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Speaker 1: Everyone, Welcome to another episode of the Market Disruptors Show. Today,

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Speaker 1: I'm sitting down with Simon Dixon. He is the CEO

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Speaker 1: and co founder of Bank to the Future. He's also

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Speaker 1: also the author of the book also titled Bank to

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Speaker 1: the Future, Protect Your Future Before Governments Go Bust, and

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Speaker 1: he talks a lot about the same type of content

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Speaker 1: that I typically talk about. But I have a lot

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Speaker 1: of questions for him, So I'm excited to sit down

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Speaker 1: with Simon. Simon, thanks so much for joining us. Yeah,

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Speaker 1: thanks for having me. I've been consuming some of your content,

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Speaker 1: so it seems like there's a lot of synergy. It

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Speaker 1: is great to be here. Yeah, thanks, thank you so much.

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Speaker 1: So um, Yeah, I've been, you know, following you for

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Speaker 1: quite a while, watching your content, and like I said, yeah,

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Speaker 1: we definitely do line up on a lot of stuff.

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Speaker 1: But for those that don't really know who you are,

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Speaker 1: just give us a little background on on what you've

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Speaker 1: been doing and what you're up to. Yeah, so I've

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Speaker 1: been I'm working around the subject of monetary reform for

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Speaker 1: about twenty years. I started as a economist at university,

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Speaker 1: did the masters there. Then I worked in investment banking,

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Speaker 1: so I worked as a stockbroker. Then I was a

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Speaker 1: market maker on the London Sockets Change and then an

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Speaker 1: investment banker helping companies go public. In two thousand and six,

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Speaker 1: decided to throw in the corporate towel and return to

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Speaker 1: economics and started giving lots of talks and content around

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Speaker 1: unsustainable banking and money reform. But no one really cared.

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Speaker 1: So then this big thing happened in two thousand and

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Speaker 1: eight called the Financial crisis UM, and all of a

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Speaker 1: sudden people were interested. So that's when I came across

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Speaker 1: somebody that I was writing my book Bank to the

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Speaker 1: Future on how to drive how to drive more sustainability

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Speaker 1: in the banking system UM, And I was introduced to

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Speaker 1: one of the very first bitcoin developers that had moved

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Speaker 1: out of this house Soldiers house, moved to a squat

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Speaker 1: in London, uh and UH. I went there and then

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Speaker 1: spoke at the very first bitcoin conference in the world

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Speaker 1: UM and just been involved in investing in the industry

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Speaker 1: ever since, and founded the company Bank to the Future

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Speaker 1: dot com to help people invest in the industry. Yeah. So, UM,

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Speaker 1: you know you talked about in two thousand six kind

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Speaker 1: of leaving to go back and start talking about this

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Speaker 1: unsustainable UM banking system that we have, unsustainable money system

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Speaker 1: that we have. And so that's a long time. I

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Speaker 1: mean that's fourteen years now you've been talking about that. UM.

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Speaker 1: I know, I got uh kind of educated into the

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Speaker 1: Golden sound money by Peter Schiff, and he's been talking

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Speaker 1: about the same thing for a really long time. And

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Speaker 1: it almost seems like, um, it's inevitable, like we see

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Speaker 1: it's coming. But when right, I've been following Peter Schiff

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Speaker 1: for a long time. You've been talking about this for

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Speaker 1: fourteen years. UM, I understand the win is difficult, but

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Speaker 1: it's like as a you know, the broken clock is

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Speaker 1: right twice a day or whatever, like like it's unsustainable

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Speaker 1: and we're moving towards this inevitable end, but like how

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Speaker 1: far can they move that? Do you think about that? Yeah?

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Speaker 1: I think about that a lot. And really, if you

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Speaker 1: look at what we what our financial system works is UM,

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Speaker 1: I call it the world's largest regulator points in scheme UM.

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Speaker 1: And really we have these different cycles where our economy

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Speaker 1: has to have debt to survive because money is debt,

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Speaker 1: and so without without debt, you can't have money in

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Speaker 1: the existing system, and so you have these like ten

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Speaker 1: year debt cycles UM that lead to some kind of

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Speaker 1: systemic risk event. So we had the credit crisis in

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Speaker 1: terms of mortgage loans and subpride loans. But we keep

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Speaker 1: getting these different events and then recycling the debt, so

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Speaker 1: we have to find a new market for debt at

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Speaker 1: every cycle. UM. And I think that the government and

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Speaker 1: the central banks are shown that they're willing to kick

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Speaker 1: the can down the road for as long as they

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Speaker 1: can because they don't believe in markets anymore UM. So

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Speaker 1: they believe that the stock markets should never crash, it

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Speaker 1: should always go up, and every time it does crash,

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Speaker 1: that they need to fill that gap UM. And they

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Speaker 1: do that by either encouraging consumers to take on more debt,

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Speaker 1: companies to take on more debt, by a central bank

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Speaker 1: buying their bonds and then then pushing up prices UM,

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Speaker 1: or government's taken on that debt, or central banks taking

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Speaker 1: on that debt through q E UM. But I think

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Speaker 1: that we're going to hit rather than a systemic crash

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Speaker 1: of the whole system UM. I think we're going to

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Speaker 1: actually hit a monetary reform similar to what we saw

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Speaker 1: in when we had Breton Woods and in one when

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Speaker 1: they went off the gold standard UM, and I'm forecasting

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Speaker 1: that we will see a monetary renegotiation before we'll see

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Speaker 1: a systemic craps of the entire system. And I think

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Speaker 1: they've got a few more tricks up their sleeves to

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Speaker 1: kind of roll it up a little bit further. And

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Speaker 1: the implications rather than allowing the financial system to collapse, UM,

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Speaker 1: is that a new money and a new monetary system

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Speaker 1: will be created that will really affect your personal liberties, privacy, privacies,

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Speaker 1: and freedoms. UM, but they will be able to make

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Speaker 1: it sustainable. And I think that I've got a few

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Speaker 1: ideas and how they'll do that. Wow. I think that's

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Speaker 1: a great topic and we are going to dig into that.

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Speaker 1: But before we do, UM, you talked about how our

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Speaker 1: system is a debt based system and our money is

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Speaker 1: really debt, right, and so UM, our whole system is

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Speaker 1: built up debt. So if we don't continue to increase

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Speaker 1: the debt, then it falls apart. UM. But it's our

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Speaker 1: money as a debt based system compared to what what

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Speaker 1: other money system is there? Well, there are different forms

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Speaker 1: of money in the economy. So I created a video

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Speaker 1: once called six Forms of money one of them. UM.

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Speaker 1: You know, the government do actually create a non debt

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Speaker 1: based money is called cashing coins UM. So the notes

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Speaker 1: and cash in your pocket is not created as debt UM.

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Speaker 1: It's simply created and sold to a bank when they

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Speaker 1: need to. So if essentially, when you print a note

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Speaker 1: across about three cents for the to be created by

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Speaker 1: the royal mint or whoever it is in which country

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Speaker 1: you're in, UM and if it was say a ten

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Speaker 1: dollar notes, there'll be nine dollar ninety seven margin, and

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Speaker 1: it's sold to a bank UM and that profit of

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Speaker 1: nine dollars ninety seven reduces the amount of tacks that

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Speaker 1: one needs to pay. It's called scenerage UM. And about

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Speaker 1: three percent of the money supply is created debt free

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Speaker 1: by by governments UM and UH it's added to treasuries

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Speaker 1: balance sheeting as a form of income. But the rest

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Speaker 1: of the money of it was outsourced to the private

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Speaker 1: banking sector UM and so the private banking sector they

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Speaker 1: create a digital currency every time they issue alone, and

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Speaker 1: it's a digital representation of the government's debt free currency.

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Speaker 1: So the cash and coins is a debt free currency UM.

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Speaker 1: And anything in your online banking is all a digital

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Speaker 1: currency that's created by the private banking sector and backed

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Speaker 1: by debt. If you rewind into history, you had things

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Speaker 1: like in the American Civil War, Abraham Lincoln actually created

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Speaker 1: a green back, which was a debt free money supply, um,

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Speaker 1: and it funded the American Civil War. UM. And so

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Speaker 1: there are throughout history there's never been, you know, this

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Speaker 1: absolute conclusion that money has to be created as debt.

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Speaker 1: And in fact, if anyone was to engineer a financial

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Speaker 1: system from scratch and nobody would come up with that solution,

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Speaker 1: it actually was just through decades and decades of reforms,

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Speaker 1: it actually turned into the financial system we have today.

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Speaker 1: How many people confuse this, They think that debts the problem.

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Speaker 1: Debt in itself is not the problem. The problem is

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Speaker 1: creating money as debt, which is the problem. And once

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Speaker 1: you've got a money supply, you can use that as

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Speaker 1: a very you know, legitimate instrument too for people that

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Speaker 1: want to put together borrowers and savers like appear to

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Speaker 1: be a lending or collasterized loans like we see in

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Speaker 1: the crypto market. UM. But when you give someone simultaneously

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Speaker 1: the ability to create new money every time the issue alone,

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Speaker 1: you end up in a Ponzi scheme where debt is

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Speaker 1: required in order to have an economy. Um. So there's

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Speaker 1: these different schools of thoughts around monetary systems, you know. Um,

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Speaker 1: some people believe that you need to regulate how much

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Speaker 1: did require and see a bank can create through Austrian

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Speaker 1: economics and a gold standard. Um. I go as a

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Speaker 1: step further that, I think you shouldn't allow banks to

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Speaker 1: create money rather than using gold to regulate how much

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Speaker 1: money they create. Yeah, so if we if we kind

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Speaker 1: of go backwards, and as you said, this is really

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Speaker 1: evolved for a long time, but if we look at

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Speaker 1: maybe some big moment, you know, monumental times throughout history.

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Speaker 1: Really we had, as you mentioned in forty four, like

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Speaker 1: the Bretton would have freements. So the whole world was

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Speaker 1: on a gold system, and so you had to have

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Speaker 1: a certain amount of gold a reserve for the amount

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Speaker 1: of money that you created. And then, UM, I guess

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Speaker 1: even at that point it was like it was like leverage,

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Speaker 1: but at least it was somewhat backed. It wasn't debt back.

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Speaker 1: I mean, is that correct? And then in v we

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Speaker 1: got off the gold center and it it became a debt back.

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Speaker 1: Is that how you see it or is that so? Yeah,

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Speaker 1: there was. There was different forms of gold standard, and

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Speaker 1: it evolved over time, but the most recent one was

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Speaker 1: back by gold um and it was used as a

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Speaker 1: mechanism in order to keep central banks and the private

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Speaker 1: credit creation system in check because you'd end up losing

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Speaker 1: all your gold if you if you had bad monetary policy. Um.

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Speaker 1: Then that was. But the problem with the gold standards

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Speaker 1: is it is inevitable, predictable, and guaranteed to be re

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Speaker 1: renicked on because if you actually you know, many many

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Speaker 1: economists blamed the Great Depression on the old standards because

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Speaker 1: they couldn't create the amount of money that they wanted

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Speaker 1: to create. Um. And there's some truth in that. But

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Speaker 1: there is another option, which is actually creating money debt

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Speaker 1: free rather than debt back and competing with other forms

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Speaker 1: of free money, um, you know, more free market money. Um.

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Speaker 1: But yeah, And then in one with the Nixon Shock

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Speaker 1: that was executed in three we essentially moved to a

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Speaker 1: US dollar debt back standard and all currencies were traded

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Speaker 1: against each other. So the financial system that that that

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Speaker 1: that we have today isn't actually that old. And if

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Speaker 1: you look back at monetary history with the exception of

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Speaker 1: the British pound, which was a world reserve currency for

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Speaker 1: about three hundred years. On average, no currency has survived

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Speaker 1: more than fifty years, and in fact an average of

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Speaker 1: twenty seven years. So we are due in monetary renegotiation

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Speaker 1: and throughout the five thousand years of monetary history since

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Speaker 1: gold has been around. Um, we always get them. Yeah, yeah,

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Speaker 1: they say the pound is the most successful currency in

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Speaker 1: the world because it's been around the longest, But in

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Speaker 1: terms of holding value, it sure hasn't done a very

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Speaker 1: good job, has it. No currency has ever survived and

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Speaker 1: never holds value, So there's there's no there's none of

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Speaker 1: them were a good store of value. They're they're actually

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Speaker 1: designed not to hold value, right because they're built with

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Speaker 1: this inflation mechanism into it. So it's it's meant to

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Speaker 1: lose value over time, exactly. And if you are if

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Speaker 1: you hold like the US government almost thirty trillion dollars

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Speaker 1: of debt, then you want the value of the currency

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Speaker 1: to go down, um, so that you don't have to

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Speaker 1: repay a larger amount of debt each month. You know

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Speaker 1: that that's that's designed into the system, right, So we

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Speaker 1: have this debt based system and I think since nineteen

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Speaker 1: seventy one or seventy three when we got off the

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Speaker 1: gold standard, we've created something like whatever, three trillion dollars

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Speaker 1: out of debt, you know, out of debt or whatever.

