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Speaker 1: While many people today think they're not into economics and

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Speaker 1: money and listening to all that, what few don't realize,

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Speaker 1: at least in the beginning, is that economics is at

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Speaker 1: the foundation of everything in our lives, and it permeates

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Speaker 1: every area of our life, including science and health and

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Speaker 1: politics and every other area. And so understanding the basics

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Speaker 1: of economics is the key to unlocking understanding of all

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Speaker 1: those other subjects. And today I am joined by a

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Speaker 1: good friend, someone I've been excited to talk to you

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Speaker 1: and bring to you for a long time, author of

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Speaker 1: one of the books that I think is very instrumental

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Speaker 1: and everyone should read. UM. And we dig into economics.

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Speaker 1: We talk about how it's that foundation for the rest

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Speaker 1: of everything, UM. What is at the root of that UM,

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Speaker 1: the two different camps of economics, and how all they're

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Speaker 1: at odds with each other, How one of those camps

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Speaker 1: has really driven all the policy of the developed world

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Speaker 1: and kind of politics where we're at today, the problems

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Speaker 1: that it's created, UM, how to solve it, what's at

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Speaker 1: the root of that problem, and how we can solve

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Speaker 1: that problem? UM, and and so much more. UM. I

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Speaker 1: am excited to have this interview with you today. UM,

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Speaker 1: I hope you enjoyed it as I did. So let's

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Speaker 1: quead just jump in everyone today. I'm joined by Safety

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Speaker 1: and he is a pH d in economics. He's an

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Speaker 1: independent scholar, and he's a teacher on his own website,

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Speaker 1: Safety and dot com. He's also the author of the

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Speaker 1: Bitcoin Standard and the newcoming book, the FIATS Standard, which

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Speaker 1: I think everyone is pretty excited to read. I know

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Speaker 1: I am, I've read quite a bit of it released.

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Speaker 1: But anyway, Safety and thanks so much for joining me today.

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Speaker 1: Thank you so much for having me Mark. It's a

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Speaker 1: pleasure to be chatting to you. Yeah, that's great. I'm

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Speaker 1: glad we're able to finally get this together. UM. I've

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Speaker 1: been a big fan, uh ever since you kind of

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Speaker 1: you kind of popped up on the scene several years ago.

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Speaker 1: A big fan of your books. I've I've recommended them NonStop.

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Speaker 1: But what I really like is is the take that

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Speaker 1: you have almost not everything that seems to be counterculture today,

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Speaker 1: but you always are able to tie it back to economics.

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Speaker 1: You use, you have such a good understanding of that.

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Speaker 1: I have so much I want to dig in today,

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Speaker 1: but just real quick, why don't you just kind of

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Speaker 1: give us a background on on on who you are,

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Speaker 1: what you're doing right now. So I used to be

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Speaker 1: the university professor at the Lebanese American University when I

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Speaker 1: wrote the bitcoin standard, UM, and then UM that went well,

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Speaker 1: and UM, my working bitcoin became quite popular, and I

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Speaker 1: decided that I could make a lot more impact by

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Speaker 1: being independent and producing my own research, publishing it on

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Speaker 1: my website, publishing my books and selling them to my readers,

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Speaker 1: and teaching economics on my website. So I teach. I've

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Speaker 1: got four economics courses that are available on my website

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Speaker 1: that you can take, and you can join the website

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Speaker 1: as a member and study the courses which are recorded,

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Speaker 1: and then you can join the two live seminars that

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Speaker 1: we have every week. And it's, um, it's it's my

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Speaker 1: kind of twenty first century take on the university model.

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Speaker 1: And you know, I started this in and then the

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Speaker 1: rest of the worlds university has joined me and now

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Speaker 1: they're all teaching over zoom anyway, So UM, it's kind

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Speaker 1: of uh, it's kind of inevitable because of the economics involved.

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Speaker 1: I mean sure that the university model of going and

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Speaker 1: hanging out with a bunch of twenty year olds is

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Speaker 1: obviously a lot of fun, but the economics of it

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Speaker 1: in terms of education, when you have the alternative of

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Speaker 1: essentially learning for free or close to free online, it's

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Speaker 1: just too compelling. And it's not like if you learned

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Speaker 1: online you can't socialize. You know, you can still go out,

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Speaker 1: you don't have to stay stuck in your house. You're

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Speaker 1: just gonna be learning much more efficiently. And then you

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Speaker 1: can socialize and invest and network and do all of

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Speaker 1: those things with all the time and money that you save,

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Speaker 1: and you can do them a lot better. So, um,

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Speaker 1: this is where this is where I am. And I've also, uh,

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Speaker 1: you know, since leaving my university job, I've written the

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Speaker 1: FIAT Standard, which I'm finishing up next week sending off

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Speaker 1: to the printers. You can pre order it from my

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Speaker 1: website safe at dean dot com. And I'm also writing

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Speaker 1: a textbook on economics Principles of Economics in the Austring

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Speaker 1: School Tradition, which will be out early next year. Yeah,

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Speaker 1: I love that. I love a lovely idea of disrupting

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Speaker 1: all legacy institutions and including the education system. And it's

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Speaker 1: you know, over the last twenty years, technology has changed

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Speaker 1: so much that it's like these all these institutions have

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Speaker 1: to be disrupted. UM. Education is a big one, do

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Speaker 1: you think, UM back you know, changing that model, as

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Speaker 1: you say, like are your classes they're like prerecorded, right,

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Speaker 1: so then people can go through them whenever they want

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Speaker 1: UM and then you have the discussion that you add

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Speaker 1: on UM as opposed to the old model where like

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Speaker 1: a professor has to be in the classroom giving the

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Speaker 1: same talk day after day, year after year after year. Right. Yeah, Well,

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Speaker 1: I mean the first time that I recorded them, it

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Speaker 1: was being offered live, so there were students who could

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Speaker 1: join the zoom call and that we could have some

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Speaker 1: discussion with it. But from then on, yeah, you just

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Speaker 1: recorded once and then I mean the things scales uh

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Speaker 1: enormously that way, because it's the same lecture if you're

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Speaker 1: going to be giving it to somebody else and it's

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Speaker 1: UM you know, there's no need for me and the

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Speaker 1: student to be live online at the same time in

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Speaker 1: order for him to get it. So they can just

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Speaker 1: get the recording and then they can join the discussion

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Speaker 1: with me or with other members of the website. UM uhh.

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Speaker 1: And you know that that's the interesting part and there's

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Speaker 1: an enormous amount of extra productivity that you can get

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Speaker 1: by just keeping the conventional lecture part recorded. Hey guys,

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Speaker 1: let me just interrupt this interview real quick, just to

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Speaker 1: plug the show sponsor, and that is block Fi. Now.

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Speaker 1: Block five is doing amazing things in the bitcoin finance space.

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Speaker 1: As a matter of fact, they've cracked some really big

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Speaker 1: news by bringing on the x CFTC UM chair Chris

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Speaker 1: gian Carlo UM and they are one of the most transparent,

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Speaker 1: most heavily regulated UM companies inside the United States, which

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Speaker 1: gives me a lot of trust into what their services are. Now,

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Speaker 1: I've recently did a video talking about how to retire

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Speaker 1: off bitcoin, and you can do that by leveraging debt

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Speaker 1: and interest against bitcoin. And Block five is the number

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Speaker 1: one company in the United States or maybe in the

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Speaker 1: world to go to and use UM. They are leading

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Speaker 1: the charges. Are paying interest on your bitcoin if you

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Speaker 1: park it with them, or you can borrow against it. Now,

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Speaker 1: as I broke down in that video, you can borrow

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Speaker 1: against your bitcoin, and when you take debt against it,

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Speaker 1: it's not taxable. It's not taxable. Event you can use

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Speaker 1: that debt for anything that you want, including to live

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Speaker 1: off of to leverage up and buy more or roll

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Speaker 1: it into another asset. UM you can do something like

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Speaker 1: I've done recently, like sell some real estate put that

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Speaker 1: money into bitcoin. Now as that bitcoin price has risen,

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Speaker 1: I'm able to borrow against it and go back and

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Speaker 1: buy the same real estate or something similar, and I

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Speaker 1: still own the bitcoin, and I also own the new

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Speaker 1: asset as well. Lots of ways you can do this

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Speaker 1: um and block five is the company that I recommend.

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Speaker 1: Down in the description, I have a link that you

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Speaker 1: can click on. If you choose to use that link,

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Speaker 1: you can earn up the two U fifty dollars in

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Speaker 1: bitcoin just for using that link. So check out block

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Speaker 1: fine out. Yeah, I love it. I love it. I

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Speaker 1: I have a daughter who's starting to think about college

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Speaker 1: at this point, and I'm not really a big fan

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Speaker 1: of that. I secretly don't not not so secretly, I

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Speaker 1: don't really even want it to go at all. Um

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Speaker 1: and now because I don't love education, I do, it's just, uh,

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Speaker 1: you know, that model, especially with with the way universities

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Speaker 1: are today, it's pretty scary to send a kid into

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Speaker 1: that type of a system. UM take away their creativity

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Speaker 1: and brainwash them. At the same time, you know, but

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Speaker 1: being able to like learn a specific subject like you wanna,

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Speaker 1: like you offer, UM lets people kind of come in

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Speaker 1: specialize get the information they need without having to take

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Speaker 1: on all the extra stuff. So it's awesome. I love it. Yeah. So, UM,

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Speaker 1: I want to talk about today. So you know your

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Speaker 1: your PhD in economics teach economics. Um, you teach really,

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Speaker 1: I guess you would Austrian economics, which is a big

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Speaker 1: difference from what most people would learn in economics in colleges,

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Speaker 1: which is typically more of the Kensian type of economics. Um.

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Speaker 1: Do you want to just kind of talk about the

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Speaker 1: difference of kind of traditional college economics versus what you

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Speaker 1: teach and how how that works. Um. I think the

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Speaker 1: difference is that since the nineteen thirties, really, um, since

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Speaker 1: essentially central banks came on the scene after World War

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Speaker 1: One and then they started playing a massively more significant

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Speaker 1: role in the management of their economies. After the nineteen thirties,

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Speaker 1: the job of an economist went from being somebody who

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Speaker 1: studies economic reality and tries to explain it into being

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Speaker 1: somebody who advises policy makers on how to fix economics.

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Speaker 1: And so the approach is entirely different, Whereas, whereas Australian

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Speaker 1: economists think about the world as it is, mainstream economists

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Speaker 1: are much more in their mind practical in the sense

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Speaker 1: that they're looking for solutions. They're trying to make unemployment

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Speaker 1: go away, They're trying to um, you know, remove the

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Speaker 1: economic problems that they see and poverty or so on,

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Speaker 1: and so it's much more of an activist mindset. Where

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Speaker 1: are we need to approach the economic problems from the

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Speaker 1: perspective of how can the government fix them? Essentially? Um

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Speaker 1: that's I think the difference in the approach in terms

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Speaker 1: of methodology. The primary difference is that the Austrian school

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Speaker 1: thinks of economics as being human action, as being what

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Speaker 1: individuals do you know, It's that there are human beings

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Speaker 1: and they are constantly in a state of economizing because

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Speaker 1: we live in a world of scarcity. We live in

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Speaker 1: a world in which the amount of things that we

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Speaker 1: want is much larger than the amount of things that

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Speaker 1: are available, because it's much easier to want things than

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Speaker 1: to make things, and so it's easy for us to

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Speaker 1: want a lot of things, um, but we can't have

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Speaker 1: them all, and so we're constantly economizing. Primarily with our time.

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Speaker 1: We're thinking about how can we spend our time productively

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Speaker 1: and what is the best use of our time and

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Speaker 1: how we can make the most of it, and you know,

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Speaker 1: thinking about all the different uses. So Australa economics starts

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Speaker 1: from the lens of let's just look at individuals and

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Speaker 1: how they act and try and understand the economic phenomena

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Speaker 1: that we see around us. And I find that to

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Speaker 1: be an extremely powerful tool for understanding reality, as opposed

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Speaker 1: to the kynes In perspective, which is an aggregate perspective,

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Speaker 1: which looks at economics from the perspective of what should

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Speaker 1: the policymaker do, and therefore it analyzes the economy in

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Speaker 1: terms of a bunch of aggregates. It looks at people

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Speaker 1: as essentially cattle on a flarm and you're managing them

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Speaker 1: in a way that maximizes their output. And it's um,

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Speaker 1: you know, there's not much room for the individual freedom

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Speaker 1: or the individual decision making. It's a lot about, you know,

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Speaker 1: what the policymaker and the central planners think is the

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Speaker 1: best thing to do. So I don't, and I think

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Speaker 1: there are enormous differences, and I think in terms of

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Speaker 1: methodology UH. You know, the Austrian school starts from the

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Speaker 1: premise that value is subjective, and since value is subjective,

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Speaker 1: all economic action depends on human subjective valuations, and there

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Speaker 1: or you can see how consequently whatever is best is

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Speaker 1: whatever the individual values best for themselves. Whereas from the

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Speaker 1: mainstream perspective that you learn at university, value and economic

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Speaker 1: valuation is something that is computed by equations and by economists,

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Speaker 1: and therefore, if you can calculate value, and if you

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Speaker 1: can aggregate it across people, then you can make economic

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Speaker 1: relationships that UM. Then then you can study the economic

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Speaker 1: relationship between different factors in the economy, and then central

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Speaker 1: planners can tweak these intervene in a way that allows

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Speaker 1: um that brings about the desired outcomes that the central

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Speaker 1: planners want. So it's an entirely different approach of UH.

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Speaker 1: For economics. It's almost like the difference between astrology and astronomy,

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Speaker 1: and that you know, nominally to the two fields discussed

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Speaker 1: the stars, but it's completely different discussion that's taking place.

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Speaker 1: And of course, the mainstream perspective has been dominant in

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Speaker 1: universities in the U S and all over the world

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Speaker 1: over the last eighty years or so ninety years, because

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Speaker 1: that's what governments want. You know, governments are in charge

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Speaker 1: of education thanks to central banking, I think, thanks to

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Speaker 1: Fiat money and you know, spoiler alert. My next book,

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Speaker 1: The Fiat Standard, can be summarized as everything I don't

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Speaker 1: like is caused by Fiat and fixed by bitcoin, and

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Speaker 1: I make more volit and education is one of those things.

