WEBVTT - 7/30/25: Mayor Pete Refuses To Accept Zohran Win, Crypto Dire Warning, Sydney Sweeney Jeans Ad 0:00:00.080 --> 0:00:01.599 Hey, guys, Saga and Crystal here. 0:00:01.680 --> 0:00:05.200 Independent media just played a truly massive role in this election, 0:00:05.360 --> 0:00:07.840 and we are so excited about what that means for 0:00:07.880 --> 0:00:08.720 the future of the show. 0:00:08.880 --> 0:00:10.760 This is the only place where you can find honest 0:00:10.760 --> 0:00:13.280 perspectives from the left and the right that simply does 0:00:13.320 --> 0:00:14.640 not exist anywhere else. 0:00:14.760 --> 0:00:17.080 So if that is something that's important to you, please 0:00:17.120 --> 0:00:19.599 go to Breakingpoints dot com. Become a member today and 0:00:19.640 --> 0:00:22.800 you'll get access to our full shows, unedited, ad free, 0:00:22.800 --> 0:00:25.600 and all put together for you every morning in your inbox. 0:00:25.680 --> 0:00:27.560 We need your help to build the future of independent 0:00:27.560 --> 0:00:29.920 news media and we hope to see you at Breakingpoints 0:00:29.960 --> 0:00:33.440 dot com. 0:00:33.600 --> 0:00:36.720 Let's go ahead and get to Zoron, and let's start 0:00:36.760 --> 0:00:41.280 off with a clip of Pete Buddhagic talking about why 0:00:41.360 --> 0:00:46.120 he thinks that Zoron won. And Pete says, you know, 0:00:46.240 --> 0:00:49.680 his policy, like that, really that really wasn't the thing. 0:00:49.760 --> 0:00:52.440 I think people are reading too much into this whole 0:00:52.479 --> 0:00:55.000 like free bust thing. Let's take a listen to to 0:00:55.040 --> 0:00:58.480 Pete explaining his version of why Zoron was so successful. 0:00:58.880 --> 0:01:01.040 I think a lot of people are focused on the leftism, 0:01:01.120 --> 0:01:04.440 the ideological leftism that I think we shouldn't be so 0:01:04.480 --> 0:01:08.200 surprised that prevailed in a New York Democratic Party primary. 0:01:09.080 --> 0:01:11.200 But I think if my party wants to learn lessons 0:01:11.480 --> 0:01:17.120 from Mamdani's success that are portable to a place like Michigan, 0:01:17.120 --> 0:01:20.800 where I live, it's less about the ideology and more 0:01:20.800 --> 0:01:24.480 about the message discipline of focusing on what people care about, 0:01:25.480 --> 0:01:27.959 and the tactical wisdom of getting out there and talking 0:01:27.959 --> 0:01:28.520 to everybody. 0:01:29.040 --> 0:01:31.600 Nailed and I love. 0:01:32.120 --> 0:01:35.880 I've seen several different versions of this where it's like 0:01:36.000 --> 0:01:39.280 the assessment is, oh, well, he's young, he's charismatic, he 0:01:39.360 --> 0:01:41.759 was talking about costs of living, you know, they say 0:01:41.800 --> 0:01:44.840 in this very amorphous way, like the specifics of his 0:01:44.959 --> 0:01:49.400 proposals didn't matter, and or it's oh, he understood social 0:01:49.480 --> 0:01:51.880 media and he knew how to make videos. Anything to 0:01:51.960 --> 0:01:55.280 keep from grappling with the fact that a central part 0:01:55.280 --> 0:02:00.680 of his appeal are his specific policies, including, by the way, 0:02:01.320 --> 0:02:07.160 his support for Palestinian rights. The data is just totally 0:02:07.160 --> 0:02:10.240 clear at this point that he didn't win in spite 0:02:10.320 --> 0:02:13.840 of his willingness to, you know, stand on business of 0:02:13.880 --> 0:02:17.600 being an anti Zionist. He won in part because that 0:02:17.720 --> 0:02:20.919 was such an appealing position to take in the context 0:02:20.960 --> 0:02:22.520 especially of a Democratic primary. 