1
00:00:00,120 --> 00:00:02,480
Speaker 1: These policies that go against kind of natural law and

2
00:00:02,560 --> 00:00:06,000
Speaker 1: natural order are actually responsible for a lot of the

3
00:00:06,040 --> 00:00:09,400
Speaker 1: big coms that we see from inequality, even potentially racism

4
00:00:09,400 --> 00:00:11,639
Speaker 1: and climate change. But what governments are trying to do

5
00:00:11,960 --> 00:00:14,440
Speaker 1: is they're trying to outrun that by printing more and

6
00:00:14,480 --> 00:00:18,040
Speaker 1: more money, and and they're they're they're not aware of

7
00:00:18,160 --> 00:00:21,720
Speaker 1: the consequences that they're driving into society. I've always asked

8
00:00:21,720 --> 00:00:25,680
Speaker 1: people just a simple question, would you rather your money

9
00:00:25,680 --> 00:00:28,880
Speaker 1: by more goods and services in the future or less?

10
00:00:29,400 --> 00:00:31,480
Speaker 1: Inflation is when the value of your money is worth

11
00:00:31,600 --> 00:00:35,600
Speaker 1: less overtime call it two percent less overtime, three percent

12
00:00:35,640 --> 00:00:41,400
Speaker 1: plus overtime overtime or less overtime. Inflation is goods and

13
00:00:41,479 --> 00:00:44,880
Speaker 1: services go hop in relation to your to your money.

14
00:00:45,080 --> 00:00:48,240
Speaker 1: The government's kind of operating on this, this this scarcity

15
00:00:48,320 --> 00:00:51,920
Speaker 1: mindset when the reality is today we should be operating

16
00:00:51,920 --> 00:00:54,880
Speaker 1: it seems like on an abundance mindset, where I look

17
00:00:54,920 --> 00:00:59,920
Speaker 1: at it like wealth creates more wealth. Economics is about scarcity,

18
00:01:00,040 --> 00:01:02,040
Speaker 1: perceived or real. What we've seen is when people kind

19
00:01:02,040 --> 00:01:04,280
Speaker 1: of come into bitcoin, it changes their mindset to where

20
00:01:04,280 --> 00:01:07,360
Speaker 1: they want to be savers now and um. When you're

21
00:01:07,360 --> 00:01:10,080
Speaker 1: a saver. You're not consuming as much stuff, you're not

22
00:01:10,120 --> 00:01:11,840
Speaker 1: buying as much stuff, you don't have as much trash,

23
00:01:11,880 --> 00:01:14,920
Speaker 1: you don't have as much stuff, and so um, that consumption,

24
00:01:15,280 --> 00:01:17,640
Speaker 1: that rapid rate of consumption is also bad for the environment.

25
00:01:17,680 --> 00:01:20,959
Speaker 1: We talk about bitcoin, and for people who understand what

26
00:01:21,000 --> 00:01:26,280
Speaker 1: it means, it's way bigger than wealth. Federal Reserve and

27
00:01:26,319 --> 00:01:30,080
Speaker 1: the central banks are driving and manipulated markets. But are

28
00:01:30,120 --> 00:01:33,760
Speaker 1: they working against natural law? And what does that even mean? Well,

29
00:01:34,000 --> 00:01:37,360
Speaker 1: there is amazing implications for understanding this, and we are

30
00:01:37,400 --> 00:01:39,479
Speaker 1: going to discuss this today with one of my good buddies,

31
00:01:39,520 --> 00:01:42,000
Speaker 1: Jeff Booth, who is coming back for a second time

32
00:01:42,160 --> 00:01:44,680
Speaker 1: to talk about how the Federal Reserve with their fiat

33
00:01:44,720 --> 00:01:48,640
Speaker 1: money system is actually working against natural We're gonna talk

34
00:01:48,640 --> 00:01:52,520
Speaker 1: about inflation versus deflation. What we really are talking about

35
00:01:52,560 --> 00:01:56,640
Speaker 1: in that argument about prices going up and down? Um,

36
00:01:56,760 --> 00:01:59,400
Speaker 1: would we rather prices be going down or up? We'll

37
00:01:59,400 --> 00:02:02,000
Speaker 1: talk about that. We're gonna be talking about scarcity mindset,

38
00:02:02,040 --> 00:02:05,320
Speaker 1: abundance mindset. We're gonna be talking about how, um, the

39
00:02:05,360 --> 00:02:09,760
Speaker 1: Fed talks about fighting against racial income and equality, climate change,

40
00:02:09,800 --> 00:02:12,600
Speaker 1: but is actually maybe making those things worse. We're gonna

41
00:02:12,600 --> 00:02:16,520
Speaker 1: talk about how technology and free markets could actually protect

42
00:02:16,560 --> 00:02:19,440
Speaker 1: against monopolies. And then we're gonna jump into kind of

43
00:02:19,480 --> 00:02:22,080
Speaker 1: the future, like what does the future hold? Is technology

44
00:02:22,120 --> 00:02:24,160
Speaker 1: going to get rid of a lot of jobs? And

45
00:02:24,200 --> 00:02:26,239
Speaker 1: if so, what should you be focusing on and paying

46
00:02:26,280 --> 00:02:28,520
Speaker 1: attention to? So many good things that we covered here

47
00:02:28,520 --> 00:02:31,320
Speaker 1: with Jeff, who was a great conversation, uh, that I

48
00:02:31,360 --> 00:02:32,680
Speaker 1: was looking forward to for a long time. It did

49
00:02:32,680 --> 00:02:34,560
Speaker 1: not disappoint and so let's go ahead just jump into

50
00:02:34,600 --> 00:02:36,640
Speaker 1: it right now with Jeff. Everyone. Welcome to the episode

51
00:02:36,639 --> 00:02:38,799
Speaker 1: of the Market Disruptor Show. And today I am joined

52
00:02:38,919 --> 00:02:41,440
Speaker 1: by Jeff Booth. He's back for a second time. He

53
00:02:41,520 --> 00:02:44,200
Speaker 1: is the author of the book The Price of Tomorrow. Um.

54
00:02:44,200 --> 00:02:46,680
Speaker 1: He has a very interesting thesis, one that I agree

55
00:02:46,720 --> 00:02:48,440
Speaker 1: with and one that I want to dig into more.

56
00:02:48,440 --> 00:02:51,040
Speaker 1: Today we're gonna talk about technology. Of course, I've been

57
00:02:51,040 --> 00:02:53,760
Speaker 1: talking about technology cycles a lot. What technology is doing,

58
00:02:53,960 --> 00:02:57,040
Speaker 1: um for humanity, for the world, and kind of a

59
00:02:57,040 --> 00:02:59,520
Speaker 1: bigger picture of where that goes. Sonny, We're gonna dig

60
00:02:59,520 --> 00:03:00,920
Speaker 1: into a bunch you have. Thanks so much for joining

61
00:03:00,919 --> 00:03:04,359
Speaker 1: me today. Thanks for having me again. Mark. Yeah, so, um,

62
00:03:04,440 --> 00:03:06,360
Speaker 1: like I said, you wrote, you wrote that book um.

63
00:03:06,400 --> 00:03:08,679
Speaker 1: And I know you've been talking about it at length, UM,

64
00:03:08,760 --> 00:03:11,680
Speaker 1: but it's so deep, right, So, UM, why don't you

65
00:03:11,800 --> 00:03:14,919
Speaker 1: kind of frame up, um, what the book is and

66
00:03:15,120 --> 00:03:17,080
Speaker 1: why you're going around talking about it so much, Like

67
00:03:17,120 --> 00:03:22,639
Speaker 1: what's that thesis? Um? So yeah, the thesis is technology

68
00:03:22,639 --> 00:03:25,880
Speaker 1: in itself, technology and innovation in a free market. Um,

69
00:03:26,320 --> 00:03:30,440
Speaker 1: must reduce prices, it must it must deliver more value

70
00:03:30,639 --> 00:03:32,839
Speaker 1: because in a free in a free market, the only

71
00:03:32,840 --> 00:03:36,560
Speaker 1: way in entrepreneur winds is by delivering value to society.

72
00:03:36,800 --> 00:03:40,600
Speaker 1: Otherwise the business fails and they co broke. So if

73
00:03:40,640 --> 00:03:43,640
Speaker 1: you if you understand how fast technology is moving and

74
00:03:43,680 --> 00:03:46,960
Speaker 1: how it's making things cheaper to the point of not

75
00:03:47,080 --> 00:03:50,520
Speaker 1: just cheaper free, that's what ends ends up happening with

76
00:03:50,560 --> 00:03:53,640
Speaker 1: all most technology. It keeps on driving the price down

77
00:03:53,680 --> 00:03:59,720
Speaker 1: to free because you create abundance. And so what's happening

78
00:03:59,720 --> 00:04:03,920
Speaker 1: in our society today is that that technology, that's that

79
00:04:03,920 --> 00:04:09,680
Speaker 1: that drive for for better, better humanity is being bumped

80
00:04:09,760 --> 00:04:12,920
Speaker 1: up against the world where we've always lived in, which

81
00:04:12,960 --> 00:04:17,080
Speaker 1: is an inflationary monetary policy that won't let prices fall.

82
00:04:18,080 --> 00:04:20,600
Speaker 1: Hey guys, let me just interrupt this interview real quick,

83
00:04:20,640 --> 00:04:24,120
Speaker 1: just to plug the show. Sponsor, and that is block Fi. Now,

84
00:04:24,200 --> 00:04:28,000
Speaker 1: Block five is doing amazing things in the bitcoin finance space.

85
00:04:28,120 --> 00:04:29,880
Speaker 1: As a matter of fact, they've cracked some really big

86
00:04:29,920 --> 00:04:33,479
Speaker 1: news by bringing on the x CFTC UM chair Chris

87
00:04:33,560 --> 00:04:37,200
Speaker 1: gian Carlo UM and they are one of the most transparent,

88
00:04:37,279 --> 00:04:40,479
Speaker 1: most heavily regulated UM companies inside the United States, which

89
00:04:40,480 --> 00:04:43,520
Speaker 1: gives me a lot of trust into what the services are. Now.

90
00:04:43,560 --> 00:04:46,320
Speaker 1: I've recently did a video talking about how to retire

91
00:04:46,440 --> 00:04:49,640
Speaker 1: off bitcoin, and you can do that by leveraging debt

92
00:04:49,880 --> 00:04:53,840
Speaker 1: and interest against bitcoin. And Block five is the number

93
00:04:53,880 --> 00:04:55,760
Speaker 1: one company in the United States or maybe in the

94
00:04:55,760 --> 00:04:58,760
Speaker 1: world to go to and use UM. They are leading

95
00:04:58,760 --> 00:05:00,839
Speaker 1: the charges. Are paying interest on your bitcoin if you

96
00:05:00,839 --> 00:05:03,240
Speaker 1: park it with him, or you can borrow against it. Now,

97
00:05:03,320 --> 00:05:05,320
Speaker 1: as I broke down in that video, you can borrow

98
00:05:05,360 --> 00:05:08,440
Speaker 1: against your bitcoin, and when you take debt against it,

99
00:05:08,440 --> 00:05:10,640
Speaker 1: it's not taxable. It's not a taxable event. You can

100
00:05:10,720 --> 00:05:12,479
Speaker 1: use that debt for anything that you want, including to

101
00:05:12,520 --> 00:05:14,719
Speaker 1: live off of to leverage up and buy more or

102
00:05:14,839 --> 00:05:17,320
Speaker 1: roll it into another asset. UM. You can do something

103
00:05:17,360 --> 00:05:19,920
Speaker 1: like I've done recently, like sell some real estate put

104
00:05:19,920 --> 00:05:23,000
Speaker 1: that money into bitcoin. Now, as that bitcoin price has risen.

105
00:05:23,040 --> 00:05:25,120
Speaker 1: I'm able to borrow against it and go back and

106
00:05:25,160 --> 00:05:27,560
Speaker 1: buy the same real estate or something similar, and I

107
00:05:27,640 --> 00:05:30,720
Speaker 1: still own the bitcoin, and I also own the new

108
00:05:30,760 --> 00:05:32,760
Speaker 1: asset as well. Lots of ways you can do this

109
00:05:33,080 --> 00:05:35,760
Speaker 1: um and block five is the company that I recommend.

110
00:05:35,880 --> 00:05:37,720
Speaker 1: Down in the description, I have a link that you

111
00:05:37,760 --> 00:05:39,480
Speaker 1: can click on. If you choose to use that link,

112
00:05:39,480 --> 00:05:41,600
Speaker 1: you can earn up the two fifty dollars in bitcoin

113
00:05:41,880 --> 00:05:44,080
Speaker 1: just for using that link. So check out block fine now.

114
00:05:45,120 --> 00:05:47,640
Speaker 1: And so so what you see is a byproduct of

115
00:05:47,640 --> 00:05:51,000
Speaker 1: that is some prices are falling. Your your your photos

116
00:05:51,000 --> 00:05:54,000
Speaker 1: are getting cheaper, your music is getting cheaper. You're getting

117
00:05:54,040 --> 00:05:56,720
Speaker 1: abundance and some of the stuff. And people are looking

118
00:05:56,720 --> 00:05:59,880
Speaker 1: at a cp I across the entire thing and saying, white,

119
00:06:00,000 --> 00:06:03,200
Speaker 1: don't we drive inflation up? But the things you need

120
00:06:03,279 --> 00:06:07,000
Speaker 1: the most, housing, food, everything else, they're they're rising in

121
00:06:07,040 --> 00:06:10,800
Speaker 1: price because because of monetary easing to make prices go up.

