WEBVTT - The Mark Moss Show Jan 05, 2022 0:00:00.120 --> 0:00:02.520 Hey, everyone, welcome to another episode of the Mark Moa 0:00:02.680 --> 0:00:05.880 Show where we are talking about bitcoin. We're talking about 0:00:05.920 --> 0:00:10.000 the decentralized revolution that's happening right now before our very eyes. 0:00:10.000 --> 0:00:12.440 What an exciting time to be alive. It is literally 0:00:12.560 --> 0:00:16.639 changing the course of humanity. It's that big um. But 0:00:16.760 --> 0:00:19.160 to understand just how big it is, and to understand 0:00:19.200 --> 0:00:21.360 how big of an impact it can make on the humanity, 0:00:21.360 --> 0:00:23.840 you kind of have to understand the past as well. 0:00:24.320 --> 0:00:27.440 I'm joining the studio today with Lawrence Lepard. You can 0:00:27.440 --> 0:00:30.240 find him on Twitter at Lawrence Lepard l E P 0:00:30.480 --> 0:00:34.600 A R D. And Uh. Lawrence is uh, he's still 0:00:35.120 --> 0:00:36.640 kind of part way in the old way and a 0:00:36.680 --> 0:00:38.199 little bit in the new way, but he's he's got 0:00:38.200 --> 0:00:40.320 a very interesting take on some of this monetary history. 0:00:40.440 --> 0:00:42.680 So Lawrence, thanks so much for jumping in. Oh, thanks 0:00:42.720 --> 0:00:45.159 for having me on Market Lover's show. Nice to join you. 0:00:45.600 --> 0:00:49.120 Thanks man. Thanks. Uh you know, uh, my, my my 0:00:49.280 --> 0:00:50.720 story not that I'm going here to tell my story, 0:00:50.760 --> 0:00:52.840 but my story is that I made a bunch of money. 0:00:52.840 --> 0:00:54.480 I was really good at business. I had sold a 0:00:54.480 --> 0:00:56.840 couple of businesses I invested through the dot com boom. 0:00:56.840 --> 0:00:59.000 In two thousand and one, I started e commerce business 0:00:59.000 --> 0:01:00.880 at the at the bottom of the crash. People laughed 0:01:00.880 --> 0:01:03.400 at me, told me that nobody would buy stuff online. Um, 0:01:03.480 --> 0:01:05.479 had some exits, did really good, invested in real estate. 0:01:05.560 --> 0:01:08.520 Two thousand and eight got wiped out and I had 0:01:08.560 --> 0:01:09.720 to dig out of I had to dig out of 0:01:09.760 --> 0:01:11.399 a hole. And so I was like, dang, like, what 0:01:11.440 --> 0:01:13.759 the heck. I'm good at making money, but um, what 0:01:13.800 --> 0:01:16.080 the heck is this whole financial casino thing going on 0:01:16.120 --> 0:01:18.039 that I don't know anything about. And so I started 0:01:18.080 --> 0:01:21.600 I started digging in, and uh, I learned about you know, 0:01:22.200 --> 0:01:24.000 via currency. And let's just say that I became a 0:01:24.040 --> 0:01:26.520 gold bug. So you know, Mike Maloney and Peter Schiff 0:01:26.520 --> 0:01:28.320 and those guys, and I jumped in that it became 0:01:28.360 --> 0:01:29.560 a gold bug. Was like, well, the problem is that 0:01:29.640 --> 0:01:31.280 you have money system and we need to sound money, 0:01:31.319 --> 0:01:33.080 like like gold that you know, keeps the government on 0:01:33.160 --> 0:01:34.760 a budget and so forth. And so I kind of 0:01:34.760 --> 0:01:37.520 became this gold bug. Um. Where I realized today is 0:01:37.560 --> 0:01:40.400 that I'm just a sound money advocate, Right, That's really 0:01:40.400 --> 0:01:43.640 what I'm for. I'm for sound money. Um, but I 0:01:43.680 --> 0:01:46.240 think you're still kind of uh, you're a sound money advocate. 0:01:46.240 --> 0:01:50.840 I'm guessing right, and I'm definitely sound money advocate for sure. Yeah, 0:01:50.880 --> 0:01:53.280 so tell me about that. Yeah, well so, I you know, look, 0:01:53.280 --> 0:01:56.440 I'm dragging around some gold baggage, some some boomer bars. 0:01:56.440 --> 0:01:58.880 They say a lot of something that guys are going bitcoin, 0:01:58.960 --> 0:02:01.160 and I can certainly have appreciate that. I mean, I 0:02:01.280 --> 0:02:03.960 you know, I think bitcoin will become a better form 0:02:03.960 --> 0:02:06.280 of sound money than golder already is in some respects, 0:02:06.840 --> 0:02:09.040 but they're slightly different. I mean, I I view, you know, 0:02:09.120 --> 0:02:12.200 gold is analog sound money. Bitcoin is digital sound money, 0:02:12.200 --> 0:02:16.560 and with positive and negatives to both. Um and you know, yeah, 0:02:16.600 --> 0:02:17.920 I've been in the sound money came for a while. 