WEBVTT - How Understanding Economics Is The Key To Understanding Almost Everything | Saifedean

0:00:13.760 --> 0:00:17.560
<v Speaker 1>While many people today think they're not into economics and

0:00:17.720 --> 0:00:21.520
<v Speaker 1>money and listening to all that, what few don't realize,

0:00:21.560 --> 0:00:24.440
<v Speaker 1>at least in the beginning, is that economics is at

0:00:24.440 --> 0:00:27.360
<v Speaker 1>the foundation of everything in our lives, and it permeates

0:00:27.400 --> 0:00:31.080
<v Speaker 1>every area of our life, including science and health and

0:00:31.200 --> 0:00:35.080
<v Speaker 1>politics and every other area. And so understanding the basics

0:00:35.080 --> 0:00:38.760
<v Speaker 1>of economics is the key to unlocking understanding of all

0:00:38.760 --> 0:00:41.320
<v Speaker 1>those other subjects. And today I am joined by a

0:00:41.360 --> 0:00:43.479
<v Speaker 1>good friend, someone I've been excited to talk to you

0:00:43.479 --> 0:00:45.519
<v Speaker 1>and bring to you for a long time, author of

0:00:45.800 --> 0:00:47.960
<v Speaker 1>one of the books that I think is very instrumental

0:00:48.000 --> 0:00:52.040
<v Speaker 1>and everyone should read. UM. And we dig into economics.

0:00:52.040 --> 0:00:54.160
<v Speaker 1>We talk about how it's that foundation for the rest

0:00:54.200 --> 0:00:57.480
<v Speaker 1>of everything, UM. What is at the root of that UM,

0:00:57.480 --> 0:01:00.240
<v Speaker 1>the two different camps of economics, and how all they're

0:01:00.240 --> 0:01:03.000
<v Speaker 1>at odds with each other, How one of those camps

0:01:03.000 --> 0:01:06.399
<v Speaker 1>has really driven all the policy of the developed world

0:01:06.440 --> 0:01:09.400
<v Speaker 1>and kind of politics where we're at today, the problems

0:01:09.400 --> 0:01:12.680
<v Speaker 1>that it's created, UM, how to solve it, what's at

0:01:12.720 --> 0:01:14.399
<v Speaker 1>the root of that problem, and how we can solve

0:01:14.440 --> 0:01:17.720
<v Speaker 1>that problem? UM, and and so much more. UM. I

0:01:17.720 --> 0:01:19.720
<v Speaker 1>am excited to have this interview with you today. UM,

0:01:19.720 --> 0:01:21.280
<v Speaker 1>I hope you enjoyed it as I did. So let's

0:01:21.319 --> 0:01:25.039
<v Speaker 1>quead just jump in everyone today. I'm joined by Safety

0:01:25.040 --> 0:01:27.400
<v Speaker 1>and he is a pH d in economics. He's an

0:01:27.400 --> 0:01:30.520
<v Speaker 1>independent scholar, and he's a teacher on his own website,

0:01:30.560 --> 0:01:33.560
<v Speaker 1>Safety and dot com. He's also the author of the

0:01:33.560 --> 0:01:37.120
<v Speaker 1>Bitcoin Standard and the newcoming book, the FIATS Standard, which

0:01:37.160 --> 0:01:39.080
<v Speaker 1>I think everyone is pretty excited to read. I know

0:01:39.160 --> 0:01:41.080
<v Speaker 1>I am, I've read quite a bit of it released.

0:01:41.080 --> 0:01:43.600
<v Speaker 1>But anyway, Safety and thanks so much for joining me today.

0:01:43.959 --> 0:01:45.400
<v Speaker 1>Thank you so much for having me Mark. It's a

0:01:45.400 --> 0:01:47.960
<v Speaker 1>pleasure to be chatting to you. Yeah, that's great. I'm

0:01:47.960 --> 0:01:51.280
<v Speaker 1>glad we're able to finally get this together. UM. I've

0:01:51.280 --> 0:01:53.880
<v Speaker 1>been a big fan, uh ever since you kind of

0:01:53.960 --> 0:01:56.000
<v Speaker 1>you kind of popped up on the scene several years ago.

0:01:56.480 --> 0:01:59.560
<v Speaker 1>A big fan of your books. I've I've recommended them NonStop.

0:01:59.600 --> 0:02:03.080
<v Speaker 1>But what I really like is is the take that

0:02:03.120 --> 0:02:07.160
<v Speaker 1>you have almost not everything that seems to be counterculture today,

0:02:07.760 --> 0:02:11.160
<v Speaker 1>but you always are able to tie it back to economics.

0:02:11.000 --> 0:02:12.799
<v Speaker 1>You use, you have such a good understanding of that.

0:02:13.360 --> 0:02:14.720
<v Speaker 1>I have so much I want to dig in today,

0:02:14.760 --> 0:02:16.320
<v Speaker 1>but just real quick, why don't you just kind of

0:02:16.320 --> 0:02:18.640
<v Speaker 1>give us a background on on on who you are,

0:02:18.680 --> 0:02:21.200
<v Speaker 1>what you're doing right now. So I used to be

0:02:21.240 --> 0:02:24.160
<v Speaker 1>the university professor at the Lebanese American University when I

0:02:24.200 --> 0:02:28.240
<v Speaker 1>wrote the bitcoin standard, UM, and then UM that went well,

0:02:28.320 --> 0:02:32.440
<v Speaker 1>and UM, my working bitcoin became quite popular, and I

0:02:32.520 --> 0:02:35.160
<v Speaker 1>decided that I could make a lot more impact by

0:02:36.240 --> 0:02:40.320
<v Speaker 1>being independent and producing my own research, publishing it on

0:02:40.400 --> 0:02:43.120
<v Speaker 1>my website, publishing my books and selling them to my readers,

0:02:43.560 --> 0:02:46.839
<v Speaker 1>and teaching economics on my website. So I teach. I've

0:02:46.840 --> 0:02:49.639
<v Speaker 1>got four economics courses that are available on my website

0:02:49.680 --> 0:02:51.240
<v Speaker 1>that you can take, and you can join the website

0:02:51.280 --> 0:02:54.480
<v Speaker 1>as a member and study the courses which are recorded,

0:02:54.520 --> 0:02:56.520
<v Speaker 1>and then you can join the two live seminars that

0:02:56.560 --> 0:02:59.280
<v Speaker 1>we have every week. And it's, um, it's it's my

0:02:59.400 --> 0:03:02.120
<v Speaker 1>kind of twenty first century take on the university model.

0:03:02.600 --> 0:03:07.120
<v Speaker 1>And you know, I started this in and then the

0:03:07.160 --> 0:03:09.160
<v Speaker 1>rest of the worlds university has joined me and now

0:03:09.200 --> 0:03:13.480
<v Speaker 1>they're all teaching over zoom anyway, So UM, it's kind

0:03:13.520 --> 0:03:17.000
<v Speaker 1>of uh, it's kind of inevitable because of the economics involved.

0:03:17.000 --> 0:03:19.880
<v Speaker 1>I mean sure that the university model of going and

0:03:19.919 --> 0:03:22.359
<v Speaker 1>hanging out with a bunch of twenty year olds is

0:03:22.440 --> 0:03:24.960
<v Speaker 1>obviously a lot of fun, but the economics of it

0:03:25.000 --> 0:03:26.959
<v Speaker 1>in terms of education, when you have the alternative of

0:03:27.639 --> 0:03:31.560
<v Speaker 1>essentially learning for free or close to free online, it's

0:03:31.600 --> 0:03:33.560
<v Speaker 1>just too compelling. And it's not like if you learned

0:03:33.600 --> 0:03:36.120
<v Speaker 1>online you can't socialize. You know, you can still go out,

0:03:36.160 --> 0:03:38.080
<v Speaker 1>you don't have to stay stuck in your house. You're

0:03:38.080 --> 0:03:40.680
<v Speaker 1>just gonna be learning much more efficiently. And then you

0:03:40.720 --> 0:03:44.080
<v Speaker 1>can socialize and invest and network and do all of

0:03:44.080 --> 0:03:46.480
<v Speaker 1>those things with all the time and money that you save,

0:03:46.560 --> 0:03:49.119
<v Speaker 1>and you can do them a lot better. So, um,

0:03:49.160 --> 0:03:52.720
<v Speaker 1>this is where this is where I am. And I've also, uh,

0:03:52.760 --> 0:03:55.760
<v Speaker 1>you know, since leaving my university job, I've written the

0:03:55.800 --> 0:03:58.760
<v Speaker 1>FIAT Standard, which I'm finishing up next week sending off

0:03:58.760 --> 0:04:00.880
<v Speaker 1>to the printers. You can pre order it from my

0:04:00.960 --> 0:04:03.840
<v Speaker 1>website safe at dean dot com. And I'm also writing

0:04:03.840 --> 0:04:06.920
<v Speaker 1>a textbook on economics Principles of Economics in the Austring

0:04:06.960 --> 0:04:12.720
<v Speaker 1>School Tradition, which will be out early next year. Yeah,

0:04:13.000 --> 0:04:16.360
<v Speaker 1>I love that. I love a lovely idea of disrupting

0:04:16.480 --> 0:04:19.920
<v Speaker 1>all legacy institutions and including the education system. And it's

0:04:20.279 --> 0:04:22.480
<v Speaker 1>you know, over the last twenty years, technology has changed

0:04:22.520 --> 0:04:24.800
<v Speaker 1>so much that it's like these all these institutions have

0:04:24.880 --> 0:04:28.120
<v Speaker 1>to be disrupted. UM. Education is a big one, do

0:04:28.200 --> 0:04:31.360
<v Speaker 1>you think, UM back you know, changing that model, as

0:04:31.400 --> 0:04:34.160
<v Speaker 1>you say, like are your classes they're like prerecorded, right,

0:04:34.160 --> 0:04:35.840
<v Speaker 1>so then people can go through them whenever they want

0:04:36.240 --> 0:04:38.320
<v Speaker 1>UM and then you have the discussion that you add

0:04:38.320 --> 0:04:40.920
<v Speaker 1>on UM as opposed to the old model where like

0:04:40.960 --> 0:04:43.600
<v Speaker 1>a professor has to be in the classroom giving the

0:04:43.760 --> 0:04:48.920
<v Speaker 1>same talk day after day, year after year after year. Right. Yeah, Well,

0:04:48.960 --> 0:04:50.800
<v Speaker 1>I mean the first time that I recorded them, it

0:04:51.000 --> 0:04:53.640
<v Speaker 1>was being offered live, so there were students who could

0:04:53.720 --> 0:04:55.680
<v Speaker 1>join the zoom call and that we could have some

0:04:55.720 --> 0:04:58.760
<v Speaker 1>discussion with it. But from then on, yeah, you just

0:04:58.880 --> 0:05:01.880
<v Speaker 1>recorded once and then I mean the things scales uh

0:05:02.000 --> 0:05:05.840
<v Speaker 1>enormously that way, because it's the same lecture if you're

0:05:05.839 --> 0:05:07.440
<v Speaker 1>going to be giving it to somebody else and it's

0:05:07.600 --> 0:05:10.240
<v Speaker 1>UM you know, there's no need for me and the

0:05:10.400 --> 0:05:13.400
<v Speaker 1>student to be live online at the same time in

0:05:13.480 --> 0:05:15.080
<v Speaker 1>order for him to get it. So they can just

0:05:15.080 --> 0:05:17.520
<v Speaker 1>get the recording and then they can join the discussion

0:05:17.800 --> 0:05:21.560
<v Speaker 1>with me or with other members of the website. UM uhh.

0:05:22.160 --> 0:05:25.760
<v Speaker 1>And you know that that's the interesting part and there's

0:05:25.800 --> 0:05:29.320
<v Speaker 1>an enormous amount of extra productivity that you can get

0:05:29.360 --> 0:05:35.080
<v Speaker 1>by just keeping the conventional lecture part recorded. Hey guys,

0:05:35.160 --> 0:05:37.440
<v Speaker 1>let me just interrupt this interview real quick, just to

0:05:37.480 --> 0:05:40.720
<v Speaker 1>plug the show sponsor, and that is block Fi. Now.

0:05:40.760 --> 0:05:44.559
<v Speaker 1>Block five is doing amazing things in the bitcoin finance space.

0:05:44.720 --> 0:05:46.479
<v Speaker 1>As a matter of fact, they've cracked some really big

0:05:46.480 --> 0:05:50.039
<v Speaker 1>news by bringing on the x CFTC UM chair Chris

0:05:50.160 --> 0:05:53.800
<v Speaker 1>gian Carlo UM and they are one of the most transparent,

0:05:53.880 --> 0:05:57.080
<v Speaker 1>most heavily regulated UM companies inside the United States, which

0:05:57.080 --> 0:06:00.120
<v Speaker 1>gives me a lot of trust into what their services are. Now,

0:06:00.160 --> 0:06:02.919
<v Speaker 1>I've recently did a video talking about how to retire

0:06:03.040 --> 0:06:06.239
<v Speaker 1>off bitcoin, and you can do that by leveraging debt

0:06:06.480 --> 0:06:10.479
<v Speaker 1>and interest against bitcoin. And Block five is the number

0:06:10.480 --> 0:06:12.320
<v Speaker 1>one company in the United States or maybe in the

0:06:12.360 --> 0:06:15.320
<v Speaker 1>world to go to and use UM. They are leading

0:06:15.360 --> 0:06:17.440
<v Speaker 1>the charges. Are paying interest on your bitcoin if you

0:06:17.440 --> 0:06:19.880
<v Speaker 1>park it with them, or you can borrow against it. Now,

0:06:19.880 --> 0:06:21.960
<v Speaker 1>as I broke down in that video, you can borrow

0:06:21.960 --> 0:06:25.040
<v Speaker 1>against your bitcoin, and when you take debt against it,

0:06:25.040 --> 0:06:27.440
<v Speaker 1>it's not taxable. It's not taxable. Event you can use

0:06:27.440 --> 0:06:29.280
<v Speaker 1>that debt for anything that you want, including to live

0:06:29.320 --> 0:06:31.600
<v Speaker 1>off of to leverage up and buy more or roll

0:06:31.640 --> 0:06:34.039
<v Speaker 1>it into another asset. UM you can do something like

0:06:34.080 --> 0:06:36.599
<v Speaker 1>I've done recently, like sell some real estate put that

0:06:36.640 --> 0:06:39.600
<v Speaker 1>money into bitcoin. Now as that bitcoin price has risen,

0:06:39.640 --> 0:06:41.720
<v Speaker 1>I'm able to borrow against it and go back and

0:06:41.760 --> 0:06:44.160
<v Speaker 1>buy the same real estate or something similar, and I

0:06:44.200 --> 0:06:47.320
<v Speaker 1>still own the bitcoin, and I also own the new

0:06:47.360 --> 0:06:49.320
<v Speaker 1>asset as well. Lots of ways you can do this

0:06:49.640 --> 0:06:52.359
<v Speaker 1>um and block five is the company that I recommend.

0:06:52.480 --> 0:06:54.320
<v Speaker 1>Down in the description, I have a link that you

0:06:54.320 --> 0:06:56.080
<v Speaker 1>can click on. If you choose to use that link,

0:06:56.080 --> 0:06:57.719
<v Speaker 1>you can earn up the two U fifty dollars in

0:06:57.760 --> 0:07:00.320
<v Speaker 1>bitcoin just for using that link. So check out block

0:07:00.360 --> 0:07:04.040
<v Speaker 1>fine out. Yeah, I love it. I love it. I

0:07:04.040 --> 0:07:06.839
<v Speaker 1>I have a daughter who's starting to think about college

0:07:06.839 --> 0:07:09.360
<v Speaker 1>at this point, and I'm not really a big fan

0:07:09.400 --> 0:07:13.520
<v Speaker 1>of that. I secretly don't not not so secretly, I

0:07:13.520 --> 0:07:15.720
<v Speaker 1>don't really even want it to go at all. Um

0:07:15.800 --> 0:07:18.600
<v Speaker 1>and now because I don't love education, I do, it's just, uh,

0:07:18.640 --> 0:07:21.400
<v Speaker 1>you know, that model, especially with with the way universities

0:07:21.400 --> 0:07:23.280
<v Speaker 1>are today, it's pretty scary to send a kid into

0:07:23.280 --> 0:07:25.800
<v Speaker 1>that type of a system. UM take away their creativity

0:07:25.800 --> 0:07:28.440
<v Speaker 1>and brainwash them. At the same time, you know, but

0:07:28.680 --> 0:07:31.440
<v Speaker 1>being able to like learn a specific subject like you wanna,

0:07:31.720 --> 0:07:34.240
<v Speaker 1>like you offer, UM lets people kind of come in

0:07:34.400 --> 0:07:36.880
<v Speaker 1>specialize get the information they need without having to take

0:07:36.880 --> 0:07:42.880
<v Speaker 1>on all the extra stuff. So it's awesome. I love it. Yeah. So, UM,

0:07:42.920 --> 0:07:44.720
<v Speaker 1>I want to talk about today. So you know your

0:07:44.840 --> 0:07:48.720
<v Speaker 1>your PhD in economics teach economics. Um, you teach really,

0:07:48.840 --> 0:07:51.600
<v Speaker 1>I guess you would Austrian economics, which is a big

0:07:51.640 --> 0:07:54.640
<v Speaker 1>difference from what most people would learn in economics in colleges,

0:07:54.680 --> 0:07:58.160
<v Speaker 1>which is typically more of the Kensian type of economics. Um.

