. We are they're admitting 0:01:13.480 --> 0:01:16.959 they're wrong. UM, it's gonna be incredible for you to 0:01:17.080 --> 0:01:19.320 see this. Once I break all of this down for you, 0:01:20.120 --> 0:01:23.319 we're gonna get into what their plans are and uh 0:01:23.600 --> 0:01:26.920 if I think that's going to make things better or worse, um, 0:01:27.280 --> 0:01:30.160 some of the causes and more importantly, the effects that 0:01:30.200 --> 0:01:32.440 people are dealing with. UM. And then I want to 0:01:32.480 --> 0:01:34.880 show you what's happening in some other countries right now, 0:01:35.120 --> 0:01:38.800 which really highlights exactly what's going to be happening here 0:01:38.840 --> 0:01:41.520 in the United States. And it's not good. But you're 0:01:41.520 --> 0:01:45.000 getting to get the upfront information before everybody else, so 0:01:45.080 --> 0:01:50.320 you can make the plans two you know, alleviate some 0:01:50.360 --> 0:01:53.200 of this for yourself, for your family, for your friends, 0:01:53.200 --> 0:01:57.120 et cetera. So we'll talk about that and uh, man, 0:01:57.160 --> 0:01:58.440 I got a lot to cover, so let's just go 0:01:58.440 --> 0:02:00.880 ahead and jump right into it. So, like I said, 0:02:00.880 --> 0:02:03.120 this big headline I saw this week, Well, obviously the 0:02:03.120 --> 0:02:05.760 big headline we've been talking about for for a long 0:02:05.800 --> 0:02:08.800 time now is inflation. And we talk about inflation, and 0:02:08.880 --> 0:02:10.480 of course, now Mark, what do you why are we 0:02:10.480 --> 0:02:13.440 talking about inflation? How does that lead into bitcoin? Howsn't 0:02:13.480 --> 0:02:15.360 leading to cryptocurrencies. How does it how how does that 0:02:15.400 --> 0:02:19.040 part of this decentralized revolution. Well, he'll understand when we 0:02:19.080 --> 0:02:23.040 put this all together. Um, we have like a pendulum 0:02:23.080 --> 0:02:28.120 swinging back and forth. The pendulum swings between centralization and 0:02:28.440 --> 0:02:31.280 decentralization on about a two d and fifty year timeframe, 0:02:31.600 --> 0:02:34.120 and so the world has been the pendulum is swinging 0:02:34.160 --> 0:02:39.400 towards centralization. Um. And that's led by central planners, where 0:02:39.960 --> 0:02:42.720 a few people in a room in Washington or in 0:02:42.840 --> 0:02:46.919 Davos think they know better than three d and fifty 0:02:46.960 --> 0:02:50.240 million people in the United States or eight billion people 0:02:50.240 --> 0:02:53.639 in the world. These couple of people, these dozens of people, 0:02:53.880 --> 0:02:57.440 these central planners are coming up with central plans to 0:02:57.960 --> 0:03:02.359 centrally plan and centrally control the entire world economy, which 0:03:02.360 --> 0:03:06.640 should be decentralized. Because what I want, what I need, 0:03:07.040 --> 0:03:10.359 what I like, what my interests are are different than yours, 0:03:10.520 --> 0:03:14.160 and they change. We're humans. I love Anela ice cream 0:03:14.200 --> 0:03:15.760 all of a sudden today I want chocolate. I don't 0:03:15.800 --> 0:03:18.200 know why, I just do. That's how it works. Trends 0:03:18.240 --> 0:03:20.400 go in and out. We used to like Neon colors, 0:03:20.480 --> 0:03:23.240 then we like Pastel's. Well, now Neon's back in right. 0:03:23.320 --> 0:03:26.919 Like things change, trend change, technology changes, new things come 0:03:26.960 --> 0:03:30.480 to creative destruction creates new things, and old things go away. 0:03:31.639 --> 0:03:35.200 The the the global economy is not like a machine 0:03:35.240 --> 0:03:38.560 that can be built, managed and ran. Instead, it's organic. 