0:02:17.960 --> 0:02:20.520 My story is similar to yours. I participated in the 0:02:20.560 --> 0:02:22.360 dot com boom did great. I was a venture of 0:02:22.360 --> 0:02:25.359 capitals before that, all the technology stuff, and it all 0:02:25.360 --> 0:02:27.079 worked out great. And I was like you I was 0:02:27.200 --> 0:02:29.720 kind of in a uh GF done okay, and I'm 0:02:29.919 --> 0:02:32.120 kind of with semi retiring or just investing my money 0:02:32.120 --> 0:02:35.080 and coaching my kids sports teams. And then two thousand 0:02:35.160 --> 0:02:37.240 eight hit. I didn't get wiped out, but I was like, 0:02:37.240 --> 0:02:39.080 oh my goodness, this is a big deal. You know, 0:02:39.080 --> 0:02:41.400 they're gonna print until the cows come home. And I've 0:02:41.400 --> 0:02:43.240 got all these savings that I thought would keep me, 0:02:43.360 --> 0:02:44.920 you know, in good shape for the rest of my life, 0:02:44.919 --> 0:02:47.320 and they may not because if they if they inflated enough, 0:02:47.800 --> 0:02:49.480 you know, maybe the money I have won't be enough. 0:02:49.520 --> 0:02:51.639 And so I did a deep I was a gold 0:02:51.639 --> 0:02:53.600 bud before that, but I really went deep into it, 0:02:53.639 --> 0:02:55.959 and oh it started picking up the miners and the 0:02:56.360 --> 0:02:58.639 gold and silver miners because my view was it was 0:02:58.680 --> 0:03:01.400 the way to protect oneself again monetary debasement, which was 0:03:01.480 --> 0:03:04.840 really you know, a huge, huge issue and manifest post 0:03:05.320 --> 0:03:07.600 two thousand eight. And so I've I've run this fund 0:03:07.600 --> 0:03:09.800 that I've got that's gold, gold and silver mining company 0:03:09.840 --> 0:03:12.800 since I wait. Um, I believe very strongly in sound money. 0:03:13.320 --> 0:03:16.200 UM I saw a bitcoin coming along. I never bought it. 0:03:16.240 --> 0:03:18.760 Before coin Base got opened up. I was and the 0:03:18.800 --> 0:03:21.280 process opening monk Ox account when they failed. Think goodness, 0:03:21.320 --> 0:03:24.880 that didn't happen. And uh and uh, I've slowly but 0:03:24.960 --> 0:03:27.560 surely come to see all the benefits of bitcoin. And 0:03:27.560 --> 0:03:29.200 now it's a big part of my personal account and 0:03:29.200 --> 0:03:30.760 it's a big part of what we do with the fund. 0:03:31.120 --> 0:03:33.200 But I haven't a band of the gold. Um. You know, 0:03:33.240 --> 0:03:35.560 the sailors of the world are like, well, gold is 0:03:35.600 --> 0:03:37.400 just dead, you know, get out of it, sell it now. 0:03:37.440 --> 0:03:39.440 It's going down. And I don't think that's true. I 0:03:39.440 --> 0:03:43.080 mean it's it's Um, it's older, it's it's probably not 0:03:43.120 --> 0:03:45.200 as dynamic as bitcoin because it doesn't have an adoption 0:03:45.240 --> 0:03:48.040 curve going on, but it's not going away anytime soon. 0:03:48.240 --> 0:03:50.520 And uh, if you want sound money, you know, they 0:03:50.600 --> 0:03:53.560 both serve a purpose. Gold is less volatible. Um. You know, 0:03:53.640 --> 0:03:55.840 gold is off the grid. Um. You know, there is 0:03:55.880 --> 0:03:59.040 a bitcoin record of what you've done in bitcoin, and um, 0:03:59.080 --> 0:04:02.720 gold doesn't recur, doesn't require recurring electrical energy to keep 0:04:02.760 --> 0:04:04.400 it going. It's just is what it is. The money 0:04:04.520 --> 0:04:07.440 was spent up front. So um, which is not to 0:04:07.480 --> 0:04:09.640 say that, you know, bitcoin is not a better choice 0:04:09.960 --> 0:04:13.160 if you want optionality and if you want asymmetry, which 0:04:13.240 --> 0:04:15.560 I think it is. So so I got a foot 0:04:15.600 --> 0:04:19.240 in both camps. You're right, yeah, Um, so