1 00:00:13,640 --> 00:00:15,760 Speaker 1: All right, everyone, welcome to the episode of the Market 2 00:00:15,760 --> 00:00:18,680 Speaker 1: Disruptor Show. Today. I am joined by nom Me Prince. 3 00:00:18,720 --> 00:00:21,880 Speaker 1: He is an ex Wall Street executive. She's an investigative journalist, 4 00:00:22,040 --> 00:00:25,599 Speaker 1: bestselling author of the books All the President's Bankers and Collusion, 5 00:00:25,680 --> 00:00:28,800 Speaker 1: How the Central Bankers Rigged the World. Now, if you 6 00:00:28,840 --> 00:00:30,720 Speaker 1: watch this channel on a regular basis, you know that 7 00:00:30,800 --> 00:00:32,760 Speaker 1: these are the subjects that I talked about. And of 8 00:00:32,800 --> 00:00:35,720 Speaker 1: course I always try to pull historical references in, and 9 00:00:35,840 --> 00:00:38,080 Speaker 1: she does a way better job of that than I do. 10 00:00:38,120 --> 00:00:40,360 Speaker 1: So I know you're gonna love this interview. Uh so 11 00:00:40,560 --> 00:00:42,440 Speaker 1: let's just jump in know me, Welcome, and thank you 12 00:00:42,479 --> 00:00:44,720 Speaker 1: so much for joining me today. Oh, thank you so 13 00:00:44,800 --> 00:00:47,960 Speaker 1: much for having me on. I'm excited. Yeah. So, um, 14 00:00:48,000 --> 00:00:49,519 Speaker 1: like I kind of said there in the intro, I mean, 15 00:00:49,520 --> 00:00:51,720 Speaker 1: I love to try to always pull those historical references in, 16 00:00:51,720 --> 00:00:53,720 Speaker 1: so I know my audience loves that, and and you've 17 00:00:53,760 --> 00:00:56,040 Speaker 1: done a really good job in that in your books. 18 00:00:56,040 --> 00:00:59,760 Speaker 1: I guess that investigative journalist part. But just before we 19 00:00:59,800 --> 00:01:01,720 Speaker 1: die into all the stuff that I have planned for us, 20 00:01:01,760 --> 00:01:03,760 Speaker 1: we would just give us a little background on how 21 00:01:03,840 --> 00:01:06,000 Speaker 1: you were this kind of insider, you know, on Wall 22 00:01:06,040 --> 00:01:08,279 Speaker 1: Street and then what you're doing today trying to expose 23 00:01:08,319 --> 00:01:11,040 Speaker 1: all that stuff. Yeah, so, I mean I started on 24 00:01:11,080 --> 00:01:13,880 Speaker 1: Wall Street UM basically with a math degree out of 25 00:01:14,120 --> 00:01:15,920 Speaker 1: undergraduate school, and I was like, well, how can I 26 00:01:15,920 --> 00:01:18,520 Speaker 1: work in New York City? And and I wind up 27 00:01:18,560 --> 00:01:22,160 Speaker 1: getting a job program to Chase Bank back before it 28 00:01:22,200 --> 00:01:24,160 Speaker 1: was part of JP Morgan. Chase which it is now, 29 00:01:24,160 --> 00:01:26,200 Speaker 1: which is the largest bank in the world, has a 30 00:01:26,240 --> 00:01:28,960 Speaker 1: lot of historical connotations to it. UM to dig into 31 00:01:29,000 --> 00:01:32,399 Speaker 1: it with JP Morgan and so forth legacy UM. But 32 00:01:32,520 --> 00:01:34,360 Speaker 1: from there I went to Lehman Brothers. I was always 33 00:01:34,360 --> 00:01:36,679 Speaker 1: on the QUANT site, and then I moved to London 34 00:01:36,720 --> 00:01:39,400 Speaker 1: for Bear Sterns, where UM I built my own research 35 00:01:39,480 --> 00:01:43,440 Speaker 1: team to look at just international analytics, portfolio trends, UM 36 00:01:43,480 --> 00:01:49,720 Speaker 1: investment and UM recommendations and systems and analytics are basically multinationals, 37 00:01:49,720 --> 00:01:52,520 Speaker 1: corporations and so forth globally UM. And then I came 38 00:01:52,520 --> 00:01:54,800 Speaker 1: back to New York to work the Goldman Sachs UM 39 00:01:54,800 --> 00:01:56,520 Speaker 1: where I ran a couple of groups there. And it 40 00:01:56,560 --> 00:01:59,800 Speaker 1: was around the time of the end ron Um scandals 41 00:01:59,840 --> 00:02:01,760 Speaker 1: and World Common all of that, and we were on 42 00:02:01,800 --> 00:02:03,360 Speaker 1: the other side of that scandal. We were sort of 43 00:02:03,400 --> 00:02:06,520 Speaker 1: as as equalman sacks were working with within or on 44 00:02:06,560 --> 00:02:10,480 Speaker 1: those sorts of companies on the sort of esoteric versions 45 00:02:10,560 --> 00:02:15,440 Speaker 1: of concluded options and so forth, which ultimately were very 46 00:02:15,480 --> 00:02:18,359 Speaker 1: detrimental to the system itself, you know, in the energy 47 00:02:18,360 --> 00:02:20,400 Speaker 1: side and the telecom side, on the banking side, obviously 48 00:02:20,440 --> 00:02:23,040 Speaker 1: everything else. UM. I left after that in the late 49 00:02:23,080 --> 00:02:25,360 Speaker 1: at nine eleven UM, which was also a point at 50 00:02:25,400 --> 00:02:29,640 Speaker 1: moment for so many of us UM to become a journalist, 51 00:02:29,639 --> 00:02:33,040 Speaker 1: and at the time there wasn't a lot of people talking. Hey, 52 00:02:33,160 --> 00:02:35,080 Speaker 1: just a real quick interruption to let you know that 53 00:02:35,120 --> 00:02:38,240 Speaker 1: this video is brought to you add free by block Fire. 54 00:02:38,280 --> 00:02:41,000 Speaker 1: Now they're giving you the ability to holdle your bitcoin 55 00:02:41,040 --> 00:02:43,160 Speaker 1: and your crypto as it goes up in value, and 56 00:02:43,200 --> 00:02:46,040 Speaker 1: at the same time you can earn high yielding interest 57 00:02:46,080 --> 00:02:48,360 Speaker 1: on it, so you can basically hold it for all 58 00:02:48,400 --> 00:02:50,799 Speaker 1: the upside potential and then you can make cash flow 59 00:02:50,840 --> 00:02:53,600 Speaker 1: off of it at the exact same time. Now opening 60 00:02:53,600 --> 00:02:56,880 Speaker 1: accounts super fast, super simple, and they've offered to give 61 00:02:56,919 --> 00:02:59,320 Speaker 1: me up the two dollars for every sign up, but 62 00:02:59,480 --> 00:03:01,200 Speaker 1: I told them, you know what, let's give it back 63 00:03:01,240 --> 00:03:03,680 Speaker 1: to you. So you can now go and you can 64 00:03:03,680 --> 00:03:05,800 Speaker 1: get the two and fifty dollars whenever you set up 65 00:03:05,800 --> 00:03:07,600 Speaker 1: your account, and always to do is just check the 66 00:03:07,639 --> 00:03:10,400 Speaker 1: link in the description for details, set up an account, 67 00:03:10,400 --> 00:03:12,639 Speaker 1: super quick and easy and turn up to two d 68 00:03:12,760 --> 00:03:15,079 Speaker 1: and fifty dollars brought to you by block fire. So 69 00:03:15,160 --> 00:03:17,639 Speaker 1: check them out. About you know what you mentioned that 70 00:03:17,720 --> 00:03:22,440 Speaker 1: the historical combination and elements relative to where banking was 71 00:03:22,680 --> 00:03:26,120 Speaker 1: and what it had become, UM, and also how it 72 00:03:26,160 --> 00:03:30,120 Speaker 1: connected to the political hierarchy, how connects to Washington, how 73 00:03:30,120 --> 00:03:32,959 Speaker 1: connects throughout the world. Also that the governments throughout the world, 74 00:03:33,400 --> 00:03:36,880 Speaker 1: and UM what that means for just markets, the economy, 75 00:03:37,240 --> 00:03:39,360 Speaker 1: real citizens and so forth. And there just wasn't a 76 00:03:39,360 --> 00:03:41,840 Speaker 1: lot of conversation about and I still think there isn't. 77 00:03:42,280 --> 00:03:46,000 Speaker 1: UM there's more now about connecting those things and so UM. 78 00:03:46,040 --> 00:03:48,240 Speaker 1: I began to write on some of those scandals at 79 00:03:48,240 --> 00:03:50,680 Speaker 1: the time when I left, and then sort of evolved 80 00:03:50,680 --> 00:03:53,920 Speaker 1: into writing about the financial crisis and two thousand and 81 00:03:54,000 --> 00:03:56,000 Speaker 1: two thousand nine, and then I dug deeper into the 82 00:03:56,040 --> 00:03:59,400 Speaker 1: history behind that UM in all the President's bankers and 83 00:03:59,400 --> 00:04:02,200 Speaker 1: and through my work there and then most recently in Collusion, 84 00:04:02,200 --> 00:04:05,960 Speaker 1: which is a more globalized look where before COVID. I traveled, 85 00:04:06,280 --> 00:04:08,440 Speaker 1: I traveled anyway a lot throughout That's kind of the 86 00:04:08,520 --> 00:04:11,040 Speaker 1: the arc is being on the ground, whether it wasn't 87 00:04:11,040 --> 00:04:13,000 Speaker 1: banking or journalism to see kind of what's going on 88 00:04:13,080 --> 00:04:16,920 Speaker 1: for real UM and when collusion UM. A number of 89 00:04:16,960 --> 00:04:19,839 Speaker 1: countries around the world, UM, I visited talking to central 90 00:04:19,839 --> 00:04:22,359 Speaker 1: banks sort of a different people in governments and different 91 00:04:22,360 --> 00:04:27,960 Speaker 1: people on the street UM in China and Japan, throughout Europe, Mexico, Brazil, etcetera, 92 00:04:28,200 --> 00:04:30,760 Speaker 1: and UM that can a compositive picture of the real 93 00:04:31,440 --> 00:04:36,599 Speaker 1: UM impact that central bank policy has for the big countries, 94 00:04:36,720 --> 00:04:41,039 Speaker 1: for the developing countries everywhere in between, and UM. How 95 00:04:41,160 --> 00:04:46,760 Speaker 1: ultimately it's it's not a positive for economic stability UM, 96 00:04:46,800 --> 00:04:48,880 Speaker 1: which is actually gonna be the focus of my book 97 00:04:48,880 --> 00:04:52,520 Speaker 1: I'm writing now. That's kind of the Okay, we would 98 00:04:52,560 --> 00:04:55,720 Speaker 1: drop the name, do you have a get UM It's 99 00:04:55,760 --> 00:04:58,160 Speaker 1: it's still a working title, but actually, UM, you know 100 00:04:58,240 --> 00:04:59,800 Speaker 1: what we can get to that I don't mind saying. 101 00:04:59,800 --> 00:05:02,560 Speaker 1: It's it's it's called permanent distortion. That that's the title 102 00:05:02,600 --> 00:05:06,800 Speaker 1: on the idea of that distorted impact um UM what's 103 00:05:07,000 --> 00:05:10,760 Speaker 1: gone on with monetary policy, but also how that's affected 104 00:05:10,839 --> 00:05:15,440 Speaker 1: social movements. Unrasked UM who gets selected or selected in 105 00:05:15,520 --> 00:05:17,880 Speaker 1: governments and so forth, and sort of you know, runs 106 00:05:17,920 --> 00:05:21,800 Speaker 1: the gamut of the real economy worsus the markets, but 107 00:05:21,920 --> 00:05:26,640 Speaker 1: also what that means UM in different categories. What I 108 00:05:26,720 --> 00:05:29,240 Speaker 1: like about the sound of that book, just from what 109 00:05:29,279 --> 00:05:31,800 Speaker 1: you've told us so far, but also from several interviews 110 00:05:31,800 --> 00:05:34,240 Speaker 1: that I've I've watched you in UM, it seems, and 111 00:05:34,440 --> 00:05:36,320 Speaker 1: I guess even the books that you're writing, it seems 112 00:05:36,320 --> 00:05:39,799 Speaker 1: that you're very tuned into trade offs, right, So everything 113 00:05:39,800 --> 00:05:42,800 Speaker 1: in the world has trade offs and and unintended consequences, 114 00:05:42,800 --> 00:05:45,000 Speaker 1: if you will. And it almost seems like so many 115 00:05:45,040 --> 00:05:48,279 Speaker 1: policy makers today are treating like, you know, symptoms on 116 00:05:48,320 --> 00:05:51,800 Speaker 1: a low level, but they don't really understand all those tradeoffs. 117 00:05:51,800 --> 00:05:54,800 Speaker 1: I mean, do you see that as well? Oh? Absolutely, 118 00:05:55,080 --> 00:05:58,200 Speaker 1: I'm really glad you pointed that out, because UM there's 119 00:05:58,240 --> 00:06:00,360 Speaker 1: so much sort of black and white, and so many 120 00:06:00,480 --> 00:06:03,560 Speaker 1: is UM's in in in politics and and even you know, 121 00:06:03,600 --> 00:06:06,560 Speaker 1: looking at economies and markets and so forth, that UM 122 00:06:06,560 --> 00:06:08,520 Speaker 1: it's almost like people have to pick a side in 123 00:06:08,560 --> 00:06:11,760 Speaker 1: that side wherever. You know, whatever that's in UM has 124 00:06:11,800 --> 00:06:15,680 Speaker 1: its own rules or elements or whatever, and you can't 125 00:06:15,760 --> 00:06:18,240 Speaker 1: sort of have you pick one from two different sides, 126 00:06:18,279 --> 00:06:22,800 Speaker 1: because no one understands it, um. And so as a result, UM, 127 00:06:23,240 --> 00:06:27,520 Speaker 1: there's just a lot of gaps in in the analysis 128 00:06:27,600 --> 00:06:30,400 Speaker 1: of whether it is the economy, whether it's various policies, 129 00:06:30,440 --> 00:06:32,840 Speaker 1: whether it's um you know, how people really are impacted, 130 00:06:32,839 --> 00:06:35,120 Speaker 1: whether it's how the markets are are are moving on 131 00:06:35,200 --> 00:06:39,040 Speaker 1: any particular moment or day or week or trend or whatever. 