122
00:06:11,320 --> 00:06:15,840
Speaker 1: And I understand the problem. I understand why governments are

123
00:06:15,880 --> 00:06:18,719
Speaker 1: trying to make that happen, because if you allow inflation

124
00:06:18,839 --> 00:06:21,120
Speaker 1: to happen, essentially, if you allow your money to be

125
00:06:21,200 --> 00:06:24,719
Speaker 1: worth more to happen, and it's prices to fall in

126
00:06:24,800 --> 00:06:28,400
Speaker 1: relation to your money, then the existing debt of the

127
00:06:28,400 --> 00:06:33,000
Speaker 1: world needs to be resent because the existing debt gets,

128
00:06:33,440 --> 00:06:36,920
Speaker 1: in real terms, climbs in price. So what governments are

129
00:06:36,920 --> 00:06:39,560
Speaker 1: trying to do is they're trying to outrun that by

130
00:06:39,600 --> 00:06:43,120
Speaker 1: printing more and more money. And and they're they're they're

131
00:06:43,160 --> 00:06:46,640
Speaker 1: not aware of the consequences that they're driving into society

132
00:06:46,839 --> 00:06:52,159
Speaker 1: in the wealth, inequality, racism, divide of divide of human

133
00:06:52,200 --> 00:06:55,920
Speaker 1: beings because of because of what they're doing to try

134
00:06:55,920 --> 00:06:59,279
Speaker 1: to drive prices up. So we have we have governments

135
00:06:59,279 --> 00:07:03,760
Speaker 1: that are actually building more instability into a system that

136
00:07:03,960 --> 00:07:09,240
Speaker 1: is already that it is already unstable um and and

137
00:07:09,240 --> 00:07:11,600
Speaker 1: and most people are caught within that system and they

138
00:07:11,640 --> 00:07:14,720
Speaker 1: don't see how the whole system is working because they're

139
00:07:14,720 --> 00:07:19,120
Speaker 1: measuring their life from the system. Yeah. So so that's

140
00:07:19,200 --> 00:07:23,200
Speaker 1: largely what I talked about in the book. When one

141
00:07:23,240 --> 00:07:25,240
Speaker 1: of the things I realized that kind of in a

142
00:07:25,600 --> 00:07:27,680
Speaker 1: as I investigated this, because it was something I was

143
00:07:27,720 --> 00:07:31,160
Speaker 1: talking about for ten years, that that could be like

144
00:07:31,160 --> 00:07:35,080
Speaker 1: if you asked my friends that every campfire, every is

145
00:07:35,080 --> 00:07:37,760
Speaker 1: what I'll be talking about, you wouldn't want to be

146
00:07:37,760 --> 00:07:42,000
Speaker 1: my friend. Um, because I couldn't. I couldn't square that

147
00:07:42,080 --> 00:07:44,880
Speaker 1: pig that circle into the square, like I couldn't figure

148
00:07:44,880 --> 00:07:48,240
Speaker 1: out why aren't prices falling everywhere? Because technology is moving

149
00:07:48,480 --> 00:07:51,360
Speaker 1: into a base layer of everything we do. So technology

150
00:07:51,440 --> 00:07:53,760
Speaker 1: that should it shouldn't just be our TV TVs are

151
00:07:53,800 --> 00:07:57,760
Speaker 1: getting cheaper and better, it should be everything, and and

152
00:07:57,760 --> 00:08:00,680
Speaker 1: and and So when I investigated that, and I realized, Okay,

153
00:08:00,720 --> 00:08:03,200
Speaker 1: there's two fifty trillion dollars of debt in the world

154
00:08:03,240 --> 00:08:06,880
Speaker 1: to run an eighty trillion dollar global economy. That takes

155
00:08:06,880 --> 00:08:10,720
Speaker 1: your breath away and you and you first ask could

156
00:08:10,760 --> 00:08:15,320
Speaker 1: you actually grow out of that? And and really hard

157
00:08:15,360 --> 00:08:16,880
Speaker 1: to believe you could grow out of that. But if

158
00:08:16,920 --> 00:08:18,640
Speaker 1: you had to grow out, if you had to grow

159
00:08:18,640 --> 00:08:20,960
Speaker 1: out of it, taxes must go up and you have

160
00:08:21,040 --> 00:08:23,239
Speaker 1: to have growth too, so you'd have to slow growth

161
00:08:23,240 --> 00:08:27,040
Speaker 1: in the future because you demand. But the real smoking

162
00:08:27,080 --> 00:08:31,280
Speaker 1: gun on it was trillion dollars of that debt came

163
00:08:31,320 --> 00:08:34,640
Speaker 1: within the last twenty years. And this is all before COVID,

164
00:08:35,080 --> 00:08:38,480
Speaker 1: so you can predictably. So now now my thesis made

165
00:08:38,520 --> 00:08:41,440
Speaker 1: a lot of sense. You have prices wanting to fall

166
00:08:42,400 --> 00:08:44,720
Speaker 1: and and wanting to fall faster and faster, and faster

167
00:08:44,920 --> 00:08:49,160
Speaker 1: is technology removes labor and makes things cheaper. Um, and

168
00:08:49,240 --> 00:08:52,760
Speaker 1: you have something stopping that. You have government policy all

169
00:08:52,760 --> 00:08:56,400
Speaker 1: over the world trying to stop that, And the simple

170
00:08:56,480 --> 00:09:02,600
Speaker 1: question is why it isn't. Isn't saving our time and

171
00:09:02,800 --> 00:09:09,680
Speaker 1: technology giving us more for less the point of innovation? Yeah, yeah,

172
00:09:09,679 --> 00:09:13,440
Speaker 1: that's great. So, UM, you started with a lot. I'm

173
00:09:13,480 --> 00:09:16,040
Speaker 1: gonna start digging into this piece by piece. Um for

174
00:09:16,080 --> 00:09:19,280
Speaker 1: everybody listening, maybe you caught what he said, but um,

175
00:09:19,360 --> 00:09:21,760
Speaker 1: these policies that go against kind of natural law and

176
00:09:21,840 --> 00:09:25,320
Speaker 1: natural order are actually responsible for a lot of the

177
00:09:25,320 --> 00:09:28,640
Speaker 1: big poms that we see from inequality, even potentially racism

178
00:09:28,679 --> 00:09:30,679
Speaker 1: and climate change. So we're gonna dig into that kind

179
00:09:30,720 --> 00:09:32,600
Speaker 1: of stuff. But maybe to kind of dig into this

180
00:09:32,920 --> 00:09:36,080
Speaker 1: at the first level, Um, when you talk about inflation

181
00:09:36,160 --> 00:09:39,760
Speaker 1: and inflation and deflation, Um, you keep saying price changing,

182
00:09:39,920 --> 00:09:42,920
Speaker 1: so prices going up or prices going down? Um. I

183
00:09:42,920 --> 00:09:46,240
Speaker 1: think inflation is a very nuanced argument. Um. Obviously we

184
00:09:46,280 --> 00:09:49,280
Speaker 1: can look at the hundreds of chillions of dollars of

185
00:09:49,320 --> 00:09:52,679
Speaker 1: debt and that debt could go bad. That's massive deflation.

186
00:09:53,000 --> 00:09:54,840
Speaker 1: But I think for kind of to frame up what

187
00:09:54,840 --> 00:09:56,880
Speaker 1: we're talking about, are you talking about specifically like the

188
00:09:56,880 --> 00:10:00,640
Speaker 1: CPI and and actual prices of consumer goods. Talking about

189
00:10:00,679 --> 00:10:04,840
Speaker 1: prices generally, inflation if you if you simple, it's simplified it.

190
00:10:04,920 --> 00:10:07,000
Speaker 1: Inflation is when the value of your money is worth

191
00:10:07,080 --> 00:10:11,040
Speaker 1: less overtime call it two percent less overtime, three percent

192
00:10:11,160 --> 00:10:14,800
Speaker 1: less overtime, fifty percent over time and less overtime. Inflation

193
00:10:15,480 --> 00:10:18,880
Speaker 1: is goods and services go up in relation to your

194
00:10:19,200 --> 00:10:23,160
Speaker 1: to your money and so so. And by the way,

195
00:10:23,200 --> 00:10:26,400
Speaker 1: that's a that's a tax on on the middle class

196
00:10:26,400 --> 00:10:30,800
Speaker 1: and poor, hidden tax, and it's a wealth transfer to

197
00:10:30,840 --> 00:10:33,480
Speaker 1: the rich. And it's pretty easy to see see that.

198
00:10:33,600 --> 00:10:35,840
Speaker 1: So if you had a hundred houses mark and I

199
00:10:35,880 --> 00:10:38,760
Speaker 1: had one house and somebody else was renting, if you

200
00:10:38,840 --> 00:10:42,920
Speaker 1: drive inflation essentially the money being worth less, then the

201
00:10:42,960 --> 00:10:46,480
Speaker 1: houses will go up in relation to that, and so

202
00:10:46,679 --> 00:10:49,360
Speaker 1: the houses, so you'll get more of the wealth. And

203
00:10:49,400 --> 00:10:52,240
Speaker 1: if I'm renting where somebody else is renting, their rents

204
00:10:52,240 --> 00:10:54,960
Speaker 1: will go up in relation to that. So inflation is

205
00:10:55,000 --> 00:11:00,400
Speaker 1: the same as wage deflation or or or your ency

206
00:11:00,480 --> 00:11:05,560
Speaker 1: being worthless, so on the other So, now, so that's

207
00:11:05,559 --> 00:11:07,800
Speaker 1: how I look at it. And here's what people conflate.

208
00:11:08,480 --> 00:11:10,480
Speaker 1: And because they missed the kind of the root cause

209
00:11:10,520 --> 00:11:13,240
Speaker 1: of it all. When we hear deflation, we get so

210
00:11:13,320 --> 00:11:18,640
Speaker 1: scared because we assume deflation to to mean the great

211
00:11:18,640 --> 00:11:24,079
Speaker 1: depression relationary depression and what people and and and they

212
00:11:24,120 --> 00:11:27,679
Speaker 1: miss the fact that if you can't pay back the debt,

213
00:11:29,240 --> 00:11:32,680
Speaker 1: eventually there's going to be bad deflation where you wipe

214
00:11:32,679 --> 00:11:35,440
Speaker 1: out the debt and making the debt bigger and bigger

215
00:11:35,440 --> 00:11:38,720
Speaker 1: and bigger doesn't stop that. It can push can push

216
00:11:38,720 --> 00:11:41,000
Speaker 1: it down the stream. But they miss they missed the

217
00:11:41,080 --> 00:11:45,320
Speaker 1: kind of the the what creates the problem from the

218
00:11:45,400 --> 00:11:50,600
Speaker 1: natural laws of natural laws of human innovation in a

219
00:11:50,640 --> 00:11:55,640
Speaker 1: free market. And now I add technology that's moving exponentially

220
00:11:56,040 --> 00:12:01,280
Speaker 1: must be deflationary. Yeah, yeah, um, you know a lot

221
00:12:01,280 --> 00:12:03,640
Speaker 1: of people think we need this inflation. To your point

222
00:12:03,720 --> 00:12:06,199
Speaker 1: right there, deathly afraid of deflation, we need inflation. I

223
00:12:06,240 --> 00:12:08,719
Speaker 1: talked to a buddy last night who's a very smart guy,

224
00:12:08,800 --> 00:12:12,400
Speaker 1: big time lover of liberty, loves bitcoin, super smart, makes

225
00:12:12,400 --> 00:12:15,800
Speaker 1: good money, all these things, and he and he said, well,

226
00:12:16,000 --> 00:12:18,000
Speaker 1: we I think, you know, bigcoin could be good store valua,

227
00:12:18,000 --> 00:12:20,000
Speaker 1: but we might need another currency because the money supply

228
00:12:20,120 --> 00:12:24,520
Speaker 1: has to increase. And I'm just like, why, you know,

229
00:12:24,600 --> 00:12:28,120
Speaker 1: and so I think people don't really understand exactly what

230
00:12:28,160 --> 00:12:30,560
Speaker 1: that means. And I think I've always asked people just

231
00:12:30,559 --> 00:12:34,760
Speaker 1: a simple question, would you rather your money by more

232
00:12:34,800 --> 00:12:38,320
Speaker 1: goods and services in the future or less? And like,

233
00:12:38,440 --> 00:12:41,719
Speaker 1: of course they want more? Right, Um, well, we'll think

234
00:12:41,720 --> 00:12:44,080
Speaker 1: you think of it. Just pokeon that what we do

235
00:12:44,160 --> 00:12:48,280
Speaker 1: every day or individual decisions prove what you said. We

236
00:12:48,320 --> 00:12:51,240
Speaker 1: wouldn't use Google, we wouldn't use Amazon, we wouldn't use

237
00:12:51,520 --> 00:12:54,120
Speaker 1: We wouldn't have an iPhone with all of the free

238
00:12:54,120 --> 00:12:57,160
Speaker 1: stuff on it unless that was true. Yeah, we think

239
00:12:57,280 --> 00:13:01,040
Speaker 1: somehow that this system should work differently everybody than it

240
00:13:01,040 --> 00:13:07,400
Speaker 1: does for us individually. It's absolutely insane. We look for value, um,

241
00:13:08,240 --> 00:13:11,160
Speaker 1: and and so we're always we're always scanning for the

242
00:13:11,160 --> 00:13:14,760
Speaker 1: best deal, the cheapest price, how we can save money. Yeah,

243
00:13:14,920 --> 00:13:18,240
Speaker 1: and not just cheapest price. We we it's it's it's

244
00:13:18,559 --> 00:13:22,920
Speaker 1: value specifically, but how we measure that that value? Often

245
00:13:22,960 --> 00:13:26,040
Speaker 1: it comes with more for it's more for less. That's

246
00:13:26,040 --> 00:13:27,880
Speaker 1: why we use the things. And if we don't get

247
00:13:27,880 --> 00:13:31,400
Speaker 1: more for less, we'll find an alternative, right Yeah. And um,

248
00:13:31,640 --> 00:13:33,920
Speaker 1: you know I I had posted something on Twitter while ago,

249
00:13:33,920 --> 00:13:35,480
Speaker 1: and it was like a picture of a cup of coffee,

250
00:13:35,559 --> 00:13:36,959
Speaker 1: and I showed, you know, it used to be ten cents,

251
00:13:36,960 --> 00:13:38,800
Speaker 1: twenty cents. Now it's like a buck fifty. And I

252
00:13:38,840 --> 00:13:42,160
Speaker 1: was like, what if coffee went the other way? Like,

253
00:13:42,720 --> 00:13:45,640
Speaker 1: why not coffee getting cheaper? Yeah, so and and and

254
00:13:45,679 --> 00:13:48,440
Speaker 1: the point is now pull that back. And that's where

255
00:13:48,440 --> 00:13:51,160
Speaker 1: people they're so stuck in a system. They it's so

256
00:13:51,200 --> 00:13:53,400
Speaker 1: hard to believe. We've been trying. By the way, when

257
00:13:53,440 --> 00:13:57,280
Speaker 1: I wrote my book, I grew up in same probably

258
00:13:57,280 --> 00:14:01,560
Speaker 1: time that you did, and and I believed in inflation.

259
00:14:01,559 --> 00:14:05,240
Speaker 1: I believe those lives that that that we're told. You

260
00:14:05,240 --> 00:14:07,680
Speaker 1: went to school, that's what you heard. You've got an education,

261
00:14:07,720 --> 00:14:10,040
Speaker 1: you've got a better job, everything else. Your house went

262
00:14:10,120 --> 00:14:11,880
Speaker 1: up over time, and you paid it back with cheaper

263
00:14:11,880 --> 00:14:15,480
Speaker 1: money later on. And and when I when I went

264
00:14:15,520 --> 00:14:20,000
Speaker 1: to the first Principles, and I realized just a second um,

265
00:14:20,960 --> 00:14:23,360
Speaker 1: technology isn't going to slow down. Most of the deflation

266
00:14:23,440 --> 00:14:26,560
Speaker 1: is in front of us. So why is it, Why

267
00:14:26,680 --> 00:14:28,600
Speaker 1: is it that we believe that we have to have

268
00:14:28,640 --> 00:14:32,920
Speaker 1: inflation right, and it's not true. So technology so to

269
00:14:33,000 --> 00:14:36,400
Speaker 1: you to use that coffee cup of coffee example, how

270
00:14:36,480 --> 00:14:40,000
Speaker 1: much innovation has there been into supply chains to reduce prices.