0:02:23.120 --> 0:02:27.919 I mean, he's the millennial Like, he's who a lot 0:02:27.919 --> 0:02:31.440 of establishment Democrats see as like the ambassador the party's 0:02:31.520 --> 0:02:36.079 like next best ambassador to millennials and to millennial men 0:02:37.200 --> 0:02:42.320 because he's young and a man. But he's not. It's 0:02:42.320 --> 0:02:44.120 actually kind of interesting. This made me think about this 0:02:44.280 --> 0:02:46.000 when it comes to Buddha Judge for the first time 0:02:47.120 --> 0:02:50.120 in the sense that like, he doesn't capture any of 0:02:50.160 --> 0:02:56.480 the mood of millennials for sure, or of like people 0:02:56.639 --> 0:02:59.239 again under the age of forty roughly in the country. 0:02:59.639 --> 0:03:03.239 And you'd think that Democrats would understand that about him. 0:03:03.280 --> 0:03:06.720 He's so you know, he's he's able to talk like 0:03:06.760 --> 0:03:10.079 a normal Midwestern dude when he's on with Andrew Schultz 0:03:10.280 --> 0:03:14.600 or a different podcast hosts, but he definitely like doesn't 0:03:14.720 --> 0:03:18.880 at all reflect like Mam Donnie. Is also a cheerful candidate, 0:03:18.919 --> 0:03:21.000 right like he I think Soccer has pointed this out, 0:03:21.000 --> 0:03:24.359 like a guy's always smiling wherever he goes, even though 0:03:24.400 --> 0:03:29.160 he's speaking to the miseries of younger Americans millennial generation ze. 0:03:29.560 --> 0:03:31.799 But Buddha Judge is not somebody who comes across this 0:03:32.000 --> 0:03:35.760 like really understanding that and really like, do you know 0:03:35.800 --> 0:03:38.840 what I'm saying, Like, that's not what he speaks to 0:03:39.040 --> 0:03:41.680 he he sort of like seems to gloss over a 0:03:41.680 --> 0:03:43.800 lot of that. And I think this is this clip 0:03:43.880 --> 0:03:46.440 is a pretty good example of him saying, well, New 0:03:46.480 --> 0:03:48.120 York City is deep blue. 0:03:49.200 --> 0:03:50.320 It was a vibes election. 0:03:51.480 --> 0:03:54.400 You know, It's true Cuomo was a bad candidate and 0:03:54.440 --> 0:03:58.840 all of that, but Mam Donnie is powerful for Democrats 0:03:58.840 --> 0:04:02.640 precisely because he kind of understands the precariousness of the 0:04:02.680 --> 0:04:06.160 situation that the twenty four year old man finds himself 0:04:06.160 --> 0:04:09.440 in in very particular ways that you don't really hear 0:04:09.480 --> 0:04:12.320 Buddha Judge talking about at all. 0:04:12.440 --> 0:04:15.480 Well, Democrats took this lesson from the Trump election. I'm 0:04:15.480 --> 0:04:17.400 basically like, we need to go on podcasts. 0:04:17.520 --> 0:04:18.880 Yeah, right, right, right, right, right right. 0:04:19.040 --> 0:04:22.040 But they didn't realize that it's not just you need 0:04:22.080 --> 0:04:24.279 to go on podcasts. It's like, you need to be 0:04:24.360 --> 0:04:27.359 able to say something when you're on those podcasts that 0:04:27.440 --> 0:04:28.599 is going to have appeal. 0:04:28.760 --> 0:04:29.200 You need to. 0:04:29.240 --> 0:04:32.280 Exclame the dem establishment, because that is what Trump did 0:04:32.279 --> 0:04:34.960 with a Republican establishment. That's what Jadie Vance does with 0:04:35.000 --> 0:04:35.920 Republican establishment. 0:04:35.960 --> 0:04:38.520 Whether or not. You think they believe it. That's why 0:04:38.720 --> 0:04:39.760 Joe Rogan likes them. 0:04:40.240 --> 0:04:43.800 Yeah, And I mean again, Israel is really central here. 0:04:43.839 --> 0:04:46.080 And I'm sorry to keep picking on center Slacken, because 0:04:46.080 --> 0:04:48.800 I actually really appreciate her coming on our show. But 0:04:49.040 --> 0:04:51.280 you know, I think I asked her like, what did 0:04:51.320 --> 0:04:53.640 you want? Why did you want to talk to us, 0:04:53.680 --> 0:04:56.080 and she basically said, like, well, my staff pitches and 0:04:56.480 --> 0:04:58.320 pitched me on it. And you know, we all have 0:04:58.400 --> 0:05:00.200 this sense of basically we need to get out into 0:05:00.240 --> 0:05:04.520 independent media, but if you don't understand the audience is 0:05:04.520 --> 0:05:07.760 there and what they need to hear from a politician 0:05:07.960 --> 0:05:10.159 in order for them to trust you and for you 0:05:10.200 --> 0:05:12.359 to have any credibility with them at all, Like you 0:05:12.400 --> 0:05:14.440 can go on every podcast in the world and it's 0:05:14.480 --> 0:05:16.640 not going to help you one bit whatsoever. 