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Speaker 1: I have a whole chapter on education, and I think, uh,

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Speaker 1: you know, the the ability of government to print money

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Speaker 1: has allowed government to um what sounds like a very

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Speaker 1: noble goal, which is, let's just have the government give

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Speaker 1: everybody the education that they want, to make education more affordable,

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Speaker 1: use education and the scientific method in the service of

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Speaker 1: public policy. It all sounds very noble, and it's actually

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Speaker 1: quite compelling until you get to grad school and then

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Speaker 1: you start really asking hard questions about how this thing works.

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Speaker 1: Then you read the Austrians and you realize, oh, yeah,

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Speaker 1: that's not how the world works. All the actually taking

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Speaker 1: place here is that you're ending up with a bunch

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Speaker 1: of people in charge of other people's lives and causing

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Speaker 1: a lot of problems for them, and then society turns

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Speaker 1: into a war of all against all because whoever controls

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Speaker 1: the printing press can essentially dictate reality for everybody. You

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Speaker 1: can dictate what gets taught at university, can dictate what

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Speaker 1: foods get produced, what people can eat, what they should eat,

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Speaker 1: what is legal, what is illegal. A lot of power

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Speaker 1: comes along with the printing press, and in education this

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Speaker 1: has led to UM I believe that the corruption of

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Speaker 1: education in the twentieth century where if you look at

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Speaker 1: universities today, you know they're free from market competition. They're

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Speaker 1: free from the discipline that the market would give you,

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Speaker 1: the market will force you to have in order to

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Speaker 1: continue to operate, and so free from that discipline, they

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Speaker 1: have expanded and grown as bureaucracies and they serve the

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Speaker 1: interests of their funders. And that's, you know, just basic

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Speaker 1: human incentives. You pay the piper. You know, whoever pays

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Speaker 1: the piper calls the tune. And the universities are not

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Speaker 1: paid by their students, even though the students pay a

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Speaker 1: lot of money. UM it's primarily through government agencies, both

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Speaker 1: through facilitating loans for the students and approving loans for students,

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Speaker 1: which is entually means that the real players the government

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Speaker 1: as well as financing research and financing universities and financing professors,

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Speaker 1: which is an enormous amount of money. So ultimately, universities

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Speaker 1: end up serving the cause of the bureaucrats that fund

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Speaker 1: them rather than the students that go there. And over time,

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Speaker 1: you see what has happened. You know, the teaching experience

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Speaker 1: has degraded. The number of students getting to learn directly

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Speaker 1: from a professor is declining, the number of students in

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Speaker 1: the classrooms declining. The number of professors has stayed roughly

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Speaker 1: the same. But what has increased massively at universities is

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Speaker 1: the number of administrators, the vice president for this and that,

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Speaker 1: and the vice president for all kinds of different buzz words.

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Speaker 1: And it comes with political baggage, and it comes with

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Speaker 1: ideological baggage, and of course, you know, the the main

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Speaker 1: driving ideology behind all of this is more government spending,

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Speaker 1: because it's government spending that's financing all those things, and

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Speaker 1: government wants to hear that the government is the solution

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Speaker 1: to everything, and that's the way to succeed in academia.

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Speaker 1: So um, I I'm you know, extremely critical of the

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Speaker 1: state of where academia is, and I don't really recommend

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Speaker 1: people go into universities because I think whatever it is

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Speaker 1: that you want to learn, whatever field you want, you know,

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Speaker 1: with the exception obviously of some technical fields, UM say medicine,

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Speaker 1: UM and and specific types of engineering. But even with these,

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Speaker 1: you know, a lot of them is a lot of

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Speaker 1: the engineering stuff is beginning to become more of a

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Speaker 1: learner on the job kind of situation. So for for

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Speaker 1: some fields, obviously this doesn't apply. But the vast for

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Speaker 1: the vast majority of things that you could learn in

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Speaker 1: the university, you could learn them equally well online. You

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Speaker 1: can find online lectures, you can find the syllabi of courses,

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Speaker 1: you can find all the readings online. You can get

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Speaker 1: all of the education that you could get at the

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Speaker 1: best university for um less than one percent of the

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Speaker 1: price online. Yeah, you just don't get that. You just

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Speaker 1: don't get that little piece of paper that that degree

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Speaker 1: which um following economic principles, I mean scarcity. So every

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Speaker 1: single person has a degree. How valuable is that degree? Right?

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Speaker 1: So I think it's taken some of that value away anyway, Yeah, absolutely,

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Speaker 1: it's UM, it's and I think the entire value of

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Speaker 1: credentialism is dropping because um, you know, credentials had a

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Speaker 1: lot more value before the Internet, when it was very

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Speaker 1: hard to know who knows what. And being able to

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Speaker 1: go to university and spent four years, say at a

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Speaker 1: physics department or at an engineering department, and come out

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Speaker 1: of that university with a paper that says that you

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Speaker 1: know you've done a good job, carried a lot of

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Speaker 1: signal for an employer. You were obviously much more employable

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Speaker 1: than somebody they pick up from the street because you

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Speaker 1: had a lot of skills and the discipline required to

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Speaker 1: maintain yourself, to keep yourself on the program and pass.

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Speaker 1: But now with the Internet, you can see essentially everybody's

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Speaker 1: background online through the work that they do, and so

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Speaker 1: people can just do work and demonstrate that they can

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Speaker 1: do the work online and it's very easy to determine

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Speaker 1: who can do the work. And then you don't really

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Speaker 1: need the credentials anymore. The credentials the proof of steak,

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Speaker 1: and then we have proof of work, right like I

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Speaker 1: staked my money, I did my time, I have proof

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Speaker 1: of steak, but over here is my proof of the

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Speaker 1: work that I've done. Um. The interesting take on that,

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Speaker 1: So you you kind of you set this foundation and

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Speaker 1: then you layered a whole bunch of stuff on there.

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Speaker 1: I peel all that back, and I go back down

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Speaker 1: to the layer. It seems like what I'm hearing is

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Speaker 1: the difference of the two systems really comes down to

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Speaker 1: maybe almost a difference in worldview. Where one group of

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Speaker 1: people believe like the world happens it's this uh, you know,

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Speaker 1: giant organic complex system versus maybe the Kinsians over here

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Speaker 1: believe they can control everything, almost like this godlike complex, where, um,

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Speaker 1: the economy is a machine that I could build and

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Speaker 1: I can manage, versus organic organic organism made of billions

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Speaker 1: of people that have constantly changing once needs and desires,

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Speaker 1: and so rather than you're trying to learn and maneuver

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Speaker 1: navigate it, we want to play god and control it.

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Speaker 1: Would that be a way to kind of sum that

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Speaker 1: up absolutely? If you read kanes Um, one of the

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Speaker 1: common things that you hear about Kings is that you know,

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Speaker 1: Kines has been misinterpreted by his followers, and a lot

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Speaker 1: of the followers did bad things, and his ideas were

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Speaker 1: better than this. It's absolute nonsense. I think the most

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Speaker 1: damning indictment that you could say of Kines is that

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Speaker 1: he was a true Keynsian and I think that's also

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Speaker 1: the most damning indictment of Keynesians as well to say

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Speaker 1: that Kings, because he was a truly despicable person if

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Speaker 1: you look at him as an individually, you know, he um.

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Speaker 1: His idea of entertainment was trafficking in child sex slaves.

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Speaker 1: He traveled Mediterranean to do this. So he had a

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Speaker 1: very very sociopathic bent to him, and he was he

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Speaker 1: despised normal people, and he believed they needed his control

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Speaker 1: and his supervision in order for them to be able

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Speaker 1: to live their lives. And you know, if you read

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Speaker 1: his conceptions of economics, it very much flows from that

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Speaker 1: kind of mentality. And he Um. You know, he in

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Speaker 1: nineteen thirty six, the German translation of his stupid book,

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Speaker 1: The General Theory was published, And you know what kind

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Speaker 1: of political system existed in Germany in nineteen thirty six

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Speaker 1: was the Nazi editarian system. And in his um in

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Speaker 1: the he wrote a ForWord for the German edition, and

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Speaker 1: in the German edition he said, um, the the kind

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Speaker 1: of economic ideas that I'm proposing here are better suited

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Speaker 1: for an economy like the German economy. So it was

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Speaker 1: a big fan of the German centrally planned economy. He

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Speaker 1: was a big fan of the Bolsheviks. He wanted to

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Speaker 1: implement ideas like this in Britain, and to a very

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Speaker 1: large degree he succeeded in um bringing about powerful uh

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Speaker 1: central government and a powerful central bank. And he was

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Speaker 1: involved very early on. In my exbooked the Fiat Standard,

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Speaker 1: I look at the point at which the Bank of

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Speaker 1: England went off the gold standard, and Canes was very

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Speaker 1: much in the background at that time. He was in

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Speaker 1: the Treasury. He wasn't very public about his role, but

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Speaker 1: there was a point I mentioned this in the Fiat Standard,

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Speaker 1: which is not It's not a very well known story.

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Speaker 1: It was only revealed a few years ago, three years ago.

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Speaker 1: In nineteen fifteen or fourteen, the the Treasury issued a

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Speaker 1: bunch of bonds in order to finance the war, and

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Speaker 1: they were less than one third subscribe The British people

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Speaker 1: didn't believe that fighting a war and the continent was

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Speaker 1: worth buying bonds for that. They got around the third

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Speaker 1: of the money that they got. And then what the

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Speaker 1: British Treasury and and the Central Bank did was that

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Speaker 1: they got a couple of the employees of the Central

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Speaker 1: Bank to buy the rest of the bond issue under

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Speaker 1: their own name, so the central bank gave them the money,

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Speaker 1: and then they bought two thirds of the war bonds

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Speaker 1: under their own names. And then the press publicized at

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Speaker 1: the Financial Times, ever, the faithful mouthpiece of central banks

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Speaker 1: publicized announced that, you know, the war loan, the war

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Speaker 1: bond issue was highly successful and fully subscribing, We're going

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Speaker 1: to issue more and everything is going great. And Keynes

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Speaker 1: was involved from the start with this, and so there

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Speaker 1: was an there was definitely, you know, all through his

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Speaker 1: life you see this element of I know, I understand,

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Speaker 1: I'm smart, you are all idiots, and I'm going to

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Speaker 1: do whatever I need to do in order to make

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Speaker 1: this work. And so from that moment, you know, that's

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Speaker 1: when England went off the gold standard, and that's when

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Speaker 1: the world went off the gold standard, because England what

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Speaker 1: the world's central bank at that time, and it's you know,

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Speaker 1: the British bound has collapsed. Since then, the British Empire

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Speaker 1: has collapsed, and world leadership moved to the US, and

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Speaker 1: the US also suffered from all of the problems from

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Speaker 1: this inflationary mess. And it's it's just been an entire

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Speaker 1: an entire century of totalitarian governments all over the world

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Speaker 1: being financed by this crazy um bastard animal money in

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Speaker 1: central banks and it's been devastating. Thankfully it's going to fix.

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Speaker 1: Is this? It seems like when I've kind of gone

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Speaker 1: through the history of this, which I have many times, Uh,

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Speaker 1: you know, in Britain they left the gold standard temporarily

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Speaker 1: for the war, and then it seems like when they

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Speaker 1: went try to go back to the gold standard, which

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Speaker 1: kind of caused the collapse. Keinges told Winston Churchill like, hey,

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Speaker 1: you've doubled the money supply, you need to double the

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Speaker 1: price of gold. Um. And he didn't, And Winston Churchill said,

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Speaker 1: now let's just go back to the same price which

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Speaker 1: caused that deflation to happen. Um. Is that what happened?

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Speaker 1: And did it? I mean to me, it seemed like

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Speaker 1: maybe that was one little piece of rational thought that

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Speaker 1: that that that Kings maybe had at that time, and

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Speaker 1: it wasn't really about debasement. He was worried about the

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Speaker 1: debatement that did cause the collapse. Well, I'm not entirely

431
00:22:57,960 --> 00:23:01,560
Speaker 1: sure what he was m calling for at that point.

432
00:23:01,560 --> 00:23:04,240
Speaker 1: I mean, obviously the correct course course of action was

433
00:23:04,280 --> 00:23:06,879
Speaker 1: to not engage in the inflation in the first place.

434
00:23:07,119 --> 00:23:09,280
Speaker 1: Now I have the inflation had taken place. Yeah, you

435
00:23:09,359 --> 00:23:11,760
Speaker 1: have to just recognize the reality and say, well, this

436
00:23:11,840 --> 00:23:14,159
Speaker 1: is what has happened, and let's devalue the currency again.

437
00:23:14,680 --> 00:23:17,720
Speaker 1: Let's devalue the currency formally, so that we moved to

438
00:23:17,760 --> 00:23:20,160
Speaker 1: a new exchange rate with gold, and then everything gets

439
00:23:20,160 --> 00:23:23,280
Speaker 1: sorted up. But they tried to square the circle effectively

440
00:23:23,400 --> 00:23:28,400
Speaker 1: of keeping the interest, keeping the exchange rate high, and

441
00:23:28,520 --> 00:23:31,240
Speaker 1: keeping prices low, and so the result was that there

442
00:23:31,320 --> 00:23:34,440
Speaker 1: was just massive economic problems. You know, people were unemployed

443
00:23:34,520 --> 00:23:37,840
Speaker 1: and prices were rising, and you have shortages, and the

444
00:23:37,840 --> 00:23:42,000
Speaker 1: economy was falling apart. But I doubt that Kan's wanted

445
00:23:42,680 --> 00:23:45,680
Speaker 1: to go back on gold at a higher price, because

446
00:23:45,680 --> 00:23:46,840
Speaker 1: what he wanted to do was to get rid of

447
00:23:46,880 --> 00:23:49,879
Speaker 1: the gold standard. He didn't want any fixed exchange rate

448
00:23:49,880 --> 00:23:51,359
Speaker 1: between the pounder and the gold stand and that's what

449
00:23:51,400 --> 00:23:53,879
Speaker 1: he got. In the nineteen thirties. The idea was, we

450
00:23:54,000 --> 00:23:55,840
Speaker 1: just go off gold and then we can just print

451
00:23:55,840 --> 00:23:57,439
Speaker 1: all the money that we want and then it's not

452
00:23:57,480 --> 00:23:59,639
Speaker 1: an issue. Whenever we have a war, we print money.