271
00:14:40,120 --> 00:14:42,640
Speaker 1: How much how much labor has come out of that

272
00:14:42,800 --> 00:14:46,560
Speaker 1: example to be able to raise prices, It should be

273
00:14:46,600 --> 00:14:50,440
Speaker 1: lower in prices. The only reason that it's higher in

274
00:14:50,480 --> 00:14:55,080
Speaker 1: prices is manipulation. Yeah. Yeah, it's a good point. So, UM,

275
00:14:55,080 --> 00:14:56,880
Speaker 1: now we've kind of set the stage on that kind

276
00:14:56,880 --> 00:14:59,520
Speaker 1: of inflation and deflation and kind of what that is. UM,

277
00:14:59,560 --> 00:15:01,800
Speaker 1: let's hadn't moved into the next area, which would be

278
00:15:01,800 --> 00:15:03,280
Speaker 1: then kind of taking it to like you said that

279
00:15:03,360 --> 00:15:07,960
Speaker 1: first principles and that most basic you had said something about, um,

280
00:15:08,000 --> 00:15:11,480
Speaker 1: you know, humans human ingenuity. So you know, um, people

281
00:15:11,560 --> 00:15:14,440
Speaker 1: used to carry an armful of lumber and then they

282
00:15:14,480 --> 00:15:19,120
Speaker 1: invented a wheelbarrow that was deflay scenary. You talk about technology,

283
00:15:19,360 --> 00:15:23,080
Speaker 1: I would almost say that it's it's human ingenuity or

284
00:15:23,160 --> 00:15:26,760
Speaker 1: human imagination. Uh. My good friend Robert Kiyosaki is writing

285
00:15:26,760 --> 00:15:30,200
Speaker 1: a new book, UM titled Infinite Return, and in that

286
00:15:30,320 --> 00:15:34,960
Speaker 1: he's making the case that our imagination has an infinite return.

287
00:15:35,000 --> 00:15:37,120
Speaker 1: We can continue to imagine. I heard a saying it

288
00:15:37,120 --> 00:15:40,840
Speaker 1: says everything that was ever created was imagined first. Um, right,

289
00:15:40,880 --> 00:15:43,000
Speaker 1: I mean a thousand years ago, we lived in the dirt.

290
00:15:43,680 --> 00:15:46,520
Speaker 1: Everything that we've created has been imagined. So I guess

291
00:15:46,560 --> 00:15:49,480
Speaker 1: that's kind of first principles. Uh, maybe the imagination is

292
00:15:49,480 --> 00:15:52,200
Speaker 1: like technology, right, it's constantly looking for ways to do

293
00:15:52,280 --> 00:15:56,960
Speaker 1: things faster, easier, cheaper, and we should it seems like

294
00:15:57,000 --> 00:15:59,600
Speaker 1: we should embrace that because the goal would be to

295
00:16:00,040 --> 00:16:02,240
Speaker 1: have an easier life in the future, not a harder one.

296
00:16:02,840 --> 00:16:05,800
Speaker 1: So that is that is the principle of the principle.

297
00:16:05,880 --> 00:16:09,680
Speaker 1: But let's let's you want to I'll talk about an

298
00:16:09,680 --> 00:16:15,280
Speaker 1: example here. Um, so you think about the first one

299
00:16:15,320 --> 00:16:18,960
Speaker 1: that's already hit us. We used to buy records, CDs,

300
00:16:19,840 --> 00:16:22,120
Speaker 1: eight tracks before before that, and we used to to

301
00:16:22,200 --> 00:16:24,520
Speaker 1: be able to listen to music. We had to go

302
00:16:24,560 --> 00:16:27,840
Speaker 1: through this process of having all of this equipment and

303
00:16:28,240 --> 00:16:30,960
Speaker 1: we had to buy the physical goods and we could

304
00:16:30,960 --> 00:16:33,200
Speaker 1: only buy so much. We were we had a scarce

305
00:16:33,240 --> 00:16:38,440
Speaker 1: mindset and because and because of that, there emerged an

306
00:16:38,640 --> 00:16:42,880
Speaker 1: entire industry to choose what we would see. We would

307
00:16:42,880 --> 00:16:46,600
Speaker 1: only see the what what the choosers thought was going

308
00:16:46,640 --> 00:16:50,040
Speaker 1: to be the best, best music because the cost of

309
00:16:50,120 --> 00:16:53,640
Speaker 1: distribution was so high, So a whole bunch of people

310
00:16:53,760 --> 00:16:56,920
Speaker 1: never got access to the market. That never, a whole

311
00:16:56,920 --> 00:17:00,400
Speaker 1: bunch of artists never We never saw them. They never

312
00:17:00,440 --> 00:17:03,360
Speaker 1: saw us. And it was really expensive. If you think

313
00:17:03,400 --> 00:17:06,800
Speaker 1: about I think about when I was a kid, my

314
00:17:06,960 --> 00:17:10,600
Speaker 1: record collection and everything else, and all all of those

315
00:17:10,600 --> 00:17:12,800
Speaker 1: records to listen to a fraction of the music that

316
00:17:12,880 --> 00:17:16,639
Speaker 1: was available. Now it's ten dollars a month UM and

317
00:17:16,680 --> 00:17:23,160
Speaker 1: I have unlimited UM exactly in Canada, it's always more

318
00:17:25,880 --> 00:17:30,680
Speaker 1: the unlimited music. And and all of the creators, all

319
00:17:30,720 --> 00:17:33,200
Speaker 1: of the new creators that would have never been stars

320
00:17:33,800 --> 00:17:36,560
Speaker 1: are now stars that now you still have to do

321
00:17:36,600 --> 00:17:38,920
Speaker 1: in a free market. You still have to get through that.

322
00:17:39,040 --> 00:17:43,040
Speaker 1: And because there's an overwhelming amount of content that is

323
00:17:43,119 --> 00:17:46,960
Speaker 1: essentially free and a technology that allows it to be free.

324
00:17:47,400 --> 00:17:51,919
Speaker 1: So that's that's just things moving to information where they

325
00:17:52,000 --> 00:17:56,120
Speaker 1: used to be physical but now carry your things forward.

326
00:17:56,160 --> 00:17:59,240
Speaker 1: And but that's a base layer. That's what people think

327
00:17:59,320 --> 00:18:01,840
Speaker 1: is it's just an on industry. It's a base layer

328
00:18:01,880 --> 00:18:04,880
Speaker 1: of the future of our way of life. In fact,

329
00:18:04,960 --> 00:18:07,520
Speaker 1: this what we're doing on this podcast proves it. And

330
00:18:07,520 --> 00:18:10,080
Speaker 1: what if you look at the technology behind what's coming

331
00:18:10,119 --> 00:18:13,920
Speaker 1: to this podcast, you just it'll feel like a real experience.

332
00:18:14,160 --> 00:18:16,480
Speaker 1: Within five years, it'll feel like we're in the same

333
00:18:16,560 --> 00:18:20,199
Speaker 1: room within five years. Now take that information that you

334
00:18:20,280 --> 00:18:24,920
Speaker 1: just said. Imagine, so what is pick something in your room.

335
00:18:25,000 --> 00:18:28,840
Speaker 1: Pick so pick that, pick the table that this is

336
00:18:28,880 --> 00:18:34,520
Speaker 1: on the you. That table is somebody's idea. I'm going

337
00:18:34,600 --> 00:18:37,919
Speaker 1: to create a business of tables and my table is

338
00:18:37,920 --> 00:18:40,120
Speaker 1: going to be the best table in the world. And right,

339
00:18:40,320 --> 00:18:43,880
Speaker 1: and it's just an idea that they've transferred to a product,

340
00:18:44,480 --> 00:18:48,199
Speaker 1: and product is and shipped over the labors overseas and

341
00:18:48,480 --> 00:18:54,960
Speaker 1: factory in China, through distribution shipping distribution containers, then trucks

342
00:18:55,400 --> 00:18:57,320
Speaker 1: and then a real store. And you go up and

343
00:18:57,320 --> 00:19:00,920
Speaker 1: pick up that table and if that entrepreneurs right, and

344
00:19:01,000 --> 00:19:03,040
Speaker 1: yet table is a really great table and everything else,

345
00:19:03,040 --> 00:19:05,280
Speaker 1: and you pick it after it's gone through all of this,

346
00:19:06,640 --> 00:19:10,679
Speaker 1: that and all the costum that entrepreneur creates a business

347
00:19:11,680 --> 00:19:15,840
Speaker 1: to repay the cycle, the entire cost that information that

348
00:19:16,000 --> 00:19:20,400
Speaker 1: idea is about to within ten years will be printed

349
00:19:20,400 --> 00:19:26,000
Speaker 1: in your printed in your house. It's just information. And

350
00:19:26,040 --> 00:19:28,520
Speaker 1: on top of that information is you have that idea

351
00:19:28,600 --> 00:19:32,240
Speaker 1: for information. AI systems are coming in and delivering better,

352
00:19:32,960 --> 00:19:37,760
Speaker 1: better ideas and more choice, abundance of abundance of choice,

353
00:19:37,840 --> 00:19:40,600
Speaker 1: just like in music, coming to you for free or

354
00:19:40,640 --> 00:19:44,040
Speaker 1: almost free within ten years. So how are you How

355
00:19:44,160 --> 00:19:48,439
Speaker 1: is government when it's just starting now right, it's just

356
00:19:48,560 --> 00:19:50,440
Speaker 1: and most of the deflation is in front of us.

357
00:19:50,840 --> 00:19:53,800
Speaker 1: How is the government going to stop that from happening?

358
00:19:55,440 --> 00:19:58,200
Speaker 1: They're not. In fact, the fastest the more they push,

359
00:19:58,720 --> 00:20:01,960
Speaker 1: the more they push prices up, which is unnatural against

360
00:20:01,960 --> 00:20:06,639
Speaker 1: the free market. The more entrepreneurs take tech technology to

361
00:20:06,680 --> 00:20:10,399
Speaker 1: remove labor faster because because that's how you deliver value.

362
00:20:10,840 --> 00:20:13,720
Speaker 1: So so you have you have two different systems competing

363
00:20:13,760 --> 00:20:16,760
Speaker 1: against each other, and it's actually happening faster and faster

364
00:20:16,840 --> 00:20:21,680
Speaker 1: and faster and faster all the time. Yeah, kind of

365
00:20:21,720 --> 00:20:23,240
Speaker 1: like being in a boat with a hole in it

366
00:20:23,280 --> 00:20:25,080
Speaker 1: and you're constantly trying to build the water out, but

367
00:20:25,240 --> 00:20:27,560
Speaker 1: the but the water keeps rushing in. I guess keep

368
00:20:27,600 --> 00:20:34,200
Speaker 1: getting Yeah, yeah, I think like I think you mentioned

369
00:20:34,680 --> 00:20:37,520
Speaker 1: like the scarcity mindset, and so I'm not old enough

370
00:20:37,560 --> 00:20:39,240
Speaker 1: to have eight tracks, but I did have a bunch

371
00:20:39,240 --> 00:20:41,760
Speaker 1: of cassette tapes at one point. And I remember I

372
00:20:41,800 --> 00:20:43,840
Speaker 1: had the biggest cassette table you can get. It had

373
00:20:43,880 --> 00:20:46,359
Speaker 1: thirty on each side, so I had sixty cassettes. Like

374
00:20:46,400 --> 00:20:48,840
Speaker 1: that was a lot. Now we have unlimited music. I

375
00:20:48,840 --> 00:20:52,600
Speaker 1: don't even buy music anymore. Right, Um, but I think

376
00:20:52,760 --> 00:20:54,880
Speaker 1: we you know, I guess all of economics does kind

377
00:20:54,880 --> 00:20:57,560
Speaker 1: of break down to scarcity. Right. We understand like value

378
00:20:57,600 --> 00:21:00,920
Speaker 1: of cruised to assets that are scarce, but on a

379
00:21:01,400 --> 00:21:03,679
Speaker 1: we're talking right now on like first principles on a

380
00:21:03,760 --> 00:21:06,400
Speaker 1: human basis, and you kind of do have two different mindset.

381
00:21:06,440 --> 00:21:09,040
Speaker 1: You have a scarcity mindset or you have an abundance mindset.

382
00:21:09,680 --> 00:21:11,399
Speaker 1: And it almost seems like, I guess kind of what

383
00:21:11,440 --> 00:21:13,919
Speaker 1: you're saying is, Um, the government's kind of operating on

384
00:21:14,000 --> 00:21:17,879
Speaker 1: this this this a scarcity mindset when the reality is

385
00:21:18,320 --> 00:21:20,199
Speaker 1: today we should be operating it seems like on an

386
00:21:20,200 --> 00:21:24,440
Speaker 1: abundance mindset, where I look at it like wealth creates

387
00:21:24,480 --> 00:21:28,480
Speaker 1: more wealth. So for example, Amazon was a new technology

388
00:21:28,520 --> 00:21:31,640
Speaker 1: that has put a lot of people out of business. Right.

389
00:21:31,680 --> 00:21:35,679
Speaker 1: But on the other hand, look how many businesses it's created. Um,

390
00:21:35,760 --> 00:21:38,359
Speaker 1: there's a million people that have started Amazon Store and

391
00:21:38,359 --> 00:21:41,879
Speaker 1: they're millionaires. Now it's created you know, all these logistics

392
00:21:41,880 --> 00:21:45,320
Speaker 1: companies and you know manufacturers and so um that that

393
00:21:45,480 --> 00:21:49,680
Speaker 1: abundance of Amazon has created massive abundance. So is it

394
00:21:49,760 --> 00:21:53,479
Speaker 1: a battle over mindset as well? Or like it's for

395
00:21:53,600 --> 00:21:55,600
Speaker 1: sure about ale over mindset? You know I wrote the

396
00:21:55,640 --> 00:21:58,080
Speaker 1: boat list in the book, and I use the example

397
00:21:58,640 --> 00:22:03,040
Speaker 1: to your point. Economos is all about scarcity, perceived or real.

398
00:22:03,600 --> 00:22:06,760
Speaker 1: So what is a brand trying to do? They're trying

399
00:22:06,760 --> 00:22:09,560
Speaker 1: to imprint into your mind that their thing is more

400
00:22:09,640 --> 00:22:13,960
Speaker 1: valuable than somebody else's because of a perceived scarcity in

401
00:22:14,000 --> 00:22:15,800
Speaker 1: your mind, that you'll pay more for that. That's what

402
00:22:15,920 --> 00:22:21,639
Speaker 1: any brand is. And so so economics is about scarcity,

403
00:22:21,640 --> 00:22:25,119
Speaker 1: perceived or real. Hey, sorry to interrupt this video just

404
00:22:25,240 --> 00:22:27,680
Speaker 1: one more time. I'm not running Google ads. So it's

405
00:22:27,680 --> 00:22:30,000
Speaker 1: actually way less interruption than I normally would have on

406
00:22:30,040 --> 00:22:33,280
Speaker 1: a video. And that's because it's sponsored by block five UM.

407
00:22:33,359 --> 00:22:36,720
Speaker 1: They are opening up the world of bitcoin and financial

408
00:22:36,760 --> 00:22:40,400
Speaker 1: products offering to pay you interest on your bitcoin um

409
00:22:40,520 --> 00:22:42,439
Speaker 1: better than owning a rental property that you have to

410
00:22:42,480 --> 00:22:44,240
Speaker 1: manage and control and have the risks. You can just

411
00:22:44,280 --> 00:22:47,040
Speaker 1: earn interest on it or you can leverage against it. Now,

412
00:22:47,359 --> 00:22:50,520
Speaker 1: I plan to hold my bitcoin forever and literally never

413
00:22:50,840 --> 00:22:52,840
Speaker 1: sell my bitcoin. So how do you do that? Well,

414
00:22:53,080 --> 00:22:55,320
Speaker 1: if I need money, I don't want to sell that bitcoin.