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Speaker 1: And it seems like, as you just said, about every

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Speaker 1: ten years, we have this kind of terry shock. And

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Speaker 1: it's almost like this, this this balloon tries to deflate

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Speaker 1: and then they have to pump it back up, and

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Speaker 1: then tries to deflate and then tries to they pump

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Speaker 1: back up. But each time they pump it back up,

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Speaker 1: it goes bigger and bigger and bigger. Um. And you

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Speaker 1: think that they still have a couple more pumps left,

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Speaker 1: a couple more tricks left. Um. I actually think that

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Speaker 1: this one within the next three to five years, or

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Speaker 1: even in the next year or so. You've got a

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Speaker 1: time that with election cycles, because no one will do

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Speaker 1: a monetary reform when they're about to be elected. So

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Speaker 1: you've got to get through the next election cycle. And

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Speaker 1: I'm talking about America because you know, of all currency

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Speaker 1: in the world, just dollars and fifty of all transactions

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Speaker 1: and dollars, so you know, dollars affects everyone, right, um,

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Speaker 1: And so you've got to get past that. And then

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Speaker 1: I think we're at a very interesting time in history. UM.

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Speaker 1: And in two thousand and eleven, I uploaded the video

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Speaker 1: to my YouTube channel called the Great Depression of Twenties UM,

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Speaker 1: and it talked about this call of KINGSI and monetaris

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Speaker 1: and economics UM and then leading to the systemic risk events.

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Speaker 1: And the video said, I didn't know a pandemic was coming,

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Speaker 1: but I knew that something was coming because there's always

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Speaker 1: a trigger. And and then the differences is that each time,

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Speaker 1: I think the appetite of what one needs to do.

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Speaker 1: So what tours do we have? We don't have interest

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Speaker 1: rates anymore, we have the central banks balance sheet. And

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Speaker 1: now they've announced infinite you know UM, and that's working

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Speaker 1: to keep investors into the stock market. Now they've announced

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Speaker 1: infinite quee UM. But eventually you get some kind of

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Speaker 1: you know, systemic risk event. I'm forecasting that it will

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Speaker 1: be the end of some of the government subsidies that

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Speaker 1: leads to more unemployment, more bankruptcies and some of the

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Speaker 1: loans that was just restructured, which are due to if

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Speaker 1: the last bit of bailout for US consumers was businesses

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Speaker 1: could borrow money um and if they agree to keep

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Speaker 1: their their their staff and don't lay any off by

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Speaker 1: the end of October, then they don't have to repay

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Speaker 1: the loan. So a lot of people are keeping their

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Speaker 1: staff on not so that they don't have to repay

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Speaker 1: the loan. And then I think it will lead to

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Speaker 1: a lot of another spike in unemployment, which will then

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Speaker 1: exposed the weakness of the real estate markets when at

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Speaker 1: the moment that essentially all mortgages and real estate is

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Speaker 1: being paid by the individuals that live in months to

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Speaker 1: month because of these government subsidies, and so if some

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Speaker 1: of those go and then it exposes some of the

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Speaker 1: weaknesses and a coupler systems the banking system and also

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Speaker 1: the pension system because the bank sold all their bad

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Speaker 1: debt to your pension already during the last financial crisis.

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Speaker 1: But the when when we have to rescue those systems.

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Speaker 1: The options you have is a bail in, which is

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Speaker 1: essentially the bank saying that they would take your deposits

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Speaker 1: and use it, and they usually issue some kind of

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Speaker 1: stock like they did in Cyprus, where instead of your

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Speaker 1: deposit you end up with bank stock um or they

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Speaker 1: can do a bailout. But I think with the record

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Speaker 1: levels of civil unrest, um and rioting right now, if

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Speaker 1: the government proposed to bail out any of the banks

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Speaker 1: as a result of this, I don't think they could

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Speaker 1: get away with it this time. So what I'm forecasting

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Speaker 1: is that they will actually allow the banks to go

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Speaker 1: bust this time, but they don't want depositors to lose

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Speaker 1: their money. The way they can do that is through

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Speaker 1: a central bank digital currency, which every central bank in

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Speaker 1: the world has already been working on UM, and that

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Speaker 1: central bank digital currency could be Let's say you had

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Speaker 1: ten thousand dollars that Chase Bank, and Chase Bank was

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Speaker 1: was not bailed out this time, then you could download

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Speaker 1: an app and it would obtain ten thousand dollars of

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Speaker 1: the central bank digital currency, and that money is debt

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Speaker 1: free money. Essentially, you're taking all the over leverage of

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Speaker 1: the bank and you're replacing it with debt free money

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Speaker 1: issued by the government or the central bank, just like

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Speaker 1: they issued the green bags to fund the American Civil War,

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Speaker 1: but this time it would be fully digital UM and

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Speaker 1: they can put a stimulus package out there. Their next

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Speaker 1: round of helicopter money could be download this app we'll

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Speaker 1: give you the money, um, and they deleverage the leverage

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Speaker 1: in the banking system and replace it with a central

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Speaker 1: bank digital currency is what I think their next movers

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Speaker 1: and so essentially that central bank taking on all the

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Speaker 1: balance sheet of the world um and uh and yeah,

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Speaker 1: and and becoming a bank and issuing a p I

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Speaker 1: T S allowing financial technology companies to build on top

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Speaker 1: of it, um and move into a more pit payer

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Speaker 1: financial system. But it will be very, very expensive, as

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Speaker 1: I said, in terms of the impact that currency has

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Speaker 1: on your freedoms or liberties and your your privacy is

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Speaker 1: going to not be a very nice currency in any way,

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Speaker 1: shape or form. Yeah, I actually see something very similar

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Speaker 1: in that trusting you bring that up. I want to

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Speaker 1: talk about that, um, but before we do, just to

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Speaker 1: kind of preframe that for the listeners. UM. So, typically

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Speaker 1: the way that it's been done is the central banks

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Speaker 1: have been creating more debt, and they've been doing that,

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Speaker 1: as you said, really through quantitative easing, which means that

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Speaker 1: money really goes into the banks and it really just

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Speaker 1: goes goes back to more financial assets. It's never really

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Speaker 1: been given to the people until just recently with this

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Speaker 1: pandemic where they gave a little bit I mean bucks

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Speaker 1: to some people if they make under a certain amount

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Speaker 1: of money or whatever. Right, Um, But what you're talking

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Speaker 1: about is something different where the instead of building out

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Speaker 1: the banks and the financial system like they are doing today,

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Speaker 1: you're saying they might just say, Ah, screw those guys,

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Speaker 1: let's just go and bail out the people directly. Yes,

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Speaker 1: So you've got to look at when each each debt

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Speaker 1: cycle creates a greater level of debt from consumers, businesses,

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Speaker 1: and governments um, and all of that debt needs to

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Speaker 1: be repaid plus interest. Well, it doesn't need to be

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Speaker 1: repaid because it's a always rolled over UM and as

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Speaker 1: long as the credit rating of the US government is okay,

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Speaker 1: they can keep rolling it over for as long as

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Speaker 1: people would take it. UM. But the yeah, the each

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Speaker 1: inflation is not just for me um, just an increase

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Speaker 1: in the money supply. It's also the factor in the

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Speaker 1: interest of all of this debt. So if you have

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Speaker 1: to service a lot of your debt and your debt

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Speaker 1: levels are increasing at every cycle, you will inevitably have

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Speaker 1: to put your prices up to a factor in the

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Speaker 1: interest on your debt UM and so inflation is not

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Speaker 1: just in my perspective, a monetary phenomenon, but it's also

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Speaker 1: interest rates and debt phenomenon that is factored into the equation.

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Speaker 1: And the interesting thing is that if you look at

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Speaker 1: if you look throughout history, that money printing during a

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Speaker 1: depression has always been non inflationary in those cases. But

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Speaker 1: if you continue to imprint the money supply an increase

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Speaker 1: the money supply during a a bull market, as you

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Speaker 1: start to enter recovery, um, you start to get you know,

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Speaker 1: a destructive effect on the currency in terms of risking

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Speaker 1: leaving into an inflation re environment. Um. And if it

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Speaker 1: goes terribly wrong, a hyper inflation re environment like we've

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Speaker 1: seen in many countries. Um. And so you know, it's

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Speaker 1: it's not a very desirable outcome to do that. And

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Speaker 1: I think that, yeah, the factoring in all this debt

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Speaker 1: into the equation, that means at this stage you need

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Speaker 1: to complete renegotiation in order to get out of that. Yeah. Um.

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Speaker 1: And as far as the end game, which you already

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Speaker 1: kind of highlighted, which we're going to dig into, I mean,

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Speaker 1: I kind of see the same thing, but before we do,

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Speaker 1: I'm trying to kind of understand what what triggers that,

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Speaker 1: because if I we understand what triggers that, it also

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Speaker 1: has implications of what that solution is. But before we

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Speaker 1: get back to that just quickly, I mean, so we're

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Speaker 1: talking about UM, you know, the money creation and when

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Speaker 1: will stop or whatever, and so we have UM, I

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Speaker 1: know you've talked about out you know, maybe a few

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Speaker 1: different types of money systems or economics schools, schools of

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Speaker 1: thought kenzie in UM, Monitorizism, Austrian UM. We have a

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Speaker 1: new school of thought maybe if you consider it that

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Speaker 1: that's really being pushed today. And I think depend on

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Speaker 1: who wins the election, we're gonna see it really makes

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Speaker 1: some inroads. And that's m m T modern monetary theory.

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Speaker 1: And so we have UM the economic advisors on the

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Speaker 1: Biden camp trying to push this Green New Deal or

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Speaker 1: now he's calling it the Biden Deal or whatever it is.

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Speaker 1: But essentially it's UM committing to spend thirty to nine

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Speaker 1: trillion dollars to rebuild the system as a as a

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Speaker 1: renewable energy UM. And let's not I don't want to

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Speaker 1: dig into that policy, but the fact that they can

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Speaker 1: just go spend thirty to ninety trillion dollars. Where does

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Speaker 1: that money come from? It's obviously this m m T

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Speaker 1: of just being able to print money. Um, I mean

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Speaker 1: will that work and they continue just to print that money?

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Speaker 1: And if so, won't that hold off this debt collaps

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Speaker 1: that you're talking about. Yes, And modern monetary theory is um.

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Speaker 1: So if you look at the system you were just

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Speaker 1: talking about, the prevalent way of money creation at the

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Speaker 1: moment is through quantitative easy and what that essentially, what

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Speaker 1: that is is the central bank just creates money which

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Speaker 1: is a digital ledger in their balance sheet, and then

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Speaker 1: it used that money in order to purchase government debt.

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Speaker 1: And so the government is actually borrowing the money and

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Speaker 1: having to pay interest on that money for money and

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Speaker 1: creation from the treasury to the Federal Reserve UM. And

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Speaker 1: that is a really really inefficient system. There's no point

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Speaker 1: the government borrowing the money when you start to actually

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Speaker 1: understand the mechanism, because the government already has the ability

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Speaker 1: to create the money and supply um. It can do

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Speaker 1: that as it chooses, but instead it outsources it to

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Speaker 1: the Federal Reserve UM and has to repay in factor

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Speaker 1: in all this debt on top of that. So modern

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Speaker 1: monetary theory says, well, why doesn't the government just create

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Speaker 1: the money in its own in the first place and

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Speaker 1: not have to factor in all this interests and debt

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Speaker 1: um And the reality is that the effect is that

403
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Speaker 1: exactly the same, but it's much more efficient because you

404
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Speaker 1: can remove away this pretense. You can stop having these

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Speaker 1: forms of money that no one understands m and one

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00:22:14,800 --> 00:22:17,320
Speaker 1: and two and three and four, and you can just

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Speaker 1: have a money supply called them, which is the government

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Speaker 1: creating money, deciding how to spend that um, and then

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Speaker 1: the people judging whether they create inflation or deflation based

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Speaker 1: upon a transparent form of money supply. And if the

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Speaker 1: government destroys the money supply, you know who to blame.