453
00:24:00,000 --> 00:24:02,679
Speaker 1: Whenever we have any economic problems, we print money. And

454
00:24:02,720 --> 00:24:06,080
Speaker 1: then this is where the hocus focus of mainstream Kings

455
00:24:06,080 --> 00:24:09,560
Speaker 1: and economics comes in. Where um, and really, if you

456
00:24:09,640 --> 00:24:12,720
Speaker 1: if you really study it closely and then you think

457
00:24:12,720 --> 00:24:16,280
Speaker 1: about it, it's it's very obvious, particularly if you studied

458
00:24:16,600 --> 00:24:20,639
Speaker 1: scientific subjects, and if you studied how scientific theories come about,

459
00:24:21,080 --> 00:24:23,280
Speaker 1: it's very obvious. This is just a stupid after the

460
00:24:23,320 --> 00:24:25,439
Speaker 1: fact story that somebody made up in order to come

461
00:24:25,480 --> 00:24:27,840
Speaker 1: up with the conclusion that they want. The conclusion they

462
00:24:27,880 --> 00:24:31,040
Speaker 1: wanted was let's print more money that will fix things,

463
00:24:31,080 --> 00:24:33,840
Speaker 1: because you know, they had the printers and they needed

464
00:24:33,880 --> 00:24:37,040
Speaker 1: an excuse to print money. And so the whole thing

465
00:24:37,119 --> 00:24:40,840
Speaker 1: is just in an elaborate post talk rationalization for why actually,

466
00:24:40,880 --> 00:24:42,919
Speaker 1: you know, no, printing money is very good and it's

467
00:24:42,960 --> 00:24:45,360
Speaker 1: gonna work well, and so there's all these stupid graphs

468
00:24:45,359 --> 00:24:50,399
Speaker 1: and equations and um nonsense. Essentially that uh um, you know,

469
00:24:51,119 --> 00:24:53,679
Speaker 1: you you analyze the world in terms of aggregates, and

470
00:24:53,720 --> 00:24:57,520
Speaker 1: then you decide that you you know, Kings just posits

471
00:24:57,560 --> 00:25:00,320
Speaker 1: how those accregates relate with one another. And then he

472
00:25:00,400 --> 00:25:03,359
Speaker 1: assumes that if you just get spending up, then everything

473
00:25:03,359 --> 00:25:05,960
Speaker 1: in the everything else in the economy gets fixed. And

474
00:25:06,000 --> 00:25:08,040
Speaker 1: so how do you get spending up. You print money,

475
00:25:08,320 --> 00:25:10,560
Speaker 1: and so you ignore all the consequences of printing money,

476
00:25:10,600 --> 00:25:16,120
Speaker 1: and then you attribute all these magical um um results

477
00:25:16,160 --> 00:25:19,199
Speaker 1: to it, and then you come up with the theory

478
00:25:19,280 --> 00:25:23,760
Speaker 1: that says, oh, guess what, printing money fixes our problems. Right.

479
00:25:23,880 --> 00:25:27,959
Speaker 1: It's so it's such a transparence, Cam. It's like, if

480
00:25:28,000 --> 00:25:32,320
Speaker 1: you fall for it, I worry about you. Yeah, well

481
00:25:32,359 --> 00:25:35,199
Speaker 1: I think, Um, you know, they won't. They don't want

482
00:25:35,200 --> 00:25:36,719
Speaker 1: to give the power of the money printer, and so

483
00:25:36,760 --> 00:25:39,040
Speaker 1: they'll use all the power at their disposed to continue

484
00:25:39,040 --> 00:25:41,560
Speaker 1: to convince us that they need to have the money printer,

485
00:25:42,000 --> 00:25:44,720
Speaker 1: and so, um, you know everyone's been duped, you know,

486
00:25:44,720 --> 00:25:46,320
Speaker 1: Henry for it's a hundred years ago. If the people

487
00:25:46,359 --> 00:25:48,240
Speaker 1: knew how the banking system worked, would be a revolution

488
00:25:48,280 --> 00:25:50,040
Speaker 1: before morning. So of course they don't. They don't tell

489
00:25:50,119 --> 00:25:53,160
Speaker 1: us that. It seems like Keynes was involved on both

490
00:25:53,200 --> 00:25:54,840
Speaker 1: sides of that, Like as you just said, right, his

491
00:25:54,880 --> 00:25:56,719
Speaker 1: book was written in Nazi Germany. He liked that he

492
00:25:56,800 --> 00:25:59,840
Speaker 1: was consulting the Britain, British government also the United States

493
00:26:00,040 --> 00:26:03,880
Speaker 1: from and he was instrumental in the Breton Woods Agreement.

494
00:26:04,080 --> 00:26:06,080
Speaker 1: And during that Breton Woods Agreement, you know, he kind

495
00:26:06,080 --> 00:26:08,359
Speaker 1: of came up with like that Bankoor system, which was

496
00:26:10,359 --> 00:26:12,280
Speaker 1: it seemed like his idea was maybe to your point,

497
00:26:12,320 --> 00:26:14,080
Speaker 1: get rid of the gold standard and then have like

498
00:26:14,119 --> 00:26:18,119
Speaker 1: that neutral reserve asset that like maybe never came to

499
00:26:18,280 --> 00:26:21,439
Speaker 1: fruition um. And now we see today like the I

500
00:26:21,520 --> 00:26:25,120
Speaker 1: m F calling for a Breton Woods to moment um,

501
00:26:25,160 --> 00:26:27,399
Speaker 1: and we hear talk of this like I m F

502
00:26:27,520 --> 00:26:31,240
Speaker 1: like an SDR basket, which maybe they have thoughts of

503
00:26:31,280 --> 00:26:34,159
Speaker 1: like having a trying trying to do his original idea,

504
00:26:34,200 --> 00:26:36,679
Speaker 1: which is have that neutral reserve asset. What do you

505
00:26:36,680 --> 00:26:39,919
Speaker 1: think about that? Yeah, I think it's it's it's a

506
00:26:39,960 --> 00:26:44,240
Speaker 1: non start. It's a non starter as an idea. It's unworkable,

507
00:26:44,359 --> 00:26:48,080
Speaker 1: and I think it's unworkable on many levels. The first

508
00:26:48,200 --> 00:26:50,520
Speaker 1: is the political level, which is why it didn't work

509
00:26:50,680 --> 00:26:54,680
Speaker 1: in the Breton Woods agreement, because we had this essentially,

510
00:26:54,720 --> 00:26:58,280
Speaker 1: you know, this British aristocrat who had never worked the

511
00:26:58,320 --> 00:27:00,520
Speaker 1: real job in their life was just all has been

512
00:27:00,520 --> 00:27:04,880
Speaker 1: out there living in his world of fantasy and pontificating

513
00:27:04,920 --> 00:27:08,600
Speaker 1: about how the world should work. You had this delusional

514
00:27:08,680 --> 00:27:11,840
Speaker 1: muppet turn up at the meeting of the world leaders

515
00:27:11,840 --> 00:27:14,760
Speaker 1: and saying, hey, uh, we're gonna get rid of gold,

516
00:27:14,800 --> 00:27:16,919
Speaker 1: We're gonna get rid of all of your money, and

517
00:27:16,920 --> 00:27:20,280
Speaker 1: we're gonna issue this new paper token that me and

518
00:27:20,320 --> 00:27:24,919
Speaker 1: my buddies at Cambridge have come up with. And essentially

519
00:27:25,240 --> 00:27:27,359
Speaker 1: I am going to be on a committee of a

520
00:27:27,400 --> 00:27:29,719
Speaker 1: bunch of my friends who are going to decide how

521
00:27:29,800 --> 00:27:33,160
Speaker 1: much money everybody else in the world has had. You

522
00:27:33,160 --> 00:27:35,880
Speaker 1: can obviously see where the problems happened with that. Well,

523
00:27:35,880 --> 00:27:38,439
Speaker 1: the first problem is that you run up against the

524
00:27:38,520 --> 00:27:41,360
Speaker 1: United States, which has just won the war, has the

525
00:27:41,400 --> 00:27:44,520
Speaker 1: majority of the world's gold, and has the world's most

526
00:27:44,560 --> 00:27:49,720
Speaker 1: powerful military, and why would they give you the power

527
00:27:49,760 --> 00:27:51,879
Speaker 1: to print all of that money. So obviously the U

528
00:27:51,960 --> 00:27:55,160
Speaker 1: has said, no thanks, We're just gonna build this around

529
00:27:55,200 --> 00:27:58,159
Speaker 1: our own money which we can print, which you know,

530
00:27:58,480 --> 00:28:02,520
Speaker 1: we control. And so the the program that the result

531
00:28:02,560 --> 00:28:05,359
Speaker 1: of the Breton Words Agreement was the program of Harry

532
00:28:05,400 --> 00:28:11,000
Speaker 1: Dexter White, who was an American um communist, self confessed communist.

533
00:28:11,119 --> 00:28:13,560
Speaker 1: And you know, some people say he was a Soviet spy,

534
00:28:13,600 --> 00:28:15,720
Speaker 1: and he was investigated for being a Soviet spin and

535
00:28:15,720 --> 00:28:19,440
Speaker 1: he killed himself during the investigation. But I think it's

536
00:28:19,440 --> 00:28:21,359
Speaker 1: more accurate not to say that he's a Soviet spine

537
00:28:21,440 --> 00:28:25,359
Speaker 1: inasmuch as he is just a local, homegrown American communist.

538
00:28:25,440 --> 00:28:28,480
Speaker 1: And these people were quite influential at that time in

539
00:28:28,480 --> 00:28:31,560
Speaker 1: the US, and it was their communist idea to just

540
00:28:32,000 --> 00:28:34,840
Speaker 1: turn the US into the world's central bank, and that

541
00:28:34,880 --> 00:28:38,880
Speaker 1: was the idea that UM succeeded. So I think it's

542
00:28:38,920 --> 00:28:41,920
Speaker 1: extremely naive to imagine that we could have monetary policy

543
00:28:41,960 --> 00:28:46,880
Speaker 1: handed to a group of experts. It's naive to pretend

544
00:28:46,960 --> 00:28:49,280
Speaker 1: that you are a neutral expert that can just take

545
00:28:49,360 --> 00:28:52,640
Speaker 1: over something like monetary policy and run it like you're

546
00:28:52,720 --> 00:28:56,239
Speaker 1: running a machine when it's obviously something political. And it's

547
00:28:56,280 --> 00:28:59,680
Speaker 1: not just political. It's you know, you're allocating economic resources.

548
00:28:59,680 --> 00:29:02,240
Speaker 1: If you'd side to print money in order to give

549
00:29:02,280 --> 00:29:04,640
Speaker 1: this government money so that it can find a war,

550
00:29:05,640 --> 00:29:07,920
Speaker 1: whereas you don't give the other government money so that

551
00:29:08,000 --> 00:29:09,960
Speaker 1: it doesn't fight the war, then you know you're picking

552
00:29:10,040 --> 00:29:11,920
Speaker 1: the winner of the war. So it's an enhance the

553
00:29:11,960 --> 00:29:15,040
Speaker 1: political question, and it's not something that can be UM

554
00:29:15,320 --> 00:29:18,880
Speaker 1: just wished away. That's the first issue. And the second

555
00:29:19,080 --> 00:29:21,880
Speaker 1: economic reason why this is unworkable in my mind is

556
00:29:21,920 --> 00:29:26,680
Speaker 1: that you can't just come up with this thing called

557
00:29:26,720 --> 00:29:29,760
Speaker 1: bank or and tell the world, Hey, you know, all

558
00:29:29,800 --> 00:29:32,240
Speaker 1: of your money doesn't work anymore. All of the things

559
00:29:32,280 --> 00:29:36,280
Speaker 1: that you value, all of your gold, your dollars, your wants,

560
00:29:36,400 --> 00:29:39,680
Speaker 1: and your euros, all of that is zero. Now don't

561
00:29:39,760 --> 00:29:42,800
Speaker 1: use it, turn it in and will give you bankers instead.

562
00:29:43,120 --> 00:29:46,320
Speaker 1: Like it's, um, you cannot really do that. It's it's

563
00:29:46,360 --> 00:29:48,800
Speaker 1: it's never happened. You know, people use the term fiat money,

564
00:29:49,200 --> 00:29:51,239
Speaker 1: and there is truth to the term fiat money, but

565
00:29:51,280 --> 00:29:54,040
Speaker 1: there's never been a real fiat currency. This has never

566
00:29:54,080 --> 00:29:56,960
Speaker 1: happened that somebody just went and said, hey, I've printed

567
00:29:56,960 --> 00:30:01,360
Speaker 1: a billion um of my coin and um, you know,

568
00:30:01,440 --> 00:30:04,200
Speaker 1: here you go accepted. This is the value and this

569
00:30:04,200 --> 00:30:06,240
Speaker 1: this is the price of it. This has just never happened.

570
00:30:06,280 --> 00:30:10,480
Speaker 1: Anybody who's ever issued a currency has had to back

571
00:30:10,560 --> 00:30:12,440
Speaker 1: it by something in order for it to gain a

572
00:30:12,520 --> 00:30:14,880
Speaker 1: value on the market. So what you do is effectively

573
00:30:14,920 --> 00:30:18,960
Speaker 1: you create a market in your currency with the other currency.

574
00:30:19,040 --> 00:30:21,000
Speaker 1: So what most countries do they do is they do

575
00:30:21,040 --> 00:30:23,760
Speaker 1: that with gold with the dollars. Before it used to

576
00:30:23,800 --> 00:30:26,440
Speaker 1: be done with gold. So you gather a bunch of gold.

