WEBVTT - Fix The Money, Fix The World 0:00:00.360 --> 0:00:03.040 Hello, and welcome to another episode of The Mark Moss Show, 0:00:03.040 --> 0:00:06.160 where we're talking about, of course, the decentralized revolution, talking 0:00:06.160 --> 0:00:08.639 about the way the world is changing, and we look 0:00:08.680 --> 0:00:12.039 at it through the lens of politics, finance, and technology, 0:00:12.080 --> 0:00:13.880 because when we look at those three we see the 0:00:13.880 --> 0:00:17.320 world in better context. The world is what we call 0:00:17.360 --> 0:00:21.400 a complex system, and so complex systems, you can't just 0:00:21.480 --> 0:00:23.120 look at one part. You have to look at them 0:00:23.200 --> 0:00:26.119 in context to each other, the economy, the markets, the 0:00:26.160 --> 0:00:28.680 human body, etc. And so we're looking at this through 0:00:28.920 --> 0:00:31.240 through the lens of those three things. Of course, the 0:00:31.240 --> 0:00:34.520 technology we look at is bitcoin. It's the decentralized technology 0:00:34.560 --> 0:00:38.040 that is changing the world, not just money, but changing 0:00:38.080 --> 0:00:39.920 the world of course, fix the money, fix the world, 0:00:39.960 --> 0:00:44.120 as we like to say. And man, there's always so 0:00:44.200 --> 0:00:46.160 much news. It makes my job being pretty easy because 0:00:46.159 --> 0:00:48.400 there's always so much to talk about. And I want 0:00:48.440 --> 0:00:50.800 to run through some of the biggest news stories that 0:00:50.840 --> 0:00:54.600 happened this week, and so let's let's dig into those now. 0:00:54.680 --> 0:00:58.600 Of course, we like to talk about bitcoin, the decentralized technology, 0:00:58.640 --> 0:01:02.320 fixing the money, fixing the world, and so it's been 0:01:02.480 --> 0:01:05.119 a there's there's been a lot of movement to talk 0:01:05.120 --> 0:01:08.440 about in bitcoin Now, I often say that talking about 0:01:08.440 --> 0:01:12.080 the price is one of the least interesting pieces about 0:01:12.120 --> 0:01:14.720 bitcoin when you're looking at new technologies. If you're I 0:01:14.800 --> 0:01:16.880 was a venture well not if I am a venture 0:01:16.920 --> 0:01:19.720 capital investor, and I like to look at I like 0:01:19.760 --> 0:01:21.880 to invest into these companies. And you know, my timetable 0:01:22.000 --> 0:01:23.720 is typically seven to ten years. You're in a lock 0:01:23.800 --> 0:01:25.959 up period. We have to wait till there's liquidity event, 0:01:26.000 --> 0:01:28.440 the go public, something like that. And so because there's 0:01:28.440 --> 0:01:32.240 no price on the company itself, they're not being marked 0:01:32.280 --> 0:01:35.800 to market. How do I know if the company is 0:01:35.840 --> 0:01:38.880 doing good? Well, I look, are they growing their user base, 0:01:39.560 --> 0:01:41.800 are they developing on it, etc. And so I like 0:01:41.800 --> 0:01:44.600 to look at bitcoin from that lens. But we saw 0:01:44.720 --> 0:01:47.240 this week that the price was moving a little bit, 0:01:47.440 --> 0:01:50.520 and it's interesting because it's moving based off of the 0:01:50.640 --> 0:01:53.720 US government's holdings of bitcoin. Now, a lot of you 0:01:53.760 --> 0:01:56.120 maybe don't know this, but the United States government is 0:01:56.120 --> 0:01:57.840 sitting on a lot of bitcoin. As a matter of fact, 0:01:59.160 --> 0:02:00.800 most of the government of the world are sitting on 0:02:00.880 --> 0:02:06.520 lots of bitcoin. Of some of the governments, including China 0:02:06.600 --> 0:02:11.840 and another one, are sitting on almost two hundred thousand bitcoin, 0:02:12.040 --> 0:02:15.000 not a small amount, a big amount. It's a matter 0:02:15.000 --> 0:02:18.320 of fact. The US government sits on lots of bitcoin 0:02:18.360 --> 0:02:21.440 that they have taken from different people at different times 0:02:21.440 --> 0:02:23.320 in seizures and things like that. Now, I do want 0:02:23.320 --> 0:02:28.880 to just say that bitcoin cannot be seized, all right, 0:02:29.320 --> 0:02:32.680 Bitcoin cannot be seized. It is what's called censorship resistant. 