WEBVTT - Technology, The Fiat System, Natural Laws, Inflation vs Deflation, and Scarcity Mindset | Jeff Booth 0:00:00.120 --> 0:00:02.480 These policies that go against kind of natural law and 0:00:02.560 --> 0:00:06.000 natural order are actually responsible for a lot of the 0:00:06.040 --> 0:00:09.400 big coms that we see from inequality, even potentially racism 0:00:09.400 --> 0:00:11.639 and climate change. But what governments are trying to do 0:00:11.960 --> 0:00:14.440 is they're trying to outrun that by printing more and 0:00:14.480 --> 0:00:18.040 more money, and and they're they're they're not aware of 0:00:18.160 --> 0:00:21.720 the consequences that they're driving into society. I've always asked 0:00:21.720 --> 0:00:25.680 people just a simple question, would you rather your money 0:00:25.680 --> 0:00:28.880 by more goods and services in the future or less? 0:00:29.400 --> 0:00:31.480 Inflation is when the value of your money is worth 0:00:31.600 --> 0:00:35.600 less overtime call it two percent less overtime, three percent 0:00:35.640 --> 0:00:41.400 plus overtime overtime or less overtime. Inflation is goods and 0:00:41.479 --> 0:00:44.880 services go hop in relation to your to your money. 0:00:45.080 --> 0:00:48.240 The government's kind of operating on this, this this scarcity 0:00:48.320 --> 0:00:51.920 mindset when the reality is today we should be operating 0:00:51.920 --> 0:00:54.880 it seems like on an abundance mindset, where I look 0:00:54.920 --> 0:00:59.920 at it like wealth creates more wealth. Economics is about scarcity, 0:01:00.040 --> 0:01:02.040 perceived or real. What we've seen is when people kind 0:01:02.040 --> 0:01:04.280 of come into bitcoin, it changes their mindset to where 0:01:04.280 --> 0:01:07.360 they want to be savers now and um. When you're 0:01:07.360 --> 0:01:10.080 a saver. You're not consuming as much stuff, you're not 0:01:10.120 --> 0:01:11.840 buying as much stuff, you don't have as much trash, 0:01:11.880 --> 0:01:14.920 you don't have as much stuff, and so um, that consumption, 0:01:15.280 --> 0:01:17.640 that rapid rate of consumption is also bad for the environment. 0:01:17.680 --> 0:01:20.959 We talk about bitcoin, and for people who understand what 0:01:21.000 --> 0:01:26.280 it means, it's way bigger than wealth. Federal Reserve and 0:01:26.319 --> 0:01:30.080 the central banks are driving and manipulated markets. But are 0:01:30.120 --> 0:01:33.760 they working against natural law? And what does that even mean? Well, 0:01:34.000 --> 0:01:37.360 there is amazing implications for understanding this, and we are 0:01:37.400 --> 0:01:39.479 going to discuss this today with one of my good buddies, 0:01:39.520 --> 0:01:42.000 Jeff Booth, who is coming back for a second time 0:01:42.160 --> 0:01:44.680 to talk about how the Federal Reserve with their fiat 0:01:44.720 --> 0:01:48.640 money system is actually working against natural We're gonna talk 0:01:48.640 --> 0:01:52.520 about inflation versus deflation. What we really are talking about 0:01:52.560 --> 0:01:56.640 in that argument about prices going up and down? Um, 0:01:56.760 --> 0:01:59.400 would we rather prices be going down or up? We'll 0:01:59.400 --> 0:02:02.000 talk about that. We're gonna be talking about scarcity mindset, 0:02:02.040 --> 0:02:05.320 abundance mindset. We're gonna be talking about how, um, the 0:02:05.360 --> 0:02:09.760 Fed talks about fighting against racial income and equality, climate change, 0:02:09.800 --> 0:02:12.600 but is actually maybe making those things worse. We're gonna 0:02:12.600 --> 0:02:16.520 talk about