577
00:30:26,720 --> 00:30:28,320
Speaker 1: If you have a bunch of gold, you can issue

578
00:30:28,400 --> 00:30:30,720
Speaker 1: paper backed by that gold and make it redeemable in

579
00:30:30,720 --> 00:30:33,120
Speaker 1: the gold, and then people will use your paper because

580
00:30:33,160 --> 00:30:36,400
Speaker 1: they know they can get it redeemed in gold. Similarly,

581
00:30:36,480 --> 00:30:38,360
Speaker 1: today they do the same thing with dollars. You go

582
00:30:38,400 --> 00:30:41,480
Speaker 1: to your central bank, you can exchange your local shit

583
00:30:41,520 --> 00:30:47,200
Speaker 1: coin for dollars. But um so, the not the notion

584
00:30:47,240 --> 00:30:49,000
Speaker 1: that we can just get the entire planet to agree

585
00:30:49,040 --> 00:30:51,479
Speaker 1: to dump their currencies and to give value to something

586
00:30:52,040 --> 00:30:55,400
Speaker 1: is nonsensical. I think what's more likely to happen. I

587
00:30:55,440 --> 00:30:57,560
Speaker 1: think there will be some element of something like this

588
00:30:57,640 --> 00:31:01,640
Speaker 1: happening is that we're going to who basically replaced national

589
00:31:01,680 --> 00:31:08,920
Speaker 1: currencies by a an international central bank digital currency. But

590
00:31:09,000 --> 00:31:11,080
Speaker 1: more likely I think, well, I think you know this

591
00:31:11,160 --> 00:31:15,600
Speaker 1: is already happening nationally. But I think more significantly is that,

592
00:31:17,040 --> 00:31:20,080
Speaker 1: excuse me, the reserve asset backing those central bank digital

593
00:31:20,120 --> 00:31:23,680
Speaker 1: currencies is going to be something like a central bankers

594
00:31:23,680 --> 00:31:26,560
Speaker 1: digital currency which is used amongst the banks themselves, So

595
00:31:26,640 --> 00:31:28,560
Speaker 1: something like the I m F S S the rs

596
00:31:28,680 --> 00:31:31,800
Speaker 1: right now. But what's going to happen is that, you know,

597
00:31:31,840 --> 00:31:33,800
Speaker 1: I mean, the I m F SDRs are essentially backed

598
00:31:33,840 --> 00:31:35,640
Speaker 1: by U S dollars because the I m F has

599
00:31:35,640 --> 00:31:38,680
Speaker 1: a credit line from the Federal Reserve. So I think

600
00:31:38,680 --> 00:31:43,040
Speaker 1: what would be likely to happen is essentially national governments

601
00:31:43,120 --> 00:31:47,880
Speaker 1: turned in their currencies and it transformed their currencies into

602
00:31:47,880 --> 00:31:51,680
Speaker 1: this international central bank currency, and then that currency is

603
00:31:51,720 --> 00:31:54,640
Speaker 1: managed by UM. I mean, I guess this is really

604
00:31:54,640 --> 00:31:59,200
Speaker 1: the interesting question that we're going to be seeing play out. UM.

605
00:31:59,240 --> 00:32:01,640
Speaker 1: You know, if we still lived in a world that

606
00:32:01,720 --> 00:32:04,800
Speaker 1: was dominated by the US, then I could see this

607
00:32:05,200 --> 00:32:09,920
Speaker 1: being just more modern way of running the dollar system,

608
00:32:09,960 --> 00:32:12,560
Speaker 1: where in the US just says all right, instead of

609
00:32:12,600 --> 00:32:15,520
Speaker 1: having paper dollars and running it on the Swift network

610
00:32:16,040 --> 00:32:19,640
Speaker 1: and using the federal reserves payment settlement system, we're going

611
00:32:19,680 --> 00:32:24,280
Speaker 1: to introduce those new cryptographic based settlement systems and everything

612
00:32:24,320 --> 00:32:26,640
Speaker 1: is going to be centralized, with the US in the middle.

613
00:32:27,400 --> 00:32:31,120
Speaker 1: The US and CHARGE essentially formalizing and making the breton

614
00:32:31,160 --> 00:32:35,120
Speaker 1: Wood system more efficient without gold backing. This is how

615
00:32:35,320 --> 00:32:37,840
Speaker 1: I would imagine, you know, if this kind of technology

616
00:32:37,880 --> 00:32:40,960
Speaker 1: was available UM twenty or thirty years ago, I think

617
00:32:40,960 --> 00:32:42,880
Speaker 1: this is the direction that we would have gone in.

618
00:32:43,920 --> 00:32:49,280
Speaker 1: But now things are much more interesting because China is UM.

619
00:32:49,320 --> 00:32:51,920
Speaker 1: Primarily because of China but also to a lesser extent, Europe,

620
00:32:52,840 --> 00:32:57,680
Speaker 1: they're not going to be crazy excited about joining a

621
00:32:57,720 --> 00:33:00,240
Speaker 1: new dollar system, and so more likely what the going

622
00:33:00,280 --> 00:33:03,760
Speaker 1: to be pushing for is some kind of either a

623
00:33:03,840 --> 00:33:08,480
Speaker 1: multilateral system in which UM and the base layer money

624
00:33:08,640 --> 00:33:11,960
Speaker 1: is jointly run by the US and China and maybe Europe,

625
00:33:12,080 --> 00:33:15,320
Speaker 1: maybe some few other smaller economies here and there, UM

626
00:33:15,560 --> 00:33:21,280
Speaker 1: getting like votes on a monetary policy board. But I

627
00:33:21,320 --> 00:33:26,000
Speaker 1: think we're more likely to see monetary competition, with the

628
00:33:26,080 --> 00:33:30,720
Speaker 1: Chinese essentially attempting to bring about their own national currency

629
00:33:30,720 --> 00:33:32,920
Speaker 1: to make it into the global reserve currency, because it

630
00:33:32,960 --> 00:33:35,600
Speaker 1: doesn't really make sense to have a global reserve currency

631
00:33:35,680 --> 00:33:39,600
Speaker 1: run by two governments, particularly governments that are essentially rival

632
00:33:40,120 --> 00:33:43,160
Speaker 1: for the position of world leadership. Now, given the way

633
00:33:43,200 --> 00:33:45,120
Speaker 1: that things have unfolded over the last couple of years

634
00:33:45,120 --> 00:33:48,479
Speaker 1: in the world economy with UM, with the way that

635
00:33:48,520 --> 00:33:53,680
Speaker 1: you know, international cooperation has taken place around the coronavirus crisis,

636
00:33:53,680 --> 00:33:57,720
Speaker 1: and the way that basically everybody marched to the tune

637
00:33:57,880 --> 00:34:03,680
Speaker 1: of the World World Health Organization in the World Economic Forum,

638
00:34:03,760 --> 00:34:07,360
Speaker 1: you can see this kind of thing being implemented in

639
00:34:07,760 --> 00:34:13,440
Speaker 1: UM natural currencies as well. You could see perhaps UM

640
00:34:13,640 --> 00:34:17,359
Speaker 1: we'll get something like this, and I think UM one

641
00:34:17,440 --> 00:34:20,040
Speaker 1: hypothesis I have is that, you know, as inflation begins

642
00:34:20,080 --> 00:34:23,480
Speaker 1: to pick up, the central bank dogs little currency narrative

643
00:34:23,520 --> 00:34:25,960
Speaker 1: is going to be marketed as the solution for the

644
00:34:26,000 --> 00:34:29,799
Speaker 1: inflation problem. And so, oh, you know, your dollars and

645
00:34:29,880 --> 00:34:33,279
Speaker 1: euros and yends and yu wants are the valuing not

646
00:34:33,360 --> 00:34:36,040
Speaker 1: because of your government spending and printing a lot of money, obviously,

647
00:34:36,080 --> 00:34:40,480
Speaker 1: because that's crazy conspiracy theory talk. You know, obviously supply

648
00:34:40,560 --> 00:34:43,440
Speaker 1: has nothing to do with demand, right, No, that's not it.

649
00:34:43,520 --> 00:34:47,479
Speaker 1: Your currency is tanking in price because it's physical and

650
00:34:47,680 --> 00:34:52,919
Speaker 1: it's um ancient twentieth century technology, and Bitcoin is rising

651
00:34:52,960 --> 00:34:56,919
Speaker 1: in price because it's digital and it's advanced twenty first

652
00:34:56,920 --> 00:35:00,319
Speaker 1: century technology. So we're going to copy bitcoins technology and

653
00:35:00,400 --> 00:35:03,359
Speaker 1: use cryptography in order to prevent the value of your

654
00:35:03,440 --> 00:35:06,160
Speaker 1: national currency from declining. So I can see this kind

655
00:35:06,200 --> 00:35:10,120
Speaker 1: of pitch being given and people being given their new

656
00:35:10,160 --> 00:35:13,360
Speaker 1: digital currencies, which are going to, you know, do the

657
00:35:13,400 --> 00:35:16,360
Speaker 1: old Latin American trick where you just rename your currency

658
00:35:16,360 --> 00:35:19,120
Speaker 1: and take off a bunch of zero. So I remember

659
00:35:19,120 --> 00:35:21,920
Speaker 1: in Brazil they had the Cruizero, and then they had

660
00:35:21,960 --> 00:35:24,040
Speaker 1: the Novo Cruisero, the new Crusado, and then they had

661
00:35:24,040 --> 00:35:25,920
Speaker 1: the Cruisado and the Novo Cruisado. I think it was

662
00:35:25,920 --> 00:35:28,120
Speaker 1: the other way around. The Cruisadoes came first, but yeah,

663
00:35:28,160 --> 00:35:29,719
Speaker 1: and then they went to the real and now the

664
00:35:29,760 --> 00:35:33,080
Speaker 1: real is beginning to fall apart. And I'm sure soon

665
00:35:33,239 --> 00:35:36,840
Speaker 1: as soon they'll introduce the novo reale UM so it'll

666
00:35:36,880 --> 00:35:38,840
Speaker 1: be like the new dollar or the digital dollar or

667
00:35:38,840 --> 00:35:43,319
Speaker 1: something like that. And uh, people will think, all right, well,

668
00:35:43,320 --> 00:35:45,480
Speaker 1: now this will fix the inflation problem because this will

669
00:35:45,520 --> 00:35:48,839
Speaker 1: copy the digital technology that will protect us from this

670
00:35:49,320 --> 00:35:54,560
Speaker 1: crazy inflation bug that we suffer from. Um. But I again,

671
00:35:54,600 --> 00:35:57,399
Speaker 1: I don't see that as being a sustainable solution because

672
00:35:57,440 --> 00:36:00,239
Speaker 1: I think you'll get you know, the US is no

673
00:36:01,160 --> 00:36:03,160
Speaker 1: is not nothing. There's an enormous amount of trade that

674
00:36:03,200 --> 00:36:05,040
Speaker 1: is based around the U S. So you're still gonna

675
00:36:05,040 --> 00:36:06,680
Speaker 1: have the Chinese in the U S and the Europeans

676
00:36:06,680 --> 00:36:11,960
Speaker 1: trying to make their currencies be the world currency. But

677
00:36:12,440 --> 00:36:15,080
Speaker 1: they would all, um, you know, they would all like

678
00:36:15,200 --> 00:36:17,040
Speaker 1: it if they were the ones who have produced the

679
00:36:17,120 --> 00:36:20,000
Speaker 1: global reserve currency. But they can all live with it

680
00:36:20,200 --> 00:36:22,680
Speaker 1: if the global deserve currency was one that was not

681
00:36:22,880 --> 00:36:26,600
Speaker 1: issued by either of the other two, and therefore they

682
00:36:26,600 --> 00:36:31,080
Speaker 1: could all tolerate something like bitcoin. Hey, sorry to interrupt

683
00:36:31,080 --> 00:36:33,960
Speaker 1: this video just one more time. I'm not running Google ads,

684
00:36:33,960 --> 00:36:36,399
Speaker 1: so it's actually way less interruption than I normally would

685
00:36:36,400 --> 00:36:38,640
Speaker 1: have on a video. UM, and that's because it's sponsored

686
00:36:38,640 --> 00:36:42,000
Speaker 1: by block five UM. They are opening up the world

687
00:36:42,080 --> 00:36:45,160
Speaker 1: of bitcoin and financial products offering to pay you interest

688
00:36:45,480 --> 00:36:48,120
Speaker 1: on your bitcoin. Um better than own in a rental

689
00:36:48,120 --> 00:36:50,040
Speaker 1: property that you have to manage and control and have

690
00:36:50,080 --> 00:36:51,840
Speaker 1: the risks. You can just earn interest on it, or

691
00:36:52,280 --> 00:36:54,959
Speaker 1: you can leverage against it. Now, I plan to hold

692
00:36:55,000 --> 00:36:58,480
Speaker 1: my bitcoin forever and literally never sell my bitcoin. So

693
00:36:58,480 --> 00:37:00,520
Speaker 1: how do you do that? Well, if I need money,

694
00:37:00,600 --> 00:37:02,440
Speaker 1: I don't want to sell that bitcoin. I'm gonna pay

695
00:37:02,480 --> 00:37:04,400
Speaker 1: tax on it, all right, I'm gonna end up with

696
00:37:04,480 --> 00:37:06,960
Speaker 1: less and I don't have the bitcoin anymore. So a

697
00:37:07,000 --> 00:37:09,640
Speaker 1: better way to do it is to borrow against the bitcoin.

698
00:37:09,840 --> 00:37:12,000
Speaker 1: So I've put all my money into bitcoin. If I

699
00:37:12,040 --> 00:37:13,640
Speaker 1: want to buy a car, or I want to buy

700
00:37:13,640 --> 00:37:16,719
Speaker 1: a house, I can borrow against it at very very

701
00:37:16,760 --> 00:37:19,480
Speaker 1: low competitive rates. Get my house, get my car, whatever

702
00:37:19,520 --> 00:37:22,200
Speaker 1: that may be, and get to keep the bitcoin. I've

703
00:37:22,200 --> 00:37:24,520
Speaker 1: done a whole video on this. You can find it.