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Speaker 1: You don't get this game of the federal reserve blaming treasury,

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Speaker 1: then socialists blaming capitalists, and all of the typical left

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Speaker 1: right wing arguments that we have today. Um. You know,

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Speaker 1: if you if you accept that governments can actually create

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Speaker 1: money rather than actually doing it indirectly and giving it

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Speaker 1: to the Essentially, today we have a private form of money,

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Speaker 1: which is the banks creator every time they issue alone

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Speaker 1: um all the central bank creates it every time they borrow,

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Speaker 1: they decide to allow spend more money in the government,

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Speaker 1: and the government borrows it from them. Why not just

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Speaker 1: actually have a transparent form of money that's actually created

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Speaker 1: by the government. Um. And I hear all the free

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Speaker 1: markets and everyone like rolling over their graves and concerned

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Speaker 1: about that, and I too would be concerned about it.

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Speaker 1: But thankfully we have competing forms of money today where

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Speaker 1: if you don't like that, you cannot doubt um. But yeah,

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Speaker 1: modern monetary theory states that the government can just simply

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Speaker 1: spend it into the economy. Um. And in effect, rather

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Speaker 1: than banks actually lending it into the economy, um, you

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Speaker 1: just have governments doing what essentially people most people think

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Speaker 1: governments do, which is providing the money supply to the economy.

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Speaker 1: And maybe that then ties into kind of what you

434
00:23:51,600 --> 00:23:54,840
Speaker 1: see being the solution. So you talk about, you know,

435
00:23:54,840 --> 00:23:56,840
Speaker 1: all these people with money in the bank and potentially

436
00:23:56,880 --> 00:23:59,199
Speaker 1: losing the money in the bank, but also all the

437
00:23:59,240 --> 00:24:02,280
Speaker 1: obligations pensions, um, you know the four O one case

438
00:24:02,320 --> 00:24:05,159
Speaker 1: and things like that, you know, social security, etcetera. To

439
00:24:05,280 --> 00:24:09,240
Speaker 1: all the obligations, and so if the system collapses, all

440
00:24:09,320 --> 00:24:11,920
Speaker 1: those people that are depending on their money or their

441
00:24:11,920 --> 00:24:15,879
Speaker 1: income or their retirement could potentially see it go away.

442
00:24:16,000 --> 00:24:19,080
Speaker 1: And you're saying that if that were to happen that

443
00:24:19,200 --> 00:24:22,320
Speaker 1: I think the banks or the government would instead of

444
00:24:22,400 --> 00:24:24,720
Speaker 1: bailing out the banks to give the people back their money,

445
00:24:24,760 --> 00:24:28,320
Speaker 1: they might just give the people back their money directly

446
00:24:28,520 --> 00:24:32,200
Speaker 1: through this new CBDC, the Central Bank digital currency um,

447
00:24:32,280 --> 00:24:35,000
Speaker 1: and even maybe pay for all the obligations. And so

448
00:24:35,080 --> 00:24:38,480
Speaker 1: maybe at that point it switches from bank based issued

449
00:24:38,520 --> 00:24:43,200
Speaker 1: money to government issued money. Yeah. We we we essentially

450
00:24:43,280 --> 00:24:47,560
Speaker 1: moved from capitalism to socialism, um. And that is where

451
00:24:47,600 --> 00:24:49,840
Speaker 1: I think we're headed. Um. And if you want to

452
00:24:49,840 --> 00:24:52,840
Speaker 1: get more extreme, then some governments will for communism. But

453
00:24:53,240 --> 00:24:55,280
Speaker 1: we can already see that the writings on the wall

454
00:24:55,320 --> 00:24:58,480
Speaker 1: in that sense. Um. So what I'm interested in is

455
00:24:58,520 --> 00:25:02,399
Speaker 1: accepting that we money. The end game is a percent tax.

456
00:25:02,480 --> 00:25:05,880
Speaker 1: The d is communism is riots in the streets. It's

457
00:25:05,920 --> 00:25:08,320
Speaker 1: it's that's the end game, um. And I don't think

458
00:25:08,320 --> 00:25:10,640
Speaker 1: there's any fighting that because of the cycles that we're

459
00:25:10,640 --> 00:25:13,919
Speaker 1: in the only alternative is to actually move back to

460
00:25:14,000 --> 00:25:18,640
Speaker 1: sour money cause of depression, cause a recession. Um, except

461
00:25:18,800 --> 00:25:23,080
Speaker 1: that everyone's gonna real estate is massively overvalued. We have

462
00:25:23,200 --> 00:25:28,080
Speaker 1: to have ginormous asset price deflation UM and UH, and

463
00:25:28,200 --> 00:25:32,360
Speaker 1: monetary inflation as well, probably UM. So you know that's

464
00:25:32,400 --> 00:25:35,840
Speaker 1: the alternative of trying to combat the system by returning

465
00:25:35,840 --> 00:25:39,440
Speaker 1: to a gold standard or exercising if you were designing

466
00:25:39,440 --> 00:25:41,679
Speaker 1: a system from scratch, that's probably what you've come up with.

467
00:25:42,080 --> 00:25:44,359
Speaker 1: But now we are where we are in regards to

468
00:25:44,400 --> 00:25:46,320
Speaker 1: that though. So you talked about, you know, at the

469
00:25:46,440 --> 00:25:48,439
Speaker 1: end of whatever World War one and going into the

470
00:25:48,440 --> 00:25:50,119
Speaker 1: Great Depression, A lot of people have blamed it on

471
00:25:50,160 --> 00:25:53,440
Speaker 1: the gold standard because I think over and you know, England,

472
00:25:53,440 --> 00:25:55,840
Speaker 1: they had printed a way too much money to fight

473
00:25:55,880 --> 00:25:58,480
Speaker 1: the war, and I think Churchill said, hey, we can't

474
00:25:58,520 --> 00:26:00,800
Speaker 1: go back to the gold standard because or no, it

475
00:26:00,880 --> 00:26:03,960
Speaker 1: was actually I think it was Keens Warren Churchill, Hey,

476
00:26:04,000 --> 00:26:05,320
Speaker 1: we can't go back to the gold stand because we'll

477
00:26:05,359 --> 00:26:08,040
Speaker 1: cause massive deflation. We've printed too much money. So what

478
00:26:08,080 --> 00:26:09,359
Speaker 1: we have to do is we have to double the

479
00:26:09,400 --> 00:26:11,480
Speaker 1: price of gold. And if we double the price of gold,

480
00:26:11,480 --> 00:26:14,119
Speaker 1: things will be okay. And Churchill said, no, no, no,

481
00:26:14,119 --> 00:26:16,719
Speaker 1: that's not going to happen, and then they revalued back

482
00:26:16,720 --> 00:26:19,199
Speaker 1: to the original price of gold and everything collapsed. I

483
00:26:19,200 --> 00:26:21,320
Speaker 1: mean that that seems to be the history that I've read.

484
00:26:21,400 --> 00:26:24,800
Speaker 1: But uh, without digging into that, but back to kind

485
00:26:24,800 --> 00:26:27,119
Speaker 1: of what you're talking about, we have to deflate the assets.

486
00:26:27,480 --> 00:26:30,720
Speaker 1: Couldn't we just increase increase the price of gold to

487
00:26:30,880 --> 00:26:34,399
Speaker 1: fifty thousand or a hundred thousand. Yeah, I mean, so

488
00:26:34,480 --> 00:26:38,159
Speaker 1: that's another solution. You know, if you subscribe to some

489
00:26:38,320 --> 00:26:41,280
Speaker 1: of you know, the gold stand and these are all

490
00:26:41,359 --> 00:26:48,800
Speaker 1: viable solutions. We can return to a gold standard, decide

491
00:26:48,880 --> 00:26:51,320
Speaker 1: gold in order to make that feasible. But I don't

492
00:26:51,320 --> 00:26:53,400
Speaker 1: think there's any political will, and I just didn't think

493
00:26:53,440 --> 00:26:59,000
Speaker 1: there's something that governments wanted to do that. The alternative

494
00:26:59,040 --> 00:27:01,639
Speaker 1: to that is they can have complete control over our money,

495
00:27:02,200 --> 00:27:04,879
Speaker 1: all of our freedoms, how we spend our money, what

496
00:27:04,920 --> 00:27:07,640
Speaker 1: we do with our money, how to tax the money. Um.

497
00:27:07,640 --> 00:27:09,400
Speaker 1: And you can move it to the end game, which

498
00:27:09,440 --> 00:27:13,080
Speaker 1: is socialism UM and and and more communist style society,

499
00:27:13,960 --> 00:27:16,680
Speaker 1: even the right wings and moving the economies over that way.

500
00:27:16,760 --> 00:27:19,240
Speaker 1: You know, I don't think this is a left right argument.

501
00:27:19,760 --> 00:27:23,480
Speaker 1: The systemic nature of creating money as debt drives you

502
00:27:23,880 --> 00:27:27,400
Speaker 1: to tax as the end game. UM. It's the only

503
00:27:27,440 --> 00:27:30,720
Speaker 1: game you can get from the system. Um And, so

504
00:27:31,160 --> 00:27:35,080
Speaker 1: far money is just inevitably moving in that direction, which

505
00:27:35,119 --> 00:27:37,119
Speaker 1: is why I think the important part is to have

506
00:27:37,200 --> 00:27:41,000
Speaker 1: opt out and have alternatives that people can actually make

507
00:27:41,080 --> 00:27:44,320
Speaker 1: choices with. Yeah, yeah, I agree with you, right, I mean,

508
00:27:44,400 --> 00:27:47,359
Speaker 1: the we just understand human nature. They're not going to

509
00:27:47,440 --> 00:27:49,960
Speaker 1: wake up tomorrow and be like, oh, let's live within

510
00:27:49,960 --> 00:27:52,680
Speaker 1: our means. Although they're never gonna opt to go back

511
00:27:52,720 --> 00:27:54,480
Speaker 1: to that, and so I say, they're gonna go till

512
00:27:54,520 --> 00:27:56,960
Speaker 1: they blow. Right, It's gonna go till it doesn't work anymore.

513
00:27:57,640 --> 00:27:59,200
Speaker 1: But I also agree with you, and it's a great

514
00:27:59,200 --> 00:28:04,840
Speaker 1: point at um. They constantly want more power and constantly

515
00:28:04,880 --> 00:28:08,600
Speaker 1: want more control, more surveillance, and so it helps them

516
00:28:08,720 --> 00:28:12,400
Speaker 1: establish both of those. So let's talk about that. So UM,

517
00:28:12,440 --> 00:28:14,560
Speaker 1: I was kind of thinking similar thing to you, right,

518
00:28:14,640 --> 00:28:17,119
Speaker 1: the bank's collapse. We have f d I C insurance,

519
00:28:17,760 --> 00:28:19,800
Speaker 1: but instead of saying, hey, we'll just give the banks

520
00:28:19,840 --> 00:28:22,560
Speaker 1: back the money, let's just swap it out for a

521
00:28:22,640 --> 00:28:25,800
Speaker 1: central bank digital currency. I've talked about on the channel

522
00:28:25,880 --> 00:28:28,600
Speaker 1: that we already know that they're already working on it,

523
00:28:28,720 --> 00:28:30,680
Speaker 1: and the Feds already said it. They've hired the exact

524
00:28:30,680 --> 00:28:36,160
Speaker 1: from point Base. Probably early next year, we probably see this, um,

525
00:28:36,240 --> 00:28:39,840
Speaker 1: And so how do you think that transition works. I

526
00:28:39,920 --> 00:28:42,640
Speaker 1: see that a lot of population maybe isn't ready for that.

527
00:28:42,760 --> 00:28:46,360
Speaker 1: I mean, how do you see that kind of rollout happening. Yeah,

528
00:28:46,400 --> 00:28:48,600
Speaker 1: it's really easy. It won't look like Bitcoin. It won't

529
00:28:48,600 --> 00:28:50,680
Speaker 1: need the blockchain, it doesn't need any of that stuff.