0:02:32.720 --> 0:02:35.320 If I have it, nobody can take it from me 0:02:35.560 --> 0:02:40.760 unless they get my key, unless they get my private key. 0:02:40.880 --> 0:02:43.720 So whenever you hear about the government took someone's bitcoin, 0:02:43.720 --> 0:02:45.639 it's because they got their private key. Now, how do 0:02:45.680 --> 0:02:47.480 they get their private key? Well, there's any number of 0:02:47.480 --> 0:02:50.519 ways I could give it to the government in exchange 0:02:50.520 --> 0:02:53.680 for you a lighter sentence or something like that. In 0:02:53.720 --> 0:02:56.679 some cases, they've raided people's houses and their computer was 0:02:56.720 --> 0:02:58.760 open and it was just sitting there on their computer. 0:03:00.200 --> 0:03:02.480 If you if you were if you had gold, you know, 0:03:02.520 --> 0:03:05.360 imagine you had gold and you went in the old days, right, 0:03:05.400 --> 0:03:07.000 and you went and buried it out in the dirt somewhere, 0:03:07.200 --> 0:03:09.760 and you made a map, a map to where you 0:03:09.880 --> 0:03:12.960 bury that gold. Well, if someone found your map, they 0:03:12.960 --> 0:03:14.800 would go find your gold. So the goal would be 0:03:14.840 --> 0:03:16.680 to hide your map and not give the map up. 0:03:16.720 --> 0:03:18.840 If someone knew you had gold, they maybe come grab 0:03:18.880 --> 0:03:21.120 you and torture you until you gave up your map. Right, 0:03:21.120 --> 0:03:22.839 But if they don't have the map, they can't get 0:03:22.840 --> 0:03:24.440 the gold. And the same is true with bitcoin. If 0:03:24.480 --> 0:03:26.560 they don't have your key, they can't get the bitcoin. 0:03:26.639 --> 0:03:30.360 So the government has taken bitcoin, yes, but only because 0:03:30.360 --> 0:03:34.040 they've gotten the key. So the key, the key, the 0:03:34.120 --> 0:03:35.920 key is hide your key, right, the key is high 0:03:35.920 --> 0:03:38.880 to key one. Never put your private key into a computer. 0:03:39.200 --> 0:03:42.800 Don't do that. Hackers could get it. Don't put it 0:03:42.800 --> 0:03:45.160 on the internet, don't put it into Google docs, don't 0:03:45.200 --> 0:03:47.560 put it into Evernote, don't put in the computer. Don't 0:03:47.600 --> 0:03:49.360 put an Evernote. Unfortunately, you got to do the old 0:03:49.360 --> 0:03:51.800 fashioned way. Put it on a piece of paper and 0:03:51.840 --> 0:03:54.080 then hide that piece of paper. Now you can put 0:03:54.120 --> 0:03:56.560 it into multiple safety deposit boxes. You know. You could 0:03:56.560 --> 0:03:58.600 tear it into pieces and put in safe too bock boxes. 0:03:58.720 --> 0:04:00.680 You could hide it in a book on your shelf. 0:04:00.800 --> 0:04:02.839 You could turn it into pictures and put them under 0:04:02.880 --> 0:04:04.880 your walls. There's any number of ways to do that. 0:04:05.000 --> 0:04:07.480 You can use a multi signature wallet setup where you 0:04:07.560 --> 0:04:11.480 have like three different keys and the person trying to 0:04:11.480 --> 0:04:12.880 get it from you would have to get all three keys, 0:04:12.920 --> 0:04:15.920 which could be impossible if you hide them properly. So anyway, 0:04:15.920 --> 0:04:19.480 but the US government has this bitcoin, and it looks 0:04:19.520 --> 0:04:22.599 like the US government might be preparing to potentially sell 0:04:22.720 --> 0:04:25.359 the bitcoin, which I would say it's probably a big mistake. 0:04:25.400 --> 0:04:27.120 I think the US government should hang on to the 0:04:27.120 --> 0:04:30.200 bitcoin they have. I'm a hoddler. I think the government 0:04:30.200 --> 0:04:32.960 should be a hoddler as well. But the government has 0:04:33.120 --> 0:04:38.360 one billion dollars worth of bitcoin and they transferred it 0:04:38.400 --> 0:04:41.360 and it's caused the price of bitcoin to dip. US 0:04:41.400 --> 0:04:44.760 authorities transferred one billion dollars worth of bitcoin recovered from 0:04:44.760 --> 0:04:48.160 a dark web hack to a new wallet address, including 0:04:48.240 --> 0:04:52.160 one owned by coin base. Now, like I said that, 0:04:52.240 --> 0:04:53.960 some people are thinking of the government, it might sell that, 0:04:54.480 --> 0:04:57.400 and it's why they're afraid the price it might dip down. 0:04:57.800 --> 0:05:01.880 Nearly ten thousand bitcoins were sent to coin based controlled wallets, 0:05:02.320 --> 0:05:06.200 while roughly forty one thou bitcoins were directed to government 0:05:06.240 --> 0:05:11.880 controlled wallets. Now, we don't know what's going to happen. 