704
00:37:24,520 --> 00:37:26,520
Speaker 1: I'll link it down in the description below how to

705
00:37:26,640 --> 00:37:29,000
Speaker 1: retire off a bitcoin without paying taxes, and you can

706
00:37:29,040 --> 00:37:31,560
Speaker 1: do that with block fight services. I'll link to the

707
00:37:31,640 --> 00:37:33,200
Speaker 1: video down below. I'm also going to put a link

708
00:37:33,239 --> 00:37:34,960
Speaker 1: to block Fight. If you choose to click on that

709
00:37:35,000 --> 00:37:36,600
Speaker 1: link to check them out. You can earn up to

710
00:37:36,600 --> 00:37:39,520
Speaker 1: two fifty dollars in free bitcoin just for using that link.

711
00:37:39,800 --> 00:37:41,360
Speaker 1: And that's it. Let's go ahead and get back to

712
00:37:41,480 --> 00:37:45,840
Speaker 1: the interview. Yeah, that's where it seems like, um, you know,

713
00:37:45,880 --> 00:37:47,680
Speaker 1: like you said, right, they used to hold gold in

714
00:37:47,760 --> 00:37:50,440
Speaker 1: their reserve, so you know there'd be whatever percentage of

715
00:37:50,480 --> 00:37:52,680
Speaker 1: their currency would be in gold reserves, and then they

716
00:37:52,719 --> 00:37:55,719
Speaker 1: swapped out the gold four dollars um. But if they

717
00:37:55,800 --> 00:37:58,279
Speaker 1: used an I m F SDR back to kind of

718
00:37:58,280 --> 00:38:01,839
Speaker 1: what you said, like all value beings subject. So if

719
00:38:01,880 --> 00:38:04,319
Speaker 1: everybody agrees that an I m F SDR basket has

720
00:38:04,400 --> 00:38:07,319
Speaker 1: value and it's a neutral asset um, then I guess

721
00:38:07,360 --> 00:38:10,319
Speaker 1: they could agree it has value um temporarily and so

722
00:38:10,600 --> 00:38:13,520
Speaker 1: swap out the dollars for the SDR as reserves, and

723
00:38:13,560 --> 00:38:16,920
Speaker 1: then everybody's in that basket based off their GDP proportions,

724
00:38:16,920 --> 00:38:19,200
Speaker 1: so they all kind of have a vote. It seems

725
00:38:19,200 --> 00:38:20,799
Speaker 1: like they might be able to try to get get

726
00:38:20,880 --> 00:38:24,080
Speaker 1: that to work temporarily. Ultimately it fails because of the scarcity. Right,

727
00:38:24,080 --> 00:38:26,680
Speaker 1: they can print unlimited amounts of SDRs, and I think

728
00:38:26,680 --> 00:38:28,520
Speaker 1: that the day it's backed by it's not backed by

729
00:38:28,640 --> 00:38:31,719
Speaker 1: any real capital, right, It's just it's just worthless paper.

730
00:38:31,840 --> 00:38:34,799
Speaker 1: So I think maybe they get a little mileage out

731
00:38:34,840 --> 00:38:38,160
Speaker 1: of it, but ultimately it ends up failing. Oh yeah,

732
00:38:38,160 --> 00:38:42,000
Speaker 1: it ultimately ends up being an advertisement for a bitcoin. Yeah.

733
00:38:42,320 --> 00:38:46,239
Speaker 1: So um, you know all this kinds and stuff. It

734
00:38:46,239 --> 00:38:49,000
Speaker 1: seems like it seems like we know the future because

735
00:38:49,040 --> 00:38:51,200
Speaker 1: ultimately it fails, right, I mean, you can't just create

736
00:38:51,280 --> 00:38:54,160
Speaker 1: value out of nothing, and you can't control uh. And

737
00:38:54,200 --> 00:38:56,239
Speaker 1: the more value create out of nothing, the more you

738
00:38:56,280 --> 00:38:58,560
Speaker 1: just continue to store markets. So print, you know, you

739
00:38:58,600 --> 00:39:00,600
Speaker 1: mess up the signal, you get short ridges, and you

740
00:39:00,640 --> 00:39:04,480
Speaker 1: get surpluses, and you get malinvestment, etcetera, and eventually it fails.

741
00:39:04,480 --> 00:39:07,200
Speaker 1: It seems to have I guess on one hand, you

742
00:39:07,239 --> 00:39:09,680
Speaker 1: look at it and go, well, we're maybe fifty years

743
00:39:09,680 --> 00:39:12,200
Speaker 1: into this experiment, you know, since nineteen seventy one, and

744
00:39:12,560 --> 00:39:15,840
Speaker 1: look how bad and how fast things have gotten in

745
00:39:15,880 --> 00:39:18,799
Speaker 1: fifty years. But on the other hand, it's like man

746
00:39:18,840 --> 00:39:22,759
Speaker 1: how long can they keep this game going for? Yeah,

747
00:39:23,120 --> 00:39:25,800
Speaker 1: And this is um, this is kind of the motivation

748
00:39:25,800 --> 00:39:27,719
Speaker 1: of my book, which is, you know, this thing has

749
00:39:27,719 --> 00:39:29,799
Speaker 1: been around for fifty years, and just because it doesn't

750
00:39:29,800 --> 00:39:32,319
Speaker 1: make sense, it doesn't mean it can't work. And it's

751
00:39:32,400 --> 00:39:35,080
Speaker 1: been working, and it's been written off for fifty years.

752
00:39:35,080 --> 00:39:36,920
Speaker 1: You know, people have been predicting a collapse of the

753
00:39:36,960 --> 00:39:40,800
Speaker 1: dollar for fifty years and longer, and yet it's just

754
00:39:40,880 --> 00:39:44,120
Speaker 1: along and people continue to use it. So um. You know,

755
00:39:44,800 --> 00:39:46,759
Speaker 1: in my book, I try to explain why that is,

756
00:39:46,800 --> 00:39:49,239
Speaker 1: and I think, you know, the reason is ultimately that

757
00:39:50,400 --> 00:39:54,720
Speaker 1: what FIAT offers is the ability to send money quickly

758
00:39:54,760 --> 00:39:59,600
Speaker 1: across space, across nations, across national borders. So gold is

759
00:39:59,640 --> 00:40:02,080
Speaker 1: better because it holds onto its value into the future,

760
00:40:02,080 --> 00:40:05,719
Speaker 1: better because nobody can print gold, and it's always going

761
00:40:05,760 --> 00:40:07,880
Speaker 1: to have a low inflation rate because of reasons I

762
00:40:07,920 --> 00:40:11,360
Speaker 1: discuss in detail and Bitcoin standard. So gold has best

763
00:40:11,440 --> 00:40:14,960
Speaker 1: salability across time. It's the best way of saving value

764
00:40:15,000 --> 00:40:18,640
Speaker 1: into the future, or at least traditionally it was UM,

765
00:40:18,640 --> 00:40:22,560
Speaker 1: but FIAT has much better saalability across space. Sending gold

766
00:40:22,600 --> 00:40:26,520
Speaker 1: across space involves a significant loss in the value of it,

767
00:40:26,520 --> 00:40:29,360
Speaker 1: it's gonna it's gonna lose about point five percent or

768
00:40:29,360 --> 00:40:32,360
Speaker 1: one percent of its value when you ship it halfway

769
00:40:32,360 --> 00:40:35,040
Speaker 1: around the world when you think about the cost of

770
00:40:35,040 --> 00:40:39,239
Speaker 1: shipping plus insurance. So that's really ultimately why I think

771
00:40:39,280 --> 00:40:44,600
Speaker 1: FIAT succeeds and continues to operate, because it has terrible

772
00:40:44,600 --> 00:40:46,920
Speaker 1: salability across time. You can't really hold on to it

773
00:40:46,960 --> 00:40:50,200
Speaker 1: across time. It continues to lose its value. But we

774
00:40:50,239 --> 00:40:53,920
Speaker 1: live in a world where everybody is interconnected with the

775
00:40:53,920 --> 00:40:55,480
Speaker 1: rest of the planet, and you need to trade with

776
00:40:55,520 --> 00:40:57,160
Speaker 1: the rest of the planet. And even if you don't

777
00:40:57,200 --> 00:40:59,960
Speaker 1: trade personally with people on the rest of the planet,

778
00:41:00,000 --> 00:41:02,399
Speaker 1: everybody you buy your stuff from does trade with people

779
00:41:02,440 --> 00:41:04,239
Speaker 1: from the rest of the planet. You know, there's a

780
00:41:04,320 --> 00:41:05,960
Speaker 1: lot of people that think, you know, trading with other

781
00:41:06,000 --> 00:41:08,360
Speaker 1: countries is a bad thing because it makes us dependent

782
00:41:08,440 --> 00:41:11,239
Speaker 1: on them. It doesn't. Trading with other countries makes you

783
00:41:11,400 --> 00:41:14,080
Speaker 1: less dependent on any one country. The more countries you

784
00:41:14,200 --> 00:41:17,000
Speaker 1: trade with, the less dependent you are on other countries,

785
00:41:17,320 --> 00:41:21,400
Speaker 1: and less dependents you are on your own natural environment

786
00:41:21,480 --> 00:41:24,480
Speaker 1: not screwing you over. So you're able to live a

787
00:41:24,560 --> 00:41:27,480
Speaker 1: much better, more comfortable life because you can always trade

788
00:41:27,520 --> 00:41:30,840
Speaker 1: with others, and so it provides you with um a

789
00:41:30,920 --> 00:41:32,680
Speaker 1: lot of insurance. But of course the main benefit is

790
00:41:32,719 --> 00:41:37,319
Speaker 1: that it's the division of labor. And the larger the

791
00:41:37,320 --> 00:41:42,520
Speaker 1: circles with which we trade, the more each producer can specialize,

792
00:41:43,000 --> 00:41:46,040
Speaker 1: and the more people they can sellt So you specialize

793
00:41:46,080 --> 00:41:48,000
Speaker 1: in making something smaller and smaller. You know, we have

794
00:41:48,560 --> 00:41:52,320
Speaker 1: some really highly paid people who are specialized in building

795
00:41:52,680 --> 00:41:55,600
Speaker 1: one tiny little part of your car or your laptop,

796
00:41:55,840 --> 00:41:57,960
Speaker 1: and they spend their entire life working on, you know,

797
00:41:58,040 --> 00:42:03,000
Speaker 1: making the car wind shield work. Well, there are people

798
00:42:03,000 --> 00:42:06,120
Speaker 1: in car factories that are just doing this every day.

799
00:42:06,280 --> 00:42:08,359
Speaker 1: The specialized is something very tiny, and the only way

800
00:42:08,360 --> 00:42:10,000
Speaker 1: that they can specialize in this and get so good

801
00:42:10,000 --> 00:42:13,839
Speaker 1: at it and make such good cars is because they're

802
00:42:13,880 --> 00:42:15,719
Speaker 1: able to sell their cars all over the world. And

803
00:42:15,800 --> 00:42:19,440
Speaker 1: so this is what drives the specialization. And without it,

804
00:42:19,680 --> 00:42:21,960
Speaker 1: we wouldn't be able to have any of the nice

805
00:42:22,000 --> 00:42:24,160
Speaker 1: things that we have today. We can't have computers if

806
00:42:24,200 --> 00:42:28,280
Speaker 1: we try to live as a you know, and maybe

807
00:42:28,280 --> 00:42:30,080
Speaker 1: the US might be able to pull off computers on

808
00:42:30,080 --> 00:42:33,440
Speaker 1: its own, it's got three forty million people, but I

809
00:42:33,440 --> 00:42:34,960
Speaker 1: think the vast majority of the world would not be

810
00:42:35,040 --> 00:42:40,560
Speaker 1: able to produce anything advanced uh within its own borders.

811
00:42:40,560 --> 00:42:43,280
Speaker 1: And that's just the way that a market economy works,

812
00:42:43,320 --> 00:42:45,800
Speaker 1: because at every step in the way of the production

813
00:42:45,800 --> 00:42:48,120
Speaker 1: of your computer or your car, the only way that

814
00:42:48,120 --> 00:42:51,280
Speaker 1: it gets produced is that someone is making the decision

815
00:42:51,320 --> 00:42:53,400
Speaker 1: had every step along the way, and not just someone,

816
00:42:53,440 --> 00:42:55,239
Speaker 1: you know, several people like the guy who's making the

817
00:42:55,280 --> 00:42:58,440
Speaker 1: tires and the guy who's designing the windshield. They're making

818
00:42:58,440 --> 00:43:00,759
Speaker 1: economic decisions along the way to always look for the

819
00:43:00,840 --> 00:43:05,200
Speaker 1: best supplier at the best price. So we are highly

820
00:43:05,239 --> 00:43:07,400
Speaker 1: intertwined in this global system of trade, and we need it,

821
00:43:07,440 --> 00:43:11,960
Speaker 1: and we need it very badly, and therefore, um we

822
00:43:12,040 --> 00:43:13,520
Speaker 1: have to trade with the rest of the world, and

823
00:43:13,560 --> 00:43:15,600
Speaker 1: so we need the money that can cross borders. And

824
00:43:15,680 --> 00:43:18,359
Speaker 1: governments simply prevent you from using any other money other

825
00:43:18,400 --> 00:43:21,680
Speaker 1: than their's. They won't license banks that use currencies other

826
00:43:21,719 --> 00:43:23,799
Speaker 1: than theirs, and that just means that you have to

827
00:43:23,840 --> 00:43:26,359
Speaker 1: deal with their currencies, and that just means that people

828
00:43:26,360 --> 00:43:29,720
Speaker 1: continue to take it um But you know, governments continues

829
00:43:29,719 --> 00:43:31,520
Speaker 1: to inflate the money supplying people have no choice but

830
00:43:31,560 --> 00:43:33,920
Speaker 1: to continue to use it. But I think bitcoin obviously

831
00:43:34,000 --> 00:43:36,440
Speaker 1: changes this because you can trade bitcoin internationally without the

832
00:43:36,440 --> 00:43:39,960
Speaker 1: permission of your government. Yeah. Yeah, what's interesting about that

833
00:43:40,000 --> 00:43:42,960
Speaker 1: whole thing obviously with the specialization is UM. You know,

834
00:43:43,000 --> 00:43:46,840
Speaker 1: for progress, the more people we have that are looking

835
00:43:46,880 --> 00:43:49,520
Speaker 1: at problems from different angles and coming up with different

836
00:43:49,520 --> 00:43:52,879
Speaker 1: solutions and trying different things, the more progress we ultimately have.

