1 00:00:00,200 --> 00:00:02,600 Speaker 1: Hello, and welcome to another episode of the Mark Moss Show, 2 00:00:02,640 --> 00:00:05,640 Speaker 1: where we talk about, of course, the decentralized revolution, how 3 00:00:05,680 --> 00:00:08,640 Speaker 1: the world is changing right before our eyes as we 4 00:00:08,640 --> 00:00:12,280 Speaker 1: look at it through the lens of politics, finance, and technology. 5 00:00:12,320 --> 00:00:15,360 Speaker 1: And we have a big show coming up. The government 6 00:00:15,560 --> 00:00:19,080 Speaker 1: admits money comes from thin air. The US Treasury has 7 00:00:19,120 --> 00:00:22,720 Speaker 1: only two weeks of money left. Why a government default 8 00:00:22,800 --> 00:00:27,440 Speaker 1: seems more likely than ever. And big problems equal big solutions, 9 00:00:27,600 --> 00:00:30,600 Speaker 1: and we have one right now. So that's what we're 10 00:00:30,600 --> 00:00:32,800 Speaker 1: going to cover. Let's go ahead and dig right into this, 11 00:00:32,840 --> 00:00:37,360 Speaker 1: and let's just start right off by stating the obvious. 12 00:00:37,920 --> 00:00:41,239 Speaker 1: We are at the point now where the government, the 13 00:00:41,280 --> 00:00:46,120 Speaker 1: government officials are saying the quiet part out loud. What 14 00:00:46,120 --> 00:00:48,680 Speaker 1: do I mean? Well, there's lots of things that we 15 00:00:48,760 --> 00:00:52,200 Speaker 1: talk about kind of behind the scenes. People might consider 16 00:00:52,240 --> 00:00:57,520 Speaker 1: them sometimes conspiracies, maybe their lies, maybe we don't understand, 17 00:00:57,840 --> 00:01:00,000 Speaker 1: but we're at the point now where they're coming out 18 00:01:00,240 --> 00:01:04,680 Speaker 1: and telling us that specifically. Now. One of our government 19 00:01:04,720 --> 00:01:09,440 Speaker 1: officials I'm talking about, Brad Sherman from California, obviously is 20 00:01:09,480 --> 00:01:12,039 Speaker 1: not one of my favorite lawmakers. For sure, he has 21 00:01:12,120 --> 00:01:18,280 Speaker 1: been let's say, a big time foe an enemy of progress, 22 00:01:18,319 --> 00:01:22,560 Speaker 1: an enemy of innovation, an enemy of bitcoin and cryptocurrencies. 23 00:01:22,600 --> 00:01:25,880 Speaker 1: And of course his major donors are credit card companies 24 00:01:25,959 --> 00:01:28,280 Speaker 1: and banks, so of course no wonder he's against that. 25 00:01:28,640 --> 00:01:32,000 Speaker 1: And he's constantly come out with bad take after bad 26 00:01:32,080 --> 00:01:35,760 Speaker 1: take after bad take, and he has another one this week. 27 00:01:36,000 --> 00:01:38,920 Speaker 1: That man really still got to sit out to me. 28 00:01:39,080 --> 00:01:42,360 Speaker 1: I'm gonna let you hear it directly from his mouth. 29 00:01:42,440 --> 00:01:44,120 Speaker 1: Let's go ahead and play this clip from Brad Sherman 30 00:01:44,200 --> 00:01:47,080 Speaker 1: so you can hear what we're talking about. Crypto bros 31 00:01:47,160 --> 00:01:49,640 Speaker 1: make money, literally by making money, and they've made over 32 00:01:49,680 --> 00:01:54,600 Speaker 1: a trillion dollars out of thin air. They'll accuse the 33 00:01:54,680 --> 00:01:57,680 Speaker 1: US government of making money out of thin air. Maybe 34 00:01:57,720 --> 00:02:04,440 Speaker 1: we do, but we're the US government. Uh, Crypto bros 35 00:02:04,480 --> 00:02:06,800 Speaker 1: accused the US government of making money out of thin air. 36 00:02:07,560 --> 00:02:12,680 Speaker 1: Maybe we do, but were the US government. That's his rationale. 37 00:02:13,680 --> 00:02:16,320 Speaker 1: When I was a kid, I remember seeing these bumper stickers. 38 00:02:16,520 --> 00:02:20,240 Speaker 1: They might still be around today, but they say, don't steal. 39 00:02:20,639 --> 00:02:23,320 Speaker 1: The government hates competition. I don't know if you've ever 40 00:02:23,320 --> 00:02:25,360 Speaker 1: seen one of those bumper stickers before, but that's basically 41 00:02:25,440 --> 00:02:29,120 Speaker 1: what they're saying. You're not allowed to counterfeit money. That's 42 00:02:29,240 --> 00:02:32,680 Speaker 1: the government's job. You're not allowed to steal, that's the 43 00:02:32,720 --> 00:02:35,400 Speaker 1: government's job. You're not allowed to create money out of 44 00:02:35,440 --> 00:02:38,760 Speaker 1: thin air. That's the government's job. So there's a lot 45 00:02:38,800 --> 00:02:41,519 Speaker 1: to unpack with this. And as I said, one, they're 46 00:02:41,520 --> 00:02:45,120 Speaker 1: saying the quiet part out loud. Yes, the government literally 47 00:02:45,680 --> 00:02:50,560 Speaker 1: creates money out of thin air. Although if you don't 48 00:02:50,600 --> 00:02:52,600 Speaker 1: understand what money is, maybe you don't really understand it. 49 00:02:52,639 --> 00:02:54,280 Speaker 1: But let me unpack this just a little bit. So 50 00:02:54,720 --> 00:02:56,760 Speaker 1: does the government print money out of thin air? And 51 00:02:56,840 --> 00:03:00,120 Speaker 1: do crypto bros create money out of thin air? Well, 52 00:03:00,760 --> 00:03:03,079 Speaker 1: first of all, money is a meaning of exchange, is 53 00:03:03,120 --> 00:03:04,520 Speaker 1: a store of value, and I don't want to get 54 00:03:04,560 --> 00:03:06,880 Speaker 1: into all that, but let's think about this for a minute. 55 00:03:07,360 --> 00:03:10,320 Speaker 1: How is money made? How do you make money out 56 00:03:10,320 --> 00:03:13,480 Speaker 1: of thin air? Well, I mean you can't, right, So, 57 00:03:13,520 --> 00:03:16,799 Speaker 1: if I'm a crypto bro that Brad Sherman's talking about, 58 00:03:17,000 --> 00:03:20,520 Speaker 1: let's see, I had to probably learn how to code. 59 00:03:20,520 --> 00:03:23,640 Speaker 1: I've probably spent hundreds or thousands of hours potentially schooling 60 00:03:24,520 --> 00:03:27,160 Speaker 1: learning how to code. And then I had to learn 61 00:03:27,200 --> 00:03:31,000 Speaker 1: how to get a blockchain and fork it and then 62 00:03:31,080 --> 00:03:33,360 Speaker 1: you know, change it, modify it to my own liking. 63 00:03:34,120 --> 00:03:36,120 Speaker 1: Well one, I had to have the idea. I had 64 00:03:36,120 --> 00:03:39,360 Speaker 1: to have the creativity to even see a potential use case. 65 00:03:39,360 --> 00:03:41,440 Speaker 1: So I had to see a problem and a potential solution. 66 00:03:41,720 --> 00:03:43,040 Speaker 1: I had to come up with a new you know, 67 00:03:43,080 --> 00:03:47,520 Speaker 1: crypto bro blockchain to potentially solve that problem. I had 68 00:03:47,520 --> 00:03:48,839 Speaker 1: to learn how to code or I had to hire 69 00:03:48,920 --> 00:03:50,880 Speaker 1: coders to come in and write the code, fork it, 70 00:03:50,960 --> 00:03:53,400 Speaker 1: modify it, et cetera. Then I had to you know, 71 00:03:53,480 --> 00:03:56,480 Speaker 1: build a website and put all the marketing together. I 72 00:03:56,520 --> 00:03:58,840 Speaker 1: had to you know, figure out how to raise money, 73 00:03:58,880 --> 00:04:01,600 Speaker 1: set up off score corporation, bank accounts, whatever. I had 74 00:04:01,600 --> 00:04:03,200 Speaker 1: to go on the show, you know, the road show, 75 00:04:03,240 --> 00:04:05,120 Speaker 1: and I had to collect money, raise money. Then I 76 00:04:05,160 --> 00:04:07,320 Speaker 1: had to get exchanges to list the token. I had 77 00:04:07,320 --> 00:04:11,360 Speaker 1: to sell a token, etc. Sort of sounds like setting 78 00:04:11,440 --> 00:04:15,400 Speaker 1: up a business. So for Brad Sherman to say that 79 00:04:15,480 --> 00:04:18,680 Speaker 1: they were creating money out of thin air, I don't 80 00:04:18,920 --> 00:04:21,720 Speaker 1: see what he's talking about. If you follow that line 81 00:04:21,720 --> 00:04:25,440 Speaker 1: of thinking, then Mark Zuckerberg created money out of thin air. 82 00:04:26,640 --> 00:04:30,200 Speaker 1: Jeff Bezos created money out of thin air. If you 83 00:04:30,360 --> 00:04:32,599 Speaker 1: create So what Brad Sherman is saying is, if you 84 00:04:33,360 --> 00:04:36,480 Speaker 1: learn how to use your mental capital. If you learn 85 00:04:36,520 --> 00:04:39,800 Speaker 1: how to use your ideas to solve problems, you learn 86 00:04:39,839 --> 00:04:43,560 Speaker 1: how to use your skills you developed to write code, 87 00:04:43,800 --> 00:04:47,960 Speaker 1: you've learned marketing skills and organizational skills, and your business 88 00:04:48,000 --> 00:04:51,320 Speaker 1: creates revenue. You've created it out of thin air. Is 89 00:04:51,320 --> 00:04:55,760 Speaker 1: that what they're saying. That's what he's trying to say. Now, 90 00:04:56,560 --> 00:04:58,120 Speaker 1: if you listen to the show on a regular basis, 91 00:04:58,120 --> 00:05:00,320 Speaker 1: you know, I'm not a big fan of crypto he 92 00:05:00,400 --> 00:05:03,560 Speaker 1: as a category because most of it is vaporware. Most 93 00:05:03,600 --> 00:05:04,960 Speaker 1: of it is a scam, and I don't use the 94 00:05:04,960 --> 00:05:07,400 Speaker 1: word scam lightly. What I mean is that people think 95 00:05:07,440 --> 00:05:11,960 Speaker 1: they're buying one thing, a decentralized secure asset, and they're 96 00:05:12,000 --> 00:05:16,280 Speaker 1: being sold something else that's neither decentralized nor secure, And 97 00:05:16,320 --> 00:05:18,600 Speaker 1: many times there's rug poles and things like that. So 98 00:05:18,640 --> 00:05:20,320 Speaker 1: I'm not a big fan of it as a category. 