0:05:12.000 --> 0:05:14.400 They haven't told us, so all we're left is to speculate. 0:05:15.040 --> 0:05:17.960 In a previous segment, earlier, I was talking about truth, 0:05:18.000 --> 0:05:20.080 and you know, truth and transparency. So when they don't 0:05:20.080 --> 0:05:22.000 tell us the truth, they're not transparent. We're left to 0:05:22.040 --> 0:05:24.480 speculate here, So we don't know. But we do know 0:05:24.640 --> 0:05:28.679 is that historically the government hasn't really just dumped tokens 0:05:28.720 --> 0:05:31.720 on the public market like that. Typically what they do 0:05:31.760 --> 0:05:34.280 after they've seized digital assets is they sell them out 0:05:34.279 --> 0:05:37.120 of auction. In two and fourteen, and then also in 0:05:37.160 --> 0:05:39.839 two thousand and fifteen, the government auctioned off bitcoin that 0:05:39.960 --> 0:05:43.239 was seized from the owner of a virtual black market 0:05:43.279 --> 0:05:46.760 platform called silk Road, And as a matter of fact, 0:05:47.360 --> 0:05:53.120 the founder of silk Road, Ross olbrich Is, has been 0:05:53.160 --> 0:05:58.000 in prison ever since and he's facing multiple life sentences. 0:05:58.480 --> 0:06:01.680 So he founded a place where people could buy drugs 0:06:01.720 --> 0:06:08.039 online with bitcoin, and he's facing multiple life sentences. Meanwhile, 0:06:08.080 --> 0:06:12.359 we have murderers and rapists getting out in fractions of 0:06:12.400 --> 0:06:16.520 that time, getting out released to the public. Yet he's 0:06:16.560 --> 0:06:19.120 facing multiple life sentences. You can tell a lot about 0:06:19.160 --> 0:06:24.840 the government by the crimes they choose to enforce. Do 0:06:24.920 --> 0:06:28.280 they enforce crimes against their citizens who they're supposed to 0:06:28.320 --> 0:06:30.919 be in protect harsher or do they protect or do 0:06:30.960 --> 0:06:34.760 they are they more harsh on crimes against the government themselves. 0:06:35.760 --> 0:06:37.640 That tells you kind of everything you need to know. Anyway, 0:06:38.040 --> 0:06:39.400 what we can see is that the movement of soak 0:06:39.480 --> 0:06:42.400 road bitcoin to coin base is almost definitely being done 0:06:42.440 --> 0:06:46.560 with some intention to sell these tokens. At least that's 0:06:46.680 --> 0:06:50.359 what people think. Now. The speculation part is can the 0:06:50.400 --> 0:06:53.320 market absorb that if they were to dump those onto 0:06:53.360 --> 0:06:55.760 the market? Now, most most investors that had that type 0:06:55.760 --> 0:06:57.960 of type of money, or I should say not investors, 0:06:57.960 --> 0:06:59.880 but how there's people that had that much bitcoin would 0:06:59.880 --> 0:07:02.039 never dump all that bitcoin on the market because they 0:07:02.120 --> 0:07:06.000 know would crush the market. We'll see him another Another 0:07:06.000 --> 0:07:07.760 fun piece on bitcoin I saw this week isn't so 0:07:07.839 --> 0:07:10.680 much about bitcoin itself, but more about why why would 0:07:10.680 --> 0:07:16.280 we need bitcoin? I think Nobel Prize winning economist Paul Krugman, 0:07:16.840 --> 0:07:19.000 who I don't know why anybody listens to him. He's 0:07:19.040 --> 0:07:21.240 been wrong over and over and over. He famously said 0:07:21.280 --> 0:07:23.880 that the Internet would have no greater impact on society 0:07:23.920 --> 0:07:28.400 than the fax machine. So he's been wrong, obviously, but 0:07:28.800 --> 0:07:32.120 it was funny this week he tweeted out he said, 0:07:32.160 --> 0:07:34.440 I've been using Venmo for years, but now won't allow 0:07:34.480 --> 0:07:36.720 me to make payments. I spent a long time in 0:07:36.800 --> 0:07:38.560 chat with representatives and they told me that they can't 0:07:38.600 --> 0:07:41.600 explain why or fix it. The software has taken control. 