0:03:38.680 --> 0:03:41.760 It's made up of people that all have shifting once 0:03:41.760 --> 0:03:44.720 needs and desires, and so it's it's organic and it's complex, 0:03:44.760 --> 0:03:51.040 it's dynamic, and so central planning always fails because of 0:03:51.680 --> 0:03:55.680 many reasons, specifically the information problem. There's not enough information 0:03:55.680 --> 0:03:57.760 that twelve people or a few dozen people can get 0:03:59.040 --> 0:04:02.839 to know what you're going to want in a couple 0:04:02.880 --> 0:04:04.200 of days, a couple of weeks and once or a 0:04:04.200 --> 0:04:06.120 couple of years from now, and so the markets have 0:04:06.160 --> 0:04:08.000 to move organically. And so we're talking about this this 0:04:08.280 --> 0:04:11.800 we've had this swing towards centralization. It's obviously very easy 0:04:11.840 --> 0:04:15.720 to see that we're there. We have the World Economic Forum, 0:04:15.760 --> 0:04:18.400 the people in Davos that are setting UH basically the 0:04:18.480 --> 0:04:21.240 central planning for the entire world UH, the world like 0:04:21.279 --> 0:04:23.599 I'M Forum, backed up by the World Health Organization, the 0:04:23.600 --> 0:04:26.719 World Trade Organization. Of course, the i m F setting 0:04:26.720 --> 0:04:30.120 the banking policies for the world. The u N very 0:04:30.160 --> 0:04:32.520 easy to see how this is playing out. Of course, 0:04:32.560 --> 0:04:35.839 they call them central banks that are essentially planning the 0:04:36.000 --> 0:04:41.719 entire uh in the entire economy for nations. So that's centralization. 0:04:41.920 --> 0:04:45.320 The pendulum is peaking out there. However, on a tune 0:04:45.400 --> 0:04:47.919 for your time frame, it it swings back. And so 0:04:48.000 --> 0:04:49.960 here we are. We can see this is failing. We 0:04:49.960 --> 0:04:52.880 can see it's real. It's being rejected. And I'm gonna 0:04:52.880 --> 0:04:54.440 break all this down for you today. And of course 0:04:54.440 --> 0:04:58.120 bitcoin is a new technology, this new technological revolution that 0:04:58.200 --> 0:05:02.720 gives us what decentralization. So at a time when the 0:05:02.760 --> 0:05:05.599 world is ready to pivot back off of centralization because 0:05:05.600 --> 0:05:08.680 of all these problems, and I'm gonna walk through them here. Um, 0:05:08.760 --> 0:05:11.080 we're given a new technological revolution at the same time 0:05:11.120 --> 0:05:14.200 that gives us decentralization that will only speed this up. 0:05:14.200 --> 0:05:17.400 And if you can understand how all this comes together together, 0:05:17.920 --> 0:05:20.680 you can navigate it properly. So looking, let's just jump 0:05:20.760 --> 0:05:23.440 right into this. So Yelling says I was wrong last 0:05:23.520 --> 0:05:28.760 year on the path of US inflation. Um surprise, surprise, surprise. 0:05:28.760 --> 0:05:32.080 Tactury Secretary Janet Yellen gave her most directed mission that 0:05:32.160 --> 0:05:35.839 she aired last week in predicting the elevated inflation wouldn't 0:05:35.880 --> 0:05:41.000 pose a continuing problem. She says, quote, there have been 0:05:41.360 --> 0:05:46.279 unanticipated and large shocks to the economy that have boosted 0:05:46.360 --> 0:05:48.839 energy and food prices and supply bottlenecks that have affected 0:05:48.839 --> 0:05:52.680 our economy badly that at the time I didn't fully 0:05:52.800 --> 0:05:59.720 understand end quote. So there was unanticipated and large shocks 0:05:59.720 --> 0:06:02.600 to the economy that have boosted energy and food prices 0:06:03.440 --> 0:06:06.560 and supply bottlenecks. Let's talk about this, Um I was wrong. 