415
00:22:55,320 --> 00:22:57,440
Speaker 1: I'm gonna pay tax on it, all right, I'm gonna

416
00:22:57,480 --> 00:22:59,760
Speaker 1: end up with less and I don't have the bitcoin anymore.

417
00:22:59,800 --> 00:23:01,920
Speaker 1: So a better way to do it is to borrow

418
00:23:02,040 --> 00:23:04,919
Speaker 1: against the bitcoin. So I've put all my money into bitcoin.

419
00:23:05,200 --> 00:23:06,840
Speaker 1: If I want to buy a car, or I want

420
00:23:06,840 --> 00:23:09,400
Speaker 1: to buy a house, I can borrow against it at

421
00:23:09,600 --> 00:23:12,560
Speaker 1: very very low competitive rates. Get my house, get my car,

422
00:23:12,640 --> 00:23:15,440
Speaker 1: whatever that may be, and get to keep the bitcoin.

423
00:23:15,480 --> 00:23:17,960
Speaker 1: I've done a whole video on this. You can find it.

424
00:23:17,960 --> 00:23:19,960
Speaker 1: I'll link it down in the description below, how to

425
00:23:20,080 --> 00:23:22,480
Speaker 1: retire off a bitcoin without paying taxes, and you can

426
00:23:22,480 --> 00:23:25,000
Speaker 1: do that with block fight services. I'll link to the

427
00:23:25,080 --> 00:23:26,640
Speaker 1: video down below. I'm also going to put a link

428
00:23:26,680 --> 00:23:28,439
Speaker 1: to block Fight. If you choose to click on that

429
00:23:28,440 --> 00:23:30,080
Speaker 1: link to check them out. You can earn up to

430
00:23:30,080 --> 00:23:33,320
Speaker 1: two in free bitcoin just for using that link. And

431
00:23:33,359 --> 00:23:35,440
Speaker 1: that's it. Let's go ahead and get back to the interview.

432
00:23:35,600 --> 00:23:38,480
Speaker 1: And just to see that what I pulled out in

433
00:23:38,520 --> 00:23:43,480
Speaker 1: the book is the oxygen you breathe right, arguably the

434
00:23:43,520 --> 00:23:47,480
Speaker 1: most valuable thing in your life. Why is it? Why

435
00:23:47,560 --> 00:23:49,520
Speaker 1: it aren't? Why don't you pay a lot of money

436
00:23:49,560 --> 00:23:53,679
Speaker 1: for it? Over abundance? It's abundant, and and and that

437
00:23:53,760 --> 00:23:58,320
Speaker 1: abundance is coming to everything. It's and so why would

438
00:23:58,320 --> 00:24:02,480
Speaker 1: you try to stop that? Abundance from from from entering society.

439
00:24:02,880 --> 00:24:10,359
Speaker 1: Yes it has, Yes, it has um real um repercussions

440
00:24:10,400 --> 00:24:13,760
Speaker 1: because it's a different system. It's a totally different system.

441
00:24:13,760 --> 00:24:16,720
Speaker 1: But it's coming anyways. And so so if you try

442
00:24:16,760 --> 00:24:19,080
Speaker 1: to stop that, if you try if and what you're

443
00:24:19,119 --> 00:24:26,679
Speaker 1: seeing is by stopping that, governments are concentrating power, wealth power, um,

444
00:24:26,880 --> 00:24:30,600
Speaker 1: and removing the free market. So let's let's talk about

445
00:24:30,640 --> 00:24:33,040
Speaker 1: that for a second, because that's one thing that I

446
00:24:33,160 --> 00:24:36,800
Speaker 1: just keep thinking about as we're talking. UM. I guess

447
00:24:36,800 --> 00:24:40,040
Speaker 1: there's again as a multifaceted conversation, but when I think

448
00:24:40,080 --> 00:24:43,520
Speaker 1: about prices specifically as we're talking about right now, um,

449
00:24:43,560 --> 00:24:45,240
Speaker 1: and the ability for my money to buy me more

450
00:24:45,280 --> 00:24:46,960
Speaker 1: goods and services in the future, which I would like

451
00:24:47,000 --> 00:24:49,840
Speaker 1: if prices were going down. But to your point, you're saying,

452
00:24:49,840 --> 00:24:53,480
Speaker 1: the FED is actively trying to stop that. Um. Do

453
00:24:53,520 --> 00:24:56,199
Speaker 1: you think the FED really once prices to go up

454
00:24:56,240 --> 00:24:58,320
Speaker 1: they want us to have to pay more for things

455
00:24:58,359 --> 00:25:01,000
Speaker 1: in the future, or is are they trying to do

456
00:25:01,040 --> 00:25:04,560
Speaker 1: something else as you just let on now, power centralized power, control,

457
00:25:04,800 --> 00:25:08,800
Speaker 1: and then the rise of prices is just a casualty

458
00:25:08,840 --> 00:25:10,000
Speaker 1: of that. I mean, do they really want us to

459
00:25:10,000 --> 00:25:12,760
Speaker 1: have to pay more for our coffee in the future. UM,

460
00:25:12,880 --> 00:25:16,480
Speaker 1: let me just pause my computer chargers and I'll answer.

461
00:25:20,800 --> 00:25:26,679
Speaker 1: I didn't know what I'm plugged, so I'll just pick up.

462
00:25:26,720 --> 00:25:33,360
Speaker 1: Where where are you? Just at? Pensive right, asked the question. Um,

463
00:25:33,560 --> 00:25:36,840
Speaker 1: So I've said this often. This isn't a this isn't

464
00:25:36,880 --> 00:25:40,520
Speaker 1: an act or problem. This isn't a this isn't a

465
00:25:40,560 --> 00:25:46,560
Speaker 1: Democrat republican. This isn't all all policy right now all

466
00:25:46,600 --> 00:25:50,840
Speaker 1: over the world is trying to print into this problem

467
00:25:50,880 --> 00:25:55,760
Speaker 1: because the system requires it. So let's just let's imagine. Um.

468
00:25:55,920 --> 00:25:59,240
Speaker 1: Let let's imagine Mark. You're you could do anything you

469
00:25:59,280 --> 00:26:05,880
Speaker 1: want today, Well I can. I'm talking about government policy.

470
00:26:05,920 --> 00:26:09,280
Speaker 1: You're you're the problem, um and you have Congress and

471
00:26:09,280 --> 00:26:11,240
Speaker 1: everything else, and you have the sender. You can do

472
00:26:11,280 --> 00:26:15,879
Speaker 1: anything anything you want. But what would you do, because

473
00:26:15,960 --> 00:26:18,560
Speaker 1: here's here's the here's the problem. Now, what would you

474
00:26:18,600 --> 00:26:21,359
Speaker 1: do besides start buying bit coin on the coverent That

475
00:26:21,520 --> 00:26:25,560
Speaker 1: you should do, But but what would you do right

476
00:26:25,600 --> 00:26:29,240
Speaker 1: now to avoid what's happening? If you allow the natural

477
00:26:29,280 --> 00:26:33,840
Speaker 1: market to take place, then you have you have a

478
00:26:33,880 --> 00:26:37,639
Speaker 1: deflationary spiral. And because the debt is so so large,

479
00:26:38,080 --> 00:26:39,879
Speaker 1: and the government owns the dat and the banks, so

480
00:26:39,960 --> 00:26:42,320
Speaker 1: in the dead and there's actually nothing back in it.

481
00:26:42,320 --> 00:26:44,680
Speaker 1: It's just counterparty risk all the way down to the sand.

482
00:26:44,800 --> 00:26:48,560
Speaker 1: There's nothing there. In other words, everything on top of

483
00:26:48,600 --> 00:26:56,719
Speaker 1: it fails, including banks, institutions, hospitals, um. Everything government has

484
00:26:57,240 --> 00:27:01,399
Speaker 1: fail if you allow that deflation scenario style to take place.

485
00:27:01,640 --> 00:27:05,520
Speaker 1: So so and and that is that that's the natural order.

486
00:27:05,560 --> 00:27:07,879
Speaker 1: So why does it look that bad. It looks that

487
00:27:07,960 --> 00:27:09,919
Speaker 1: bad from breaking the rules of the free market in

488
00:27:10,119 --> 00:27:16,200
Speaker 1: first place. Nature comes in cycles, fall comes after after summer.

489
00:27:16,680 --> 00:27:21,160
Speaker 1: Trying to stop fall from happening would cost a lot

490
00:27:21,160 --> 00:27:25,359
Speaker 1: of money, and so so trying to stop processions and

491
00:27:25,440 --> 00:27:30,320
Speaker 1: thinking you could grow forever. Um, I understand it because

492
00:27:30,560 --> 00:27:34,880
Speaker 1: governments are elected short term, and so it's always easier

493
00:27:34,880 --> 00:27:38,080
Speaker 1: to promise your population. You can you can pay for

494
00:27:38,160 --> 00:27:40,800
Speaker 1: more than you can and hide the payment of that

495
00:27:41,040 --> 00:27:44,840
Speaker 1: in inflation, right so you so and and and people

496
00:27:44,920 --> 00:27:47,639
Speaker 1: will believe that and say, I don't want my services

497
00:27:47,680 --> 00:27:49,680
Speaker 1: to go away, so I'm gonna I'm going to vote

498
00:27:49,680 --> 00:27:51,840
Speaker 1: for the person who's going to give me more services.

499
00:27:52,520 --> 00:27:54,800
Speaker 1: But and it's and when I say that, it's not

500
00:27:54,880 --> 00:27:59,080
Speaker 1: a republican or democratic, it's a system problem. Nobody is

501
00:27:59,080 --> 00:28:02,959
Speaker 1: going to change that system. Um, it's endemic to the system.

502
00:28:03,080 --> 00:28:09,880
Speaker 1: So the byproduct of wealth or power corruption is endemic

503
00:28:10,119 --> 00:28:12,880
Speaker 1: from that. It's not it's not people trying to do it.

504
00:28:12,880 --> 00:28:14,840
Speaker 1: It's a it's a it's a follow on from that.

505
00:28:15,200 --> 00:28:17,520
Speaker 1: Because as you do more and more to remove the

506
00:28:17,520 --> 00:28:20,320
Speaker 1: free market and to remove the free market cycles and

507
00:28:20,359 --> 00:28:25,280
Speaker 1: against technology, at a point people start to say, well

508
00:28:25,320 --> 00:28:28,400
Speaker 1: you have to just like, right now, what would you do?

509
00:28:28,440 --> 00:28:31,720
Speaker 1: You have to because in other words, of civilization collapses

510
00:28:32,840 --> 00:28:36,640
Speaker 1: and so so, and but the byproduct of doing that

511
00:28:36,720 --> 00:28:40,040
Speaker 1: means government actually has an entire market. There is no

512
00:28:40,200 --> 00:28:45,560
Speaker 1: free market because essentially government's choosing who's winning and who's losing. Um.

513
00:28:45,560 --> 00:28:49,280
Speaker 1: And it turns into a complete managed economy as a byproduct.

514
00:28:49,520 --> 00:28:53,960
Speaker 1: And then once that byproduct it takes place, essentially the

515
00:28:53,960 --> 00:28:56,800
Speaker 1: biggest thu thug wins. And if you look through history,

516
00:28:58,040 --> 00:29:03,200
Speaker 1: a consequence of these actions always turns into eventually revolution

517
00:29:03,240 --> 00:29:07,200
Speaker 1: and war um because it managed economy cannot out compete

518
00:29:07,200 --> 00:29:11,800
Speaker 1: a free market and where individual rights and freedoms. Yeah,

519
00:29:11,840 --> 00:29:13,520
Speaker 1: that's a great point, and and that's kind of what

520
00:29:13,640 --> 00:29:16,360
Speaker 1: I have always believed as well. Right, we're going away

521
00:29:16,360 --> 00:29:18,840
Speaker 1: from natural law, and eventually you can't write so event

522
00:29:19,080 --> 00:29:21,800
Speaker 1: eventually you can only suspend gravity for so long or

523
00:29:22,120 --> 00:29:24,000
Speaker 1: or whatever, and so you can't now compete in the

524
00:29:24,040 --> 00:29:27,040
Speaker 1: natural market. That kind of comes back as well. UM,

525
00:29:27,080 --> 00:29:28,800
Speaker 1: I want to shift a little bit now that we've

526
00:29:28,840 --> 00:29:31,160
Speaker 1: kind of set the stage there. And really what I

527
00:29:31,240 --> 00:29:33,680
Speaker 1: was I was interested in a kind of a comment

528
00:29:33,720 --> 00:29:35,760
Speaker 1: that you had made the other day. And UM, we

529
00:29:35,800 --> 00:29:39,520
Speaker 1: see the Federal Reserve, the Central Bank, UM, the one

530
00:29:39,520 --> 00:29:42,520
Speaker 1: in charge of monetary policy. Obviously, UM, they've they've had

531
00:29:42,600 --> 00:29:45,360
Speaker 1: mandates and that would be to keep full employment and

532
00:29:45,880 --> 00:29:48,560
Speaker 1: you know, try to keep the market stable. But now

533
00:29:48,600 --> 00:29:51,360
Speaker 1: we see especially with Janet Yellen and at the Treasury, UM,

534
00:29:51,400 --> 00:29:54,280
Speaker 1: the Fed and the Treasury and even the I M F. Now, um,

535
00:29:54,760 --> 00:29:56,680
Speaker 1: they have come out with new mandates. And now they're

536
00:29:56,720 --> 00:30:00,640
Speaker 1: new mandates are Um, they're somehow going to fix inequality.

537
00:30:01,080 --> 00:30:04,560
Speaker 1: How they're gonna fix race, race, racial and gender inequality,

538
00:30:04,640 --> 00:30:09,960
Speaker 1: incoming equality, racial and gender inequality, and even climate change. UM.

539
00:30:10,000 --> 00:30:11,760
Speaker 1: I think about you know, the saying that when the

540
00:30:11,800 --> 00:30:13,160
Speaker 1: whole world, when all you have a hammer, the whole

541
00:30:13,160 --> 00:30:15,400
Speaker 1: world looks like a nail. Um, And we understand the

542
00:30:15,720 --> 00:30:17,480
Speaker 1: Central Banks, the I m F and the Central banks.

543
00:30:17,480 --> 00:30:20,680
Speaker 1: All they have is money. Um, but now they want

544
00:30:20,680 --> 00:30:26,880
Speaker 1: to attempt to tackle or cure these inequalities and climate change. Um.

545
00:30:26,920 --> 00:30:30,560
Speaker 1: I think most people could easily see, well the FED

546
00:30:30,600 --> 00:30:33,960
Speaker 1: can't see. But they're the ones causing the problem. Um.