0:07:41.680 --> 0:07:48.000 So he vented onto Twitter publicly that he's not able 0:07:48.000 --> 0:07:51.000 to access or send his own money, that he is 0:07:51.080 --> 0:07:57.520 being censored by Venmo, being rugged, and maybe he's starting 0:07:57.560 --> 0:08:01.200 to learn the value of bitcoin. You see, Bitcoin is permissionless. 0:08:01.200 --> 0:08:04.080 Anybody can download a wallet, send him receive money. There's 0:08:04.120 --> 0:08:07.680 no Venmo or PayPal that can censor you or stop it, 0:08:07.760 --> 0:08:09.320 or block it or prevent it or lock you out 0:08:10.680 --> 0:08:14.680 now here. He is publicly stating his dissatisfaction that he 0:08:14.760 --> 0:08:18.040 can send his own money, he can't access his own money. 0:08:19.200 --> 0:08:22.840 Of course, Venmo is a centralized payments tool, maybe potentially 0:08:22.840 --> 0:08:24.480 one of the worst out there from a public from 0:08:24.480 --> 0:08:27.920 a privacy standpoint, But I just thought it was funny 0:08:28.000 --> 0:08:33.640 that all of a sudden, he's realizing that maybe there's 0:08:33.640 --> 0:08:40.920 a need for having something that's permissionless and censorship resistants 0:08:40.960 --> 0:08:44.760 of lots of funny tweets and replied him someone asking 0:08:44.800 --> 0:08:47.040 were you trying to buy drugs or an assassination? Like, 0:08:47.320 --> 0:08:51.640 what were you trying to do here? So Paul Krugman 0:08:51.760 --> 0:08:54.360 is wrong, but maybe he is starting to wake up 0:08:55.040 --> 0:08:57.960 to the problem at hand. It'd be funny to keep 0:08:58.000 --> 0:08:59.959 an eye on this. If you're just tuning in your 0:09:00.000 --> 0:09:01.960 listening to the Mark Moss Show, we talk about the 0:09:02.000 --> 0:09:05.960 decentralized revolution through the lens of politics, finance, and technology. 0:09:06.080 --> 0:09:08.480 We're running through some of the yeah, maybe some of 0:09:08.520 --> 0:09:11.840 the biggest news headlines that happened this week. To give 0:09:11.880 --> 0:09:13.800 you an idea, I'd like to call him signposts, so 0:09:13.800 --> 0:09:17.040 you can see the world changing and transforming right before 0:09:17.160 --> 0:09:19.480 our eyes. A lot of people want to win. Will 0:09:19.520 --> 0:09:22.560 this happen? Mark Win? And I'm like, it's happening right now, 0:09:23.200 --> 0:09:25.320 can't you see it? And so we're walking through that. 0:09:25.520 --> 0:09:26.959 I have a lot more to cover. We're gonna cover 0:09:27.040 --> 0:09:30.920 the economy, some things that the Funnel Reserve said, anti 0:09:30.920 --> 0:09:33.560 woke stuff, and more. Don't go away, I'll be right back, 0:09:35.480 --> 0:09:37.280 all right, Welcome back. If you're just tuning in, you're 0:09:37.280 --> 0:09:39.640 listening to the Mark Moss Show, we talk about the 0:09:39.760 --> 0:09:42.960 decentralized revolution, and we are running through some of the 0:09:43.040 --> 0:09:45.720 latest breaking news headlines this week, so we can see 0:09:45.840 --> 0:09:48.840 exactly how far along and how fast we are moving 0:09:48.920 --> 0:09:51.839 through this decentralized revolution. We're look at through the lens 0:09:51.880 --> 0:09:56.640 of politics, finance, and technology, and talking about finance, man, 0:09:56.760 --> 0:10:00.360 we are going to do some uncharted territory. We have 0:10:00.400 --> 0:10:02.240 to spend a couple minutes here because there is a 0:10:02.320 --> 0:10:04.680 lot going on. It's something I've been talking about over 0:10:04.760 --> 0:10:07.319 and over and over. Of course, the big topic for 0:10:08.240 --> 0:10:11.680 the last like two years has been inflation. Inflation, inflation, 0:10:12.520 --> 0:10:17.200 which basically means prices are going up and the cost 0:10:17.240 --> 0:10:20.400 of living is going up. And that's a big problem 0:10:20.400 --> 0:10:22.120 for the FED