99 00:05:20,320 --> 00:05:22,760 Speaker 1: But to say that they're printing money from thin air 100 00:05:23,120 --> 00:05:26,440 Speaker 1: just shows how little Brad Sherman knows about what he's 101 00:05:26,480 --> 00:05:28,640 Speaker 1: even talking about. He has no idea, of course he doesn't. 102 00:05:28,720 --> 00:05:32,080 Speaker 1: He's a government bureaucrap. He's never created value in his 103 00:05:32,360 --> 00:05:35,280 Speaker 1: entire life, so he has no idea what would say 104 00:05:35,320 --> 00:05:38,160 Speaker 1: is how the sausage is made. He has no idea 105 00:05:38,240 --> 00:05:41,600 Speaker 1: how businesses actually create value. He has no idea how 106 00:05:41,600 --> 00:05:43,800 Speaker 1: people get paid by creating value. If he did, he 107 00:05:43,800 --> 00:05:47,320 Speaker 1: would understand that what the crypto bros Have done is 108 00:05:47,400 --> 00:05:49,800 Speaker 1: no different. I mean, it's different in many ways, but 109 00:05:49,960 --> 00:05:52,840 Speaker 1: it is very similar to what Mark Zuckerberg did by 110 00:05:52,839 --> 00:05:55,160 Speaker 1: creating a line of code in his college dorm room. 111 00:05:55,440 --> 00:05:59,320 Speaker 1: And what the guys that started Airbnb from an Airbnb 112 00:05:59,480 --> 00:06:02,080 Speaker 1: from a cow did. They wrote a line of code, 113 00:06:02,200 --> 00:06:05,320 Speaker 1: they organized people, they created marketing, They went and raised 114 00:06:05,400 --> 00:06:10,640 Speaker 1: money that created value for those people, and they made money. 115 00:06:11,000 --> 00:06:13,200 Speaker 1: So the crypto ros did not create money out of 116 00:06:13,240 --> 00:06:16,839 Speaker 1: thin air. They created something that enticed people to give 117 00:06:16,920 --> 00:06:20,640 Speaker 1: them money US dollars. Now back to the government, the 118 00:06:20,720 --> 00:06:23,160 Speaker 1: government is making money out of thin air. That's according 119 00:06:23,200 --> 00:06:26,560 Speaker 1: to Brad Sherman's own words. Yes, the government is printing 120 00:06:26,600 --> 00:06:28,440 Speaker 1: money out of thin air. So what are they doing 121 00:06:28,480 --> 00:06:32,359 Speaker 1: to provide value? What is the government doing to provide 122 00:06:32,400 --> 00:06:36,880 Speaker 1: any value to us? They're not. They didn't learn a skill. 123 00:06:36,960 --> 00:06:39,880 Speaker 1: They didn't provide that skill to the marketplace. They didn't 124 00:06:39,920 --> 00:06:43,680 Speaker 1: go build out marketing and go raise money. People willingly 125 00:06:43,839 --> 00:06:46,160 Speaker 1: giving them money. No, that's not what the government does. 126 00:06:46,520 --> 00:06:50,640 Speaker 1: The government hits a button on a keyboard to create 127 00:06:50,680 --> 00:06:56,280 Speaker 1: more dollar units, not for us, not in exchange for value. 128 00:06:56,400 --> 00:06:58,880 Speaker 1: They just inject those into the system. None of us 129 00:06:58,960 --> 00:07:01,120 Speaker 1: get any say out of them. And what it does, 130 00:07:01,200 --> 00:07:04,920 Speaker 1: instead of providing value to us, it steals our value away. 131 00:07:05,400 --> 00:07:07,960 Speaker 1: Every time they create create one more currency unit, it 132 00:07:08,000 --> 00:07:12,960 Speaker 1: makes the existing crypto, the existing currency units worth less, worthless. 133 00:07:13,280 --> 00:07:18,880 Speaker 1: And so when you see prices going up steak, gas, milk, cheese, homes, travel, 134 00:07:18,920 --> 00:07:21,520 Speaker 1: et cetera, when those prices are going up, what's really 135 00:07:21,560 --> 00:07:25,040 Speaker 1: happening is the dollars are buying less and less. They're debasing. 136 00:07:25,080 --> 00:07:27,760 Speaker 1: They're devaluing the dollar by creating more of them. And 137 00:07:27,800 --> 00:07:30,080 Speaker 1: so it's not that prices are going up. They are, 138 00:07:30,400 --> 00:07:32,520 Speaker 1: but the reason why prices are going up is because 139 00:07:32,560 --> 00:07:36,120 Speaker 1: the value of that money is going down. That money 140 00:07:36,160 --> 00:07:38,640 Speaker 1: buys you less, it takes more of those currency units 141 00:07:38,680 --> 00:07:40,800 Speaker 1: to buy those same goods and services in the future. 142 00:07:41,160 --> 00:07:44,920 Speaker 1: Now that's being done because, as Brad Truman said, the 143 00:07:44,960 --> 00:07:49,320 Speaker 1: quiet part out loud, they're creating money from thin air. Now, 144 00:07:49,400 --> 00:07:51,600 Speaker 1: this takes us to the big topic at hand, which 145 00:07:51,640 --> 00:07:54,680 Speaker 1: is all over the news, which is the debt limit. 146 00:07:55,000 --> 00:07:59,880 Speaker 1: The United States government, the global the number one global superpower, 147 00:08:00,080 --> 00:08:06,480 Speaker 1: the homogeny, the reserve currency of the world. The United 148 00:08:06,480 --> 00:08:12,720 Speaker 1: States government is broke. The United States Treasury, the treasury 149 00:08:12,800 --> 00:08:14,440 Speaker 1: runs the government. It's like if you had a business, 150 00:08:14,480 --> 00:08:16,600 Speaker 1: you had an accounting department. The treasury is like the 151 00:08:16,600 --> 00:08:20,480 Speaker 1: accounting department. They're broke. They don't have enough income to 152 00:08:20,640 --> 00:08:25,040 Speaker 1: cover their expenses, and they've taken on more debt and 153 00:08:25,120 --> 00:08:28,680 Speaker 1: more debt and more debt, and now they don't have 154 00:08:28,760 --> 00:08:32,559 Speaker 1: any more. So, for example, if you had a business 155 00:08:32,880 --> 00:08:36,680 Speaker 1: and your expenses exceeded your income, and so you took 156 00:08:36,679 --> 00:08:39,880 Speaker 1: a credit line from your bank, and then you went 157 00:08:39,920 --> 00:08:41,960 Speaker 1: through that entire credit line, and you still didn't have 158 00:08:42,040 --> 00:08:43,679 Speaker 1: enough revenue to cover your expenses. So then you went 159 00:08:43,720 --> 00:08:46,640 Speaker 1: and got a credit card, and then you still couldn't 160 00:08:46,679 --> 00:08:48,920 Speaker 1: get your business profitable, and so you took out another 161 00:08:48,960 --> 00:08:52,160 Speaker 1: credit card, and then finally the bank and the credit 162 00:08:52,160 --> 00:08:54,600 Speaker 1: cards are like hang on, hang on, hang on, no 163 00:08:54,679 --> 00:08:59,040 Speaker 1: more credit for you. That's where the government's at five trillion, 164 00:08:59,120 --> 00:09:02,600 Speaker 1: ten trillion, trillion, thirty trillion, thirty two trillion, and the 165 00:09:02,640 --> 00:09:05,880 Speaker 1: government still can't be profitable. And now the credit lines 166 00:09:05,920 --> 00:09:08,280 Speaker 1: are cut off. If you're just tune in, you're listening 167 00:09:08,280 --> 00:09:10,959 Speaker 1: to the Mark mass Show talking about the decentralized Revolution. 168 00:09:11,240 --> 00:09:13,640 Speaker 1: We're running through some big stuff. We're gonna talk about 169 00:09:13,640 --> 00:09:16,560 Speaker 1: the treasury has only two weeks of money left, why 170 00:09:16,559 --> 00:09:19,280 Speaker 1: the government default is more likely than ever, and the 171 00:09:19,320 --> 00:09:20,760 Speaker 1: big problem. I'll be back with that in a more 172 00:09:20,880 --> 00:09:22,679 Speaker 1: in a minute. Don't go away, all right, welcome back. 173 00:09:22,720 --> 00:09:24,200 Speaker 1: If you're just tune in, you were listening to the 174 00:09:24,240 --> 00:09:28,079 Speaker 1: Mark Moss Show, of course, always talking about the decentralized Revolution. 