0:06:07.800 --> 0:06:13.080 Where they really unanticipated? Uh maybe anticipated by her? I 0:06:13.160 --> 0:06:16.320 anticipated them. I've been talking about them for years, and 0:06:16.400 --> 0:06:19.600 not just me. One of my favorite economists, uh Leadwig 0:06:19.680 --> 0:06:23.360 von mess from the Austrian School Economics told us this 0:06:23.440 --> 0:06:25.480 was going to be a problem a hundred years ago. 0:06:26.040 --> 0:06:29.400 He called it the crack up boom, and he talks 0:06:29.400 --> 0:06:32.240 about when the government's go create a bunch of money, 0:06:32.760 --> 0:06:35.760 it starts to distort markets in a bunch of different ways, 0:06:35.760 --> 0:06:38.320 and we don't understand all the ways. And so to 0:06:38.360 --> 0:06:41.520 her point, you can't anticipate all the distortions in the 0:06:41.520 --> 0:06:43.720 market that will come from this, but we do know 0:06:43.800 --> 0:06:47.520 that it distorts the market, so we should anticipate a 0:06:47.560 --> 0:06:51.200 bunch of problems down the road. Exactly how that fills in, 0:06:51.240 --> 0:06:54.040 we don't exactly know, but large octical economy that have 0:06:54.120 --> 0:07:00.560 boosted energy and food prices, and that's not necessarily something 0:07:00.640 --> 0:07:02.560 that they could have anticipated when you're looking at it 0:07:02.560 --> 0:07:05.000 from the Treasury or the Federal Reserve side, because these 0:07:05.040 --> 0:07:08.000 policies are being done outside of that. I want to 0:07:08.040 --> 0:07:09.720 break this down for you here in a little bit. 0:07:10.120 --> 0:07:12.200 She wanted to say that Yelling said that the FED 0:07:12.320 --> 0:07:17.280 is taking the steps it needs to stem inflation. But 0:07:17.320 --> 0:07:19.840 what steps are those? How can they take steps to 0:07:19.840 --> 0:07:23.400 stem those inflation if the Fed and the Treasury don't 0:07:23.400 --> 0:07:26.680 have any control over that, but they're doing anything they 0:07:26.680 --> 0:07:28.800 can drastically to try to stem that. Because it says 0:07:28.800 --> 0:07:32.320 here public support for Biden on handling the economy has 0:07:32.360 --> 0:07:36.800 created with a surge in the cost of living, people 0:07:36.840 --> 0:07:39.080 are freaking out. People can't afford it. I'm gonna talk 0:07:39.080 --> 0:07:40.600 about some of the pain that's happening. As a matter 0:07:40.640 --> 0:07:43.600 of fact, it's having drastic consequences that maybe I was 0:07:43.720 --> 0:07:45.680 I was surprised to see this number come on. Talking 0:07:45.680 --> 0:07:48.040 about that in a second. But Um says that Yelling 0:07:48.160 --> 0:07:51.560 noted that European countries have recently taken steps to limit 0:07:51.840 --> 0:07:55.680 their imports to Russian oil, a move that has caused 0:07:55.720 --> 0:08:00.000 global oil prices derived. So let's think about that. UM. 0:08:00.120 --> 0:08:03.800 I think any elementary kid that economics one O one 0:08:04.240 --> 0:08:09.200 supply and demand. So let's see if we need oil 0:08:09.560 --> 0:08:13.280 for everything. Um, it goes into all of our products. UM, 0:08:13.360 --> 0:08:16.240 it goes into all of our transportation. UM. You can't 0:08:16.240 --> 0:08:19.360 get food at the grocery store without oil because the 0:08:19.360 --> 0:08:21.160 trucks needed to get there. It's it goes into all 0:08:21.160 --> 0:08:24.960 the products, etcetera. So we need it. Um, if you 0:08:25.680 --> 0:08:27.840 limit it or you get less of it, what happens? 0:08:27.880 --> 0:08:31.560 All the price goes up? Interesting? Um? So she said, yell, 0:08:31.560 --> 0:08:33.480 and know that European countries have recently taken steps to 0:08:33.600 --> 0:08:37.760 limit their imports, and so they're taking steps to cut 0:08:37.880 --> 0:08:41.120 the supply. So again, what was econical one on? If 0:08:41.120 --> 0:08:46.280 we cut the supply but the demand stays there, what happens? 0:08:46.880 --> 0:08:49.240 The price goes up? Come on? Like come on? Really? 0:08:49.559 --> 0:08:54.440 So yes, that causes the oil prices to rise. Now 0:08:54.520 --> 0:08:57.920 going back to what was this earlier statement? Here says 0:08:57.960 --> 0:09:00.760 that yelling said the feed is taking steps or no? 0:09:00.960 --> 0:09:03.839 Or was it here? Oh? Uh? Quote unanticipated in large 0:09:03.840 --> 0:09:07.440 shocks to the economy that have boosted energy and food prices. 