because the FED wants there to be 0:10:22.160 --> 0:10:24.440 a two percent inflation. Now, the funny thing is is 0:10:24.480 --> 0:10:27.440 that if two percents good like, wouldn't a little bit 0:10:27.480 --> 0:10:30.679 more be better? Well, it's certainly be better for them, 0:10:30.679 --> 0:10:32.840 it would inflate away their debt faster. But the problem 0:10:32.960 --> 0:10:36.040 is that it makes life harder on me and you 0:10:37.120 --> 0:10:39.720 and you know, my gas is higher, my food is higher, 0:10:39.720 --> 0:10:42.240 and things like that, and eventually the people aren't happy 0:10:42.320 --> 0:10:44.840 and the people start to grumble. And so the FED is, 0:10:45.120 --> 0:10:48.400 you know, committed to bringing down inflation. The problem is, 0:10:48.440 --> 0:10:51.680 as they're committed to bringing down inflation, the part that 0:10:51.720 --> 0:10:55.320 they're not really saying out loud. But I've been saying 0:10:55.360 --> 0:10:58.120 out loud, I've been shouting from my pulpit, on my 0:10:58.160 --> 0:11:00.840 YouTube channel and from the radio show podcast, is that 0:11:01.320 --> 0:11:04.640 the FED wants to make you broke. That's what they're 0:11:04.640 --> 0:11:08.959 not saying. The FED wants to make you broke. I'm 0:11:09.000 --> 0:11:12.240 gonna I'm gonna explain that to you, but before you know, 0:11:12.320 --> 0:11:13.960 we have to look at the FED just met and 0:11:14.000 --> 0:11:16.960 what happened. And basically Jerome Powell, the head of the FED, 0:11:17.000 --> 0:11:19.280 said that today, well, we need to be prepared to 0:11:19.360 --> 0:11:23.720 go to higher rates. The economy is still too good 0:11:24.920 --> 0:11:29.280 and so we will need to raise rates more. Jerome 0:11:29.320 --> 0:11:31.760 Powell says the FED is prepared to speed up interest 0:11:31.840 --> 0:11:38.360 rate rises higher than previously thought to fight inflation because 0:11:38.679 --> 0:11:40.880 you know, the economy is just still doing too good. 0:11:40.920 --> 0:11:45.120 Apparently now I don't know what metrics he's looking at. 0:11:45.160 --> 0:11:46.960 Actually I kind of do know what metrics he's looking at. 0:11:47.559 --> 0:11:50.680 But the metrics that I'm looking at show us that 0:11:50.760 --> 0:11:55.640 we are headed for massive disaster. And what kind of 0:11:55.640 --> 0:11:58.559 metrics are those? What we can see that the savings 0:11:58.640 --> 0:12:02.120 rate has comp letly falling off a cliff. As a 0:12:02.120 --> 0:12:05.520 matter of fact, the amount of money that US Americans 0:12:05.559 --> 0:12:08.880 are saving is just going down like a plane that's 0:12:09.360 --> 0:12:11.800 at going for a crash landing. And at the same 0:12:11.840 --> 0:12:16.960 time we have savings going down, we have personal consumption 0:12:17.080 --> 0:12:19.760 or personal credit going through the roof. What does that 0:12:19.760 --> 0:12:22.120 tell us? That means that the average person is living 0:12:22.160 --> 0:12:25.240 off of credit. It's not good. We can also see 0:12:25.240 --> 0:12:28.480 that mortgage demand from home home buyers has dropped to 0:12:28.520 --> 0:12:33.840 its lowest levels in thirty years, not since two thousand 0:12:33.880 --> 0:12:37.920 and eight, in thirty years. Mortgage applications to purchase at 0:12:37.920 --> 0:12:40.920 home drop six percent last week compared to the previous week. 0:12:41.360 --> 0:12:45.200 Seasonally adjusted, the volume was forty four percent lower than 0:12:45.280 --> 0:12:47.760 the same week a year ago and sitting at a 0:12:47.880 --> 0:12:52.280 twenty eight year low. Man, So that's not good. Now 0:12:52.920 --> 0:12:54.720 you're not buying a home. What do you care? Well, 0:12:54.920 --> 0:12:58.600 you care because if people aren't buying new homes, then 0:12:58.679 --> 0:13:02.120 that affects all the realtors and the mortgage brokers, and 0:13:02.240 --> 0:13:06.800 the furniture companies and the remodel companies, and the contractors, 0:13:06.880 --> 0:13:09.920 and the lumber stores and the and Ford who makes 0:13:09.920 --> 0:13:15.640 trucks for the contractors. It affects everybody and then all 0:13:15.679 --> 0:13:17.160 of those But you say you don't in any of 0:13:17.200 --> 0:13:19.520 those businesses, well, all of those people that work in 0:13:19.559 --> 0:13:21.840 those businesses down't have money to come now and spend 0:13:22.120 --> 0:13:25.360 your business. See how that works. We're all tied together. 