175 00:09:28,400 --> 00:09:32,400 Speaker 1: We're talking about how our lawmakers are now saying the 176 00:09:32,440 --> 00:09:34,920 Speaker 1: quiet part out loud. Brad Sherman says, Hey, you crypto bros. 177 00:09:34,960 --> 00:09:36,560 Speaker 1: Created money out of thin air. You can't do that, 178 00:09:36,640 --> 00:09:40,079 Speaker 1: but we're the government. We do. I explained that I'm 179 00:09:40,080 --> 00:09:43,000 Speaker 1: not gonna go through that again, but the government needs 180 00:09:43,040 --> 00:09:45,240 Speaker 1: to create more money out of thin air because the government, 181 00:09:45,280 --> 00:09:49,520 Speaker 1: the US Treasury is broke literally meaning broke. As a 182 00:09:49,559 --> 00:09:52,800 Speaker 1: matter of fact, let's hear directly from the head of 183 00:09:52,880 --> 00:09:56,680 Speaker 1: the US Treasury again, kind of in a business analogy, 184 00:09:56,720 --> 00:10:00,559 Speaker 1: this would be like your CFO telling you, let's hear 185 00:10:00,600 --> 00:10:03,600 Speaker 1: exactly what Janet Yellen, the head of US Treasury is 186 00:10:03,640 --> 00:10:06,440 Speaker 1: saying about this debt default that's looming here. 187 00:10:06,720 --> 00:10:12,120 Speaker 2: Well, you know, I would say that if Congress doesn't 188 00:10:12,360 --> 00:10:16,520 Speaker 2: raise the debt ceiling, the president will have to make 189 00:10:16,600 --> 00:10:21,720 Speaker 2: some decisions about what to do with the resources that. 190 00:10:21,679 --> 00:10:22,480 Speaker 1: We do have. 191 00:10:23,080 --> 00:10:26,439 Speaker 2: And there are a variety of different options, but there 192 00:10:26,440 --> 00:10:30,400 Speaker 2: are no good options. Every option is a bad option. 193 00:10:33,520 --> 00:10:36,120 Speaker 1: First of all, that wasn't a bad signal. That's just 194 00:10:36,200 --> 00:10:40,520 Speaker 1: how she talks. She has to labor over every single word, 195 00:10:41,080 --> 00:10:45,880 Speaker 1: So that's how she talks about. There's no good options. Yeah, 196 00:10:45,960 --> 00:10:49,439 Speaker 1: who would want to cut back on their spending? Who 197 00:10:49,480 --> 00:10:52,280 Speaker 1: would want to live within a budget? Those are not 198 00:10:52,440 --> 00:10:55,320 Speaker 1: good options. She says that the president will have to 199 00:10:55,360 --> 00:11:02,800 Speaker 1: make some very difficult decisions. Yeah, not increasing the spending 200 00:11:02,840 --> 00:11:06,120 Speaker 1: when you don't have the money. Those are very difficult decisions. Now, 201 00:11:06,440 --> 00:11:08,120 Speaker 1: if you tune in regularly, you kind of already know 202 00:11:08,160 --> 00:11:09,800 Speaker 1: this I talk about this has already been framed up. 203 00:11:09,800 --> 00:11:13,319 Speaker 1: But look, this isn't a partisan thing. I don't want 204 00:11:13,320 --> 00:11:16,319 Speaker 1: to turn this into a Republican Democrat. We happen to 205 00:11:16,360 --> 00:11:18,439 Speaker 1: have a Democrat Biden in the office. Now, we had 206 00:11:19,000 --> 00:11:21,760 Speaker 1: a Republican with Trump in before Trump spent more money 207 00:11:21,760 --> 00:11:23,800 Speaker 1: than any president before him, and Biden wants to spend 208 00:11:23,840 --> 00:11:25,680 Speaker 1: even more. Every president wants to spend more. And the 209 00:11:25,679 --> 00:11:27,920 Speaker 1: reason why it's because we are in a debt based 210 00:11:27,960 --> 00:11:30,800 Speaker 1: monetary system, which means the debt has to constantly expand 211 00:11:31,240 --> 00:11:33,800 Speaker 1: or the whole thing falls apart. So it's not red 212 00:11:33,880 --> 00:11:37,600 Speaker 1: or blue. Trump spent more than before him, and Biden 213 00:11:37,640 --> 00:11:39,800 Speaker 1: wants to spend even more. But Biden has come out 214 00:11:40,080 --> 00:11:44,600 Speaker 1: like swinging like crazy, passing like all types of bills 215 00:11:44,600 --> 00:11:47,440 Speaker 1: like the Inflation Reduction Act, and they want to spend 216 00:11:47,520 --> 00:11:51,800 Speaker 1: one point seven trillion dollars on all these new programs 217 00:11:51,840 --> 00:11:53,679 Speaker 1: like eighty billion to bring on a whole bunch of 218 00:11:53,760 --> 00:11:59,200 Speaker 1: new IRS, agents, types of things like that, and you know, millions, 219 00:11:59,360 --> 00:12:01,200 Speaker 1: hundreds of millions dollars to give to other countries to 220 00:12:01,320 --> 00:12:04,320 Speaker 1: study gender studies and things like that. Money that probably 221 00:12:04,320 --> 00:12:07,640 Speaker 1: doesn't need to be spent. Money that might be good 222 00:12:07,720 --> 00:12:09,760 Speaker 1: to be spent if you wanted to and you had 223 00:12:09,800 --> 00:12:11,800 Speaker 1: some extra money and you thought it was worthwhile, but 224 00:12:11,880 --> 00:12:15,240 Speaker 1: certainly not when you're broke and your income is exping 225 00:12:15,280 --> 00:12:18,600 Speaker 1: your income is your expenses are exceeding your income, so 226 00:12:19,280 --> 00:12:21,599 Speaker 1: no good options left. Now, let's talk about some of 227 00:12:21,640 --> 00:12:25,040 Speaker 1: these options. So option one is the Republican said, look, 228 00:12:25,080 --> 00:12:27,520 Speaker 1: here's what we'll do. Will allow you to increase the 229 00:12:27,559 --> 00:12:32,800 Speaker 1: debt ceiling another one point five trillion dollars, but you're 230 00:12:32,800 --> 00:12:34,240 Speaker 1: going to have to cut a couple of things because 231 00:12:34,240 --> 00:12:35,760 Speaker 1: that's not going to be enough money. So a couple 232 00:12:35,760 --> 00:12:37,280 Speaker 1: of things you have to cut would be like cut 233 00:12:37,280 --> 00:12:41,319 Speaker 1: some of this the irs agents for example. Also, you're 234 00:12:41,360 --> 00:12:44,280 Speaker 1: going to need to cancel that student loan forgiveness that 235 00:12:44,320 --> 00:12:45,800 Speaker 1: you put through because we don't really have the money 236 00:12:45,840 --> 00:12:48,960 Speaker 1: to do that. And also, what we want to do 237 00:12:49,000 --> 00:12:50,679 Speaker 1: is we want to start getting energy out of the 238 00:12:50,760 --> 00:12:52,960 Speaker 1: United States against we can become energy independent because that 239 00:12:52,960 --> 00:12:55,120 Speaker 1: will really unleash the economy and allow us to grow 240 00:12:55,120 --> 00:12:58,000 Speaker 1: out of this. And Biden says, no deal. So when 241 00:12:58,080 --> 00:13:01,200 Speaker 1: Jane yone's saying that he has to make some tough decisions, 242 00:13:01,200 --> 00:13:03,480 Speaker 1: one of the tough decisions would be, am I willing 243 00:13:03,520 --> 00:13:07,000 Speaker 1: to spend less money in the future? Still increase it 244 00:13:07,040 --> 00:13:09,960 Speaker 1: still go up by one point five trillion, but less 245 00:13:10,000 --> 00:13:12,200 Speaker 1: than I want? And that's where the stealmate is. I 246 00:13:12,200 --> 00:13:15,280 Speaker 1: want you to understand that the stealmate is the one 247 00:13:15,360 --> 00:13:19,400 Speaker 1: point five trillion more isn't good enough, and that's what 248 00:13:19,400 --> 00:13:24,280 Speaker 1: they're fighting over. Now there's talks of a government default 249 00:13:24,360 --> 00:13:27,079 Speaker 1: and that is really running hot. As a matter of fact, 250 00:13:27,320 --> 00:13:31,880 Speaker 1: that seems to be the base case that's going on here. 251 00:13:32,440 --> 00:13:35,440 Speaker 1: Let's play this clip from Janet Yellen and hear directly 252 00:13:35,440 --> 00:13:38,480 Speaker 1: from her on what she's saying about this is. 253 00:13:38,440 --> 00:13:43,320 Speaker 2: If re Treasury secretary has known the only option that 254 00:13:43,520 --> 00:13:47,520 Speaker 2: really loves our economy in good shape is and our 255 00:13:47,600 --> 00:13:52,360 Speaker 2: financial system is raising the dead ceiling and making clear 256 00:13:52,480 --> 00:13:58,480 Speaker 2: that Congress stands behind the basic principle that America pays 257 00:13:58,520 --> 00:14:01,400 Speaker 2: its bills. We're not beat country. 