we have 0:04:19.760 --> 0:04:23.839 in the bitcoin space. One of the biggest gold gold 0:04:23.880 --> 0:04:26.360 bulls will call it that Peter shift. He's he seemed 0:04:26.400 --> 0:04:29.000 to make and and and it's it's a shame because 0:04:29.560 --> 0:04:31.280 like I think I said, you know, Peter Schiff was 0:04:31.480 --> 0:04:34.280 very instrumental in my kind of development becoming a sound 0:04:34.279 --> 0:04:37.279 money advocate. Um. And I mean he's he's a he's 0:04:37.320 --> 0:04:41.200 a great Austrian economist. I mean, he gets the markets. Um. 0:04:41.320 --> 0:04:43.520 You know, he's he's going to be the broken clock 0:04:43.600 --> 0:04:45.320 that's going to be eventually right one day. I guess 0:04:45.400 --> 0:04:46.960 you know, he's been pounding the same table for a 0:04:47.000 --> 0:04:49.840 for a decade. Um. But he's almost I think he's 0:04:49.880 --> 0:04:52.599 kind of made this career out of just banging on 0:04:52.720 --> 0:04:54.920 bitcoin now and that's kind of like his possible but 0:04:55.000 --> 0:04:57.360 it's a marketing ploy mark from how I see it. 0:04:57.560 --> 0:04:59.840 I think the other possibility that's going on is he 0:05:00.200 --> 0:05:02.279 just making And I have friends who are gold bugs 0:05:02.320 --> 0:05:04.640 that that are making the same error. They really have 0:05:04.680 --> 0:05:06.920 a hard time getting around the physicality of it all. 0:05:07.320 --> 0:05:09.560 You know. They're like, if you can't touch it, it's 0:05:09.600 --> 0:05:12.560 not real, you know. Um. And you know, money throughout 0:05:12.760 --> 0:05:16.640 history has typically been most moneys have been physically touchable, 0:05:16.680 --> 0:05:18.800 you know, gold, silver, you know when it was cattle 0:05:18.880 --> 0:05:22.120 or grain. Um. But you know, if you go up 0:05:22.160 --> 0:05:24.120 one layer, what I think you see is that money 0:05:24.200 --> 0:05:26.640 is really a ledger. The money is just keeping score. 0:05:26.680 --> 0:05:28.599 And so even before we had gold or beads or 0:05:28.600 --> 0:05:31.240 whatever they used for money. You know, guys who were 0:05:31.360 --> 0:05:33.440 living in groups, you know, would say, okay, look I 0:05:33.520 --> 0:05:35.400 killed two bites in this week. You killed one, you 0:05:35.440 --> 0:05:37.880 owe me one. You know, we all eight of them together, 0:05:37.920 --> 0:05:39.760 and it's just money is a way to keep score. 0:05:39.800 --> 0:05:41.920 Who's got what, who knows what, who knows who what? 0:05:42.480 --> 0:05:44.320 And so it's a ledger. And the problem with the 0:05:44.360 --> 0:05:47.080 reason there was no you know, sound money ledger before 0:05:47.080 --> 0:05:50.200 bitcoin is nobody had solved the you know the problem 0:05:50.240 --> 0:05:53.719 of double spending and you know, making it immutable, and 0:05:53.800 --> 0:05:56.400 so you know, the cetoce and I think Setocia is 0:05:56.400 --> 0:05:58.120 a bunch of people. The guy's opining and those guys 0:05:58.120 --> 0:06:00.279 who came along and developed it. It makes all the 0:06:00.279 --> 0:06:03.560 problem and it's a huge innovation in my opinion. That's 0:06:03.600 --> 0:06:06.160 a good point that I hadn't really thought of specifically 0:06:06.240 --> 0:06:09.040 the way that you laid that out, which is, um, yeah, 0:06:09.120 --> 0:06:11.919 we we've always had physical money, which of course because 0:06:12.040 --> 0:06:13.760 we've always lived in a physical world. I mean, the 0:06:13.839 --> 0:06:16.680 digital world is is something new obviously, right, Um, And 0:06:16.760 --> 0:06:20.120 so obviously before the digital world everything was physical. We 0:06:20.160 --> 0:06:21.520 had to listen to music, and there was a there 0:06:21.600 --> 0:06:23.600 was a there was a vinyl LB or whatever, and 0:06:23.640 --> 0:06:27.159 then it was a cassette and etcetera. But today money 0:06:27.240 --> 0:06:30.599 is digital. I'm sorry, music is digital, and so of 0:06:30.600 --> 0:06:33.040 course everything was physical. But I like that that point 0:06:33.040 --> 0:06:35.960 that you had said right there, which is though even 0:06:36.000 --> 0:06:38.159 in a physical world, it wasn't physical because it was 0:06:38.200 --> 0:06:40.320 on ledgers. And that was exactly right. So even at 0:06:40.360 --> 0:06:44.320 that point, people were still trading invisible digital money credits. 