0:13:25.400 --> 0:13:27.640 So this is a really big deal. Of course, a 0:13:27.640 --> 0:13:29.880 lot of that has been driven by the rates going 0:13:30.040 --> 0:13:32.120 up on homes. The one thing I think is an 0:13:32.200 --> 0:13:34.120 interesting to understanding I talk about all the time. There's 0:13:34.120 --> 0:13:36.480 no such thing as the real estate market. There's thousands 0:13:36.480 --> 0:13:39.880 of real estate markets, and there's a really big discrepancy 0:13:39.920 --> 0:13:43.760 between the existing home market and the new home market. 0:13:44.160 --> 0:13:47.880 The new homes market makes up about fifteen percent of 0:13:47.920 --> 0:13:50.200 the total real estate market. And what we've seen is 0:13:50.240 --> 0:13:54.200 that the existing home market hasn't really gone down that 0:13:54.320 --> 0:13:57.200 much because people don't want to sell. Why do I 0:13:57.200 --> 0:13:58.720 want to sell and get rid of my three percent 0:13:58.800 --> 0:14:01.120 mortgage and then go get seven percent mortgage today? Of 0:14:01.160 --> 0:14:03.079 course they don't want to do that, and so really 0:14:03.360 --> 0:14:07.679 it's the new homes that are starting that are really 0:14:07.720 --> 0:14:11.360 starting to drop off. But as we see this coming down, 0:14:11.559 --> 0:14:14.960 we see, like I said, savings rates going down, credit 0:14:14.960 --> 0:14:17.959 card debt going up, we see, you know, the housing 0:14:18.000 --> 0:14:21.760 market looking like it's crashing. The FED is out here 0:14:21.800 --> 0:14:24.280 saying that well, we need to lift rates higher because 0:14:24.680 --> 0:14:29.720 the inflation is not going down. Now, I've been saying 0:14:29.760 --> 0:14:32.440 for a long time. The problem is that they are 0:14:32.520 --> 0:14:35.320 fighting a war they can't win because there's two types 0:14:35.320 --> 0:14:38.280 of inflation. Really, it's stupid to even break them down 0:14:38.280 --> 0:14:40.440 this way. But according to the economists, is how it's done. 0:14:40.640 --> 0:14:46.640 You have what's demand pull or cost push. So demand 0:14:46.680 --> 0:14:49.000 pull is when you have way too much money and 0:14:49.000 --> 0:14:51.160 there's too much demand, and all this demand is trying 0:14:51.160 --> 0:14:54.720 to buy a limited amount of goods. That demand starts 0:14:54.800 --> 0:14:58.040 pulling the prices higher. Then there's cost push, where the 0:14:58.120 --> 0:15:00.800 cost of my labor, the caut most of my goods 0:15:00.840 --> 0:15:04.560 went up and it pushes the prices higher. We have 0:15:04.640 --> 0:15:09.360 been seeing a cost push inflation, meaning supply chains broke down. 0:15:10.440 --> 0:15:12.640 The cost of getting commodities out of the ground has 0:15:12.680 --> 0:15:15.080 gone up. Gas went up, oil went up. You can't 0:15:15.120 --> 0:15:17.200 drive the tractors is cheap anymore to deliver the goods. 0:15:17.200 --> 0:15:21.160 It went up. It's pushing the prices up. Labor went up, right, 0:15:21.560 --> 0:15:24.400 so it's pushing the prices up. The problem is the 0:15:24.480 --> 0:15:27.760 FED is fighting inflation, but inflation is being caused by 0:15:28.040 --> 0:15:31.320 cost push. But they can't affect that site. The only 0:15:31.360 --> 0:15:34.400 thing they can affect is the demand pull. So they're 0:15:34.440 --> 0:15:38.080 trying to crush demand by making you broke. Now again, 0:15:38.120 --> 0:15:41.400 they haven't said that I'm saying it, but now I'm 0:15:41.440 --> 0:15:44.360 not the only one saying it. As a matter of fact, 0:15:45.200 --> 0:15:48.240 somebody that I do not like and do not really 0:15:48.240 --> 0:15:52.000 agree with at all, Senator Elizabeth Warren, has come out 0:15:52.080 --> 