132 00:06:39,200 --> 00:06:42,920 Speaker 1: And and I think that UM, from my perspective, my 133 00:06:42,920 --> 00:06:45,960 Speaker 1: my my educational background, in my family background, if you 134 00:06:46,160 --> 00:06:48,760 Speaker 1: was some is in math and stat and statistics and 135 00:06:48,839 --> 00:06:53,520 Speaker 1: so UM. I like looking at data and that informs 136 00:06:53,600 --> 00:06:56,120 Speaker 1: me being able to also look at trade offs, if this, 137 00:06:56,240 --> 00:06:59,520 Speaker 1: then that, what if this, will that happen? And so 138 00:07:00,000 --> 00:07:03,080 Speaker 1: that's just how I approach anything. And it means that 139 00:07:03,160 --> 00:07:07,240 Speaker 1: you can involve your opinion because things change or just 140 00:07:07,320 --> 00:07:09,680 Speaker 1: dictors come into the market or into the economy, or 141 00:07:09,680 --> 00:07:12,560 Speaker 1: into politics or into the social movements or whatever it is, 142 00:07:12,600 --> 00:07:16,800 Speaker 1: and just be able to process that, you know, more flexibly. Um. 143 00:07:16,840 --> 00:07:19,360 Speaker 1: And just in terms of how how one thinks or 144 00:07:19,360 --> 00:07:22,800 Speaker 1: looks at the world. Really, I love that, and uh man, 145 00:07:22,840 --> 00:07:24,320 Speaker 1: we could really dig into that. I want to have 146 00:07:24,360 --> 00:07:25,880 Speaker 1: so much to cover today. I don't want to, but 147 00:07:25,920 --> 00:07:28,760 Speaker 1: I just the one thing that's important I would throw 148 00:07:28,800 --> 00:07:31,160 Speaker 1: out and see if what you agree. But like, because 149 00:07:31,200 --> 00:07:35,680 Speaker 1: there are tradeoffs, those tradeoffs are different to different people, right, 150 00:07:35,760 --> 00:07:38,880 Speaker 1: So like, um, I have my risks and my rewards 151 00:07:38,880 --> 00:07:43,520 Speaker 1: and I have my desires, and so my doctor tells me, hey, like, uh, 152 00:07:43,800 --> 00:07:46,800 Speaker 1: just recently, I had a little uh scope, a little 153 00:07:46,840 --> 00:07:48,720 Speaker 1: orthoscopic surgery on my hip, and he says, hey, you 154 00:07:48,760 --> 00:07:51,600 Speaker 1: need to take it easy for this long And I said, okay, 155 00:07:51,640 --> 00:07:53,840 Speaker 1: what happens if I don't, Well you could build up 156 00:07:53,880 --> 00:07:56,480 Speaker 1: scar tissue. Okay, but I have to go to work. 157 00:07:56,720 --> 00:07:58,640 Speaker 1: So like, what are my trade offs? Like I need 158 00:07:58,680 --> 00:08:00,600 Speaker 1: to go to work, but like I could developed card 159 00:08:00,600 --> 00:08:03,160 Speaker 1: and I have to weigh that for myself. But my 160 00:08:03,160 --> 00:08:05,480 Speaker 1: my tradeoffs are different than maybe somebody else who doesn't 161 00:08:05,480 --> 00:08:07,960 Speaker 1: need to go to work or like. And so obviously 162 00:08:07,960 --> 00:08:10,720 Speaker 1: that's just my personal example, but on a global level, 163 00:08:11,400 --> 00:08:14,120 Speaker 1: everybody has like individual trade offs, and so it seems 164 00:08:14,160 --> 00:08:16,840 Speaker 1: like when you're trying to like deal with tradeoffs for 165 00:08:17,840 --> 00:08:22,760 Speaker 1: million people, it can be very difficult. And so maybe 166 00:08:22,800 --> 00:08:25,080 Speaker 1: that's one reason why if we if we take your 167 00:08:25,080 --> 00:08:28,560 Speaker 1: whole kind of thesis and it's like central planning. Like 168 00:08:28,600 --> 00:08:30,800 Speaker 1: central planning has a massive flaw, right, because how do 169 00:08:30,840 --> 00:08:33,839 Speaker 1: you essentially plan for three million people or or seven 170 00:08:33,840 --> 00:08:37,600 Speaker 1: billion people. No, and and and and and that, and 171 00:08:37,640 --> 00:08:40,840 Speaker 1: that's where um there isn't that that black and white. 172 00:08:40,840 --> 00:08:44,320 Speaker 1: So it's it is UM the ability to say, all right, 173 00:08:44,320 --> 00:08:46,640 Speaker 1: well this makes sense in this scenario or this looks 174 00:08:46,679 --> 00:08:49,120 Speaker 1: like you know, one of the reasons why something is happening. 175 00:08:49,120 --> 00:08:52,720 Speaker 1: But on the other hand, UM, you can create plans 176 00:08:52,880 --> 00:08:56,040 Speaker 1: or whether they are marketing strategies, whether the risk reward 177 00:08:56,080 --> 00:09:01,520 Speaker 1: and investment, whether they are the cost of investing versus um, 178 00:09:01,559 --> 00:09:03,680 Speaker 1: you know, the debt that that might incur in terms 179 00:09:03,720 --> 00:09:06,600 Speaker 1: of building infrastructure, I mean whatever, whatever the task at 180 00:09:06,600 --> 00:09:09,600 Speaker 1: hand is that has some UM from my perspective, and 181 00:09:09,600 --> 00:09:11,640 Speaker 1: sort of where where I'm writing about has some sort 182 00:09:11,640 --> 00:09:15,320 Speaker 1: of you know, capital or money elements to it. Um 183 00:09:15,800 --> 00:09:18,480 Speaker 1: is just not black and white. I mean, I just 184 00:09:18,559 --> 00:09:21,000 Speaker 1: I just go back to that. You know there are um, 185 00:09:21,040 --> 00:09:23,240 Speaker 1: you know, an infrastructure investment for for example, we can 186 00:09:23,280 --> 00:09:25,080 Speaker 1: go off on this for for for a long time 187 00:09:25,120 --> 00:09:27,600 Speaker 1: and I won't, but just as a concept, if something 188 00:09:27,600 --> 00:09:30,079 Speaker 1: needs to get done, it's going to help a certain 189 00:09:30,160 --> 00:09:32,920 Speaker 1: number of people in some locality or nation or or 190 00:09:33,000 --> 00:09:35,360 Speaker 1: state or whatever it is. But the money isn't there. 191 00:09:35,400 --> 00:09:37,680 Speaker 1: There's different ways to fund it, and there's pros and 192 00:09:37,720 --> 00:09:40,840 Speaker 1: cons of how you fund it, and maybe each of 193 00:09:40,880 --> 00:09:44,439 Speaker 1: those things together gets it done. It could be private equity, 194 00:09:44,440 --> 00:09:46,480 Speaker 1: it could be you know, federal investment. It could be 195 00:09:46,520 --> 00:09:49,520 Speaker 1: combination if the infrastructure bonds. It could be individuals getting 196 00:09:49,520 --> 00:09:52,959 Speaker 1: involved with through lots of different things. UM. In terms 197 00:09:52,960 --> 00:09:56,360 Speaker 1: of how money goes into something a project to market whatever, 198 00:09:56,800 --> 00:09:59,800 Speaker 1: um and the return UM to the local economy, to 199 00:09:59,840 --> 00:10:02,280 Speaker 1: the world UM that that comes out of that at 200 00:10:02,320 --> 00:10:07,839 Speaker 1: some period of time. YEA. So UM, let's let's start 201 00:10:07,840 --> 00:10:10,160 Speaker 1: at the beginning and then let's work our way forward. 202 00:10:10,200 --> 00:10:12,760 Speaker 1: So for everybody listening, UM, I'm gonna I'm gonna ask 203 00:10:12,840 --> 00:10:14,720 Speaker 1: nobody some questions that I think a lot of you 204 00:10:14,720 --> 00:10:17,160 Speaker 1: guys probably asked me a lot, and make statements on 205 00:10:17,160 --> 00:10:19,280 Speaker 1: my channel. UM, and we'll talk about kind of the 206 00:10:19,320 --> 00:10:22,680 Speaker 1: origins of the central banks. We'll kind of fast forward 207 00:10:22,679 --> 00:10:25,520 Speaker 1: to kind of this this collusion that you talked about, UM, 208 00:10:25,640 --> 00:10:27,720 Speaker 1: talk about some maybe current situation that we have, and 209 00:10:27,720 --> 00:10:29,760 Speaker 1: then maybe try to forecast a little bit of a 210 00:10:30,080 --> 00:10:32,280 Speaker 1: endgame if we can so if everybody listening just pay 211 00:10:32,320 --> 00:10:35,320 Speaker 1: attention for all that. So let's start at the beginning. Now, UM, 212 00:10:35,440 --> 00:10:38,760 Speaker 1: you have done extensive research, probably more than well anybody 213 00:10:38,760 --> 00:10:40,480 Speaker 1: that I can think of. UM. I know you've gone 214 00:10:40,480 --> 00:10:42,880 Speaker 1: into other books to do your research as well. But UM, 215 00:10:42,920 --> 00:10:46,960 Speaker 1: a lot of that really started there was a pivotal 216 00:10:47,000 --> 00:10:48,839 Speaker 1: point right when the central Bank was created in the 217 00:10:48,880 --> 00:10:50,760 Speaker 1: United States. And we know the central bank was created 218 00:10:50,760 --> 00:10:53,600 Speaker 1: in Europe first in England and whatnot, but um, and 219 00:10:53,640 --> 00:10:56,240 Speaker 1: it really kind of happened around Jacko Island. Now. One 220 00:10:56,840 --> 00:10:59,440 Speaker 1: one thing that I hear all the time is that 221 00:11:00,160 --> 00:11:03,640 Speaker 1: the central Bank isn't the government, it's private. And some 222 00:11:03,640 --> 00:11:07,280 Speaker 1: people say, well, no, it's not private, it's the government. UM, 223 00:11:07,440 --> 00:11:11,040 Speaker 1: take us back to that creation, how that happened, and 224 00:11:11,040 --> 00:11:14,720 Speaker 1: then maybe you could try to answer that question for us. UM. Sure, 225 00:11:14,760 --> 00:11:18,439 Speaker 1: I mean, it's it's a fascinating story of of exactly um, 226 00:11:18,440 --> 00:11:21,679 Speaker 1: when the blueprints were created to when um the followers 227 00:11:21,679 --> 00:11:24,080 Speaker 1: are back in nineteen thirty was actually passed a couple 228 00:11:24,120 --> 00:11:27,520 Speaker 1: of days before Christmas in UM. But there was this 229 00:11:27,760 --> 00:11:30,719 Speaker 1: arc and it actually started in nineteen o seven, when 230 00:11:30,720 --> 00:11:32,959 Speaker 1: I say started that aspect of what became the fellow 231 00:11:33,000 --> 00:11:36,760 Speaker 1: Reserve started UM. And that's because UM, as so often happens, 232 00:11:36,800 --> 00:11:39,120 Speaker 1: there was a panic on Law Street. UM. There was 233 00:11:39,120 --> 00:11:41,360 Speaker 1: a situation where a bunch of traders have cornered the 234 00:11:41,400 --> 00:11:44,960 Speaker 1: copper market, so basically squeezing prices up. UM and other 235 00:11:45,000 --> 00:11:47,160 Speaker 1: traders were saying, hey, you're squeezing them up, We're gonna, like, 236 00:11:47,240 --> 00:11:50,240 Speaker 1: you know, knock them down as as as we know 237 00:11:50,320 --> 00:11:53,880 Speaker 1: from different examples happening UM today. But that happened then, 238 00:11:53,920 --> 00:11:56,520 Speaker 1: and it had the result of like creating UM, some 239 00:11:56,640 --> 00:12:01,079 Speaker 1: lack of confidences and some key bank and runs on 240 00:12:01,120 --> 00:12:04,600 Speaker 1: their banks. And the person who was tasked with trying 241 00:12:04,640 --> 00:12:06,320 Speaker 1: to figure all this out because he had more money 242 00:12:06,400 --> 00:12:08,280 Speaker 1: invested in in New York and introt of the Wall 243 00:12:08,320 --> 00:12:11,560 Speaker 1: Street community and anybody else was JP Morgan UM. And 244 00:12:11,600 --> 00:12:13,959 Speaker 1: so at the time Teddy Roseville was president. JP Morgan 245 00:12:14,080 --> 00:12:16,559 Speaker 1: is like, look, all these banks are you know, potentially 246 00:12:16,960 --> 00:12:19,480 Speaker 1: UM going to eventually hurt sort of my bank or 247 00:12:19,520 --> 00:12:22,320 Speaker 1: my friends banks. And so something needs to be done. 248 00:12:22,360 --> 00:12:25,959 Speaker 1: So he has this communicate with Theodore Roosevelt's Treasury secretary, 249 00:12:26,000 --> 00:12:28,880 Speaker 1: and long story short, he gets twenty five million dollars 250 00:12:29,240 --> 00:12:31,839 Speaker 1: UM as sort of the first bailout of Wall Street, 251 00:12:31,880 --> 00:12:33,880 Speaker 1: and he gets to do whatever he wants with it. 252 00:12:34,160 --> 00:12:35,920 Speaker 1: So what he does is not help the banks that 253 00:12:35,960 --> 00:12:39,200 Speaker 1: are falling apart. Um, he helps his friends that aren't 254 00:12:39,240 --> 00:12:41,240 Speaker 1: falling apart to make sure they can all be fortified. 255 00:12:41,240 --> 00:12:44,800 Speaker 1: So he basically allocates the bailout money. But in the 256 00:12:44,840 --> 00:12:48,560 Speaker 1: process of how that you know, connection with Washington, um, 257 00:12:48,600 --> 00:12:50,960 Speaker 1: and prior to which he actually helped bail out the 258 00:12:50,960 --> 00:12:52,920 Speaker 1: Treasury Department. So I mean they had a little bit 259 00:12:52,920 --> 00:12:56,400 Speaker 1: of history there. Um. He and other bankers were like, like, look, 260 00:12:56,440 --> 00:12:59,440 Speaker 1: we we need something stronger than the Treasury Department actually, 261 00:12:59,800 --> 00:13:02,040 Speaker 1: UM to bail us out if there's a situation. And 262 00:13:02,040 --> 00:13:04,520 Speaker 1: if there's an emergency and you know, liquidity money is 263 00:13:04,559 --> 00:13:07,240 Speaker 1: like you know contracting and um, and it could be 264 00:13:07,280 --> 00:13:10,319 Speaker 1: really you know, big mess. And so as a result, 265 00:13:10,480 --> 00:13:13,640 Speaker 1: and this gets into Jekyl Island and where the blueprints 266 00:13:14,000 --> 00:13:16,880 Speaker 1: were fashioned. Um. There there was a multi year kind 267 00:13:16,880 --> 00:13:21,280 Speaker 1: of analysis where UM a senator named Nelson Aldrich, who 268 00:13:21,320 --> 00:13:23,400 Speaker 1: was ahead of the Senate Finance Committe or the equivalent 269 00:13:23,440 --> 00:13:26,440 Speaker 1: at the time, kind of spearheaded this this movement. His 270 00:13:26,520 --> 00:13:28,880 Speaker 1: son happened to run a bank in New York. Ultimately 271 00:13:28,880 --> 00:13:32,240 Speaker 1: his son became the head of Chase, So I mean, 272 00:13:32,240 --> 00:13:34,520 Speaker 1: there's a lot of family kind of connections going on 273 00:13:34,600 --> 00:13:37,360 Speaker 1: here in the background. But he had a couple of bankers, 274 00:13:37,520 --> 00:13:40,400 Speaker 1: not Jaking Morgan went to Jekil Island. Jacn Morgan was 275 00:13:40,440 --> 00:13:43,400 Speaker 1: their host, not there. He was their host absently and 276 00:13:43,440 --> 00:13:45,680 Speaker 1: actually went to Jakil Island and looked at the books 277 00:13:45,720 --> 00:13:48,719 Speaker 1: from those um years, which which were actually there's there's 278 00:13:48,760 --> 00:13:51,920 Speaker 1: a little preservation are and historian back there um that 279 00:13:51,920 --> 00:13:54,560 Speaker 1: that I got to talk to. And it turns out 280 00:13:54,600 --> 00:13:57,880 Speaker 1: that everyone who did come, the six men that ultimately came, 281 00:13:57,920 --> 00:14:01,640 Speaker 1: including Nelson Aldrich and some bankers to Jeko Island during 282 00:14:01,760 --> 00:14:06,120 Speaker 1: the Thanksgiving period of um, we're guests of Daping Morgan. 