530
00:28:50,680 --> 00:28:52,560
Speaker 1: It just needs to be a digital ledger that they

531
00:28:52,640 --> 00:28:55,240
Speaker 1: sit in fact, they already do it. So the private

532
00:28:55,240 --> 00:28:58,360
Speaker 1: banks right now, if you have a clearing bank account

533
00:28:58,400 --> 00:29:01,160
Speaker 1: with the central banks, like the the large clearing in

534
00:29:01,600 --> 00:29:05,120
Speaker 1: banks do they have, then there are just digital ledgers.

535
00:29:05,160 --> 00:29:07,160
Speaker 1: This is how the repo markets work. This is how

536
00:29:07,200 --> 00:29:10,720
Speaker 1: all the you know, the large markets money markets for

537
00:29:10,800 --> 00:29:14,400
Speaker 1: banks work. They're just s employee digital ledgers held at

538
00:29:14,400 --> 00:29:17,200
Speaker 1: the central bank. So the easy way to roll it

539
00:29:17,200 --> 00:29:20,320
Speaker 1: out is you just keep you keep stimulating like you

540
00:29:20,360 --> 00:29:24,080
Speaker 1: are right now. You commit to unlimited QUEI, you do

541
00:29:24,160 --> 00:29:27,080
Speaker 1: everything you can to try and win the next election,

542
00:29:27,560 --> 00:29:29,800
Speaker 1: and then at some point during the next year or two,

543
00:29:29,920 --> 00:29:32,720
Speaker 1: some kind of systemic risk events can happen, as it

544
00:29:32,760 --> 00:29:36,400
Speaker 1: always does. Um you know, this one was a pandemic.

545
00:29:36,520 --> 00:29:39,960
Speaker 1: The last one was a crazy little islands like Iceland

546
00:29:40,000 --> 00:29:43,160
Speaker 1: that got taken over by investment bankers that caused the

547
00:29:43,600 --> 00:29:47,640
Speaker 1: exposed the global financial crisis, um, you know, completely globally.

548
00:29:48,080 --> 00:29:51,200
Speaker 1: And so this could be student cards, student debts, This

549
00:29:51,280 --> 00:29:53,840
Speaker 1: could be credit card debts. Take any one of those

550
00:29:53,840 --> 00:29:57,800
Speaker 1: BONSI schemes, um, you know, social security, whatever you want

551
00:29:57,800 --> 00:30:02,200
Speaker 1: to pick, one of them is going to show their weakness, um,

552
00:30:02,320 --> 00:30:06,280
Speaker 1: and that will expose one bank, and one bank will

553
00:30:06,320 --> 00:30:10,520
Speaker 1: be exposed to that, or it will be your pension

554
00:30:10,520 --> 00:30:12,640
Speaker 1: because the banks, you know that what what came out

555
00:30:12,640 --> 00:30:15,360
Speaker 1: of two thousand and eight that never went away was

556
00:30:15,400 --> 00:30:17,680
Speaker 1: the repackaging of their debts so that they don't have

557
00:30:17,760 --> 00:30:19,200
Speaker 1: to take the risk and then they can sell it

558
00:30:19,280 --> 00:30:23,200
Speaker 1: to your pension with a triple A grades rating on it. Um.

559
00:30:23,240 --> 00:30:26,120
Speaker 1: You know that still exists, and so many of the

560
00:30:26,120 --> 00:30:28,480
Speaker 1: banks are in a good place because they've repackaged. Just

561
00:30:28,560 --> 00:30:31,720
Speaker 1: why Warren Buffett is dumping some bank stocks and keeping

562
00:30:31,760 --> 00:30:34,840
Speaker 1: other bank stocks. He's getting rid of all the bank

563
00:30:34,880 --> 00:30:37,760
Speaker 1: stocks that are over leveraged and that will be exposed

564
00:30:37,760 --> 00:30:40,320
Speaker 1: to these events, and keeping his Bank of America because

565
00:30:40,360 --> 00:30:44,200
Speaker 1: they may not be over leverage to these particular products.

566
00:30:44,280 --> 00:30:46,880
Speaker 1: And so you know what I think will happen is

567
00:30:46,920 --> 00:30:49,719
Speaker 1: you'll get one of the banks that will be exposed

568
00:30:50,200 --> 00:30:52,680
Speaker 1: that will then show the house of cards. F d

569
00:30:52,800 --> 00:30:56,640
Speaker 1: I CE can no way ensure all of your deposits.

570
00:30:57,000 --> 00:31:00,600
Speaker 1: Fd I see is is simply you know they hold

571
00:31:00,600 --> 00:31:04,200
Speaker 1: their money in treasuries, which is the government debt. They

572
00:31:04,200 --> 00:31:07,080
Speaker 1: don't have cash because they can't hold cash because then

573
00:31:07,120 --> 00:31:10,479
Speaker 1: they'd be exposed to whichever bank they're using to ensure

574
00:31:10,760 --> 00:31:14,720
Speaker 1: the banking system UM. And so f d i C

575
00:31:15,280 --> 00:31:18,360
Speaker 1: is built for one or two banks going bus, not

576
00:31:18,480 --> 00:31:22,000
Speaker 1: the entire system going systemically risk. They've only got one

577
00:31:22,040 --> 00:31:24,800
Speaker 1: percent of all the deposits in the bank is actually

578
00:31:24,800 --> 00:31:28,239
Speaker 1: insured by f d i C UM, so it's not

579
00:31:28,360 --> 00:31:31,640
Speaker 1: designed to actually protect the system, so that at that

580
00:31:31,720 --> 00:31:33,480
Speaker 1: stage you know you need to bail out f d

581
00:31:33,560 --> 00:31:36,640
Speaker 1: i C. Remember before fd i C, there was f

582
00:31:37,040 --> 00:31:40,200
Speaker 1: s l i C, which is the the the equivalent

583
00:31:40,280 --> 00:31:43,280
Speaker 1: of the insurance for the savings and loan scheme that

584
00:31:43,360 --> 00:31:45,720
Speaker 1: was you know that when BUS it couldn't ensure what

585
00:31:45,840 --> 00:31:48,720
Speaker 1: it is liabilities, so we got rolled over into f

586
00:31:48,920 --> 00:31:53,320
Speaker 1: d i C. So the deposit insurance protection schemes are

587
00:31:53,320 --> 00:31:58,680
Speaker 1: available and they can't tackle systemic risk events. They can

588
00:31:58,720 --> 00:32:04,320
Speaker 1: only tackle one financial institution or two being exposed at

589
00:32:04,360 --> 00:32:06,760
Speaker 1: this time. So the way that they could roll it

590
00:32:06,760 --> 00:32:10,080
Speaker 1: out is let the bank go bust. Um. You then

591
00:32:10,160 --> 00:32:12,800
Speaker 1: get to align with the people that don't want to

592
00:32:12,800 --> 00:32:14,760
Speaker 1: bail out anymore. They don't want all the money, the

593
00:32:14,800 --> 00:32:19,239
Speaker 1: taxpayer's money going to pay bonuses. Um. And you just

594
00:32:19,280 --> 00:32:22,680
Speaker 1: simply sell them, Well, how do you get traction for

595
00:32:22,720 --> 00:32:25,720
Speaker 1: your new digital currency app? Well, if you had ten

596
00:32:25,720 --> 00:32:28,560
Speaker 1: thousand dollars with this bank, download this app. You got

597
00:32:28,560 --> 00:32:31,800
Speaker 1: ten thousand dollars. Um. If everyone would like in order

598
00:32:31,800 --> 00:32:34,479
Speaker 1: to simulate this economy, if everyone would like ten thousand

599
00:32:34,480 --> 00:32:37,520
Speaker 1: dollars for free, download this app. And then you're gonna

600
00:32:37,520 --> 00:32:39,880
Speaker 1: have to opt into giving away all your freedom. So

601
00:32:39,920 --> 00:32:43,240
Speaker 1: you're gonna have to opt in for compulsory vaccines, You're

602
00:32:43,240 --> 00:32:46,880
Speaker 1: gonna have to opt in for automated tax collection. UM.

603
00:32:46,920 --> 00:32:49,560
Speaker 1: You're gonna have to opt in for every kind of

604
00:32:49,600 --> 00:32:52,560
Speaker 1: freedom and liberty. Um. You know that you've got being

605
00:32:52,840 --> 00:32:55,840
Speaker 1: taken away one by one. Why because we've got this

606
00:32:55,920 --> 00:32:59,800
Speaker 1: pandemic just like we had after the last nine and eleven. Um.

607
00:32:59,800 --> 00:33:02,040
Speaker 1: We have the ultimate reason for you to opt out,

608
00:33:02,080 --> 00:33:04,520
Speaker 1: which is fear. Um, And it's genuine. You know that

609
00:33:04,640 --> 00:33:08,600
Speaker 1: this is a this is a systemic event, and you

610
00:33:08,680 --> 00:33:11,920
Speaker 1: have these inevitabilities that expose the weaknesses of the systems.

611
00:33:12,440 --> 00:33:16,680
Speaker 1: That gets everyone's walked in. And already all the financial

612
00:33:16,680 --> 00:33:19,960
Speaker 1: technology companies can build on top of the API of

613
00:33:20,160 --> 00:33:22,480
Speaker 1: the central bank, UM, and they can you know, the

614
00:33:22,480 --> 00:33:25,680
Speaker 1: central Bank doesn't want to do customer service, but they

615
00:33:25,680 --> 00:33:29,240
Speaker 1: will open up their API and other financial technology companies,

616
00:33:29,720 --> 00:33:32,560
Speaker 1: UM can do that. And even banks will you know,

617
00:33:32,680 --> 00:33:35,600
Speaker 1: come back again, there's a the CEOs of those banks

618
00:33:35,600 --> 00:33:38,480
Speaker 1: will leave that create their own fintech startup and build

619
00:33:38,520 --> 00:33:41,240
Speaker 1: on top of the new system. Yeah, and we're already

620
00:33:41,240 --> 00:33:43,680
Speaker 1: seeing that foundation built. I did a video talking about

621
00:33:43,760 --> 00:33:46,480
Speaker 1: fed coin what we're calling it, and the FED ruling

622
00:33:46,480 --> 00:33:49,280
Speaker 1: this out. But um, all the banks that are tied

623
00:33:49,320 --> 00:33:51,040
Speaker 1: to the FED, that are able to create the debt

624
00:33:51,080 --> 00:33:54,400
Speaker 1: for the FED are required now to build out their

625
00:33:54,440 --> 00:33:58,160
Speaker 1: own wallets and so like they're already prepping for this

626
00:33:58,320 --> 00:34:01,240
Speaker 1: and to be that customer service arm of the FED

627
00:34:01,280 --> 00:34:04,200
Speaker 1: if you will something like that. UM, do you see

628
00:34:04,240 --> 00:34:07,440
Speaker 1: this just happening through dollars first or is this kind

629
00:34:07,440 --> 00:34:09,640
Speaker 1: of like a global thing that happens at the same time.

630
00:34:11,560 --> 00:34:14,080
Speaker 1: That's a really hard one to forecast because I think,

631
00:34:14,160 --> 00:34:17,520
Speaker 1: you know, the US credit rating is still very very strong.

632
00:34:18,160 --> 00:34:21,319
Speaker 1: People still consider the dollar a sort of value. Um.

633
00:34:21,400 --> 00:34:24,160
Speaker 1: They still consider it a flight to safety. Um. And

634
00:34:24,200 --> 00:34:26,480
Speaker 1: it's a very very strong currency in terms of its

635
00:34:26,520 --> 00:34:29,399
Speaker 1: power is purchasing power around the world. You know, off

636
00:34:29,480 --> 00:34:33,440
Speaker 1: my seat money. I still hold most of my FEAT

637
00:34:33,520 --> 00:34:37,319
Speaker 1: money in dollars um, and I wouldn't consider holding it

638
00:34:37,360 --> 00:34:39,120
Speaker 1: in anything else other than the money that I need

639
00:34:39,160 --> 00:34:42,759
Speaker 1: to spend in my domestic currency. So, UM, I think

640
00:34:42,800 --> 00:34:44,719
Speaker 1: the US has still got a bit further to go.