258 00:14:03,520 --> 00:14:08,680 Speaker 1: So every economist knows, right, every economist knows that the 259 00:14:08,920 --> 00:14:12,640 Speaker 1: only way forward is for the US government to continue 260 00:14:12,640 --> 00:14:16,440 Speaker 1: to raise the debt ceiling, otherwise it leaves our economy 261 00:14:16,440 --> 00:14:19,320 Speaker 1: in bad shape. Like what like, hang on, did you 262 00:14:19,440 --> 00:14:21,680 Speaker 1: know that? Let me know? If you know that, hit 263 00:14:21,720 --> 00:14:23,160 Speaker 1: me up on social media. I want to hear from 264 00:14:23,160 --> 00:14:24,840 Speaker 1: you guys. Hit me up on social media at one 265 00:14:24,880 --> 00:14:27,200 Speaker 1: Mark Moss on Instagram or Twitter. I'm pretty active on 266 00:14:27,200 --> 00:14:29,480 Speaker 1: both those platforms, And let me know, did you know that? 267 00:14:29,640 --> 00:14:32,440 Speaker 1: Did you know that? Every economist knows that we have 268 00:14:32,600 --> 00:14:34,960 Speaker 1: to increase the debt ceiling in order to continue to 269 00:14:35,000 --> 00:14:38,600 Speaker 1: pay our bills. Now more people are waking up to 270 00:14:38,640 --> 00:14:40,560 Speaker 1: this than ever before. So this is a good thing 271 00:14:40,720 --> 00:14:42,720 Speaker 1: in a long term perspective because people are starting to 272 00:14:42,720 --> 00:14:45,360 Speaker 1: wake up to this. But listen to the sheer insanity 273 00:14:45,440 --> 00:14:48,120 Speaker 1: of that. Everyone knows we have to increase the debt 274 00:14:48,160 --> 00:14:50,560 Speaker 1: ceiling in order to pay our bills. So that's going 275 00:14:50,600 --> 00:14:52,760 Speaker 1: back to your business analogy. Your bank won't give you 276 00:14:52,760 --> 00:14:55,080 Speaker 1: another credit line, you can't get any more credit cards, 277 00:14:55,160 --> 00:14:56,680 Speaker 1: and you go back to the bank and say, look, 278 00:14:56,920 --> 00:14:59,360 Speaker 1: everyone knows if you don't give me another credit line, 279 00:14:59,480 --> 00:15:03,000 Speaker 1: my business goes under. What's the bank going to tell you? 280 00:15:04,080 --> 00:15:06,120 Speaker 1: They can tell you to pound sand I mean, that's 281 00:15:06,120 --> 00:15:09,280 Speaker 1: the most ridiculous thing ever. But then the final part 282 00:15:09,320 --> 00:15:12,240 Speaker 1: that she said so that other nations don't think we're 283 00:15:12,280 --> 00:15:15,680 Speaker 1: a deadbeat nation. So imagine again, going back to your bank. 284 00:15:16,040 --> 00:15:17,320 Speaker 1: I know you said you won't give me to our 285 00:15:17,320 --> 00:15:19,520 Speaker 1: credit lines, and I know I've maxed out fifteen credit cards, 286 00:15:20,280 --> 00:15:22,280 Speaker 1: but look, if you don't give me, if you don't 287 00:15:22,280 --> 00:15:24,320 Speaker 1: give me another credit line, you know my business is 288 00:15:24,320 --> 00:15:26,160 Speaker 1: going to go under and people will think I'm a 289 00:15:26,200 --> 00:15:31,320 Speaker 1: deadbeat company. Think about that, Well, if you can't pay 290 00:15:31,360 --> 00:15:33,640 Speaker 1: your bills. You're not profitable, You've taken on more and 291 00:15:33,680 --> 00:15:35,800 Speaker 1: more debt that you have no way of ever repaying. 292 00:15:37,160 --> 00:15:40,040 Speaker 1: Aren't you a deadbeat company? You're not going to pay 293 00:15:40,040 --> 00:15:43,880 Speaker 1: those people their money back. Why would anyone loan you 294 00:15:44,360 --> 00:15:47,360 Speaker 1: are deadbeat? So what she's saying is wrong. I put 295 00:15:47,400 --> 00:15:50,640 Speaker 1: out a tweet. I believe it was yesterday earlier this week. 296 00:15:50,680 --> 00:15:54,360 Speaker 1: I forget exactly what day, and I showed a chart 297 00:15:54,960 --> 00:15:56,560 Speaker 1: and I like to I like to post a lot 298 00:15:56,560 --> 00:15:59,080 Speaker 1: of charts on my main YouTube channel, Mark Moss, as 299 00:15:59,120 --> 00:16:01,280 Speaker 1: well as on Twitter as well. Again follow me on 300 00:16:01,320 --> 00:16:03,160 Speaker 1: those platforms if you're not. And I like to show 301 00:16:03,160 --> 00:16:05,240 Speaker 1: the charts because I want to show you the size 302 00:16:05,280 --> 00:16:07,520 Speaker 1: and the speed of these moves. And the chart comes 303 00:16:07,520 --> 00:16:10,200 Speaker 1: from FRED, which is the Federal Reserve's data board, and 304 00:16:10,240 --> 00:16:13,600 Speaker 1: it showed that the interest on the debt, So again 305 00:16:13,600 --> 00:16:15,360 Speaker 1: they want to raise the debt selling from thirty one 306 00:16:15,400 --> 00:16:17,320 Speaker 1: trillion to know almost thirty two to another one and 307 00:16:17,320 --> 00:16:20,480 Speaker 1: a half. The interest that's owed on that debt is 308 00:16:20,560 --> 00:16:24,040 Speaker 1: now equal to the amount of money that we spend 309 00:16:24,400 --> 00:16:28,360 Speaker 1: just on defense spending for the military. So we're paying 310 00:16:28,400 --> 00:16:30,760 Speaker 1: just as much on debt as we are on defense. 311 00:16:30,840 --> 00:16:34,880 Speaker 1: Now we spend We spend more on defense than the 312 00:16:34,920 --> 00:16:41,360 Speaker 1: next ten countries combined combined. So everyone from number two China, Russia, everybody, 313 00:16:41,800 --> 00:16:44,520 Speaker 1: the next ten people, we spend more than that combined. Now, 314 00:16:44,760 --> 00:16:47,160 Speaker 1: so the debt, the interest on the debt is more. 315 00:16:47,200 --> 00:16:50,040 Speaker 1: Now does that sound bad? Did you know that the 316 00:16:50,040 --> 00:16:52,680 Speaker 1: Federal Reserve has raised rates at the highest and fastest 317 00:16:52,760 --> 00:16:55,960 Speaker 1: rate in history. And when the debt was taken on, 318 00:16:56,280 --> 00:16:59,880 Speaker 1: we were in the zero zero point five range. Today 319 00:17:00,120 --> 00:17:05,359 Speaker 1: we're at five percent. About thirty percent of that debt, 320 00:17:05,640 --> 00:17:08,919 Speaker 1: the thirty two trillion dollars has to be refinanced in 321 00:17:08,960 --> 00:17:13,560 Speaker 1: the next twelve months at these new five percent rates. 322 00:17:13,920 --> 00:17:16,640 Speaker 1: What do you think happens when you refinance thirty percent 323 00:17:16,760 --> 00:17:21,280 Speaker 1: of your thirty two trillion from zero percent to five percent? 324 00:17:21,400 --> 00:17:23,520 Speaker 1: Like if you took on thirty percent of your debt 325 00:17:23,520 --> 00:17:25,399 Speaker 1: for your business, you had got like on a zero 326 00:17:25,600 --> 00:17:27,840 Speaker 1: rate transfer credit card, and then all of a sudden 327 00:17:27,840 --> 00:17:29,639 Speaker 1: it resets at five percent. What is that going to 328 00:17:29,680 --> 00:17:31,840 Speaker 1: do to you in a time when the interest is 329 00:17:31,920 --> 00:17:35,040 Speaker 1: already meeting or exceeding defense spending, in a time when 330 00:17:35,040 --> 00:17:39,080 Speaker 1: you can't already make those obligations. It's insanity. If you're 331 00:17:39,119 --> 00:17:40,880 Speaker 1: just tune in. You're listening to the Mark Maus Show. 332 00:17:40,920 --> 00:17:44,280 Speaker 1: We're talking about the insanity of the debt crisis that's happening, 333 00:17:44,320 --> 00:17:46,120 Speaker 1: the unsustainable debt. I got a lot more to cover 334 00:17:46,160 --> 00:17:49,640 Speaker 1: when I come back on the potential for a government default, 335 00:17:49,640 --> 00:17:52,399 Speaker 1: which is I'm thinking is probably the base case. It 336 00:17:52,400 --> 00:17:54,400 Speaker 1: looks like that's where we're headed. What does that mean 337 00:17:54,400 --> 00:17:57,399 Speaker 1: and what are the possible solutions to protect yourself and 338 00:17:57,480 --> 00:17:59,040 Speaker 1: profit from all this. We'll talk about all that in 339 00:17:59,080 --> 00:18:01,240 Speaker 1: a minute when I come back. Don't go away, I'll 340 00:18:01,280 --> 00:18:04,080 Speaker 1: be right back. All right, Welcome back. If you just 341 00:18:04,119 --> 00:18:06,399 Speaker 1: tune in, you're listening to the Mark mass Show. Taking 342 00:18:06,440 --> 00:18:09,320 Speaker 1: it through this debt crisis that we're in. We've been 343 00:18:09,320 --> 00:18:12,119 Speaker 1: covering how the government admitted that they're printing money from 344 00:18:12,160 --> 00:18:15,800 Speaker 1: thin air and now this debt crisis that's looming now. 345 00:18:15,800 --> 00:18:19,680 Speaker 1: I talked about the government having only less than two 346 00:18:19,760 --> 00:18:22,840 Speaker 1: weeks of money left. Now, of course they show us this. 347 00:18:22,880 --> 00:18:24,280 Speaker 1: They show us how much money they have in their 348 00:18:24,280 --> 00:18:26,679 Speaker 1: reserve account, and so we can see their checking account. 349 00:18:26,680 --> 00:18:29,240 Speaker 1: We can also see how fast it's been drawing down. 350 00:18:29,359 --> 00:18:33,200 Speaker 1: So we basically just extrapolate what the current burn rate 351 00:18:33,280 --> 00:18:35,600 Speaker 1: is and then based off this current burn rate, how 352 00:18:35,680 --> 00:18:38,080 Speaker 1: much do you have left? And then how long will 353 00:18:38,080 --> 00:18:42,080 Speaker 1: that last? It's not hard to do, simple elementary math, 354 00:18:42,160 --> 00:18:44,680 Speaker 1: almost right, And so all we can see is that 355 00:18:44,960 --> 00:18:48,520 Speaker 1: based off of those numbers, we see that we have 356 00:18:48,880 --> 00:18:52,919 Speaker 1: about two weeks left. The treasury account is down to 357 00:18:53,480 --> 00:18:56,800 Speaker 1: one hundred and eighty five billion, which is a lot 358 00:18:56,800 --> 00:19:00,719 Speaker 1: of money, but not when you're talking about trillions of dollars. 