283 00:14:06,160 --> 00:14:08,440 Speaker 1: You couldn't just like show up at the island. It 284 00:14:08,520 --> 00:14:10,280 Speaker 1: was not connected by road at the time. You had 285 00:14:10,320 --> 00:14:12,000 Speaker 1: to go by boat. You had to like you know, 286 00:14:12,559 --> 00:14:15,080 Speaker 1: be announced in advance. There was a whole like sort 287 00:14:15,120 --> 00:14:18,559 Speaker 1: of thing around it like that. And so they all come. 288 00:14:18,640 --> 00:14:20,680 Speaker 1: They decide we're going to have the Central Bank um 289 00:14:20,720 --> 00:14:23,240 Speaker 1: and we're going to basically be able to backstop up. 290 00:14:23,520 --> 00:14:25,000 Speaker 1: Then it use the word probably at the time, it's 291 00:14:25,040 --> 00:14:27,440 Speaker 1: my word now it's futuristic, but you know banks that 292 00:14:27,480 --> 00:14:29,320 Speaker 1: they have a problem. And how we sell this to 293 00:14:29,360 --> 00:14:34,280 Speaker 1: the American public as we say, look, if there's some 294 00:14:34,400 --> 00:14:37,680 Speaker 1: kind of a central bank, a bank that can centralize 295 00:14:37,680 --> 00:14:42,440 Speaker 1: that the availability of money when there's an emergency, when 296 00:14:42,480 --> 00:14:46,200 Speaker 1: it's need beyond Wall Street, well then it can go 297 00:14:46,240 --> 00:14:48,360 Speaker 1: to the Midwest, it can go to the you know, 298 00:14:48,520 --> 00:14:51,880 Speaker 1: the coast, it can basically that money can funnel its 299 00:14:51,880 --> 00:14:54,360 Speaker 1: way out through the country. And as a result, senators 300 00:14:54,600 --> 00:14:56,680 Speaker 1: and reps from the different states could kind of get 301 00:14:56,680 --> 00:14:59,320 Speaker 1: on board with supporting the idea of federal Reserve they 302 00:14:59,320 --> 00:15:02,080 Speaker 1: didn't support the first time around. It took another president 303 00:15:02,080 --> 00:15:06,400 Speaker 1: to Woodrow Wilson, and he basically got it passed under 304 00:15:06,400 --> 00:15:10,240 Speaker 1: that premise. So the premise was the Federal Reserve would 305 00:15:10,240 --> 00:15:13,440 Speaker 1: help the rest of the country. And there's twelve reserve 306 00:15:13,480 --> 00:15:16,000 Speaker 1: banks around the country and they all have different powers 307 00:15:16,040 --> 00:15:18,640 Speaker 1: and the reserve system and it's not a part of 308 00:15:18,640 --> 00:15:22,040 Speaker 1: the government. It is independent, and therefore it can decide 309 00:15:22,040 --> 00:15:23,560 Speaker 1: and you know what where money needs to go when 310 00:15:23,560 --> 00:15:25,440 Speaker 1: it needs to go there and help things along. From 311 00:15:25,440 --> 00:15:29,120 Speaker 1: the outside, the reality is it was constructed um by 312 00:15:29,200 --> 00:15:34,560 Speaker 1: collaboration of Wall Street and some senior politicians in Washington 313 00:15:34,680 --> 00:15:37,000 Speaker 1: and currently today and then in the in the act 314 00:15:37,040 --> 00:15:40,680 Speaker 1: that was past nine, the chair of the that and 315 00:15:40,760 --> 00:15:42,760 Speaker 1: the board of Governors that the fed the sort of 316 00:15:42,920 --> 00:15:45,680 Speaker 1: board if you will, UM is selected by the President 317 00:15:45,880 --> 00:15:50,200 Speaker 1: and approved by Congress, and so really UM, there's a 318 00:15:50,320 --> 00:15:53,920 Speaker 1: very strong connection to to the government, even though technically 319 00:15:54,760 --> 00:15:58,280 Speaker 1: UM it's an independent entity. So you could be right 320 00:15:58,320 --> 00:16:02,000 Speaker 1: either way. So technically it is a private entity. But 321 00:16:02,000 --> 00:16:05,440 Speaker 1: but really because the appointees are put there by the government, 322 00:16:05,440 --> 00:16:08,000 Speaker 1: by the government, the President and the Congress, UM, then 323 00:16:08,040 --> 00:16:11,120 Speaker 1: it is part of the government. It has it has 324 00:16:11,200 --> 00:16:16,160 Speaker 1: definitely political overtones and undertimes even though every Board of 325 00:16:16,200 --> 00:16:20,320 Speaker 1: Governor chair will say that's not the case, UM, but 326 00:16:21,000 --> 00:16:23,480 Speaker 1: that's how they get appointed. So it's kind of like 327 00:16:24,360 --> 00:16:28,520 Speaker 1: really UM. And also UM, it's private, so they get 328 00:16:28,560 --> 00:16:30,960 Speaker 1: to basically also say how we we do what's right 329 00:16:31,000 --> 00:16:34,480 Speaker 1: for this situation, so they actually the said has kind 330 00:16:34,480 --> 00:16:36,320 Speaker 1: of the best of both those worlds in terms of 331 00:16:36,360 --> 00:16:39,360 Speaker 1: how it was created UM, which is why ultimately, because 332 00:16:39,360 --> 00:16:41,720 Speaker 1: it was created at the behest of Ball Street, UM, 333 00:16:41,800 --> 00:16:46,760 Speaker 1: it is there to really help the financial system, which 334 00:16:46,960 --> 00:16:50,840 Speaker 1: tends to mean the largest banks run saying that system 335 00:16:50,880 --> 00:16:54,480 Speaker 1: are operating in that system. Now, UM, if I want 336 00:16:54,480 --> 00:16:56,560 Speaker 1: to go a little bit further back into history, it 337 00:16:56,600 --> 00:16:59,560 Speaker 1: seems like as far back as we can go, um, 338 00:16:59,600 --> 00:17:02,120 Speaker 1: the govern ments the kingdoms have always relied on the 339 00:17:02,200 --> 00:17:04,240 Speaker 1: rich people for money when they needed it, right, so 340 00:17:04,280 --> 00:17:06,280 Speaker 1: we can kind of see that all throughout history. But 341 00:17:06,359 --> 00:17:08,200 Speaker 1: really it was the Bank of England when the Bank 342 00:17:08,200 --> 00:17:11,560 Speaker 1: of England was formed, which seemed like, um, they came 343 00:17:11,600 --> 00:17:14,040 Speaker 1: to the Bank of England and said, hey, you need money, UM, 344 00:17:14,119 --> 00:17:17,280 Speaker 1: so let us create this central bank. Will create a 345 00:17:17,320 --> 00:17:20,560 Speaker 1: new money and you just declare it to be legal tender, 346 00:17:20,560 --> 00:17:21,800 Speaker 1: and then we'll give you as much of it as 347 00:17:21,840 --> 00:17:23,800 Speaker 1: you need for your um, you know, for your for 348 00:17:23,840 --> 00:17:26,160 Speaker 1: your war and whatever you need. And so it seemed 349 00:17:26,200 --> 00:17:28,199 Speaker 1: like that was what allowed them to basically create their 350 00:17:28,200 --> 00:17:31,560 Speaker 1: own money, um, outside of the system. And it seems 351 00:17:31,600 --> 00:17:34,240 Speaker 1: like maybe the Central Bank in the United States was 352 00:17:34,320 --> 00:17:37,199 Speaker 1: kind of created for the same reason. Um, it was 353 00:17:37,359 --> 00:17:38,879 Speaker 1: at that point where they were allowed to kind of 354 00:17:38,920 --> 00:17:40,920 Speaker 1: create their own currency or I guess at that time 355 00:17:40,960 --> 00:17:42,719 Speaker 1: they were still tied to the gold standards, so they 356 00:17:42,800 --> 00:17:45,320 Speaker 1: really weren't allowed to do that yet, but it was 357 00:17:45,359 --> 00:17:47,520 Speaker 1: a combination. They worked tied to the gold standard, but 358 00:17:47,520 --> 00:17:50,280 Speaker 1: but at the same time UM and that was evolving. 359 00:17:50,359 --> 00:17:52,720 Speaker 1: But at the same time they also there was a 360 00:17:52,720 --> 00:17:55,080 Speaker 1: situation where a lot of banks created their own notes 361 00:17:55,320 --> 00:17:57,280 Speaker 1: UM at the time, and so when there was runs 362 00:17:57,280 --> 00:17:59,359 Speaker 1: on Wall Street, panics on Wall Street throughout sort of 363 00:17:59,359 --> 00:18:02,720 Speaker 1: the recessions in decades before that, UM, there was a 364 00:18:02,800 --> 00:18:07,159 Speaker 1: lack of trust between like what what what one banks, 365 00:18:07,200 --> 00:18:09,159 Speaker 1: No it would mean in another to another bank or 366 00:18:09,160 --> 00:18:11,439 Speaker 1: in another state, or the bank fell apart or whatever. 367 00:18:11,480 --> 00:18:14,280 Speaker 1: So there's this idea that like these notes didn't have 368 00:18:14,800 --> 00:18:18,159 Speaker 1: kind of certainty. So the Federal Reserve basically has federal 369 00:18:18,200 --> 00:18:20,679 Speaker 1: reserve notes UM. So if you look at you know, 370 00:18:20,800 --> 00:18:22,880 Speaker 1: sort of how dollars even work, it's it's the racially 371 00:18:22,960 --> 00:18:26,119 Speaker 1: notes UM that are sort of backed by all at 372 00:18:26,160 --> 00:18:29,040 Speaker 1: the time gold and at the time sort of that 373 00:18:29,040 --> 00:18:31,200 Speaker 1: that implicit idea of this system that could be there 374 00:18:31,200 --> 00:18:33,760 Speaker 1: for in the government sort of behind it UM. But 375 00:18:33,920 --> 00:18:36,920 Speaker 1: that's kind of the the the idea. So they're able 376 00:18:36,960 --> 00:18:40,520 Speaker 1: to create currency as long as there's enough reserve UM, 377 00:18:40,520 --> 00:18:43,720 Speaker 1: whether that was protectical or now that it's not. UM 378 00:18:43,800 --> 00:18:47,760 Speaker 1: just basically bank pledges to the Federal Reserve. So that's 379 00:18:47,760 --> 00:18:49,800 Speaker 1: how it reserves. Some of that capital behind what it does, 380 00:18:50,040 --> 00:18:52,280 Speaker 1: so it actually creates money out of nothing as well. 381 00:18:52,359 --> 00:18:56,160 Speaker 1: Right now it's very artificially fabricated. So Um, the relationship 382 00:18:56,240 --> 00:19:00,119 Speaker 1: between the reserves that it had um or has is 383 00:19:00,200 --> 00:19:02,560 Speaker 1: kind of loose relative to the money it can create 384 00:19:02,600 --> 00:19:04,920 Speaker 1: and put back into the system. UM. So it's it's 385 00:19:04,920 --> 00:19:07,640 Speaker 1: war it's worked over the years, UM. But that that's 386 00:19:07,680 --> 00:19:11,440 Speaker 1: really the idea. It can create money, um, and over 387 00:19:11,480 --> 00:19:14,840 Speaker 1: the years is less that has backed that money. UM. 388 00:19:14,880 --> 00:19:19,280 Speaker 1: Then they're even what in the beginning right now, if 389 00:19:19,320 --> 00:19:22,760 Speaker 1: we start with your book the King's what was it, 390 00:19:22,840 --> 00:19:27,399 Speaker 1: the the President's bankers, all the President's bankers, and you 391 00:19:27,480 --> 00:19:30,199 Speaker 1: kind of talked about how the bankers have been been 392 00:19:30,200 --> 00:19:33,480 Speaker 1: able to maintain this grip of power, if you will, right, 393 00:19:33,600 --> 00:19:37,679 Speaker 1: and it seems like throughout whatever the last century, regardless 394 00:19:37,680 --> 00:19:40,439 Speaker 1: of who was in office, which political party, which president, whatever, 395 00:19:40,640 --> 00:19:42,679 Speaker 1: it's been kind of the same people that have been 396 00:19:42,720 --> 00:19:47,040 Speaker 1: able to maintain that. UM. Is between that, you know, 397 00:19:47,119 --> 00:19:49,320 Speaker 1: seeing that play out, and then of course you know 398 00:19:49,440 --> 00:19:52,719 Speaker 1: the Jekyll Island story, it seems there's a lot of 399 00:19:52,760 --> 00:19:56,560 Speaker 1: conspiracy that's in there. Um. You've obviously done the research 400 00:19:56,600 --> 00:19:59,000 Speaker 1: and kind of pulled the curtain back. So, um, how 401 00:19:59,080 --> 00:20:01,400 Speaker 1: much of it is conspira or see or how much 402 00:20:01,400 --> 00:20:02,560 Speaker 1: it is it? Really? I mean, how have they been 403 00:20:02,600 --> 00:20:05,640 Speaker 1: able to keep that power and that grip all the way? 404 00:20:05,880 --> 00:20:07,879 Speaker 1: You know time? I guess I would draw back to 405 00:20:07,920 --> 00:20:09,840 Speaker 1: the quote from what Mayor roth Child. He says like, 406 00:20:09,880 --> 00:20:11,840 Speaker 1: I care not who makes the nation's laws as long 407 00:20:11,840 --> 00:20:13,480 Speaker 1: as I control the money. And so that's kind of 408 00:20:13,520 --> 00:20:15,920 Speaker 1: what I think the public are seeing today. So how 409 00:20:15,960 --> 00:20:17,800 Speaker 1: do how do how do we how do we view 410 00:20:17,840 --> 00:20:19,680 Speaker 1: that through your historical lens or your research lens? I 411 00:20:19,720 --> 00:20:23,200 Speaker 1: should say, yeah, I mean that's it's it's a good 412 00:20:23,240 --> 00:20:26,760 Speaker 1: question because it's it's not really a conspiracy. It's just 413 00:20:28,160 --> 00:20:31,640 Speaker 1: something that people don't spend time unraveling or that it's 414 00:20:31,680 --> 00:20:34,400 Speaker 1: it's just difficult to sort of dig into because for example, 415 00:20:34,400 --> 00:20:37,199 Speaker 1: that the whole Jack Island meet UM, there's a lot 416 00:20:37,240 --> 00:20:39,880 Speaker 1: of documentation for that, and there's also you know, stories 417 00:20:39,920 --> 00:20:42,920 Speaker 1: that have evolved around that. UM. When I looked um 418 00:20:42,960 --> 00:20:46,560 Speaker 1: into the history of it, actually took firsthand accounts from 419 00:20:46,600 --> 00:20:49,160 Speaker 1: a Felon and Frank Vanderslift, who was actually UM one 420 00:20:49,200 --> 00:20:52,280 Speaker 1: of the senior members of what became now a city 421 00:20:52,280 --> 00:20:54,960 Speaker 1: Group of National City bank at the time, and he 422 00:20:55,119 --> 00:20:56,720 Speaker 1: was a report it was actually a very good writer. 