641
00:34:45,440 --> 00:34:48,600
Speaker 1: I think in terms of the monetary renegotiation, who gets

642
00:34:48,600 --> 00:34:50,600
Speaker 1: the seat at the table, I think it would be

643
00:34:50,640 --> 00:34:55,120
Speaker 1: based upon who has the largest goal to GDP reserves. Um.

644
00:34:55,239 --> 00:34:59,560
Speaker 1: So you've got Russia, You've got Europe, which is essentially Germany. UM,

645
00:34:59,760 --> 00:35:02,920
Speaker 1: You've got you've got China, and you've got US. And

646
00:35:02,920 --> 00:35:04,440
Speaker 1: I think they will be the ones that will be

647
00:35:04,920 --> 00:35:07,960
Speaker 1: renegotiating the new monetary system in the next by a

648
00:35:08,000 --> 00:35:13,200
Speaker 1: few years. Um. And yeah, so you think this rollout

649
00:35:13,200 --> 00:35:16,799
Speaker 1: of the digital currency is an interim step into the

650
00:35:16,880 --> 00:35:19,920
Speaker 1: new new monetary system. So it's not the new monetary system,

651
00:35:19,960 --> 00:35:23,839
Speaker 1: it's kind of what leads up to the new monetary system. Yeah.

652
00:35:23,880 --> 00:35:26,319
Speaker 1: And you've also got competing forces like the I m

653
00:35:26,400 --> 00:35:28,000
Speaker 1: F and the World Bank. They all want to list

654
00:35:28,040 --> 00:35:31,600
Speaker 1: they all want to list their own global digital currencies. Um.

655
00:35:31,680 --> 00:35:34,480
Speaker 1: They are you know, their their position to be the

656
00:35:34,600 --> 00:35:38,160
Speaker 1: end game of rolling up in solvent central banks. Um.

657
00:35:38,200 --> 00:35:40,759
Speaker 1: And so it all depends on the strength I think.

658
00:35:40,800 --> 00:35:42,879
Speaker 1: So you know a bit of policy. If I were

659
00:35:42,920 --> 00:35:46,560
Speaker 1: advising a smaller central bank right now, UM, I would

660
00:35:46,600 --> 00:35:48,680
Speaker 1: be advising them and I have been advising them to

661
00:35:48,760 --> 00:35:52,480
Speaker 1: take an asymmetric bet on bitcoin. UM. I think in

662
00:35:52,680 --> 00:35:56,280
Speaker 1: several years back, I wrote a I released a video

663
00:35:57,560 --> 00:36:02,320
Speaker 1: called what was the video called how the How Bitcoin

664
00:36:02,400 --> 00:36:07,839
Speaker 1: could become a central global reserve currency. By It's not

665
00:36:07,920 --> 00:36:10,200
Speaker 1: meant to happen that way, but it's an extreme example

666
00:36:11,000 --> 00:36:14,480
Speaker 1: of if you are a country like Lebanon, and we're

667
00:36:14,480 --> 00:36:16,520
Speaker 1: starting to see this in Iran already, in order to

668
00:36:16,560 --> 00:36:20,040
Speaker 1: get around sanctions, Iran is starting dedicating some of their

669
00:36:20,080 --> 00:36:23,920
Speaker 1: electricity to mining bitcoin. UM. And if you have a

670
00:36:23,960 --> 00:36:26,640
Speaker 1: currency like Lebanon that no one wants, you can't use

671
00:36:26,680 --> 00:36:29,359
Speaker 1: it to purchase any mining equipment, but you might have

672
00:36:29,440 --> 00:36:32,280
Speaker 1: spare electricity power. Then you could use it to mind bitcoin.

673
00:36:32,760 --> 00:36:34,560
Speaker 1: You could give it to your central bank in order

674
00:36:34,600 --> 00:36:36,640
Speaker 1: to hold it on some of its balance sheet. You

675
00:36:36,680 --> 00:36:38,799
Speaker 1: can make an announcement to the world that you are

676
00:36:38,840 --> 00:36:43,400
Speaker 1: diversifying from the dollar, golden treasuries and you're holding some bitcoin,

677
00:36:43,840 --> 00:36:47,160
Speaker 1: and that would create such a fomo, a countrywide fomo

678
00:36:47,680 --> 00:36:49,960
Speaker 1: UM and big impact on the price and the market.

679
00:36:49,960 --> 00:36:52,719
Speaker 1: Can that you would end up in a situation like

680
00:36:52,760 --> 00:36:56,239
Speaker 1: bulgar Area was, you know, Bulgaria and several years back

681
00:36:56,320 --> 00:37:01,160
Speaker 1: they confiscated two hundred thousand bitcoin from UM, an illegal

682
00:37:02,120 --> 00:37:06,560
Speaker 1: crime group UM, and that those two hundred thousand bitcoin,

683
00:37:06,600 --> 00:37:08,800
Speaker 1: by the time they actually got through and got those

684
00:37:09,000 --> 00:37:11,759
Speaker 1: it was worth more than the entire country's national debt

685
00:37:11,760 --> 00:37:16,160
Speaker 1: of Bulgaria UM. And funnily enough, due to chrony capitalism,

686
00:37:16,239 --> 00:37:20,239
Speaker 1: those bitcoin just disappeared to politicians wallets and never have

687
00:37:20,280 --> 00:37:24,040
Speaker 1: found themselves on the central banks balance sheet or the

688
00:37:24,160 --> 00:37:28,080
Speaker 1: government's balance sheet. UM. But I think it highlights the

689
00:37:28,120 --> 00:37:32,239
Speaker 1: fact that you can have an asymmetric risk, just like

690
00:37:32,320 --> 00:37:36,920
Speaker 1: individuals can now you know, have an asymmetric risk on bitcoin.

691
00:37:37,320 --> 00:37:39,600
Speaker 1: I think governments, I think central banks, well, I think

692
00:37:39,840 --> 00:37:42,880
Speaker 1: businesses already are starting to We started to see, you know,

693
00:37:42,920 --> 00:37:46,279
Speaker 1: businesses announcing that they're holding their reserves in bitcoin. We

694
00:37:46,320 --> 00:37:49,440
Speaker 1: started to see hedge funds already saying called Tudor Jones

695
00:37:49,480 --> 00:37:51,760
Speaker 1: saying that he's going to hold one to two percent

696
00:37:51,960 --> 00:37:55,719
Speaker 1: of his hedge fund in bitcoin. Why is he doing that?

697
00:37:55,800 --> 00:37:58,919
Speaker 1: Because if he can outperform the hedge fund industry through

698
00:37:58,960 --> 00:38:01,600
Speaker 1: holding bitcoin, then all the other hedge funds have to

699
00:38:01,640 --> 00:38:04,040
Speaker 1: adjust to that, and he gets a higher you know,

700
00:38:04,360 --> 00:38:06,480
Speaker 1: he gets the highest performing hedge funds, as it has

701
00:38:06,480 --> 00:38:09,520
Speaker 1: in the crypto market. And I think that that that

702
00:38:09,520 --> 00:38:12,759
Speaker 1: that translates to central banks. Now, the Federal Reserve will

703
00:38:12,800 --> 00:38:14,719
Speaker 1: be the last to do that. You know, they'll be

704
00:38:14,760 --> 00:38:17,279
Speaker 1: holding onto the end. Why because they're the incumbent. So

705
00:38:17,360 --> 00:38:20,120
Speaker 1: this is a game of the disruptors disrupting the incumbent

706
00:38:20,600 --> 00:38:23,759
Speaker 1: in a ginormous game of global currency wars that is

707
00:38:23,800 --> 00:38:27,080
Speaker 1: determined by how much gold reserves you have, and who's

708
00:38:27,080 --> 00:38:29,319
Speaker 1: going to be bravest and first to bitcoin. That's where

709
00:38:29,360 --> 00:38:32,319
Speaker 1: I think we're head of over the next five years. Yeah,

710
00:38:32,400 --> 00:38:35,480
Speaker 1: that's that's interesting over the next five years too. Um.

711
00:38:35,520 --> 00:38:38,880
Speaker 1: It seems like the thing with currencies and this is

712
00:38:38,920 --> 00:38:41,600
Speaker 1: where like I lose a little bit on the central

713
00:38:41,600 --> 00:38:44,600
Speaker 1: bank digital currencies, and I think this is what you're

714
00:38:44,600 --> 00:38:47,200
Speaker 1: alluding to. But you can you can correct me, but um,

715
00:38:47,239 --> 00:38:50,360
Speaker 1: it seems that all currencies, at the end of the

716
00:38:50,440 --> 00:38:53,640
Speaker 1: day are only as good as we think they are.

717
00:38:53,680 --> 00:38:55,520
Speaker 1: They're built on trust, and that's why I like and

718
00:38:55,520 --> 00:38:57,319
Speaker 1: people say, oh, it's backed by the military, but you

719
00:38:57,360 --> 00:39:00,160
Speaker 1: look at like Venezuela. Well they had a military, but

720
00:39:00,239 --> 00:39:02,279
Speaker 1: still nobody wanted to use the currency. There was lying

721
00:39:02,360 --> 00:39:05,000
Speaker 1: the streets with you know, like trash, right, um. And

722
00:39:05,080 --> 00:39:08,279
Speaker 1: so if the currency gets destroyed, the government can print

723
00:39:08,320 --> 00:39:09,640
Speaker 1: as much as they want, to give as much as

724
00:39:09,680 --> 00:39:13,640
Speaker 1: they want, but nobody may want to use that. And

725
00:39:13,680 --> 00:39:18,160
Speaker 1: so I think that's kind of what you're saying, where um, well,

726
00:39:18,200 --> 00:39:20,080
Speaker 1: hey we're gonna print more money, and hey we're gonna

727
00:39:20,160 --> 00:39:23,000
Speaker 1: give you ten tho of this new currency. But people

728
00:39:23,040 --> 00:39:25,000
Speaker 1: don't want it, and so then they go opt for

729
00:39:25,160 --> 00:39:28,080
Speaker 1: something else they think holds value or they trust they

730
00:39:28,080 --> 00:39:31,640
Speaker 1: can trust better, like bitcoin. Yeah. I mean it's uh,

731
00:39:31,719 --> 00:39:33,839
Speaker 1: you know, it's about different use case for different money.

732
00:39:33,920 --> 00:39:36,040
Speaker 1: So fear is still a very useful form of money

733
00:39:36,120 --> 00:39:38,520
Speaker 1: to me. If I'm you know, if I want to

734
00:39:38,520 --> 00:39:41,560
Speaker 1: make short term expenses, I hate using bitcoin for short

735
00:39:41,640 --> 00:39:44,360
Speaker 1: term expenses. Yeah, um, you know, I I bought my

736
00:39:44,400 --> 00:39:47,360
Speaker 1: house with bitcoin. Um, and it was an absolute nuisance.

737
00:39:47,360 --> 00:39:51,680
Speaker 1: It took you know, nine months because the seller wanted

738
00:39:51,719 --> 00:39:54,560
Speaker 1: would only accept FEA money, and so I had to

739
00:39:54,640 --> 00:39:57,840
Speaker 1: prove the source of wealth to the bank, and I

740
00:39:57,840 --> 00:40:00,160
Speaker 1: had to show them how I acquired those bitcoin the

741
00:40:00,239 --> 00:40:02,640
Speaker 1: day I acquired them, showed them on the block chain,

742
00:40:02,760 --> 00:40:05,120
Speaker 1: showed that they weren't the proceeds of crime. And that

743
00:40:05,160 --> 00:40:07,840
Speaker 1: whole process took about nine months to get signed off.