0:06:44.320 --> 0:06:47.920 I guess, well, your bank account is uh is a ledger? 0:06:48.240 --> 0:06:50.360 You know, they don't. You're back to essentially have the dollars. 0:06:50.400 --> 0:06:52.200 But you open up your bank account online, you can 0:06:52.279 --> 0:06:54.480 see how many dollars are there, and that just represents 0:06:54.839 --> 0:06:57.800 the underlying dollars behind it, you know, And so it's 0:06:57.839 --> 0:06:59.640 it's it's not that far a leap, but some people 0:06:59.680 --> 0:07:01.920 just can't make it. They don't they don't quite get it, 0:07:02.120 --> 0:07:04.800 and uh, you know, I mean, look, there's there's a 0:07:04.839 --> 0:07:07.320 lot of other noise that's hurt Bitcoin. I think all 0:07:07.360 --> 0:07:10.760 the coins and the you know, the promotion or you know, 0:07:10.800 --> 0:07:12.840 around them. I mean, you know, how I have friends 0:07:12.840 --> 0:07:14.560 who said, how can I take this seriously? When dose 0:07:14.640 --> 0:07:16.800 coin comes out and goes up a million percent. You 0:07:16.840 --> 0:07:18.520 know what I mean, it's a joke. These things are 0:07:18.520 --> 0:07:21.400 a joke. They're complete fraud. And I understand that. I mean, 0:07:21.400 --> 0:07:23.360 there are frauds around the area, but that's not to say, 0:07:23.560 --> 0:07:25.480 you know, that's all the noise. The signal is bitcoin, 0:07:25.520 --> 0:07:28.120 which is an immutable ledger, right, yeah, And and and 0:07:28.160 --> 0:07:30.080 the same is true in any industry. So obviously there's 0:07:30.080 --> 0:07:33.920 an entire sector of penny stocks, which are there's an 0:07:34.040 --> 0:07:36.040 entire sector of penny stocks that are companies that will 0:07:36.080 --> 0:07:37.720 probably never amount to anything, and they're all pump on 0:07:37.760 --> 0:07:40.040 dumps as well. Um, you know, in the in the 0:07:40.080 --> 0:07:43.200 gold mining space, for example, a lot of a lot 0:07:43.200 --> 0:07:46.320 of those junior those explorers there there, they have good 0:07:46.320 --> 0:07:49.400 promoters and they'll probably never be anything. But it doesn't 0:07:49.440 --> 0:07:53.600 take away from the big you know, uh legit miners either, right, 0:07:53.640 --> 0:07:57.840 And so I think there's always going to be that. Um. 0:07:57.880 --> 0:08:00.280 So you know, I get that as well. I think, 0:08:00.400 --> 0:08:04.160 um one thing that he said was he said that 0:08:04.600 --> 0:08:06.760 actually we'll come back to that in a minute, but 0:08:06.840 --> 0:08:08.640 I think I think that's a good point. And a 0:08:08.720 --> 0:08:12.080 lot of people think that you have this ever expanding 0:08:12.160 --> 0:08:14.600 market and then there's fraud or their scams in there, 0:08:14.640 --> 0:08:17.440 and that somehow takes away from it. Almost like if 0:08:18.640 --> 0:08:21.040 you have all these counterfeit Mona Lisa's and that somehow 0:08:21.080 --> 0:08:24.960 takes away from the legit Mona Lisa. I guess, um, yeah, 0:08:25.040 --> 0:08:28.760 which doesn't make any sense. Um, you're listening to the 0:08:28.760 --> 0:08:31.040 Mark Mos Show. We're talking about bitcoin. We're talking about 0:08:31.080 --> 0:08:36.079 the Decentralized Revolution, cryptocurrencies. I'm in the studio with Lawrence Lapard. 