423 00:20:56,880 --> 00:20:58,960 Speaker 1: So so some of the sort of you know, the 424 00:20:59,040 --> 00:21:02,360 Speaker 1: dark train kind of stories and stuff. Actually UM might 425 00:21:02,359 --> 00:21:05,119 Speaker 1: have been embellished. What did happen? Right? And so and 426 00:21:05,160 --> 00:21:07,600 Speaker 1: so a lot of of of the collaboration of you know, 427 00:21:07,880 --> 00:21:10,359 Speaker 1: he who was a man of a banking and Nelson 428 00:21:10,359 --> 00:21:13,600 Speaker 1: Aldrich was a man of Washington. UM. That was sort 429 00:21:13,600 --> 00:21:15,639 Speaker 1: of one element. But if you go up the level 430 00:21:15,840 --> 00:21:19,080 Speaker 1: of JP Morgan, Teddy Roosevelt, you know that that's the 431 00:21:19,280 --> 00:21:22,760 Speaker 1: element of a president and the head of at the 432 00:21:22,800 --> 00:21:25,280 Speaker 1: time the most important bank and still the most important 433 00:21:25,320 --> 00:21:27,760 Speaker 1: bank the United States. But yeah, all through these decades 434 00:21:27,800 --> 00:21:30,800 Speaker 1: you've had a situation where there's been other families are 435 00:21:30,880 --> 00:21:35,119 Speaker 1: like main banks that have continued UM to to stay 436 00:21:35,119 --> 00:21:37,480 Speaker 1: strong and be strong in the face of like any crisis. 437 00:21:37,760 --> 00:21:40,040 Speaker 1: And and a lot of that is because of relationship 438 00:21:40,119 --> 00:21:43,280 Speaker 1: back in the tens and twenties and thirties, the relationships 439 00:21:43,280 --> 00:21:47,240 Speaker 1: for example, between FDR Um as president and the bankers 440 00:21:47,280 --> 00:21:50,920 Speaker 1: at the time, UM, Jack Morgan and JAP Morgan Son 441 00:21:50,960 --> 00:21:53,800 Speaker 1: and what have you. UM were very very solid. With 442 00:21:53,840 --> 00:22:00,840 Speaker 1: Windthorp Aldrich, who was the son of UH now Wison Aldrich, 443 00:22:00,920 --> 00:22:04,400 Speaker 1: who ultimately wounded up marrying one of the Rockefellers and 444 00:22:04,440 --> 00:22:07,119 Speaker 1: sort of spawning the Aldret Rockefellers, and you know, and 445 00:22:07,160 --> 00:22:10,639 Speaker 1: they kind of over the years morphed into uh, you know, 446 00:22:10,760 --> 00:22:15,280 Speaker 1: David Rockefeller, and David Rockefeller ran Chase for decades and 447 00:22:15,280 --> 00:22:17,840 Speaker 1: and so a lot of what happened was a combination 448 00:22:17,840 --> 00:22:20,919 Speaker 1: of these intermarriages on the banking side, and then with 449 00:22:21,000 --> 00:22:25,120 Speaker 1: respect to the presidency, UM all of those connections. Presidents 450 00:22:25,160 --> 00:22:29,560 Speaker 1: actually openly wanted UM and still want advice from from 451 00:22:29,640 --> 00:22:33,520 Speaker 1: law strates. So Fdrum, who basically ran on a sort 452 00:22:33,560 --> 00:22:37,119 Speaker 1: of uh you know, an element on a post nine crash, 453 00:22:37,240 --> 00:22:40,760 Speaker 1: middle of the Great Depression. Everybody hated bankers at the time, 454 00:22:40,800 --> 00:22:42,719 Speaker 1: and the bankers were looking UM in terms of how 455 00:22:42,760 --> 00:22:44,760 Speaker 1: to reform themselves in the eyes of the public so 456 00:22:44,800 --> 00:22:48,040 Speaker 1: they could kind of get their money back into their hands. 457 00:22:48,480 --> 00:22:52,800 Speaker 1: UM was openly working with some law street leaders, including UM, 458 00:22:52,840 --> 00:22:55,919 Speaker 1: the leader of Goldman Sachs at the time, UM to 459 00:22:56,119 --> 00:22:59,320 Speaker 1: be his advisor. And so from from the twenties and 460 00:22:59,359 --> 00:23:03,159 Speaker 1: thirties on UM, there's always been some advisor from or 461 00:23:03,240 --> 00:23:07,400 Speaker 1: multiple advisors UM from the banking community that were appointed 462 00:23:07,760 --> 00:23:10,760 Speaker 1: UM by presidents in addition to whatever conversations they might 463 00:23:10,800 --> 00:23:13,840 Speaker 1: have had sort of you know, off the cup UM 464 00:23:13,880 --> 00:23:16,280 Speaker 1: and just the ability to have you know, an open channel. 465 00:23:16,359 --> 00:23:19,000 Speaker 1: We know that during the financial crisis the two thousand 466 00:23:19,080 --> 00:23:20,399 Speaker 1: nine I have this in a book I wrote call 467 00:23:20,480 --> 00:23:23,600 Speaker 1: It Takes a Pillage right after UM as that was unfolding, 468 00:23:23,600 --> 00:23:26,240 Speaker 1: that there was an enormous number of phone call UM 469 00:23:26,560 --> 00:23:30,840 Speaker 1: and and just communications between the largest bankers and UM 470 00:23:31,160 --> 00:23:34,159 Speaker 1: and the president. And it was something that wasn't just 471 00:23:34,200 --> 00:23:36,320 Speaker 1: because there was emergency. It's because they were they were 472 00:23:36,359 --> 00:23:40,280 Speaker 1: shaping the mind that the policy of of of how 473 00:23:40,560 --> 00:23:44,000 Speaker 1: they would be you know, supported or or subsidized or 474 00:23:44,280 --> 00:23:47,000 Speaker 1: or whatever UM going during those years and in the 475 00:23:47,080 --> 00:23:49,680 Speaker 1: years to come. And so it was always very consistent 476 00:23:49,720 --> 00:23:53,160 Speaker 1: that these relationships UM exist. There's letters back and forth 477 00:23:53,640 --> 00:23:55,520 Speaker 1: UM that I talked about all the presidents bankers and 478 00:23:55,560 --> 00:23:58,360 Speaker 1: that our public if anybody wants to dig into them 479 00:23:58,720 --> 00:24:04,600 Speaker 1: UM through presidential live barrias of of real camaraderie UM 480 00:24:04,640 --> 00:24:06,960 Speaker 1: and and actually real trust UM. There was times where 481 00:24:06,960 --> 00:24:10,159 Speaker 1: bankers and presidents you know, worked together to sort of 482 00:24:10,160 --> 00:24:13,000 Speaker 1: build things in the country. UM. Then there were times 483 00:24:13,000 --> 00:24:15,679 Speaker 1: where bankers wanted presidents to help them get out of 484 00:24:15,680 --> 00:24:19,320 Speaker 1: their own messes. They're simply to expand their their their 485 00:24:19,320 --> 00:24:21,199 Speaker 1: wealth or power base. And so these are things that 486 00:24:21,280 --> 00:24:25,920 Speaker 1: are real. Um. Their motivations are internal personal motivations that 487 00:24:26,000 --> 00:24:29,199 Speaker 1: might be different for each banker. Yeah. Um, and and 488 00:24:29,320 --> 00:24:32,320 Speaker 1: for the presidents. But you look at President Obama for example, 489 00:24:32,400 --> 00:24:35,679 Speaker 1: his his assets were with Daping Morgan Chase, and he 490 00:24:35,760 --> 00:24:38,800 Speaker 1: considered Jamie Diamond to be his favorite banker. UM. In 491 00:24:38,800 --> 00:24:42,080 Speaker 1: the wake of the financial crisis, Jamie Diamond CEO of 492 00:24:41,920 --> 00:24:44,840 Speaker 1: of of Daping Morgan Chase, and President Trump did kind 493 00:24:44,840 --> 00:24:47,000 Speaker 1: of the same thing for a minute. Um, he had 494 00:24:47,400 --> 00:24:49,359 Speaker 1: Jamie Diamond. I'm just picking on one guy. But and 495 00:24:49,600 --> 00:24:53,080 Speaker 1: this is just an example of many um on on 496 00:24:53,080 --> 00:24:57,320 Speaker 1: one of his advisory UM groups and Jamie Diamond left 497 00:24:57,440 --> 00:24:59,240 Speaker 1: UM or got off of it. But the point is, 498 00:24:59,280 --> 00:25:01,760 Speaker 1: like it's it didn't even matter um in terms of 499 00:25:01,760 --> 00:25:07,080 Speaker 1: political party. You know, these are relationships that transcend politics really. Um. 500 00:25:07,160 --> 00:25:10,800 Speaker 1: They're kind of the definition maybe, but they transcend party. Yeah. 501 00:25:11,160 --> 00:25:14,000 Speaker 1: And as I just kind of mentioned, uh, all throughout 502 00:25:14,080 --> 00:25:17,040 Speaker 1: history we've seen governments or kingdoms or whoever maybe lean 503 00:25:17,160 --> 00:25:19,320 Speaker 1: on those bankers. So um, you know, they need they 504 00:25:19,320 --> 00:25:21,720 Speaker 1: need advice, they get financial advice from Wall Street in 505 00:25:21,720 --> 00:25:23,920 Speaker 1: the Bankers. They've done it from from all the time. 506 00:25:23,960 --> 00:25:26,000 Speaker 1: But um, you really set that up in that book, 507 00:25:26,000 --> 00:25:28,120 Speaker 1: All the King's Bankers. But then let's kind of move 508 00:25:28,200 --> 00:25:30,639 Speaker 1: forward into the collusion piece and kind of how we 509 00:25:30,680 --> 00:25:33,960 Speaker 1: get there. Now, we started talking about how there's always 510 00:25:34,040 --> 00:25:38,280 Speaker 1: these trade offs or maybe even unintended consequences. So maybe 511 00:25:38,320 --> 00:25:40,520 Speaker 1: maybe you had good intentions, maybe you had bad intentions, 512 00:25:40,600 --> 00:25:43,080 Speaker 1: but maybe I had good intentions, but then it ends 513 00:25:43,160 --> 00:25:46,520 Speaker 1: up going wrong at some point. And I think, uh, 514 00:25:46,680 --> 00:25:49,000 Speaker 1: regardless of it was good or bad intentions, there's mixed 515 00:25:49,000 --> 00:25:51,879 Speaker 1: intentions whatever, we have probably gone far from where it 516 00:25:51,960 --> 00:25:55,440 Speaker 1: was originally intended. Um. I have a couple of quotes. Um. 517 00:25:55,480 --> 00:25:57,320 Speaker 1: The first one was a quote from one of our 518 00:25:57,359 --> 00:26:01,080 Speaker 1: founding fathers, fathers Thomas Jefferson. He said, I sincerely believed 519 00:26:01,119 --> 00:26:05,600 Speaker 1: that banking establishments are more dangerous than standing armies. Um. 520 00:26:05,680 --> 00:26:08,480 Speaker 1: And so it was like very foretelling. Like I think 521 00:26:08,520 --> 00:26:10,280 Speaker 1: at the time, there was a power struggle trying to 522 00:26:10,320 --> 00:26:12,399 Speaker 1: get a central bank in the United States, and it 523 00:26:12,440 --> 00:26:13,800 Speaker 1: was kind of going in and out, in and out, 524 00:26:13,800 --> 00:26:15,359 Speaker 1: in and out, and then and then finally they got it. 525 00:26:15,400 --> 00:26:17,400 Speaker 1: In and so he was kind of forewarning, like it's 526 00:26:17,400 --> 00:26:20,600 Speaker 1: going to be more dangerous. And then I think even 527 00:26:20,640 --> 00:26:25,120 Speaker 1: Woodrow Wilson, UM, who who we've mentioned throughout this creation UM, 528 00:26:25,160 --> 00:26:26,560 Speaker 1: as he was kind of stepping down. A lot of 529 00:26:26,560 --> 00:26:29,680 Speaker 1: times we see as politicians or even central makers stepped down, 530 00:26:29,840 --> 00:26:32,439 Speaker 1: they start telling kind of a different story. And he 531 00:26:32,600 --> 00:26:34,840 Speaker 1: kind of said that he regretted maybe creating the central 532 00:26:34,840 --> 00:26:36,320 Speaker 1: bank and he saw maybe the problems that was going 533 00:26:36,359 --> 00:26:40,400 Speaker 1: to create. UM. And so I mean both of those 534 00:26:40,400 --> 00:26:42,320 Speaker 1: people were kind of warning us the problems. And so 535 00:26:42,400 --> 00:26:45,040 Speaker 1: now I guess tell us how it's gone off the rail, 536 00:26:45,119 --> 00:26:47,040 Speaker 1: so to speak. And we ran into this collusion where 537 00:26:47,040 --> 00:26:49,520 Speaker 1: they I think, I think you called it collusion, how 538 00:26:49,600 --> 00:26:53,400 Speaker 1: the bankers rigged, rigged the markets or rigged the world, right, yeah, 539 00:26:53,440 --> 00:26:58,879 Speaker 1: the world. Yeah, Well, the the fears sort of you 540 00:26:58,960 --> 00:27:02,560 Speaker 1: know from the stamp one of Hamilton's and Jefferson's conversations 541 00:27:02,720 --> 00:27:05,520 Speaker 1: UM back in the day about having a central bank 542 00:27:05,560 --> 00:27:07,640 Speaker 1: and what that could mean, UM and what it could 543 00:27:07,680 --> 00:27:11,760 Speaker 1: look like. And it's a whole other story UM to 544 00:27:11,960 --> 00:27:14,600 Speaker 1: to to wood Row Wilson being concerned and therefore needing 545 00:27:14,600 --> 00:27:16,920 Speaker 1: a way to sell it to the public, even Hey, 546 00:27:17,040 --> 00:27:19,040 Speaker 1: just another quick interruption to let you know that this 547 00:27:19,119 --> 00:27:21,600 Speaker 1: video it's brought to you add free by Block five. 548 00:27:21,720 --> 00:27:24,199 Speaker 1: Now they allow you to hold onto your bitcoin and 549 00:27:24,200 --> 00:27:26,920 Speaker 1: your other cryptos for all the potential upside, and at 550 00:27:26,920 --> 00:27:29,760 Speaker 1: the same time you can earn high yielding interest on it, 551 00:27:29,840 --> 00:27:32,359 Speaker 1: so it basically cash flows. Now with Block five you 552 00:27:32,359 --> 00:27:35,119 Speaker 1: can earn up to eight point six percent interest. 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Just check the link in the description 560 00:27:53,000 --> 00:27:55,000 Speaker 1: for all the details of how to claim your two 561 00:27:55,520 --> 00:27:59,840 Speaker 1: dollars today before those concerns might have manifested just just 562 00:28:00,040 --> 00:28:05,359 Speaker 1: because the public kind of was was concerned about, you know, 563 00:28:05,400 --> 00:28:07,560 Speaker 1: having the Central Bank help what they believed to be 564 00:28:07,600 --> 00:28:10,199 Speaker 1: Wall Street versus them, regardless of what was told and 565 00:28:10,200 --> 00:28:13,360 Speaker 1: so forth. Um, and and now we have a situation 566 00:28:13,359 --> 00:28:17,280 Speaker 1: where um, in the seventies, there's a stual mandate that 567 00:28:17,359 --> 00:28:22,119 Speaker 1: was sort of reconfirmed UM, where the Fed's job is 568 00:28:22,160 --> 00:28:25,960 Speaker 1: to make sure balance or or somehow UM to put 569 00:28:26,000 --> 00:28:29,000 Speaker 1: money into the system and take money out to the 570 00:28:29,080 --> 00:28:31,679 Speaker 1: extent to which they could balance having full employment and 571 00:28:31,720 --> 00:28:35,280 Speaker 1: low inflation, which currently means UM on average under two 572 00:28:35,280 --> 00:28:38,120 Speaker 1: percent or not too much higher than two percent in 573 00:28:38,160 --> 00:28:41,120 Speaker 1: the way they measure inflation. And so that was the 574 00:28:41,160 --> 00:28:45,400 Speaker 1: way they could basically UM sort of put money and 575 00:28:45,400 --> 00:28:48,800 Speaker 1: take money out, raise rates, lower rates, and so forth. 