359 00:19:00,760 --> 00:19:04,320 Speaker 1: The government is running a two point two trillion dollar 360 00:19:04,600 --> 00:19:07,600 Speaker 1: deficit right now, so that means the deficit means that 361 00:19:07,640 --> 00:19:12,400 Speaker 1: their expenses exceed their income by two point two trillion. Now, 362 00:19:13,200 --> 00:19:16,360 Speaker 1: the treasury has one hundred and eighty five billion, the 363 00:19:16,400 --> 00:19:23,040 Speaker 1: cash balance is down just down thirty billion just from yesterday, 364 00:19:23,080 --> 00:19:26,480 Speaker 1: and only two point two billion in tax revenue came in, 365 00:19:26,880 --> 00:19:29,280 Speaker 1: because right, we have tax revenue coming in and tax 366 00:19:29,320 --> 00:19:31,240 Speaker 1: you know, taxes were doing April fifteenth last month, and 367 00:19:31,240 --> 00:19:33,440 Speaker 1: so the tax revenue is coming in, but the most 368 00:19:33,440 --> 00:19:35,840 Speaker 1: of that tax revenue is already in, like you should 369 00:19:35,840 --> 00:19:38,600 Speaker 1: have already paid that that's already in, which had a 370 00:19:38,600 --> 00:19:40,200 Speaker 1: little bit more trickle in two point two billion, but 371 00:19:40,240 --> 00:19:43,680 Speaker 1: we withdrew thirty you know what I'm saying. The expenses 372 00:19:43,720 --> 00:19:46,679 Speaker 1: are way exceeding the income, and so at this run rate, 373 00:19:46,720 --> 00:19:50,840 Speaker 1: we have about two weeks left. Now, this is obviously unsustainable. 374 00:19:51,680 --> 00:19:54,879 Speaker 1: I don't have to an elementary kid could figure that out. 375 00:19:54,880 --> 00:19:58,400 Speaker 1: That's unsustainable. The US government debt has gone from one 376 00:19:58,400 --> 00:20:04,119 Speaker 1: point two trillion to thirty one point four trillion just 377 00:20:04,160 --> 00:20:11,280 Speaker 1: since nineteen eighty. Thirty times in thirty years, well, I 378 00:20:11,320 --> 00:20:15,560 Speaker 1: guess without forty years, thirty times in forty years, one 379 00:20:15,560 --> 00:20:17,359 Speaker 1: point two jollion to thirty one point four joian. That 380 00:20:17,400 --> 00:20:20,439 Speaker 1: is not sustainable. In nineteen eighty, going back to the 381 00:20:20,440 --> 00:20:24,080 Speaker 1: one point two trillion, the debt to GDP. So back 382 00:20:24,080 --> 00:20:27,600 Speaker 1: to a business, you have your your revenue, your gross revenue, 383 00:20:27,600 --> 00:20:29,560 Speaker 1: the amount of products that you produce, goods and service 384 00:20:29,600 --> 00:20:31,639 Speaker 1: that you produce, and then you have your debt. In 385 00:20:31,720 --> 00:20:34,680 Speaker 1: nineteen eighty, the debt in the United States government debt 386 00:20:34,720 --> 00:20:38,880 Speaker 1: to the GDP was twenty six percent. This year it's 387 00:20:38,880 --> 00:20:43,600 Speaker 1: one hundred and twenty three percent. So what does that mean, Well, 388 00:20:43,600 --> 00:20:45,440 Speaker 1: that means that what they do is they take on debt. 389 00:20:45,480 --> 00:20:46,960 Speaker 1: Just like your business. You would take on debt to 390 00:20:46,960 --> 00:20:48,560 Speaker 1: buy a new piece of equipment, a new van, new 391 00:20:48,600 --> 00:20:51,000 Speaker 1: truck hire, somebody and you hope that by buying that 392 00:20:51,040 --> 00:20:53,240 Speaker 1: new piece of equipment, and you take on that little 393 00:20:53,280 --> 00:20:55,520 Speaker 1: bit of debt. You know it's going to cost you 394 00:20:55,560 --> 00:20:56,800 Speaker 1: a hundred bucks a month to add on this piece 395 00:20:56,800 --> 00:20:58,600 Speaker 1: of equipment, but that piece equipment should make you five 396 00:20:58,680 --> 00:21:01,760 Speaker 1: hundred a month. So you take on one dollar of 397 00:21:01,800 --> 00:21:04,920 Speaker 1: debt to add five dollars of revenue. That'd be the goal. 398 00:21:05,280 --> 00:21:07,080 Speaker 1: And so the United States government has done right. They're 399 00:21:07,080 --> 00:21:09,480 Speaker 1: trying to take on debt to try to grow. The 400 00:21:09,520 --> 00:21:12,080 Speaker 1: problem is is that at some point the debt becomes 401 00:21:12,160 --> 00:21:14,600 Speaker 1: unsustainable and it actually starts holding you back. It's like 402 00:21:14,640 --> 00:21:16,280 Speaker 1: trying to run up a hill with a backpack full 403 00:21:16,280 --> 00:21:20,040 Speaker 1: of rocks. And so that number really starts heating up 404 00:21:20,040 --> 00:21:22,760 Speaker 1: around ninety percent debt to GDP, and you're starting to 405 00:21:22,760 --> 00:21:26,240 Speaker 1: get less growth than the dollar of debt. And so 406 00:21:26,960 --> 00:21:28,800 Speaker 1: in the example I gave, so like in a nineteen 407 00:21:28,800 --> 00:21:31,159 Speaker 1: eighty at twenty six percent debt to GDP, you know, 408 00:21:31,640 --> 00:21:33,000 Speaker 1: I don't have the exact data in front of me, 409 00:21:33,040 --> 00:21:35,320 Speaker 1: but potentially, you know, one dollar of debt would give 410 00:21:35,359 --> 00:21:38,760 Speaker 1: you back the five dollars of growth. Once you get 411 00:21:38,920 --> 00:21:41,560 Speaker 1: up to ninety percent, you're getting one dollar of growth 412 00:21:41,680 --> 00:21:44,080 Speaker 1: for one dollar of debts, it's not really doing anything 413 00:21:44,080 --> 00:21:46,360 Speaker 1: for you. Now when you get to one hundred and 414 00:21:46,400 --> 00:21:49,000 Speaker 1: five ten percent twenty one hundred and twenty three percent 415 00:21:49,000 --> 00:21:51,919 Speaker 1: were're at now, now you're getting like fifty cents of 416 00:21:52,000 --> 00:21:54,879 Speaker 1: growth for the dollar of debt, which basically means that 417 00:21:54,880 --> 00:21:58,040 Speaker 1: you're digging your hole faster than your filling out of it. 418 00:21:58,200 --> 00:22:01,280 Speaker 1: If you've ever been to the beach, I live at 419 00:22:01,280 --> 00:22:02,880 Speaker 1: the beach, some there all the time, but maybe I'm 420 00:22:02,880 --> 00:22:05,320 Speaker 1: sure you've probably been there, and you see people like kids, 421 00:22:05,359 --> 00:22:07,160 Speaker 1: they'll go down kind of by the water and they'll 422 00:22:07,160 --> 00:22:08,720 Speaker 1: start digging a hole. A lot of kids like to 423 00:22:08,760 --> 00:22:10,800 Speaker 1: do that, and if you're close by the water, you'll 424 00:22:10,800 --> 00:22:13,159 Speaker 1: see it starts filling up with water. They're digging and 425 00:22:13,200 --> 00:22:15,360 Speaker 1: digging and digging. But no matter how much they dig, 426 00:22:15,440 --> 00:22:16,840 Speaker 1: they're never going to dig their way out of the 427 00:22:16,840 --> 00:22:18,560 Speaker 1: water because the water is underground right here on the 428 00:22:18,560 --> 00:22:20,720 Speaker 1: ocean there. And that's basically the same situation that we're in. 429 00:22:20,760 --> 00:22:22,800 Speaker 1: No matter how much debt they take on at this point, 430 00:22:23,080 --> 00:22:26,119 Speaker 1: they can't grow their way out of it. And of course, 431 00:22:26,320 --> 00:22:32,080 Speaker 1: governments usually resort to fiscal stimulus during a recession, which 432 00:22:32,119 --> 00:22:34,720 Speaker 1: is where we're going into right now, which means even 433 00:22:35,240 --> 00:22:37,800 Speaker 1: more debt. But when a government's running two point two 434 00:22:37,840 --> 00:22:43,159 Speaker 1: trillion dollars of deficits already, and then you know, and 435 00:22:43,280 --> 00:22:46,920 Speaker 1: they're doing that during times of economic expansion, times when 436 00:22:46,960 --> 00:22:49,720 Speaker 1: things are good, times, when the economy is growing. How 437 00:22:49,760 --> 00:22:55,240 Speaker 1: the heck are they supposed to run that stimulus during 438 00:22:55,320 --> 00:22:59,560 Speaker 1: a recession. That's not good. That's certainly good, which is 439 00:22:59,600 --> 00:23:02,679 Speaker 1: why this default is looking more and more likely. As 440 00:23:02,720 --> 00:23:05,560 Speaker 1: a matter of fact, like I said, there's this stellmate 441 00:23:05,560 --> 00:23:07,840 Speaker 1: where the Republicans are like, look, okay, fine, we'll increase 442 00:23:07,960 --> 00:23:09,640 Speaker 1: that limit. We'll give you the extra one point five 443 00:23:09,680 --> 00:23:12,600 Speaker 1: trillion you want, but you are going to have to 444 00:23:12,600 --> 00:23:15,600 Speaker 1: cut some of your potential spending bills like the IRS 445 00:23:15,640 --> 00:23:18,000 Speaker 1: Bill for example. So we're going to give you more, 446 00:23:18,000 --> 00:23:20,480 Speaker 1: but like we're not. We're going to limit the increases 447 00:23:20,480 --> 00:23:22,960 Speaker 1: to one percent a year. So this future spending that 448 00:23:23,000 --> 00:23:24,280 Speaker 1: you wanted, you're going to have to cut some of 449 00:23:24,320 --> 00:23:26,520 Speaker 1: that out. And that's where the stellmate is. And so 450 00:23:26,640 --> 00:23:28,960 Speaker 1: the Biden administration says, no deal, we won't do it, 451 00:23:29,320 --> 00:23:33,520 Speaker 1: and the Republicans seem to be pretty steadfast on this number. 