0:05:17.120 --> 0:05:20.000 And like if Yabla Harris had gone on Rogan, Yeah. 0:05:20.400 --> 0:05:25.080 Right, And you know, I really do think, like I've 0:05:25.440 --> 0:05:29.200 become quite convinced that the sort of price of entry 0:05:29.240 --> 0:05:32.120 into credibility in those spaces on the democratic side is 0:05:32.520 --> 0:05:35.600 being like having any sort of soul and conscience around 0:05:35.760 --> 0:05:39.240 Palestinian life. And you know, if we look at here, 0:05:39.400 --> 0:05:41.640 we've got a bunch of interesting poll numbers with regard 0:05:41.720 --> 0:05:42.200 to Zorn. 0:05:42.279 --> 0:05:43.920 We can put C two up on the screen. 0:05:44.640 --> 0:05:48.920 This one reflects what the top contributors to his success 0:05:48.960 --> 0:05:53.200 in the race ultimately were. And Number one his plans 0:05:53.200 --> 0:05:53.919 to lower costs. 0:05:54.200 --> 0:05:54.680 That's great. 0:05:54.720 --> 0:05:57.000 Eighty nine percent said that was really important to me. 0:05:57.320 --> 0:06:00.160 Number two his plans to tax the wealthy and stand 0:06:00.240 --> 0:06:03.719 up to corporations. Now that's part of why Pete wants 0:06:03.800 --> 0:06:05.320 to say, oh, no, no, no, it didn't have anything to 0:06:05.360 --> 0:06:08.240 do with his policy positions, because you know, he's interested 0:06:08.320 --> 0:06:11.200 in like a maintenance of the status quo. But number 0:06:11.200 --> 0:06:14.120 three on that list is his support for Palestinian rights. 0:06:14.560 --> 0:06:17.720 Sixty two percent of people said that was important to me, 0:06:17.800 --> 0:06:20.080 and only twelve percent said it wasn't that it wasn't 0:06:20.080 --> 0:06:22.719 important to them at all in terms of how they voted. 0:06:23.160 --> 0:06:26.600 So Zoran didn't didn't try to make, you know, Palestinian 0:06:26.680 --> 0:06:30.000 rights central to his campaign, but his opponents decided to 0:06:30.080 --> 0:06:33.040 make that a central question in the campaign. And there's 0:06:33.120 --> 0:06:35.520 just no doubt that they did him a tremendous favor 0:06:35.880 --> 0:06:38.400 by you know, trying to smear him as an anti 0:06:38.400 --> 0:06:41.120 Semite and constantly talking about, you know what do you 0:06:41.160 --> 0:06:43.120 go to Israel and where does he stand on this? 0:06:43.800 --> 0:06:45.960 That was a huge boon to him in this primary. 0:06:45.960 --> 0:06:48.839 I think the numbers are quite clear at this point, 0:06:48.920 --> 0:06:52.120 and we've also got pulling emily about where he stands 0:06:52.120 --> 0:06:54.760 for the general election. If this polling is to believe, 0:06:55.080 --> 0:06:57.320 be believed, and I don't see any reason why it shouldn't, 0:06:57.520 --> 0:07:00.800 given that, you know, the heavily democratic makeup of the 0:07:00.839 --> 0:07:03.960 city of New York, Zorin looks set to coast to 0:07:04.520 --> 0:07:07.400 victory whether or not all of his current opponents stay 0:07:07.400 --> 0:07:09.520 in the race or not. Let's put C three up 0:07:09.520 --> 0:07:12.239 on the screen. You can see all of the different 0:07:12.320 --> 0:07:16.840 demographic groups that he is strongest with. This isn't a 0:07:16.880 --> 0:07:19.160 five way vote. I mean, just look at this list. 0:07:19.400 --> 0:07:23.040 So young Asians, he's winning eighty nine percent of them. 0:07:23.400 --> 0:07:27.480 Men eighteen to thirty four, a key demographic group that 0:07:27.560 --> 0:07:30.480 Democrats did not do so hot with in the general election. 0:07:30.680 --> 0:07:35.080 He's winning eighty five percent of them, young women seventy 0:07:35.160 --> 0:07:39.320 nine percent, overall ages twenty five to seventy nine percent. 