how technology and free markets could actually protect 0:02:16.560 --> 0:02:19.440 against monopolies. And then we're gonna jump into kind of 0:02:19.480 --> 0:02:22.080 the future, like what does the future hold? Is technology 0:02:22.120 --> 0:02:24.160 going to get rid of a lot of jobs? And 0:02:24.200 --> 0:02:26.239 if so, what should you be focusing on and paying 0:02:26.280 --> 0:02:28.520 attention to? So many good things that we covered here 0:02:28.520 --> 0:02:31.320 with Jeff, who was a great conversation, uh, that I 0:02:31.360 --> 0:02:32.680 was looking forward to for a long time. It did 0:02:32.680 --> 0:02:34.560 not disappoint and so let's go ahead just jump into 0:02:34.600 --> 0:02:36.640 it right now with Jeff. Everyone. Welcome to the episode 0:02:36.639 --> 0:02:38.799 of the Market Disruptor Show. And today I am joined 0:02:38.919 --> 0:02:41.440 by Jeff Booth. He's back for a second time. He 0:02:41.520 --> 0:02:44.200 is the author of the book The Price of Tomorrow. Um. 0:02:44.200 --> 0:02:46.680 He has a very interesting thesis, one that I agree 0:02:46.720 --> 0:02:48.440 with and one that I want to dig into more. 0:02:48.440 --> 0:02:51.040 Today we're gonna talk about technology. Of course, I've been 0:02:51.040 --> 0:02:53.760 talking about technology cycles a lot. What technology is doing, 0:02:53.960 --> 0:02:57.040 um for humanity, for the world, and kind of a 0:02:57.040 --> 0:02:59.520 bigger picture of where that goes. Sonny, We're gonna dig 0:02:59.520 --> 0:03:00.920 into a bunch you have. Thanks so much for joining 0:03:00.919 --> 0:03:04.359 me today. Thanks for having me again. Mark. Yeah, so, um, 0:03:04.440 --> 0:03:06.360 like I said, you wrote, you wrote that book um. 0:03:06.400 --> 0:03:08.679 And I know you've been talking about it at length, UM, 0:03:08.760 --> 0:03:11.680 but it's so deep, right, So, UM, why don't you 0:03:11.800 --> 0:03:14.919 kind of frame up, um, what the book is and 0:03:15.120 --> 0:03:17.080 why you're going around talking about it so much, Like 0:03:17.120 --> 0:03:22.639 what's that thesis? Um? So yeah, the thesis is technology 0:03:22.639 --> 0:03:25.880 in itself, technology and innovation in a free market. Um, 0:03:26.320 --> 0:03:30.440 must reduce prices, it must it must deliver more value 0:03:30.639 --> 0:03:32.839 because in a free in a free market, the only 0:03:32.840 --> 0:03:36.560 way in entrepreneur winds is by delivering value to society. 0:03:36.800 --> 0:03:40.600 Otherwise the business fails and they co broke. So if 0:03:40.640 --> 0:03:43.640 you if you understand how fast technology is moving and 0:03:43.680 --> 0:03:46.960 how it's making things cheaper to the point of not 0:03:47.080 --> 0:03:50.520 just cheaper free, that's what ends ends up happening with 0:03:50.560 --> 0:03:53.640 all most technology. It keeps on driving the price down 0:03:53.680 --> 0:03:59.720 to free because you create abundance. And so what's happening 0:03:59.720 --> 0:04:03.920 in our society today is that that technology, that's that 0:04:03.920 --> 0:04:09.680 that drive for for better, better humanity is being bumped 0:04:09.760 --> 0:04:12.920 up against the world where we've always lived in, which 0:04:12.960 --> 0:04:17.080 is an inflationary monetary policy that won't let prices fall. 0:04:18.080 --> 0:04:20.600 Hey guys, let me just interrupt this interview real quick, 0:04:20.640 --> 0:04:24.120 just to plug the show. Sponsor, and that is block Fi. Now, 0:04:24.200 --> 0:04:28.000 Block five is doing amazing things in the bitcoin finance space. 