744
00:40:08,480 --> 00:40:11,680
Speaker 1: And during that time, the price of bitcoin, you know,

745
00:40:11,760 --> 00:40:15,320
Speaker 1: went from around about twenty thousand dollars to three thousand

746
00:40:15,320 --> 00:40:18,200
Speaker 1: dollars um. And if I was trying to make a

747
00:40:18,239 --> 00:40:21,000
Speaker 1: transaction in that time, it's really really challenging to do

748
00:40:21,080 --> 00:40:25,120
Speaker 1: that if you're spending in fears, you know, personally, but

749
00:40:25,239 --> 00:40:27,880
Speaker 1: when it comes to savings, like you know, I won't

750
00:40:27,960 --> 00:40:30,400
Speaker 1: be putting. I don't keep my money in in in

751
00:40:30,400 --> 00:40:33,080
Speaker 1: in fear currencies. I only keep my money in fear

752
00:40:33,160 --> 00:40:35,560
Speaker 1: currencies to the amount that I want to be spending

753
00:40:35,560 --> 00:40:38,279
Speaker 1: over the next few years, um, you know, because it's

754
00:40:38,360 --> 00:40:40,480
Speaker 1: useful for spending. And I've seen many people I've been

755
00:40:40,920 --> 00:40:43,080
Speaker 1: you know, I spoke at the very first bitcoin conference

756
00:40:43,160 --> 00:40:46,399
Speaker 1: when it was about forty people in a room through

757
00:40:46,440 --> 00:40:48,520
Speaker 1: today and I know people that were there in that

758
00:40:48,600 --> 00:40:52,200
Speaker 1: room in two thousand and eleven. Um, I've seen my

759
00:40:52,239 --> 00:40:55,440
Speaker 1: bitcoin crash from thirty dollars to three dollars, from one thousand,

760
00:40:55,480 --> 00:40:58,879
Speaker 1: two hundred fifty dollars to two hundred fifty dollars, from

761
00:40:58,880 --> 00:41:01,920
Speaker 1: twenty thousand dollars to three thousand dollars. I expected to

762
00:41:01,920 --> 00:41:05,920
Speaker 1: crash from a hundred thousand dollars to thirty dollars to UM.

763
00:41:06,320 --> 00:41:08,879
Speaker 1: But I saw people in that room that still are

764
00:41:08,880 --> 00:41:12,160
Speaker 1: not wealthy. UM. That we're there right from the beginning

765
00:41:12,880 --> 00:41:15,840
Speaker 1: because they try to manage their financial affairs with bitcoin,

766
00:41:15,880 --> 00:41:17,480
Speaker 1: and so they always had to sell it to meet

767
00:41:17,520 --> 00:41:20,400
Speaker 1: living expenses. And I saw so many people that have

768
00:41:20,480 --> 00:41:25,120
Speaker 1: been done that, UM. And you know it's to me,

769
00:41:25,280 --> 00:41:28,200
Speaker 1: as sir, so it's you know, it's it's it's a

770
00:41:28,280 --> 00:41:33,000
Speaker 1: challenging currency the day or if bitcoin ever prices things

771
00:41:33,000 --> 00:41:35,720
Speaker 1: in bitcoin, then fine, you can manage your financial affairs.

772
00:41:36,200 --> 00:41:38,520
Speaker 1: But I don't. I still think that fear is still

773
00:41:38,520 --> 00:41:39,760
Speaker 1: going to be you know, we're not going to start

774
00:41:39,800 --> 00:41:42,719
Speaker 1: thinking in terms of my milk costs, not point not one,

775
00:41:42,760 --> 00:41:48,239
Speaker 1: three to five bitcoin. Our brains cannot compute that. UM.

776
00:41:48,280 --> 00:41:51,120
Speaker 1: You know, we're and global as well, because there's so

777
00:41:51,160 --> 00:41:54,960
Speaker 1: many differentials around the world, so I think fear currencies

778
00:41:55,000 --> 00:41:57,400
Speaker 1: will be there. We just have to accept that the

779
00:41:57,440 --> 00:42:00,120
Speaker 1: money that you hold in FEAT is money that you

780
00:42:00,160 --> 00:42:03,239
Speaker 1: can't own, you can't spend unless you get permission, and

781
00:42:03,280 --> 00:42:06,080
Speaker 1: you do things the way whoever the powers of the

782
00:42:06,200 --> 00:42:08,760
Speaker 1: say you do it that way, and it won't maintain

783
00:42:08,760 --> 00:42:12,200
Speaker 1: its value. So I'm I'm fine with my fiat currency.

784
00:42:12,280 --> 00:42:13,720
Speaker 1: I know that if I put it in a bank,

785
00:42:14,040 --> 00:42:16,400
Speaker 1: the bank's legal owner of that money. I'm lucky if

786
00:42:16,440 --> 00:42:18,520
Speaker 1: they give it back to me UM. I know that

787
00:42:18,560 --> 00:42:20,160
Speaker 1: if I try and spend it, I'm going to have

788
00:42:20,200 --> 00:42:22,680
Speaker 1: to send them loads and loads of documents and make

789
00:42:22,719 --> 00:42:24,560
Speaker 1: sure that I only spend it on something that they

790
00:42:24,600 --> 00:42:27,799
Speaker 1: think it's okay to spend on UM. And the same

791
00:42:27,840 --> 00:42:30,799
Speaker 1: with the Central Bank digital currency UM. And I know

792
00:42:30,880 --> 00:42:32,560
Speaker 1: that it's going to be worth less in the future,

793
00:42:32,640 --> 00:42:34,840
Speaker 1: and I'm okay with that because it's useful for spending

794
00:42:35,640 --> 00:42:37,880
Speaker 1: short term, but I'm definitely not going to keep my

795
00:42:37,920 --> 00:42:40,480
Speaker 1: savings in that. And I'm not going to be surprised

796
00:42:40,480 --> 00:42:43,600
Speaker 1: when I download the Central Bank digital currency that's going

797
00:42:43,640 --> 00:42:46,000
Speaker 1: to be connected to my passport and if I try

798
00:42:46,040 --> 00:42:47,480
Speaker 1: to get on a plane. If I haven't had the

799
00:42:47,560 --> 00:42:50,240
Speaker 1: right vaccine, They're probably not. They're probably going to switch

800
00:42:50,280 --> 00:42:52,600
Speaker 1: off that wallet. And I'm also not going to be

801
00:42:52,640 --> 00:42:54,640
Speaker 1: surprised if me and you are on a zoom call

802
00:42:55,040 --> 00:42:58,040
Speaker 1: and this is being routed via a server in China

803
00:42:58,440 --> 00:43:02,200
Speaker 1: that the Chinese Central Bank, the Federal Reserve, and the

804
00:43:02,200 --> 00:43:04,960
Speaker 1: Bank of England. I'm in the Island Man, which shares

805
00:43:05,000 --> 00:43:07,640
Speaker 1: the Bank of England. Um, They're all gonna want to

806
00:43:07,680 --> 00:43:09,719
Speaker 1: automate their tax collection, and then I'm going to have

807
00:43:09,760 --> 00:43:12,239
Speaker 1: to go to three different central banks and try and

808
00:43:12,360 --> 00:43:14,800
Speaker 1: prove to them that I paid my tax here, therefore

809
00:43:14,840 --> 00:43:17,680
Speaker 1: I shouldn't pay my tax here. Um. And if I

810
00:43:17,719 --> 00:43:20,200
Speaker 1: don't get that settled, I also know that my passport

811
00:43:20,239 --> 00:43:22,480
Speaker 1: is going to be switched off until I settle it.

812
00:43:23,600 --> 00:43:25,680
Speaker 1: I just know that that's where the world is going.

813
00:43:26,040 --> 00:43:28,840
Speaker 1: So I'll only hold an amount of money that serves

814
00:43:28,840 --> 00:43:32,120
Speaker 1: that utility. The rest of it, I'm looking to hold

815
00:43:32,160 --> 00:43:34,200
Speaker 1: it in money that I can own, money that I

816
00:43:34,239 --> 00:43:36,759
Speaker 1: can spend, and money that I know is not going

817
00:43:36,760 --> 00:43:42,640
Speaker 1: to be devalued over time. Wow, you are you paint

818
00:43:42,680 --> 00:43:47,720
Speaker 1: a very grim future, um, which I wish I would

819
00:43:47,760 --> 00:43:50,799
Speaker 1: like to challenge you on. But unfortunately, um, it's just

820
00:43:50,800 --> 00:43:54,799
Speaker 1: where things are going. And people won't be affected by

821
00:43:54,840 --> 00:43:58,520
Speaker 1: this because people are living month to month and as

822
00:43:58,560 --> 00:44:00,640
Speaker 1: long as people are living months to my on debt,

823
00:44:01,080 --> 00:44:02,960
Speaker 1: they don't get affected. You know. If you if you've

824
00:44:02,960 --> 00:44:07,000
Speaker 1: got they will be affected in in as as you said,

825
00:44:07,040 --> 00:44:11,240
Speaker 1: their liberty, privacy, freedom right. But it kind of only

826
00:44:11,719 --> 00:44:14,680
Speaker 1: those those rules only really start to kick in once

827
00:44:14,719 --> 00:44:17,560
Speaker 1: you've got a balance, um, you know, and most people

828
00:44:17,600 --> 00:44:20,719
Speaker 1: don't have a balance. They're negative. And so if I

829
00:44:20,719 --> 00:44:23,000
Speaker 1: try and spend ten dollars, they're not gonna that's gonna

830
00:44:23,040 --> 00:44:26,520
Speaker 1: go fast. It's just going to be moved. Um if

831
00:44:26,560 --> 00:44:28,480
Speaker 1: I try, and if I try and move a hundred

832
00:44:28,480 --> 00:44:30,680
Speaker 1: thousand dollars, you're going to have to answer a lot

833
00:44:30,680 --> 00:44:34,360
Speaker 1: of questions. Um. You know. So this this really is

834
00:44:35,320 --> 00:44:38,360
Speaker 1: um And that's why they're petrified of the saving based economy.

835
00:44:38,360 --> 00:44:41,759
Speaker 1: It's why they're in America. They may gold illegal because

836
00:44:41,760 --> 00:44:43,279
Speaker 1: they don't want you to hold. They don't want us

837
00:44:43,320 --> 00:44:45,480
Speaker 1: to save. They want you to be in debt. The

838
00:44:45,520 --> 00:44:48,600
Speaker 1: economy relies upon you being in debt, and the more

839
00:44:48,640 --> 00:44:50,719
Speaker 1: and more that you can service your loans, the more

840
00:44:50,760 --> 00:44:53,319
Speaker 1: the banks are happy um. They don't want you to

841
00:44:53,360 --> 00:44:55,680
Speaker 1: repay your loans. They just want you to pay interest forever.

842
00:44:56,320 --> 00:44:58,200
Speaker 1: Repaying the loan means that they have to go out

843
00:44:58,239 --> 00:45:00,960
Speaker 1: and find another loan and deploy the cap until they

844
00:45:01,040 --> 00:45:03,359
Speaker 1: just want you to cover their interest. And they want

845
00:45:03,360 --> 00:45:05,239
Speaker 1: you to have just enough money so that you can

846
00:45:05,280 --> 00:45:07,920
Speaker 1: cover that loan. They want you to go to university

847
00:45:08,080 --> 00:45:10,359
Speaker 1: so that you take on that student debt, and then

848
00:45:10,360 --> 00:45:12,480
Speaker 1: they want you to start getting into real estate so

849
00:45:12,520 --> 00:45:16,520
Speaker 1: that you start rolling over that debt um. And this

850
00:45:16,600 --> 00:45:18,480
Speaker 1: is how the you know, the system is and it's

851
00:45:18,560 --> 00:45:21,560
Speaker 1: a it's a it's just being rolled over and rolled over.

852
00:45:22,520 --> 00:45:24,480
Speaker 1: On the plus side, this is one of the most

853
00:45:24,480 --> 00:45:27,960
Speaker 1: exciting times in financial history. There's so much innovation happening.

854
00:45:28,400 --> 00:45:30,520
Speaker 1: You know, it doesn't have to be a bleak It

855
00:45:30,560 --> 00:45:32,520
Speaker 1: only has to be a bleak outcome if you're not

856
00:45:32,560 --> 00:45:35,640
Speaker 1: getting involved in what's happening. And that's why you know,

857
00:45:35,840 --> 00:45:38,839
Speaker 1: education like what you're doing and teaching people all these

858
00:45:38,880 --> 00:45:42,200
Speaker 1: new opportunities and alternatives. On the flip side, you know,

859
00:45:42,560 --> 00:45:45,320
Speaker 1: it's it's like I could feel a little bit guilty

860
00:45:45,360 --> 00:45:49,320
Speaker 1: because I've got deep empathy for people's personal financial situations.

861
00:45:49,360 --> 00:45:51,399
Speaker 1: At the moment. I've been there, I've been in debt.