547
00:30:34,000 --> 00:30:36,400
Speaker 1: But you even think that they might even be in

548
00:30:36,520 --> 00:30:38,840
Speaker 1: charge or responsible not just for the incoming equality but

549
00:30:38,880 --> 00:30:41,360
Speaker 1: even maybe racial inequality and climate change as well. Let's

550
00:30:41,400 --> 00:30:43,840
Speaker 1: let's but and dive into those couple of things. Yeah,

551
00:30:43,920 --> 00:30:49,400
Speaker 1: it's so the person starting the fire is h is

552
00:30:49,400 --> 00:30:52,440
Speaker 1: saying we're going to put out the fire. Yeah, is

553
00:30:52,440 --> 00:30:55,440
Speaker 1: what's happening. And they're starting the fire with blow torches, um,

554
00:30:55,680 --> 00:30:57,640
Speaker 1: and and and and telling the world that they're going

555
00:30:57,680 --> 00:31:00,160
Speaker 1: to put out the fire. It's impossible. And again on

556
00:31:00,200 --> 00:31:02,400
Speaker 1: a on a on an antidote, real quick, my I

557
00:31:02,480 --> 00:31:04,880
Speaker 1: have a bunch of friends that are firefighters in southern California,

558
00:31:04,960 --> 00:31:08,880
Speaker 1: and there was a real famous case, uh the arson inspector,

559
00:31:09,080 --> 00:31:10,480
Speaker 1: I think he wrote a book about it, like he

560
00:31:10,520 --> 00:31:14,800
Speaker 1: was actually the one setting the fires and and that's

561
00:31:14,800 --> 00:31:17,040
Speaker 1: a true story. But anyway, sorry, go ahead, and so

562
00:31:17,120 --> 00:31:19,320
Speaker 1: I try not to and some of your listeners and

563
00:31:19,360 --> 00:31:22,880
Speaker 1: everything else I understand the conspiracy theories that come from

564
00:31:23,080 --> 00:31:25,400
Speaker 1: the world we live in now. I really do, because

565
00:31:25,520 --> 00:31:28,640
Speaker 1: because it's hard to see. Once you have actually understand

566
00:31:28,640 --> 00:31:32,000
Speaker 1: what it looks like, you can't believe people aren't acting maliciously.

567
00:31:32,680 --> 00:31:36,880
Speaker 1: Be able to but don't assign malice to in aptitude

568
00:31:37,160 --> 00:31:40,360
Speaker 1: right there, or or or not an aptitude dealing in

569
00:31:40,400 --> 00:31:44,040
Speaker 1: a system that can't be changed from the system. So

570
00:31:44,520 --> 00:31:46,880
Speaker 1: you know, I use that Blockbuster example all the time.

571
00:31:47,320 --> 00:31:51,200
Speaker 1: It's not like Blockbuster executives weren't intelligent. It's just by

572
00:31:51,200 --> 00:31:54,440
Speaker 1: the time technology changed to be able to do that,

573
00:31:54,440 --> 00:31:58,240
Speaker 1: that job that Blockbuster did through downloads in an instant,

574
00:31:59,320 --> 00:32:02,000
Speaker 1: Blockbuster is over and there's nothing they could do to

575
00:32:02,080 --> 00:32:05,360
Speaker 1: be able to change that fact it was. It happened

576
00:32:05,400 --> 00:32:09,600
Speaker 1: so fast. So that's what's happening at That's what's happening

577
00:32:09,600 --> 00:32:15,479
Speaker 1: at our monetary level. So to to your question, um or,

578
00:32:15,520 --> 00:32:18,480
Speaker 1: what are they doing to cause this? Um and and

579
00:32:18,560 --> 00:32:22,440
Speaker 1: So let's let's use climate change as an example. Um

580
00:32:22,480 --> 00:32:25,680
Speaker 1: So on one side of the equation, On the technology

581
00:32:25,720 --> 00:32:29,240
Speaker 1: side of the equation, you have now solar and batteries

582
00:32:29,280 --> 00:32:32,480
Speaker 1: coming on and storage coming on. Storage not eat, not

583
00:32:32,600 --> 00:32:35,840
Speaker 1: totally yet, but you have solar, solar as the lowest

584
00:32:35,880 --> 00:32:40,520
Speaker 1: cost energy today in many regions of the planet, and

585
00:32:40,240 --> 00:32:43,520
Speaker 1: and and it's getting cheaper. It's getting cheaper at about

586
00:32:43,560 --> 00:32:48,400
Speaker 1: eleven per year. So you have new energy coming on

587
00:32:49,080 --> 00:32:54,120
Speaker 1: that's that's cheaper, and not just new energy coming on,

588
00:32:54,200 --> 00:32:57,800
Speaker 1: but the economic benefit around solar now is a business.

589
00:32:57,800 --> 00:33:00,080
Speaker 1: More and more people investing in solar and more. So

590
00:33:00,200 --> 00:33:03,240
Speaker 1: you have not just a small part of the market

591
00:33:03,440 --> 00:33:05,600
Speaker 1: being cheaper, you have a greater part of the market

592
00:33:05,640 --> 00:33:08,880
Speaker 1: over time being cheaper and being being coming in cheaper

593
00:33:08,920 --> 00:33:13,680
Speaker 1: every year innovation. So so that and because energy itself

594
00:33:14,600 --> 00:33:17,760
Speaker 1: is the number one thing and every other thing we use,

595
00:33:19,120 --> 00:33:22,640
Speaker 1: it drives economies. And if you look at what why

596
00:33:22,760 --> 00:33:27,600
Speaker 1: US and the petroot dollar was all about oil oil energy, right,

597
00:33:27,600 --> 00:33:31,160
Speaker 1: but now now we have solar actually additive. It's not there.

598
00:33:31,160 --> 00:33:33,960
Speaker 1: It's a small part of the overall next today. Um

599
00:33:34,000 --> 00:33:36,680
Speaker 1: and there's no way we could immediately go to solar

600
00:33:36,760 --> 00:33:40,400
Speaker 1: for forever everything solar and storage. But you have new

601
00:33:40,520 --> 00:33:45,000
Speaker 1: energy that's deflationary to the entire grid, and it's becoming

602
00:33:45,000 --> 00:33:48,200
Speaker 1: more and more and it's getting cheaper every year. So

603
00:33:48,520 --> 00:33:51,280
Speaker 1: that's where we are today looking looking forward, and that

604
00:33:51,360 --> 00:33:53,560
Speaker 1: might not look like that ten years ago because solar

605
00:33:53,640 --> 00:33:56,000
Speaker 1: was more expensive, so it didn't move very fast. But

606
00:33:56,080 --> 00:33:59,840
Speaker 1: now it's cheaper. So so what you could say is

607
00:34:00,080 --> 00:34:03,240
Speaker 1: not just energy. So energy is becoming cheaper and cheaper

608
00:34:03,280 --> 00:34:07,760
Speaker 1: over time and um and everything on top of energy

609
00:34:07,960 --> 00:34:10,200
Speaker 1: is becoming cheaper and cheaper every time. So if you

610
00:34:10,200 --> 00:34:12,520
Speaker 1: believe in climate change and everything else in the the

611
00:34:12,560 --> 00:34:16,080
Speaker 1: whole research and the climate change, you would say that

612
00:34:16,239 --> 00:34:19,280
Speaker 1: is a good thing because that energy is clean, free

613
00:34:19,920 --> 00:34:22,239
Speaker 1: or becoming lower and lower costs, and it's a good

614
00:34:22,239 --> 00:34:25,480
Speaker 1: thing for humanity, and so that that will drive a

615
00:34:25,480 --> 00:34:31,880
Speaker 1: cycle that that in itself will reduce climate change. On

616
00:34:31,960 --> 00:34:34,880
Speaker 1: the other side of that coin, you have it you

617
00:34:34,920 --> 00:34:40,480
Speaker 1: have an inflationary monetary policy that must overcome those those

618
00:34:40,480 --> 00:34:44,000
Speaker 1: deflationary forces otherwise the system collapses. So you have to

619
00:34:44,040 --> 00:34:47,720
Speaker 1: print money at an every increasing rate to be able

620
00:34:47,800 --> 00:34:51,239
Speaker 1: to try to drive prices up against prices that want

621
00:34:51,239 --> 00:34:54,839
Speaker 1: to come down. So if you looked at just one

622
00:34:54,880 --> 00:34:58,359
Speaker 1: example today oil prices of I don't know what they

623
00:34:58,360 --> 00:35:01,000
Speaker 1: are today, but between sixty and eventy dollars of barrel

624
00:35:01,760 --> 00:35:05,440
Speaker 1: in COVID when still lockdowns and everything else, you do

625
00:35:05,560 --> 00:35:08,360
Speaker 1: you have to ask the rational question should they be

626
00:35:08,440 --> 00:35:11,439
Speaker 1: sixty or seventy dollars? And the only reason they're sixty

627
00:35:11,560 --> 00:35:14,280
Speaker 1: or seventy dollars today is because you debase the currency

628
00:35:14,280 --> 00:35:18,160
Speaker 1: against it, and so so the oil prices would rise,

629
00:35:18,480 --> 00:35:21,520
Speaker 1: and that would make a whole bunch of oil now

630
00:35:21,920 --> 00:35:25,960
Speaker 1: economical because people are trying to buy more things, buy

631
00:35:25,960 --> 00:35:29,120
Speaker 1: more to to drive to our market of growth against

632
00:35:29,160 --> 00:35:33,280
Speaker 1: the natural order. And then as as as it becomes

633
00:35:33,280 --> 00:35:38,360
Speaker 1: economical again, solar is going the other way. And I

634
00:35:38,440 --> 00:35:40,759
Speaker 1: just use one example of solar the other way. So

635
00:35:40,920 --> 00:35:43,520
Speaker 1: more so so now you have a price and more

636
00:35:43,560 --> 00:35:47,000
Speaker 1: of a price advantage to move to solar, which drives

637
00:35:47,080 --> 00:35:50,320
Speaker 1: faster rate, which drives faster printing on the other side,

638
00:35:50,520 --> 00:35:56,560
Speaker 1: to be able to make to to essentially um um

639
00:35:56,560 --> 00:36:01,080
Speaker 1: out off set the offset the deflationary forces of of

640
00:36:01,080 --> 00:36:05,360
Speaker 1: of energy now so now pull all up forward. So

641
00:36:05,400 --> 00:36:08,120
Speaker 1: in other words, the number one by an order of

642
00:36:08,160 --> 00:36:14,160
Speaker 1: magnitude problem for if on climate is our monetary policy

643
00:36:14,200 --> 00:36:17,360
Speaker 1: that forces prices up forever. You cannot grow forever on

644
00:36:17,400 --> 00:36:20,680
Speaker 1: a finite planet at last, in terms of the growth

645
00:36:20,840 --> 00:36:25,200
Speaker 1: of of what governments say growth and GDP, especially when

646
00:36:25,400 --> 00:36:34,479
Speaker 1: growth growth is moving to information and information is free. Okay, yeah,

647
00:36:34,560 --> 00:36:38,040
Speaker 1: so UM, things there to unpack on that. So one,

648
00:36:38,120 --> 00:36:41,840
Speaker 1: I guess what you're seeing is UM technology UM is

649
00:36:41,880 --> 00:36:44,600
Speaker 1: improving in energy. UM. I just did a video I

650
00:36:44,640 --> 00:36:47,000
Speaker 1: think a week ago. UM. Well, I don't want it

651
00:36:47,080 --> 00:36:50,480
Speaker 1: from the Times. There's recently on talking about how energy

652
00:36:50,680 --> 00:36:53,400
Speaker 1: is wealth. Right, that is wealth, and how I showed

653
00:36:53,440 --> 00:36:56,719
Speaker 1: some charts and showed how you know, nations always need

654
00:36:56,719 --> 00:37:00,080
Speaker 1: to have natural resources and energy was that UM, and

655
00:37:00,080 --> 00:37:02,120
Speaker 1: you could see how the wealth of a nation really

656
00:37:02,120 --> 00:37:05,399
Speaker 1: corresponded with the energy they either have or they can control. UM.

657
00:37:05,440 --> 00:37:08,160
Speaker 1: And so to your point, UM, you know we have

658
00:37:08,239 --> 00:37:13,120
Speaker 1: that energy UM. But technology is is creating new types

659
00:37:13,200 --> 00:37:15,640
Speaker 1: solar maybe other other ways to do it. UM. I

660
00:37:15,680 --> 00:37:17,840
Speaker 1: read about some changes that just happened to natural gas

661
00:37:17,960 --> 00:37:20,000
Speaker 1: energy where they can basically do that at net zero

662
00:37:20,080 --> 00:37:22,680
Speaker 1: now UM, and so technology is changing that. But as

663
00:37:22,680 --> 00:37:28,440
Speaker 1: technology brings UM prices down and energy, that's going against

664
00:37:28,440 --> 00:37:31,520
Speaker 1: what the FED once which is prices going up. So

665
00:37:31,520 --> 00:37:33,960
Speaker 1: I guess that's kind of the first argument that you had.

666
00:37:34,000 --> 00:37:35,480
Speaker 1: I think there was two in there, but I want

667
00:37:35,480 --> 00:37:38,680
Speaker 1: to make sure I had that one right so exactly,

668
00:37:38,719 --> 00:37:41,520
Speaker 1: so that is exactly right. And so so what would

669
00:37:41,560 --> 00:37:44,040
Speaker 1: they do about it, if and and so. But remember

670
00:37:44,160 --> 00:37:47,600
Speaker 1: it's moving exponentially. It's every year it's getting cheaper and more.

671
00:37:48,360 --> 00:37:52,359
Speaker 1: That means the policy to overcome at why why you're

672
00:37:52,360 --> 00:37:56,120
Speaker 1: seeing an ever increased rate of growth every year it

673
00:37:56,160 --> 00:37:58,319
Speaker 1: becomes way more to be able to try to get

674
00:37:58,360 --> 00:38:04,520
Speaker 1: the same kind of stable prices, which is ironic, which

675
00:38:04,560 --> 00:38:08,279
Speaker 1: is just so crazy. And to save jobs that are

676
00:38:08,280 --> 00:38:11,600
Speaker 1: going away anyways, And why why would you bring down

677
00:38:11,760 --> 00:38:14,400
Speaker 1: the value of your money to save jobs because the

678
00:38:14,480 --> 00:38:18,560
Speaker 1: labor rate or is the percentage of of a technology

679
00:38:18,560 --> 00:38:21,960
Speaker 1: company comes down, so you can save jobs because you're

680
00:38:22,000 --> 00:38:25,800
Speaker 1: paying people less. Yeah, for for a while, but anyways,

681
00:38:25,840 --> 00:38:28,799
Speaker 1: that's so, that's that's that's what that's what's happening. So

682
00:38:28,840 --> 00:38:33,000
Speaker 1: as technologies helping to save the environment by creating new

683
00:38:33,040 --> 00:38:35,759
Speaker 1: ways for clean energy. We'll just say that whether that

684
00:38:35,920 --> 00:38:39,120
Speaker 1: whatever means that maybe it's counter it's go encountered what

685
00:38:39,160 --> 00:38:40,719
Speaker 1: the fetes trying to do, which is trying to raise MOE,

686
00:38:40,719 --> 00:38:42,799
Speaker 1: so they just have to increase what they're doing. The

687
00:38:42,840 --> 00:38:45,560
Speaker 1: other piece that I caught was m and I think

688
00:38:45,560 --> 00:38:47,160
Speaker 1: this is a little bit bigger almost maybe a little

689
00:38:47,200 --> 00:38:50,880
Speaker 1: more philosophical. But what's happened is um, I think it

690
00:38:50,960 --> 00:38:54,640
Speaker 1: was Christine Legarde said just the other day. Uh, she

691
00:38:54,760 --> 00:38:57,439
Speaker 1: said that, you know, I get it that most people

692
00:38:57,480 --> 00:39:01,359
Speaker 1: don't want negative rates, but it's important for the rest

693
00:39:01,400 --> 00:39:03,320
Speaker 1: of the economy that we people go out there and spend.