0:07:58.320 --> 0:08:00.360
<v Speaker 1>Do you want to just kind of talk about the

0:08:00.400 --> 0:08:03.400
<v Speaker 1>difference of kind of traditional college economics versus what you

0:08:03.480 --> 0:08:08.440
<v Speaker 1>teach and how how that works. Um. I think the

0:08:08.480 --> 0:08:13.559
<v Speaker 1>difference is that since the nineteen thirties, really, um, since

0:08:13.800 --> 0:08:16.280
<v Speaker 1>essentially central banks came on the scene after World War

0:08:16.360 --> 0:08:21.000
<v Speaker 1>One and then they started playing a massively more significant

0:08:21.080 --> 0:08:25.080
<v Speaker 1>role in the management of their economies. After the nineteen thirties,

0:08:25.640 --> 0:08:28.160
<v Speaker 1>the job of an economist went from being somebody who

0:08:28.160 --> 0:08:31.960
<v Speaker 1>studies economic reality and tries to explain it into being

0:08:32.120 --> 0:08:34.920
<v Speaker 1>somebody who advises policy makers on how to fix economics.

0:08:34.920 --> 0:08:39.079
<v Speaker 1>And so the approach is entirely different, Whereas, whereas Australian

0:08:39.080 --> 0:08:43.400
<v Speaker 1>economists think about the world as it is, mainstream economists

0:08:43.480 --> 0:08:46.560
<v Speaker 1>are much more in their mind practical in the sense

0:08:46.559 --> 0:08:49.720
<v Speaker 1>that they're looking for solutions. They're trying to make unemployment

0:08:49.760 --> 0:08:54.480
<v Speaker 1>go away, They're trying to um, you know, remove the

0:08:54.520 --> 0:08:57.120
<v Speaker 1>economic problems that they see and poverty or so on,

0:08:57.480 --> 0:09:00.000
<v Speaker 1>and so it's much more of an activist mindset. Where

0:09:00.000 --> 0:09:02.800
<v Speaker 1>are we need to approach the economic problems from the

0:09:02.800 --> 0:09:06.960
<v Speaker 1>perspective of how can the government fix them? Essentially? Um

0:09:07.040 --> 0:09:10.280
<v Speaker 1>that's I think the difference in the approach in terms

0:09:10.320 --> 0:09:13.760
<v Speaker 1>of methodology. The primary difference is that the Austrian school

0:09:13.760 --> 0:09:17.120
<v Speaker 1>thinks of economics as being human action, as being what

0:09:17.240 --> 0:09:19.840
<v Speaker 1>individuals do you know, It's that there are human beings

0:09:19.920 --> 0:09:24.560
<v Speaker 1>and they are constantly in a state of economizing because

0:09:24.559 --> 0:09:26.400
<v Speaker 1>we live in a world of scarcity. We live in

0:09:26.440 --> 0:09:28.880
<v Speaker 1>a world in which the amount of things that we

0:09:28.920 --> 0:09:31.800
<v Speaker 1>want is much larger than the amount of things that

0:09:31.840 --> 0:09:35.120
<v Speaker 1>are available, because it's much easier to want things than

0:09:35.400 --> 0:09:37.560
<v Speaker 1>to make things, and so it's easy for us to

0:09:37.600 --> 0:09:40.240
<v Speaker 1>want a lot of things, um, but we can't have

0:09:40.320 --> 0:09:43.480
<v Speaker 1>them all, and so we're constantly economizing. Primarily with our time.

0:09:43.559 --> 0:09:46.040
<v Speaker 1>We're thinking about how can we spend our time productively

0:09:46.880 --> 0:09:49.080
<v Speaker 1>and what is the best use of our time and

0:09:49.080 --> 0:09:52.040
<v Speaker 1>how we can make the most of it, and you know,

0:09:52.080 --> 0:09:55.120
<v Speaker 1>thinking about all the different uses. So Australa economics starts

0:09:55.160 --> 0:09:58.240
<v Speaker 1>from the lens of let's just look at individuals and

0:09:58.280 --> 0:10:01.120
<v Speaker 1>how they act and try and understand the economic phenomena

0:10:01.160 --> 0:10:02.720
<v Speaker 1>that we see around us. And I find that to

0:10:02.720 --> 0:10:07.120
<v Speaker 1>be an extremely powerful tool for understanding reality, as opposed

0:10:07.160 --> 0:10:10.319
<v Speaker 1>to the kynes In perspective, which is an aggregate perspective,

0:10:10.320 --> 0:10:13.040
<v Speaker 1>which looks at economics from the perspective of what should

0:10:13.040 --> 0:10:17.079
<v Speaker 1>the policymaker do, and therefore it analyzes the economy in

0:10:17.200 --> 0:10:20.960
<v Speaker 1>terms of a bunch of aggregates. It looks at people

0:10:21.360 --> 0:10:27.080
<v Speaker 1>as essentially cattle on a flarm and you're managing them

0:10:27.080 --> 0:10:31.000
<v Speaker 1>in a way that maximizes their output. And it's um,

0:10:31.040 --> 0:10:34.280
<v Speaker 1>you know, there's not much room for the individual freedom

0:10:34.520 --> 0:10:37.440
<v Speaker 1>or the individual decision making. It's a lot about, you know,

0:10:37.480 --> 0:10:40.120
<v Speaker 1>what the policymaker and the central planners think is the

0:10:40.120 --> 0:10:44.280
<v Speaker 1>best thing to do. So I don't, and I think

0:10:44.280 --> 0:10:47.920
<v Speaker 1>there are enormous differences, and I think in terms of

0:10:47.960 --> 0:10:51.760
<v Speaker 1>methodology UH. You know, the Austrian school starts from the

0:10:51.760 --> 0:10:55.319
<v Speaker 1>premise that value is subjective, and since value is subjective,

0:10:55.360 --> 0:11:00.000
<v Speaker 1>all economic action depends on human subjective valuations, and there

0:11:00.160 --> 0:11:05.520
<v Speaker 1>or you can see how consequently whatever is best is

0:11:05.600 --> 0:11:10.760
<v Speaker 1>whatever the individual values best for themselves. Whereas from the

0:11:10.800 --> 0:11:14.400
<v Speaker 1>mainstream perspective that you learn at university, value and economic

0:11:14.480 --> 0:11:19.640
<v Speaker 1>valuation is something that is computed by equations and by economists,

0:11:19.720 --> 0:11:21.760
<v Speaker 1>and therefore, if you can calculate value, and if you

0:11:21.800 --> 0:11:24.880
<v Speaker 1>can aggregate it across people, then you can make economic

0:11:24.920 --> 0:11:28.960
<v Speaker 1>relationships that UM. Then then you can study the economic

0:11:28.960 --> 0:11:32.200
<v Speaker 1>relationship between different factors in the economy, and then central

0:11:32.200 --> 0:11:36.200
<v Speaker 1>planners can tweak these intervene in a way that allows

0:11:36.480 --> 0:11:39.439
<v Speaker 1>um that brings about the desired outcomes that the central

0:11:39.440 --> 0:11:43.800
<v Speaker 1>planners want. So it's an entirely different approach of UH.

0:11:43.960 --> 0:11:47.560
<v Speaker 1>For economics. It's almost like the difference between astrology and astronomy,

0:11:48.040 --> 0:11:51.320
<v Speaker 1>and that you know, nominally to the two fields discussed

0:11:51.360 --> 0:11:55.000
<v Speaker 1>the stars, but it's completely different discussion that's taking place.

0:11:55.520 --> 0:11:58.480
<v Speaker 1>And of course, the mainstream perspective has been dominant in

0:11:58.559 --> 0:12:00.320
<v Speaker 1>universities in the U S and all over the world

0:12:00.360 --> 0:12:03.840
<v Speaker 1>over the last eighty years or so ninety years, because

0:12:04.559 --> 0:12:07.720
<v Speaker 1>that's what governments want. You know, governments are in charge

0:12:07.760 --> 0:12:10.240
<v Speaker 1>of education thanks to central banking, I think, thanks to

0:12:10.280 --> 0:12:15.040
<v Speaker 1>Fiat money and you know, spoiler alert. My next book,

0:12:15.040 --> 0:12:19.400
<v Speaker 1>The Fiat Standard, can be summarized as everything I don't

0:12:19.400 --> 0:12:22.680
<v Speaker 1>like is caused by Fiat and fixed by bitcoin, and

0:12:23.200 --> 0:12:26.560
<v Speaker 1>I make more volit and education is one of those things.

0:12:26.559 --> 0:12:29.400
<v Speaker 1>I have a whole chapter on education, and I think, uh,

0:12:29.440 --> 0:12:32.040
<v Speaker 1>you know, the the ability of government to print money

0:12:32.040 --> 0:12:35.400
<v Speaker 1>has allowed government to um what sounds like a very

0:12:35.440 --> 0:12:38.600
<v Speaker 1>noble goal, which is, let's just have the government give

0:12:38.679 --> 0:12:42.120
<v Speaker 1>everybody the education that they want, to make education more affordable,

0:12:42.720 --> 0:12:46.400
<v Speaker 1>use education and the scientific method in the service of

0:12:46.440 --> 0:12:49.120
<v Speaker 1>public policy. It all sounds very noble, and it's actually

0:12:49.200 --> 0:12:53.200
<v Speaker 1>quite compelling until you get to grad school and then

0:12:53.240 --> 0:12:55.559
<v Speaker 1>you start really asking hard questions about how this thing works.

0:12:55.920 --> 0:12:58.040
<v Speaker 1>Then you read the Austrians and you realize, oh, yeah,

0:12:58.120 --> 0:13:00.720
<v Speaker 1>that's not how the world works. All the actually taking

0:13:00.720 --> 0:13:02.400
<v Speaker 1>place here is that you're ending up with a bunch

0:13:02.400 --> 0:13:05.400
<v Speaker 1>of people in charge of other people's lives and causing

0:13:05.440 --> 0:13:08.160
<v Speaker 1>a lot of problems for them, and then society turns

0:13:08.160 --> 0:13:12.199
<v Speaker 1>into a war of all against all because whoever controls

0:13:12.200 --> 0:13:15.679
<v Speaker 1>the printing press can essentially dictate reality for everybody. You

0:13:15.720 --> 0:13:18.280
<v Speaker 1>can dictate what gets taught at university, can dictate what

0:13:18.400 --> 0:13:21.600
<v Speaker 1>foods get produced, what people can eat, what they should eat,

0:13:21.720 --> 0:13:24.480
<v Speaker 1>what is legal, what is illegal. A lot of power

0:13:24.520 --> 0:13:26.960
<v Speaker 1>comes along with the printing press, and in education this

0:13:27.000 --> 0:13:30.000
<v Speaker 1>has led to UM I believe that the corruption of

0:13:30.120 --> 0:13:32.800
<v Speaker 1>education in the twentieth century where if you look at

0:13:32.880 --> 0:13:36.240
<v Speaker 1>universities today, you know they're free from market competition. They're

0:13:36.240 --> 0:13:38.439
<v Speaker 1>free from the discipline that the market would give you,

0:13:39.800 --> 0:13:41.800
<v Speaker 1>the market will force you to have in order to

0:13:41.840 --> 0:13:45.720
<v Speaker 1>continue to operate, and so free from that discipline, they

0:13:45.760 --> 0:13:49.280
<v Speaker 1>have expanded and grown as bureaucracies and they serve the

0:13:49.320 --> 0:13:52.000
<v Speaker 1>interests of their funders. And that's, you know, just basic

0:13:52.080 --> 0:13:56.240
<v Speaker 1>human incentives. You pay the piper. You know, whoever pays

0:13:56.280 --> 0:13:59.920
<v Speaker 1>the piper calls the tune. And the universities are not

0:14:00.000 --> 0:14:01.839
<v Speaker 1>paid by their students, even though the students pay a

0:14:01.880 --> 0:14:05.959
<v Speaker 1>lot of money. UM it's primarily through government agencies, both

0:14:06.080 --> 0:14:10.520
<v Speaker 1>through facilitating loans for the students and approving loans for students,

0:14:10.559 --> 0:14:13.199
<v Speaker 1>which is entually means that the real players the government

0:14:13.960 --> 0:14:17.960
<v Speaker 1>as well as financing research and financing universities and financing professors,

0:14:17.960 --> 0:14:21.720
<v Speaker 1>which is an enormous amount of money. So ultimately, universities

0:14:21.800 --> 0:14:25.640
<v Speaker 1>end up serving the cause of the bureaucrats that fund

0:14:25.640 --> 0:14:27.800
<v Speaker 1>them rather than the students that go there. And over time,

0:14:28.320 --> 0:14:30.680
<v Speaker 1>you see what has happened. You know, the teaching experience

0:14:30.720 --> 0:14:34.360
<v Speaker 1>has degraded. The number of students getting to learn directly

0:14:34.400 --> 0:14:37.200
<v Speaker 1>from a professor is declining, the number of students in

0:14:37.200 --> 0:14:40.560
<v Speaker 1>the classrooms declining. The number of professors has stayed roughly

0:14:40.600 --> 0:14:44.880
<v Speaker 1>the same. But what has increased massively at universities is

0:14:44.960 --> 0:14:48.080
<v Speaker 1>the number of administrators, the vice president for this and that,

0:14:48.160 --> 0:14:51.960
<v Speaker 1>and the vice president for all kinds of different buzz words.

0:14:52.040 --> 0:14:55.040
<v Speaker 1>And it comes with political baggage, and it comes with

0:14:55.120 --> 0:14:59.360
<v Speaker 1>ideological baggage, and of course, you know, the the main

0:14:59.520 --> 0:15:03.560
<v Speaker 1>driving ideology behind all of this is more government spending,

0:15:03.600 --> 0:15:06.920
<v Speaker 1>because it's government spending that's financing all those things, and

0:15:07.280 --> 0:15:09.600
<v Speaker 1>government wants to hear that the government is the solution

0:15:09.640 --> 0:15:12.920
<v Speaker 1>to everything, and that's the way to succeed in academia.

0:15:13.040 --> 0:15:16.640
<v Speaker 1>So um, I I'm you know, extremely critical of the

0:15:16.680 --> 0:15:18.760
<v Speaker 1>state of where academia is, and I don't really recommend

0:15:18.800 --> 0:15:21.720
<v Speaker 1>people go into universities because I think whatever it is

0:15:21.760 --> 0:15:23.960
<v Speaker 1>that you want to learn, whatever field you want, you know,

0:15:23.960 --> 0:15:27.920
<v Speaker 1>with the exception obviously of some technical fields, UM say medicine,

0:15:28.480 --> 0:15:32.640
<v Speaker 1>UM and and specific types of engineering. But even with these,

0:15:32.680 --> 0:15:34.640
<v Speaker 1>you know, a lot of them is a lot of

0:15:34.640 --> 0:15:36.960
<v Speaker 1>the engineering stuff is beginning to become more of a

0:15:37.080 --> 0:15:41.160
<v Speaker 1>learner on the job kind of situation. So for for

0:15:41.280 --> 0:15:43.560
<v Speaker 1>some fields, obviously this doesn't apply. But the vast for

0:15:43.600 --> 0:15:45.920
<v Speaker 1>the vast majority of things that you could learn in

0:15:45.920 --> 0:15:49.520
<v Speaker 1>the university, you could learn them equally well online. You

0:15:49.560 --> 0:15:53.120
<v Speaker 1>can find online lectures, you can find the syllabi of courses,

0:15:53.160 --> 0:15:56.320
<v Speaker 1>you can find all the readings online. You can get

0:15:56.360 --> 0:15:57.800
<v Speaker 1>all of the education that you could get at the

0:15:57.800 --> 0:16:01.160
<v Speaker 1>best university for um less than one percent of the

0:16:01.240 --> 0:16:05.400
<v Speaker 1>price online. Yeah, you just don't get that. You just

0:16:05.440 --> 0:16:08.160
<v Speaker 1>don't get that little piece of paper that that degree

0:16:08.560 --> 0:16:12.720
<v Speaker 1>which um following economic principles, I mean scarcity. So every

0:16:12.760 --> 0:16:15.400
<v Speaker 1>single person has a degree. How valuable is that degree? Right?