0:09:08.640 --> 0:09:12.240 So these are unanticipated large shocks energy and food price 0:09:12.320 --> 0:09:17.720 those unanticipated. So like it says right here that um 0:09:17.840 --> 0:09:20.200 Yelling noted that European countries have recently taken steps to 0:09:20.280 --> 0:09:23.080 limit their imports on Russian oil. So is that unanticipated? 0:09:23.679 --> 0:09:27.000 She's saying that European countries are taking steps to limit 0:09:27.480 --> 0:09:31.760 their import of oil. She's saying that, Now, what would 0:09:31.760 --> 0:09:35.800 be the intended consequence of that. You're listening to the 0:09:35.800 --> 0:09:38.080 Markma Show. We're talking about bitcoin and cryptocurrencies. I'm gonna 0:09:38.080 --> 0:09:39.440 be back with a whole lot more in a second. 0:09:39.440 --> 0:09:41.800 Don't go away, all right, welcome back. You're listening to 0:09:41.840 --> 0:09:44.760 the Markma Show. We're talking about We're talking about bitcoin, 0:09:44.800 --> 0:09:47.960 We're talking about cryptocurrencies. We're talking about the decentralized revolution. 0:09:48.000 --> 0:09:51.600 We're discussing the intersection of politics, finance, and technology, so 0:09:51.640 --> 0:09:54.640 we can get this all into context that we can understand. 0:09:54.720 --> 0:10:00.319 We're specifically talking about crazy high raging and for nation, 0:10:01.040 --> 0:10:04.839 record level inflation and the panic that it's causing. It's 0:10:04.920 --> 0:10:07.920 it's causing panic both in households that can't afford food 0:10:07.920 --> 0:10:09.760 and energy anymore. You can't afoord gas in your car. 0:10:10.040 --> 0:10:14.000 But it's also causing panic across the leadership, specifically United 0:10:14.000 --> 0:10:17.200 States and the rest of the world because they realize, like, shoot, 0:10:17.400 --> 0:10:20.400 if we don't get this under control, we're gonna lose 0:10:21.040 --> 0:10:24.360 the election. Right, that's what they care about. UM and uh, 0:10:24.440 --> 0:10:26.520 you know what what we're talking about that and so 0:10:26.559 --> 0:10:28.240 you can understand it and you can navigate it correctly. 0:10:28.280 --> 0:10:30.920 But what's interesting is this this uh, this week, it's 0:10:31.000 --> 0:10:33.560 it's the topic of the week. It's it's actually been 0:10:33.559 --> 0:10:35.080 the topic for a couple of months. I've talked about 0:10:35.080 --> 0:10:37.560 it quite extensively. But Janet Yellen, who's the head of 0:10:37.600 --> 0:10:41.440 the US Treasury, the Treasury Secretary, Janet Eellen, and she 0:10:41.480 --> 0:10:43.840 came out and said that I was wrong. I was 0:10:43.880 --> 0:10:47.280 wrong about the path inflation would take. There was unanticipated 0:10:47.880 --> 0:10:50.679 shocks to the economy that boosted energy and food prices. 0:10:50.720 --> 0:10:54.320 There's anticipated. But then she said that, um, down here, 0:10:55.559 --> 0:11:03.240 that that it's she said that the European countries have 0:11:03.520 --> 0:11:06.559 taken steps to limit their oil of oil, and so 0:11:06.960 --> 0:11:09.600 how is it how is it unanticipated? When she said 0:11:09.600 --> 0:11:14.560 they're gonna limit their imports because wouldn't you anticipate that 0:11:14.679 --> 0:11:18.880 if you lower the supply while you still have the demand, 0:11:18.920 --> 0:11:22.439 that would cause prices to rise. It's pretty insane. And 0:11:22.880 --> 0:11:25.800 they're saying I guess they're saying the quiet part out loud. 0:11:26.440 --> 0:11:28.640 I think maybe this is the wake up call that 0:11:28.679 --> 0:11:31.079 people need to go, wait a minute. These people don't 0:11:31.120 --> 0:11:32.800 know what the heck they're talking about. I mean, I'm 0:11:32.840 --> 0:11:35.440 a nobody operating on a mic here talking to you 0:11:35.480 --> 0:11:38.760 over the radio waves, and I told you this. Uh, 0:11:38.960 --> 0:11:41.680 Like I said, kids in elementary could probably tell you 0:11:42.240 --> 0:11:44.040 that if we still have the demand and you