694
00:39:03,800 --> 00:39:07,520
Speaker 1: And so what the Fiat money system has done, Um,

695
00:39:07,600 --> 00:39:09,680
Speaker 1: we know that we're sitting on money that's losing value

696
00:39:09,719 --> 00:39:12,480
Speaker 1: and it's forced us to consume constantly. Right that as

697
00:39:12,520 --> 00:39:17,759
Speaker 1: you're talking about growing more money, more consumption and so um.

698
00:39:17,840 --> 00:39:19,960
Speaker 1: When you what we've seen is when people kind of

699
00:39:20,000 --> 00:39:22,279
Speaker 1: come into bitcoin, it changes their mindset to where they

700
00:39:22,320 --> 00:39:25,720
Speaker 1: want to be savers now. And um, when you're a saver,

701
00:39:26,480 --> 00:39:28,319
Speaker 1: you're not consuming as much stuff, You're not buying as

702
00:39:28,360 --> 00:39:30,040
Speaker 1: much stuff, you don't have as much trash, you don't

703
00:39:30,040 --> 00:39:33,279
Speaker 1: have as much stuff, and so um. That consumption, that

704
00:39:33,400 --> 00:39:35,560
Speaker 1: rapid rate of consumption is also bad for the environment.

705
00:39:35,560 --> 00:39:38,200
Speaker 1: I'm buying more plastic bags and more bottles and more whatever.

706
00:39:38,680 --> 00:39:40,680
Speaker 1: And if I if we shift our mindset from a

707
00:39:40,719 --> 00:39:43,719
Speaker 1: feat mindset, which is which forces consumption and growth at

708
00:39:43,719 --> 00:39:46,360
Speaker 1: all costs, and we start thinking about only buying stuff

709
00:39:46,400 --> 00:39:49,000
Speaker 1: we really want and need, we bring the consumption down.

710
00:39:49,120 --> 00:39:51,600
Speaker 1: That also helps the environment. I guess, was that kind

711
00:39:51,600 --> 00:39:56,479
Speaker 1: of your point? So they're too again, you keep coming

712
00:39:56,480 --> 00:39:59,440
Speaker 1: back to it. There are two different systems. They're completely

713
00:39:59,480 --> 00:40:02,160
Speaker 1: to this systems, and I understand why people are caught

714
00:40:02,200 --> 00:40:04,520
Speaker 1: in one system and they have they have a hard

715
00:40:04,560 --> 00:40:08,920
Speaker 1: belief to even overcome what we're talking about to say, um,

716
00:40:08,960 --> 00:40:11,960
Speaker 1: because they've always lived in that system. So I used

717
00:40:11,960 --> 00:40:14,879
Speaker 1: this example often because I lost the business one time

718
00:40:15,600 --> 00:40:20,719
Speaker 1: because because because I had three fifty people in the

719
00:40:20,760 --> 00:40:24,200
Speaker 1: business doing one thing, I realized we need to make

720
00:40:24,200 --> 00:40:26,200
Speaker 1: a change to do another thing. That's a whole bunch

721
00:40:26,239 --> 00:40:29,480
Speaker 1: of costs to do a different, different business. But but

722
00:40:29,560 --> 00:40:33,560
Speaker 1: the biggest, the biggest moment that I had after the

723
00:40:33,560 --> 00:40:36,799
Speaker 1: fact wasn't wasn't that we weren't right. We were right.

724
00:40:37,239 --> 00:40:39,800
Speaker 1: We were right, And it almost made it out the

725
00:40:40,560 --> 00:40:44,239
Speaker 1: other side, and you could see the metrics, but it

726
00:40:44,280 --> 00:40:47,160
Speaker 1: took longer because everybody had to go from from the

727
00:40:47,200 --> 00:40:50,279
Speaker 1: new business and go back to the existing business and

728
00:40:50,320 --> 00:40:53,160
Speaker 1: do that job, knowing full well that when the new

729
00:40:53,200 --> 00:40:56,920
Speaker 1: business was there, that job didn't exist anymore. And so

730
00:40:56,920 --> 00:40:59,880
Speaker 1: so so imagine telling somebody, yeah, getting everybody raw raw

731
00:41:00,000 --> 00:41:02,719
Speaker 1: to your company, how exciting or and there's a small

732
00:41:02,719 --> 00:41:05,239
Speaker 1: team working on that, and then and then they have

733
00:41:05,280 --> 00:41:07,400
Speaker 1: to go back to the desk to be able to

734
00:41:07,440 --> 00:41:09,120
Speaker 1: work on the other business, to be able to pay

735
00:41:09,239 --> 00:41:11,040
Speaker 1: enough money to be able to drive the new business.

736
00:41:11,520 --> 00:41:13,799
Speaker 1: And so so if you think about that on how

737
00:41:13,880 --> 00:41:16,960
Speaker 1: we're all part of a system. We talk about bitcoin

738
00:41:17,360 --> 00:41:20,520
Speaker 1: and for for people who understand what it means, it's

739
00:41:20,600 --> 00:41:25,240
Speaker 1: way bigger than wealth. Way it fixes the system. Um

740
00:41:25,360 --> 00:41:28,280
Speaker 1: and and it brings it brings fairness to a system,

741
00:41:28,320 --> 00:41:31,000
Speaker 1: and that it has a whole bunch of other qualities

742
00:41:31,080 --> 00:41:34,239
Speaker 1: really important. Um. But but a lot of people are

743
00:41:34,719 --> 00:41:36,880
Speaker 1: talking think about bitcoin in that way, and then they

744
00:41:36,880 --> 00:41:39,799
Speaker 1: have to go live in the existing system where their

745
00:41:39,800 --> 00:41:42,000
Speaker 1: food prices are going up, where their rent prices are

746
00:41:42,040 --> 00:41:44,279
Speaker 1: going up where there and and if you lived in

747
00:41:44,320 --> 00:41:46,160
Speaker 1: that system all the time, And then you go to

748
00:41:46,680 --> 00:41:50,399
Speaker 1: you and some some politicians says it's not your fault.

749
00:41:50,400 --> 00:41:53,440
Speaker 1: I'm going to give you more money. You're probably not

750
00:41:53,520 --> 00:41:58,279
Speaker 1: gonna ask where did that money come from? Right? But yeah,

751
00:41:58,280 --> 00:42:01,839
Speaker 1: and I think of thing just cognitive dissidence. Right, So

752
00:42:01,920 --> 00:42:05,120
Speaker 1: I'm holding two opposing thoughts and beliefs in my head

753
00:42:05,640 --> 00:42:09,759
Speaker 1: and realizing that one is wrong, and then having to

754
00:42:10,239 --> 00:42:13,000
Speaker 1: having to realize that if that is wrong, and then

755
00:42:13,040 --> 00:42:16,880
Speaker 1: almost everything I've come to know is wrong. Um and

756
00:42:16,920 --> 00:42:18,879
Speaker 1: I think that's a good point. You know, you talked

757
00:42:18,880 --> 00:42:20,880
Speaker 1: about your employees and they had a hard time coming

758
00:42:20,880 --> 00:42:22,759
Speaker 1: back to the old system once they saw how well

759
00:42:22,760 --> 00:42:25,000
Speaker 1: the new system works, um and so that they had

760
00:42:25,040 --> 00:42:26,840
Speaker 1: to live with that cognitive dissidence. And I think this

761
00:42:26,920 --> 00:42:30,240
Speaker 1: is one thing that the central planners, all central planners,

762
00:42:30,239 --> 00:42:32,200
Speaker 1: in my opinion, that's a pretty big statement, but I

763
00:42:32,239 --> 00:42:37,400
Speaker 1: think all central planners really disregard or don't understand is

764
00:42:37,520 --> 00:42:42,360
Speaker 1: uh is you know, human mindset, motivation, intension, right, and

765
00:42:42,400 --> 00:42:44,920
Speaker 1: so like humans are motivated, and so like when you're

766
00:42:44,960 --> 00:42:47,320
Speaker 1: in a when you're in a company that's like growing,

767
00:42:47,600 --> 00:42:50,600
Speaker 1: when you're in a country that's growing, everybody feels good

768
00:42:50,600 --> 00:42:53,279
Speaker 1: about that. Um. Today in the United States, while it

769
00:42:53,360 --> 00:42:55,040
Speaker 1: might still be, you know, one of the best countries

770
00:42:55,040 --> 00:42:58,000
Speaker 1: in the world, it's on a downward path, and so

771
00:42:58,320 --> 00:43:01,239
Speaker 1: people don't feel good about that downward path. Kind of

772
00:43:01,280 --> 00:43:03,879
Speaker 1: back to your company, they saw how well things where

773
00:43:03,920 --> 00:43:06,160
Speaker 1: they had to go work in a bad system, um.

774
00:43:06,440 --> 00:43:08,640
Speaker 1: So and and and I think that's just that's a

775
00:43:08,680 --> 00:43:12,680
Speaker 1: super important piece that the essential plane misses in that

776
00:43:12,760 --> 00:43:15,640
Speaker 1: back to your earlier point, you said that the natural

777
00:43:15,640 --> 00:43:17,640
Speaker 1: competitive market's always going to win, and it's a lot

778
00:43:17,680 --> 00:43:20,680
Speaker 1: of that that intention. So now just think about some

779
00:43:20,760 --> 00:43:24,759
Speaker 1: of the the measures the central planners or anyone else

780
00:43:24,760 --> 00:43:30,080
Speaker 1: would measure full employment, UM, stable prices a g d

781
00:43:30,200 --> 00:43:33,520
Speaker 1: P and and think about that in a transition to

782
00:43:33,600 --> 00:43:37,400
Speaker 1: an information based society, which we're moving into when information

783
00:43:37,480 --> 00:43:42,279
Speaker 1: is free and and and and so those measures themselves

784
00:43:43,080 --> 00:43:48,000
Speaker 1: are the exact opposite measures. Growth growth should be measured

785
00:43:48,040 --> 00:43:52,160
Speaker 1: by how much, how much time you're saving, how much

786
00:43:52,360 --> 00:43:55,560
Speaker 1: how much price growth In in this in the economy

787
00:43:55,600 --> 00:43:58,680
Speaker 1: where you're moving from things to information and more and

788
00:43:58,719 --> 00:44:02,759
Speaker 1: more things to information, we should be able to extrapolight

789
00:44:03,280 --> 00:44:07,160
Speaker 1: growth in time savings and and kind of abundance. So

790
00:44:07,520 --> 00:44:10,440
Speaker 1: it should bring down prices. But we have a miss.

791
00:44:10,480 --> 00:44:14,120
Speaker 1: But we we think about growth in we make more

792
00:44:14,160 --> 00:44:18,560
Speaker 1: money next year, we make uh we uh, even though

793
00:44:18,600 --> 00:44:21,080
Speaker 1: our money loses money. We think about growth and more

794
00:44:21,239 --> 00:44:24,040
Speaker 1: more and more jobs. We don't think about growth the

795
00:44:24,040 --> 00:44:26,920
Speaker 1: way growth should be measured in an information based to

796
00:44:27,560 --> 00:44:30,440
Speaker 1: in time in time saving. There's like a time value

797
00:44:30,440 --> 00:44:32,400
Speaker 1: of money. And I've looked at I've looked at this

798
00:44:32,440 --> 00:44:36,320
Speaker 1: a number of times, um, and I think it was like, um,

799
00:44:36,480 --> 00:44:39,560
Speaker 1: pre seventy one, it took like twenty three weeks for

800
00:44:39,600 --> 00:44:41,759
Speaker 1: the average American to have the American dream, which was

801
00:44:41,880 --> 00:44:44,440
Speaker 1: on a car, have two houses, you know, one one

802
00:44:44,480 --> 00:44:47,960
Speaker 1: income family, college, etcetera. Took twenty three weeks. Today it

803
00:44:48,000 --> 00:44:50,799
Speaker 1: takes fifty three weeks. The problem is, of course, only

804
00:44:50,840 --> 00:44:53,759
Speaker 1: fifty two weeks in a year. So uh, if you

805
00:44:53,760 --> 00:44:56,040
Speaker 1: look at the time, the time that it takes. And

806
00:44:56,080 --> 00:44:58,239
Speaker 1: so instead of instead of going from twenty three weeks

807
00:44:58,239 --> 00:44:59,839
Speaker 1: to fifty three, you should have gone from twenty three

808
00:44:59,840 --> 00:45:03,399
Speaker 1: to fifteen weeks, right or something right, and and and

809
00:45:03,600 --> 00:45:06,280
Speaker 1: some of these concepts aren't really hard if you just said,

810
00:45:06,600 --> 00:45:09,279
Speaker 1: why do we why do you use technology in the

811
00:45:09,320 --> 00:45:12,560
Speaker 1: first place? Use technology to save time instead of me

812
00:45:12,640 --> 00:45:14,520
Speaker 1: having to fly to where you're at in Canada to

813
00:45:14,520 --> 00:45:16,799
Speaker 1: do this interview, which would have taken me, you know,

814
00:45:16,880 --> 00:45:18,799
Speaker 1: a week to go there and back whatever, we just

815
00:45:18,800 --> 00:45:22,799
Speaker 1: did it here. And and cost and hotels and and

816
00:45:22,960 --> 00:45:25,919
Speaker 1: cost to the environment and every and everything else, all

817
00:45:25,960 --> 00:45:28,319
Speaker 1: of those, all of those individual things are a whole

818
00:45:28,320 --> 00:45:32,120
Speaker 1: bunch of jobs in the economy. Yeah, and now and now,

819
00:45:32,440 --> 00:45:35,080
Speaker 1: so this is a really good example about how much

820
00:45:35,120 --> 00:45:38,200
Speaker 1: more productive you can be. Now, obviously people still want

821
00:45:38,239 --> 00:45:40,640
Speaker 1: to travel and everything else, but some of some of

822
00:45:40,680 --> 00:45:44,640
Speaker 1: what's coming to make this experience this is this is experiences,

823
00:45:44,680 --> 00:45:47,920
Speaker 1: a gen one experience. So what that will look like,

824
00:45:48,640 --> 00:45:51,399
Speaker 1: what that will look like in time will blow those

825
00:45:51,440 --> 00:45:54,439
Speaker 1: mind and it'll change the experience. There's two more points

826
00:45:54,520 --> 00:45:56,560
Speaker 1: I want to hit on. We'll start winding this down.

827
00:45:57,440 --> 00:45:59,640
Speaker 1: But before I hit those two points, I was gonna

828
00:45:59,760 --> 00:46:01,839
Speaker 1: to your point, Um, A lot of times people think

829
00:46:01,880 --> 00:46:04,680
Speaker 1: that moving to a sound money, whether that be gold

830
00:46:04,760 --> 00:46:07,200
Speaker 1: or bitcoin or whatever you view that as. Um, they

831
00:46:07,200 --> 00:46:10,479
Speaker 1: think that that would cause hoarding, and that would never work,

832
00:46:10,600 --> 00:46:13,000
Speaker 1: because you know, bitcoin is the best saving mechanism and

833
00:46:13,239 --> 00:46:15,759
Speaker 1: everyone's just gonna save and everyone's gonna hoard money. And

834
00:46:15,800 --> 00:46:18,000
Speaker 1: I just think about that as the most ridiculous statement.