862
00:45:51,480 --> 00:45:53,440
Speaker 1: I know what it's like, you know, to not be

863
00:45:53,480 --> 00:45:56,320
Speaker 1: able to get on the other side of the rat race. Um.

864
00:45:56,320 --> 00:45:58,080
Speaker 1: You know, when I first started my business, I was

865
00:45:58,080 --> 00:46:00,279
Speaker 1: a hundred grand in the hole, and I know the

866
00:46:00,320 --> 00:46:04,120
Speaker 1: types of financial anxiety people have. Um. You know, when

867
00:46:04,280 --> 00:46:06,600
Speaker 1: you you you you're just rolling over your debt. It's

868
00:46:06,640 --> 00:46:10,000
Speaker 1: not a nice situation. Um. But on the flip side,

869
00:46:10,239 --> 00:46:13,280
Speaker 1: you know, this is one of the most largest wealth

870
00:46:13,360 --> 00:46:15,880
Speaker 1: distributions that I think we're going to see. And you

871
00:46:15,880 --> 00:46:18,680
Speaker 1: know what's good about it, what's interesting about it is

872
00:46:18,800 --> 00:46:20,480
Speaker 1: you have the choice to be on the other side

873
00:46:20,480 --> 00:46:22,640
Speaker 1: of that as well, because it's not just a game

874
00:46:22,680 --> 00:46:25,960
Speaker 1: for those that are connected to quantitative using money through

875
00:46:26,040 --> 00:46:30,120
Speaker 1: central banks. It's not just a game of chrony capitalism anymore,

876
00:46:30,200 --> 00:46:33,000
Speaker 1: where the investment banks get access to the cheap money

877
00:46:33,000 --> 00:46:35,400
Speaker 1: and you pay the high interest rate. You know, this

878
00:46:35,440 --> 00:46:39,600
Speaker 1: alternative financial system is being built, and there's lots of

879
00:46:39,760 --> 00:46:42,960
Speaker 1: scams and problems involved in it, but anyone can be

880
00:46:42,960 --> 00:46:46,040
Speaker 1: involved in it, so you know that that opportunity exists

881
00:46:46,040 --> 00:46:49,840
Speaker 1: for everybody. So I know, I know we're running along,

882
00:46:49,920 --> 00:46:51,800
Speaker 1: but hopefully you have a little bit more time because

883
00:46:51,840 --> 00:46:53,560
Speaker 1: I'd like to I just ask you about that. So

884
00:46:53,640 --> 00:46:56,520
Speaker 1: you said that, you know, although things seem bleak, at

885
00:46:56,520 --> 00:46:59,520
Speaker 1: the same time, they're full of opportunities. And so people

886
00:46:59,520 --> 00:47:02,240
Speaker 1: who maybe on the other side of that, hoping to

887
00:47:02,280 --> 00:47:04,719
Speaker 1: get away from that paycheck to paycheck or behind the

888
00:47:04,719 --> 00:47:08,360
Speaker 1: eight box kind of thing, have opportunities. So could you

889
00:47:08,400 --> 00:47:11,120
Speaker 1: tell us what that opportunity is? How would somebody who's

890
00:47:11,600 --> 00:47:13,879
Speaker 1: afraid of this but wants to have that better life

891
00:47:13,920 --> 00:47:15,640
Speaker 1: you're talking about, what kind of thing should they be

892
00:47:15,680 --> 00:47:18,439
Speaker 1: looking at, or doing or thinking about to to make

893
00:47:18,480 --> 00:47:22,600
Speaker 1: that jump over? Sure, Well, the first thing is to

894
00:47:22,680 --> 00:47:26,800
Speaker 1: actually make a decision to take control of your financial future.

895
00:47:26,840 --> 00:47:29,800
Speaker 1: That's the first thing. You know, that's a psychology game.

896
00:47:29,920 --> 00:47:32,879
Speaker 1: That's a you understanding what's been getting in the way

897
00:47:32,920 --> 00:47:36,160
Speaker 1: of you achieving that. To date, there is systemic things.

898
00:47:36,200 --> 00:47:37,919
Speaker 1: You know, the system wants you to be in that way,

899
00:47:37,960 --> 00:47:40,960
Speaker 1: but you've got to break that cycle. Um, once you've

900
00:47:41,000 --> 00:47:43,520
Speaker 1: made that decision, you know, take all the debt that

901
00:47:43,560 --> 00:47:45,760
Speaker 1: you've got, put it on a piece of paper, understand

902
00:47:45,840 --> 00:47:47,879
Speaker 1: what it takes in order to get over that. That's

903
00:47:47,880 --> 00:47:49,399
Speaker 1: what I did when I was deep in the whole

904
00:47:49,840 --> 00:47:52,239
Speaker 1: You know and put bright all that down, understand what

905
00:47:52,320 --> 00:47:55,080
Speaker 1: your situation is right now, and then you just have

906
00:47:55,200 --> 00:47:58,359
Speaker 1: to make a decision that I understand. You know, if

907
00:47:58,560 --> 00:48:01,680
Speaker 1: whatever your career is, whatever your opportunity is, whether you're

908
00:48:01,719 --> 00:48:04,880
Speaker 1: a business person, whether you're working for a company, whatever

909
00:48:04,920 --> 00:48:07,320
Speaker 1: you decide to do, you have to make a decision

910
00:48:07,360 --> 00:48:09,600
Speaker 1: from here on in to spend less than you earn

911
00:48:09,600 --> 00:48:12,640
Speaker 1: and invest in difference. UM. And that's just the reality

912
00:48:12,880 --> 00:48:15,759
Speaker 1: that that's you know, if you can get over that,

913
00:48:16,360 --> 00:48:18,120
Speaker 1: then you just got to think about, well what can

914
00:48:18,160 --> 00:48:20,279
Speaker 1: I invest in? UM? And that's a you know, that's

915
00:48:20,320 --> 00:48:24,200
Speaker 1: an education game. UM. One of the things I'm excited

916
00:48:24,239 --> 00:48:28,080
Speaker 1: about is just to answer that very same question. UM,

917
00:48:29,040 --> 00:48:30,840
Speaker 1: I'm actually going to be taking a million dollars in

918
00:48:30,880 --> 00:48:34,040
Speaker 1: my personal savings. Imagine that I had nothing, UM, And

919
00:48:34,080 --> 00:48:35,759
Speaker 1: it doesn't matter. This could be a hundred dollars, this

920
00:48:35,840 --> 00:48:38,239
Speaker 1: could be a thousand dollars, this could be ten million million.

921
00:48:38,320 --> 00:48:42,719
Speaker 1: The numbers scale because the products are available at any level, UM.

922
00:48:42,760 --> 00:48:44,880
Speaker 1: And I'll be showing them how I'll be investing in

923
00:48:45,040 --> 00:48:48,080
Speaker 1: during the great depression of releasing a video series of

924
00:48:48,200 --> 00:48:50,919
Speaker 1: that UM of exactly what I'll do, And that would

925
00:48:50,920 --> 00:48:55,640
Speaker 1: be preparing for inflation, deflation, economic growth, economic decline, um,

926
00:48:55,719 --> 00:48:58,400
Speaker 1: and a plan be that the entire financial system collapses.

927
00:48:58,640 --> 00:49:00,759
Speaker 1: You've got to be prepared for everything because this is

928
00:49:00,800 --> 00:49:03,840
Speaker 1: a politics and you don't know what the politicians are

929
00:49:03,880 --> 00:49:07,359
Speaker 1: gonna throwout you next, Definitely, definitely, it's not the time

930
00:49:07,400 --> 00:49:10,520
Speaker 1: to the old way of just and just sit there.

931
00:49:10,560 --> 00:49:12,719
Speaker 1: In twenty years are gonna be okay, right, and now

932
00:49:12,800 --> 00:49:15,839
Speaker 1: is the time to be what I call tactically maneuvering

933
00:49:15,880 --> 00:49:19,440
Speaker 1: around this. Uh that's a great thing. Um, Well, if

934
00:49:19,480 --> 00:49:23,560
Speaker 1: I can one more question. Um, So you talk about, uh,

935
00:49:23,719 --> 00:49:26,759
Speaker 1: there's kind of two opposing things. So one is that

936
00:49:26,800 --> 00:49:30,719
Speaker 1: we're moving to this totalitarrorism, you know environment where the

937
00:49:30,760 --> 00:49:33,839
Speaker 1: banks have these digital currencies that can they control and

938
00:49:33,840 --> 00:49:37,200
Speaker 1: surveill every area of your life, and they want that,

939
00:49:37,280 --> 00:49:38,960
Speaker 1: they don't want to give that up. But at the

940
00:49:39,000 --> 00:49:44,000
Speaker 1: same time, you talk about there being competing currencies which

941
00:49:44,080 --> 00:49:46,480
Speaker 1: give us that ability to get out of that and

942
00:49:46,480 --> 00:49:49,359
Speaker 1: and have this free life. Of course, being a free

943
00:49:49,360 --> 00:49:52,360
Speaker 1: market guy, I believe that competition always creates better products,

944
00:49:52,400 --> 00:49:55,520
Speaker 1: better services, better prices, and so we want that, but

945
00:49:55,640 --> 00:49:58,200
Speaker 1: the powers that be don't want that. So there's like

946
00:49:58,239 --> 00:50:01,560
Speaker 1: gonna be this battle between like total control China, the

947
00:50:01,640 --> 00:50:04,920
Speaker 1: US whatever are gonna want and then maybe these smaller

948
00:50:05,040 --> 00:50:08,840
Speaker 1: kind of competing things. Um. Do you think those the

949
00:50:09,120 --> 00:50:12,719
Speaker 1: competing markets eventually win the totalitarian that the FED and

950
00:50:12,760 --> 00:50:16,040
Speaker 1: the China banks lose. How does that play out? Now?

951
00:50:16,040 --> 00:50:17,879
Speaker 1: I actually believe in ying and yang, and I think

952
00:50:17,960 --> 00:50:20,040
Speaker 1: we're going to have you were going to have these

953
00:50:20,080 --> 00:50:23,880
Speaker 1: different systems. So UM. You know the reason I'm so

954
00:50:23,920 --> 00:50:26,560
Speaker 1: excited about Bitcoin that has got this far, and it's

955
00:50:26,600 --> 00:50:28,799
Speaker 1: a miracle that has got this far. It was never

956
00:50:28,840 --> 00:50:31,839
Speaker 1: many succeeds. I never imagined it would get this far,

957
00:50:31,920 --> 00:50:35,160
Speaker 1: but it did. Um. And thank God that we've got it. Um.

958
00:50:35,200 --> 00:50:38,279
Speaker 1: You know, and right now it's virtually impossible for any

959
00:50:38,280 --> 00:50:40,719
Speaker 1: government to take down in terms of some of the

960
00:50:40,800 --> 00:50:43,560
Speaker 1: key risk factors. Yes, they can make it illegal in

961
00:50:43,600 --> 00:50:45,680
Speaker 1: one country, but then that would be an opportunity for

962
00:50:45,719 --> 00:50:49,920
Speaker 1: another country. UM. And I think that we can see that. Um.

963
00:50:49,960 --> 00:50:51,919
Speaker 1: But yeah, I do believe in the yin and yang.