0:08:36.200 --> 0:08:40.120 You can find him on Twitter at Lawrence Lapard L E. 0:08:40.400 --> 0:08:44.200 P A R D. Of course I'm one Mark Moss 0:08:44.240 --> 0:08:46.440 on Twitter. If you if you're on there, give us 0:08:46.440 --> 0:08:47.760 a question, to give us shout out and say you 0:08:47.800 --> 0:08:49.280 heard us on the radio. We'd love to hear that. 0:08:49.600 --> 0:08:52.880 We're talking about bitcoin and we're comparing it to really 0:08:52.880 --> 0:08:55.640 sound money, and um, how both of us have been 0:08:55.679 --> 0:08:57.520 kind of been in the sound money camp, which was 0:08:57.760 --> 0:09:01.720 originally um bitcoin I'm sorry, was originally gold, but now 0:09:01.800 --> 0:09:04.760 bitcoin is kind of filling that. Um. But I think 0:09:04.800 --> 0:09:07.560 if you can understand a little bit of monetary history 0:09:07.559 --> 0:09:11.280 and understand the reason why we need sound money in 0:09:11.320 --> 0:09:13.800 the first place, I think that can open it up 0:09:13.800 --> 0:09:15.800 for you. So a lot of times people don't understand 0:09:15.800 --> 0:09:18.600 bitcoin because they don't understand the need for sound money. 0:09:18.640 --> 0:09:19.800 So I want to dig into that some of this 0:09:19.880 --> 0:09:23.440 monetary history with Lawrence. When we come back, we're gonna 0:09:23.440 --> 0:09:26.280 talk about some of these comments that Peter Schiff made 0:09:26.280 --> 0:09:29.920 about UM maybe bitcoin kind of being this ponzi and 0:09:29.960 --> 0:09:31.920 why we need sound money. So don't go away when 0:09:31.920 --> 0:09:34.599 we are back. All right, welcome back. You're listening to 0:09:34.640 --> 0:09:36.680 the Mark Moa Show. We're talking about bitcoin, We're talking 0:09:36.679 --> 0:09:40.240 about the decentralized Revolution, and right now we are talking 0:09:40.240 --> 0:09:42.640 about sound money. One of the things that I like 0:09:42.720 --> 0:09:45.439 talking about with bitcoin is why why do we need bitcoin? 0:09:46.440 --> 0:09:48.360 And the reason why we need bitcoin is because we 0:09:48.400 --> 0:09:51.200 need sound money. And we're in the studio today with 0:09:51.280 --> 0:09:54.480 Lawrence Lepard he is talking about that with us UM. So, 0:09:54.600 --> 0:09:58.400 Lawrence UM going back to UM the need for sound 0:09:58.400 --> 0:10:00.880 money kind of give us a little bit of this 0:10:01.200 --> 0:10:04.160 overall kind of monetary history you talked about UM in 0:10:04.160 --> 0:10:06.440 in two thousand eight. You realize that they're going to 0:10:06.559 --> 0:10:10.000 debase or devalue the currency by printing more that you 0:10:10.040 --> 0:10:12.800 were you had concern or cause or scare because of 0:10:12.840 --> 0:10:15.480 the money that you had saved up um, and it 0:10:15.559 --> 0:10:18.200 was being debased. Explain how that works and kind of 0:10:18.240 --> 0:10:20.600 what your challenge was there, Sure, Mark, I mean it's 0:10:20.760 --> 0:10:22.760 you know, so I don't think a lot of people 0:10:22.800 --> 0:10:24.840 know the monetary history of the world, of the monitory 0:10:24.840 --> 0:10:26.439 history of the FED in the United States. I mean, 0:10:26.760 --> 0:10:28.719 the United States was found in seventeen eighty nine, and 0:10:28.760 --> 0:10:30.640 it was written into the Constitution that olden gold and 0:10:30.679 --> 0:10:33.120 silver could be sound money. Um. And the reason for 0:10:33.240 --> 0:10:34.920 that is that the Continental which they had used to 0:10:34.960 --> 0:10:37.120 finance the war failed and they had we had hyper 0:10:37.160 --> 0:10:40.440 inflation here in this country before we had the Constitution passed, 0:10:40.440 --> 0:10:43.640 and that pretty much you know, cemented gold and silver 0:10:43.760 --> 0:10:45.400 is really the only forms of money that we're used 0:10:45.400 --> 0:10:47.959 in this country from seventeen eighty nine into the early 0:10:48.040 --> 0:10:51.360 nineteen hundreds, um. And and you know, the banking was 0:10:51.440 --> 0:10:54.600 unregulated as well. Um. And then we kind of began 0:10:54.640 --> 0:10:57.000 to drift away from that in nineteen thirteen when the 0:10:57.000 --> 0:11:00.600 Federal Reserve got created, and um, the a reserve. You know, 0:11:00.600 --> 0:11:02.559 we stayed on the gold standard, but the Federal Reserve 0:11:02.640 --> 0:11:06.520 had the ability to create additional claims against the money 0:11:06.520 --> 0:11:08.280 in the form of leverage. I