0:07:39.760 --> 0:07:42.440 You can just go down this list. A couple more 0:07:42.520 --> 0:07:46.120 that I just want to highlight here Jews age eighteen 0:07:46.200 --> 0:07:51.120 to forty four, he is winning sixty seven percent of 0:07:51.360 --> 0:07:56.600 young Jewish voters. Overall Jewish voters, okay, forty three percent, 0:07:57.000 --> 0:08:01.440 which is much larger by you know, by double digits. 0:08:01.640 --> 0:08:04.240 That's a lot of anti Semitic Jews. 0:08:05.360 --> 0:08:08.720 Yeah, exactly, but that he wins the plurality of Jews, 0:08:08.760 --> 0:08:11.120 and it's not close, it's by double digits. So you know, 0:08:11.160 --> 0:08:13.560 we really need to put to bed this idea that 0:08:14.040 --> 0:08:16.840 he constantly is getting HARANGI, Oh, you have work to 0:08:16.840 --> 0:08:19.080 do with the Jewish community and you need to talk 0:08:19.120 --> 0:08:21.520 to them, and you're going to make Jews unsafe, blah 0:08:21.520 --> 0:08:24.040 blah blah. Well, if somebody needs to ask Andrew Cuomo 0:08:24.600 --> 0:08:27.320 why Jewish voters apparently don't trust him and why he's 0:08:27.320 --> 0:08:30.320 got so much work to do apparently with the Jewish community, 0:08:30.600 --> 0:08:33.320 since he is losing now to Zoron among those groups, 0:08:33.320 --> 0:08:37.000 and according to Cuomo's numbers, lost Jewish voters in the primary. 0:08:37.720 --> 0:08:40.240 Majority of them, according to Cuomo, voted for Zoron in 0:08:40.280 --> 0:08:44.280 the primary as well. So you know, frankly, it's anti 0:08:44.280 --> 0:08:48.200 semitic to project onto Jewish voters that they all have 0:08:48.280 --> 0:08:52.160 this one monolichlithic view that they are all on board 0:08:52.440 --> 0:08:55.120 with Israel committing a genocide in the Gaza strip and 0:08:55.120 --> 0:08:57.080 that this is a top priority and top issue for 0:08:57.120 --> 0:08:58.800 them is like how many times you're going to visit 0:08:58.960 --> 0:09:01.560 Israel and how much you love Benjamin Ntt Yahoo. This 0:09:01.720 --> 0:09:05.760 is just thoroughly debunked and honestly a disgusting view of 0:09:05.880 --> 0:09:06.719 the electorate. 0:09:06.920 --> 0:09:08.840 Can we just put the graphic up on the screen 0:09:08.920 --> 0:09:10.920 one more time? Sorry, There's there's one that caught my 0:09:10.960 --> 0:09:12.160 eye that I wanted to point out. 0:09:12.200 --> 0:09:13.360 The last one. 0:09:14.360 --> 0:09:17.680 Check a check out Curtis leiwa there, Crystal forty percent 0:09:17.760 --> 0:09:18.800 of Staten Island. 0:09:19.240 --> 0:09:24.080 Yeah, white Catholics, Staten Island, white union household is interesting 0:09:24.160 --> 0:09:26.439 and white non college that's his strength. 0:09:26.160 --> 0:09:29.080 Absolutely crushing it on Staten Island. Sorry, I had to 0:09:29.200 --> 0:09:29.880 point that one out. 0:09:30.440 --> 0:09:30.880 I saw. 0:09:31.040 --> 0:09:31.240 Yeah. 0:09:31.760 --> 0:09:35.040 Well, I also, I think this chart is so important 0:09:35.080 --> 0:09:38.680 because it just completely exposes the lie of the idea 0:09:38.720 --> 0:09:43.640 that oh Zorn's just winning like affluent white socialists in Brooklyn. 0:09:43.720 --> 0:09:46.319 That's a good point, Like, look at this list. You know, 0:09:46.440 --> 0:09:49.199 it's it's overwhelming. I he's winning black women fifty one 0:09:49.240 --> 0:09:52.720 percent of the all of the you know, the caricature 0:09:53.280 --> 0:09:57.720 of where his appeal is is very much debunked by 0:09:57.960 --> 0:10:01.439 this chart showing where he's strongest, which is like basically everywhere. 0:10:01.520 --> 0:10:04.520 Yeah, forty three percent of non college Yeah, I think 0:10:04.679 --> 0:10:07.280 one hundred and one hundred ninety nine household income. That's 0:10:07.320 --> 0:10:09.600 fifty three percent, fifty to ninety nine. He's at fifty 0:10:09.640 --> 0:10:12.920 three percent of household income. So I think that is 0:10:13.160 --> 0:10:16.200 a really good point as well, Crystal. Sample sizes, I 0:10:16.200 --> 0:10:19.319 will say, in that pool are pretty small, it even 0:10:19.360 --> 0:10:21.400 says down there on the screen. Results should be treated 0:10:21.400 --> 0:10:22.120 as directional. 