964
00:50:51,960 --> 00:50:55,680
Speaker 1: I don't think it's one system wins because Bitcoin could

965
00:50:55,800 --> 00:50:58,200
Speaker 1: end up being in the hands of a very few people,

966
00:50:58,239 --> 00:51:00,440
Speaker 1: and it currently is not in hu many of the

967
00:51:00,440 --> 00:51:02,680
Speaker 1: people's hands, and it could end up being you know,

968
00:51:02,800 --> 00:51:06,400
Speaker 1: a ginormous wealth creation in the next round of bitcoin

969
00:51:06,480 --> 00:51:09,040
Speaker 1: billionaire has become the next Jp Morgan's and all sorts

970
00:51:09,040 --> 00:51:12,279
Speaker 1: of stuff like that, um, you know. But there is

971
00:51:12,320 --> 00:51:14,480
Speaker 1: a there is a difference because it is built upon

972
00:51:14,560 --> 00:51:17,239
Speaker 1: sound monetary principles, but it's not going to it may

973
00:51:17,280 --> 00:51:21,400
Speaker 1: not work with the redistribution of effect. I'm hoping that

974
00:51:21,440 --> 00:51:23,480
Speaker 1: more and more people get on board at this stage

975
00:51:24,080 --> 00:51:26,080
Speaker 1: most you know. The good thing about bitcoin is the

976
00:51:26,120 --> 00:51:28,640
Speaker 1: majority of the world still think, you know, when we

977
00:51:28,680 --> 00:51:31,279
Speaker 1: first started, no one had heard of it, but now

978
00:51:31,360 --> 00:51:33,319
Speaker 1: everyone's heard of it. But the majority of the world

979
00:51:33,360 --> 00:51:36,480
Speaker 1: still think it's a Ponzi scheme, a currency for drug dealers,

980
00:51:36,560 --> 00:51:39,799
Speaker 1: or a scam um. And that's what creates the asymmetric

981
00:51:39,800 --> 00:51:43,239
Speaker 1: opportunity because each year, more and more people realize it's

982
00:51:43,239 --> 00:51:45,879
Speaker 1: not a scam, it's not a currency just for drug dealers, um,

983
00:51:45,920 --> 00:51:48,160
Speaker 1: and it's not a it's not a Ponzi scheme. And

984
00:51:48,280 --> 00:51:51,080
Speaker 1: every year, for the last you know, since I've been involved,

985
00:51:51,280 --> 00:51:54,280
Speaker 1: more and more people realize that, and so the market

986
00:51:54,280 --> 00:51:56,879
Speaker 1: cap goes up, and the utility goes up, and more

987
00:51:56,920 --> 00:51:58,800
Speaker 1: and more people try and buy it at a higher price.

988
00:51:59,040 --> 00:52:02,359
Speaker 1: Ten of the last twelve is the highest performing asset class. Yeah.

989
00:52:03,360 --> 00:52:06,640
Speaker 1: And so you know, the opportunity to be involved in

990
00:52:06,680 --> 00:52:08,560
Speaker 1: money that you can own, money that you can spend,

991
00:52:09,120 --> 00:52:12,840
Speaker 1: and money that can't whether supply can't be changed, is

992
00:52:12,880 --> 00:52:15,200
Speaker 1: something that anyone can actually take on. And people will

993
00:52:15,200 --> 00:52:17,920
Speaker 1: get involved in that at different stages, depending on their

994
00:52:17,920 --> 00:52:20,920
Speaker 1: cognitive dissidence or or when they decide that it's right

995
00:52:20,960 --> 00:52:24,560
Speaker 1: for them. Um. And I do believe that bitcoin is

996
00:52:24,600 --> 00:52:28,799
Speaker 1: actually regulates the regulator, and by that I mean that

997
00:52:28,840 --> 00:52:31,920
Speaker 1: we've always had this problem of you can you know,

998
00:52:32,000 --> 00:52:36,440
Speaker 1: absolute power corrupts absolutely um. And you give regulators power,

999
00:52:36,520 --> 00:52:40,399
Speaker 1: and then you have croning you know, capitalism, and and

1000
00:52:40,760 --> 00:52:43,719
Speaker 1: you know a corruption within the regulatory environment, and you

1001
00:52:43,760 --> 00:52:46,560
Speaker 1: have all sorts of check and controls. So another regulator

1002
00:52:46,600 --> 00:52:49,399
Speaker 1: comes along to regulate that regulator, and then that one

1003
00:52:49,440 --> 00:52:52,680
Speaker 1: becomes corrupt, and you have all these regulators that sit

1004
00:52:52,719 --> 00:52:56,080
Speaker 1: on top of regulators. Um. But when you have a

1005
00:52:56,120 --> 00:52:58,920
Speaker 1: monetary system that allows you to own it, allows you

1006
00:52:58,960 --> 00:53:01,400
Speaker 1: to spend it, and allows you to have a fixed supply,

1007
00:53:02,080 --> 00:53:05,520
Speaker 1: my hope is that we get much much better fear currencies,

1008
00:53:05,800 --> 00:53:08,600
Speaker 1: because I really don't want the banking system collapse. That

1009
00:53:08,680 --> 00:53:11,840
Speaker 1: hurts my mom, that hurts my grandma, that hurts my sister,

1010
00:53:12,200 --> 00:53:14,840
Speaker 1: that hurts my brother, and that hurts everyone that I

1011
00:53:14,920 --> 00:53:17,880
Speaker 1: know that's not prepared for this. And almost everyone I

1012
00:53:17,920 --> 00:53:20,440
Speaker 1: know is not prepared for this. You know, we're a tiny,

1013
00:53:20,520 --> 00:53:24,919
Speaker 1: tiny community of monitory reformers or bitcoiners or all these

1014
00:53:24,920 --> 00:53:27,640
Speaker 1: people looking at this start. I know that I'm in

1015
00:53:27,640 --> 00:53:29,520
Speaker 1: a position where I'm going to be okay no matter

1016
00:53:29,560 --> 00:53:32,680
Speaker 1: what happens. That's how I've set myself up. But most

1017
00:53:32,719 --> 00:53:35,080
Speaker 1: people won't. So I don't want the banking system to

1018
00:53:35,160 --> 00:53:38,720
Speaker 1: collapse in order for my bitcoin to do well. UM,

1019
00:53:38,760 --> 00:53:41,240
Speaker 1: I would like, you know, I would like the fear

1020
00:53:41,360 --> 00:53:44,440
Speaker 1: to get a lot better. Um. And so bitcoin performing

1021
00:53:44,480 --> 00:53:48,279
Speaker 1: this task of regulating the regulator, whereby if people have

1022
00:53:48,320 --> 00:53:52,560
Speaker 1: a choice to exit and that can't be stopped, therefore

1023
00:53:52,640 --> 00:53:54,520
Speaker 1: they have to just make a better system. And that's

1024
00:53:54,560 --> 00:53:56,240
Speaker 1: where I hope. That's what I think the good outcome

1025
00:53:56,280 --> 00:53:58,839
Speaker 1: of all of this is because fear currency is still

1026
00:53:58,920 --> 00:54:01,720
Speaker 1: very useful. We use it for a reason because it's useful,

1027
00:54:02,080 --> 00:54:04,400
Speaker 1: and we don't want to go back to a barter system.

1028
00:54:04,840 --> 00:54:07,319
Speaker 1: You know, it's a convenient, it's a human if you

1029
00:54:07,360 --> 00:54:10,000
Speaker 1: took money out of the world, humans would reinvent it

1030
00:54:10,120 --> 00:54:13,440
Speaker 1: every time because it's more convenient than not having money

1031
00:54:13,680 --> 00:54:18,239
Speaker 1: and having to trade. Um. So I do think that

1032
00:54:18,280 --> 00:54:20,399
Speaker 1: there is a good outcome that comes that comes from

1033
00:54:20,440 --> 00:54:23,160
Speaker 1: all of this, But you know there's a there's a lot.

1034
00:54:23,520 --> 00:54:25,360
Speaker 1: I just wish it we didn't live in such a

1035
00:54:25,360 --> 00:54:29,000
Speaker 1: speculative environment where you, as a person, you have to

1036
00:54:29,120 --> 00:54:31,560
Speaker 1: learn how to speculate, because if you're not learning how

1037
00:54:31,600 --> 00:54:35,200
Speaker 1: to speculate, someone else is speculating for you. Just Leaving

1038
00:54:35,200 --> 00:54:38,200
Speaker 1: your money in a bank is a bet on the

1039
00:54:38,239 --> 00:54:41,520
Speaker 1: credit risk of that bank and the credit rating of

1040
00:54:41,560 --> 00:54:44,040
Speaker 1: the f d i C and their ability to do it.

1041
00:54:44,200 --> 00:54:46,920
Speaker 1: Putting your money in real estate is a speculation the

1042
00:54:46,920 --> 00:54:49,840
Speaker 1: banks will continue to increase the mortgage supply that pushings

1043
00:54:49,840 --> 00:54:53,720
Speaker 1: our real estate, that continues to push our prices. Investing

1044
00:54:53,760 --> 00:54:55,879
Speaker 1: in a four oh one K is a bet that

1045
00:54:55,920 --> 00:55:00,439
Speaker 1: the financial system has your best interest at heart. Um.

1046
00:55:00,640 --> 00:55:03,120
Speaker 1: And that's you know, all of these different things. So

1047
00:55:03,640 --> 00:55:07,239
Speaker 1: we only have one choice. I've you learn how to

1048
00:55:07,320 --> 00:55:10,759
Speaker 1: speculate in the speculative economy and prepare for different outcomes,

1049
00:55:11,400 --> 00:55:15,359
Speaker 1: or you outsource your speculations to someone else. And I'm sure.

1050
00:55:15,360 --> 00:55:17,840
Speaker 1: I mean I can ensure you that they don't necessarily

1051
00:55:17,880 --> 00:55:21,719
Speaker 1: have your best interests at heart. Yeah. Wow, that's uh,

1052
00:55:21,800 --> 00:55:24,200
Speaker 1: that's such a great point. And and uh, I think

1053
00:55:24,200 --> 00:55:27,680
Speaker 1: we'll just end it with that. Um. I think it

1054
00:55:27,760 --> 00:55:29,400
Speaker 1: all goes back to the money system. It's not a

1055
00:55:29,440 --> 00:55:31,319
Speaker 1: good store of value, but you need to be able

1056
00:55:31,360 --> 00:55:34,239
Speaker 1: to park your wealth, as Simon just said. So, um man,

1057
00:55:34,280 --> 00:55:35,560
Speaker 1: that was that was great and I know we went

1058
00:55:35,560 --> 00:55:37,799
Speaker 1: over so I appreciate you taking that extra time for us. Um.

1059
00:55:37,880 --> 00:55:40,960
Speaker 1: Such a good conversation. Um, Simon, I know you talk

1060
00:55:41,040 --> 00:55:43,239
Speaker 1: a lot about on your own YouTube channel. UM. So

1061
00:55:43,280 --> 00:55:44,799
Speaker 1: you do have a YouTube channel. I'm going to make

1062
00:55:44,800 --> 00:55:46,399
Speaker 1: sure to link to that in the show notes. Where

1063
00:55:46,400 --> 00:55:48,279
Speaker 1: else should somebody go to keep up with you and

1064
00:55:48,320 --> 00:55:51,440
Speaker 1: follow what you're doing? Yeah, so I mainly live in

1065
00:55:51,480 --> 00:55:55,280
Speaker 1: three different places. Um, Simon Dixon is my YouTube channel,

1066
00:55:55,360 --> 00:55:58,719
Speaker 1: which is where I release content as the economy unfolds,

1067
00:55:58,760 --> 00:56:01,440
Speaker 1: and I'll be releasing that video series on how I'll

1068
00:56:01,480 --> 00:56:03,879
Speaker 1: be investing million dollars in my savings in the Great

1069
00:56:03,880 --> 00:56:09,400
Speaker 1: Depression in twenty twenty. Um on Twitter at Simon Dixon Twitter, um,

1070
00:56:09,440 --> 00:56:12,280
Speaker 1: and UM. I also my company Banks to the Future

1071
00:56:12,280 --> 00:56:14,080
Speaker 1: dot Com is for those that want to invest in

1072
00:56:14,080 --> 00:56:18,400
Speaker 1: the equity and stocks of financial technology companies building the

1073
00:56:18,400 --> 00:56:22,320
Speaker 1: future of finance. Yeah. Great, well, such a great conversation,

1074
00:56:22,400 --> 00:56:25,799
Speaker 1: simon Um. It is definitely interesting times that we're in

1075
00:56:25,920 --> 00:56:29,200
Speaker 1: and and exciting if you're in the right position and

1076
00:56:29,680 --> 00:56:31,880
Speaker 1: observing like kind of we are. So anyway, thanks so

1077
00:56:31,960 --> 00:56:35,280
Speaker 1: much for you guys coming and talking to us today. Yeah, pleasure,

1078
00:56:35,320 --> 00:56:38,160
Speaker 1: and really appreciate what you're doing. Educating people in plain,

1079
00:56:38,280 --> 00:56:41,719
Speaker 1: simple language. I think that's so important for people to

1080
00:56:41,800 --> 00:56:44,359
Speaker 1: learn all this stuff. All right, we'll see you later.

1081
00:56:45,480 --> 00:56:57,200
Speaker 1: Bye bye.