mean, they became a 0:11:08.320 --> 0:11:11.439 bank of last resort. And you know, there are two 0:11:11.480 --> 0:11:14.600 forms of sound money. There's gold, but there's also credit 0:11:14.720 --> 0:11:17.880 and paper money issued against the gold. And the Fed 0:11:18.120 --> 0:11:21.400 had the power, got the power to be the banker 0:11:21.400 --> 0:11:24.640 of less resort to prevent panics and crashes. And so 0:11:25.600 --> 0:11:28.880 that began the monetary expansion in the United States, and 0:11:28.920 --> 0:11:31.120 of course it started at a modest level. They were 0:11:31.120 --> 0:11:33.960 only supposed to lend money against good credit for short 0:11:34.000 --> 0:11:36.400 periods of time at high interest rates to kind of 0:11:36.400 --> 0:11:38.480 prevent bank collapses, because they've had a few of those 0:11:38.520 --> 0:11:42.160 in and of course they immediately broke the charter right 0:11:42.160 --> 0:11:43.960 and they went out in finance World War One and 0:11:44.000 --> 0:11:47.040 then and then after that it kind of slowly devolved 0:11:47.040 --> 0:11:49.559 from there where you know, Roosevelt confiscated the gold in 0:11:49.600 --> 0:11:51.880 thirty three, and then he repriced it in thirty four, 0:11:52.480 --> 0:11:54.880 and uh, you know, we slowly but surely, but but 0:11:54.920 --> 0:11:57.200 Breton Woods came along. We reset the dollar to be 0:11:57.280 --> 0:11:59.319 kind of the standard, but the dollar was based upon 0:11:59.320 --> 0:12:01.360 a fixed rate of goal. So so we more or 0:12:01.400 --> 0:12:04.800 less had semi sound money, albeit with a big credit 0:12:04.840 --> 0:12:09.040 overlay from the Federal Reserve. Up until nine nine seventy 0:12:09.080 --> 0:12:12.800 one was just a cataclysmic event, you know, Nixon temporarily 0:12:12.920 --> 0:12:14.719 interesting that you should use that word. Of course, it 0:12:14.880 --> 0:12:17.439 has never changed. In nineteen seventy one took the United 0:12:17.440 --> 0:12:19.160 States off the gold standard, as we all know, in 0:12:19.200 --> 0:12:22.040 August fifteen, and and that was really the beginning of 0:12:22.040 --> 0:12:24.680 the money printing error. So at that point in time, 0:12:24.760 --> 0:12:27.480 gold was valued at thirty five thou dollars nouns thirty 0:12:27.520 --> 0:12:30.360 five dollars mounts. Yeah, that was a Freudian slip. It 0:12:30.360 --> 0:12:33.280 should be at thirty five to that um. And so 0:12:34.200 --> 0:12:38.200 they gained the ability to print money when we went 0:12:38.240 --> 0:12:41.000 off the gold standard because dollars could be created that 0:12:41.040 --> 0:12:44.319 we're not backed by gold. And that ability has only 0:12:44.640 --> 0:12:48.000 increased as time has gone by. And you can see 0:12:48.040 --> 0:12:50.160 this in the growth of the Federals are balance Sheetcause 0:12:50.160 --> 0:12:52.480 the Federals are balance sheet. The liabilities reflect the money 0:12:52.480 --> 0:12:55.120 that's in circulation. And you see the Federals are balance 0:12:55.160 --> 0:12:57.760 sheet has grown from you know, pre uh you know, 0:12:57.800 --> 0:13:01.920 pre the crisis, it was huddered billion dollars, you know, 0:13:02.120 --> 0:13:04.840 and now it's approaching what eight nine trillion dollars, so 0:13:05.040 --> 0:13:08.000 it's eight trilling to assume be nine. Uh So the 0:13:08.040 --> 0:13:11.480 point is that they have printed enormous amounts of money. 0:13:12.040 --> 0:13:15.880 And you know, the go to solution of politicians is 0:13:15.920 --> 0:13:17.920 to say, when they've got a crisis, they've got a hold, 0:13:17.920 --> 0:13:20.760 they've got to fill some financial institution is failing, or 0:13:20.760 --> 0:13:24.240 the economy is not doing well. They print money. They 0:13:24.280 --> 0:13:26.440 literally print money. And you know this is not a 0:13:26.520 --> 0:13:28.720 hidden fact. I mean, Bernakey tried to hide it, but 0:13:29.080 --> 0:13:31.760 were recently J Paul in a sixty minutes every said, yes, 0:13:31.760 --> 0:13:34.240 we print