837
00:43:53,360 --> 00:43:55,480
Speaker 1: And so to your point, a small little country only

838
00:43:55,480 --> 00:43:57,279
Speaker 1: has so many people, and so they're gonna be very

839
00:43:57,280 --> 00:43:58,759
Speaker 1: limited in what they can do. And the more people

840
00:43:58,800 --> 00:44:01,680
Speaker 1: we can get into that global uh picture. And so

841
00:44:02,160 --> 00:44:03,919
Speaker 1: you know, you and I were talking kind of before

842
00:44:03,920 --> 00:44:06,480
Speaker 1: we started recording, and uh, you know, half the world

843
00:44:06,600 --> 00:44:09,040
Speaker 1: is basically kind of excluded or left out of that

844
00:44:09,320 --> 00:44:12,280
Speaker 1: entire UM system, right, I mean half the world doesn't

845
00:44:12,320 --> 00:44:14,920
Speaker 1: have any money, half the world have don't even have internet, UM,

846
00:44:14,960 --> 00:44:16,560
Speaker 1: and so they're kind of left out of that and

847
00:44:16,560 --> 00:44:19,719
Speaker 1: they haven't really had that way. And so UM by

848
00:44:19,760 --> 00:44:22,640
Speaker 1: being able to give them a global money that's one

849
00:44:23,000 --> 00:44:25,400
Speaker 1: can't be inflated away, but two can be used anywhere.

850
00:44:25,680 --> 00:44:27,719
Speaker 1: UM speeds that up. We saw that, you know, going

851
00:44:27,719 --> 00:44:29,799
Speaker 1: from the Dark Age to the Renaissance Age, when you

852
00:44:29,840 --> 00:44:32,319
Speaker 1: had like a good standard coin that could be used

853
00:44:32,360 --> 00:44:36,120
Speaker 1: kind of or recognized globally, how fast things developed and

854
00:44:36,160 --> 00:44:39,640
Speaker 1: so I think we'll see the same thing again, right,

855
00:44:39,640 --> 00:44:42,480
Speaker 1: having a new global money that can be recognized and saleable.

856
00:44:43,000 --> 00:44:46,919
Speaker 1: As you said, across space. I think there's as bad

857
00:44:46,960 --> 00:44:49,279
Speaker 1: as things are, as scary as things are, I see

858
00:44:49,360 --> 00:44:54,120
Speaker 1: massive hope on the other side. Yeah, I think, um,

859
00:44:54,200 --> 00:44:57,759
Speaker 1: bitcoin really is responsible for maybe of that hope. I

860
00:44:57,840 --> 00:45:00,040
Speaker 1: think if bitcoin didn't exist, i'd be extremely hop to

861
00:45:00,160 --> 00:45:02,440
Speaker 1: us about the world at this point. I'd be in

862
00:45:02,480 --> 00:45:08,120
Speaker 1: a very bad place because, um, it's it's the crack

863
00:45:08,320 --> 00:45:12,040
Speaker 1: in the wall, it's the it's it's the place where

864
00:45:12,080 --> 00:45:15,160
Speaker 1: all of the prison that they're building just unravels. It's

865
00:45:15,719 --> 00:45:19,520
Speaker 1: that they're locking up the entire planet essentially and forcing

866
00:45:19,520 --> 00:45:24,279
Speaker 1: everybody to be dealing in this giant corporatest economic system

867
00:45:24,280 --> 00:45:27,160
Speaker 1: where everything is under the control of the government and

868
00:45:27,360 --> 00:45:30,120
Speaker 1: all of our lives are lived um to the benefit

869
00:45:30,160 --> 00:45:32,000
Speaker 1: of the governments that are in charge of us. And

870
00:45:32,040 --> 00:45:34,440
Speaker 1: bitcoin just allows you to have a free market, and

871
00:45:34,480 --> 00:45:36,520
Speaker 1: it allows you to access a free market anywhere you

872
00:45:36,560 --> 00:45:38,680
Speaker 1: are in the world. Anybody can access it from anywhere.

873
00:45:39,360 --> 00:45:41,960
Speaker 1: And I think it's a it's it's um Yeah, it

874
00:45:42,040 --> 00:45:47,160
Speaker 1: is hope. As Michael Salers says, bitcoin is hope. Yeah, so, um, yeah,

875
00:45:47,320 --> 00:45:49,920
Speaker 1: you know, we've we've often thrown around things like bitcoin

876
00:45:49,960 --> 00:45:53,560
Speaker 1: fixes this, or fix the money, fixed the world or whatever,

877
00:45:53,680 --> 00:45:56,600
Speaker 1: you know, all those types of things. And I think, really,

878
00:45:56,600 --> 00:45:58,960
Speaker 1: when when you know, you started out talking about how

879
00:45:59,000 --> 00:46:01,239
Speaker 1: it's really comes down own to that money printer, and

880
00:46:01,239 --> 00:46:04,680
Speaker 1: then the money printer allows them to then influence the

881
00:46:04,719 --> 00:46:08,120
Speaker 1: food or the culture, or the the energy that we

882
00:46:08,160 --> 00:46:09,960
Speaker 1: have or whatever it may be, and to kind of

883
00:46:09,960 --> 00:46:12,960
Speaker 1: control those things. And so then, um, if you believe

884
00:46:13,000 --> 00:46:15,719
Speaker 1: that individuals are better off creating their own destiny and

885
00:46:15,719 --> 00:46:18,160
Speaker 1: making own decisions, then we want to remove that control.

886
00:46:18,160 --> 00:46:19,640
Speaker 1: And the way to do that in is ultimately take

887
00:46:19,680 --> 00:46:23,640
Speaker 1: that money printer away, I guess at the base of it. Yeah,

888
00:46:23,800 --> 00:46:28,240
Speaker 1: And I think a century of a century of Fiat

889
00:46:28,280 --> 00:46:30,880
Speaker 1: money shows us that the political solution is just in

890
00:46:31,040 --> 00:46:35,200
Speaker 1: fun impossible. It can't be done because it's it's just

891
00:46:36,520 --> 00:46:38,719
Speaker 1: it's it's it's it's unhappable in the way that it

892
00:46:38,800 --> 00:46:40,960
Speaker 1: is set up because the people in charge of running

893
00:46:41,000 --> 00:46:42,560
Speaker 1: the government are the ones that are in charge of

894
00:46:42,600 --> 00:46:46,640
Speaker 1: the money printer. And so there's no conceivable scenario in

895
00:46:46,680 --> 00:46:50,920
Speaker 1: which you can win the fight for the money printer

896
00:46:51,320 --> 00:46:54,040
Speaker 1: if you're not using the money printer. So the money

897
00:46:54,080 --> 00:46:56,000
Speaker 1: printer is always going to be controlled by people who

898
00:46:56,000 --> 00:46:59,000
Speaker 1: want to use it because they can win control with it.

899
00:46:59,160 --> 00:47:01,400
Speaker 1: You know, the person who wants to win an election

900
00:47:02,080 --> 00:47:05,200
Speaker 1: by telling people, I'm not going to build all of

901
00:47:05,320 --> 00:47:07,880
Speaker 1: the stupid things that you want. I'm not going to

902
00:47:07,920 --> 00:47:10,680
Speaker 1: fight all the unnecessary wars that you want. I'm not

903
00:47:10,719 --> 00:47:13,399
Speaker 1: going to build all the children's hospitals that you think

904
00:47:13,440 --> 00:47:15,359
Speaker 1: you want, what you don't really need. They're just boon

905
00:47:15,440 --> 00:47:21,640
Speaker 1: doggles for people, all of these emotionally attractive things under

906
00:47:21,680 --> 00:47:25,080
Speaker 1: a field system. Basically, it's a it's it's a it's

907
00:47:25,080 --> 00:47:28,160
Speaker 1: an impossible strategy. And in a sense like you can

908
00:47:28,920 --> 00:47:33,279
Speaker 1: you can hate on politicians for this um but at

909
00:47:33,360 --> 00:47:35,520
Speaker 1: some level you have to kind of come to terms

910
00:47:35,560 --> 00:47:39,560
Speaker 1: with reality, which is in a sense, yeah, when you

911
00:47:39,680 --> 00:47:43,480
Speaker 1: have a magic money printer that can print money out

912
00:47:43,520 --> 00:47:47,120
Speaker 1: on the band, poverty is a choice. You know, if

913
00:47:47,160 --> 00:47:49,800
Speaker 1: you are poor in the US today, you're poor because

914
00:47:49,800 --> 00:47:53,280
Speaker 1: the government didn't print enough money for you. That's there's

915
00:47:53,320 --> 00:47:56,600
Speaker 1: no running around that fact. You know. The reason Lehman

916
00:47:56,640 --> 00:47:59,160
Speaker 1: Brothers went out of businesses because the government didn't print

917
00:47:59,200 --> 00:48:02,000
Speaker 1: money for them. That's in Goldman, Saxon, Morgan Stanley are

918
00:48:02,000 --> 00:48:05,839
Speaker 1: still in business as because the government printed money. So poverty, Um,

919
00:48:05,880 --> 00:48:09,080
Speaker 1: you know, Leaving Brothers is out of business. You or

920
00:48:09,120 --> 00:48:12,960
Speaker 1: somebody you've seen on the street, they're poor because jr.

921
00:48:13,040 --> 00:48:16,360
Speaker 1: Own power doesn't care about them. There's no arguing with that.

922
00:48:16,400 --> 00:48:18,279
Speaker 1: You know, your own power could make them rich. They

923
00:48:18,280 --> 00:48:20,879
Speaker 1: could just tell them you get a million dollars a month.

924
00:48:21,320 --> 00:48:24,360
Speaker 1: It won't even be noticed on the federal reserve. You know,

925
00:48:24,360 --> 00:48:28,520
Speaker 1: a million dollars a month is nothing. And um, so

926
00:48:28,760 --> 00:48:31,320
Speaker 1: obviously you know the politicians that are going to be

927
00:48:31,360 --> 00:48:32,759
Speaker 1: in charge are gonna be the ones that are going

928
00:48:32,760 --> 00:48:36,680
Speaker 1: to promised to take control of the printer and use

929
00:48:36,719 --> 00:48:40,759
Speaker 1: it for all kinds of uh popular things. So I

930
00:48:40,800 --> 00:48:42,879
Speaker 1: can't see a political solution for it. And I think

931
00:48:43,280 --> 00:48:46,120
Speaker 1: this is just and and a beautiful example that's going

932
00:48:46,160 --> 00:48:49,520
Speaker 1: to be taught for centuries about in engineering schools about

933
00:48:49,560 --> 00:48:54,720
Speaker 1: how engineers can um solve everything. And in this case,

934
00:48:55,160 --> 00:48:56,960
Speaker 1: in my mind, it's almost like, you know, we're a

935
00:48:57,000 --> 00:48:59,000
Speaker 1: we're a frontier town and we have a problem of

936
00:48:59,080 --> 00:49:04,080
Speaker 1: theirs attacking the community and killing our children, eating our

937
00:49:04,120 --> 00:49:08,520
Speaker 1: food and eating our cows. And it's like an engineer

938
00:49:08,560 --> 00:49:11,200
Speaker 1: has managed to figure out this magic technology that just

939
00:49:11,239 --> 00:49:14,080
Speaker 1: repels bears and now we never have to suffer from that,

940
00:49:14,160 --> 00:49:17,640
Speaker 1: and it's it's I think that metaphor is also very

941
00:49:17,640 --> 00:49:20,600
Speaker 1: powerful because that's exactly what the government really is in

942
00:49:20,680 --> 00:49:25,879
Speaker 1: that you can, up until bitcoin came about, people who

943
00:49:25,920 --> 00:49:28,560
Speaker 1: believed in hard money and sound money and free markets,

944
00:49:29,440 --> 00:49:31,359
Speaker 1: you had no choice but to try and think of

945
00:49:31,440 --> 00:49:34,560
Speaker 1: the solution through the political perspective, Like we have these

946
00:49:34,560 --> 00:49:37,320
Speaker 1: politicians that are doing things this way. We got to

947
00:49:37,360 --> 00:49:39,759
Speaker 1: elect the better politicians. We've gotta raise awareness, we've got

948
00:49:39,840 --> 00:49:42,320
Speaker 1: to make people figure things out, and then we'll be

949
00:49:42,360 --> 00:49:44,880
Speaker 1: able to get it. In my mind, that's as practical

950
00:49:44,920 --> 00:49:48,839
Speaker 1: at this point as um thinking you're going to negotiate

951
00:49:49,000 --> 00:49:51,000
Speaker 1: with the bears so that they don't eat kids. Like

952
00:49:51,120 --> 00:49:53,120
Speaker 1: we just sit down with the bears explained to them, Hey,

953
00:49:53,160 --> 00:49:55,920
Speaker 1: you know, we're building this town and we like our kids,

954
00:49:56,280 --> 00:49:58,360
Speaker 1: and we don't want our kids to be your dinner,

955
00:49:58,440 --> 00:50:00,840
Speaker 1: So could you please stop ease now watching our children,

956
00:50:01,480 --> 00:50:04,520
Speaker 1: and good luck convincing bears about that. So you know,

957
00:50:04,960 --> 00:50:08,200
Speaker 1: the right engineer doesn't sit there and try and convince

958
00:50:08,239 --> 00:50:10,919
Speaker 1: the bear because he realizes the bears are not something

959
00:50:10,960 --> 00:50:14,400
Speaker 1: you can reason with. The smart engineer figures out a

960
00:50:14,400 --> 00:50:17,879
Speaker 1: technical solution that makes the cooperation of the bears irrelevant.