0:10:22.160 --> 0:10:23.200 But we'll see. 0:10:22.960 --> 0:10:26.080 More in the days to come, and certainly some of 0:10:26.080 --> 0:10:29.840 this matches up with what we saw from results after 0:10:30.320 --> 0:10:34.840 the primary. Let's go ahead and put C four on 0:10:34.960 --> 0:10:37.680 the screen. This is I think it's actually even from 0:10:37.800 --> 0:10:41.240 the same poll, isn't it, Crystal the data for Progress. 0:10:41.280 --> 0:10:44.280 This is New York City Democratic primary voters believe Israel 0:10:44.320 --> 0:10:46.960 is committing genocide in Gaza, all likely voters, that is 0:10:46.960 --> 0:10:52.120 at seventy eight percent, and only thirteen percent say no, 0:10:52.280 --> 0:10:56.439 nine percent say don't know. So if you are interested 0:10:56.440 --> 0:11:00.200 in why Cuomo's approach during the primary failed dramatically, this 0:11:00.320 --> 0:11:01.880 pole makes that pretty clear. 0:11:02.360 --> 0:11:04.400 Yeah, and we've got another one in the same vein 0:11:04.679 --> 0:11:09.079 about Netanya Who. So it's Zorn's position, which I fully support, 0:11:09.160 --> 0:11:12.360 that if Netanna Who comes to New York City, he 0:11:12.400 --> 0:11:16.000 should be arrested because there's an outstanding international criminal court 0:11:16.120 --> 0:11:19.360 arrest for it against him for being an alleged war criminal. 0:11:19.440 --> 0:11:23.000 I don't think it's alleged, but whatever. Yeah, New York 0:11:23.080 --> 0:11:25.280 voters are on board with that too. Sixty three percent 0:11:25.320 --> 0:11:28.679 of Democratic peorrimory voters were like, yes, actually you should 0:11:28.720 --> 0:11:31.240 arrest Benjamin Natna who in only twenty percent say no. 0:11:31.320 --> 0:11:34.680 The other sixteen percent say they are not sure. Just 0:11:34.720 --> 0:11:37.120 to give you a sense of on what sala solid 0:11:37.120 --> 0:11:41.240 ground he was on with all of his positions, which 0:11:41.240 --> 0:11:45.319 again his opponents really made central to the race. He 0:11:45.360 --> 0:11:48.360 made cost of living central to the campaign he was running, 0:11:48.520 --> 0:11:50.960 but his opponents were bound and determined to put these 0:11:51.000 --> 0:11:53.600 issues at the center of the race, and only I 0:11:53.640 --> 0:11:57.520 think aided him in securing a crushing primary victory. But 0:11:57.559 --> 0:12:01.480 don't worry, Emily, his adversaries not given up. We can 0:12:01.480 --> 0:12:04.080 put C five up on the screen. We have a 0:12:04.120 --> 0:12:09.360 new you know, billionaire to multimillionaire effort to try to 0:12:09.360 --> 0:12:12.400 defeat Zoron in the general election. You've got a new 0:12:12.440 --> 0:12:15.600 anti mom Donnie super Pac forming a Hedge funder and 0:12:15.640 --> 0:12:18.800 Trump voter, pledged five hundred thousand of his own cash. 0:12:18.960 --> 0:12:21.160 If you want to join his zoom call on how 0:12:21.200 --> 0:12:23.880 to stop Zoron, you will need to pay at least 0:12:23.960 --> 0:12:26.959 twenty five thousand dollars is the price of admission to 0:12:27.120 --> 0:12:30.120 this must be the greatest zoom call of all time. 0:12:31.440 --> 0:12:33.839 But in this you know, in this polling that just 0:12:33.960 --> 0:12:37.920 came out, even if all the even if everybody drops 0:12:37.920 --> 0:12:40.760 out except Cuomo, who appears to be his strongest head 0:12:40.800 --> 0:12:44.640 to head opponent in the general election, you still have 0:12:44.760 --> 0:12:47.200 in this poll Zoron winning by twelve points, which coincidentally 0:12:47.240 --> 0:12:49.520 is exactly what you want the primary buy as well. 0:12:49.920 --> 0:12:52.800 So you know, it's just utterly absurd at this point, 0:12:52.880 --> 0:12:57.679 and really discussing that Chuck Schumer Keem Jeffries can't bother 