0:15:54.280 and said as much as a matter of fact, I 0:15:54.280 --> 0:15:55.480 got a couple of clips for you. I want to 0:15:55.480 --> 0:15:57.840 play because it is like I can't even believe that 0:15:57.880 --> 0:16:01.360 she's saying this, And so let's take a listen to 0:16:01.360 --> 0:16:03.240 this clip from Senator Elizabeth Warren right here, and then 0:16:03.240 --> 0:16:06.000 we'll talk about it. The FED has raised interest rates 0:16:06.040 --> 0:16:08.240 eight times over the last year and what has been 0:16:08.240 --> 0:16:14.040 the most extreme rate height cycle in forty years. The 0:16:14.040 --> 0:16:17.560 Fed's goal is to slow inflation, and your tool, raising 0:16:17.680 --> 0:16:21.120 interest rates is designed to slow the economy and throw 0:16:21.200 --> 0:16:24.000 people out of work. So far, you haven't tipped the 0:16:24.080 --> 0:16:27.560 economy into recession, but you haven't brought inflation entirely under 0:16:27.600 --> 0:16:30.920 control either. And maybe the reason for that is that 0:16:30.960 --> 0:16:34.040 other things are also keeping prices high. Things you can't 0:16:34.120 --> 0:16:37.720 fix with high interest rates, things like price gouging and 0:16:37.840 --> 0:16:41.800 supply chain pinks and a war in Ukraine. But you're 0:16:41.880 --> 0:16:44.280 determined to continue to raise interest rates, so I want 0:16:44.320 --> 0:16:47.040 to take a look at where you're headed. So, as 0:16:47.040 --> 0:16:49.920 I said, Senator Elizabeth Warren is somebody I typically do 0:16:50.000 --> 0:16:52.720 not agree with at all, but she actually nails this 0:16:52.760 --> 0:16:55.720 one pretty damn good. Now, she says that it's a 0:16:55.920 --> 0:16:58.640 cost push problem. I don't agree with everything that she's 0:16:58.680 --> 0:17:00.560 aligned on that side of the cost problem. So she 0:17:00.560 --> 0:17:03.320 talks about price gauging. For example, she went on the 0:17:03.320 --> 0:17:06.479 war path saying that Turkey companies were gauging you on 0:17:06.520 --> 0:17:08.879 the price of your Thanksgiving turkey. That's not the way 0:17:08.960 --> 0:17:11.639 markets work. If one company was trying to gauge you 0:17:11.680 --> 0:17:13.720 on a price, then another company would come and sell 0:17:13.760 --> 0:17:16.399 you at a lower price. That's how competition works. So 0:17:16.440 --> 0:17:18.720 competition doesn't allow for price gauging. So I don't agree 0:17:18.760 --> 0:17:21.639 with that. However, she is right it's a cost push problem, 0:17:21.800 --> 0:17:24.359 and a lot of it is because of the cost 0:17:24.520 --> 0:17:28.359 of prices going up oil commodities, et cetera. But also 0:17:28.400 --> 0:17:30.800 supply chains, so you got that part right. Also, you know, 0:17:30.880 --> 0:17:33.080 they blamed a lot of this problem on the war 0:17:33.160 --> 0:17:37.399 in Russia and Ukraine, which is also part of the problem. 0:17:37.440 --> 0:17:42.399 War is highly inflationary. War disrupts things. Any disruption in 0:17:42.520 --> 0:17:46.440 our global supply chains causes prices to go up. Any 0:17:46.560 --> 0:17:51.280 uncertainty that's brought into the market is inflationary and causes 0:17:51.359 --> 0:17:53.120 things to go back up. Now I have a couple 0:17:53.119 --> 0:17:56.879 more clips of this interview with Elizabeth Warren and Jerome 0:17:56.920 --> 0:18:00.320 Powell Man. She nails us. I'm going to be back 0:18:00.320 --> 0:18:02.479 with more and I have some stuff from Senator Kenny. 0:18:02.600 --> 0:18:03.800 You do not want to miss it. I gotta take 0:18:03.800 --> 0:18:06.280 a quick break. I'm gonna come back. Don't go away, 0:18:06.880 --> 0:18:12.439 You're gonna love it. We're back, all right, Welcome back. 0:18:12.440 --> 0:18:14.000 If you just tune in, you are listening to the 0:18:14.080 --> 0:18:17.879 Mark Moss Show. We're talking about, of course, the decentralized Revolution. 