0:16:15.440 --> 0:16:20.120
<v Speaker 1>So I think it's taken some of that value away anyway, Yeah, absolutely,

0:16:20.280 --> 0:16:22.920
<v Speaker 1>it's UM, it's and I think the entire value of

0:16:22.920 --> 0:16:27.000
<v Speaker 1>credentialism is dropping because um, you know, credentials had a

0:16:27.000 --> 0:16:29.960
<v Speaker 1>lot more value before the Internet, when it was very

0:16:29.960 --> 0:16:34.040
<v Speaker 1>hard to know who knows what. And being able to

0:16:34.080 --> 0:16:37.640
<v Speaker 1>go to university and spent four years, say at a

0:16:37.680 --> 0:16:41.000
<v Speaker 1>physics department or at an engineering department, and come out

0:16:41.000 --> 0:16:42.720
<v Speaker 1>of that university with a paper that says that you

0:16:42.720 --> 0:16:45.320
<v Speaker 1>know you've done a good job, carried a lot of

0:16:45.760 --> 0:16:49.200
<v Speaker 1>signal for an employer. You were obviously much more employable

0:16:49.200 --> 0:16:52.360
<v Speaker 1>than somebody they pick up from the street because you

0:16:52.480 --> 0:16:55.040
<v Speaker 1>had a lot of skills and the discipline required to

0:16:55.280 --> 0:16:58.040
<v Speaker 1>maintain yourself, to keep yourself on the program and pass.

0:16:58.520 --> 0:17:02.080
<v Speaker 1>But now with the Internet, you can see essentially everybody's

0:17:02.120 --> 0:17:04.399
<v Speaker 1>background online through the work that they do, and so

0:17:04.440 --> 0:17:07.199
<v Speaker 1>people can just do work and demonstrate that they can

0:17:07.240 --> 0:17:11.480
<v Speaker 1>do the work online and it's very easy to determine

0:17:11.520 --> 0:17:13.320
<v Speaker 1>who can do the work. And then you don't really

0:17:13.320 --> 0:17:17.439
<v Speaker 1>need the credentials anymore. The credentials the proof of steak,

0:17:17.600 --> 0:17:21.560
<v Speaker 1>and then we have proof of work, right like I

0:17:21.640 --> 0:17:23.720
<v Speaker 1>staked my money, I did my time, I have proof

0:17:23.760 --> 0:17:25.399
<v Speaker 1>of steak, but over here is my proof of the

0:17:25.440 --> 0:17:28.800
<v Speaker 1>work that I've done. Um. The interesting take on that,

0:17:29.119 --> 0:17:31.359
<v Speaker 1>So you you kind of you set this foundation and

0:17:31.359 --> 0:17:33.240
<v Speaker 1>then you layered a whole bunch of stuff on there.

0:17:33.560 --> 0:17:35.240
<v Speaker 1>I peel all that back, and I go back down

0:17:35.280 --> 0:17:37.320
<v Speaker 1>to the layer. It seems like what I'm hearing is

0:17:37.640 --> 0:17:40.119
<v Speaker 1>the difference of the two systems really comes down to

0:17:40.960 --> 0:17:43.879
<v Speaker 1>maybe almost a difference in worldview. Where one group of

0:17:43.880 --> 0:17:47.040
<v Speaker 1>people believe like the world happens it's this uh, you know,

0:17:47.320 --> 0:17:51.440
<v Speaker 1>giant organic complex system versus maybe the Kinsians over here

0:17:52.280 --> 0:17:55.800
<v Speaker 1>believe they can control everything, almost like this godlike complex, where, um,

0:17:55.880 --> 0:17:58.280
<v Speaker 1>the economy is a machine that I could build and

0:17:58.320 --> 0:18:02.679
<v Speaker 1>I can manage, versus organic organic organism made of billions

0:18:02.720 --> 0:18:05.240
<v Speaker 1>of people that have constantly changing once needs and desires,

0:18:05.640 --> 0:18:08.360
<v Speaker 1>and so rather than you're trying to learn and maneuver

0:18:08.640 --> 0:18:11.520
<v Speaker 1>navigate it, we want to play god and control it.

0:18:11.560 --> 0:18:13.000
<v Speaker 1>Would that be a way to kind of sum that

0:18:13.080 --> 0:18:17.680
<v Speaker 1>up absolutely? If you read kanes Um, one of the

0:18:17.720 --> 0:18:20.760
<v Speaker 1>common things that you hear about Kings is that you know,

0:18:20.880 --> 0:18:24.479
<v Speaker 1>Kines has been misinterpreted by his followers, and a lot

0:18:24.560 --> 0:18:28.040
<v Speaker 1>of the followers did bad things, and his ideas were

0:18:28.080 --> 0:18:31.560
<v Speaker 1>better than this. It's absolute nonsense. I think the most

0:18:31.640 --> 0:18:34.359
<v Speaker 1>damning indictment that you could say of Kines is that

0:18:34.480 --> 0:18:37.640
<v Speaker 1>he was a true Keynsian and I think that's also

0:18:37.680 --> 0:18:40.720
<v Speaker 1>the most damning indictment of Keynesians as well to say

0:18:40.760 --> 0:18:43.040
<v Speaker 1>that Kings, because he was a truly despicable person if

0:18:43.040 --> 0:18:44.919
<v Speaker 1>you look at him as an individually, you know, he um.

0:18:45.600 --> 0:18:49.560
<v Speaker 1>His idea of entertainment was trafficking in child sex slaves.

0:18:49.760 --> 0:18:53.520
<v Speaker 1>He traveled Mediterranean to do this. So he had a

0:18:53.640 --> 0:18:57.480
<v Speaker 1>very very sociopathic bent to him, and he was he

0:18:59.359 --> 0:19:02.760
<v Speaker 1>despised normal people, and he believed they needed his control

0:19:02.840 --> 0:19:04.720
<v Speaker 1>and his supervision in order for them to be able

0:19:04.760 --> 0:19:07.359
<v Speaker 1>to live their lives. And you know, if you read

0:19:07.480 --> 0:19:11.080
<v Speaker 1>his conceptions of economics, it very much flows from that

0:19:11.160 --> 0:19:14.119
<v Speaker 1>kind of mentality. And he Um. You know, he in

0:19:14.240 --> 0:19:17.720
<v Speaker 1>nineteen thirty six, the German translation of his stupid book,

0:19:17.760 --> 0:19:20.760
<v Speaker 1>The General Theory was published, And you know what kind

0:19:20.760 --> 0:19:23.320
<v Speaker 1>of political system existed in Germany in nineteen thirty six

0:19:23.480 --> 0:19:27.240
<v Speaker 1>was the Nazi editarian system. And in his um in

0:19:27.280 --> 0:19:29.639
<v Speaker 1>the he wrote a ForWord for the German edition, and

0:19:29.640 --> 0:19:33.840
<v Speaker 1>in the German edition he said, um, the the kind

0:19:33.840 --> 0:19:36.760
<v Speaker 1>of economic ideas that I'm proposing here are better suited

0:19:36.840 --> 0:19:40.280
<v Speaker 1>for an economy like the German economy. So it was

0:19:40.320 --> 0:19:43.840
<v Speaker 1>a big fan of the German centrally planned economy. He

0:19:43.920 --> 0:19:46.040
<v Speaker 1>was a big fan of the Bolsheviks. He wanted to

0:19:46.080 --> 0:19:49.440
<v Speaker 1>implement ideas like this in Britain, and to a very

0:19:49.520 --> 0:19:54.960
<v Speaker 1>large degree he succeeded in um bringing about powerful uh

0:19:55.359 --> 0:19:58.040
<v Speaker 1>central government and a powerful central bank. And he was

0:19:58.080 --> 0:20:01.000
<v Speaker 1>involved very early on. In my exbooked the Fiat Standard,

0:20:01.080 --> 0:20:03.119
<v Speaker 1>I look at the point at which the Bank of

0:20:03.119 --> 0:20:06.560
<v Speaker 1>England went off the gold standard, and Canes was very

0:20:06.640 --> 0:20:09.359
<v Speaker 1>much in the background at that time. He was in

0:20:09.400 --> 0:20:12.120
<v Speaker 1>the Treasury. He wasn't very public about his role, but

0:20:13.240 --> 0:20:15.080
<v Speaker 1>there was a point I mentioned this in the Fiat Standard,

0:20:15.080 --> 0:20:17.000
<v Speaker 1>which is not It's not a very well known story.

0:20:17.040 --> 0:20:19.000
<v Speaker 1>It was only revealed a few years ago, three years ago.

0:20:19.560 --> 0:20:26.560
<v Speaker 1>In nineteen fifteen or fourteen, the the Treasury issued a

0:20:26.600 --> 0:20:29.800
<v Speaker 1>bunch of bonds in order to finance the war, and

0:20:30.040 --> 0:20:32.480
<v Speaker 1>they were less than one third subscribe The British people

0:20:32.520 --> 0:20:36.040
<v Speaker 1>didn't believe that fighting a war and the continent was

0:20:36.080 --> 0:20:40.720
<v Speaker 1>worth buying bonds for that. They got around the third

0:20:40.720 --> 0:20:43.640
<v Speaker 1>of the money that they got. And then what the

0:20:43.680 --> 0:20:48.680
<v Speaker 1>British Treasury and and the Central Bank did was that

0:20:48.720 --> 0:20:51.280
<v Speaker 1>they got a couple of the employees of the Central

0:20:51.320 --> 0:20:56.280
<v Speaker 1>Bank to buy the rest of the bond issue under

0:20:56.320 --> 0:20:59.720
<v Speaker 1>their own name, so the central bank gave them the money,

0:20:59.800 --> 0:21:02.760
<v Speaker 1>and then they bought two thirds of the war bonds

0:21:02.880 --> 0:21:07.480
<v Speaker 1>under their own names. And then the press publicized at

0:21:07.560 --> 0:21:12.119
<v Speaker 1>the Financial Times, ever, the faithful mouthpiece of central banks

0:21:12.760 --> 0:21:16.880
<v Speaker 1>publicized announced that, you know, the war loan, the war

0:21:16.920 --> 0:21:19.359
<v Speaker 1>bond issue was highly successful and fully subscribing, We're going

0:21:19.400 --> 0:21:22.280
<v Speaker 1>to issue more and everything is going great. And Keynes

0:21:22.359 --> 0:21:26.000
<v Speaker 1>was involved from the start with this, and so there

0:21:26.080 --> 0:21:28.879
<v Speaker 1>was an there was definitely, you know, all through his

0:21:28.960 --> 0:21:32.480
<v Speaker 1>life you see this element of I know, I understand,

0:21:32.560 --> 0:21:35.560
<v Speaker 1>I'm smart, you are all idiots, and I'm going to

0:21:35.600 --> 0:21:37.360
<v Speaker 1>do whatever I need to do in order to make

0:21:37.400 --> 0:21:39.520
<v Speaker 1>this work. And so from that moment, you know, that's

0:21:39.520 --> 0:21:41.520
<v Speaker 1>when England went off the gold standard, and that's when

0:21:41.520 --> 0:21:43.480
<v Speaker 1>the world went off the gold standard, because England what

0:21:43.640 --> 0:21:46.919
<v Speaker 1>the world's central bank at that time, and it's you know,

0:21:46.960 --> 0:21:50.119
<v Speaker 1>the British bound has collapsed. Since then, the British Empire

0:21:50.160 --> 0:21:54.200
<v Speaker 1>has collapsed, and world leadership moved to the US, and

0:21:54.240 --> 0:21:56.760
<v Speaker 1>the US also suffered from all of the problems from

0:21:56.880 --> 0:22:00.600
<v Speaker 1>this inflationary mess. And it's it's just been an entire

0:22:00.920 --> 0:22:04.119
<v Speaker 1>an entire century of totalitarian governments all over the world

0:22:04.720 --> 0:22:10.199
<v Speaker 1>being financed by this crazy um bastard animal money in

0:22:10.240 --> 0:22:14.600
<v Speaker 1>central banks and it's been devastating. Thankfully it's going to fix.

0:22:14.680 --> 0:22:17.560
<v Speaker 1>Is this? It seems like when I've kind of gone

0:22:17.600 --> 0:22:20.080
<v Speaker 1>through the history of this, which I have many times, Uh,

0:22:20.600 --> 0:22:23.159
<v Speaker 1>you know, in Britain they left the gold standard temporarily

0:22:23.400 --> 0:22:26.600
<v Speaker 1>for the war, and then it seems like when they

0:22:26.640 --> 0:22:28.280
<v Speaker 1>went try to go back to the gold standard, which

0:22:28.320 --> 0:22:32.200
<v Speaker 1>kind of caused the collapse. Keinges told Winston Churchill like, hey,

0:22:32.240 --> 0:22:34.560
<v Speaker 1>you've doubled the money supply, you need to double the

0:22:34.560 --> 0:22:38.080
<v Speaker 1>price of gold. Um. And he didn't, And Winston Churchill said,

0:22:38.080 --> 0:22:39.560
<v Speaker 1>now let's just go back to the same price which

0:22:39.640 --> 0:22:42.960
<v Speaker 1>caused that deflation to happen. Um. Is that what happened?

0:22:43.000 --> 0:22:45.000
<v Speaker 1>And did it? I mean to me, it seemed like

0:22:45.000 --> 0:22:48.919
<v Speaker 1>maybe that was one little piece of rational thought that

0:22:48.920 --> 0:22:51.359
<v Speaker 1>that that that Kings maybe had at that time, and

0:22:51.359 --> 0:22:53.800
<v Speaker 1>it wasn't really about debasement. He was worried about the

0:22:53.840 --> 0:22:57.960
<v Speaker 1>debatement that did cause the collapse. Well, I'm not entirely

0:22:57.960 --> 0:23:01.560
<v Speaker 1>sure what he was m calling for at that point.

0:23:01.560 --> 0:23:04.240
<v Speaker 1>I mean, obviously the correct course course of action was

0:23:04.280 --> 0:23:06.879
<v Speaker 1>to not engage in the inflation in the first place.

0:23:07.119 --> 0:23:09.280
<v Speaker 1>Now I have the inflation had taken place. Yeah, you

0:23:09.359 --> 0:23:11.760
<v Speaker 1>have to just recognize the reality and say, well, this

0:23:11.840 --> 0:23:14.159
<v Speaker 1>is what has happened, and let's devalue the currency again.

0:23:14.680 --> 0:23:17.720
<v Speaker 1>Let's devalue the currency formally, so that we moved to

0:23:17.760 --> 0:23:20.160
<v Speaker 1>a new exchange rate with gold, and then everything gets

0:23:20.160 --> 0:23:23.280
<v Speaker 1>sorted up. But they tried to square the circle effectively

0:23:23.400 --> 0:23:28.400
<v Speaker 1>of keeping the interest, keeping the exchange rate high, and

0:23:28.520 --> 0:23:31.240
<v Speaker 1>keeping prices low, and so the result was that there

0:23:31.320 --> 0:23:34.440
<v Speaker 1>was just massive economic problems. You know, people were unemployed

0:23:34.520 --> 0:23:37.840
<v Speaker 1>and prices were rising, and you have shortages, and the

0:23:37.840 --> 0:23:42.000
<v Speaker 1>economy was falling apart. But I doubt that Kan's wanted

0:23:42.680 --> 0:23:45.680
<v Speaker 1>to go back on gold at a higher price, because

0:23:45.680 --> 0:23:46.840
<v Speaker 1>what he wanted to do was to get rid of

0:23:46.880 --> 0:23:49.879
<v Speaker 1>the gold standard. He didn't want any fixed exchange rate

0:23:49.880 --> 0:23:51.359
<v Speaker 1>between the pounder and the gold stand and that's what

0:23:51.400 --> 0:23:53.879
<v Speaker 1>he got. In the nineteen thirties. The idea was, we

0:23:54.000 --> 0:23:55.840
<v Speaker 1>just go off gold and then we can just print

0:23:55.840 --> 0:23:57.439
<v Speaker 1>all the money that we want and then it's not

0:23:57.480 --> 0:23:59.639
<v Speaker 1>an issue. Whenever we have a war, we print money.