961
00:50:18,360 --> 00:50:21,799
Speaker 1: You know, you build a fence, or you have a

962
00:50:21,840 --> 00:50:26,440
Speaker 1: watch tower or something, whatever it is. You put technology

963
00:50:26,480 --> 00:50:29,399
Speaker 1: that repels them, that issues sounds that makes a bear

964
00:50:29,480 --> 00:50:32,400
Speaker 1: scared and makes them go away, But you find a solution,

965
00:50:32,880 --> 00:50:37,040
Speaker 1: and it's a solution that doesn't require the bears to cooperate.

966
00:50:37,080 --> 00:50:39,080
Speaker 1: And I think this is what bitcoin is. It's just

967
00:50:39,560 --> 00:50:41,600
Speaker 1: gonna be there. They can't stop it. It's going to

968
00:50:41,640 --> 00:50:43,600
Speaker 1: continue to grow and they're either going to join it

969
00:50:43,760 --> 00:50:47,680
Speaker 1: or they're going to have fun staying poor. And it's

970
00:50:47,719 --> 00:50:50,440
Speaker 1: you know, either they joined and they start doing the

971
00:50:50,440 --> 00:50:52,920
Speaker 1: bad things that they're doing because they start understanding opportunity

972
00:50:52,960 --> 00:50:54,920
Speaker 1: costs and they start understanding how expensive it is for

973
00:50:54,960 --> 00:50:58,480
Speaker 1: them to be wasting their lives in doing stupid bullshit

974
00:50:58,960 --> 00:51:01,359
Speaker 1: that they're doing, and how much better off they could

975
00:51:01,360 --> 00:51:06,040
Speaker 1: be if they were just talking sounds or you just uh,

976
00:51:06,200 --> 00:51:08,759
Speaker 1: you know, people move away from the money pent their

977
00:51:08,800 --> 00:51:11,279
Speaker 1: money and they use the harder money and then that

978
00:51:11,320 --> 00:51:14,360
Speaker 1: makes the money pent the money powerless basically, so either way,

979
00:51:14,760 --> 00:51:18,120
Speaker 1: the bears are not going to hit your children. Yeah,

980
00:51:18,200 --> 00:51:22,319
Speaker 1: I love that. That's a good analogy. UM, if we uh,

981
00:51:22,360 --> 00:51:24,879
Speaker 1: if we if we look into the future. UM, I'm

982
00:51:24,880 --> 00:51:26,360
Speaker 1: not going to try to tie you down to a

983
00:51:26,440 --> 00:51:29,160
Speaker 1: price on bitcoin, But what do you think about this

984
00:51:29,200 --> 00:51:33,399
Speaker 1: transition process? Like fiat ends uh sound money wins? Um.

985
00:51:33,440 --> 00:51:35,160
Speaker 1: I think we both believe that. But I mean, do

986
00:51:35,160 --> 00:51:36,799
Speaker 1: you think this is something that we really start to

987
00:51:36,800 --> 00:51:38,960
Speaker 1: see escalate over the next several years, like by the

988
00:51:39,040 --> 00:51:41,960
Speaker 1: end of the decade. If we look at like like escort,

989
00:51:42,000 --> 00:51:44,120
Speaker 1: like an escort, which we typically used to look at

990
00:51:44,120 --> 00:51:47,520
Speaker 1: adoption of technology, maybe we look at like, you know,

991
00:51:48,120 --> 00:51:49,759
Speaker 1: the first ten percent, and then that's the amount of

992
00:51:49,760 --> 00:51:52,160
Speaker 1: time it takes to go from ten to we could

993
00:51:52,239 --> 00:51:54,480
Speaker 1: argue were past ten percent now, I mean, what do

994
00:51:54,520 --> 00:51:56,279
Speaker 1: you think about this transition as far as time frame

995
00:51:56,320 --> 00:51:58,759
Speaker 1: future casting? You think but into the decade, in the

996
00:51:58,800 --> 00:52:00,720
Speaker 1: next couple of years, we really start see this happening.

997
00:52:02,480 --> 00:52:05,359
Speaker 1: It's really hard to tell. I don't think it's um,

998
00:52:05,400 --> 00:52:07,920
Speaker 1: I don't think it's gonna be uh as quick as

999
00:52:08,120 --> 00:52:11,520
Speaker 1: the end of the decade. I think the limit on

1000
00:52:11,640 --> 00:52:14,799
Speaker 1: bitcoin scaling this is I think, um, some something I

1001
00:52:14,880 --> 00:52:17,720
Speaker 1: disagree with on most people. Most people think of bitcoin

1002
00:52:17,760 --> 00:52:21,120
Speaker 1: scaling as being a technical problem of getting this many

1003
00:52:21,120 --> 00:52:25,200
Speaker 1: transactions to be operated. And for me, the technical aspect

1004
00:52:25,200 --> 00:52:29,560
Speaker 1: of bitcoin is, um, I'm not gonna say it's solved,

1005
00:52:29,800 --> 00:52:35,680
Speaker 1: but I think it's it's a tractable, easy problem, and

1006
00:52:35,760 --> 00:52:40,680
Speaker 1: it can be solved tomorrow if the economic scaling works,

1007
00:52:40,680 --> 00:52:42,240
Speaker 1: which is what I want to get to in a minute.

1008
00:52:42,600 --> 00:52:44,239
Speaker 1: In other words, you could you could have the entire

1009
00:52:44,280 --> 00:52:48,800
Speaker 1: world economy running on bitcoin tomorrow if the US just simply,

1010
00:52:48,920 --> 00:52:52,160
Speaker 1: if the US government tomorrow says the dollar is redeemable

1011
00:52:52,160 --> 00:52:55,040
Speaker 1: for bitcoin. You know, we've got a million coins in

1012
00:52:55,080 --> 00:52:59,359
Speaker 1: our stash and you can buy a dollar at say,

1013
00:52:59,600 --> 00:53:02,120
Speaker 1: you can buy a bitcoin from US at a million dollars,

1014
00:53:02,360 --> 00:53:05,080
Speaker 1: and we're redeeming the bitcoin in dollars. Once you've done that,

1015
00:53:05,800 --> 00:53:09,320
Speaker 1: all of your transactions everything you know, your PayPal, your venmore,

1016
00:53:09,400 --> 00:53:12,800
Speaker 1: you're checking account, um, your credit cards, all of that

1017
00:53:12,880 --> 00:53:17,879
Speaker 1: stuff is now denominated in bitcoin effectively. So um, the

1018
00:53:17,960 --> 00:53:23,320
Speaker 1: issue of moving the technical aspect of payments I find

1019
00:53:23,480 --> 00:53:26,319
Speaker 1: to be not the real challenge. That's not the real

1020
00:53:26,360 --> 00:53:31,520
Speaker 1: mountain to climb. The real economic scaling issue is the

1021
00:53:31,520 --> 00:53:35,239
Speaker 1: transition of people's cash balances from being fiat based into

1022
00:53:35,280 --> 00:53:38,759
Speaker 1: being bitcoin based. And that's just something that's going to

1023
00:53:38,800 --> 00:53:41,640
Speaker 1: take a lot of time, just because it's an enormously

1024
00:53:41,840 --> 00:53:44,919
Speaker 1: complicated process, and it's a process that takes a lot

1025
00:53:44,960 --> 00:53:47,440
Speaker 1: of time for people to first learn what's going on,

1026
00:53:48,040 --> 00:53:52,200
Speaker 1: understand how bitcoin works, being able to take care of

1027
00:53:52,200 --> 00:53:56,239
Speaker 1: their own bitcoins and managing them, and then making the

1028
00:53:56,280 --> 00:54:01,919
Speaker 1: economic decision to switch over, but then waiting until they're

1029
00:54:01,960 --> 00:54:04,120
Speaker 1: able to make the complete switch, which can't be done

1030
00:54:04,160 --> 00:54:06,680
Speaker 1: overnight for the vast majority of people. So and and

1031
00:54:06,680 --> 00:54:08,880
Speaker 1: and you know, it's not about being rich or poor,

1032
00:54:08,920 --> 00:54:11,600
Speaker 1: whatever it is. You have a job, or you have

1033
00:54:11,640 --> 00:54:15,200
Speaker 1: a business, you have your you live now in a

1034
00:54:15,239 --> 00:54:19,080
Speaker 1: world in which your receipts, all everything you pay, everything

1035
00:54:19,080 --> 00:54:22,520
Speaker 1: you receive is denominated in dollars. And so you have

1036
00:54:22,640 --> 00:54:27,799
Speaker 1: obligations to pay people in dollar and you have assets

1037
00:54:27,840 --> 00:54:29,560
Speaker 1: of other people that are supposed to be paying you

1038
00:54:29,719 --> 00:54:32,799
Speaker 1: in dollars. And that's going to continue to be the case.

1039
00:54:32,800 --> 00:54:36,040
Speaker 1: So there's a small marginal of you being able to

1040
00:54:36,080 --> 00:54:38,560
Speaker 1: take your money out of the dollar and put it

1041
00:54:38,600 --> 00:54:40,799
Speaker 1: in it into bitcoin. You can't do it with all

1042
00:54:40,840 --> 00:54:43,440
Speaker 1: of your money. Um, you know, obviously, if you were

1043
00:54:43,520 --> 00:54:44,840
Speaker 1: rich and you just had a bunch of money in

1044
00:54:44,840 --> 00:54:49,120
Speaker 1: the bank and you didn't have much business, then yeah,

1045
00:54:49,160 --> 00:54:52,799
Speaker 1: you can say convert that money into bitcoin, and then

1046
00:54:52,840 --> 00:54:55,319
Speaker 1: you keep one percent for data expenses, and then you

1047
00:54:55,360 --> 00:54:57,600
Speaker 1: sell some of that bitcoin. But for the vast majority

1048
00:54:57,640 --> 00:55:00,319
Speaker 1: of people, they have income and they have expanded chair,

1049
00:55:00,760 --> 00:55:05,800
Speaker 1: and they have a cash balance that's essentially constantly being

1050
00:55:06,000 --> 00:55:10,440
Speaker 1: added to uh, constantly having more payments attitude, and constantly

1051
00:55:10,480 --> 00:55:13,080
Speaker 1: there's payments going out from it. So you're limited how

1052
00:55:13,160 --> 00:55:16,440
Speaker 1: much you can transition into bitcoin from that. And I

1053
00:55:16,440 --> 00:55:20,040
Speaker 1: think we're seeing that transition happened gradually, and the thing

1054
00:55:20,080 --> 00:55:22,280
Speaker 1: that's obviously driving it is the fact that bitcoins prices

1055
00:55:22,280 --> 00:55:26,160
Speaker 1: continuously going up. So what happens is people by one

1056
00:55:26,200 --> 00:55:30,440
Speaker 1: percent of their work net worth in portfolio or portfolio

1057
00:55:30,520 --> 00:55:33,520
Speaker 1: in bitcoin. Over time that becomes two percent, five percent,

1058
00:55:33,640 --> 00:55:37,120
Speaker 1: ten percent, keeps to increase, and they keep adding up

1059
00:55:37,160 --> 00:55:39,240
Speaker 1: more to it. But then you know, at some point

1060
00:55:39,280 --> 00:55:42,880
Speaker 1: in the future, without them um ever risking the solvency

1061
00:55:42,920 --> 00:55:45,040
Speaker 1: of their business, at some point in the future, they're

1062
00:55:45,040 --> 00:55:46,719
Speaker 1: able to wrap at a point where they have as

1063
00:55:46,760 --> 00:55:49,279
Speaker 1: big enough stash of bitcoin that it's bigger than the

1064
00:55:49,320 --> 00:55:53,919
Speaker 1: majority of the of their dollars. So that's that that

1065
00:55:53,960 --> 00:55:56,560
Speaker 1: can't be done at once. We can just click a

1066
00:55:56,560 --> 00:56:01,160
Speaker 1: button and have the entire planet upgrade. Well well, I

1067
00:56:01,160 --> 00:56:03,680
Speaker 1: mean the US government could, but I wouldn't count on

1068
00:56:03,719 --> 00:56:05,279
Speaker 1: that because, as was saying earlier, you know, we're not

1069
00:56:05,320 --> 00:56:08,440
Speaker 1: going to count on the cooperation of the bears. So

1070
00:56:09,520 --> 00:56:11,439
Speaker 1: in order for it to happen as a spontaneous market

1071
00:56:11,480 --> 00:56:13,239
Speaker 1: process is going to take time. It's going to take

1072
00:56:13,239 --> 00:56:15,799
Speaker 1: time for business to upgrade, and it's gonna take time

1073
00:56:15,840 --> 00:56:18,040
Speaker 1: for the bitcoin to grow as part of their balance sheets.

1074
00:56:18,080 --> 00:56:20,600
Speaker 1: And as bitcoin grows as a part of their balance sheets,

1075
00:56:21,040 --> 00:56:24,360
Speaker 1: then it becomes more likely for people to find trading

1076
00:56:24,360 --> 00:56:27,520
Speaker 1: opportunities in bitcoin. And so what's going to happen, you

1077
00:56:27,560 --> 00:56:29,560
Speaker 1: know right now? It's you know, the vast majority of

1078
00:56:29,600 --> 00:56:31,760
Speaker 1: people don't get paid in bitcoining, They don't make payments

1079
00:56:31,760 --> 00:56:35,760
Speaker 1: in bitcoin, because somewhere around one percent of global cash

1080
00:56:35,760 --> 00:56:38,759
Speaker 1: balances are in bitcoin, maybe less than one percent, so

1081
00:56:38,800 --> 00:56:41,720
Speaker 1: it's only one percent. So the odds of you coming

1082
00:56:41,760 --> 00:56:44,319
Speaker 1: across somebody who wants to buy something from you and

1083
00:56:44,440 --> 00:56:47,200
Speaker 1: is willing to give up some of their bitcoin is

1084
00:56:47,520 --> 00:56:50,560
Speaker 1: one percent, but likely even lower, And so it doesn't

1085
00:56:50,600 --> 00:56:53,960
Speaker 1: doesn't make sense to base your business around bitcoin entirely,

1086
00:56:54,000 --> 00:56:56,760
Speaker 1: and so you continue to accept fiat. But over time,

1087
00:56:57,280 --> 00:56:59,800
Speaker 1: as the price of bitcoin goes up, and as people

1088
00:56:59,840 --> 00:57:01,760
Speaker 1: can fiction of bitcoin go up, and as the process

1089
00:57:01,760 --> 00:57:04,840
Speaker 1: of bitcoin education increases and the understanding of bitcoin increases,

1090
00:57:05,239 --> 00:57:08,920
Speaker 1: you're gonna see those one percent uh in everybody's portfolio

1091
00:57:09,080 --> 00:57:11,799
Speaker 1: begin to rise up more and more. You can see

1092
00:57:11,800 --> 00:57:14,560
Speaker 1: more and more trading opportunities emerge, and then you're going

1093
00:57:14,600 --> 00:57:16,960
Speaker 1: to see more and more of a bitcoin based economy image.