0:18:17.880 --> 0:18:20.200 I'm running through some of the latest breaking news headlines, 0:18:20.520 --> 0:18:23.680 and we are talking about the economy, and we're talking 0:18:23.680 --> 0:18:26.439 about the markets, the global markets, and what the Federal 0:18:26.560 --> 0:18:29.439 Reserve is trying to do. Now. As I said, they 0:18:29.640 --> 0:18:33.080 are trying to stop inflation, but what they're really doing 0:18:33.320 --> 0:18:36.560 is to a war against you. I was playing some 0:18:36.560 --> 0:18:39.439 clips from Senators with Warren. Somebody who I never agree 0:18:39.440 --> 0:18:41.920 with and I couldn't believe that she said the quiet 0:18:41.960 --> 0:18:46.160 part out loud, but she basically said that the inflation 0:18:46.240 --> 0:18:49.640 is being caused by something that you do not the FED. 0:18:49.760 --> 0:18:53.040 The FED does not have the tools to fix. So 0:18:53.080 --> 0:18:54.600 I agree with that. Let's let's listen to this next 0:18:54.600 --> 0:18:57.240 clip here, we'll talk about that. According to the FEDS 0:18:57.320 --> 0:19:01.840 on report, if you'll continue racing interest rates as you plan, 0:19:02.520 --> 0:19:06.560 unemployment will be four point six percent by the end 0:19:06.600 --> 0:19:09.760 of the year, more than a full point higher than 0:19:09.800 --> 0:19:13.600 it is today. Chair Pow. If you hit your projections, 0:19:14.160 --> 0:19:16.840 do you know how many people who are currently working 0:19:17.160 --> 0:19:22.240 going about their lives will lose their jobs? I don't. 0:19:23.040 --> 0:19:24.879 I don't have that number in front of me. I 0:19:24.920 --> 0:19:29.320 will say it's it's well, but it is, and it's 0:19:29.359 --> 0:19:32.040 in your report. And that would be about two million 0:19:32.160 --> 0:19:35.240 people who would lose their jobs, people who are working 0:19:35.320 --> 0:19:40.720 right now making their mortgages. M So he said, that's 0:19:40.760 --> 0:19:42.880 not an intended consequence. She says, well, it is, it's 0:19:43.000 --> 0:19:45.880 in your report. So there's a report that came out 0:19:45.920 --> 0:19:48.879 from the FED basically talking about how they're trying to 0:19:49.359 --> 0:19:53.720 engineer recession, and it talks about historically what happens, and 0:19:53.840 --> 0:19:58.359 it talks about um. Every time they raise rates what 0:19:58.840 --> 0:20:01.760 that does to the unemployment. And so she's saying that 0:20:01.880 --> 0:20:03.800 if they continue on this path, we're going to get 0:20:03.920 --> 0:20:07.919 where we have. Unemployment rate is too low. You having 0:20:07.920 --> 0:20:10.040 a job. Let me, let me explain to you. You 0:20:10.119 --> 0:20:13.160 having a job and you getting paid more to do 0:20:13.240 --> 0:20:15.320 your job to keep up with it with inflation is 0:20:15.359 --> 0:20:19.160 a problem for the Fed. The FED wants two million 0:20:19.320 --> 0:20:23.919 people to lose their jobs. Two million. She went on 0:20:23.960 --> 0:20:25.840 to say, what do you want to say to them? 0:20:25.880 --> 0:20:28.119 What do you want to say those two million people? Uh? Sorry, 0:20:28.119 --> 0:20:29.359 you just have to lose your job. That's just the 0:20:29.400 --> 0:20:35.160 way it is. Um. Listen this next clip here, there 0:20:35.200 --> 0:20:38.480 have been twelve times in which the unemployment rate has 0:20:38.520 --> 0:20:43.159 increased by one percentage point within one year, exactly what 0:20:43.200 --> 0:20:46.080 you're aiming to do right now. How many of those 0:20:46.160 --> 0:20:51.080 times did the US economy avoid falling into a recession? 0:20:54.080 --> 0:20:56.640 You know, it's it's not as black and white as 0:20:56.760 --> 0:21:01.880 very us the book on this. Since there's been twelve 0:21:02.000 --> 0:21:05.920 times that we've seen a one point increase in the unemployed, 0:21:06.040 --> 0:21:09.600 in the unemployment rate in a year, that's exactly what 0:21:09.840 --> 0:21:13.040 your FED report has put out as the projection and 0:21:13.200 --> 0:21:15.399 the plan based on how you're going to keep raising 0:21:15.400 --> 0:21:18.919 these entry strates. How many times did the economy fail 0:21:19.200 --> 0:21:21.760 to fall into a recession after doing that? Out of 0:21:21.800 --> 0:21:24.119