0:24:00.000 --> 0:24:02.679
<v Speaker 1>Whenever we have any economic problems, we print money. And

0:24:02.720 --> 0:24:06.080
<v Speaker 1>then this is where the hocus focus of mainstream Kings

0:24:06.080 --> 0:24:09.560
<v Speaker 1>and economics comes in. Where um, and really, if you

0:24:09.640 --> 0:24:12.720
<v Speaker 1>if you really study it closely and then you think

0:24:12.720 --> 0:24:16.280
<v Speaker 1>about it, it's it's very obvious, particularly if you studied

0:24:16.600 --> 0:24:20.639
<v Speaker 1>scientific subjects, and if you studied how scientific theories come about,

0:24:21.080 --> 0:24:23.280
<v Speaker 1>it's very obvious. This is just a stupid after the

0:24:23.320 --> 0:24:25.439
<v Speaker 1>fact story that somebody made up in order to come

0:24:25.480 --> 0:24:27.840
<v Speaker 1>up with the conclusion that they want. The conclusion they

0:24:27.880 --> 0:24:31.040
<v Speaker 1>wanted was let's print more money that will fix things,

0:24:31.080 --> 0:24:33.840
<v Speaker 1>because you know, they had the printers and they needed

0:24:33.880 --> 0:24:37.040
<v Speaker 1>an excuse to print money. And so the whole thing

0:24:37.119 --> 0:24:40.840
<v Speaker 1>is just in an elaborate post talk rationalization for why actually,

0:24:40.880 --> 0:24:42.919
<v Speaker 1>you know, no, printing money is very good and it's

0:24:42.960 --> 0:24:45.360
<v Speaker 1>gonna work well, and so there's all these stupid graphs

0:24:45.359 --> 0:24:50.399
<v Speaker 1>and equations and um nonsense. Essentially that uh um, you know,

0:24:51.119 --> 0:24:53.679
<v Speaker 1>you you analyze the world in terms of aggregates, and

0:24:53.720 --> 0:24:57.520
<v Speaker 1>then you decide that you you know, Kings just posits

0:24:57.560 --> 0:25:00.320
<v Speaker 1>how those accregates relate with one another. And then he

0:25:00.400 --> 0:25:03.359
<v Speaker 1>assumes that if you just get spending up, then everything

0:25:03.359 --> 0:25:05.960
<v Speaker 1>in the everything else in the economy gets fixed. And

0:25:06.000 --> 0:25:08.040
<v Speaker 1>so how do you get spending up. You print money,

0:25:08.320 --> 0:25:10.560
<v Speaker 1>and so you ignore all the consequences of printing money,

0:25:10.600 --> 0:25:16.120
<v Speaker 1>and then you attribute all these magical um um results

0:25:16.160 --> 0:25:19.199
<v Speaker 1>to it, and then you come up with the theory

0:25:19.280 --> 0:25:23.760
<v Speaker 1>that says, oh, guess what, printing money fixes our problems. Right.

0:25:23.880 --> 0:25:27.959
<v Speaker 1>It's so it's such a transparence, Cam. It's like, if

0:25:28.000 --> 0:25:32.320
<v Speaker 1>you fall for it, I worry about you. Yeah, well

0:25:32.359 --> 0:25:35.199
<v Speaker 1>I think, Um, you know, they won't. They don't want

0:25:35.200 --> 0:25:36.719
<v Speaker 1>to give the power of the money printer, and so

0:25:36.760 --> 0:25:39.040
<v Speaker 1>they'll use all the power at their disposed to continue

0:25:39.040 --> 0:25:41.560
<v Speaker 1>to convince us that they need to have the money printer,

0:25:42.000 --> 0:25:44.720
<v Speaker 1>and so, um, you know everyone's been duped, you know,

0:25:44.720 --> 0:25:46.320
<v Speaker 1>Henry for it's a hundred years ago. If the people

0:25:46.359 --> 0:25:48.240
<v Speaker 1>knew how the banking system worked, would be a revolution

0:25:48.280 --> 0:25:50.040
<v Speaker 1>before morning. So of course they don't. They don't tell

0:25:50.119 --> 0:25:53.160
<v Speaker 1>us that. It seems like Keynes was involved on both

0:25:53.200 --> 0:25:54.840
<v Speaker 1>sides of that, Like as you just said, right, his

0:25:54.880 --> 0:25:56.719
<v Speaker 1>book was written in Nazi Germany. He liked that he

0:25:56.800 --> 0:25:59.840
<v Speaker 1>was consulting the Britain, British government also the United States

0:26:00.040 --> 0:26:03.880
<v Speaker 1>from and he was instrumental in the Breton Woods Agreement.

0:26:04.080 --> 0:26:06.080
<v Speaker 1>And during that Breton Woods Agreement, you know, he kind

0:26:06.080 --> 0:26:08.359
<v Speaker 1>of came up with like that Bankoor system, which was

0:26:10.359 --> 0:26:12.280
<v Speaker 1>it seemed like his idea was maybe to your point,

0:26:12.320 --> 0:26:14.080
<v Speaker 1>get rid of the gold standard and then have like

0:26:14.119 --> 0:26:18.119
<v Speaker 1>that neutral reserve asset that like maybe never came to

0:26:18.280 --> 0:26:21.439
<v Speaker 1>fruition um. And now we see today like the I

0:26:21.520 --> 0:26:25.120
<v Speaker 1>m F calling for a Breton Woods to moment um,

0:26:25.160 --> 0:26:27.399
<v Speaker 1>and we hear talk of this like I m F

0:26:27.520 --> 0:26:31.240
<v Speaker 1>like an SDR basket, which maybe they have thoughts of

0:26:31.280 --> 0:26:34.159
<v Speaker 1>like having a trying trying to do his original idea,

0:26:34.200 --> 0:26:36.679
<v Speaker 1>which is have that neutral reserve asset. What do you

0:26:36.680 --> 0:26:39.919
<v Speaker 1>think about that? Yeah, I think it's it's it's a

0:26:39.960 --> 0:26:44.240
<v Speaker 1>non start. It's a non starter as an idea. It's unworkable,

0:26:44.359 --> 0:26:48.080
<v Speaker 1>and I think it's unworkable on many levels. The first

0:26:48.200 --> 0:26:50.520
<v Speaker 1>is the political level, which is why it didn't work

0:26:50.680 --> 0:26:54.680
<v Speaker 1>in the Breton Woods agreement, because we had this essentially,

0:26:54.720 --> 0:26:58.280
<v Speaker 1>you know, this British aristocrat who had never worked the

0:26:58.320 --> 0:27:00.520
<v Speaker 1>real job in their life was just all has been

0:27:00.520 --> 0:27:04.880
<v Speaker 1>out there living in his world of fantasy and pontificating

0:27:04.920 --> 0:27:08.600
<v Speaker 1>about how the world should work. You had this delusional

0:27:08.680 --> 0:27:11.840
<v Speaker 1>muppet turn up at the meeting of the world leaders

0:27:11.840 --> 0:27:14.760
<v Speaker 1>and saying, hey, uh, we're gonna get rid of gold,

0:27:14.800 --> 0:27:16.919
<v Speaker 1>We're gonna get rid of all of your money, and

0:27:16.920 --> 0:27:20.280
<v Speaker 1>we're gonna issue this new paper token that me and

0:27:20.320 --> 0:27:24.919
<v Speaker 1>my buddies at Cambridge have come up with. And essentially

0:27:25.240 --> 0:27:27.359
<v Speaker 1>I am going to be on a committee of a

0:27:27.400 --> 0:27:29.719
<v Speaker 1>bunch of my friends who are going to decide how

0:27:29.800 --> 0:27:33.160
<v Speaker 1>much money everybody else in the world has had. You

0:27:33.160 --> 0:27:35.880
<v Speaker 1>can obviously see where the problems happened with that. Well,

0:27:35.880 --> 0:27:38.439
<v Speaker 1>the first problem is that you run up against the

0:27:38.520 --> 0:27:41.360
<v Speaker 1>United States, which has just won the war, has the

0:27:41.400 --> 0:27:44.520
<v Speaker 1>majority of the world's gold, and has the world's most

0:27:44.560 --> 0:27:49.720
<v Speaker 1>powerful military, and why would they give you the power

0:27:49.760 --> 0:27:51.879
<v Speaker 1>to print all of that money. So obviously the U

0:27:51.960 --> 0:27:55.160
<v Speaker 1>has said, no thanks, We're just gonna build this around

0:27:55.200 --> 0:27:58.159
<v Speaker 1>our own money which we can print, which you know,

0:27:58.480 --> 0:28:02.520
<v Speaker 1>we control. And so the the program that the result

0:28:02.560 --> 0:28:05.359
<v Speaker 1>of the Breton Words Agreement was the program of Harry

0:28:05.400 --> 0:28:11.000
<v Speaker 1>Dexter White, who was an American um communist, self confessed communist.

0:28:11.119 --> 0:28:13.560
<v Speaker 1>And you know, some people say he was a Soviet spy,

0:28:13.600 --> 0:28:15.720
<v Speaker 1>and he was investigated for being a Soviet spin and

0:28:15.720 --> 0:28:19.440
<v Speaker 1>he killed himself during the investigation. But I think it's

0:28:19.440 --> 0:28:21.359
<v Speaker 1>more accurate not to say that he's a Soviet spine

0:28:21.440 --> 0:28:25.359
<v Speaker 1>inasmuch as he is just a local, homegrown American communist.

0:28:25.440 --> 0:28:28.480
<v Speaker 1>And these people were quite influential at that time in

0:28:28.480 --> 0:28:31.560
<v Speaker 1>the US, and it was their communist idea to just

0:28:32.000 --> 0:28:34.840
<v Speaker 1>turn the US into the world's central bank, and that

0:28:34.880 --> 0:28:38.880
<v Speaker 1>was the idea that UM succeeded. So I think it's

0:28:38.920 --> 0:28:41.920
<v Speaker 1>extremely naive to imagine that we could have monetary policy

0:28:41.960 --> 0:28:46.880
<v Speaker 1>handed to a group of experts. It's naive to pretend

0:28:46.960 --> 0:28:49.280
<v Speaker 1>that you are a neutral expert that can just take

0:28:49.360 --> 0:28:52.640
<v Speaker 1>over something like monetary policy and run it like you're

0:28:52.720 --> 0:28:56.239
<v Speaker 1>running a machine when it's obviously something political. And it's

0:28:56.280 --> 0:28:59.680
<v Speaker 1>not just political. It's you know, you're allocating economic resources.

0:28:59.680 --> 0:29:02.240
<v Speaker 1>If you'd side to print money in order to give

0:29:02.280 --> 0:29:04.640
<v Speaker 1>this government money so that it can find a war,

0:29:05.640 --> 0:29:07.920
<v Speaker 1>whereas you don't give the other government money so that

0:29:08.000 --> 0:29:09.960
<v Speaker 1>it doesn't fight the war, then you know you're picking

0:29:10.040 --> 0:29:11.920
<v Speaker 1>the winner of the war. So it's an enhance the

0:29:11.960 --> 0:29:15.040
<v Speaker 1>political question, and it's not something that can be UM

0:29:15.320 --> 0:29:18.880
<v Speaker 1>just wished away. That's the first issue. And the second

0:29:19.080 --> 0:29:21.880
<v Speaker 1>economic reason why this is unworkable in my mind is

0:29:21.920 --> 0:29:26.680
<v Speaker 1>that you can't just come up with this thing called

0:29:26.720 --> 0:29:29.760
<v Speaker 1>bank or and tell the world, Hey, you know, all

0:29:29.800 --> 0:29:32.240
<v Speaker 1>of your money doesn't work anymore. All of the things

0:29:32.280 --> 0:29:36.280
<v Speaker 1>that you value, all of your gold, your dollars, your wants,

0:29:36.400 --> 0:29:39.680
<v Speaker 1>and your euros, all of that is zero. Now don't

0:29:39.760 --> 0:29:42.800
<v Speaker 1>use it, turn it in and will give you bankers instead.

0:29:43.120 --> 0:29:46.320
<v Speaker 1>Like it's, um, you cannot really do that. It's it's

0:29:46.360 --> 0:29:48.800
<v Speaker 1>it's never happened. You know, people use the term fiat money,

0:29:49.200 --> 0:29:51.239
<v Speaker 1>and there is truth to the term fiat money, but

0:29:51.280 --> 0:29:54.040
<v Speaker 1>there's never been a real fiat currency. This has never

0:29:54.080 --> 0:29:56.960
<v Speaker 1>happened that somebody just went and said, hey, I've printed

0:29:56.960 --> 0:30:01.360
<v Speaker 1>a billion um of my coin and um, you know,

0:30:01.440 --> 0:30:04.200
<v Speaker 1>here you go accepted. This is the value and this

0:30:04.200 --> 0:30:06.240
<v Speaker 1>this is the price of it. This has just never happened.

0:30:06.280 --> 0:30:10.480
<v Speaker 1>Anybody who's ever issued a currency has had to back

0:30:10.560 --> 0:30:12.440
<v Speaker 1>it by something in order for it to gain a

0:30:12.520 --> 0:30:14.880
<v Speaker 1>value on the market. So what you do is effectively

0:30:14.920 --> 0:30:18.960
<v Speaker 1>you create a market in your currency with the other currency.

0:30:19.040 --> 0:30:21.000
<v Speaker 1>So what most countries do they do is they do

0:30:21.040 --> 0:30:23.760
<v Speaker 1>that with gold with the dollars. Before it used to

0:30:23.800 --> 0:30:26.440
<v Speaker 1>be done with gold. So you gather a bunch of gold.

0:30:26.720 --> 0:30:28.320
<v Speaker 1>If you have a bunch of gold, you can issue

0:30:28.400 --> 0:30:30.720
<v Speaker 1>paper backed by that gold and make it redeemable in

0:30:30.720 --> 0:30:33.120
<v Speaker 1>the gold, and then people will use your paper because

0:30:33.160 --> 0:30:36.400
<v Speaker 1>they know they can get it redeemed in gold. Similarly,

0:30:36.480 --> 0:30:38.360
<v Speaker 1>today they do the same thing with dollars. You go

0:30:38.400 --> 0:30:41.480
<v Speaker 1>to your central bank, you can exchange your local shit

0:30:41.520 --> 0:30:47.200
<v Speaker 1>coin for dollars. But um so, the not the notion

0:30:47.240 --> 0:30:49.000
<v Speaker 1>that we can just get the entire planet to agree

0:30:49.040 --> 0:30:51.479
<v Speaker 1>to dump their currencies and to give value to something

0:30:52.040 --> 0:30:55.400
<v Speaker 1>is nonsensical. I think what's more likely to happen. I

0:30:55.440 --> 0:30:57.560
<v Speaker 1>think there will be some element of something like this

0:30:57.640 --> 0:31:01.640
<v Speaker 1>happening is that we're going to who basically replaced national

0:31:01.680 --> 0:31:08.920
<v Speaker 1>currencies by a an international central bank digital currency. But

0:31:09.000 --> 0:31:11.080
<v Speaker 1>more likely I think, well, I think you know this

0:31:11.160 --> 0:31:15.600
<v Speaker 1>is already happening nationally. But I think more significantly is that,

0:31:17.040 --> 0:31:20.080
<v Speaker 1>excuse me, the reserve asset backing those central bank digital

0:31:20.120 --> 0:31:23.680
<v Speaker 1>currencies is going to be something like a central bankers

0:31:23.680 --> 0:31:26.560
<v Speaker 1>digital currency which is used amongst the banks themselves, So

0:31:26.640 --> 0:31:28.560
<v Speaker 1>something like the I m F S S the rs

0:31:28.680 --> 0:31:31.800
<v Speaker 1>right now. But what's going to happen is that, you know,

0:31:31.840 --> 0:31:33.800
<v Speaker 1>I mean, the I m F SDRs are essentially backed

0:31:33.840 --> 0:31:35.640
<v Speaker 1>by U S dollars because the I m F has

0:31:35.640 --> 0:31:38.680
<v Speaker 1>a credit line from the Federal Reserve. So I think

0:31:38.680 --> 0:31:43.040
<v Speaker 1>what would be likely to happen is essentially national governments

0:31:43.120 --> 0:31:47.880
<v Speaker 1>turned in their currencies and it transformed their currencies into

0:31:47.880 --> 0:31:51.680
<v Speaker 1>this international central bank currency, and then that currency is

0:31:51.720 --> 0:31:54.640
<v Speaker 1>managed by UM. I mean, I guess this is really

0:31:54.640 --> 0:31:59.200
<v Speaker 1>the interesting question that we're going to be seeing play out. UM.