0:04:28.120 --> 0:04:29.880 As a matter of fact, they've cracked some really big 0:04:29.920 --> 0:04:33.479 news by bringing on the x CFTC UM chair Chris 0:04:33.560 --> 0:04:37.200 gian Carlo UM and they are one of the most transparent, 0:04:37.279 --> 0:04:40.479 most heavily regulated UM companies inside the United States, which 0:04:40.480 --> 0:04:43.520 gives me a lot of trust into what the services are. Now. 0:04:43.560 --> 0:04:46.320 I've recently did a video talking about how to retire 0:04:46.440 --> 0:04:49.640 off bitcoin, and you can do that by leveraging debt 0:04:49.880 --> 0:04:53.840 and interest against bitcoin. And Block five is the number 0:04:53.880 --> 0:04:55.760 one company in the United States or maybe in the 0:04:55.760 --> 0:04:58.760 world to go to and use UM. They are leading 0:04:58.760 --> 0:05:00.839 the charges. Are paying interest on your bitcoin if you 0:05:00.839 --> 0:05:03.240 park it with him, or you can borrow against it. Now, 0:05:03.320 --> 0:05:05.320 as I broke down in that video, you can borrow 0:05:05.360 --> 0:05:08.440 against your bitcoin, and when you take debt against it, 0:05:08.440 --> 0:05:10.640 it's not taxable. It's not a taxable event. You can 0:05:10.720 --> 0:05:12.479 use that debt for anything that you want, including to 0:05:12.520 --> 0:05:14.719 live off of to leverage up and buy more or 0:05:14.839 --> 0:05:17.320 roll it into another asset. UM. You can do something 0:05:17.360 --> 0:05:19.920 like I've done recently, like sell some real estate put 0:05:19.920 --> 0:05:23.000 that money into bitcoin. Now, as that bitcoin price has risen. 0:05:23.040 --> 0:05:25.120 I'm able to borrow against it and go back and 0:05:25.160 --> 0:05:27.560 buy the same real estate or something similar, and I 0:05:27.640 --> 0:05:30.720 still own the bitcoin, and I also own the new 0:05:30.760 --> 0:05:32.760 asset as well. Lots of ways you can do this 0:05:33.080 --> 0:05:35.760 um and block five is the company that I recommend. 0:05:35.880 --> 0:05:37.720 Down in the description, I have a link that you 0:05:37.760 --> 0:05:39.480 can click on. If you choose to use that link, 0:05:39.480 --> 0:05:41.600 you can earn up the two fifty dollars in bitcoin 0:05:41.880 --> 0:05:44.080 just for using that link. So check out block fine now. 0:05:45.120 --> 0:05:47.640 And so so what you see is a byproduct of 0:05:47.640 --> 0:05:51.000 that is some prices are falling. Your your your photos 0:05:51.000 --> 0:05:54.000 are getting cheaper, your music is getting cheaper. You're getting 0:05:54.040 --> 0:05:56.720 abundance and some of the stuff. And people are looking 0:05:56.720 --> 0:05:59.880 at a cp I across the entire thing and saying, white, 0:06:00.000 --> 0:06:03.200 don't we drive inflation up? But the things you need 0:06:03.279 --> 0:06:07.000 the most, housing, food, everything else, they're they're rising in 0:06:07.040 --> 0:06:10.800 price because because of monetary easing to make prices go up. 0:06:11.320 --> 0:06:15.840 And I understand the problem. I understand why governments are 0:06:15.880 --> 0:06:18.719 trying to make that happen, because if you allow inflation 0:06:18.839 --> 0:06:21.120 to happen, essentially, if you allow your money to be 0:06:21.200 --> 0:06:24.719 worth more to happen, and it's prices to fall in 0:06:24.800 --> 0:06:28.400 relation to your money, then the existing debt of the 0:06:28.400 --> 0:06:33.000 world needs to be resent because the existing debt gets, 0:06:33.440 --> 0:06:36.920 in real terms, climbs in price. So what governments are 0:06:36.920 --> 0:06:39.560 trying to do is they're trying