835
00:46:18,000 --> 00:46:19,319
Speaker 1: And I saw you get a chuckle out of that,

836
00:46:19,560 --> 00:46:22,640
Speaker 1: because it's like, I'm still gonna want to travel, That's

837
00:46:22,680 --> 00:46:24,279
Speaker 1: what you just said, right, I'm still gonna want to travel.

838
00:46:24,320 --> 00:46:25,920
Speaker 1: I'm a surf right, surf all over the world. I'm

839
00:46:25,960 --> 00:46:27,520
Speaker 1: still gonna want to go out to movies or I

840
00:46:27,560 --> 00:46:29,400
Speaker 1: don't know if I go movies anymore, go out to dinner,

841
00:46:29,480 --> 00:46:32,120
Speaker 1: Like I'm still gonna want entertainment, I'm still gonna want travel,

842
00:46:32,320 --> 00:46:34,279
Speaker 1: I'm still gonna want to buy those things. So like

843
00:46:34,520 --> 00:46:36,520
Speaker 1: it would, what it does is it it changes you

844
00:46:36,560 --> 00:46:41,959
Speaker 1: from just rampant consumption for anything to still just buying

845
00:46:41,960 --> 00:46:45,719
Speaker 1: the things that I really want. I get such a

846
00:46:45,800 --> 00:46:47,680
Speaker 1: chuck hole out of that. And so when I sell

847
00:46:47,680 --> 00:46:52,600
Speaker 1: in my bitcoin anytime and maybe probably never, but but

848
00:46:52,600 --> 00:46:56,120
Speaker 1: but what would I invest in in in in other

849
00:46:56,160 --> 00:46:58,879
Speaker 1: businesses that could And let's imagine bitcoin at the top,

850
00:46:59,040 --> 00:47:01,160
Speaker 1: like whatever price, so you want to want to say

851
00:47:01,200 --> 00:47:05,680
Speaker 1: it's and now it's more stable, Um, it's it's not

852
00:47:05,719 --> 00:47:10,680
Speaker 1: absolutely volatile anymore, but it's more stable. Wouldn't it makes

853
00:47:10,719 --> 00:47:13,000
Speaker 1: sense that you would invest in something that could get

854
00:47:13,040 --> 00:47:16,080
Speaker 1: a greater return. Yeah, of course, of course it would.

855
00:47:16,239 --> 00:47:18,200
Speaker 1: Like I invest in companies all the time right now,

856
00:47:18,239 --> 00:47:22,600
Speaker 1: and in my measurement now now, Unfortunately, for the companies

857
00:47:22,640 --> 00:47:26,240
Speaker 1: that I'm investing at today, they have to compete with

858
00:47:26,239 --> 00:47:29,160
Speaker 1: with what I think bitcoin will do, right, so there

859
00:47:29,160 --> 00:47:33,480
Speaker 1: has to be a huge return profile on those companies

860
00:47:33,560 --> 00:47:37,319
Speaker 1: or what I believe that what will happen there? But uh,

861
00:47:37,960 --> 00:47:40,359
Speaker 1: but I still make those investments all the time right now.

862
00:47:40,440 --> 00:47:43,880
Speaker 1: It wouldn't change anything. It wouldn't it wouldn't change the

863
00:47:43,920 --> 00:47:47,800
Speaker 1: way an economy is built, or people would hoard money forever.

864
00:47:48,000 --> 00:47:52,080
Speaker 1: It's okay, So I'm not going to eat food because

865
00:47:52,640 --> 00:47:57,000
Speaker 1: because because we have hard money. It's insane. It's absolutely insane.

866
00:47:57,160 --> 00:48:02,720
Speaker 1: But it does cut out malinvestment investment. And yeah, So

867
00:48:02,719 --> 00:48:04,680
Speaker 1: so two more points I want to hit on. One.

868
00:48:04,800 --> 00:48:09,640
Speaker 1: I want to talk about how technology changing in a

869
00:48:09,719 --> 00:48:12,600
Speaker 1: free market could actually maybe prevent monopolies. I want to

870
00:48:12,640 --> 00:48:13,960
Speaker 1: talk about that for a second. I want to ask

871
00:48:13,960 --> 00:48:16,000
Speaker 1: you about that, and then I want to talk about jobs,

872
00:48:16,360 --> 00:48:19,480
Speaker 1: because obviously jobs are important, and what happens if we

873
00:48:19,719 --> 00:48:21,400
Speaker 1: technology replaces all the jobs and we need u B

874
00:48:21,520 --> 00:48:23,200
Speaker 1: I like Andrew Yank talked about. So I want to

875
00:48:23,239 --> 00:48:25,240
Speaker 1: I want to ask you about both those. Let's first

876
00:48:25,000 --> 00:48:29,359
Speaker 1: start with the first one, which was you know, free mark.

877
00:48:30,200 --> 00:48:31,920
Speaker 1: We get caught up in words, I think, and and

878
00:48:31,960 --> 00:48:35,720
Speaker 1: today words are misused, so people think capitalism equal slavery,

879
00:48:35,760 --> 00:48:38,480
Speaker 1: for example, right like I believe capitalism is like, you know,

880
00:48:38,600 --> 00:48:41,600
Speaker 1: a mutual exchange. Um. So rather than look at socialism

881
00:48:41,640 --> 00:48:43,560
Speaker 1: and communism and fascism and all these things, I look

882
00:48:43,600 --> 00:48:48,160
Speaker 1: at it like we have a a captured, controlled, centrally

883
00:48:48,160 --> 00:48:52,600
Speaker 1: planned system, or we have a free, open, competitive system.

884
00:48:52,640 --> 00:48:55,440
Speaker 1: And I think that a free, open, competitive system is

885
00:48:55,480 --> 00:48:58,280
Speaker 1: the best. I think that most people understand that competition

886
00:48:58,320 --> 00:49:01,120
Speaker 1: brings better products, better services, and better prices all the time.

887
00:49:01,960 --> 00:49:04,279
Speaker 1: But some people think that if you really chase that

888
00:49:04,320 --> 00:49:08,040
Speaker 1: to the end, then the free market with no government

889
00:49:08,080 --> 00:49:12,960
Speaker 1: regulation just leads to these giant monopolies. And I would

890
00:49:13,000 --> 00:49:15,359
Speaker 1: say to that, and how to get your opinion based

891
00:49:15,360 --> 00:49:18,040
Speaker 1: off technology? Uh? And the statement that you made about that,

892
00:49:18,280 --> 00:49:22,520
Speaker 1: you had mentioned, um, how Blockbuster saw it was changing,

893
00:49:22,560 --> 00:49:24,279
Speaker 1: but there was nothing they could do about it, and

894
00:49:24,280 --> 00:49:26,719
Speaker 1: that's what triggered this monopoly thing. So Blockbuster kind of

895
00:49:26,760 --> 00:49:30,040
Speaker 1: had this monopoly, but technology displaced that. And so my

896
00:49:30,120 --> 00:49:33,600
Speaker 1: thought on the free market is that, um, it's it's

897
00:49:33,640 --> 00:49:37,520
Speaker 1: it's these corporations using government regulations to entrench their positions

898
00:49:37,560 --> 00:49:40,359
Speaker 1: that allows these monopolies to grow. But I think we

899
00:49:40,600 --> 00:49:43,400
Speaker 1: most people realize that as companies get bigger, the harder

900
00:49:43,440 --> 00:49:46,640
Speaker 1: it is for them to pivot an ideate, which happened

901
00:49:46,640 --> 00:49:50,520
Speaker 1: to Blockbuster. And so as technology changes, new companies come

902
00:49:50,600 --> 00:49:52,319
Speaker 1: up with new ideas and new ways to do things

903
00:49:52,360 --> 00:49:55,720
Speaker 1: that are better faster, cheaper, and it naturally would break

904
00:49:55,719 --> 00:49:58,200
Speaker 1: those monopolies. Do see that or agree with that? Or

905
00:49:58,239 --> 00:50:01,680
Speaker 1: am I wrong? You know your exact clear, you're exactly right. Um,

906
00:50:03,520 --> 00:50:08,800
Speaker 1: this is hard to do in this much time. But um,

907
00:50:08,880 --> 00:50:11,759
Speaker 1: but but if you just say, if you just do

908
00:50:11,840 --> 00:50:15,920
Speaker 1: a thought experiment and you said you said so. Technology

909
00:50:15,960 --> 00:50:19,840
Speaker 1: is making it easier and easier for entrepreneurs to compete

910
00:50:19,880 --> 00:50:22,840
Speaker 1: all the time with new ideas that change existing structures,

911
00:50:23,239 --> 00:50:26,000
Speaker 1: and it's really difficult for the existing structure to compete

912
00:50:26,000 --> 00:50:29,640
Speaker 1: against getting attacked by all of those entrepreneurs with better,

913
00:50:29,680 --> 00:50:34,279
Speaker 1: better ideas, cheaper for more value you as a human right,

914
00:50:34,280 --> 00:50:36,759
Speaker 1: And the only way they win. All those experiments only

915
00:50:36,760 --> 00:50:41,160
Speaker 1: win when they do that. So so so, in fact,

916
00:50:41,280 --> 00:50:45,080
Speaker 1: monopoly power is actually created from the system today, and

917
00:50:45,280 --> 00:50:48,520
Speaker 1: printing money into the system actually creates monopoly power faster.

918
00:50:49,000 --> 00:50:53,200
Speaker 1: Right And because imagine in a different system, And I

919
00:50:53,239 --> 00:50:57,720
Speaker 1: understand why people say that, Okay, go tax Google, Amazon.

920
00:50:57,800 --> 00:51:00,400
Speaker 1: They're doing so bad bad things. They're giving you value

921
00:51:00,480 --> 00:51:03,680
Speaker 1: and otherwise you wouldn't use it. Um, And they're doing

922
00:51:03,680 --> 00:51:05,799
Speaker 1: it faster. And the more that we print against that,

923
00:51:06,000 --> 00:51:09,440
Speaker 1: the faster the amount monopolises are creating that are created.

924
00:51:09,480 --> 00:51:13,640
Speaker 1: There the the other side of that coin, imagine imagine

925
00:51:13,640 --> 00:51:18,640
Speaker 1: a company that has that has so a whole bunch

926
00:51:19,120 --> 00:51:21,719
Speaker 1: we move into a different system. There's less jobs, there's

927
00:51:21,840 --> 00:51:24,960
Speaker 1: more opportunities, there's more time for people. They actually have

928
00:51:25,560 --> 00:51:29,359
Speaker 1: lots of time. They don't need to their their wealth

929
00:51:29,360 --> 00:51:31,839
Speaker 1: being destroyed through inflation, so they have lots of time.

930
00:51:32,120 --> 00:51:34,600
Speaker 1: There's a whole bunch of curious people wanting to attack

931
00:51:34,640 --> 00:51:39,080
Speaker 1: new industries and create their their riches. And now you

932
00:51:39,160 --> 00:51:45,600
Speaker 1: have a monopoly power entrenched because and high margins and

933
00:51:45,680 --> 00:51:48,560
Speaker 1: that in that structure, what do you think what do

934
00:51:48,560 --> 00:51:51,799
Speaker 1: you think would be attacked first? Right? Because because they

935
00:51:52,040 --> 00:51:55,640
Speaker 1: because those entrepreneurs would attack the best, the best opportunities

936
00:51:55,960 --> 00:51:58,120
Speaker 1: to be able to make make money, and by doing

937
00:51:58,200 --> 00:52:01,080
Speaker 1: so they would destroy them. Any ways, and and and

938
00:52:01,080 --> 00:52:04,040
Speaker 1: and bring more value to society. If you let the

939
00:52:04,120 --> 00:52:09,359
Speaker 1: system work instead of instead of driving more and more

940
00:52:09,400 --> 00:52:12,439
Speaker 1: inequality in the system through printing, you would actually find

941
00:52:12,440 --> 00:52:19,279
Speaker 1: a faster, a faster benefit to society. Yeah, okay, And

942
00:52:19,280 --> 00:52:20,960
Speaker 1: then the last thing I want to just ask about

943
00:52:21,120 --> 00:52:24,279
Speaker 1: is what happens to the job. So, um, I think

944
00:52:24,280 --> 00:52:28,120
Speaker 1: it was um Milton Friedman. He went down and saw

945
00:52:28,120 --> 00:52:30,160
Speaker 1: people were building the road by hand, you know, by hand,

946
00:52:30,200 --> 00:52:31,920
Speaker 1: and they said, why are you doing it by hand?

947
00:52:31,920 --> 00:52:34,600
Speaker 1: Why not bring a tractor down here? And they said

948
00:52:35,200 --> 00:52:37,640
Speaker 1: because jobs. And he said, well then why not just

949
00:52:37,640 --> 00:52:39,759
Speaker 1: get everybody spoons? Then if that's the case, right, like,

950
00:52:39,760 --> 00:52:42,040
Speaker 1: why not get more jobs? Then I give them spoons.

951
00:52:42,040 --> 00:52:45,359
Speaker 1: And true story, I went down to Nicaraguana surf trip

952
00:52:45,400 --> 00:52:47,480
Speaker 1: and nicarag was one of the poorest countries I had

953
00:52:47,520 --> 00:52:49,520
Speaker 1: been to at that at that point. People are literally

954
00:52:49,560 --> 00:52:53,319
Speaker 1: still getting around on on box drawn carts there um

955
00:52:53,360 --> 00:52:55,440
Speaker 1: and there is a road that every time I go

956
00:52:55,480 --> 00:52:57,560
Speaker 1: back to Nicaragua, they're still working on it. And I

957
00:52:57,600 --> 00:52:59,759
Speaker 1: asked the driver the same thing. Why don't they bring

958
00:52:59,840 --> 00:53:02,399
Speaker 1: up actor and they're putting literally putting cobblestones by hand,

959
00:53:02,400 --> 00:53:05,799
Speaker 1: and he said because jobs. So anyway, we know, like

960
00:53:05,840 --> 00:53:08,560
Speaker 1: in the last presidential election cycle, Andrew Yang was running

961
00:53:08,560 --> 00:53:10,200
Speaker 1: on this platform and technology is gonna get rid of

962
00:53:10,239 --> 00:53:11,680
Speaker 1: these jobs, and so we have to come up with

963
00:53:11,680 --> 00:53:15,080
Speaker 1: you b I UM. I seem to think that UM

964
00:53:15,239 --> 00:53:19,239
Speaker 1: technology replaces the load task jobs and it opens people

965
00:53:19,280 --> 00:53:20,880
Speaker 1: up for more high end jobs. And then we can

966
00:53:20,880 --> 00:53:23,000
Speaker 1: look at Amazon, well, maybe it did put out a

967
00:53:23,000 --> 00:53:25,040
Speaker 1: lot of jobs over here, it created a million jobs

968
00:53:25,040 --> 00:53:29,000
Speaker 1: over here. Um, So really it's just people need to unfortunately,

969
00:53:29,040 --> 00:53:30,799
Speaker 1: I guess, have to learn a little bit and they

970
00:53:30,800 --> 00:53:33,080
Speaker 1: have to kind of grow and evolve. Where do you

971
00:53:33,120 --> 00:53:35,480
Speaker 1: see that playing out? Is this bad for jobs or

972
00:53:35,520 --> 00:53:38,839
Speaker 1: good for jobs or you know humanity overall? Um, it's

973
00:53:38,880 --> 00:53:42,800
Speaker 1: bad for jobs and it's bad for so so there's

974
00:53:42,840 --> 00:53:47,600
Speaker 1: a there's this belief that it's just bad for the

975
00:53:47,680 --> 00:53:50,200
Speaker 1: low paying jobs and we'll create more high paying jobs.