0:31:59.240 --> 0:32:01.640
<v Speaker 1>You know, if we still lived in a world that

0:32:01.720 --> 0:32:04.800
<v Speaker 1>was dominated by the US, then I could see this

0:32:05.200 --> 0:32:09.920
<v Speaker 1>being just more modern way of running the dollar system,

0:32:09.960 --> 0:32:12.560
<v Speaker 1>where in the US just says all right, instead of

0:32:12.600 --> 0:32:15.520
<v Speaker 1>having paper dollars and running it on the Swift network

0:32:16.040 --> 0:32:19.640
<v Speaker 1>and using the federal reserves payment settlement system, we're going

0:32:19.680 --> 0:32:24.280
<v Speaker 1>to introduce those new cryptographic based settlement systems and everything

0:32:24.320 --> 0:32:26.640
<v Speaker 1>is going to be centralized, with the US in the middle.

0:32:27.400 --> 0:32:31.120
<v Speaker 1>The US and CHARGE essentially formalizing and making the breton

0:32:31.160 --> 0:32:35.120
<v Speaker 1>Wood system more efficient without gold backing. This is how

0:32:35.320 --> 0:32:37.840
<v Speaker 1>I would imagine, you know, if this kind of technology

0:32:37.880 --> 0:32:40.960
<v Speaker 1>was available UM twenty or thirty years ago, I think

0:32:40.960 --> 0:32:42.880
<v Speaker 1>this is the direction that we would have gone in.

0:32:43.920 --> 0:32:49.280
<v Speaker 1>But now things are much more interesting because China is UM.

0:32:49.320 --> 0:32:51.920
<v Speaker 1>Primarily because of China but also to a lesser extent, Europe,

0:32:52.840 --> 0:32:57.680
<v Speaker 1>they're not going to be crazy excited about joining a

0:32:57.720 --> 0:33:00.240
<v Speaker 1>new dollar system, and so more likely what the going

0:33:00.280 --> 0:33:03.760
<v Speaker 1>to be pushing for is some kind of either a

0:33:03.840 --> 0:33:08.480
<v Speaker 1>multilateral system in which UM and the base layer money

0:33:08.640 --> 0:33:11.960
<v Speaker 1>is jointly run by the US and China and maybe Europe,

0:33:12.080 --> 0:33:15.320
<v Speaker 1>maybe some few other smaller economies here and there, UM

0:33:15.560 --> 0:33:21.280
<v Speaker 1>getting like votes on a monetary policy board. But I

0:33:21.320 --> 0:33:26.000
<v Speaker 1>think we're more likely to see monetary competition, with the

0:33:26.080 --> 0:33:30.720
<v Speaker 1>Chinese essentially attempting to bring about their own national currency

0:33:30.720 --> 0:33:32.920
<v Speaker 1>to make it into the global reserve currency, because it

0:33:32.960 --> 0:33:35.600
<v Speaker 1>doesn't really make sense to have a global reserve currency

0:33:35.680 --> 0:33:39.600
<v Speaker 1>run by two governments, particularly governments that are essentially rival

0:33:40.120 --> 0:33:43.160
<v Speaker 1>for the position of world leadership. Now, given the way

0:33:43.200 --> 0:33:45.120
<v Speaker 1>that things have unfolded over the last couple of years

0:33:45.120 --> 0:33:48.479
<v Speaker 1>in the world economy with UM, with the way that

0:33:48.520 --> 0:33:53.680
<v Speaker 1>you know, international cooperation has taken place around the coronavirus crisis,

0:33:53.680 --> 0:33:57.720
<v Speaker 1>and the way that basically everybody marched to the tune

0:33:57.880 --> 0:34:03.680
<v Speaker 1>of the World World Health Organization in the World Economic Forum,

0:34:03.760 --> 0:34:07.360
<v Speaker 1>you can see this kind of thing being implemented in

0:34:07.760 --> 0:34:13.440
<v Speaker 1>UM natural currencies as well. You could see perhaps UM

0:34:13.640 --> 0:34:17.359
<v Speaker 1>we'll get something like this, and I think UM one

0:34:17.440 --> 0:34:20.040
<v Speaker 1>hypothesis I have is that, you know, as inflation begins

0:34:20.080 --> 0:34:23.480
<v Speaker 1>to pick up, the central bank dogs little currency narrative

0:34:23.520 --> 0:34:25.960
<v Speaker 1>is going to be marketed as the solution for the

0:34:26.000 --> 0:34:29.799
<v Speaker 1>inflation problem. And so, oh, you know, your dollars and

0:34:29.880 --> 0:34:33.279
<v Speaker 1>euros and yends and yu wants are the valuing not

0:34:33.360 --> 0:34:36.040
<v Speaker 1>because of your government spending and printing a lot of money, obviously,

0:34:36.080 --> 0:34:40.480
<v Speaker 1>because that's crazy conspiracy theory talk. You know, obviously supply

0:34:40.560 --> 0:34:43.440
<v Speaker 1>has nothing to do with demand, right, No, that's not it.

0:34:43.520 --> 0:34:47.479
<v Speaker 1>Your currency is tanking in price because it's physical and

0:34:47.680 --> 0:34:52.919
<v Speaker 1>it's um ancient twentieth century technology, and Bitcoin is rising

0:34:52.960 --> 0:34:56.919
<v Speaker 1>in price because it's digital and it's advanced twenty first

0:34:56.920 --> 0:35:00.319
<v Speaker 1>century technology. So we're going to copy bitcoins technology and

0:35:00.400 --> 0:35:03.359
<v Speaker 1>use cryptography in order to prevent the value of your

0:35:03.440 --> 0:35:06.160
<v Speaker 1>national currency from declining. So I can see this kind

0:35:06.200 --> 0:35:10.120
<v Speaker 1>of pitch being given and people being given their new

0:35:10.160 --> 0:35:13.360
<v Speaker 1>digital currencies, which are going to, you know, do the

0:35:13.400 --> 0:35:16.360
<v Speaker 1>old Latin American trick where you just rename your currency

0:35:16.360 --> 0:35:19.120
<v Speaker 1>and take off a bunch of zero. So I remember

0:35:19.120 --> 0:35:21.920
<v Speaker 1>in Brazil they had the Cruizero, and then they had

0:35:21.960 --> 0:35:24.040
<v Speaker 1>the Novo Cruisero, the new Crusado, and then they had

0:35:24.040 --> 0:35:25.920
<v Speaker 1>the Cruisado and the Novo Cruisado. I think it was

0:35:25.920 --> 0:35:28.120
<v Speaker 1>the other way around. The Cruisadoes came first, but yeah,

0:35:28.160 --> 0:35:29.719
<v Speaker 1>and then they went to the real and now the

0:35:29.760 --> 0:35:33.080
<v Speaker 1>real is beginning to fall apart. And I'm sure soon

0:35:33.239 --> 0:35:36.840
<v Speaker 1>as soon they'll introduce the novo reale UM so it'll

0:35:36.880 --> 0:35:38.840
<v Speaker 1>be like the new dollar or the digital dollar or

0:35:38.840 --> 0:35:43.319
<v Speaker 1>something like that. And uh, people will think, all right, well,

0:35:43.320 --> 0:35:45.480
<v Speaker 1>now this will fix the inflation problem because this will

0:35:45.520 --> 0:35:48.839
<v Speaker 1>copy the digital technology that will protect us from this

0:35:49.320 --> 0:35:54.560
<v Speaker 1>crazy inflation bug that we suffer from. Um. But I again,

0:35:54.600 --> 0:35:57.399
<v Speaker 1>I don't see that as being a sustainable solution because

0:35:57.440 --> 0:36:00.239
<v Speaker 1>I think you'll get you know, the US is no

0:36:01.160 --> 0:36:03.160
<v Speaker 1>is not nothing. There's an enormous amount of trade that

0:36:03.200 --> 0:36:05.040
<v Speaker 1>is based around the U S. So you're still gonna

0:36:05.040 --> 0:36:06.680
<v Speaker 1>have the Chinese in the U S and the Europeans

0:36:06.680 --> 0:36:11.960
<v Speaker 1>trying to make their currencies be the world currency. But

0:36:12.440 --> 0:36:15.080
<v Speaker 1>they would all, um, you know, they would all like

0:36:15.200 --> 0:36:17.040
<v Speaker 1>it if they were the ones who have produced the

0:36:17.120 --> 0:36:20.000
<v Speaker 1>global reserve currency. But they can all live with it

0:36:20.200 --> 0:36:22.680
<v Speaker 1>if the global deserve currency was one that was not

0:36:22.880 --> 0:36:26.600
<v Speaker 1>issued by either of the other two, and therefore they

0:36:26.600 --> 0:36:31.080
<v Speaker 1>could all tolerate something like bitcoin. Hey, sorry to interrupt

0:36:31.080 --> 0:36:33.960
<v Speaker 1>this video just one more time. I'm not running Google ads,

0:36:33.960 --> 0:36:36.399
<v Speaker 1>so it's actually way less interruption than I normally would

0:36:36.400 --> 0:36:38.640
<v Speaker 1>have on a video. UM, and that's because it's sponsored

0:36:38.640 --> 0:36:42.000
<v Speaker 1>by block five UM. They are opening up the world

0:36:42.080 --> 0:36:45.160
<v Speaker 1>of bitcoin and financial products offering to pay you interest

0:36:45.480 --> 0:36:48.120
<v Speaker 1>on your bitcoin. Um better than own in a rental

0:36:48.120 --> 0:36:50.040
<v Speaker 1>property that you have to manage and control and have

0:36:50.080 --> 0:36:51.840
<v Speaker 1>the risks. You can just earn interest on it, or

0:36:52.280 --> 0:36:54.959
<v Speaker 1>you can leverage against it. Now, I plan to hold

0:36:55.000 --> 0:36:58.480
<v Speaker 1>my bitcoin forever and literally never sell my bitcoin. So

0:36:58.480 --> 0:37:00.520
<v Speaker 1>how do you do that? Well, if I need money,

0:37:00.600 --> 0:37:02.440
<v Speaker 1>I don't want to sell that bitcoin. I'm gonna pay

0:37:02.480 --> 0:37:04.400
<v Speaker 1>tax on it, all right, I'm gonna end up with

0:37:04.480 --> 0:37:06.960
<v Speaker 1>less and I don't have the bitcoin anymore. So a

0:37:07.000 --> 0:37:09.640
<v Speaker 1>better way to do it is to borrow against the bitcoin.

0:37:09.840 --> 0:37:12.000
<v Speaker 1>So I've put all my money into bitcoin. If I

0:37:12.040 --> 0:37:13.640
<v Speaker 1>want to buy a car, or I want to buy

0:37:13.640 --> 0:37:16.719
<v Speaker 1>a house, I can borrow against it at very very

0:37:16.760 --> 0:37:19.480
<v Speaker 1>low competitive rates. Get my house, get my car, whatever

0:37:19.520 --> 0:37:22.200
<v Speaker 1>that may be, and get to keep the bitcoin. I've

0:37:22.200 --> 0:37:24.520
<v Speaker 1>done a whole video on this. You can find it.

0:37:24.520 --> 0:37:26.520
<v Speaker 1>I'll link it down in the description below how to

0:37:26.640 --> 0:37:29.000
<v Speaker 1>retire off a bitcoin without paying taxes, and you can

0:37:29.040 --> 0:37:31.560
<v Speaker 1>do that with block fight services. I'll link to the

0:37:31.640 --> 0:37:33.200
<v Speaker 1>video down below. I'm also going to put a link

0:37:33.239 --> 0:37:34.960
<v Speaker 1>to block Fight. If you choose to click on that

0:37:35.000 --> 0:37:36.600
<v Speaker 1>link to check them out. You can earn up to

0:37:36.600 --> 0:37:39.520
<v Speaker 1>two fifty dollars in free bitcoin just for using that link.

0:37:39.800 --> 0:37:41.360
<v Speaker 1>And that's it. Let's go ahead and get back to

0:37:41.480 --> 0:37:45.840
<v Speaker 1>the interview. Yeah, that's where it seems like, um, you know,

0:37:45.880 --> 0:37:47.680
<v Speaker 1>like you said, right, they used to hold gold in

0:37:47.760 --> 0:37:50.440
<v Speaker 1>their reserve, so you know there'd be whatever percentage of

0:37:50.480 --> 0:37:52.680
<v Speaker 1>their currency would be in gold reserves, and then they

0:37:52.719 --> 0:37:55.719
<v Speaker 1>swapped out the gold four dollars um. But if they

0:37:55.800 --> 0:37:58.279
<v Speaker 1>used an I m F SDR back to kind of

0:37:58.280 --> 0:38:01.839
<v Speaker 1>what you said, like all value beings subject. So if

0:38:01.880 --> 0:38:04.319
<v Speaker 1>everybody agrees that an I m F SDR basket has

0:38:04.400 --> 0:38:07.319
<v Speaker 1>value and it's a neutral asset um, then I guess

0:38:07.360 --> 0:38:10.319
<v Speaker 1>they could agree it has value um temporarily and so

0:38:10.600 --> 0:38:13.520
<v Speaker 1>swap out the dollars for the SDR as reserves, and

0:38:13.560 --> 0:38:16.920
<v Speaker 1>then everybody's in that basket based off their GDP proportions,

0:38:16.920 --> 0:38:19.200
<v Speaker 1>so they all kind of have a vote. It seems

0:38:19.200 --> 0:38:20.799
<v Speaker 1>like they might be able to try to get get

0:38:20.880 --> 0:38:24.080
<v Speaker 1>that to work temporarily. Ultimately it fails because of the scarcity. Right,

0:38:24.080 --> 0:38:26.680
<v Speaker 1>they can print unlimited amounts of SDRs, and I think

0:38:26.680 --> 0:38:28.520
<v Speaker 1>that the day it's backed by it's not backed by

0:38:28.640 --> 0:38:31.719
<v Speaker 1>any real capital, right, It's just it's just worthless paper.

0:38:31.840 --> 0:38:34.799
<v Speaker 1>So I think maybe they get a little mileage out

0:38:34.840 --> 0:38:38.160
<v Speaker 1>of it, but ultimately it ends up failing. Oh yeah,

0:38:38.160 --> 0:38:42.000
<v Speaker 1>it ultimately ends up being an advertisement for a bitcoin. Yeah.

0:38:42.320 --> 0:38:46.239
<v Speaker 1>So um, you know all this kinds and stuff. It

0:38:46.239 --> 0:38:49.000
<v Speaker 1>seems like it seems like we know the future because

0:38:49.040 --> 0:38:51.200
<v Speaker 1>ultimately it fails, right, I mean, you can't just create

0:38:51.280 --> 0:38:54.160
<v Speaker 1>value out of nothing, and you can't control uh. And

0:38:54.200 --> 0:38:56.239
<v Speaker 1>the more value create out of nothing, the more you

0:38:56.280 --> 0:38:58.560
<v Speaker 1>just continue to store markets. So print, you know, you

0:38:58.600 --> 0:39:00.600
<v Speaker 1>mess up the signal, you get short ridges, and you

0:39:00.640 --> 0:39:04.480
<v Speaker 1>get surpluses, and you get malinvestment, etcetera, and eventually it fails.

0:39:04.480 --> 0:39:07.200
<v Speaker 1>It seems to have I guess on one hand, you

0:39:07.239 --> 0:39:09.680
<v Speaker 1>look at it and go, well, we're maybe fifty years

0:39:09.680 --> 0:39:12.200
<v Speaker 1>into this experiment, you know, since nineteen seventy one, and

0:39:12.560 --> 0:39:15.840
<v Speaker 1>look how bad and how fast things have gotten in

0:39:15.880 --> 0:39:18.799
<v Speaker 1>fifty years. But on the other hand, it's like man

0:39:18.840 --> 0:39:22.759
<v Speaker 1>how long can they keep this game going for? Yeah,

0:39:23.120 --> 0:39:25.800
<v Speaker 1>And this is um, this is kind of the motivation

0:39:25.800 --> 0:39:27.719
<v Speaker 1>of my book, which is, you know, this thing has

0:39:27.719 --> 0:39:29.799
<v Speaker 1>been around for fifty years, and just because it doesn't

0:39:29.800 --> 0:39:32.319
<v Speaker 1>make sense, it doesn't mean it can't work. And it's

0:39:32.400 --> 0:39:35.080
<v Speaker 1>been working, and it's been written off for fifty years.