0:12:57.800 --> 0:13:03.280 to endorse the Democratic nominee who has much higher favorability 0:13:03.360 --> 0:13:06.120 ratings that either one of them do in New York. Actually, 0:13:06.160 --> 0:13:10.360 the only candidate, the only politician has higher approval rating 0:13:10.440 --> 0:13:15.280 in New York than Zoron is AOC. And they think that, yeah, 0:13:15.320 --> 0:13:17.760 I mean, they just because they're worried about their donors, 0:13:17.760 --> 0:13:20.160 and they don't like his position on Israel. They refuse 0:13:20.240 --> 0:13:23.240 to endorse the Democratic nominee. And you know, I think 0:13:23.600 --> 0:13:29.840 it is only hastening the decline and exposing the hypocrisy 0:13:29.960 --> 0:13:33.679 and the distance between democratic leadership and where the democratic 0:13:33.720 --> 0:13:34.600 base is at this point. 0:13:34.720 --> 0:13:36.600 So I believe on Dami this is the last thing 0:13:36.640 --> 0:13:40.400 I'll say is on his way back from Uganda, and 0:13:40.559 --> 0:13:44.120 there has been some talk in Maga circles that the 0:13:44.120 --> 0:13:47.880 administration should detain him on his way back. That's something 0:13:47.920 --> 0:13:50.760 we have seen happen in a couple of cases of 0:13:50.840 --> 0:13:53.000 the first six months the Trump administration to people who 0:13:53.000 --> 0:13:56.960 have been critical of US foreign policy, particularly when it 0:13:57.000 --> 0:14:00.760 comes to Israel. So that's just something to watch today, Crystal, 0:14:00.800 --> 0:14:02.560 I don't know if that was on your radar, but 0:14:02.600 --> 0:14:06.720 I'm pretty sure that's been discussed. So we'll keep everybody 0:14:06.800 --> 0:14:08.800 updated with any news we hear on that. 0:14:08.960 --> 0:14:13.440 Well, it would both be obviously outrageous and go to 0:14:13.440 --> 0:14:16.160 ask if they did that, and also just a massive 0:14:16.200 --> 0:14:18.840 boost too Zorn and his campaign. 0:14:18.920 --> 0:14:20.960 It would be a lot closely. 0:14:20.800 --> 0:14:24.240 It would be so like politically foolish of them to 0:14:24.320 --> 0:14:24.720 do so. 0:14:24.800 --> 0:14:26.400 Anyway, we will see. 0:14:26.520 --> 0:14:29.640 Let's move on to Crypto Crystal Republicans making a big 0:14:29.880 --> 0:14:34.520 push to just boost the crypto industry before heading on 0:14:34.560 --> 0:14:37.400 in August Recess. Nothing more important to do, So we 0:14:37.440 --> 0:14:43.800 will be joined by Peter Ryan shortly. Well, we're happy 0:14:43.800 --> 0:14:46.320 to be joined now by Peter Ryan. He's the CEO 0:14:46.320 --> 0:14:49.600 and founder of Ryan Research, and he has been on 0:14:49.640 --> 0:14:51.720 a bit of a journey when it comes to crypto. 0:14:51.800 --> 0:14:52.880 Peter has been in the space. 0:14:52.920 --> 0:14:54.280 He's going to tell us all about this for a 0:14:54.320 --> 0:14:57.600 long time. Came to sour on crypto, wrote an excellent essay. 0:14:57.680 --> 0:14:58.920 This is the first element we can go ahead and 0:14:58.920 --> 0:15:02.280 put up on the screen for Compact magazine recently that 0:15:02.400 --> 0:15:06.400 I cannot recommend to people enough, especially if you're sort 0:15:06.440 --> 0:15:10.160 of crypto curious. There's a lot of great explainer details 0:15:10.200 --> 0:15:12.880 in this piece, and it's just it's a really really 0:15:12.960 --> 0:15:15.600 helpful kind of glimpse inside of the industry that goes 0:15:15.600 --> 0:15:16.800 into granular details. 0:15:16.800 --> 0:15:19.520 So Peter, thank you so much for being here. We 0:15:19.560 --> 0:15:20.160 appreciate it. 0:15:20.600 --> 0:15:24.680 Also has a fantastic headline there, money by vile means. 0:15:24.840 --> 0:15:28.840 Yes, thanks for having me for the Shakespeare buffs out there. 0:15:28.960 --> 0:15:30.160 That's where that line is from. 0:15:30.400 --> 0:15:33.400 Yes, yes, of course, so tell us a little bit 0:15:33.400 --> 0:15:35.240 and people can read more about this in the essay. 