to outrun that by 0:06:39.600 --> 0:06:43.120 printing more and more money. And and they're they're they're 0:06:43.160 --> 0:06:46.640 not aware of the consequences that they're driving into society 0:06:46.839 --> 0:06:52.159 in the wealth, inequality, racism, divide of divide of human 0:06:52.200 --> 0:06:55.920 beings because of because of what they're doing to try 0:06:55.920 --> 0:06:59.279 to drive prices up. So we have we have governments 0:06:59.279 --> 0:07:03.760 that are actually building more instability into a system that 0:07:03.960 --> 0:07:09.240 is already that it is already unstable um and and 0:07:09.240 --> 0:07:11.600 and most people are caught within that system and they 0:07:11.640 --> 0:07:14.720 don't see how the whole system is working because they're 0:07:14.720 --> 0:07:19.120 measuring their life from the system. Yeah. So so that's 0:07:19.200 --> 0:07:23.200 largely what I talked about in the book. When one 0:07:23.240 --> 0:07:25.240 of the things I realized that kind of in a 0:07:25.600 --> 0:07:27.680 as I investigated this, because it was something I was 0:07:27.720 --> 0:07:31.160 talking about for ten years, that that could be like 0:07:31.160 --> 0:07:35.080 if you asked my friends that every campfire, every is 0:07:35.080 --> 0:07:37.760 what I'll be talking about, you wouldn't want to be 0:07:37.760 --> 0:07:42.000 my friend. Um, because I couldn't. I couldn't square that 0:07:42.080 --> 0:07:44.880 pig that circle into the square, like I couldn't figure 0:07:44.880 --> 0:07:48.240 out why aren't prices falling everywhere? Because technology is moving 0:07:48.480 --> 0:07:51.360 into a base layer of everything we do. So technology 0:07:51.440 --> 0:07:53.760 that should it shouldn't just be our TV TVs are 0:07:53.800 --> 0:07:57.760 getting cheaper and better, it should be everything, and and 0:07:57.760 --> 0:08:00.680 and and So when I investigated that, and I realized, Okay, 0:08:00.720 --> 0:08:03.200 there's two fifty trillion dollars of debt in the world 0:08:03.240 --> 0:08:06.880 to run an eighty trillion dollar global economy. That takes 0:08:06.880 --> 0:08:10.720 your breath away and you and you first ask could 0:08:10.760 --> 0:08:15.320 you actually grow out of that? And and really hard 0:08:15.360 --> 0:08:16.880 to believe you could grow out of that. But if 0:08:16.920 --> 0:08:18.640 you had to grow out, if you had to grow 0:08:18.640 --> 0:08:20.960 out of it, taxes must go up and you have 0:08:21.040 --> 0:08:23.239 to have growth too, so you'd have to slow growth 0:08:23.240 --> 0:08:27.040 in the future because you demand. But the real smoking 0:08:27.080 --> 0:08:31.280 gun on it was trillion dollars of that debt came 0:08:31.320 --> 0:08:34.640 within the last twenty years. And this is all before COVID, 0:08:35.080 --> 0:08:38.480 so you can predictably. So now now my thesis made 0:08:38.520 --> 0:08:41.440 a lot of sense. You have prices wanting to fall 0:08:42.400 --> 0:08:44.720 and and wanting to fall faster and faster, and faster 0:08:44.920 --> 0:08:49.160 is technology removes labor and makes things cheaper. Um, and 0:08:49.240 --> 0:08:52.760 you have something stopping that. You have government policy all 0:08:52.760 --> 0:08:56.400 over the world trying to stop that, And the simple 0:08:56.480 --> 0:09:02.600 question is why it isn't. Isn't saving our time and 0:09:02.800 --> 0:09:09.680 technology giving us more for less the point of innovation? Yeah, yeah, 0:09:09.679 --> 0:09:13.440 that's great. So, UM, you started with a lot. I'm 0:09:13.480 --> 0:09:16.040 gonna start digging