0:39:35.080 --> 0:39:36.920
<v Speaker 1>You know, people have been predicting a collapse of the

0:39:36.960 --> 0:39:40.800
<v Speaker 1>dollar for fifty years and longer, and yet it's just

0:39:40.880 --> 0:39:44.120
<v Speaker 1>along and people continue to use it. So um. You know,

0:39:44.800 --> 0:39:46.759
<v Speaker 1>in my book, I try to explain why that is,

0:39:46.800 --> 0:39:49.239
<v Speaker 1>and I think, you know, the reason is ultimately that

0:39:50.400 --> 0:39:54.720
<v Speaker 1>what FIAT offers is the ability to send money quickly

0:39:54.760 --> 0:39:59.600
<v Speaker 1>across space, across nations, across national borders. So gold is

0:39:59.640 --> 0:40:02.080
<v Speaker 1>better because it holds onto its value into the future,

0:40:02.080 --> 0:40:05.719
<v Speaker 1>better because nobody can print gold, and it's always going

0:40:05.760 --> 0:40:07.880
<v Speaker 1>to have a low inflation rate because of reasons I

0:40:07.920 --> 0:40:11.360
<v Speaker 1>discuss in detail and Bitcoin standard. So gold has best

0:40:11.440 --> 0:40:14.960
<v Speaker 1>salability across time. It's the best way of saving value

0:40:15.000 --> 0:40:18.640
<v Speaker 1>into the future, or at least traditionally it was UM,

0:40:18.640 --> 0:40:22.560
<v Speaker 1>but FIAT has much better saalability across space. Sending gold

0:40:22.600 --> 0:40:26.520
<v Speaker 1>across space involves a significant loss in the value of it,

0:40:26.520 --> 0:40:29.360
<v Speaker 1>it's gonna it's gonna lose about point five percent or

0:40:29.360 --> 0:40:32.360
<v Speaker 1>one percent of its value when you ship it halfway

0:40:32.360 --> 0:40:35.040
<v Speaker 1>around the world when you think about the cost of

0:40:35.040 --> 0:40:39.239
<v Speaker 1>shipping plus insurance. So that's really ultimately why I think

0:40:39.280 --> 0:40:44.600
<v Speaker 1>FIAT succeeds and continues to operate, because it has terrible

0:40:44.600 --> 0:40:46.920
<v Speaker 1>salability across time. You can't really hold on to it

0:40:46.960 --> 0:40:50.200
<v Speaker 1>across time. It continues to lose its value. But we

0:40:50.239 --> 0:40:53.920
<v Speaker 1>live in a world where everybody is interconnected with the

0:40:53.920 --> 0:40:55.480
<v Speaker 1>rest of the planet, and you need to trade with

0:40:55.520 --> 0:40:57.160
<v Speaker 1>the rest of the planet. And even if you don't

0:40:57.200 --> 0:40:59.960
<v Speaker 1>trade personally with people on the rest of the planet,

0:41:00.000 --> 0:41:02.399
<v Speaker 1>everybody you buy your stuff from does trade with people

0:41:02.440 --> 0:41:04.239
<v Speaker 1>from the rest of the planet. You know, there's a

0:41:04.320 --> 0:41:05.960
<v Speaker 1>lot of people that think, you know, trading with other

0:41:06.000 --> 0:41:08.360
<v Speaker 1>countries is a bad thing because it makes us dependent

0:41:08.440 --> 0:41:11.239
<v Speaker 1>on them. It doesn't. Trading with other countries makes you

0:41:11.400 --> 0:41:14.080
<v Speaker 1>less dependent on any one country. The more countries you

0:41:14.200 --> 0:41:17.000
<v Speaker 1>trade with, the less dependent you are on other countries,

0:41:17.320 --> 0:41:21.400
<v Speaker 1>and less dependents you are on your own natural environment

0:41:21.480 --> 0:41:24.480
<v Speaker 1>not screwing you over. So you're able to live a

0:41:24.560 --> 0:41:27.480
<v Speaker 1>much better, more comfortable life because you can always trade

0:41:27.520 --> 0:41:30.840
<v Speaker 1>with others, and so it provides you with um a

0:41:30.920 --> 0:41:32.680
<v Speaker 1>lot of insurance. But of course the main benefit is

0:41:32.719 --> 0:41:37.319
<v Speaker 1>that it's the division of labor. And the larger the

0:41:37.320 --> 0:41:42.520
<v Speaker 1>circles with which we trade, the more each producer can specialize,

0:41:43.000 --> 0:41:46.040
<v Speaker 1>and the more people they can sellt So you specialize

0:41:46.080 --> 0:41:48.000
<v Speaker 1>in making something smaller and smaller. You know, we have

0:41:48.560 --> 0:41:52.320
<v Speaker 1>some really highly paid people who are specialized in building

0:41:52.680 --> 0:41:55.600
<v Speaker 1>one tiny little part of your car or your laptop,

0:41:55.840 --> 0:41:57.960
<v Speaker 1>and they spend their entire life working on, you know,

0:41:58.040 --> 0:42:03.000
<v Speaker 1>making the car wind shield work. Well, there are people

0:42:03.000 --> 0:42:06.120
<v Speaker 1>in car factories that are just doing this every day.

0:42:06.280 --> 0:42:08.359
<v Speaker 1>The specialized is something very tiny, and the only way

0:42:08.360 --> 0:42:10.000
<v Speaker 1>that they can specialize in this and get so good

0:42:10.000 --> 0:42:13.839
<v Speaker 1>at it and make such good cars is because they're

0:42:13.880 --> 0:42:15.719
<v Speaker 1>able to sell their cars all over the world. And

0:42:15.800 --> 0:42:19.440
<v Speaker 1>so this is what drives the specialization. And without it,

0:42:19.680 --> 0:42:21.960
<v Speaker 1>we wouldn't be able to have any of the nice

0:42:22.000 --> 0:42:24.160
<v Speaker 1>things that we have today. We can't have computers if

0:42:24.200 --> 0:42:28.280
<v Speaker 1>we try to live as a you know, and maybe

0:42:28.280 --> 0:42:30.080
<v Speaker 1>the US might be able to pull off computers on

0:42:30.080 --> 0:42:33.440
<v Speaker 1>its own, it's got three forty million people, but I

0:42:33.440 --> 0:42:34.960
<v Speaker 1>think the vast majority of the world would not be

0:42:35.040 --> 0:42:40.560
<v Speaker 1>able to produce anything advanced uh within its own borders.

0:42:40.560 --> 0:42:43.280
<v Speaker 1>And that's just the way that a market economy works,

0:42:43.320 --> 0:42:45.800
<v Speaker 1>because at every step in the way of the production

0:42:45.800 --> 0:42:48.120
<v Speaker 1>of your computer or your car, the only way that

0:42:48.120 --> 0:42:51.280
<v Speaker 1>it gets produced is that someone is making the decision

0:42:51.320 --> 0:42:53.400
<v Speaker 1>had every step along the way, and not just someone,

0:42:53.440 --> 0:42:55.239
<v Speaker 1>you know, several people like the guy who's making the

0:42:55.280 --> 0:42:58.440
<v Speaker 1>tires and the guy who's designing the windshield. They're making

0:42:58.440 --> 0:43:00.759
<v Speaker 1>economic decisions along the way to always look for the

0:43:00.840 --> 0:43:05.200
<v Speaker 1>best supplier at the best price. So we are highly

0:43:05.239 --> 0:43:07.400
<v Speaker 1>intertwined in this global system of trade, and we need it,

0:43:07.440 --> 0:43:11.960
<v Speaker 1>and we need it very badly, and therefore, um we

0:43:12.040 --> 0:43:13.520
<v Speaker 1>have to trade with the rest of the world, and

0:43:13.560 --> 0:43:15.600
<v Speaker 1>so we need the money that can cross borders. And

0:43:15.680 --> 0:43:18.359
<v Speaker 1>governments simply prevent you from using any other money other

0:43:18.400 --> 0:43:21.680
<v Speaker 1>than their's. They won't license banks that use currencies other

0:43:21.719 --> 0:43:23.799
<v Speaker 1>than theirs, and that just means that you have to

0:43:23.840 --> 0:43:26.359
<v Speaker 1>deal with their currencies, and that just means that people

0:43:26.360 --> 0:43:29.720
<v Speaker 1>continue to take it um But you know, governments continues

0:43:29.719 --> 0:43:31.520
<v Speaker 1>to inflate the money supplying people have no choice but

0:43:31.560 --> 0:43:33.920
<v Speaker 1>to continue to use it. But I think bitcoin obviously

0:43:34.000 --> 0:43:36.440
<v Speaker 1>changes this because you can trade bitcoin internationally without the

0:43:36.440 --> 0:43:39.960
<v Speaker 1>permission of your government. Yeah. Yeah, what's interesting about that

0:43:40.000 --> 0:43:42.960
<v Speaker 1>whole thing obviously with the specialization is UM. You know,

0:43:43.000 --> 0:43:46.840
<v Speaker 1>for progress, the more people we have that are looking

0:43:46.880 --> 0:43:49.520
<v Speaker 1>at problems from different angles and coming up with different

0:43:49.520 --> 0:43:52.879
<v Speaker 1>solutions and trying different things, the more progress we ultimately have.

0:43:53.360 --> 0:43:55.480
<v Speaker 1>And so to your point, a small little country only

0:43:55.480 --> 0:43:57.279
<v Speaker 1>has so many people, and so they're gonna be very

0:43:57.280 --> 0:43:58.759
<v Speaker 1>limited in what they can do. And the more people

0:43:58.800 --> 0:44:01.680
<v Speaker 1>we can get into that global uh picture. And so

0:44:02.160 --> 0:44:03.919
<v Speaker 1>you know, you and I were talking kind of before

0:44:03.920 --> 0:44:06.480
<v Speaker 1>we started recording, and uh, you know, half the world

0:44:06.600 --> 0:44:09.040
<v Speaker 1>is basically kind of excluded or left out of that

0:44:09.320 --> 0:44:12.280
<v Speaker 1>entire UM system, right, I mean half the world doesn't

0:44:12.320 --> 0:44:14.920
<v Speaker 1>have any money, half the world have don't even have internet, UM,

0:44:14.960 --> 0:44:16.560
<v Speaker 1>and so they're kind of left out of that and

0:44:16.560 --> 0:44:19.719
<v Speaker 1>they haven't really had that way. And so UM by

0:44:19.760 --> 0:44:22.640
<v Speaker 1>being able to give them a global money that's one

0:44:23.000 --> 0:44:25.400
<v Speaker 1>can't be inflated away, but two can be used anywhere.

0:44:25.680 --> 0:44:27.719
<v Speaker 1>UM speeds that up. We saw that, you know, going

0:44:27.719 --> 0:44:29.799
<v Speaker 1>from the Dark Age to the Renaissance Age, when you

0:44:29.840 --> 0:44:32.319
<v Speaker 1>had like a good standard coin that could be used

0:44:32.360 --> 0:44:36.120
<v Speaker 1>kind of or recognized globally, how fast things developed and

0:44:36.160 --> 0:44:39.640
<v Speaker 1>so I think we'll see the same thing again, right,

0:44:39.640 --> 0:44:42.480
<v Speaker 1>having a new global money that can be recognized and saleable.

0:44:43.000 --> 0:44:46.919
<v Speaker 1>As you said, across space. I think there's as bad

0:44:46.960 --> 0:44:49.279
<v Speaker 1>as things are, as scary as things are, I see

0:44:49.360 --> 0:44:54.120
<v Speaker 1>massive hope on the other side. Yeah, I think, um,

0:44:54.200 --> 0:44:57.759
<v Speaker 1>bitcoin really is responsible for maybe of that hope. I

0:44:57.840 --> 0:45:00.040
<v Speaker 1>think if bitcoin didn't exist, i'd be extremely hop to

0:45:00.160 --> 0:45:02.440
<v Speaker 1>us about the world at this point. I'd be in

0:45:02.480 --> 0:45:08.120
<v Speaker 1>a very bad place because, um, it's it's the crack

0:45:08.320 --> 0:45:12.040
<v Speaker 1>in the wall, it's the it's it's the place where

0:45:12.080 --> 0:45:15.160
<v Speaker 1>all of the prison that they're building just unravels. It's

0:45:15.719 --> 0:45:19.520
<v Speaker 1>that they're locking up the entire planet essentially and forcing

0:45:19.520 --> 0:45:24.279
<v Speaker 1>everybody to be dealing in this giant corporatest economic system

0:45:24.280 --> 0:45:27.160
<v Speaker 1>where everything is under the control of the government and

0:45:27.360 --> 0:45:30.120
<v Speaker 1>all of our lives are lived um to the benefit

0:45:30.160 --> 0:45:32.000
<v Speaker 1>of the governments that are in charge of us. And

0:45:32.040 --> 0:45:34.440
<v Speaker 1>bitcoin just allows you to have a free market, and

0:45:34.480 --> 0:45:36.520
<v Speaker 1>it allows you to access a free market anywhere you

0:45:36.560 --> 0:45:38.680
<v Speaker 1>are in the world. Anybody can access it from anywhere.

0:45:39.360 --> 0:45:41.960
<v Speaker 1>And I think it's a it's it's um Yeah, it

0:45:42.040 --> 0:45:47.160
<v Speaker 1>is hope. As Michael Salers says, bitcoin is hope. Yeah, so, um, yeah,

0:45:47.320 --> 0:45:49.920
<v Speaker 1>you know, we've we've often thrown around things like bitcoin

0:45:49.960 --> 0:45:53.560
<v Speaker 1>fixes this, or fix the money, fixed the world or whatever,

0:45:53.680 --> 0:45:56.600
<v Speaker 1>you know, all those types of things. And I think, really,

0:45:56.600 --> 0:45:58.960
<v Speaker 1>when when you know, you started out talking about how

0:45:59.000 --> 0:46:01.239
<v Speaker 1>it's really comes down own to that money printer, and

0:46:01.239 --> 0:46:04.680
<v Speaker 1>then the money printer allows them to then influence the

0:46:04.719 --> 0:46:08.120
<v Speaker 1>food or the culture, or the the energy that we

0:46:08.160 --> 0:46:09.960
<v Speaker 1>have or whatever it may be, and to kind of

0:46:09.960 --> 0:46:12.960
<v Speaker 1>control those things. And so then, um, if you believe

0:46:13.000 --> 0:46:15.719
<v Speaker 1>that individuals are better off creating their own destiny and

0:46:15.719 --> 0:46:18.160
<v Speaker 1>making own decisions, then we want to remove that control.

0:46:18.160 --> 0:46:19.640
<v Speaker 1>And the way to do that in is ultimately take

0:46:19.680 --> 0:46:23.640
<v Speaker 1>that money printer away, I guess at the base of it. Yeah,

0:46:23.800 --> 0:46:28.240
<v Speaker 1>And I think a century of a century of Fiat

0:46:28.280 --> 0:46:30.880
<v Speaker 1>money shows us that the political solution is just in

0:46:31.040 --> 0:46:35.200
<v Speaker 1>fun impossible. It can't be done because it's it's just

0:46:36.520 --> 0:46:38.719
<v Speaker 1>it's it's it's it's unhappable in the way that it

0:46:38.800 --> 0:46:40.960
<v Speaker 1>is set up because the people in charge of running

0:46:41.000 --> 0:46:42.560
<v Speaker 1>the government are the ones that are in charge of

0:46:42.600 --> 0:46:46.640
<v Speaker 1>the money printer. And so there's no conceivable scenario in

0:46:46.680 --> 0:46:50.920
<v Speaker 1>which you can win the fight for the money printer

0:46:51.320 --> 0:46:54.040
<v Speaker 1>if you're not using the money printer. So the money

0:46:54.080 --> 0:46:56.000
<v Speaker 1>printer is always going to be controlled by people who

0:46:56.000 --> 0:46:59.000
<v Speaker 1>want to use it because they can win control with it.