1094
00:57:17,000 --> 00:57:19,000
Speaker 1: But I think it's gonna be a while, and I

1095
00:57:19,040 --> 00:57:22,720
Speaker 1: don't think it's um you know, I don't think I think,

1096
00:57:22,760 --> 00:57:25,280
Speaker 1: you know, people who criticize bitcoin on technical grounds missed

1097
00:57:25,320 --> 00:57:27,960
Speaker 1: the point. Like lightning is already there, it works, I

1098
00:57:28,040 --> 00:57:30,520
Speaker 1: use it, I accept lightning payments on my website. You

1099
00:57:30,560 --> 00:57:32,840
Speaker 1: can payment with lightning, and my customers use it, and

1100
00:57:32,880 --> 00:57:34,800
Speaker 1: I've never had a problem with it. It's there, and

1101
00:57:34,840 --> 00:57:37,840
Speaker 1: it works, and it is going to grow, and so

1102
00:57:37,880 --> 00:57:40,400
Speaker 1: it's but the limit on its growth is not the

1103
00:57:40,400 --> 00:57:42,760
Speaker 1: technical aspect. It's not the fact that it can't handle

1104
00:57:42,880 --> 00:57:46,200
Speaker 1: enough transactions. Can already handle enough transactions with the whole planet.

1105
00:57:46,440 --> 00:57:49,080
Speaker 1: The limit is how much liquidity people have in bitcoint

1106
00:57:49,120 --> 00:57:51,080
Speaker 1: and it's just not that much compared to all the

1107
00:57:51,080 --> 00:57:54,400
Speaker 1: other currencies. But you know, let's give you the short

1108
00:57:54,440 --> 00:57:57,120
Speaker 1: answer your question. I'm gonna say fifteen years. Yeah. Well,

1109
00:57:57,160 --> 00:57:59,360
Speaker 1: I think it depends on what you consider that outcome

1110
00:57:59,440 --> 00:58:02,200
Speaker 1: is in fifteen years. But to your point, um, you know,

1111
00:58:02,280 --> 00:58:04,320
Speaker 1: in modern times, in the last hundred years or a a

1112
00:58:04,400 --> 00:58:07,280
Speaker 1: hundred and twenty years, um, gold was a reserve asset,

1113
00:58:07,320 --> 00:58:09,200
Speaker 1: but it wasn't used on a day to day transaction,

1114
00:58:09,240 --> 00:58:16,040
Speaker 1: and so my savings went right, Okay, you're right, Yeah, yeah,

1115
00:58:16,040 --> 00:58:17,840
Speaker 1: I mean so you know in the late eighteen hundreds,

1116
00:58:17,840 --> 00:58:20,520
Speaker 1: early nineteen hundreds, I mean, gold was my reserve asset,

1117
00:58:21,320 --> 00:58:23,600
Speaker 1: but I was using fiat to spend at all paper

1118
00:58:23,600 --> 00:58:25,240
Speaker 1: gold certificates or whatever they were at the time. I

1119
00:58:25,240 --> 00:58:28,600
Speaker 1: think in the eighteenth and nineteenth century, UM, gold was

1120
00:58:29,400 --> 00:58:31,480
Speaker 1: you know, you were using gold back nay, so it

1121
00:58:31,560 --> 00:58:33,560
Speaker 1: was just second layer of gold scaling solutions. You know,

1122
00:58:33,600 --> 00:58:36,080
Speaker 1: paper money was just receipts for gold, so it was

1123
00:58:36,080 --> 00:58:41,120
Speaker 1: still gold. Yeah. Um. And I I put this thesis

1124
00:58:41,160 --> 00:58:43,479
Speaker 1: together that I've been talking about, and it's like three

1125
00:58:43,520 --> 00:58:46,480
Speaker 1: revolutionary cycles converging, and so obviously we can see the

1126
00:58:46,480 --> 00:58:49,360
Speaker 1: financial market every about eighty years is ready to be reset.

1127
00:58:49,400 --> 00:58:51,920
Speaker 1: They're calling for a reset of it. But then we

1128
00:58:51,960 --> 00:58:55,400
Speaker 1: have the technological revolution every fifty years the technological revolution,

1129
00:58:55,440 --> 00:58:57,840
Speaker 1: and then there's every two years is a political, social,

1130
00:58:57,880 --> 00:59:00,760
Speaker 1: cultural revolution. Um. And they're all could urging right now

1131
00:59:01,080 --> 00:59:03,400
Speaker 1: in the next couple of years. UM. And so it

1132
00:59:03,440 --> 00:59:05,360
Speaker 1: seems like every two or fo years the world rejects

1133
00:59:05,360 --> 00:59:09,439
Speaker 1: globalism or centralization, it moves to decentralization. Two or fifty

1134
00:59:09,520 --> 00:59:12,640
Speaker 1: years ago was the American French Revolution, and years before

1135
00:59:12,680 --> 00:59:15,640
Speaker 1: that was the Protestant Reformation. UM. So I think while

1136
00:59:15,640 --> 00:59:18,480
Speaker 1: everybody's looking for a centralized answer, will it will the

1137
00:59:18,480 --> 00:59:20,280
Speaker 1: dollar remain and will it be the yuan? Will it

1138
00:59:20,280 --> 00:59:23,440
Speaker 1: be an SDR? I think the futures decentralized. Where you

1139
00:59:23,480 --> 00:59:26,000
Speaker 1: and I use a bitcoin standard, some people still use

1140
00:59:26,080 --> 00:59:27,720
Speaker 1: the dollar, some people use gold, and it's more of

1141
00:59:27,760 --> 00:59:31,560
Speaker 1: a decentralized answer than that power power from on high

1142
00:59:31,640 --> 00:59:34,800
Speaker 1: gives this decree Okay, this is the new UH standard

1143
00:59:34,840 --> 00:59:38,400
Speaker 1: or whatever. But um, yeah, and I think what massive

1144
00:59:38,480 --> 00:59:41,640
Speaker 1: changes decades. So we'll see how that plays out. It's interesting. Yeah,

1145
00:59:41,640 --> 00:59:44,680
Speaker 1: I think I agree with you. UM. All right, last

1146
00:59:44,720 --> 00:59:47,000
Speaker 1: question I'd like to ask, since UH you're a you're

1147
00:59:47,000 --> 00:59:50,000
Speaker 1: an educator. I've read your books. I highly recommend him, UM,

1148
00:59:50,000 --> 00:59:52,600
Speaker 1: and I value your opinion. I'm curious, Um, if you

1149
00:59:52,680 --> 00:59:55,280
Speaker 1: were to make your own amount rushmore like the United

1150
00:59:55,280 --> 00:59:57,840
Speaker 1: States we have amount rushmore for presidents, who would you

1151
00:59:57,880 --> 01:00:00,400
Speaker 1: put up on there? Um that may we were the

1152
01:00:00,440 --> 01:00:06,880
Speaker 1: most influential for you. Mm hmmm, Um, definitely I put

1153
01:00:06,920 --> 01:00:12,080
Speaker 1: moderin Rothbard, Ludvig one ms M. Hard to choose between

1154
01:00:12,080 --> 01:00:16,120
Speaker 1: those two, so not I'm gonna choose to have these two.

1155
01:00:16,520 --> 01:00:23,160
Speaker 1: And mm hmm I could add hands Harmon Hopper as well.

1156
01:00:23,560 --> 01:00:27,080
Speaker 1: I think those three would be there that I need

1157
01:00:27,120 --> 01:00:32,960
Speaker 1: for before I'll add Ferdinand Lips. I've only read one

1158
01:00:33,000 --> 01:00:35,120
Speaker 1: book of his. He's only written one book. I think

1159
01:00:35,720 --> 01:00:38,000
Speaker 1: the book is called gold Wars, and it was highly

1160
01:00:38,000 --> 01:00:42,160
Speaker 1: influential on the bitcoin standard. The bitcoin standard was essentially

1161
01:00:43,200 --> 01:00:46,800
Speaker 1: to a very large extent. I think it was what

1162
01:00:47,040 --> 01:00:52,720
Speaker 1: Ferdinand Lips would have written if he was fifty years younger. Um.

1163
01:00:52,760 --> 01:00:54,640
Speaker 1: He died in two thousand, I think or in the

1164
01:00:54,720 --> 01:00:57,840
Speaker 1: late nineties, and he was a Swiss banker who worked

1165
01:00:58,000 --> 01:01:02,640
Speaker 1: in Switzerland in banking and UM he wrote a book

1166
01:01:02,680 --> 01:01:05,360
Speaker 1: on gold has money in the history of gold, and

1167
01:01:05,360 --> 01:01:08,600
Speaker 1: he understood the significance of hard money for civilization. He

1168
01:01:08,680 --> 01:01:10,840
Speaker 1: understood it very well and wrote about it very eloquently

1169
01:01:10,840 --> 01:01:13,440
Speaker 1: in that book, and it was enormously influential for me.

1170
01:01:13,520 --> 01:01:16,800
Speaker 1: So I would probably say these four Yeah, Mises hop

1171
01:01:17,800 --> 01:01:21,640
Speaker 1: rough part and Furtherland lips nice, alright, good. I know

1172
01:01:21,680 --> 01:01:24,120
Speaker 1: I caught you off guard with that one, but but

1173
01:01:24,200 --> 01:01:25,880
Speaker 1: it was but I was good to hear that. Um

1174
01:01:25,880 --> 01:01:27,920
Speaker 1: cool with that. We're gonna wrap it up. I know

1175
01:01:28,000 --> 01:01:29,680
Speaker 1: you have that book. If you had Standard coming out

1176
01:01:30,360 --> 01:01:32,560
Speaker 1: really quickly, you were running a kickstarter. Is that still

1177
01:01:32,640 --> 01:01:35,520
Speaker 1: running or is that over? Yes, it's still running. You

1178
01:01:35,520 --> 01:01:38,160
Speaker 1: can you can go to my website safetan dot com

1179
01:01:38,200 --> 01:01:41,600
Speaker 1: slash Kickstarter or safety dot com slash t f S

1180
01:01:41,760 --> 01:01:45,400
Speaker 1: and Fiat Standard and you can pre order the book

1181
01:01:45,560 --> 01:01:47,680
Speaker 1: right now. It will be delivered in December, but you

1182
01:01:47,720 --> 01:01:50,400
Speaker 1: can get the draft of the book, the almost complete

1183
01:01:50,400 --> 01:01:53,360
Speaker 1: the draft still gonna be some editing done. But if

1184
01:01:53,360 --> 01:01:54,760
Speaker 1: you order now, you'll get the draft so you can

1185
01:01:54,800 --> 01:01:57,440
Speaker 1: read it now in digital format, and then in December

1186
01:01:57,480 --> 01:01:59,720
Speaker 1: you'll get the physical book, the digital book and the

1187
01:02:00,000 --> 01:02:03,360
Speaker 1: audiobook and you can get a signed copy of it. Yes,

1188
01:02:03,360 --> 01:02:05,760
Speaker 1: and you can get a signed copy, and essentially the

1189
01:02:05,800 --> 01:02:08,040
Speaker 1: signed copies my way of Um. You know, people like

1190
01:02:08,160 --> 01:02:11,640
Speaker 1: donate to universities that they like. I'm sort of cutting

1191
01:02:11,640 --> 01:02:14,240
Speaker 1: out the middleman, and you know, if you want to

1192
01:02:14,280 --> 01:02:16,280
Speaker 1: support me working on these books, it takes a lot

1193
01:02:16,280 --> 01:02:18,000
Speaker 1: of time to write these books and I don't and

1194
01:02:18,000 --> 01:02:21,000
Speaker 1: I'm publishing. I'm self publishing them. UM. So instead of

1195
01:02:21,360 --> 01:02:24,360
Speaker 1: going to publishing house and taking an advance, I'm getting

1196
01:02:24,360 --> 01:02:27,080
Speaker 1: the advance essentially from my readers. So if you buy

1197
01:02:27,080 --> 01:02:28,720
Speaker 1: a signed copy, you get a signed copy and you

1198
01:02:28,760 --> 01:02:30,400
Speaker 1: get listed in the book as one of the supporters

1199
01:02:30,400 --> 01:02:32,919
Speaker 1: of the book. So please do that. Yep, I got

1200
01:02:32,920 --> 01:02:34,840
Speaker 1: a signed copy of the Bitcoin Standard. I'm definitely getting

1201
01:02:34,840 --> 01:02:36,680
Speaker 1: a copy of the signed copy of the FED standard.

1202
01:02:36,760 --> 01:02:38,680
Speaker 1: So I'm in. I'm gonna put the link down below

1203
01:02:38,720 --> 01:02:41,440
Speaker 1: for everybody. I recommend that you go do that. Um

1204
01:02:41,480 --> 01:02:42,840
Speaker 1: and with that, we'll go ahead and sign it off.

1205
01:02:42,960 --> 01:02:45,880
Speaker 1: Thanks so much, Safety, thank you so much, Mark. Pleasure

1206
01:02:45,880 --> 01:02:47,400
Speaker 1: to take care all right,