0:15:35.280 --> 0:15:39.080 But you have such an interesting background in the crypto space, 0:15:39.160 --> 0:15:42.240 and right now, Republicans, this is the so called news 0:15:42.280 --> 0:15:44.440 hook that we want to talk about, made a big 0:15:44.480 --> 0:15:47.120 push with the Genius Act before they headed out for 0:15:47.160 --> 0:15:50.080 August research at Recess, and people right now are kind 0:15:50.080 --> 0:15:52.720 of trying to figure out what it means for the industry. 0:15:52.840 --> 0:15:55.680 The industry was pretty supportive of the Genius Act, although 0:15:55.680 --> 0:15:59.760 there were some controversy about it, but it regulates stable coins. So, Peter, 0:16:00.200 --> 0:16:03.440 we'll get in all of that. Let's start with your 0:16:03.480 --> 0:16:07.400 background as somebody who was initially in the thrall of 0:16:07.440 --> 0:16:12.440 crypto's promise to decentralize the monetary system and came to 0:16:12.480 --> 0:16:13.040 sour on it. 0:16:13.080 --> 0:16:14.320 What was that process like for you? 0:16:16.040 --> 0:16:18.920 Yeah, so I got into bitcoin in twenty thirteen. It 0:16:18.960 --> 0:16:22.720 was some of the early crazy days. It really attracted 0:16:22.760 --> 0:16:26.160 me because I was sort of part of this generation 0:16:26.840 --> 0:16:30.320 of the Ron Paul movement and its response to the 0:16:30.360 --> 0:16:33.160 financial crisis that occurred in two thousand and eight, and 0:16:33.320 --> 0:16:37.080 bitcoin seemed like this great way to marry the private 0:16:37.120 --> 0:16:41.960 sector with all these Austrian economic beliefs and so that's 0:16:42.000 --> 0:16:44.280 how it was sold in Many of the early bitcoiners 0:16:44.560 --> 0:16:47.440 were these idealists. But as time went on and I 0:16:47.480 --> 0:16:50.600 started to work in depth inside the industry, I met 0:16:50.640 --> 0:16:53.040 a lot of the big players. I saw a different 0:16:53.160 --> 0:16:56.840 historical events transpire that would reveal some of the inner 0:16:56.840 --> 0:17:02.320 workings of how this market operated. From there, after being 0:17:02.360 --> 0:17:07.080 employed as a research analyst with Coindesk, I started to 0:17:07.240 --> 0:17:10.600 doubt some of these idealistic tenets. And then in about 0:17:10.640 --> 0:17:15.840 twenty nineteen, I really came full circle and saw a 0:17:15.880 --> 0:17:18.679 lot of what was sold in twenty thirteen to me, 0:17:19.680 --> 0:17:22.640 just did not cut the mustard. It wasn't true. History 0:17:22.720 --> 0:17:26.200 proved it was not true. And so ever since then, 0:17:26.240 --> 0:17:31.920 I've been an independent consultant talking about my skepticism on Bitcoin, 0:17:32.040 --> 0:17:35.760 on crypto in general, and more recently the very specific 0:17:35.840 --> 0:17:39.160 and unique role of stable coins in the government's policy. 0:17:39.840 --> 0:17:41.920 I want to get more to stable coins because that's 0:17:41.920 --> 0:17:44.639 a very important piece and ties into the quote unquote 0:17:44.640 --> 0:17:47.439 Genius Act that just passed. But you wrote in your piece, 0:17:47.920 --> 0:17:51.440 when bitcoin, the first cryptocurrency, was invented, it was promoted 0:17:51.480 --> 0:17:55.040 as a financial technology that would empower individuals and wrest 0:17:55.080 --> 0:17:58.480 power away from the state and centralized elites. Just a 0:17:58.520 --> 0:18:01.480 decade and a half later, those same elites, including the 0:18:01.520 --> 0:18:04.800 Trump administration and bipart of some majorities in Congress, have 0:18:05.000 --> 0:18:09.160 embraced cryptocurrencies. But this is because rather than lifting up 0:18:09.320 --> 0:18:13.760 ordinary citizens, crypto has become a new means of expanding 0:18:13.840 --> 0:18:17.840 elite power and wealth. Can you elaborate some on that 0:18:17.880 --> 0:18:19.520 for us, Peter, sure. 0:18:19.600 --> 0:18:23.040 So what you have to understand is that the reason 0:18:23.080 --> 0:18:25.800 the government is attracted to crypto and bitcoin right now 0:18:25.880 --> 0:18:28.360 is because it helps government. Yep, that's sort of a 0:18:28.400 --> 0:18:31.120 pretty obvious point, but a lot of people aren't so. 0:18:31.119 --> 0:18:32.760 Clear on that, Peter, can you speak to as well? 0:18:32.960 --> 0:18:37.119 It helps government and helps big business right exactly. 