cut 0:11:44.040 --> 0:11:46.880 the supply, what's going to happen. It's pretty simple. And 0:11:46.960 --> 0:11:48.920 of course she's at the forefront of that, not as 0:11:48.960 --> 0:11:51.280 you only at the forefront of that, knowing this in 0:11:51.360 --> 0:11:55.400 her own words quoting her um that European countries have 0:11:55.480 --> 0:11:57.160 taken steps to limit their imports of oil, and not 0:11:57.240 --> 0:11:59.800 as she's saying that. She's part of the she's part 0:11:59.800 --> 0:12:02.360 of the planning process. She's the one that gets together 0:12:02.360 --> 0:12:05.640 with these world leaders and they're trying to curb climate change. Um. 0:12:05.679 --> 0:12:08.080 So it's not like she's just observing that is happening. 0:12:08.120 --> 0:12:10.040 She's the ones that in the policies for this top 0:12:10.120 --> 0:12:12.280 but I mean, it's just insane. And like I said, 0:12:12.600 --> 0:12:17.000 I think they're becoming acutely aware of this because I 0:12:17.000 --> 0:12:22.120 guess reality is slapping them in the face at this point, um, 0:12:22.200 --> 0:12:23.600 And it's slapping them in the face for a couple 0:12:23.600 --> 0:12:25.720 of reasons. One, they're realizing the massive amount of pain 0:12:25.760 --> 0:12:27.760 that people are going through. They're starting to realize that 0:12:27.800 --> 0:12:30.200 their policies are actually having the opposite effect of what 0:12:30.240 --> 0:12:33.240 they want. But more importantly, here we are a couple 0:12:33.240 --> 0:12:35.360 of months away from going into a mid term election 0:12:35.960 --> 0:12:38.800 um in the United States, and they're afraid that they're 0:12:38.840 --> 0:12:42.280 going to get just completely shut down on the elections. 0:12:42.720 --> 0:12:45.040 I should say the Democrats side, who kind of controlling 0:12:45.040 --> 0:12:47.120 the government right now, they're afraid they're gonna get completely 0:12:47.120 --> 0:12:50.320 wiped out. And of course it's not a big surprise 0:12:50.320 --> 0:12:52.280 to see that. As a matter of fact, a new 0:12:52.320 --> 0:12:54.600 poll came out this week that shows them if they 0:12:54.600 --> 0:12:58.920 don't do something drastic, it's going to be completely um 0:12:59.120 --> 0:13:01.120 horrific for them at the polls. I have a clip 0:13:01.160 --> 0:13:04.200 that I want to play that highlights just how bad 0:13:04.280 --> 0:13:06.200 this is. A matter of fact, it's it's maybe the 0:13:06.240 --> 0:13:08.400 worst that we've ever seen in history of the United 0:13:08.400 --> 0:13:12.200 States presidential Um. Politics. Let's go ahead and play this 0:13:12.360 --> 0:13:14.280 clip that we have. You can get an idea for it. 0:13:14.520 --> 0:13:17.320 But we begin with the backlash over inflation and new 0:13:17.480 --> 0:13:21.480 NBC News polls showing seventy one percent of Americans disapprove 0:13:21.520 --> 0:13:24.800 of President Biden's handling of the rising cost of living 0:13:24.800 --> 0:13:27.120 and a lot of people won't like to hear this. 0:13:27.360 --> 0:13:30.880 Gas prices now reaching a new all time high four 0:13:30.960 --> 0:13:34.760 sixties seven a gallon, get this up five cents since yesterday, 0:13:35.360 --> 0:13:41.280 m M. Seventy one percent of Americans disapproved. It's a 0:13:41.280 --> 0:13:44.760 big number. Uh. It's the lowest approval ratings of any 0:13:45.120 --> 0:13:50.160 US president in history. UM. Not a big surprise. UM, 0:13:50.160 --> 0:13:52.960 not a big surprise. I regardless of where you are 0:13:53.040 --> 0:13:57.440 on politics, this is affecting everybody because regardless of which 0:13:57.440 --> 0:14:00.720 political side you're on, you put us in your car 0:14:01.120 --> 0:14:03.520 and you need to buy food, and when you can't 0:14:03.559 --> 0:14:06.000 afford those those those couple of things, or when they're 0:14:06.040 --> 0:14:09.199 having a massive effect on your pocketbook, you are going 0:14:09.240 --> 0:14:13.520 to disapprove, regardless of which political ideology that you lie into. UM. 0:14:14.040 --> 0:14:15.959 One thing that I'm starting to see and I'm sure 0:14:15.960 --> 0:14:19.040 you're all noticing this is that political sides are starting 0:14:19.080 --> 0:14:24.200 to just disappear, and whatever liberalism or liberals or left 0:14:24.320 --> 0:14:27.040 or democrats or right or conservative, I mean, those lines 0:14:27.080 --> 0:14:29.400 have gotten so blurred nobody knows what to think anymore. 