576 00:28:48,840 --> 00:28:51,960 Speaker 1: And where it really came off the rails UM is 577 00:28:52,000 --> 00:28:54,280 Speaker 1: in the financial crisis of two thousand and eight, because 578 00:28:54,320 --> 00:28:57,600 Speaker 1: they weren't just simply doing that. Actually probably started to 579 00:28:57,600 --> 00:28:59,880 Speaker 1: happen in the subprime prate, you know, the lead up 580 00:28:59,880 --> 00:29:01,800 Speaker 1: to subprime and in different pieces along the way, but 581 00:29:01,840 --> 00:29:04,520 Speaker 1: we're really kind of get crazy, and the Fed's book 582 00:29:04,960 --> 00:29:08,320 Speaker 1: or balance sheet of assets really expanded dramatically was in 583 00:29:08,360 --> 00:29:11,080 Speaker 1: the wake of the financial crisis, and that's when UM 584 00:29:11,240 --> 00:29:14,800 Speaker 1: they really overstepped that that mandate and they used UM 585 00:29:14,880 --> 00:29:17,120 Speaker 1: one of the sections of the Photo Reserve Act, which 586 00:29:17,160 --> 00:29:20,480 Speaker 1: was their emergency section. And the emergency section basically says 587 00:29:20,560 --> 00:29:24,680 Speaker 1: that you can use UM. You know, you can use 588 00:29:24,800 --> 00:29:28,840 Speaker 1: sort of emergency measures, and those are defined differently throughout 589 00:29:28,880 --> 00:29:30,680 Speaker 1: history and based on the emergency, right, So I mean 590 00:29:30,720 --> 00:29:33,280 Speaker 1: it's it's it's a moving target, UM if you need 591 00:29:33,360 --> 00:29:35,600 Speaker 1: to UM. And but but the emergencies the key were 592 00:29:35,640 --> 00:29:38,320 Speaker 1: there because UM. The idea was that when the FED 593 00:29:38,360 --> 00:29:40,880 Speaker 1: opened its balance sheet UM and went from eight hundred 594 00:29:40,880 --> 00:29:43,000 Speaker 1: billion dollars to four and a half trillion dollars in 595 00:29:43,040 --> 00:29:45,320 Speaker 1: a few years. In terms of buying assets through something 596 00:29:45,360 --> 00:29:47,440 Speaker 1: called QI, they give money to the banks. The banks 597 00:29:47,440 --> 00:29:50,400 Speaker 1: give them the treasury bonds that the Treasury issued or 598 00:29:50,600 --> 00:29:53,040 Speaker 1: mortgage bonds that they don't want or whatever, in return 599 00:29:53,080 --> 00:29:55,160 Speaker 1: for cash that they have no strings attached to and 600 00:29:55,240 --> 00:29:58,720 Speaker 1: kind of can use whatever. The idea is that or 601 00:29:58,760 --> 00:30:01,080 Speaker 1: the narrative that remains to and and why it's so 602 00:30:01,200 --> 00:30:05,840 Speaker 1: dangerous is that somehow this mechanism of the FED creating money, 603 00:30:06,240 --> 00:30:09,680 Speaker 1: buying bonds, reducing rights is going to inject cash or 604 00:30:09,800 --> 00:30:13,000 Speaker 1: or capital or whatever into the real economy, and therefore 605 00:30:13,040 --> 00:30:15,600 Speaker 1: main Street is going to benefit. And so they've always 606 00:30:16,080 --> 00:30:19,920 Speaker 1: UM since the financial crisis, relied very heavily on that narrative, 607 00:30:20,000 --> 00:30:22,440 Speaker 1: like the FED and other major central banks are are 608 00:30:22,600 --> 00:30:29,640 Speaker 1: necessary UM in order to that otherwise doesn't exist. They 609 00:30:29,880 --> 00:30:32,120 Speaker 1: they're doing it for our good and and and and 610 00:30:32,240 --> 00:30:35,920 Speaker 1: this emergency measure that was kind of enacted back in 611 00:30:35,960 --> 00:30:40,760 Speaker 1: two thos in nine, UM has before even this pandemic period, 612 00:30:40,880 --> 00:30:43,720 Speaker 1: you know, has had lasted UM for twelve years. So 613 00:30:43,880 --> 00:30:46,160 Speaker 1: so you know, there's two things. And I say this 614 00:30:46,280 --> 00:30:47,960 Speaker 1: and allow my writing in my books, it's so so 615 00:30:48,040 --> 00:30:52,880 Speaker 1: either you have a permanent emergency, or you're messing up somewhere, 616 00:30:53,400 --> 00:30:55,520 Speaker 1: or you're lying right. I mean, there's there's there's or 617 00:30:55,560 --> 00:30:59,720 Speaker 1: some combination. But but the idea is that they kept 618 00:30:59,760 --> 00:31:03,200 Speaker 1: their policy more or less the same. They did reduce 619 00:31:03,280 --> 00:31:05,120 Speaker 1: the size their book a little bit in the middle, 620 00:31:05,600 --> 00:31:08,920 Speaker 1: UM towards that middle from four and a half trillion 621 00:31:08,960 --> 00:31:11,560 Speaker 1: to three points seven trillion, which is still like Big 622 00:31:12,160 --> 00:31:14,920 Speaker 1: UM and other central banks didn't even reduce their their 623 00:31:14,920 --> 00:31:17,720 Speaker 1: book by as much that we're involved in quantitatives and 624 00:31:17,800 --> 00:31:20,640 Speaker 1: since the financial crisis anyway, so globally, it was still 625 00:31:21,240 --> 00:31:23,640 Speaker 1: a lot of subsidy coming from central banks that was 626 00:31:23,680 --> 00:31:28,280 Speaker 1: beyond being like accountable to UM employment or or what 627 00:31:28,360 --> 00:31:30,920 Speaker 1: inflation is doing, or whether that money is going into 628 00:31:30,920 --> 00:31:33,680 Speaker 1: the real economy or not, or whether it's really just 629 00:31:33,760 --> 00:31:36,200 Speaker 1: going into the stock market UM, which is what we've 630 00:31:36,200 --> 00:31:39,360 Speaker 1: seen in this sort of second phase of central bank 631 00:31:39,440 --> 00:31:41,400 Speaker 1: collusion or them sort of doing the same thing at 632 00:31:41,440 --> 00:31:44,520 Speaker 1: the sort of roundup of the fed um, which is 633 00:31:44,560 --> 00:31:48,080 Speaker 1: that the book is now at seven point six trillion 634 00:31:48,720 --> 00:31:51,840 Speaker 1: UM from three point seven trillion UM in the summer, 635 00:31:52,600 --> 00:31:55,680 Speaker 1: so it has signifi's basically doubled um. And yes, part 636 00:31:55,760 --> 00:31:58,320 Speaker 1: of that was under the idea that it would help 637 00:31:58,400 --> 00:32:01,320 Speaker 1: some of the relief pack I just realist packages government 638 00:32:01,360 --> 00:32:05,440 Speaker 1: support as well. But in reality, there there's no real 639 00:32:05,600 --> 00:32:09,640 Speaker 1: analysis as to whether that money is actually helping the 640 00:32:09,680 --> 00:32:11,840 Speaker 1: real economy. And if it is, let's say it is 641 00:32:11,920 --> 00:32:15,480 Speaker 1: let's say the real economy which is still obviously struggling, 642 00:32:15,680 --> 00:32:19,200 Speaker 1: whereas the markets have basically um, you have gone on 643 00:32:19,240 --> 00:32:22,680 Speaker 1: to meet record highs within a year period. Um, let's 644 00:32:22,720 --> 00:32:24,840 Speaker 1: say it is being helped. Well, the Fed doesn't have 645 00:32:24,920 --> 00:32:27,560 Speaker 1: to show the proof of that, and and and and 646 00:32:27,560 --> 00:32:30,720 Speaker 1: it doesn't have to be specific um and and so 647 00:32:30,840 --> 00:32:34,120 Speaker 1: it's it's this this collusion, this idea of Federal Reserve 648 00:32:34,400 --> 00:32:38,920 Speaker 1: and other central banks providing money to do one thing 649 00:32:39,000 --> 00:32:42,240 Speaker 1: but having it do another and not being accountable to 650 00:32:42,320 --> 00:32:46,480 Speaker 1: that is really the main the major danger that perhaps 651 00:32:46,800 --> 00:32:49,560 Speaker 1: you know, perhaps Jefferson thought of in a different way, well, 652 00:32:49,600 --> 00:32:52,320 Speaker 1: send different people throughout the years, but is where we're 653 00:32:52,320 --> 00:32:56,600 Speaker 1: at now in in a in a much bigger way. Yeah. Yeah. 654 00:32:56,960 --> 00:33:00,760 Speaker 1: The the accountability piece that you talk about and without 655 00:33:00,960 --> 00:33:03,560 Speaker 1: without having to be accountable of course, then that leads 656 00:33:03,600 --> 00:33:06,160 Speaker 1: to you know, what are they you know, moral hazard? 657 00:33:06,200 --> 00:33:07,840 Speaker 1: I guess right. They have an unlimited money and no 658 00:33:07,840 --> 00:33:10,880 Speaker 1: one's all accountable for anything they do. Um. I know, 659 00:33:11,640 --> 00:33:13,280 Speaker 1: you know, we had we had Ron Paul for a 660 00:33:13,280 --> 00:33:15,280 Speaker 1: long time. We don't really have anybody picking up his charge. 661 00:33:15,280 --> 00:33:16,960 Speaker 1: But of course he was always pushing the audit the 662 00:33:17,000 --> 00:33:18,760 Speaker 1: FED out, the fed out the Fed. Of course they've 663 00:33:18,800 --> 00:33:20,800 Speaker 1: never want to do that. Some people even come out 664 00:33:20,840 --> 00:33:22,880 Speaker 1: and said that that should never be done, right, and 665 00:33:22,920 --> 00:33:26,800 Speaker 1: there's maybe reasons why we've seen, you know, the Pentagon 666 00:33:27,000 --> 00:33:30,720 Speaker 1: claim twenty trillion gone fifty like, who knows how much? 667 00:33:31,120 --> 00:33:33,360 Speaker 1: Where do you think that? What do you think about 668 00:33:33,400 --> 00:33:35,960 Speaker 1: that accountability piece as far as should be accountable? Should 669 00:33:35,960 --> 00:33:39,120 Speaker 1: should there be an audit of the Fed? Um? Yeah? 670 00:33:39,120 --> 00:33:41,880 Speaker 1: And I I think there should be an audit of 671 00:33:41,960 --> 00:33:46,960 Speaker 1: the trail of when this money was created and where 672 00:33:47,040 --> 00:33:50,360 Speaker 1: it went, because I mean, even if you're running a business, 673 00:33:50,680 --> 00:33:56,240 Speaker 1: you're running a household, you're running your wallet, right whatever 674 00:33:56,320 --> 00:33:59,800 Speaker 1: whatever level, UM, the best way to sort of manage that, 675 00:34:00,480 --> 00:34:03,080 Speaker 1: UM is to get an idea of what's coming in 676 00:34:03,200 --> 00:34:05,880 Speaker 1: and what's going on our it's going. And not everybody 677 00:34:05,880 --> 00:34:08,000 Speaker 1: does that, Not every company does that, not every government, 678 00:34:08,280 --> 00:34:11,640 Speaker 1: it's not, but it's it's it's it's a reasonable assumption 679 00:34:11,760 --> 00:34:16,080 Speaker 1: to have that and what your liabilities and assets are, right, yeah, 680 00:34:16,280 --> 00:34:19,200 Speaker 1: just just just the match. And and so the Federal 681 00:34:19,239 --> 00:34:22,000 Speaker 1: Reserve does provide and this supposed their pushback or is 682 00:34:22,000 --> 00:34:24,600 Speaker 1: their pushback to an audit UM. They you know, they 683 00:34:24,640 --> 00:34:26,360 Speaker 1: provide a book. They're like, you know, we have seven 684 00:34:26,360 --> 00:34:28,719 Speaker 1: point six trillion, and we've got this many treasury bonds, 685 00:34:28,719 --> 00:34:30,880 Speaker 1: we've got this many mortgages, and our budget is this 686 00:34:31,040 --> 00:34:33,160 Speaker 1: to pay our people, you know, and to keep the 687 00:34:33,239 --> 00:34:36,120 Speaker 1: lights on. And and to them that's not it. But 688 00:34:36,120 --> 00:34:39,600 Speaker 1: but but what UM what Ron Paul was talking about, 689 00:34:39,760 --> 00:34:41,759 Speaker 1: and and actually Bernie Sanders like at the time they 690 00:34:41,760 --> 00:34:44,160 Speaker 1: actually were on the same page UM for for a 691 00:34:44,160 --> 00:34:47,359 Speaker 1: long time when he was centered to UM to look 692 00:34:47,400 --> 00:34:50,640 Speaker 1: at to look at what the Fed was actually doing, 693 00:34:51,000 --> 00:34:54,000 Speaker 1: where the money was actually going. UM and the Government 694 00:34:54,040 --> 00:34:56,960 Speaker 1: Accountability Office and did a study on this and and 695 00:34:57,239 --> 00:34:59,920 Speaker 1: saw you a million millions and realized trillions of dollars 696 00:34:59,920 --> 00:35:03,640 Speaker 1: of of loans um going into Wall Street, and you know, 697 00:35:04,120 --> 00:35:06,680 Speaker 1: and it wasn't clear where it went after that. And 698 00:35:06,760 --> 00:35:13,000 Speaker 1: so the audit should be a real accountability. It should 699 00:35:13,000 --> 00:35:16,520 Speaker 1: be Look, you are saying this is happening. You are 700 00:35:16,560 --> 00:35:22,920 Speaker 1: saying because of this um, your own power will say 701 00:35:22,920 --> 00:35:25,480 Speaker 1: there's no bubble, approve any of them. And I mean 702 00:35:25,520 --> 00:35:28,480 Speaker 1: this is the issue. And so I do believe there 703 00:35:28,520 --> 00:35:34,000 Speaker 1: needs to be accountability and on it. Just just we 704 00:35:34,120 --> 00:35:37,200 Speaker 1: did a and then be happened. I mean literally, just 705 00:35:37,400 --> 00:35:42,800 Speaker 1: like a bunch of analysts who actually look at the 706 00:35:43,120 --> 00:35:45,919 Speaker 1: trail um of money that's created and where it goes 707 00:35:46,120 --> 00:35:49,040 Speaker 1: after it you know, buys some bonds onto their books. 