452 00:23:33,560 --> 00:23:38,439 Speaker 1: As a matter of fact number forty five. President Donald 453 00:23:38,480 --> 00:23:43,720 Speaker 1: Trump came out and urged the Republicans to get the 454 00:23:43,840 --> 00:23:49,480 Speaker 1: spending cuts from the Democrats before they concede. So he's 455 00:23:49,480 --> 00:23:54,600 Speaker 1: basically said, look, don't don't don't cave, get those concessions 456 00:23:54,640 --> 00:23:58,639 Speaker 1: from the Biden administration, reduce spending, or if it won't happen, 457 00:23:58,840 --> 00:24:02,320 Speaker 1: then he says, to push the US into its first 458 00:24:02,400 --> 00:24:07,399 Speaker 1: ever default. That was an interview that he did with CNN. Quote. 459 00:24:07,440 --> 00:24:10,080 Speaker 1: I say to the Republicans out there, congressman, senators, if 460 00:24:10,080 --> 00:24:12,439 Speaker 1: they don't give you massive cuts, you're going to have 461 00:24:12,520 --> 00:24:16,200 Speaker 1: to do a default. In quote, Trump said. He went 462 00:24:16,240 --> 00:24:17,879 Speaker 1: on to say, quote, I don't believe they're going to 463 00:24:17,920 --> 00:24:20,280 Speaker 1: do a default because I think the Democrats will absolutely cave, 464 00:24:20,640 --> 00:24:23,520 Speaker 1: will absolutely cave because you don't have to have that happen. 465 00:24:24,040 --> 00:24:26,800 Speaker 1: But it's better than what we're doing right now, because 466 00:24:26,840 --> 00:24:31,920 Speaker 1: we're spending money like drunken sailors. End quote. So he says, look, 467 00:24:32,000 --> 00:24:35,639 Speaker 1: hold strong, what do you think do you think the 468 00:24:35,680 --> 00:24:37,639 Speaker 1: government should just continue to spend like drunken sailors? Do 469 00:24:37,640 --> 00:24:39,280 Speaker 1: you think the debt doesn't matter? Do you think it 470 00:24:39,359 --> 00:24:41,840 Speaker 1: do you think it matters if these people won't get 471 00:24:41,840 --> 00:24:44,920 Speaker 1: paid back. No, you've heard we owe the money to ourselves, right, 472 00:24:45,560 --> 00:24:48,880 Speaker 1: well do we? If you have a retirement account, mutual funds, 473 00:24:48,880 --> 00:24:53,360 Speaker 1: four oh one k's pensions, it's probably in government debt. 474 00:24:54,400 --> 00:24:57,840 Speaker 1: You are probably the one loaning the money. Your money 475 00:24:57,920 --> 00:24:59,680 Speaker 1: is loan to your bank. I'm sure you've heard me 476 00:24:59,720 --> 00:25:01,439 Speaker 1: say that before. The money in the bank is not 477 00:25:01,520 --> 00:25:04,399 Speaker 1: your money. The bank owes you money legally. That's a 478 00:25:04,400 --> 00:25:08,199 Speaker 1: big deal. And the bank owns the government debt. So 479 00:25:08,480 --> 00:25:10,560 Speaker 1: if the government defaults on the debt, they're not paying 480 00:25:10,600 --> 00:25:13,080 Speaker 1: you your pension or retirement. They're not paying the bank back, 481 00:25:13,080 --> 00:25:14,920 Speaker 1: and then the bank can't pay you back. That's how 482 00:25:14,960 --> 00:25:21,160 Speaker 1: that works. So it's a big deal. Should they continue 483 00:25:21,160 --> 00:25:24,119 Speaker 1: spending when they can't already pay? Now? Again, what the 484 00:25:24,160 --> 00:25:26,159 Speaker 1: Republicans are doing is saying we need to take the 485 00:25:26,240 --> 00:25:30,880 Speaker 1: spending all the way back to twenty twenty two. Last year, now, 486 00:25:30,920 --> 00:25:34,320 Speaker 1: if I remember correctly, last year was pretty dang good. 487 00:25:34,680 --> 00:25:38,199 Speaker 1: Like the world didn't end. We had social programs, like 488 00:25:38,240 --> 00:25:41,000 Speaker 1: the roads were there. Like if we just held spending 489 00:25:41,040 --> 00:25:43,000 Speaker 1: to where we were last year, does the world end? 490 00:25:43,080 --> 00:25:46,119 Speaker 1: Is it that bad? Again? I'd love to hear from you. 491 00:25:46,200 --> 00:25:48,560 Speaker 1: Hit me up on social media and let me know 492 00:25:48,680 --> 00:25:51,960 Speaker 1: at one Mark Moss. But it's looking like most Americans 493 00:25:52,000 --> 00:25:54,160 Speaker 1: are starting to say they don't agree. As a matter 494 00:25:54,160 --> 00:25:57,639 Speaker 1: of fact, they don't want to see the debt ceiling 495 00:25:57,720 --> 00:26:03,360 Speaker 1: increased anymore. White House officials hint at possible short term 496 00:26:03,400 --> 00:26:07,040 Speaker 1: debt deal to advert default. Potentially they might save the deal. 497 00:26:07,520 --> 00:26:09,920 Speaker 1: New York Times say that meet the House Republicans who 498 00:26:09,960 --> 00:26:12,400 Speaker 1: Democrats hope will defect on the debt limits. So now 499 00:26:12,440 --> 00:26:14,200 Speaker 1: what the Democrats are doing is they're trying to get 500 00:26:14,240 --> 00:26:18,240 Speaker 1: a couple of Republicans to switch sides and vote with them. 501 00:26:18,480 --> 00:26:20,840 Speaker 1: A long shot Democratic effort to force a debt limit 502 00:26:20,880 --> 00:26:25,200 Speaker 1: increase to the floor hinges on at least five GOP defections. 503 00:26:25,520 --> 00:26:28,520 Speaker 1: These House Republicans are considered likeliest. So now they're trying 504 00:26:28,520 --> 00:26:31,480 Speaker 1: to literally get people to switch sides so they can 505 00:26:31,720 --> 00:26:33,680 Speaker 1: ram this through. But like I said, I think it's 506 00:26:33,720 --> 00:26:38,200 Speaker 1: fifty eight percent of Americans do not support a debt increase. 507 00:26:38,359 --> 00:26:39,960 Speaker 1: But again, I'd love to hear what you have to say. 508 00:26:40,000 --> 00:26:42,320 Speaker 1: Hit upon social media out one Mark Moss and let 509 00:26:42,359 --> 00:26:45,000 Speaker 1: me know if you're just tune in you're listening to 510 00:26:45,080 --> 00:26:46,840 Speaker 1: the Mark Moss Show. Of course we talk about the 511 00:26:46,880 --> 00:26:49,520 Speaker 1: decentralized revolution, the way the world is breaking apart from 512 00:26:49,600 --> 00:26:53,600 Speaker 1: a centralized world to a decentralized world. A centralized world 513 00:26:53,640 --> 00:26:55,840 Speaker 1: that's controlled by the US government, homogeny of the US 514 00:26:55,880 --> 00:27:00,000 Speaker 1: dollar reserve system that is obviously falling apart right now, 515 00:27:00,240 --> 00:27:03,600 Speaker 1: what comes next? A very decentralized world. I got a 516 00:27:03,600 --> 00:27:06,040 Speaker 1: whole lot more to cover. Still, we're not done yet. 517 00:27:06,400 --> 00:27:10,879 Speaker 1: We're going to talk about the chances the betting markets 518 00:27:10,880 --> 00:27:13,119 Speaker 1: are giving of a debt default. And we're going to 519 00:27:13,160 --> 00:27:15,239 Speaker 1: talk about the big problem and the big solutions that 520 00:27:15,280 --> 00:27:19,800 Speaker 1: we have to protect ourselves and our nation and the world. 521 00:27:19,840 --> 00:27:21,080 Speaker 1: So we're gonna talk about all that in a minute. 522 00:27:21,119 --> 00:27:22,960 Speaker 1: When I come back. You're listening to the Mark Maas 523 00:27:22,960 --> 00:27:25,520 Speaker 1: Show talking about the decentralized Revolution. I'll be back with 524 00:27:25,600 --> 00:27:27,760 Speaker 1: all that and more in a minute. Don't go away, 525 00:27:27,920 --> 00:27:29,840 Speaker 1: I'll be he back. All right, Welcome back. If you're 526 00:27:29,840 --> 00:27:31,720 Speaker 1: just tuning in, you're listening to the Mark Maas Show. 527 00:27:31,760 --> 00:27:34,440 Speaker 1: We're talking about each and every week, the decentralized revolution. 528 00:27:34,520 --> 00:27:37,160 Speaker 1: Of course, the way the world changes through the lens 529 00:27:37,240 --> 00:27:40,520 Speaker 1: of politics, finance, and technology. We look at it through 530 00:27:40,560 --> 00:27:44,160 Speaker 1: those three lenses because it helps us to bring context 531 00:27:44,480 --> 00:27:47,600 Speaker 1: and clarity understand to what's going on now. We're talking 532 00:27:47,600 --> 00:27:51,560 Speaker 1: about the insanity of Brad Sherman's comments of the crypto 533 00:27:51,600 --> 00:27:54,479 Speaker 1: bros printing money from thin air, and how he clearly 534 00:27:54,560 --> 00:27:56,399 Speaker 1: doesn't understand what money is, or how it's made, or 535 00:27:56,400 --> 00:27:58,679 Speaker 1: what value is. But then the highlight of that the 536 00:27:58,680 --> 00:28:00,880 Speaker 1: government can print money from the air and what that means. 