0:14:29.560 --> 0:14:32.320 People that were on the left now find themselves on 0:14:32.360 --> 0:14:36.720 the right. I have not really watched Bill Maher much 0:14:36.760 --> 0:14:38.920 over the over the last decade or however long he's 0:14:38.960 --> 0:14:41.880 been on, but I caught an episode of his the 0:14:41.880 --> 0:14:46.200 other night. I was about two weeks old, and uh, 0:14:46.280 --> 0:14:48.040 I was watching with my wife and I was just like, 0:14:48.520 --> 0:14:51.240 can you believe this guy was like the mouthpiece for 0:14:51.240 --> 0:14:53.280 the left and the liberal but now listen to what 0:14:53.320 --> 0:14:55.800 he's saying, And it's just because everyone has got everything 0:14:55.800 --> 0:14:58.440 has gotten so distorted now, and it's like it's I 0:14:58.480 --> 0:15:00.240 think people are starting to see it's no longer here 0:15:00.320 --> 0:15:03.960 like this left versus right or conservative versus liberal. It's 0:15:04.000 --> 0:15:08.479 more like, um, shoot, whatever your politics are, you're mismanaging 0:15:08.480 --> 0:15:11.800 the economy. It's affecting me adversely, and maybe a little 0:15:11.800 --> 0:15:14.200 bit less meddling in the economy and a little bit 0:15:14.280 --> 0:15:16.440 more freedom for me might be a good thing. I 0:15:16.480 --> 0:15:18.800 think we're starting to see that and we're seeing it 0:15:18.880 --> 0:15:21.240 in a big way. One. Like I said, they're telling 0:15:21.360 --> 0:15:24.560 us that we didn't understand this was going to happen. 0:15:24.800 --> 0:15:26.320 But I think we're also waking up to see that 0:15:26.760 --> 0:15:29.240 they don't have a plan to fix it because they can't. 0:15:29.280 --> 0:15:31.160 And that's what I want to talk about specifically. I 0:15:31.160 --> 0:15:33.120 want to I want to break that down for you're 0:15:33.120 --> 0:15:36.360 gonna understand that. But we saw here um no short 0:15:36.400 --> 0:15:40.520 of trying. President Biden um met with the FED Chairman 0:15:40.640 --> 0:15:43.320 Jerome Powell to discuss, of course, inflation being at a 0:15:43.400 --> 0:15:47.320 forty year high. He affirms a quote laser focus on 0:15:47.360 --> 0:15:50.880 addressing inflation, but he's gonna let the central banks, the 0:15:50.880 --> 0:15:53.680 Photo Reserve do its work. He says that there's a 0:15:53.760 --> 0:15:58.520 growing urgency to ease rapidly rising prices that threaten the 0:15:58.640 --> 0:16:03.240 US economy. Me but he promised to have a handsoff approach. 0:16:03.320 --> 0:16:05.880 Quote I'm going to I'm not going to interfere with 0:16:05.880 --> 0:16:09.880 the critical important work. So he's gonna let them do 0:16:09.960 --> 0:16:12.560 their thing. But the interesting thing here is that he 0:16:12.600 --> 0:16:14.960 says the FETE is trying to cool demand to moderate 0:16:15.120 --> 0:16:18.680 price pressures. But Mr Powell Joan Powell, the head of 0:16:18.680 --> 0:16:23.360 the Federal Reserve has conceded. He's basically admitted that the 0:16:23.400 --> 0:16:26.400 central Bank's ability to do that without forcing the economy 0:16:26.400 --> 0:16:31.240 into a recession depends on developments outside the central banks control. 