708 00:35:49,760 --> 00:35:53,319 Speaker 1: And the data shows that in the in the year 709 00:35:53,320 --> 00:35:56,200 Speaker 1: since the financial crisis, on average, for example, just from 710 00:35:56,200 --> 00:35:59,640 Speaker 1: the US um GDP has grown on average, different years 711 00:35:59,640 --> 00:36:01,520 Speaker 1: have been to perent things, but on average about two 712 00:36:01,560 --> 00:36:05,440 Speaker 1: percent a year during that period. Somewhere better now the 713 00:36:05,520 --> 00:36:08,640 Speaker 1: stock market has has grown significantly more than that. So 714 00:36:08,680 --> 00:36:11,799 Speaker 1: in total, the economy of the US, you know, net 715 00:36:11,800 --> 00:36:15,080 Speaker 1: of again problems and sort of bounce back and sort 716 00:36:15,080 --> 00:36:18,759 Speaker 1: of you know, depression. Depressed levels has increased by about 717 00:36:18,760 --> 00:36:21,800 Speaker 1: twelve percent since the financial crisis, and total size whereas 718 00:36:21,800 --> 00:36:26,640 Speaker 1: the market is increased boy about two so so and 719 00:36:26,719 --> 00:36:31,600 Speaker 1: that's just one data point. Um. That one, if it's 720 00:36:31,719 --> 00:36:34,799 Speaker 1: one is creating that money. UM might want to look 721 00:36:34,840 --> 00:36:37,280 Speaker 1: into I eat a fettle reserve and that and that's 722 00:36:37,360 --> 00:36:42,440 Speaker 1: not that requirement. Yeah, yeah, I mean you would think it. 723 00:36:42,440 --> 00:36:44,320 Speaker 1: It's just it's just common sense. Whether it's a household 724 00:36:44,320 --> 00:36:48,280 Speaker 1: of business, UM, you've taken action, you observe that action, 725 00:36:48,360 --> 00:36:50,480 Speaker 1: and what what was the outcome? Right? Was it good 726 00:36:50,520 --> 00:36:52,120 Speaker 1: or bad? And so if we're going to print a 727 00:36:52,120 --> 00:36:53,759 Speaker 1: bunch of money and give it to certain people, like 728 00:36:53,840 --> 00:36:56,160 Speaker 1: did that help or did it make it worse? Um? 729 00:36:56,239 --> 00:36:58,400 Speaker 1: And so that's just common sense. And of course, someone 730 00:36:58,400 --> 00:37:01,719 Speaker 1: that's responsible for the lives of not just American three 731 00:37:01,760 --> 00:37:04,920 Speaker 1: and thirty million Americans, but really the world because the dollar, UM, 732 00:37:05,080 --> 00:37:07,239 Speaker 1: you would think there should be that accountability. But I 733 00:37:07,280 --> 00:37:09,680 Speaker 1: want to talk about some of the problems that it's 734 00:37:09,760 --> 00:37:12,759 Speaker 1: kind of created today. So again, right, we have these 735 00:37:12,800 --> 00:37:17,520 Speaker 1: unintended consequences. And so today we've seen you know this 736 00:37:17,520 --> 00:37:22,000 Speaker 1: this financialization of the economy. UM, companies haven't invested into 737 00:37:22,080 --> 00:37:25,680 Speaker 1: research and development and assets to the capital equipment UM. 738 00:37:25,719 --> 00:37:29,040 Speaker 1: And do you think that UM. In an addition, I 739 00:37:29,120 --> 00:37:31,680 Speaker 1: would say, you talked about, UM, the problem with the 740 00:37:31,719 --> 00:37:35,719 Speaker 1: bankers and the copper market, pre fed reserved, and if 741 00:37:35,719 --> 00:37:37,800 Speaker 1: you look kind of at some of the biggest bubbles, 742 00:37:38,080 --> 00:37:40,200 Speaker 1: it seems like it's always the bankers that have caused them. 743 00:37:40,239 --> 00:37:42,120 Speaker 1: In two thousand and eight, they blamed it on you know, 744 00:37:42,239 --> 00:37:44,799 Speaker 1: the the greedy homeowners about too many homes, but we 745 00:37:44,840 --> 00:37:46,560 Speaker 1: know it was really about the bankers and the mortgage 746 00:37:46,560 --> 00:37:49,400 Speaker 1: backed securities, right, UM. And so it's always the bankers 747 00:37:49,400 --> 00:37:51,719 Speaker 1: that seem to get the world in trouble UM. And 748 00:37:51,760 --> 00:37:55,600 Speaker 1: at the same time, it seems like we've sold our future. UM. 749 00:37:55,640 --> 00:37:57,880 Speaker 1: I guess do you see that? I mean, maybe you 750 00:37:57,880 --> 00:38:00,359 Speaker 1: can expand on that or am I wrong? Know you're 751 00:38:00,360 --> 00:38:03,760 Speaker 1: you're you're absolutely absolutely right. The bankers tend to create 752 00:38:03,800 --> 00:38:06,400 Speaker 1: the problem, UM, and then they tend to be bailed 753 00:38:06,440 --> 00:38:09,799 Speaker 1: out or subsidized in some other manner on the other 754 00:38:09,880 --> 00:38:12,240 Speaker 1: side of that, you know, it's it's it's not an 755 00:38:12,320 --> 00:38:15,960 Speaker 1: accident that UM this year, while this year was reported, 756 00:38:16,040 --> 00:38:18,439 Speaker 1: but for the end of Golden Socks and Jaked Morgan 757 00:38:18,520 --> 00:38:22,000 Speaker 1: Chase had their best trading years ever. Um, you know, 758 00:38:22,040 --> 00:38:24,279 Speaker 1: because they were able to sort of monetize the help 759 00:38:24,320 --> 00:38:26,799 Speaker 1: that was was supposedly going into the real economy, but 760 00:38:26,840 --> 00:38:29,840 Speaker 1: you know, also instilled them to be able to trade 761 00:38:29,840 --> 00:38:32,359 Speaker 1: more and and trade more volume, and and and make 762 00:38:32,400 --> 00:38:34,799 Speaker 1: money out of that. So um, so that they gain 763 00:38:34,880 --> 00:38:37,120 Speaker 1: on that side, and and and in terms of homeowners 764 00:38:37,200 --> 00:38:39,279 Speaker 1: you know, like you mentioned, yeah, um, I've chopped in. 765 00:38:39,360 --> 00:38:41,160 Speaker 1: It takes the pillars. That's called This was never about 766 00:38:41,200 --> 00:38:44,359 Speaker 1: the little guy um not sizes, but I mean just 767 00:38:44,480 --> 00:38:47,880 Speaker 1: you know this this was the idea that you needed 768 00:38:47,920 --> 00:38:51,560 Speaker 1: Wall Street power to even take a bunch of subprime 769 00:38:51,600 --> 00:38:54,759 Speaker 1: loans that might have been under performing and and and 770 00:38:54,760 --> 00:39:00,000 Speaker 1: and merge them together and create new securities out of them, um, 771 00:39:00,080 --> 00:39:03,799 Speaker 1: and and diffuse these throughout the world, and then lend 772 00:39:03,920 --> 00:39:05,960 Speaker 1: money throughout the world for people to be able to 773 00:39:06,000 --> 00:39:10,560 Speaker 1: buy them that was collateralized by these securities that were diffused. Right. 774 00:39:10,600 --> 00:39:12,879 Speaker 1: So so their mechanism and the way in which they 775 00:39:12,920 --> 00:39:17,200 Speaker 1: can operate, by definition, creates bigger problems out of any 776 00:39:17,280 --> 00:39:21,239 Speaker 1: bet and of anything that's that's leveraged in which real 777 00:39:21,280 --> 00:39:23,319 Speaker 1: money isn't there, and it's sort of borrowed money in 778 00:39:23,400 --> 00:39:28,480 Speaker 1: order to UM to make that gamble UM. And however 779 00:39:28,480 --> 00:39:30,920 Speaker 1: it looks UM that is coming generally from the banks 780 00:39:30,920 --> 00:39:33,640 Speaker 1: of the banking system, and so so that's that's that's 781 00:39:33,640 --> 00:39:37,840 Speaker 1: the reality. UM. They do create problems UM. And in 782 00:39:38,000 --> 00:39:39,879 Speaker 1: terms of the real economy, what what I think has 783 00:39:39,920 --> 00:39:43,160 Speaker 1: happened more and more as central banks to become more 784 00:39:43,160 --> 00:39:45,600 Speaker 1: prevalent in terms of the power that they have to 785 00:39:45,680 --> 00:39:47,880 Speaker 1: keep rates sort of cost of money low UM and 786 00:39:48,160 --> 00:39:50,319 Speaker 1: and buy securities out of the market to keep UM 787 00:39:50,920 --> 00:39:55,759 Speaker 1: longer term rates as well. UM. Is that is that 788 00:39:55,800 --> 00:39:59,080 Speaker 1: what we see now as government's get to be lazy 789 00:39:59,320 --> 00:40:02,600 Speaker 1: um of about planning. I'm not necessarily saying and we 790 00:40:02,600 --> 00:40:06,279 Speaker 1: had a good fiscal response. Yeah, I'll say at least 791 00:40:06,280 --> 00:40:08,640 Speaker 1: there was a fiscal response in the wake of the pandemic. 792 00:40:08,640 --> 00:40:10,800 Speaker 1: There's there's debate over whether it was good. There's debate 793 00:40:10,800 --> 00:40:13,000 Speaker 1: over what should come next. But but there was something. 794 00:40:13,120 --> 00:40:15,919 Speaker 1: But but there Look, it's taken off the table time 795 00:40:15,960 --> 00:40:19,040 Speaker 1: and time again is moving forward. And this is a 796 00:40:19,080 --> 00:40:22,839 Speaker 1: particularly American kind of issue as well, and that for example, infrastructure, 797 00:40:23,440 --> 00:40:28,799 Speaker 1: UM development and financing kind of gets put aside on 798 00:40:28,840 --> 00:40:32,520 Speaker 1: a Bipartistan basis um, even though we supposedly have all 799 00:40:32,560 --> 00:40:36,839 Speaker 1: this money going into the system, and and that makes 800 00:40:36,840 --> 00:40:39,719 Speaker 1: the markets look good, and then politicians can kind of say, 801 00:40:39,800 --> 00:40:42,440 Speaker 1: all right, well things are looking better because the markets 802 00:40:42,480 --> 00:40:44,800 Speaker 1: are better. That they don't say markets, they say economy, 803 00:40:45,120 --> 00:40:49,640 Speaker 1: but it's reflected to them by the markets, um. And 804 00:40:49,640 --> 00:40:51,560 Speaker 1: then they don't have to work as hard about, you know, 805 00:40:51,640 --> 00:40:54,560 Speaker 1: trying to plan a big dig somewhere or like you know, 806 00:40:54,640 --> 00:40:59,080 Speaker 1: big new infrastructure railway or highways or whatever, because the 807 00:40:59,160 --> 00:41:03,440 Speaker 1: money's kind of accumulating elsewhere, So why bother spending that 808 00:41:03,480 --> 00:41:07,120 Speaker 1: time or pushing that forward or waiting years for something 809 00:41:07,160 --> 00:41:10,160 Speaker 1: to come to fruition. Yeah. Yeah, I think it just 810 00:41:10,200 --> 00:41:13,160 Speaker 1: comes back down to that accountability, right. I think it's 811 00:41:13,280 --> 00:41:15,759 Speaker 1: you know, back into that word moral hazard um, where 812 00:41:15,880 --> 00:41:18,360 Speaker 1: like you know, a homeowner or actually say a household, 813 00:41:18,520 --> 00:41:21,760 Speaker 1: someone who runs her household has to make tough choices like, shoot, 814 00:41:22,239 --> 00:41:24,520 Speaker 1: my daughter needs braces, So I guess we don't have 815 00:41:24,560 --> 00:41:27,480 Speaker 1: a vacation this year, right, I'm going to prioritize the 816 00:41:27,480 --> 00:41:30,520 Speaker 1: braces over the vacation. And the government doesn't have to 817 00:41:30,560 --> 00:41:33,880 Speaker 1: make those choices, so we don't we don't spend the 818 00:41:33,880 --> 00:41:36,120 Speaker 1: money on the schools or the roads. But let's go 819 00:41:36,120 --> 00:41:38,320 Speaker 1: ahead and send a bunch of money overseas to study 820 00:41:38,400 --> 00:41:41,000 Speaker 1: some whatever random thing that they or whatever it is, right, 821 00:41:41,280 --> 00:41:43,640 Speaker 1: instead of making tough choices and prioritizing. They don't do that. 822 00:41:43,680 --> 00:41:46,480 Speaker 1: They're not forced to. But um, if we if we 823 00:41:46,680 --> 00:41:50,040 Speaker 1: fast forward from here, it seems like the FED has 824 00:41:51,040 --> 00:41:53,480 Speaker 1: the monetary tools right. They can interest rates, and they 825 00:41:53,480 --> 00:41:56,920 Speaker 1: can create money, right, monetary expansion, So monetary expansion, interest rates, 826 00:41:57,000 --> 00:41:59,879 Speaker 1: And it seems like when you're playing a game, right, 827 00:42:00,040 --> 00:42:02,520 Speaker 1: you have like your rules or maybe you're playing Monopoly 828 00:42:02,600 --> 00:42:05,600 Speaker 1: or whatever game, and when you're kind of out of money, 829 00:42:05,680 --> 00:42:08,799 Speaker 1: you're out of moves. You got to reset the game. 830 00:42:09,160 --> 00:42:13,479 Speaker 1: And the FED has run out of interest rates pretty much. 831 00:42:13,640 --> 00:42:16,239 Speaker 1: I mean, they're basically at zero. I know, you know, 832 00:42:17,239 --> 00:42:18,799 Speaker 1: they've come down a lot of the last decade, but 833 00:42:18,800 --> 00:42:21,200 Speaker 1: there's not much room to budge there. Effectively, they're at 834 00:42:21,239 --> 00:42:23,759 Speaker 1: zero or negative anyway. And at the same time, we 835 00:42:23,800 --> 00:42:25,799 Speaker 1: have a thirty trillion dollars of debt, so it's like 836 00:42:26,560 --> 00:42:29,279 Speaker 1: we're almost out of moves, it seems like to me. 837 00:42:29,520 --> 00:42:32,040 Speaker 1: And uh, you know, we're seeing less foreign buyers for 838 00:42:32,200 --> 00:42:34,880 Speaker 1: treasuries and we're seeing probably the fed's gonna have to 839 00:42:34,880 --> 00:42:37,319 Speaker 1: control yields at some point, so it seems like we're 840 00:42:37,360 --> 00:42:40,040 Speaker 1: almost out of moves UM and again, right, the game 841 00:42:40,080 --> 00:42:42,400 Speaker 1: would need to be reset. Of course we hear about 842 00:42:42,440 --> 00:42:45,400 Speaker 1: this great reset that's being planned at the same time 843 00:42:45,440 --> 00:42:48,520 Speaker 1: by the w EF and the ng O S or whatever. 