0:18:37.200 --> 0:18:39.800 So a way to sum this up is that the 0:18:39.840 --> 0:18:43.760 cryptocurrency system, with all these coins with stable coins at 0:18:43.760 --> 0:18:47.040 the heart of it, they are a shadow central bank 0:18:47.119 --> 0:18:52.160 system conducting shadow money printing to do shadow debt monetization 0:18:52.720 --> 0:18:56.520 and shadow quantitative easing. So that's the shortest way I 0:18:56.520 --> 0:19:01.959 can describe it. What that means is essentially, there is 0:19:02.040 --> 0:19:05.560 all this paper value being generated in the crypto markets, 0:19:05.880 --> 0:19:08.560 and as that paper value keeps going up, as that 0:19:08.680 --> 0:19:12.520 asset inflation keeps going up, that allows the froth to 0:19:12.600 --> 0:19:18.480 spill over and very specifically start buying US debt as 0:19:18.560 --> 0:19:21.959 the rest of the world enters its multipolar phase and 0:19:22.040 --> 0:19:25.760 stops buying US debt. So this is why stable coins, 0:19:25.920 --> 0:19:28.119 where they need to be backed by US debt in 0:19:28.200 --> 0:19:32.200 order to operate, are now a bigger holder of US 0:19:32.240 --> 0:19:36.160 debt than countries like Germany. And then as we get 0:19:36.200 --> 0:19:39.480 into the private sector, all of this frauth that's coming 0:19:39.520 --> 0:19:44.040 out is actually starting to enter the private sector, enter equities, 0:19:44.440 --> 0:19:48.560 and that's going to create a knock on effect that's 0:19:48.560 --> 0:19:52.240 going to start pushing that up. So basically, the crypto 0:19:52.320 --> 0:19:57.000 sector wins, the government wins, and the traditional incumbent corporate 0:19:57.000 --> 0:20:00.000 elites win through this big triangular system. 0:20:00.440 --> 0:20:04.879 So this, obviously this leads us to the question of 0:20:04.920 --> 0:20:08.480 how you have still so many true believers in the 0:20:08.560 --> 0:20:12.040 crypto space, people who haven't been on the journey but 0:20:12.080 --> 0:20:15.480 started from the point a that you started on and 0:20:15.640 --> 0:20:21.040 are still there who continue. I did see some criticism 0:20:21.240 --> 0:20:25.159 of Genius and some of the other legislation that's been 0:20:25.200 --> 0:20:28.280 considered by Republicans in particular from that kind of true 0:20:28.280 --> 0:20:31.560 believer crowd who are worried about central bank digital currency 0:20:31.600 --> 0:20:35.720 and all of that. But you have people, I think 0:20:35.760 --> 0:20:43.200 of the Winklevoss guys who are like libertarian ish, and 0:20:43.480 --> 0:20:45.679 maybe they're not the best example because they aren't like 0:20:45.800 --> 0:20:50.360 from the libertarian kind of crunchy world that came out 0:20:50.359 --> 0:20:52.640 of the Ron Paul twenty twelve, of the movement in particular. 0:20:52.720 --> 0:20:54.440 But there are true believers still in the. 0:20:54.359 --> 0:20:58.920 Space who continue to believe that crypto is a benefit 0:20:59.560 --> 0:21:01.960 when it comes to decentralization and when it comes to 0:21:02.160 --> 0:21:05.720 undermining globalism and all of that. So can you tell 0:21:05.800 --> 0:21:09.280 us more about why people you think, you know, people 0:21:09.320 --> 0:21:11.760 you've spent time around, are still kind of clinging to 0:21:11.800 --> 0:21:14.800 that in the face of which just seems so obvious 0:21:14.880 --> 0:21:17.199 to be a centralization effort. And maybe even also if 0:21:17.240 --> 0:21:20.320 you're aware of some fissures in the movement as well, 0:21:20.359 --> 0:21:21.239