0:16:32.360 --> 0:16:36.320 Mm hmm. So he's he he wants to do everything 0:16:36.320 --> 0:16:40.240 he can, but he's conceded. He's admitted that the ability 0:16:40.280 --> 0:16:42.920 to do without forcing the economy into recession um depends 0:16:42.920 --> 0:16:45.920 on things he can't control. So it's basically not up 0:16:45.920 --> 0:16:49.640 to him, including quote global energy markets that have been 0:16:49.680 --> 0:16:54.480 badly disrupted UM and supply chains. So the energy markets 0:16:54.640 --> 0:16:59.760 and the supply chains, and guess what they can't control those. 0:17:00.520 --> 0:17:02.960 They can't print more money for those. What they can 0:17:03.040 --> 0:17:05.560 do is they could get out of the way and 0:17:05.600 --> 0:17:08.560 they could help that. But basically, after this meeting, Biden 0:17:08.600 --> 0:17:13.040 says that quote no short term fix to high energy 0:17:13.560 --> 0:17:16.760 and grocery prices. He can't take immediate action to lower 0:17:16.880 --> 0:17:21.240 record gasoline prices. There's little administration could do to short 0:17:21.359 --> 0:17:24.680 term lower high energy prices and food prices. So back 0:17:24.720 --> 0:17:28.200 to economics one O one. If you want prices to 0:17:28.240 --> 0:17:29.720 go down, what do you need to do? You need 0:17:29.800 --> 0:17:34.400 to increase the supply, right, not lower the supply. Increases 0:17:34.359 --> 0:17:36.400 the supply. I'm want to talk about that. I want 0:17:36.400 --> 0:17:38.679 to talk about these statistics that came out of these 0:17:38.680 --> 0:17:40.720 surveys that have blown me away, and I'm sure they're 0:17:40.720 --> 0:17:42.640 going to blow you away as well. And I'm gonna 0:17:42.640 --> 0:17:45.240 give you a little, uh, a little analogies you can 0:17:45.320 --> 0:17:46.800 understand us a little bit better, and then talk about 0:17:46.880 --> 0:17:49.119 what's going on in the rest of the world, because 0:17:49.560 --> 0:17:51.960 what's happening over there is what's going to come here 0:17:52.000 --> 0:17:54.960 if we don't about face very very quickly. You're listening 0:17:55.000 --> 0:17:58.199 to the Markma Show. We're talking about the decentralized Revolution, 0:17:58.200 --> 0:18:00.280 talking about how the world is changing during ben buy 0:18:00.280 --> 0:18:03.800 a new technology called bitcoin and cryptocurrencies, and really discussing 0:18:03.840 --> 0:18:06.160 it from the intersection of politics, finance, and technology. Talking 0:18:06.200 --> 0:18:09.399 today specifically about this crazy inflation that seems to have 0:18:09.440 --> 0:18:12.280 caught all the leaders off guard, but we knew it 0:18:12.320 --> 0:18:14.000 was going to happen, and we know what the fixes. 0:18:14.520 --> 0:18:16.160 It's painful. I'm gonna come back and break that down 0:18:16.200 --> 0:18:18.919 for you and more in a minute, So don't go away. 0:18:18.960 --> 0:18:21.720 I'll being right back. All right, welcome back. You're listening 0:18:21.720 --> 0:18:25.320 to the Mark Ma Show. We're talking about the decentralized revolution. 0:18:25.320 --> 0:18:27.080 We're talking about the way the world is changing right 0:18:27.119 --> 0:18:30.119 before our eyes, driven by bitcoin cryptocurrencies, and we're talking 0:18:30.160 --> 0:18:33.320 about it today through I mean, you know, it's a 0:18:33.359 --> 0:18:36.720 it's political, it's financial. Uh, this is the way the 0:18:36.760 --> 0:18:40.480 world changes. And so politics and finance are integrated together 0:18:40.480 --> 0:18:44.320 because of course it's the political changes, the political choices 0:18:44.600 --> 0:18:47.600 that change the markets. And we're talking about specifically the FED, 0:18:47.920 --> 0:18:50.760 the Federal Reserve, and the President. So the politics the 0:18:50.800 --> 0:18:53.960 president by getting together with the FED, that's economic policy. 0:18:53.960 --> 0:18:55.560 And I stay, it's getting together and trying to figure 0:18:55.560 --> 0:18:59.120 this out. But President Biden warned there's little the administration 0:18:59.160 --> 0:19:03.480 can do in the short term to lower high energy 0:19:03.560 --> 0:19:05.760 and food prices. So those are the two problems, energy 0:19:05.960 --> 0:19:08.080 and food. So let's just talk about those for a second. 