844 00:42:48,640 --> 00:42:51,279 Speaker 1: So I guess where do you see going from here? 845 00:42:51,320 --> 00:42:53,360 Speaker 1: Does the game need to be reset? What about this 846 00:42:53,400 --> 00:42:55,319 Speaker 1: global reset? I mean, what are your what are your 847 00:42:55,320 --> 00:42:59,040 Speaker 1: thoughts on that? Well, I think UM, in any sort 848 00:42:59,040 --> 00:43:00,880 Speaker 1: of reset, you know, you have all the old players 849 00:43:00,920 --> 00:43:04,279 Speaker 1: which are currently in thut of the power seat UM 850 00:43:04,360 --> 00:43:08,600 Speaker 1: and I think the FEDS going to uh continue to 851 00:43:08,760 --> 00:43:12,279 Speaker 1: buy bonds for for the foreseeable future UM in a 852 00:43:12,320 --> 00:43:14,200 Speaker 1: sort of mental or longer undo the curve to combat 853 00:43:14,280 --> 00:43:18,360 Speaker 1: the fact that there is this lack of confidence creeping 854 00:43:18,360 --> 00:43:20,920 Speaker 1: in and and and they're sell offs happening in those 855 00:43:20,960 --> 00:43:23,280 Speaker 1: part of the curves that have been pretty flat UM 856 00:43:24,239 --> 00:43:26,879 Speaker 1: in the wake of the the initial data buying UM 857 00:43:26,960 --> 00:43:29,000 Speaker 1: and and bringing rates back down to zero in the 858 00:43:29,080 --> 00:43:31,879 Speaker 1: in the beginning of the coronavirus the pandemic period. So 859 00:43:32,080 --> 00:43:33,719 Speaker 1: I think they're struggling. I think that's one of the 860 00:43:33,760 --> 00:43:38,520 Speaker 1: reasons why whenever the champion ron power speaks, he's always 861 00:43:38,600 --> 00:43:41,520 Speaker 1: kind of down playing inflation. Um, And there is an 862 00:43:41,520 --> 00:43:43,200 Speaker 1: inflation a lot of real parts of the economy. We're 863 00:43:43,200 --> 00:43:46,399 Speaker 1: not again, we're not seeing inflation in building things in 864 00:43:46,400 --> 00:43:49,360 Speaker 1: an infrastructure, in in a lot of people's jobs coming 865 00:43:49,400 --> 00:43:52,120 Speaker 1: back in a lot of things that we're taking offline 866 00:43:52,719 --> 00:43:54,600 Speaker 1: in the economy coming back online. You know. So it 867 00:43:54,640 --> 00:43:56,960 Speaker 1: really depends on how you measure it. But at the 868 00:43:57,000 --> 00:44:00,680 Speaker 1: same time, UM, he is concerned about them playing it 869 00:44:01,320 --> 00:44:05,280 Speaker 1: because of potentially being out of tools. You know, He's 870 00:44:05,360 --> 00:44:08,200 Speaker 1: he and other central bank heads have continually talked, specially 871 00:44:08,200 --> 00:44:11,319 Speaker 1: since financial crisis, about using whatever tools we have, every 872 00:44:11,360 --> 00:44:13,319 Speaker 1: tool in our tool kit. I mean, they make it 873 00:44:13,360 --> 00:44:16,440 Speaker 1: sound like, you know, running a monetary system or being 874 00:44:16,440 --> 00:44:18,799 Speaker 1: involved in a monetary system is just about you know, 875 00:44:18,920 --> 00:44:21,840 Speaker 1: coming in with your bag of a bag of tools 876 00:44:21,840 --> 00:44:23,960 Speaker 1: and like tinkering some stuff here and there, and everybody's 877 00:44:24,000 --> 00:44:26,759 Speaker 1: good in itself. Fine, um, just by the wording of it. 878 00:44:26,880 --> 00:44:29,680 Speaker 1: And and I think in terms of a reset, um, 879 00:44:30,880 --> 00:44:34,000 Speaker 1: the issue is that the dollar, even with all of 880 00:44:34,040 --> 00:44:39,560 Speaker 1: this movement, even with the FED sort of um encouraging 881 00:44:39,760 --> 00:44:41,680 Speaker 1: other central banks to do what it does, and other 882 00:44:41,719 --> 00:44:43,600 Speaker 1: central banks jumping on board and saying, hey, we can 883 00:44:43,600 --> 00:44:46,160 Speaker 1: reduce rates and like buy bonds and create money, Like 884 00:44:46,200 --> 00:44:48,839 Speaker 1: why not it helps our markets and it looks kind 885 00:44:48,840 --> 00:44:53,520 Speaker 1: of stabilizing until it doesn't, so okay. UM, And and 886 00:44:53,560 --> 00:44:56,640 Speaker 1: having a replacement to that, and replacement to the dollars 887 00:44:56,719 --> 00:45:00,800 Speaker 1: sort of head of that UM is a real difficult 888 00:45:01,719 --> 00:45:04,680 Speaker 1: thing for those central banks to relinquish, and also for 889 00:45:04,719 --> 00:45:08,120 Speaker 1: all the companies that transact in dollars mostly throughout the world, 890 00:45:08,200 --> 00:45:11,720 Speaker 1: to to to just stop um, you know. So so 891 00:45:11,719 --> 00:45:13,719 Speaker 1: so when people talk about it, I see it as 892 00:45:13,719 --> 00:45:17,000 Speaker 1: a much longer process, and I think um, other people 893 00:45:17,080 --> 00:45:19,560 Speaker 1: might see it. Yeah, at some point the dollar might 894 00:45:19,600 --> 00:45:22,880 Speaker 1: be replaced or at least diffused. It'll start to be 895 00:45:22,880 --> 00:45:26,760 Speaker 1: diffused before it's replaced UM. Over the course of history, 896 00:45:26,800 --> 00:45:30,719 Speaker 1: it's taken sometimes decades, if not centuries, centuries for the 897 00:45:30,719 --> 00:45:34,160 Speaker 1: major currency um of the world to change. You know, 898 00:45:34,200 --> 00:45:38,000 Speaker 1: the Dutch guilder in the hundred's replaced like a while 899 00:45:38,160 --> 00:45:40,880 Speaker 1: after that by by the pound. The pound you replaced 900 00:45:40,880 --> 00:45:42,360 Speaker 1: by the dollar. I mean all these are things that 901 00:45:42,440 --> 00:45:45,640 Speaker 1: all of aldover you know century more so, so we 902 00:45:45,640 --> 00:45:49,440 Speaker 1: could see diffusion the Chinese, for example, introduced their currency. 903 00:45:49,520 --> 00:45:54,360 Speaker 1: The Chinese ran into the I M F Security Bucket 904 00:45:54,640 --> 00:45:56,960 Speaker 1: or basket, which used to be just for securities and 905 00:45:57,000 --> 00:45:59,920 Speaker 1: now includes um China security is a way of diffew 906 00:46:00,080 --> 00:46:03,080 Speaker 1: thing on that sort of power of the dollar on 907 00:46:03,120 --> 00:46:07,040 Speaker 1: an international basis. I think that's going to continue, um, 908 00:46:07,160 --> 00:46:09,880 Speaker 1: and that's gonna chip away at what we know to 909 00:46:09,920 --> 00:46:11,960 Speaker 1: be a dollar suptreme system. But I just think it's 910 00:46:12,000 --> 00:46:16,080 Speaker 1: going to take um decades if not more, for us 911 00:46:16,120 --> 00:46:24,120 Speaker 1: to see a non dollar system. Yeah, okay, so we 912 00:46:24,200 --> 00:46:27,520 Speaker 1: have about ten minutes left. We got a lot of 913 00:46:27,600 --> 00:46:28,960 Speaker 1: questions to get through, so let's see what we can 914 00:46:28,960 --> 00:46:31,719 Speaker 1: do here. So UM, now that we've set that up, 915 00:46:31,800 --> 00:46:35,280 Speaker 1: I guess I would ask you, UM. So, it seems 916 00:46:35,280 --> 00:46:37,759 Speaker 1: like if we go back all through history, we see 917 00:46:37,760 --> 00:46:41,440 Speaker 1: the same thing repeating over and over and over. Governments 918 00:46:41,520 --> 00:46:45,000 Speaker 1: or kings get out of get get too ambitious, they 919 00:46:45,000 --> 00:46:46,480 Speaker 1: have to go rely on the rich people, they have 920 00:46:46,520 --> 00:46:49,240 Speaker 1: to get built out. The Roman Empire clips their coins, 921 00:46:49,280 --> 00:46:52,040 Speaker 1: debases their currency. Uh, And it just happens over and 922 00:46:52,040 --> 00:46:53,879 Speaker 1: over and over and over again all through history, same 923 00:46:53,920 --> 00:46:56,200 Speaker 1: thing that we're seeing exactly today. And I think the 924 00:46:56,360 --> 00:47:02,239 Speaker 1: same common element always is um, human nature right. And 925 00:47:02,320 --> 00:47:04,520 Speaker 1: so UM, when you give someone the ability, as we 926 00:47:04,520 --> 00:47:06,880 Speaker 1: talked about, no accountability, UM, they're gonna just you know, 927 00:47:06,960 --> 00:47:10,960 Speaker 1: run away with it. So when we had the gold standard, 928 00:47:11,000 --> 00:47:14,520 Speaker 1: at least there was some standard, there was something to 929 00:47:14,640 --> 00:47:18,080 Speaker 1: hold people back. Right, So what do you think about 930 00:47:18,360 --> 00:47:20,759 Speaker 1: sound money? I guess are you a gold bug? Were 931 00:47:20,800 --> 00:47:22,799 Speaker 1: you a gold bug? Do you think sound money is 932 00:47:22,880 --> 00:47:28,960 Speaker 1: a good option? UM? I I agree that UM having 933 00:47:29,000 --> 00:47:31,640 Speaker 1: the gold standard, or or having gold come back, as 934 00:47:31,760 --> 00:47:37,560 Speaker 1: as even a portion of UM reserves UM, whether domestically 935 00:47:37,600 --> 00:47:41,719 Speaker 1: and or globally, is important. UM in order to be 936 00:47:41,840 --> 00:47:44,799 Speaker 1: able to UM you know, put a cap, which was 937 00:47:44,840 --> 00:47:47,759 Speaker 1: the point of the standard, right, a limitation to how 938 00:47:47,840 --> 00:47:51,480 Speaker 1: much dollars can be created, how much currency can can 939 00:47:51,480 --> 00:47:54,720 Speaker 1: be created that doesn't have any sort of hard asset 940 00:47:54,880 --> 00:48:00,080 Speaker 1: behind it. And and the historical UM reasoning ill so 941 00:48:00,200 --> 00:48:02,440 Speaker 1: holds for that. And when we were taking off the 942 00:48:02,440 --> 00:48:06,279 Speaker 1: gold standard, UM, which which President Nixon did UM in 943 00:48:06,400 --> 00:48:09,040 Speaker 1: terms of what was going on at the time, UM, 944 00:48:09,080 --> 00:48:11,279 Speaker 1: he was actually and again I have this in all 945 00:48:11,320 --> 00:48:15,520 Speaker 1: the president's bankers, he was actually UM, someone advised by 946 00:48:15,680 --> 00:48:17,799 Speaker 1: by the bankers to do this. And that doesn't get 947 00:48:17,840 --> 00:48:21,640 Speaker 1: a lot of historical play UM. But David Rockefeller, for example, 948 00:48:22,080 --> 00:48:25,719 Speaker 1: UM was trying to move chase into UM having more 949 00:48:25,719 --> 00:48:28,600 Speaker 1: of its own international power with respect to the Middle East. 950 00:48:28,680 --> 00:48:31,920 Speaker 1: With respect to UM, something called petro dollars or converting 951 00:48:32,239 --> 00:48:36,520 Speaker 1: UM money revenues profits from oil into loans to like 952 00:48:36,600 --> 00:48:39,440 Speaker 1: their world countries, basically creating a whole new sort of 953 00:48:39,480 --> 00:48:43,080 Speaker 1: side business UM at the time. And if there was 954 00:48:43,160 --> 00:48:47,520 Speaker 1: no need to UM have a gold scan any sort 955 00:48:47,560 --> 00:48:50,239 Speaker 1: of gold reserves relative to the dollar, it would just 956 00:48:50,320 --> 00:48:52,840 Speaker 1: make that whole process simpler, you know, I sort of 957 00:48:52,880 --> 00:48:55,520 Speaker 1: take out a variable. I would also make it more 958 00:48:55,560 --> 00:48:59,520 Speaker 1: simple for for the Federal Reserve later on to create 959 00:48:59,560 --> 00:49:02,680 Speaker 1: money as as it has done, because it doesn't have 960 00:49:02,760 --> 00:49:05,439 Speaker 1: to have as much behind it UM. And that and 961 00:49:05,440 --> 00:49:08,040 Speaker 1: and it would also make it harder to convert money 962 00:49:08,320 --> 00:49:12,600 Speaker 1: UM because you have to have gold behind that conversion UM. 963 00:49:12,600 --> 00:49:15,640 Speaker 1: And so all of those things made it harder to 964 00:49:15,840 --> 00:49:19,920 Speaker 1: just simply create UM money out of nothing, you know, 965 00:49:20,160 --> 00:49:23,239 Speaker 1: Fiat money just just more dollars, more prevalence, and and 966 00:49:23,320 --> 00:49:27,319 Speaker 1: not have have a sort of restriction of any kind. Right, 967 00:49:27,960 --> 00:49:30,040 Speaker 1: So so I think that's I think that's a negative 968 00:49:30,680 --> 00:49:34,520 Speaker 1: UM because of the results of what we see has 969 00:49:34,600 --> 00:49:37,880 Speaker 1: happened by having the ability to just create money, and 970 00:49:37,920 --> 00:49:41,920 Speaker 1: by the dislocation and the disconnect that manifest between markets 971 00:49:41,920 --> 00:49:45,319 Speaker 1: and like financial assets where the money goes most quickly UM, 972 00:49:45,360 --> 00:49:48,120 Speaker 1: and the real economy most people's day to day lives, 973 00:49:48,640 --> 00:49:51,680 Speaker 1: which have not kept up UM and and and which 974 00:49:51,719 --> 00:49:55,680 Speaker 1: have gotten more and more UM disconnected from each other. UM. 975 00:49:56,000 --> 00:49:57,920 Speaker 1: You know, give or take what's happening in a moment 976 00:49:57,920 --> 00:50:00,080 Speaker 1: in terms of the crisis or virus or whatever or 977 00:50:00,120 --> 00:50:03,160 Speaker 1: else along the way. UM. So, so I think it's 978 00:50:03,560 --> 00:50:08,280 Speaker 1: I think having um a physical standard or a portion 979 00:50:08,360 --> 00:50:13,279 Speaker 1: of his standard or some proportional element um of gold 980 00:50:13,360 --> 00:50:18,279 Speaker 1: UM is actually useful to this system. Yeah. Yeah, I 981 00:50:18,280 --> 00:50:22,440 Speaker 1: mean the restraint forces them to be accountable. And once 982 00:50:22,440 --> 00:50:24,800 Speaker 1: they're forced to be accountable, then they start thinking properly 983 00:50:24,880 --> 00:50:27,640 Speaker 1: through all the decisions they make and whatnot. So UM, okay, 984 00:50:27,640 --> 00:50:30,719 Speaker 1: so we've established that. Now. UM. There's a quote, and 985 00:50:31,080 --> 00:50:33,959 Speaker 1: I'm not sure if you're familiar with fa Hiak. He's 986 00:50:34,000 --> 00:50:37,719 Speaker 1: an Austrian economist. He's a Nobel Prize winning economists. Um. 987 00:50:38,840 --> 00:50:42,120 Speaker 1: He said, there shall never be another sound money again 988 00:50:42,320 --> 00:50:44,200 Speaker 1: until the thing is taken out of the hands of 989 00:50:44,200 --> 00:50:46,600 Speaker 1: the government. But it can't be done by force, but 990 00:50:46,760 --> 00:50:49,000 Speaker 1: rather by a sly roundabout way. I don't know if 991 00:50:49,000 --> 00:50:52,320 Speaker 1: you're familiar with that quote, um, but he was basically 992 00:50:52,320 --> 00:50:54,840 Speaker 1: saying that, look, as long as as long as the 993 00:50:54,880 --> 00:50:57,640 Speaker 1: government's control, money is never gonna be sound again. And 994 00:50:57,760 --> 00:51:01,279 Speaker 1: he was really almost prophesying the future. And today we 995 00:51:01,320 --> 00:51:05,879 Speaker 1: have an asset that is completely decentralized, distributed um hard 996 00:51:06,160 --> 00:51:10,839 Speaker 1: and with a fixed cap, and now we're seeing forties 997 00:51:10,840 --> 00:51:13,759 Speaker 1: moving treasury to it. Of course I'm talking about bitcoin, um, 998 00:51:14,280 --> 00:51:18,319 Speaker 1: and so um, it wasn't done by force rather than 999 00:51:18,320 --> 00:51:20,279 Speaker 1: by a sly roundabout way. It was given eight nine 1000 00:51:20,360 --> 00:51:22,560 Speaker 1: years to kind of grow in the wild before anybody 1001 00:51:22,600 --> 00:51:25,080 Speaker 1: took notice. Today no one can shut it down, so 1002 00:51:25,120 --> 00:51:28,960 Speaker 1: it's too late, um. And it's decentralized in a sense 1003 00:51:28,960 --> 00:51:32,640 Speaker 1: where the government can control it, they can't manipulate the caniflate, etcetera. 