0:46:59.160 --> 0:47:01.400
<v Speaker 1>You know, the person who wants to win an election

0:47:02.080 --> 0:47:05.200
<v Speaker 1>by telling people, I'm not going to build all of

0:47:05.320 --> 0:47:07.880
<v Speaker 1>the stupid things that you want. I'm not going to

0:47:07.920 --> 0:47:10.680
<v Speaker 1>fight all the unnecessary wars that you want. I'm not

0:47:10.719 --> 0:47:13.399
<v Speaker 1>going to build all the children's hospitals that you think

0:47:13.440 --> 0:47:15.359
<v Speaker 1>you want, what you don't really need. They're just boon

0:47:15.440 --> 0:47:21.640
<v Speaker 1>doggles for people, all of these emotionally attractive things under

0:47:21.680 --> 0:47:25.080
<v Speaker 1>a field system. Basically, it's a it's it's a it's

0:47:25.080 --> 0:47:28.160
<v Speaker 1>an impossible strategy. And in a sense like you can

0:47:28.920 --> 0:47:33.279
<v Speaker 1>you can hate on politicians for this um but at

0:47:33.360 --> 0:47:35.520
<v Speaker 1>some level you have to kind of come to terms

0:47:35.560 --> 0:47:39.560
<v Speaker 1>with reality, which is in a sense, yeah, when you

0:47:39.680 --> 0:47:43.480
<v Speaker 1>have a magic money printer that can print money out

0:47:43.520 --> 0:47:47.120
<v Speaker 1>on the band, poverty is a choice. You know, if

0:47:47.160 --> 0:47:49.800
<v Speaker 1>you are poor in the US today, you're poor because

0:47:49.800 --> 0:47:53.280
<v Speaker 1>the government didn't print enough money for you. That's there's

0:47:53.320 --> 0:47:56.600
<v Speaker 1>no running around that fact. You know. The reason Lehman

0:47:56.640 --> 0:47:59.160
<v Speaker 1>Brothers went out of businesses because the government didn't print

0:47:59.200 --> 0:48:02.000
<v Speaker 1>money for them. That's in Goldman, Saxon, Morgan Stanley are

0:48:02.000 --> 0:48:05.839
<v Speaker 1>still in business as because the government printed money. So poverty, Um,

0:48:05.880 --> 0:48:09.080
<v Speaker 1>you know, Leaving Brothers is out of business. You or

0:48:09.120 --> 0:48:12.960
<v Speaker 1>somebody you've seen on the street, they're poor because jr.

0:48:13.040 --> 0:48:16.360
<v Speaker 1>Own power doesn't care about them. There's no arguing with that.

0:48:16.400 --> 0:48:18.279
<v Speaker 1>You know, your own power could make them rich. They

0:48:18.280 --> 0:48:20.879
<v Speaker 1>could just tell them you get a million dollars a month.

0:48:21.320 --> 0:48:24.360
<v Speaker 1>It won't even be noticed on the federal reserve. You know,

0:48:24.360 --> 0:48:28.520
<v Speaker 1>a million dollars a month is nothing. And um, so

0:48:28.760 --> 0:48:31.320
<v Speaker 1>obviously you know the politicians that are going to be

0:48:31.360 --> 0:48:32.759
<v Speaker 1>in charge are gonna be the ones that are going

0:48:32.760 --> 0:48:36.680
<v Speaker 1>to promised to take control of the printer and use

0:48:36.719 --> 0:48:40.759
<v Speaker 1>it for all kinds of uh popular things. So I

0:48:40.800 --> 0:48:42.879
<v Speaker 1>can't see a political solution for it. And I think

0:48:43.280 --> 0:48:46.120
<v Speaker 1>this is just and and a beautiful example that's going

0:48:46.160 --> 0:48:49.520
<v Speaker 1>to be taught for centuries about in engineering schools about

0:48:49.560 --> 0:48:54.720
<v Speaker 1>how engineers can um solve everything. And in this case,

0:48:55.160 --> 0:48:56.960
<v Speaker 1>in my mind, it's almost like, you know, we're a

0:48:57.000 --> 0:48:59.000
<v Speaker 1>we're a frontier town and we have a problem of

0:48:59.080 --> 0:49:04.080
<v Speaker 1>theirs attacking the community and killing our children, eating our

0:49:04.120 --> 0:49:08.520
<v Speaker 1>food and eating our cows. And it's like an engineer

0:49:08.560 --> 0:49:11.200
<v Speaker 1>has managed to figure out this magic technology that just

0:49:11.239 --> 0:49:14.080
<v Speaker 1>repels bears and now we never have to suffer from that,

0:49:14.160 --> 0:49:17.640
<v Speaker 1>and it's it's I think that metaphor is also very

0:49:17.640 --> 0:49:20.600
<v Speaker 1>powerful because that's exactly what the government really is in

0:49:20.680 --> 0:49:25.879
<v Speaker 1>that you can, up until bitcoin came about, people who

0:49:25.920 --> 0:49:28.560
<v Speaker 1>believed in hard money and sound money and free markets,

0:49:29.440 --> 0:49:31.359
<v Speaker 1>you had no choice but to try and think of

0:49:31.440 --> 0:49:34.560
<v Speaker 1>the solution through the political perspective, Like we have these

0:49:34.560 --> 0:49:37.320
<v Speaker 1>politicians that are doing things this way. We got to

0:49:37.360 --> 0:49:39.759
<v Speaker 1>elect the better politicians. We've gotta raise awareness, we've got

0:49:39.840 --> 0:49:42.320
<v Speaker 1>to make people figure things out, and then we'll be

0:49:42.360 --> 0:49:44.880
<v Speaker 1>able to get it. In my mind, that's as practical

0:49:44.920 --> 0:49:48.839
<v Speaker 1>at this point as um thinking you're going to negotiate

0:49:49.000 --> 0:49:51.000
<v Speaker 1>with the bears so that they don't eat kids. Like

0:49:51.120 --> 0:49:53.120
<v Speaker 1>we just sit down with the bears explained to them, Hey,

0:49:53.160 --> 0:49:55.920
<v Speaker 1>you know, we're building this town and we like our kids,

0:49:56.280 --> 0:49:58.360
<v Speaker 1>and we don't want our kids to be your dinner,

0:49:58.440 --> 0:50:00.840
<v Speaker 1>So could you please stop ease now watching our children,

0:50:01.480 --> 0:50:04.520
<v Speaker 1>and good luck convincing bears about that. So you know,

0:50:04.960 --> 0:50:08.200
<v Speaker 1>the right engineer doesn't sit there and try and convince

0:50:08.239 --> 0:50:10.919
<v Speaker 1>the bear because he realizes the bears are not something

0:50:10.960 --> 0:50:14.400
<v Speaker 1>you can reason with. The smart engineer figures out a

0:50:14.400 --> 0:50:17.879
<v Speaker 1>technical solution that makes the cooperation of the bears irrelevant.

0:50:18.360 --> 0:50:21.799
<v Speaker 1>You know, you build a fence, or you have a

0:50:21.840 --> 0:50:26.440
<v Speaker 1>watch tower or something, whatever it is. You put technology

0:50:26.480 --> 0:50:29.399
<v Speaker 1>that repels them, that issues sounds that makes a bear

0:50:29.480 --> 0:50:32.400
<v Speaker 1>scared and makes them go away, But you find a solution,

0:50:32.880 --> 0:50:37.040
<v Speaker 1>and it's a solution that doesn't require the bears to cooperate.

0:50:37.080 --> 0:50:39.080
<v Speaker 1>And I think this is what bitcoin is. It's just

0:50:39.560 --> 0:50:41.600
<v Speaker 1>gonna be there. They can't stop it. It's going to

0:50:41.640 --> 0:50:43.600
<v Speaker 1>continue to grow and they're either going to join it

0:50:43.760 --> 0:50:47.680
<v Speaker 1>or they're going to have fun staying poor. And it's

0:50:47.719 --> 0:50:50.440
<v Speaker 1>you know, either they joined and they start doing the

0:50:50.440 --> 0:50:52.920
<v Speaker 1>bad things that they're doing because they start understanding opportunity

0:50:52.960 --> 0:50:54.920
<v Speaker 1>costs and they start understanding how expensive it is for

0:50:54.960 --> 0:50:58.480
<v Speaker 1>them to be wasting their lives in doing stupid bullshit

0:50:58.960 --> 0:51:01.359
<v Speaker 1>that they're doing, and how much better off they could

0:51:01.360 --> 0:51:06.040
<v Speaker 1>be if they were just talking sounds or you just uh,

0:51:06.200 --> 0:51:08.759
<v Speaker 1>you know, people move away from the money pent their

0:51:08.800 --> 0:51:11.279
<v Speaker 1>money and they use the harder money and then that

0:51:11.320 --> 0:51:14.360
<v Speaker 1>makes the money pent the money powerless basically, so either way,

0:51:14.760 --> 0:51:18.120
<v Speaker 1>the bears are not going to hit your children. Yeah,

0:51:18.200 --> 0:51:22.319
<v Speaker 1>I love that. That's a good analogy. UM, if we uh,

0:51:22.360 --> 0:51:24.879
<v Speaker 1>if we if we look into the future. UM, I'm

0:51:24.880 --> 0:51:26.360
<v Speaker 1>not going to try to tie you down to a

0:51:26.440 --> 0:51:29.160
<v Speaker 1>price on bitcoin, But what do you think about this

0:51:29.200 --> 0:51:33.399
<v Speaker 1>transition process? Like fiat ends uh sound money wins? Um.

0:51:33.440 --> 0:51:35.160
<v Speaker 1>I think we both believe that. But I mean, do

0:51:35.160 --> 0:51:36.799
<v Speaker 1>you think this is something that we really start to

0:51:36.800 --> 0:51:38.960
<v Speaker 1>see escalate over the next several years, like by the

0:51:39.040 --> 0:51:41.960
<v Speaker 1>end of the decade. If we look at like like escort,

0:51:42.000 --> 0:51:44.120
<v Speaker 1>like an escort, which we typically used to look at

0:51:44.120 --> 0:51:47.520
<v Speaker 1>adoption of technology, maybe we look at like, you know,

0:51:48.120 --> 0:51:49.759
<v Speaker 1>the first ten percent, and then that's the amount of

0:51:49.760 --> 0:51:52.160
<v Speaker 1>time it takes to go from ten to we could

0:51:52.239 --> 0:51:54.480
<v Speaker 1>argue were past ten percent now, I mean, what do

0:51:54.520 --> 0:51:56.279
<v Speaker 1>you think about this transition as far as time frame

0:51:56.320 --> 0:51:58.759
<v Speaker 1>future casting? You think but into the decade, in the

0:51:58.800 --> 0:52:00.720
<v Speaker 1>next couple of years, we really start see this happening.

0:52:02.480 --> 0:52:05.359
<v Speaker 1>It's really hard to tell. I don't think it's um,

0:52:05.400 --> 0:52:07.920
<v Speaker 1>I don't think it's gonna be uh as quick as

0:52:08.120 --> 0:52:11.520
<v Speaker 1>the end of the decade. I think the limit on

0:52:11.640 --> 0:52:14.799
<v Speaker 1>bitcoin scaling this is I think, um, some something I

0:52:14.880 --> 0:52:17.720
<v Speaker 1>disagree with on most people. Most people think of bitcoin

0:52:17.760 --> 0:52:21.120
<v Speaker 1>scaling as being a technical problem of getting this many

0:52:21.120 --> 0:52:25.200
<v Speaker 1>transactions to be operated. And for me, the technical aspect

0:52:25.200 --> 0:52:29.560
<v Speaker 1>of bitcoin is, um, I'm not gonna say it's solved,

0:52:29.800 --> 0:52:35.680
<v Speaker 1>but I think it's it's a tractable, easy problem, and

0:52:35.760 --> 0:52:40.680
<v Speaker 1>it can be solved tomorrow if the economic scaling works,

0:52:40.680 --> 0:52:42.240
<v Speaker 1>which is what I want to get to in a minute.

0:52:42.600 --> 0:52:44.239
<v Speaker 1>In other words, you could you could have the entire

0:52:44.280 --> 0:52:48.800
<v Speaker 1>world economy running on bitcoin tomorrow if the US just simply,

0:52:48.920 --> 0:52:52.160
<v Speaker 1>if the US government tomorrow says the dollar is redeemable

0:52:52.160 --> 0:52:55.040
<v Speaker 1>for bitcoin. You know, we've got a million coins in

0:52:55.080 --> 0:52:59.359
<v Speaker 1>our stash and you can buy a dollar at say,

0:52:59.600 --> 0:53:02.120
<v Speaker 1>you can buy a bitcoin from US at a million dollars,

0:53:02.360 --> 0:53:05.080
<v Speaker 1>and we're redeeming the bitcoin in dollars. Once you've done that,

0:53:05.800 --> 0:53:09.320
<v Speaker 1>all of your transactions everything you know, your PayPal, your venmore,

0:53:09.400 --> 0:53:12.800
<v Speaker 1>you're checking account, um, your credit cards, all of that

0:53:12.880 --> 0:53:17.879
<v Speaker 1>stuff is now denominated in bitcoin effectively. So um, the

0:53:17.960 --> 0:53:23.320
<v Speaker 1>issue of moving the technical aspect of payments I find

0:53:23.480 --> 0:53:26.319
<v Speaker 1>to be not the real challenge. That's not the real

0:53:26.360 --> 0:53:31.520
<v Speaker 1>mountain to climb. The real economic scaling issue is the

0:53:31.520 --> 0:53:35.239
<v Speaker 1>transition of people's cash balances from being fiat based into

0:53:35.280 --> 0:53:38.759
<v Speaker 1>being bitcoin based. And that's just something that's going to

0:53:38.800 --> 0:53:41.640
<v Speaker 1>take a lot of time, just because it's an enormously

0:53:41.840 --> 0:53:44.919
<v Speaker 1>complicated process, and it's a process that takes a lot

0:53:44.960 --> 0:53:47.440
<v Speaker 1>of time for people to first learn what's going on,

0:53:48.040 --> 0:53:52.200
<v Speaker 1>understand how bitcoin works, being able to take care of

0:53:52.200 --> 0:53:56.239
<v Speaker 1>their own bitcoins and managing them, and then making the

0:53:56.280 --> 0:54:01.919
<v Speaker 1>economic decision to switch over, but then waiting until they're

0:54:01.960 --> 0:54:04.120
<v Speaker 1>able to make the complete switch, which can't be done

0:54:04.160 --> 0:54:06.680
<v Speaker 1>overnight for the vast majority of people. So and and

0:54:06.680 --> 0:54:08.880
<v Speaker 1>and you know, it's not about being rich or poor,

0:54:08.920 --> 0:54:11.600
<v Speaker 1>whatever it is. You have a job, or you have

0:54:11.640 --> 0:54:15.200
<v Speaker 1>a business, you have your you live now in a

0:54:15.239 --> 0:54:19.080
<v Speaker 1>world in which your receipts, all everything you pay, everything

0:54:19.080 --> 0:54:22.520
<v Speaker 1>you receive is denominated in dollars. And so you have

0:54:22.640 --> 0:54:27.799
<v Speaker 1>obligations to pay people in dollar and you have assets

0:54:27.840 --> 0:54:29.560
<v Speaker 1>of other people that are supposed to be paying you

0:54:29.719 --> 0:54:32.799
<v Speaker 1>in dollars. And that's going to continue to be the case.

0:54:32.800 --> 0:54:36.040
<v Speaker 1>So there's a small marginal of you being able to

0:54:36.080 --> 0:54:38.560
<v Speaker 1>take your money out of the dollar and put it

0:54:38.600 --> 0:54:40.799
<v Speaker 1>in it into bitcoin. You can't do it with all

0:54:40.840 --> 0:54:43.440
<v Speaker 1>of your money. Um, you know, obviously, if you were

0:54:43.520 --> 0:54:44.840
<v Speaker 1>rich and you just had a bunch of money in

0:54:44.840 --> 0:54:49.120
<v Speaker 1>the bank and you didn't have much business, then yeah,

0:54:49.160 --> 0:54:52.799
<v Speaker 1>you can say convert that money into bitcoin, and then

0:54:52.840 --> 0:54:55.319
<v Speaker 1>you keep one percent for data expenses, and then you

0:54:55.360 --> 0:54:57.600
<v Speaker 1>sell some of that bitcoin. But for the vast majority

0:54:57.640 --> 0:55:00.319
<v Speaker 1>of people, they have income and they have expanded chair,

0:55:00.760 --> 0:55:05.800
<v Speaker 1>and they have a cash balance that's essentially constantly being

0:55:06.000 --> 0:55:10.440
<v Speaker 1>added to uh, constantly having more payments attitude, and constantly

0:55:10.480 --> 0:55:13.080
<v Speaker 1>there's payments going out from it. So you're limited how

0:55:13.160 --> 0:55:16.440
<v Speaker 1>much you can transition into bitcoin from that. And I

0:55:16.440 --> 0:55:20.040
<v Speaker 1>think we're seeing that transition happened gradually, and the thing

0:55:20.080 --> 0:55:22.280
<v Speaker 1>that's obviously driving it is the fact that bitcoins prices

0:55:22.280 --> 0:55:26.160
<v Speaker 1>continuously going up. So what happens is people by one

0:55:26.200 --> 0:55:30.440
<v Speaker 1>percent of their work net worth in portfolio or portfolio

0:55:30.520 --> 0:55:33.520
<v Speaker 1>in bitcoin. Over time that becomes two percent, five percent,

0:55:33.640 --> 0:55:37.120
<v Speaker 1>ten percent, keeps to increase, and they keep adding up

0:55:37.160 --> 0:55:39.240
<v Speaker 1>more to it. But then you know, at some point

0:55:39.280 --> 0:55:42.880
<v Speaker 1>in the future, without them um ever risking the solvency

0:55:42.920 --> 0:55:45.040
<v Speaker 1>of their business, at some point in the future, they're

0:55:45.040 --> 0:55:46.719
<v Speaker 1>able to wrap at a point where they have as

0:55:46.760 --> 0:55:49.279
<v Speaker 1>big enough stash of bitcoin that it's bigger than the

0:55:49.320 --> 0:55:53.919
<v Speaker 1>majority of the of their dollars. So that's that that

0:55:53.960 --> 0:55:56.560
<v Speaker 1>can't be done at once. We can just click a

0:55:56.560 --> 0:56:01.160
<v Speaker 1>button and have the entire planet upgrade. Well well, I

0:56:01.160 --> 0:56:03.680
<v Speaker 1>mean the US government could, but I wouldn't count on

0:56:03.719 --> 0:56:05.279
<v Speaker 1>that because, as was saying earlier, you know, we're not

0:56:05.320 --> 0:56:08.440
<v Speaker 1>going to count on the cooperation of the bears. So

0:56:09.520 --> 0:56:11.439
<v Speaker 1>in order for it to happen as a spontaneous market

0:56:11.480 --> 0:56:13.239
<v Speaker 1>process is going to take time. It's going to take

0:56:13.239 --> 0:56:15.799
<v Speaker 1>time for business to upgrade, and it's gonna take time

0:56:15.840 --> 0:56:18.040
<v Speaker 1>for the bitcoin to grow as part of their balance sheets.