0:19:08.840 --> 0:19:13.480 So again, economics one oh one, supply and demand. If 0:19:13.520 --> 0:19:16.880 you have more supply and less demand, prices go down. 0:19:17.320 --> 0:19:20.119 If there was if there was ten houses for sale 0:19:20.440 --> 0:19:24.040 but only one buyer, what would happen. The prices would 0:19:24.040 --> 0:19:26.800 come down. If there was ten buyers but only one 0:19:26.960 --> 0:19:29.920 home for cell, the prices would go up. They would 0:19:29.920 --> 0:19:32.199 be bit up. So, um, we have a problem with 0:19:32.359 --> 0:19:35.600 high energy and food prices. Those are the two energy 0:19:35.600 --> 0:19:39.520 and food. So if we wanted to lower energy prices, 0:19:39.800 --> 0:19:43.320 what would we do. Well, I guess there's two ways. 0:19:43.359 --> 0:19:46.360 One we could increase the supply, or two we could 0:19:46.440 --> 0:19:49.520 lower the demand. Now the Fed can do something about that, 0:19:49.600 --> 0:19:52.640 because what they can do is they can crash the economy. 0:19:52.720 --> 0:19:56.320 So you can't afford to travel, you can't afford to 0:19:56.400 --> 0:19:59.400 drive your car, you can't afford to buy things that 0:19:59.480 --> 0:20:02.240 need to be trucked in, and so by crushing the 0:20:02.280 --> 0:20:05.480 economy and making you broke, they can take away the 0:20:05.600 --> 0:20:10.120 demand side of the energy equation. That's the one thing 0:20:10.160 --> 0:20:13.480 they can do. That's the scary thing they can do, 0:20:13.800 --> 0:20:17.680 and they could do that immediately. But in Jerome Powell's 0:20:17.720 --> 0:20:20.800 own words, which I read earlier before the break, he 0:20:20.880 --> 0:20:23.000 said that we can see the central banksability to do 0:20:23.040 --> 0:20:28.160 that without forcing the economy into a recession. So if 0:20:28.200 --> 0:20:31.280 they forced the economy into a recession and take away 0:20:31.320 --> 0:20:34.760 all your spending power, then you will use less energy. 0:20:35.000 --> 0:20:37.359 So that's one way to do it. It's not a 0:20:37.400 --> 0:20:40.119 good way, but it's one way. The other way that 0:20:40.200 --> 0:20:43.640 sounds much better is how about don't force the economy 0:20:43.640 --> 0:20:47.200 into a recession. How about don't take away your spending power. 0:20:47.280 --> 0:20:50.440 How about you just increase the supply. Wouldn't that be nice? 0:20:51.200 --> 0:20:54.359 So they could do that. But in in this point 0:20:54.359 --> 0:20:58.160 here that Biden says that he can't take immediate action 0:20:58.240 --> 0:21:01.400 to lower record high gas prices because it doesn't happen immediately. 0:21:01.480 --> 0:21:05.160 So remember I talked about this extensively. The very first thing, 0:21:05.240 --> 0:21:08.160 the most important thing President Biden did the very first 0:21:08.200 --> 0:21:11.119 day in office by executive order, not through any any 0:21:11.280 --> 0:21:13.840 form of voting. But the very first thing, most important thing, 0:21:13.880 --> 0:21:17.760 was to shut down the energy shut down the energy pipelines, 0:21:18.480 --> 0:21:21.800 shut down all the gas permits, the drilling permits, and 0:21:21.840 --> 0:21:25.119 so he took away the supply day, one most important 0:21:25.119 --> 0:21:27.280 thing he had to do. And so what happened. So 0:21:27.400 --> 0:21:31.840 if he wants to bring more supply back, the government 0:21:31.880 --> 0:21:33.320 doesn't need to do anything. What they need to do 0:21:33.359 --> 0:21:34.920 is just get out of the way. What he needs 0:21:34.920 --> 0:21:37.240 to do is just roll back these rules and regulations 0:21:37.240 --> 0:21:38.719 that he put in place. What he has to do 0:21:38.760 --> 0:21:41.200 is allow the pipeline to start working again, allow people 0:21:41.240 --> 0:21:43.560