976
00:53:50,560 --> 00:53:54,840
Speaker 1: But that belief isn't if you actually investigate what's happening

977
00:53:54,840 --> 00:53:58,200
Speaker 1: and artificial intelligence and what's what's happening at the rate

978
00:53:58,239 --> 00:54:01,640
Speaker 1: of that change. It's bad for high paying jobs too,

979
00:54:02,280 --> 00:54:05,440
Speaker 1: not all jobs. And I'm not on a people people

980
00:54:05,480 --> 00:54:08,560
Speaker 1: get really confused here. It could because they're scared. So

981
00:54:09,200 --> 00:54:12,880
Speaker 1: they backtrack to an old system and they and they

982
00:54:12,920 --> 00:54:15,240
Speaker 1: say we have to protect the jobs at all costs,

983
00:54:15,880 --> 00:54:18,520
Speaker 1: And they don't know what they're doing is by driving

984
00:54:18,560 --> 00:54:21,160
Speaker 1: inflation to protect the jobs or to pay for more

985
00:54:21,239 --> 00:54:25,239
Speaker 1: people they can't have jobs. What they're really doing is

986
00:54:25,239 --> 00:54:27,720
Speaker 1: picking the people's pocket at the bottom of the social

987
00:54:27,960 --> 00:54:31,640
Speaker 1: ladder to be able to pretend they're helping without the

988
00:54:31,640 --> 00:54:36,680
Speaker 1: money to do so. So that it's theft. Inflation. You

989
00:54:36,719 --> 00:54:40,279
Speaker 1: could say, if somebody takes something from you that you

990
00:54:40,320 --> 00:54:43,279
Speaker 1: don't know they took from you, and you can put

991
00:54:43,400 --> 00:54:48,200
Speaker 1: better policy around around that, is that theft. If somebody

992
00:54:48,239 --> 00:54:51,040
Speaker 1: comes in and take something from your house, is that theft?

993
00:54:52,560 --> 00:54:54,840
Speaker 1: And so does it matter at what rate they steal

994
00:54:54,920 --> 00:54:59,160
Speaker 1: from you? Two percent, three doesn't matter what rate? So

995
00:54:59,840 --> 00:55:03,400
Speaker 1: I these are you said, words matter, These words matter,

996
00:55:03,760 --> 00:55:07,399
Speaker 1: but it is theft. And so so when that same

997
00:55:07,400 --> 00:55:10,080
Speaker 1: person picks your pocket and says, I'm going to transfer

998
00:55:10,120 --> 00:55:12,280
Speaker 1: money to you, from you to somebody, I was saying,

999
00:55:12,280 --> 00:55:15,040
Speaker 1: words don't matter, it's the actions. And so to further

1000
00:55:15,120 --> 00:55:18,080
Speaker 1: prove your point, the action is they can call it

1001
00:55:18,120 --> 00:55:20,720
Speaker 1: not death, but the action is death exactly. And instead

1002
00:55:20,719 --> 00:55:22,600
Speaker 1: of calling an inflation, and now we're going to call

1003
00:55:22,640 --> 00:55:25,000
Speaker 1: it quantitive easing, and we're gonna do essentially, we're going

1004
00:55:25,040 --> 00:55:27,800
Speaker 1: to pick your pocket faster to tell you that that

1005
00:55:27,840 --> 00:55:30,560
Speaker 1: we're not picking your pocket. That's what's happening. It is

1006
00:55:30,600 --> 00:55:34,960
Speaker 1: that I wish it wasn't. I understand why they're doing it,

1007
00:55:35,040 --> 00:55:39,080
Speaker 1: but but that's that's what that's what it does. So

1008
00:55:39,200 --> 00:55:42,080
Speaker 1: there's actually no way to fix that from the existing system. Now,

1009
00:55:42,120 --> 00:55:46,239
Speaker 1: Remember inflation is wage deflation, So essentially they're paying you're

1010
00:55:46,239 --> 00:55:49,919
Speaker 1: getting paid less to be able to keep a job.

1011
00:55:50,760 --> 00:55:54,840
Speaker 1: And well, technology is removing the jobs anyways. Keep keeping

1012
00:55:54,840 --> 00:55:58,759
Speaker 1: people busy is important. So so now let's but these

1013
00:55:58,760 --> 00:56:03,040
Speaker 1: are different concepts. Is that important important? And so so

1014
00:56:03,360 --> 00:56:05,200
Speaker 1: let's just get back to the first part of the

1015
00:56:05,239 --> 00:56:09,160
Speaker 1: technology is supposed to reduce. You put technology into give

1016
00:56:09,200 --> 00:56:13,080
Speaker 1: more for less and the consequences that reduces labor and

1017
00:56:13,080 --> 00:56:15,239
Speaker 1: and the consequence of that as it saves our time.

1018
00:56:16,560 --> 00:56:19,160
Speaker 1: That's what that's why I that's why I use it.

1019
00:56:19,280 --> 00:56:21,839
Speaker 1: If I think about the technology companies and building right now,

1020
00:56:22,000 --> 00:56:24,960
Speaker 1: how much value they give that remove a whole bunch

1021
00:56:25,000 --> 00:56:28,080
Speaker 1: of jobs in the overall system, and over time, more

1022
00:56:28,120 --> 00:56:30,120
Speaker 1: and more more jobs. That is the point, and it

1023
00:56:30,160 --> 00:56:33,160
Speaker 1: gets and as we moved to an information based economy,

1024
00:56:33,360 --> 00:56:36,960
Speaker 1: economies all over the world, that just accelerates. But didn't

1025
00:56:36,960 --> 00:56:39,640
Speaker 1: we lose. So let's say technology, we lost a bunch

1026
00:56:39,640 --> 00:56:42,520
Speaker 1: of manufacturing jobs, but we gained a whole bunch of

1027
00:56:42,560 --> 00:56:45,799
Speaker 1: programmer jobs and new machines and three D printing as

1028
00:56:45,800 --> 00:56:47,960
Speaker 1: you talked about, So like we added all those jobs

1029
00:56:48,000 --> 00:56:53,879
Speaker 1: that we never had. So in historical frameworks. You're you're

1030
00:56:53,920 --> 00:56:57,439
Speaker 1: absolutely right. We always created more new jobs and more

1031
00:56:57,480 --> 00:57:01,120
Speaker 1: new economies than than before. You believe that this time

1032
00:57:01,200 --> 00:57:03,839
Speaker 1: is different, and this time is different because we never

1033
00:57:03,880 --> 00:57:09,760
Speaker 1: had technology that was becoming smarter than us. Technology today

1034
00:57:09,760 --> 00:57:15,959
Speaker 1: can code itself, technology can AI systems are creating create

1035
00:57:16,200 --> 00:57:19,000
Speaker 1: so some of these, some of these, first we train

1036
00:57:19,080 --> 00:57:21,960
Speaker 1: the AI systems and then the AI systems do it

1037
00:57:22,000 --> 00:57:24,560
Speaker 1: way better than a weekend, and the rate of change

1038
00:57:24,600 --> 00:57:28,440
Speaker 1: on that it would be um. We could disagree on

1039
00:57:28,480 --> 00:57:33,000
Speaker 1: this point, but I don't see. I don't see. Okay,

1040
00:57:33,000 --> 00:57:35,600
Speaker 1: where are the new jobs coming from? The new giant

1041
00:57:35,680 --> 00:57:39,320
Speaker 1: families of jobs. There will be some, um, but not

1042
00:57:39,480 --> 00:57:41,720
Speaker 1: enough to replace the ones that are that are lost.

1043
00:57:42,040 --> 00:57:44,720
Speaker 1: And actually that's the whole point. If you allowed deflation,

1044
00:57:44,920 --> 00:57:47,680
Speaker 1: and that's what part of people two different systems that

1045
00:57:47,760 --> 00:57:51,200
Speaker 1: get so caught up in. If you allowed the natural

1046
00:57:51,320 --> 00:57:53,480
Speaker 1: order of things, what would happen is that as the

1047
00:57:53,600 --> 00:57:59,080
Speaker 1: jobs were removed, prices would fall in locks step. If

1048
00:57:59,120 --> 00:58:02,120
Speaker 1: you don't allow that to happen, as the jobs are

1049
00:58:02,120 --> 00:58:08,360
Speaker 1: removed and prices are higher, everyone fails. That's that's exactly

1050
00:58:08,480 --> 00:58:11,480
Speaker 1: that's exactly what's happening. But if you again remember we

1051
00:58:11,520 --> 00:58:13,920
Speaker 1: are moving into most of the deflation is in front

1052
00:58:13,920 --> 00:58:16,200
Speaker 1: of us, most of the job losses in front of us.

1053
00:58:16,240 --> 00:58:19,280
Speaker 1: There will be I am super excited about some of

1054
00:58:19,320 --> 00:58:22,880
Speaker 1: the companies that are creating right now, super excited and

1055
00:58:22,920 --> 00:58:26,240
Speaker 1: what they do, what they do and investing in and

1056
00:58:26,240 --> 00:58:30,920
Speaker 1: creating it. So on one side, I see opportunities everywhere, right,

1057
00:58:31,360 --> 00:58:34,080
Speaker 1: But if I add it all up and say, are

1058
00:58:34,080 --> 00:58:40,040
Speaker 1: there opportunities for everyone everywhere? No, And so if if

1059
00:58:40,040 --> 00:58:43,200
Speaker 1: those opportunities are only for me because we keep printing

1060
00:58:43,200 --> 00:58:47,160
Speaker 1: an existing system and it concentrates more or more wealth,

1061
00:58:47,240 --> 00:58:53,920
Speaker 1: that's pretty bad social experiment for for for the world. Okay, well, um, well,

1062
00:58:54,160 --> 00:58:56,480
Speaker 1: time time will tell you've done way more research on

1063
00:58:56,480 --> 00:58:58,520
Speaker 1: the topic than I have. So well you're the experts,

1064
00:58:58,600 --> 00:59:00,880
Speaker 1: will it will defer to you on that. I would say, though,

1065
00:59:00,920 --> 00:59:03,520
Speaker 1: to your point that you said that you're excited because

1066
00:59:03,560 --> 00:59:05,280
Speaker 1: you see a lot of opportunity, But maybe it's not

1067
00:59:05,320 --> 00:59:07,360
Speaker 1: like that for everybody. And so I would just encourage

1068
00:59:07,400 --> 00:59:10,200
Speaker 1: everybody listening, like, don't get scared and depressed. Just be

1069
00:59:10,280 --> 00:59:13,800
Speaker 1: on the side that's seeing opportunity everywhere. There's a book.

1070
00:59:13,880 --> 00:59:16,000
Speaker 1: There's a book written by Daniel Pink and it's titled

1071
00:59:16,000 --> 00:59:18,680
Speaker 1: A Whole New Mind, and he talked about how with

1072
00:59:18,760 --> 00:59:22,440
Speaker 1: the Internet we have this uh commoditization of technical workers

1073
00:59:22,480 --> 00:59:25,680
Speaker 1: now and so coders and programmers or a diamond dozen

1074
00:59:25,720 --> 00:59:28,280
Speaker 1: four bucks an hour overseas today, right, and so no

1075
00:59:28,400 --> 00:59:30,720
Speaker 1: longer going to being a coming engineer or that coder.

1076
00:59:30,840 --> 00:59:34,640
Speaker 1: Is the key. He said that to have success in

1077
00:59:34,680 --> 00:59:36,640
Speaker 1: the future, instead of using your analytical side of your brain,

1078
00:59:36,760 --> 00:59:39,320
Speaker 1: use the creative side and then become like a conductor

1079
00:59:39,320 --> 00:59:42,520
Speaker 1: of an orchestra and pick this coder and this programmer

1080
00:59:42,560 --> 00:59:44,520
Speaker 1: and this person and kind of and and and and

1081
00:59:44,640 --> 00:59:47,240
Speaker 1: use creativity. And so to your point, Jeff, you see,

1082
00:59:47,480 --> 00:59:51,040
Speaker 1: you see opportunity everywhere because there is so much UM.

1083
00:59:51,080 --> 00:59:53,800
Speaker 1: But you're creative enough to kind of see that future. UM.

1084
00:59:53,880 --> 00:59:56,440
Speaker 1: And some people, unfortunately, they're just stuck just digging that

1085
00:59:56,480 --> 00:59:59,120
Speaker 1: hole every day. UM and so UM. If you want

1086
00:59:59,160 --> 01:00:01,040
Speaker 1: to succeed in the future, you're like that book says,

1087
01:00:01,080 --> 01:00:03,000
Speaker 1: you need to kind of switch from the analytical to

1088
01:00:03,080 --> 01:00:05,479
Speaker 1: the creative side. And there is an abundant future ahead.

1089
01:00:06,040 --> 01:00:09,240
Speaker 1: There's so there is so that that there. We totally agree.

1090
01:00:09,280 --> 01:00:12,400
Speaker 1: There's so much opportunity right now in any system. Change

1091
01:00:13,520 --> 01:00:17,600
Speaker 1: it creates staggering opportunity. Yeah, but we're going through a

1092
01:00:17,640 --> 01:00:21,080
Speaker 1: system change and a major system change in the way

1093
01:00:21,160 --> 01:00:23,240
Speaker 1: or a way of life, and but there's lots of

1094
01:00:23,280 --> 01:00:26,800
Speaker 1: opportunity right now. Yeah. All right, Well, with that, I

1095
01:00:26,800 --> 01:00:28,040
Speaker 1: guess we'll go ahead and wrap it up. I think

1096
01:00:28,080 --> 01:00:30,439
Speaker 1: that's a good, good point to end. We've we've touched

1097
01:00:30,480 --> 01:00:32,480
Speaker 1: on so many things you have. I appreciate that. Anything

1098
01:00:32,520 --> 01:00:34,160
Speaker 1: else that you want to just add before we wrap

1099
01:00:34,160 --> 01:00:38,000
Speaker 1: it up, good? Thanks, Okay, good. We're gonna make sure

1100
01:00:38,040 --> 01:00:39,640
Speaker 1: to link your book down in the show notes before

1101
01:00:39,680 --> 01:00:42,439
Speaker 1: put your Twitter profile in there. Um, and I guess

1102
01:00:42,440 --> 01:00:44,600
Speaker 1: with that, ahead and sign out. Thanks so much, Jef. Awesome.

1103
01:00:44,600 --> 01:00:44,880
Speaker 1: Thanks