the money. We do what is necessary to 0:13:34.280 --> 0:13:36.880 add to the money supply. And of course the notion 0:13:36.920 --> 0:13:39.199 they've been able to get away with it because you know, 0:13:39.240 --> 0:13:42.160 we've been in a deflationary period, interest rates haven't gone high, 0:13:42.160 --> 0:13:45.000 and the economy has been growing. But they're now at 0:13:45.000 --> 0:13:47.480 the point where they've really, in our opinion, in my opinion, 0:13:47.520 --> 0:13:50.440 they were kind of reached the endgame, and people see 0:13:50.480 --> 0:13:52.160 what they're doing. The amount they have to print is 0:13:52.200 --> 0:13:55.920 getting so large and so excessive that you know, as 0:13:55.960 --> 0:13:58.280 anyone would know that. You know, like when you're playing monopoly, 0:13:58.280 --> 0:14:00.480 if you create a lot of money, you know, sure 0:14:00.480 --> 0:14:02.080 the value of all the properties goes up, but no 0:14:02.200 --> 0:14:05.120 real value has been created in that printing and that's 0:14:05.120 --> 0:14:07.280 what I mean when I talk about monetary debasement. And 0:14:07.360 --> 0:14:10.520 so it's been a hundred years of monetary debasement, but 0:14:10.640 --> 0:14:15.200 with a real acceleration since oh eight. Yeah. Yeah, you're 0:14:15.200 --> 0:14:17.000 listening to the Mark Moa show. We're talking about bitcoin 0:14:17.040 --> 0:14:20.000 and the decentralized revolution. In the studio with Lawrence Lepard. 0:14:20.040 --> 0:14:22.480 We're talking about um, the FED and creating all this 0:14:22.520 --> 0:14:25.160 money in this monetary debasement. I think one key piece 0:14:25.160 --> 0:14:27.080 that you said there. I mean a lot of good 0:14:27.080 --> 0:14:29.960 stuff obviously, but the piece that people are starting to 0:14:30.000 --> 0:14:33.440 pay attention. And so a couple of years ago, nobody 0:14:33.520 --> 0:14:35.800 used the word fiat, nobody knew it right, and today 0:14:35.840 --> 0:14:38.560 it's just like being thrown around everywhere. Right now we're seeing, 0:14:38.600 --> 0:14:42.360 you know, um Tucker Carlson, you know, the most watching 0:14:42.640 --> 0:14:45.840 show on TV now talking about these issues, right, and 0:14:45.880 --> 0:14:48.560 so people are waking up to it. And actually he 0:14:48.640 --> 0:14:51.720 was Meets has talked about in the in the Crack 0:14:51.800 --> 0:14:54.800 Up Boom. He said, whenever you have a credit montery 0:14:54.840 --> 0:14:57.960 expansion that leads to an expansion of the economy, um, 0:14:58.000 --> 0:14:59.960 it's gonna start to lead to all types of distortion 0:15:00.000 --> 0:15:03.120 in the market, labor, etcetera. And he said, suddenly the 0:15:03.200 --> 0:15:07.040 people wake up, they realize that inflation is both persistent 0:15:07.280 --> 0:15:10.560 and intentional. And that's exactly what happening. People are waking 0:15:10.640 --> 0:15:13.120 up to it. They realize it. Well, you know the yeah, 0:15:13.160 --> 0:15:15.240 they just have to mark. I mean, you know, look 0:15:15.240 --> 0:15:17.160 at the cost of healthcare, look at the cost of 0:15:17.160 --> 0:15:19.520 college education, look at the cost of gasoline, look at 0:15:19.520 --> 0:15:22.600 the cost of everything. It's just going up so rapidly. 0:15:23.040 --> 0:15:24.840 I mean, I've got people who have zero interest in 0:15:24.880 --> 0:15:27.480 monetary things asking me questions now because they know that's 0:15:27.520 --> 0:15:30.800 my area that you know, why are the prices going 0:15:30.880 --> 0:15:33.920 up so quickly? And everything? It just becomes very obvious. 