537 00:28:00,920 --> 00:28:03,199 Speaker 1: We talked about the debt ceiling, We talked about the 538 00:28:03,200 --> 00:28:05,959 Speaker 1: potential debt default, which it looks like it's starting to 539 00:28:06,640 --> 00:28:09,720 Speaker 1: really come to fruition. As a matter of fact, all 540 00:28:09,800 --> 00:28:12,120 Speaker 1: markets are betting markets, and so what does that mean. 541 00:28:12,160 --> 00:28:14,119 Speaker 1: That means when I buy an asset in the market, 542 00:28:14,359 --> 00:28:16,680 Speaker 1: whether it's a house, well, maybe not a house, because 543 00:28:16,720 --> 00:28:18,639 Speaker 1: you might buy it for different reasons. But in the market, 544 00:28:18,680 --> 00:28:21,600 Speaker 1: like the stock market, for example, if I buy an asset, 545 00:28:21,920 --> 00:28:25,920 Speaker 1: I'm betting basically that the price of that stock will 546 00:28:25,920 --> 00:28:28,040 Speaker 1: go up or I'm betting it will go down if 547 00:28:28,040 --> 00:28:29,800 Speaker 1: I'm short selling it. Either way, I'm betting on a 548 00:28:29,840 --> 00:28:33,880 Speaker 1: future valuation of that asset. So all markets are betting markets. Now. 549 00:28:33,880 --> 00:28:37,840 Speaker 1: The stock markets, where most people focus on aren't really 550 00:28:38,040 --> 00:28:40,600 Speaker 1: the best markets to look at, not where professional investors look, 551 00:28:40,760 --> 00:28:43,480 Speaker 1: those are trailing indicators that tell you kind of what happened. 552 00:28:43,880 --> 00:28:46,040 Speaker 1: So then the next best place to look would be 553 00:28:46,080 --> 00:28:49,120 Speaker 1: the bond market, and that's where professional investors look the 554 00:28:49,200 --> 00:28:52,520 Speaker 1: debt of these companies and then the real market to 555 00:28:52,560 --> 00:28:55,280 Speaker 1: look at. According to one of my good friends, my 556 00:28:55,360 --> 00:28:58,560 Speaker 1: as brother, I'm talking about Greg Foss. He's been a 557 00:28:58,600 --> 00:29:01,479 Speaker 1: thirty year debt trader bond. He talks about the credit 558 00:29:01,640 --> 00:29:05,200 Speaker 1: default swaps, the CDs market. Now, the CDs market is 559 00:29:05,240 --> 00:29:09,440 Speaker 1: basically where investors will hedge their bets. They'll buy insurance 560 00:29:09,480 --> 00:29:11,920 Speaker 1: against their position. In case the position crashes, they have 561 00:29:11,960 --> 00:29:15,160 Speaker 1: money for that. It got kind of popularized, we'll say, 562 00:29:15,200 --> 00:29:17,400 Speaker 1: in the two thousand and eight Great financial Crash, and 563 00:29:17,480 --> 00:29:19,440 Speaker 1: it was really popularized by the book and then the 564 00:29:19,440 --> 00:29:22,000 Speaker 1: movie called The Big Short. And if you haven't read 565 00:29:22,000 --> 00:29:24,880 Speaker 1: the book or watched the movie, I would highly recommend it. 566 00:29:24,920 --> 00:29:26,640 Speaker 1: As a matter of fact, I'm probably due for watching 567 00:29:26,680 --> 00:29:28,480 Speaker 1: it again. I read the book when it first came out. 568 00:29:28,480 --> 00:29:32,239 Speaker 1: It was amazing. The book's always better the video. The 569 00:29:32,240 --> 00:29:35,200 Speaker 1: movie's good. We had some big name actors, Christian Bale 570 00:29:35,240 --> 00:29:38,560 Speaker 1: and forget all the actors in it anymore. But anyway, 571 00:29:38,760 --> 00:29:41,640 Speaker 1: it's a good movie, probably worth watching again for myself, 572 00:29:41,920 --> 00:29:45,120 Speaker 1: but they really highlight what happened. And so an investor 573 00:29:45,240 --> 00:29:49,560 Speaker 1: who is named in real life Kyle Bass, basically made 574 00:29:49,600 --> 00:29:52,640 Speaker 1: these bets against the housing crisis, knowing that the housing 575 00:29:52,640 --> 00:29:55,280 Speaker 1: crisis was going to fail, knowing that the banks owned 576 00:29:55,320 --> 00:29:59,160 Speaker 1: all these mortgage backed securities, these nbs, and it was 577 00:29:59,200 --> 00:30:01,920 Speaker 1: a big mess go through all that. But basically he 578 00:30:02,000 --> 00:30:05,479 Speaker 1: went and started buying insurance against that using the CDs, 579 00:30:05,560 --> 00:30:08,560 Speaker 1: the credit default swaps. Now, one thing about a CDs 580 00:30:08,640 --> 00:30:10,600 Speaker 1: is that you don't have to own the asset to 581 00:30:10,600 --> 00:30:12,160 Speaker 1: buy insurance on it. So it'd be like if you 582 00:30:12,200 --> 00:30:14,320 Speaker 1: owned a house on a flood zone. For example, I 583 00:30:14,320 --> 00:30:16,280 Speaker 1: saw like a dam was about to break, I could 584 00:30:16,320 --> 00:30:18,760 Speaker 1: go buy insurance on your house and if it got flooded, 585 00:30:18,760 --> 00:30:20,640 Speaker 1: I would win. But you can't do that unless you 586 00:30:20,680 --> 00:30:22,640 Speaker 1: own the asset. You can't buy car insurance or house 587 00:30:22,680 --> 00:30:25,600 Speaker 1: insurance for somebody else. But with credit default swaps you can, 588 00:30:26,680 --> 00:30:29,040 Speaker 1: and so that's really the best market. It's sort of 589 00:30:29,080 --> 00:30:33,240 Speaker 1: like when they run like presidential election polls, the polls 590 00:30:33,280 --> 00:30:36,600 Speaker 1: aren't very accurate. The betting markets on who's going to 591 00:30:36,680 --> 00:30:38,479 Speaker 1: win the pole is very accurate, and the reason why 592 00:30:38,520 --> 00:30:40,360 Speaker 1: is because people are putting their money where their mouth is. 593 00:30:40,360 --> 00:30:42,320 Speaker 1: They're putting putting skin in the game, so to speak. 594 00:30:42,520 --> 00:30:45,400 Speaker 1: And so the CDs market, credit default swap market is 595 00:30:45,680 --> 00:30:48,480 Speaker 1: that market. It tells us what's going on there. And 596 00:30:48,520 --> 00:30:51,320 Speaker 1: the credit default swap market, the price of the CDs 597 00:30:51,360 --> 00:30:54,520 Speaker 1: swaps are going through the roof, and it's pricing in 598 00:30:55,720 --> 00:30:59,560 Speaker 1: that we're likely most likely to have and a default. Now, 599 00:30:59,640 --> 00:31:01,720 Speaker 1: when we default, there's two types of default. There's a 600 00:31:01,760 --> 00:31:05,480 Speaker 1: hard default and there's a soft or a technical default. Okay, 601 00:31:05,720 --> 00:31:07,680 Speaker 1: So a hard default would be where the government just 602 00:31:07,720 --> 00:31:10,680 Speaker 1: doesn't pay any debt. Hey, sorry, we owe thirty two jrillion, 603 00:31:10,800 --> 00:31:13,080 Speaker 1: forget it, we ain't paying. That'd be a hard default. 604 00:31:13,160 --> 00:31:16,000 Speaker 1: That's not gonna happen. That will that will most likely 605 00:31:16,160 --> 00:31:20,840 Speaker 1: never happen. The reason why is because no, no government 606 00:31:21,120 --> 00:31:24,760 Speaker 1: with a money printer will do a hard default. They're 607 00:31:24,760 --> 00:31:27,240 Speaker 1: gonna print the money. As Jenny Ellen said, we'll have 608 00:31:27,240 --> 00:31:29,800 Speaker 1: to print the money. We'll take on the debt right now. 609 00:31:30,040 --> 00:31:34,240 Speaker 1: A soft or a technical default is different. If this 610 00:31:34,320 --> 00:31:38,800 Speaker 1: gets delayed by one day and they squabble over it 611 00:31:38,840 --> 00:31:42,080 Speaker 1: and it goes a day long, that's a technical default, okay. 612 00:31:42,480 --> 00:31:46,520 Speaker 1: So it's pricing in a technical or a soft default, 613 00:31:46,600 --> 00:31:48,719 Speaker 1: not a hard default. So don't don't get alarmed over this. 614 00:31:49,920 --> 00:31:54,520 Speaker 1: That's not gonna happen. But like I said, this is 615 00:31:54,560 --> 00:31:57,360 Speaker 1: this is this is what's happening now. We're starting to 616 00:31:57,400 --> 00:31:59,520 Speaker 1: see really a changing of the guard with this, and 617 00:31:59,560 --> 00:32:02,640 Speaker 1: we're seeing a lot of distrust happening in the government 618 00:32:02,720 --> 00:32:05,959 Speaker 1: regardless of what happens, regardless of the outcome of this 619 00:32:06,000 --> 00:32:09,680 Speaker 1: whole debacle. Either way, it's eroded the trust and the 620 00:32:09,680 --> 00:32:14,040 Speaker 1: confidence in the government, and it's exposed that the government 621 00:32:14,040 --> 00:32:16,400 Speaker 1: the empire wears no clothes. It's exposed that your business 622 00:32:16,400 --> 00:32:18,920 Speaker 1: campaign its bills. It's exposed that unless they continue this 623 00:32:18,960 --> 00:32:23,240 Speaker 1: Ponzi scheme, they can't succeed. And people are really starting 624 00:32:23,240 --> 00:32:25,520 Speaker 1: to turn their back against the Biden administration because they're 625 00:32:25,560 --> 00:32:28,160 Speaker 1: the ones running the show right now, and we're starting 626 00:32:28,160 --> 00:32:31,000 Speaker 1: to see them, mainstream media even turning its back against Biden. 