1004 00:51:33,280 --> 00:51:35,200 Speaker 1: So I don't know if you've thought about that, if 1005 00:51:35,200 --> 00:51:38,120 Speaker 1: you've looked into bitcoin, what are your thoughts on that? Yeah, 1006 00:51:38,200 --> 00:51:40,200 Speaker 1: So first, just just just on that government control. I 1007 00:51:40,480 --> 00:51:44,400 Speaker 1: also think again it's a financial institution control. Um. So 1008 00:51:44,400 --> 00:51:49,880 Speaker 1: so I think, um, we just have to realize that, UM, 1009 00:51:49,880 --> 00:51:52,359 Speaker 1: that that that whatever the central bank is doing. And 1010 00:51:52,360 --> 00:51:54,480 Speaker 1: however it works with the government because it does ultimately 1011 00:51:54,560 --> 00:51:57,200 Speaker 1: purchase government that as we have seen in queuing in 1012 00:51:57,280 --> 00:51:59,480 Speaker 1: terms of how it creates some of that money. UM 1013 00:51:59,520 --> 00:52:02,520 Speaker 1: it all I was buying that debt from the larger 1014 00:52:02,560 --> 00:52:05,879 Speaker 1: bank uh, the banks that are involved in in being 1015 00:52:05,920 --> 00:52:08,960 Speaker 1: primary dealers in treasury debt, and so there's this whole 1016 00:52:09,360 --> 00:52:12,680 Speaker 1: extra you know, sort of side triangle where the government 1017 00:52:12,680 --> 00:52:15,280 Speaker 1: issues debt, Treasure Department issues dead banks get it, banks 1018 00:52:15,280 --> 00:52:17,560 Speaker 1: of primary dealers, banks give it back to the Fed. 1019 00:52:17,640 --> 00:52:20,359 Speaker 1: Fed gives the banks money UM and the banks are 1020 00:52:20,360 --> 00:52:22,399 Speaker 1: having because said this extra money, and they probably clip 1021 00:52:22,480 --> 00:52:24,520 Speaker 1: some coopon, you know, some fees in between for for 1022 00:52:24,600 --> 00:52:28,160 Speaker 1: being the primary dealer. So it's it's a it's that 1023 00:52:28,719 --> 00:52:32,080 Speaker 1: combination of of large banks and governments in terms of 1024 00:52:32,120 --> 00:52:36,160 Speaker 1: that money control. In terms of bitcoin UM, it has 1025 00:52:36,200 --> 00:52:41,360 Speaker 1: definitely UM started out not by accident, in in the 1026 00:52:41,400 --> 00:52:44,359 Speaker 1: wake of the financial crisis and in two thousand and eight, 1027 00:52:44,360 --> 00:52:49,239 Speaker 1: two thousand nine UM as an alternative UM. I think 1028 00:52:49,239 --> 00:52:52,120 Speaker 1: it's still an alternative asset more than an alternative currency. 1029 00:52:52,200 --> 00:52:54,759 Speaker 1: That's that's where I am on its evolution UM. And 1030 00:52:54,920 --> 00:52:57,279 Speaker 1: I'll talk about a second but but basically because of 1031 00:52:57,320 --> 00:53:00,200 Speaker 1: this idea that the central banks in particular or the 1032 00:53:01,440 --> 00:53:05,960 Speaker 1: creators of that conjured money, of that fabricated currency UM 1033 00:53:06,120 --> 00:53:08,040 Speaker 1: are kind of off the rails, and they're just more 1034 00:53:08,040 --> 00:53:11,359 Speaker 1: so now, right So, I mean every every reason UM 1035 00:53:11,400 --> 00:53:14,479 Speaker 1: for it having been created and for the prevalence that 1036 00:53:14,480 --> 00:53:17,640 Speaker 1: that it that it has UM in terms of being 1037 00:53:17,760 --> 00:53:21,960 Speaker 1: more un decentralized currency, UM holds stronger today than it 1038 00:53:22,040 --> 00:53:24,600 Speaker 1: did them m because we're in the sort of new 1039 00:53:24,640 --> 00:53:28,799 Speaker 1: phase of central bank money creation, right UM. That's said, 1040 00:53:29,440 --> 00:53:32,240 Speaker 1: I think UM there are a couple of things obviously 1041 00:53:32,280 --> 00:53:34,480 Speaker 1: having its evolution. I think the fact that et s 1042 00:53:34,880 --> 00:53:38,239 Speaker 1: UM have now just recently been created to allow UM 1043 00:53:38,680 --> 00:53:42,359 Speaker 1: certain investment in in UM, in crypto and bitcoin and 1044 00:53:42,400 --> 00:53:45,600 Speaker 1: so forth, it's going to give it more prevalence as 1045 00:53:46,160 --> 00:53:49,040 Speaker 1: still an alternative asset class. But but but but more 1046 00:53:49,120 --> 00:53:55,480 Speaker 1: prevalence and therefore more UM potential stability UM in terms 1047 00:53:55,520 --> 00:53:57,360 Speaker 1: of just not how it grows, but also how it 1048 00:53:57,719 --> 00:54:00,840 Speaker 1: sort of has reduced volatility UM on on on a 1049 00:54:00,880 --> 00:54:03,480 Speaker 1: regular basis, because right now, there there's still stories that 1050 00:54:03,520 --> 00:54:07,080 Speaker 1: can beat up or or push up UM bitcoin, and 1051 00:54:07,080 --> 00:54:08,799 Speaker 1: when they come up, you know, you have these these 1052 00:54:08,840 --> 00:54:11,919 Speaker 1: real jagged moves and from the standpoint of say, going 1053 00:54:11,960 --> 00:54:16,640 Speaker 1: to the commerce element it being used as a currency. Um, 1054 00:54:16,680 --> 00:54:22,600 Speaker 1: that's hard for merchants, local grocery store owners or whatever 1055 00:54:22,640 --> 00:54:25,800 Speaker 1: if if they're not that economically savvy or financially savvy, 1056 00:54:25,880 --> 00:54:27,959 Speaker 1: or they're just busy doing their job and like making 1057 00:54:28,000 --> 00:54:30,840 Speaker 1: a living of having someone paying bitcoin on like a 1058 00:54:30,880 --> 00:54:33,560 Speaker 1: Friday and noticing on their books some money that it's 1059 00:54:33,640 --> 00:54:36,120 Speaker 1: you know, depreciated by twenty sec and that's that's that's 1060 00:54:36,400 --> 00:54:39,319 Speaker 1: when they go to convert it to why they need 1061 00:54:39,360 --> 00:54:41,320 Speaker 1: to go and buy their next set of goods. Right. So, 1062 00:54:41,320 --> 00:54:44,560 Speaker 1: so there's still an implicit volatility in bitcoin that that 1063 00:54:44,760 --> 00:54:48,480 Speaker 1: is keeping it from at the moment um, from from 1064 00:54:48,520 --> 00:54:53,200 Speaker 1: being used uh widely in commerce. That said, they're CEOs 1065 00:54:53,560 --> 00:54:57,520 Speaker 1: as you mentioned from spy Hunter companies notably Elon, Musk 1066 00:54:57,520 --> 00:55:01,160 Speaker 1: and Tesla, who are saying, well, yeah, but it is um, 1067 00:55:01,880 --> 00:55:04,840 Speaker 1: I'm putting words into it. It's still it's liquid in 1068 00:55:04,880 --> 00:55:06,640 Speaker 1: that if you if you have the right set up 1069 00:55:06,680 --> 00:55:08,640 Speaker 1: in terms of how you buy and sell bitcoin as 1070 00:55:08,640 --> 00:55:11,439 Speaker 1: an individual, as a company, you can get in and out. 1071 00:55:11,760 --> 00:55:16,080 Speaker 1: That's both its problem and it's liquidity um, and you 1072 00:55:16,080 --> 00:55:17,960 Speaker 1: can use it as a sort of better form of 1073 00:55:18,000 --> 00:55:20,920 Speaker 1: cash in that respect, and and and currencying that respect, 1074 00:55:20,920 --> 00:55:24,319 Speaker 1: And of course you can UM buy and sell with 1075 00:55:24,400 --> 00:55:28,400 Speaker 1: the decentralized medium Bitcoin across countries, UM and across just 1076 00:55:28,760 --> 00:55:31,440 Speaker 1: any kind of geography, and that's positive. So again, I 1077 00:55:31,480 --> 00:55:33,520 Speaker 1: think I think we're in this like evolution stage of 1078 00:55:33,520 --> 00:55:37,560 Speaker 1: it where more more people coming in. It's it's still 1079 00:55:37,560 --> 00:55:40,600 Speaker 1: an alternative investment. It's an alternative investment. I don't think 1080 00:55:40,600 --> 00:55:44,560 Speaker 1: you can ignore UM. And it's also one that if 1081 00:55:44,600 --> 00:55:48,799 Speaker 1: you're actually going to transact in it, UM still has 1082 00:55:48,840 --> 00:55:52,280 Speaker 1: a lot of alatility for the sort of smaller midsized 1083 00:55:52,320 --> 00:55:55,280 Speaker 1: business person. Yeah. Yeah, I think you said that perfectly. 1084 00:55:55,360 --> 00:55:57,040 Speaker 1: And uh, I guess you're kind of a little bit 1085 00:55:57,040 --> 00:55:59,160 Speaker 1: of a bitcoiner because you seem to actually get better 1086 00:55:59,200 --> 00:56:01,040 Speaker 1: than a lot of people. Right. Mean, it's it's an evolution, 1087 00:56:01,400 --> 00:56:03,840 Speaker 1: so UM just because it's not a perfect medium exchange 1088 00:56:03,880 --> 00:56:06,279 Speaker 1: because of volatility today doesn't mean it won't ever get there. 1089 00:56:06,480 --> 00:56:08,040 Speaker 1: But I would agree, I would agree with you it's 1090 00:56:08,080 --> 00:56:10,719 Speaker 1: not there today. UM. I think it's a great store 1091 00:56:10,760 --> 00:56:14,319 Speaker 1: of value, but spend fiat like it's really good to 1092 00:56:14,320 --> 00:56:17,560 Speaker 1: spend story of value somewhere else. UM and so you know, 1093 00:56:17,680 --> 00:56:19,440 Speaker 1: we'll see if it evolves to that point. I think 1094 00:56:19,480 --> 00:56:21,600 Speaker 1: it will as it gets bigger, that volatility goes down. 1095 00:56:21,880 --> 00:56:24,319 Speaker 1: But I was just kind of curious as we are 1096 00:56:24,320 --> 00:56:26,800 Speaker 1: setting up the central bankers that they're always going to 1097 00:56:26,880 --> 00:56:29,640 Speaker 1: try to manipulate and it's getting away from them, um 1098 00:56:29,760 --> 00:56:31,720 Speaker 1: and then bringing it back to that quote about maybe 1099 00:56:31,760 --> 00:56:34,920 Speaker 1: having this alternative store of value UM that they can't control, 1100 00:56:35,360 --> 00:56:38,280 Speaker 1: and so it'll be interesting to see how those two, 1101 00:56:38,480 --> 00:56:42,279 Speaker 1: those two d get out. UM. But anyway, go ahead, 1102 00:56:42,320 --> 00:56:45,000 Speaker 1: did you have something No? No, absolutely, And I think 1103 00:56:45,040 --> 00:56:46,799 Speaker 1: and I think I'm like you said, you know, as 1104 00:56:47,520 --> 00:56:52,919 Speaker 1: UM interested in bitcoin gets broader, UM, the volatility could 1105 00:56:52,960 --> 00:56:55,040 Speaker 1: be be more reduced. And I also think that means 1106 00:56:55,040 --> 00:56:58,239 Speaker 1: central banks or tragedy departments. Jane Allen just kind of 1107 00:56:58,239 --> 00:57:01,200 Speaker 1: talked about how it's it's not um useful and color 1108 00:57:01,239 --> 00:57:04,160 Speaker 1: it's not as efficient in commerce, and that's not wrong 1109 00:57:04,520 --> 00:57:07,000 Speaker 1: because of where it is in terms of commerce. But again, 1110 00:57:07,080 --> 00:57:10,879 Speaker 1: the more people, if that happens, that get involved, then 1111 00:57:10,920 --> 00:57:13,080 Speaker 1: then that could change. And it is a really interesting 1112 00:57:13,760 --> 00:57:17,360 Speaker 1: uh space to see what happens with that. Yeah, well, 1113 00:57:17,360 --> 00:57:19,000 Speaker 1: I'd love to talk more about that, but I know 1114 00:57:19,120 --> 00:57:20,720 Speaker 1: you have to go. We have a hard stop on 1115 00:57:20,760 --> 00:57:24,560 Speaker 1: the time, so we'll we'll end it there. UM. I 1116 00:57:24,600 --> 00:57:27,439 Speaker 1: appreciate you taking taking the time to talk to us today. 1117 00:57:27,440 --> 00:57:30,960 Speaker 1: It was amazing conversation. UM I'm gonna go ahead and 1118 00:57:31,000 --> 00:57:33,200 Speaker 1: link to the books that you have anywhere else that 1119 00:57:33,240 --> 00:57:35,240 Speaker 1: people should follow you that you want to shout out 1120 00:57:35,240 --> 00:57:37,960 Speaker 1: here right now? UM, I guess just my website. It's 1121 00:57:38,000 --> 00:57:42,600 Speaker 1: just a centralized piece of my work. UM so www 1122 00:57:42,640 --> 00:57:45,480 Speaker 1: dot know me, Prince dot com. And then will also 1123 00:57:45,560 --> 00:57:47,840 Speaker 1: kind of have my Twitter feeds and every sort of 1124 00:57:47,840 --> 00:57:51,320 Speaker 1: social media stuff as well, kind of filter through um 1125 00:57:51,440 --> 00:57:54,400 Speaker 1: or or you can go straight to those feeds. Perfect, Okay, 1126 00:57:54,400 --> 00:57:55,960 Speaker 1: So we'll make sure to link to that and then 1127 00:57:56,640 --> 00:57:58,360 Speaker 1: read the books if you want to know more about this, 1128 00:57:58,440 --> 00:58:00,720 Speaker 1: and then look out for Nobody's new book coming out. 1129 00:58:00,800 --> 00:58:02,400 Speaker 1: So with that, we're a good and sign it off. 1130 00:58:02,400 --> 00:58:04,840 Speaker 1: Thanks so much for joining us today. Thank you so much, 1131 00:58:04,880 --> 00:58:09,280 Speaker 1: great conversation. Okay, thanks, thank