0:15:33.920 --> 0:15:36.640 It's very painful. I mean, imagine living on a fixed 0:15:36.640 --> 0:15:39.280 income and suddenly you can't buy as much. Your money 0:15:39.320 --> 0:15:41.880 just doesn't go as far. And so, yes, you're right, 0:15:41.880 --> 0:15:45.120 I mean, it's the awareness is there. And this is 0:15:45.160 --> 0:15:47.520 the beginning of what we call Gresham's law, which says 0:15:47.600 --> 0:15:50.280 that once people begin to realize that the money is 0:15:50.320 --> 0:15:53.920 losing value their savings, they try to put their savings 0:15:54.320 --> 0:15:57.840 into things which will maintain their value. And the traditional one, 0:15:57.880 --> 0:16:00.720 of course, would be golden or silver, but the earlier 0:16:00.720 --> 0:16:02.320 one is bitcoin and One of the things I think 0:16:02.440 --> 0:16:05.480 is beautiful about bitcoin is that you Know, Safety in book, 0:16:05.480 --> 0:16:06.880 which I think is one of the best books written 0:16:06.880 --> 0:16:09.440 in the last fifteen years. You know, the Bitcoin Standard 0:16:09.600 --> 0:16:15.040 has basically educated an entire generational millennials in Austrian economics. Right. 0:16:15.040 --> 0:16:17.160 I mean I used to say Austrian economics ten fifteen 0:16:17.200 --> 0:16:18.760 years ago. People look at me like, what the hell 0:16:18.800 --> 0:16:21.520 are you talking about? You know, and I mean here 0:16:21.520 --> 0:16:23.960 you are quoting about mesas, right, I mean, this is 0:16:24.000 --> 0:16:26.120 just it's it's just a c change for us in 0:16:26.160 --> 0:16:29.840 the sound money world, right, things are really changing. Yeah. Yeah, 0:16:29.840 --> 0:16:31.680 that's a great book. Thanks for bringing that up. So everybody, 0:16:31.720 --> 0:16:34.480 if you're listening, you should check out that book, The 0:16:34.560 --> 0:16:38.080 Bitcoin Standard by Safety. Um. What I love about that 0:16:38.120 --> 0:16:42.120 book is that it really takes you all the way 0:16:42.120 --> 0:16:46.280 through all of monetary history. So you go through monetary 0:16:46.360 --> 0:16:48.480 history to understand what money is, the history of money, 0:16:48.520 --> 0:16:51.680 then you understand the gold standard. Um, so it catches 0:16:51.720 --> 0:16:54.200 you up on all that history, which you're a big 0:16:54.200 --> 0:16:56.040 fan of. I'm a big fan of as well. I 0:16:56.040 --> 0:16:58.359 think it's important to know that. And then they transition 0:16:58.440 --> 0:17:01.120 into Okay, now that you have that educational foundation, now 0:17:01.200 --> 0:17:03.760 it's transition into bitcoin. Um, and so it's a it's 0:17:03.760 --> 0:17:06.280 an amazing book. Uh. I think it's it's definitely a 0:17:06.359 --> 0:17:09.800 must read. Uh to the point, to the point the world. 0:17:09.800 --> 0:17:12.320 In my opinion, Yes, it's changed the world. And it's like, 0:17:12.359 --> 0:17:14.879 on one hand, I'm like encouraged by the amount of 0:17:14.920 --> 0:17:17.240 people that are waking up and reading it. To your point, 0:17:17.280 --> 0:17:18.920 all these millials that I've read it, and and the 0:17:18.920 --> 0:17:21.840 the overwhelming demand for podcasts and YouTube and videos and 0:17:21.840 --> 0:17:24.520 stuff where people are waking up, and then and then 0:17:24.560 --> 0:17:27.080 it's half the world seems to still be sleepwalking. So 0:17:27.680 --> 0:17:30.480 it's like, uh, we're kind of getting divided there. Um, 0:17:30.520 --> 0:17:33.320 you're listening to the Mark Moa show. We're talking about bitcoin. 0:17:34.280 --> 0:17:37.920 We're talking about the decentralized revolution that is happening right now. 0:17:38.480 --> 0:17:41.320 We're talking about specifically in the studio today with Lawrence Lepard, 0:17:41.400 --> 0:17:44.840 we're talking about why why bitcoin? I like to I 0:17:44.880 --> 0:17:47.080 like to focus on that, not what the price of 0:17:47.119 --> 0:17:49.679 bitcoin is. The price is the least important part in 0:17:49.720 --> 0:17:52.560 my opinion, But why why do we need it? Why 0:17:52.600 --> 0:17:54.479 is it important? Why can it fix things? Why can 0:17:54.520 --> 0:17:56.400 it change things? And that's what we're talking about. We're 0:17:56.400 --> 0:18:00.000 talking about um gold, we're talking about sound money, UM, 0:17:59.840 --> 0:18:01.520 and we're talking a little bit about history. If you 0:18:01.560 --> 0:18:04.959 haven't read the Bitcoin Standard, go get that book right now. 0:18:05.040 --> 0:18:07.520