627 00:32:31,480 --> 00:32:34,480 Speaker 1: We saw a poll that was run just this week 628 00:32:35,040 --> 00:32:38,120 Speaker 1: and it shows fifty four percent of pose raising the 629 00:32:38,120 --> 00:32:42,560 Speaker 1: dead ceiling, and interesting enough, Tidbit says that the opposition 630 00:32:42,680 --> 00:32:46,680 Speaker 1: was stronger from those without a college degree. I thought 631 00:32:46,680 --> 00:32:48,560 Speaker 1: that was pretty interesting. You we think it would be 632 00:32:48,560 --> 00:32:50,280 Speaker 1: the opposite. The college degree would be smarter, they'd know 633 00:32:50,320 --> 00:32:52,240 Speaker 1: what's more going on. But I think the smarter people 634 00:32:52,240 --> 00:32:56,080 Speaker 1: who went to college got indoctrinated and they think that 635 00:32:56,360 --> 00:32:58,160 Speaker 1: it's just okay, we can spend forever. And that just 636 00:32:58,240 --> 00:32:59,720 Speaker 1: kind of goes to show you how much college is 637 00:32:59,760 --> 00:33:06,720 Speaker 1: act we teach you. Now, it's no doubt, No, it's 638 00:33:06,720 --> 00:33:09,320 Speaker 1: not a mystery why the mainstream media and why people 639 00:33:09,360 --> 00:33:10,680 Speaker 1: are starting to turn their back on this. We can 640 00:33:10,720 --> 00:33:13,400 Speaker 1: see in just two years of the Biden administration, a 641 00:33:13,520 --> 00:33:18,120 Speaker 1: typical American family has lost over seven thousand dollars in 642 00:33:18,200 --> 00:33:22,320 Speaker 1: purchasing power. Seven thousand dollars. What does that mean. Well, 643 00:33:22,360 --> 00:33:25,480 Speaker 1: that means that let's say that you make let's just 644 00:33:25,560 --> 00:33:27,800 Speaker 1: use easy numbers. Let's say that you make fifty bucks 645 00:33:27,840 --> 00:33:29,720 Speaker 1: an hour. You may not make that much, let's just 646 00:33:29,720 --> 00:33:33,280 Speaker 1: say you make that. That's one hundred and forty hours 647 00:33:33,560 --> 00:33:36,800 Speaker 1: that you have to work extra just to have the 648 00:33:36,960 --> 00:33:41,040 Speaker 1: exact same quality of life that you had before. Now, 649 00:33:41,080 --> 00:33:46,080 Speaker 1: if we divide that by twelve months, that's eleven and 650 00:33:46,080 --> 00:33:50,120 Speaker 1: a half hours per month of your life that they 651 00:33:50,120 --> 00:33:52,800 Speaker 1: have stolen just for you to maintain. So, if you 652 00:33:52,880 --> 00:33:55,080 Speaker 1: had you know, a house, a car, you ate steak 653 00:33:55,120 --> 00:33:57,480 Speaker 1: twice a week, You had, you know, one vacation a year, 654 00:33:57,760 --> 00:34:00,000 Speaker 1: a bunch of kids, new shoes, you know, twice a year, whatever, 655 00:34:00,040 --> 00:34:03,280 Speaker 1: whatever your standard of living was. Now, in order to 656 00:34:03,440 --> 00:34:07,280 Speaker 1: have that exact same standard of living, you now have 657 00:34:07,320 --> 00:34:10,960 Speaker 1: to work almost twelve hours more per month. Now that's 658 00:34:10,960 --> 00:34:12,759 Speaker 1: if you make fifty bucks an hour, if you make 659 00:34:12,800 --> 00:34:15,759 Speaker 1: ten bucks an hour, Just do the math. That's still 660 00:34:15,800 --> 00:34:18,000 Speaker 1: in your life. That's twelve hours that you could have 661 00:34:18,120 --> 00:34:20,719 Speaker 1: put into the gym so you were healthy. That's twelve 662 00:34:20,719 --> 00:34:22,359 Speaker 1: hours you could have put into your relationship with your 663 00:34:22,400 --> 00:34:25,640 Speaker 1: wife or your kids so you could be a better husband, father, mother, 664 00:34:25,719 --> 00:34:28,279 Speaker 1: or whatever. That's twelve hours you could have started a 665 00:34:28,320 --> 00:34:30,560 Speaker 1: new business, you could become financially free. Twelve hours you 666 00:34:30,600 --> 00:34:32,440 Speaker 1: could have gone to school to learn your skill. Whatever 667 00:34:32,840 --> 00:34:34,839 Speaker 1: it's your life. You do however you want, go sit 668 00:34:34,920 --> 00:34:37,040 Speaker 1: on the beach. I don't care. The point is the 669 00:34:37,040 --> 00:34:41,960 Speaker 1: government has taken that away by printing money, which is 670 00:34:42,000 --> 00:34:45,200 Speaker 1: no wonder why home ownership affordabilities at an all time low. 671 00:34:45,360 --> 00:34:48,320 Speaker 1: Of course, government spending, national debt as at all time high. 672 00:34:49,719 --> 00:34:51,279 Speaker 1: Now we do have a solution to this, and of 673 00:34:51,280 --> 00:34:55,000 Speaker 1: course that's bitcoin. Bitcoin is a finite amount, no more 674 00:34:55,000 --> 00:34:56,879 Speaker 1: than twenty one million bitcoin, whatever it be mine. Now 675 00:34:57,000 --> 00:35:00,360 Speaker 1: there it is. You can break down. Just like a 676 00:35:00,400 --> 00:35:03,719 Speaker 1: dollar breaks down into one hundred cents, a bitcoin breaks 677 00:35:03,760 --> 00:35:07,480 Speaker 1: down into a hundred million SATs. So there's plenty to 678 00:35:07,480 --> 00:35:10,480 Speaker 1: go around. But the fact is that nobody controls it, 679 00:35:10,560 --> 00:35:13,200 Speaker 1: and nobody can create more of it, like the Federal 680 00:35:13,239 --> 00:35:16,120 Speaker 1: Reserve does with the dollar. In addition to that, if 681 00:35:16,160 --> 00:35:18,200 Speaker 1: I want to hold it, not only can they not 682 00:35:18,280 --> 00:35:20,040 Speaker 1: print more of it to steal my value a way 683 00:35:20,040 --> 00:35:22,080 Speaker 1: that way, they also can't take it from my bank. 684 00:35:22,320 --> 00:35:24,640 Speaker 1: And if I want to send it to you, nobody 685 00:35:24,640 --> 00:35:26,759 Speaker 1: can censor that. Nobody can stop it, blocking or prevent it. 686 00:35:27,840 --> 00:35:31,600 Speaker 1: And so while this is bad for America, While this 687 00:35:31,680 --> 00:35:34,279 Speaker 1: is bad for Americans, and it's bad for the whole 688 00:35:34,280 --> 00:35:36,560 Speaker 1: world holding dollars, it's bad for the whole hold everyone 689 00:35:36,560 --> 00:35:38,080 Speaker 1: gets caught up in this. It's not it's not something 690 00:35:38,080 --> 00:35:41,920 Speaker 1: to cheer. It is bringing attention to the insanity of 691 00:35:41,960 --> 00:35:44,880 Speaker 1: the Ponzi scheme that's the United States. It's bringing attention 692 00:35:44,960 --> 00:35:47,640 Speaker 1: to the insanity of Jenny Yellen of the US Treasury 693 00:35:47,680 --> 00:35:51,040 Speaker 1: and the Fed roome pal and it's highlighting that we 694 00:35:51,120 --> 00:35:53,839 Speaker 1: have a solution. It's sitting there right in front of us, 695 00:35:54,160 --> 00:35:58,480 Speaker 1: the Bitcoin network. And as the trust, as the confidence 696 00:35:58,560 --> 00:36:02,200 Speaker 1: continues to become eroded, people will be looking for solutions. Now. 697 00:36:02,280 --> 00:36:04,440 Speaker 1: This happens a lot faster in other countries like Lebanon, 698 00:36:04,520 --> 00:36:07,600 Speaker 1: or Turkey or Argentina Venezuela, where they're having double triple 699 00:36:07,640 --> 00:36:11,600 Speaker 1: digit inflation. But it's coming, it's coming. That's what this 700 00:36:11,640 --> 00:36:13,839 Speaker 1: debt ceiling is showing us. That's what Janet Yellen just said. 701 00:36:14,040 --> 00:36:15,640 Speaker 1: We have to continue to take on more debt if 702 00:36:15,640 --> 00:36:17,759 Speaker 1: we want to continue to paying our bills, So that 703 00:36:17,840 --> 00:36:21,160 Speaker 1: means more money printing ahead. That means more loss of 704 00:36:21,160 --> 00:36:25,000 Speaker 1: your purchasing power, That means higher prices, and it only 705 00:36:25,080 --> 00:36:28,600 Speaker 1: accelerates the law of diminishing returns. And so we have bitcoin. 706 00:36:28,760 --> 00:36:32,600 Speaker 1: Thank god for bitcoin. You're listening to the Mark Mass Show. 707 00:36:32,600 --> 00:36:36,480 Speaker 1: We've been talking about the insanity and the unsustainability of 708 00:36:36,520 --> 00:36:38,879 Speaker 1: the debt crisis and the solutions that we have. That's 709 00:36:38,880 --> 00:36:40,360 Speaker 1: what I got. Thanks so much for listening.