0:56:18.080 --> 0:56:20.600
<v Speaker 1>And as bitcoin grows as a part of their balance sheets,

0:56:21.040 --> 0:56:24.360
<v Speaker 1>then it becomes more likely for people to find trading

0:56:24.360 --> 0:56:27.520
<v Speaker 1>opportunities in bitcoin. And so what's going to happen, you

0:56:27.560 --> 0:56:29.560
<v Speaker 1>know right now? It's you know, the vast majority of

0:56:29.600 --> 0:56:31.760
<v Speaker 1>people don't get paid in bitcoining, They don't make payments

0:56:31.760 --> 0:56:35.760
<v Speaker 1>in bitcoin, because somewhere around one percent of global cash

0:56:35.760 --> 0:56:38.759
<v Speaker 1>balances are in bitcoin, maybe less than one percent, so

0:56:38.800 --> 0:56:41.720
<v Speaker 1>it's only one percent. So the odds of you coming

0:56:41.760 --> 0:56:44.319
<v Speaker 1>across somebody who wants to buy something from you and

0:56:44.440 --> 0:56:47.200
<v Speaker 1>is willing to give up some of their bitcoin is

0:56:47.520 --> 0:56:50.560
<v Speaker 1>one percent, but likely even lower, And so it doesn't

0:56:50.600 --> 0:56:53.960
<v Speaker 1>doesn't make sense to base your business around bitcoin entirely,

0:56:54.000 --> 0:56:56.760
<v Speaker 1>and so you continue to accept fiat. But over time,

0:56:57.280 --> 0:56:59.800
<v Speaker 1>as the price of bitcoin goes up, and as people

0:56:59.840 --> 0:57:01.760
<v Speaker 1>can fiction of bitcoin go up, and as the process

0:57:01.760 --> 0:57:04.840
<v Speaker 1>of bitcoin education increases and the understanding of bitcoin increases,

0:57:05.239 --> 0:57:08.920
<v Speaker 1>you're gonna see those one percent uh in everybody's portfolio

0:57:09.080 --> 0:57:11.799
<v Speaker 1>begin to rise up more and more. You can see

0:57:11.800 --> 0:57:14.560
<v Speaker 1>more and more trading opportunities emerge, and then you're going

0:57:14.600 --> 0:57:16.960
<v Speaker 1>to see more and more of a bitcoin based economy image.

0:57:17.000 --> 0:57:19.000
<v Speaker 1>But I think it's gonna be a while, and I

0:57:19.040 --> 0:57:22.720
<v Speaker 1>don't think it's um you know, I don't think I think,

0:57:22.760 --> 0:57:25.280
<v Speaker 1>you know, people who criticize bitcoin on technical grounds missed

0:57:25.320 --> 0:57:27.960
<v Speaker 1>the point. Like lightning is already there, it works, I

0:57:28.040 --> 0:57:30.520
<v Speaker 1>use it, I accept lightning payments on my website. You

0:57:30.560 --> 0:57:32.840
<v Speaker 1>can payment with lightning, and my customers use it, and

0:57:32.880 --> 0:57:34.800
<v Speaker 1>I've never had a problem with it. It's there, and

0:57:34.840 --> 0:57:37.840
<v Speaker 1>it works, and it is going to grow, and so

0:57:37.880 --> 0:57:40.400
<v Speaker 1>it's but the limit on its growth is not the

0:57:40.400 --> 0:57:42.760
<v Speaker 1>technical aspect. It's not the fact that it can't handle

0:57:42.880 --> 0:57:46.200
<v Speaker 1>enough transactions. Can already handle enough transactions with the whole planet.

0:57:46.440 --> 0:57:49.080
<v Speaker 1>The limit is how much liquidity people have in bitcoint

0:57:49.120 --> 0:57:51.080
<v Speaker 1>and it's just not that much compared to all the

0:57:51.080 --> 0:57:54.400
<v Speaker 1>other currencies. But you know, let's give you the short

0:57:54.440 --> 0:57:57.120
<v Speaker 1>answer your question. I'm gonna say fifteen years. Yeah. Well,

0:57:57.160 --> 0:57:59.360
<v Speaker 1>I think it depends on what you consider that outcome

0:57:59.440 --> 0:58:02.200
<v Speaker 1>is in fifteen years. But to your point, um, you know,

0:58:02.280 --> 0:58:04.320
<v Speaker 1>in modern times, in the last hundred years or a a

0:58:04.400 --> 0:58:07.280
<v Speaker 1>hundred and twenty years, um, gold was a reserve asset,

0:58:07.320 --> 0:58:09.200
<v Speaker 1>but it wasn't used on a day to day transaction,

0:58:09.240 --> 0:58:16.040
<v Speaker 1>and so my savings went right, Okay, you're right, Yeah, yeah,

0:58:16.040 --> 0:58:17.840
<v Speaker 1>I mean so you know in the late eighteen hundreds,

0:58:17.840 --> 0:58:20.520
<v Speaker 1>early nineteen hundreds, I mean, gold was my reserve asset,

0:58:21.320 --> 0:58:23.600
<v Speaker 1>but I was using fiat to spend at all paper

0:58:23.600 --> 0:58:25.240
<v Speaker 1>gold certificates or whatever they were at the time. I

0:58:25.240 --> 0:58:28.600
<v Speaker 1>think in the eighteenth and nineteenth century, UM, gold was

0:58:29.400 --> 0:58:31.480
<v Speaker 1>you know, you were using gold back nay, so it

0:58:31.560 --> 0:58:33.560
<v Speaker 1>was just second layer of gold scaling solutions. You know,

0:58:33.600 --> 0:58:36.080
<v Speaker 1>paper money was just receipts for gold, so it was

0:58:36.080 --> 0:58:41.120
<v Speaker 1>still gold. Yeah. Um. And I I put this thesis

0:58:41.160 --> 0:58:43.479
<v Speaker 1>together that I've been talking about, and it's like three

0:58:43.520 --> 0:58:46.480
<v Speaker 1>revolutionary cycles converging, and so obviously we can see the

0:58:46.480 --> 0:58:49.360
<v Speaker 1>financial market every about eighty years is ready to be reset.

0:58:49.400 --> 0:58:51.920
<v Speaker 1>They're calling for a reset of it. But then we

0:58:51.960 --> 0:58:55.400
<v Speaker 1>have the technological revolution every fifty years the technological revolution,

0:58:55.440 --> 0:58:57.840
<v Speaker 1>and then there's every two years is a political, social,

0:58:57.880 --> 0:59:00.760
<v Speaker 1>cultural revolution. Um. And they're all could urging right now

0:59:01.080 --> 0:59:03.400
<v Speaker 1>in the next couple of years. UM. And so it

0:59:03.440 --> 0:59:05.360
<v Speaker 1>seems like every two or fo years the world rejects

0:59:05.360 --> 0:59:09.439
<v Speaker 1>globalism or centralization, it moves to decentralization. Two or fifty

0:59:09.520 --> 0:59:12.640
<v Speaker 1>years ago was the American French Revolution, and years before

0:59:12.680 --> 0:59:15.640
<v Speaker 1>that was the Protestant Reformation. UM. So I think while

0:59:15.640 --> 0:59:18.480
<v Speaker 1>everybody's looking for a centralized answer, will it will the

0:59:18.480 --> 0:59:20.280
<v Speaker 1>dollar remain and will it be the yuan? Will it

0:59:20.280 --> 0:59:23.440
<v Speaker 1>be an SDR? I think the futures decentralized. Where you

0:59:23.480 --> 0:59:26.000
<v Speaker 1>and I use a bitcoin standard, some people still use

0:59:26.080 --> 0:59:27.720
<v Speaker 1>the dollar, some people use gold, and it's more of

0:59:27.760 --> 0:59:31.560
<v Speaker 1>a decentralized answer than that power power from on high

0:59:31.640 --> 0:59:34.800
<v Speaker 1>gives this decree Okay, this is the new UH standard

0:59:34.840 --> 0:59:38.400
<v Speaker 1>or whatever. But um, yeah, and I think what massive

0:59:38.480 --> 0:59:41.640
<v Speaker 1>changes decades. So we'll see how that plays out. It's interesting. Yeah,

0:59:41.640 --> 0:59:44.680
<v Speaker 1>I think I agree with you. UM. All right, last

0:59:44.720 --> 0:59:47.000
<v Speaker 1>question I'd like to ask, since UH you're a you're

0:59:47.000 --> 0:59:50.000
<v Speaker 1>an educator. I've read your books. I highly recommend him, UM,

0:59:50.000 --> 0:59:52.600
<v Speaker 1>and I value your opinion. I'm curious, Um, if you

0:59:52.680 --> 0:59:55.280
<v Speaker 1>were to make your own amount rushmore like the United

0:59:55.280 --> 0:59:57.840
<v Speaker 1>States we have amount rushmore for presidents, who would you

0:59:57.880 --> 1:00:00.400
<v Speaker 1>put up on there? Um that may we were the

1:00:00.440 --> 1:00:06.880
<v Speaker 1>most influential for you. Mm hmmm, Um, definitely I put

1:00:06.920 --> 1:00:12.080
<v Speaker 1>moderin Rothbard, Ludvig one ms M. Hard to choose between

1:00:12.080 --> 1:00:16.120
<v Speaker 1>those two, so not I'm gonna choose to have these two.

1:00:16.520 --> 1:00:23.160
<v Speaker 1>And mm hmm I could add hands Harmon Hopper as well.

1:00:23.560 --> 1:00:27.080
<v Speaker 1>I think those three would be there that I need

1:00:27.120 --> 1:00:32.960
<v Speaker 1>for before I'll add Ferdinand Lips. I've only read one

1:00:33.000 --> 1:00:35.120
<v Speaker 1>book of his. He's only written one book. I think

1:00:35.720 --> 1:00:38.000
<v Speaker 1>the book is called gold Wars, and it was highly

1:00:38.000 --> 1:00:42.160
<v Speaker 1>influential on the bitcoin standard. The bitcoin standard was essentially

1:00:43.200 --> 1:00:46.800
<v Speaker 1>to a very large extent. I think it was what

1:00:47.040 --> 1:00:52.720
<v Speaker 1>Ferdinand Lips would have written if he was fifty years younger. Um.

1:00:52.760 --> 1:00:54.640
<v Speaker 1>He died in two thousand, I think or in the

1:00:54.720 --> 1:00:57.840
<v Speaker 1>late nineties, and he was a Swiss banker who worked

1:00:58.000 --> 1:01:02.640
<v Speaker 1>in Switzerland in banking and UM he wrote a book

1:01:02.680 --> 1:01:05.360
<v Speaker 1>on gold has money in the history of gold, and

1:01:05.360 --> 1:01:08.600
<v Speaker 1>he understood the significance of hard money for civilization. He

1:01:08.680 --> 1:01:10.840
<v Speaker 1>understood it very well and wrote about it very eloquently

1:01:10.840 --> 1:01:13.440
<v Speaker 1>in that book, and it was enormously influential for me.

1:01:13.520 --> 1:01:16.800
<v Speaker 1>So I would probably say these four Yeah, Mises hop

1:01:17.800 --> 1:01:21.640
<v Speaker 1>rough part and Furtherland lips nice, alright, good. I know

1:01:21.680 --> 1:01:24.120
<v Speaker 1>I caught you off guard with that one, but but

1:01:24.200 --> 1:01:25.880
<v Speaker 1>it was but I was good to hear that. Um

1:01:25.880 --> 1:01:27.920
<v Speaker 1>cool with that. We're gonna wrap it up. I know

1:01:28.000 --> 1:01:29.680
<v Speaker 1>you have that book. If you had Standard coming out

1:01:30.360 --> 1:01:32.560
<v Speaker 1>really quickly, you were running a kickstarter. Is that still

1:01:32.640 --> 1:01:35.520
<v Speaker 1>running or is that over? Yes, it's still running. You

1:01:35.520 --> 1:01:38.160
<v Speaker 1>can you can go to my website safetan dot com

1:01:38.200 --> 1:01:41.600
<v Speaker 1>slash Kickstarter or safety dot com slash t f S

1:01:41.760 --> 1:01:45.400
<v Speaker 1>and Fiat Standard and you can pre order the book

1:01:45.560 --> 1:01:47.680
<v Speaker 1>right now. It will be delivered in December, but you

1:01:47.720 --> 1:01:50.400
<v Speaker 1>can get the draft of the book, the almost complete

1:01:50.400 --> 1:01:53.360
<v Speaker 1>the draft still gonna be some editing done. But if

1:01:53.360 --> 1:01:54.760
<v Speaker 1>you order now, you'll get the draft so you can

1:01:54.800 --> 1:01:57.440
<v Speaker 1>read it now in digital format, and then in December

1:01:57.480 --> 1:01:59.720
<v Speaker 1>you'll get the physical book, the digital book and the

1:02:00.000 --> 1:02:03.360
<v Speaker 1>audiobook and you can get a signed copy of it. Yes,

1:02:03.360 --> 1:02:05.760
<v Speaker 1>and you can get a signed copy, and essentially the

1:02:05.800 --> 1:02:08.040
<v Speaker 1>signed copies my way of Um. You know, people like

1:02:08.160 --> 1:02:11.640
<v Speaker 1>donate to universities that they like. I'm sort of cutting

1:02:11.640 --> 1:02:14.240
<v Speaker 1>out the middleman, and you know, if you want to

1:02:14.280 --> 1:02:16.280
<v Speaker 1>support me working on these books, it takes a lot

1:02:16.280 --> 1:02:18.000
<v Speaker 1>of time to write these books and I don't and

1:02:18.000 --> 1:02:21.000
<v Speaker 1>I'm publishing. I'm self publishing them. UM. So instead of

1:02:21.360 --> 1:02:24.360
<v Speaker 1>going to publishing house and taking an advance, I'm getting

1:02:24.360 --> 1:02:27.080
<v Speaker 1>the advance essentially from my readers. So if you buy

1:02:27.080 --> 1:02:28.720
<v Speaker 1>a signed copy, you get a signed copy and you

1:02:28.760 --> 1:02:30.400
<v Speaker 1>get listed in the book as one of the supporters

1:02:30.400 --> 1:02:32.919
<v Speaker 1>of the book. So please do that. Yep, I got

1:02:32.920 --> 1:02:34.840
<v Speaker 1>a signed copy of the Bitcoin Standard. I'm definitely getting

1:02:34.840 --> 1:02:36.680
<v Speaker 1>a copy of the signed copy of the FED standard.

1:02:36.760 --> 1:02:38.680
<v Speaker 1>So I'm in. I'm gonna put the link down below

1:02:38.720 --> 1:02:41.440
<v Speaker 1>for everybody. I recommend that you go do that. Um

1:02:41.480 --> 1:02:42.840
<v Speaker 1>and with that, we'll go ahead and sign it off.

1:02:42.960 --> 1:02:45.880
<v Speaker 1>Thanks so much, Safety, thank you so much, Mark. Pleasure

1:02:45.880 --> 1:02:47.400
<v Speaker 1>to take care all right,