into this piece by piece. Um for 0:09:16.080 --> 0:09:19.280 everybody listening, maybe you caught what he said, but um, 0:09:19.360 --> 0:09:21.760 these policies that go against kind of natural law and 0:09:21.840 --> 0:09:25.320 natural order are actually responsible for a lot of the 0:09:25.320 --> 0:09:28.640 big poms that we see from inequality, even potentially racism 0:09:28.679 --> 0:09:30.679 and climate change. So we're gonna dig into that kind 0:09:30.720 --> 0:09:32.600 of stuff. But maybe to kind of dig into this 0:09:32.920 --> 0:09:36.080 at the first level, Um, when you talk about inflation 0:09:36.160 --> 0:09:39.760 and inflation and deflation, Um, you keep saying price changing, 0:09:39.920 --> 0:09:42.920 so prices going up or prices going down? Um. I 0:09:42.920 --> 0:09:46.240 think inflation is a very nuanced argument. Um. Obviously we 0:09:46.280 --> 0:09:49.280 can look at the hundreds of chillions of dollars of 0:09:49.320 --> 0:09:52.679 debt and that debt could go bad. That's massive deflation. 0:09:53.000 --> 0:09:54.840 But I think for kind of to frame up what 0:09:54.840 --> 0:09:56.880 we're talking about, are you talking about specifically like the 0:09:56.880 --> 0:10:00.640 CPI and and actual prices of consumer goods. Talking about 0:10:00.679 --> 0:10:04.840 prices generally, inflation if you if you simple, it's simplified it. 0:10:04.920 --> 0:10:07.000 Inflation is when the value of your money is worth 0:10:07.080 --> 0:10:11.040 less overtime call it two percent less overtime, three percent 0:10:11.160 --> 0:10:14.800 less overtime, fifty percent over time and less overtime. Inflation 0:10:15.480 --> 0:10:18.880 is goods and services go up in relation to your 0:10:19.200 --> 0:10:23.160 to your money and so so. And by the way, 0:10:23.200 --> 0:10:26.400 that's a that's a tax on on the middle class 0:10:26.400 --> 0:10:30.800 and poor, hidden tax, and it's a wealth transfer to 0:10:30.840 --> 0:10:33.480 the rich. And it's pretty easy to see see that. 0:10:33.600 --> 0:10:35.840 So if you had a hundred houses mark and I 0:10:35.880 --> 0:10:38.760 had one house and somebody else was renting, if you 0:10:38.840 --> 0:10:42.920 drive inflation essentially the money being worth less, then the 0:10:42.960 --> 0:10:46.480 houses will go up in relation to that, and so 0:10:46.679 --> 0:10:49.360 the houses, so you'll get more of the wealth. And 0:10:49.400 --> 0:10:52.240 if I'm renting where somebody else is renting, their rents 0:10:52.240 --> 0:10:54.960 will go up in relation to that. So inflation is 0:10:55.000 --> 0:11:00.400 the same as wage deflation or or or your ency 0:11:00.480 --> 0:11:05.560 being worthless, so on the other So, now, so that's 0:11:05.559 --> 0:11:07.800 how I look at it. And here's what people conflate. 0:11:08.480 --> 0:11:10.480 And because they missed the kind of the root cause 0:11:10.520 --> 0:11:13.240 of it all. When we hear deflation, we get so 0:11:13.320 --> 0:11:18.640 scared because we assume deflation to to mean the great 0:11:18.640 --> 0:11:24.079 depression relationary depression and what people and and and they 0:11:24.120 --> 0:11:27.679 miss the fact that if you can't pay back the debt, 0:11:29.240 --> 0:11:32.680 eventually there's going to be bad deflation where you wipe 0:11:32.679 --> 0:11:35.440 out the debt and making the debt bigger and bigger 0:11:35.440 --> 0:11:38.720 and bigger doesn't stop that. It can push can push 0:11:38.720 --> 0:11:41.000 it down the stream. But they miss they missed the 0:11:41.080 --> 0:11:45.320 kind of the the what creates the problem from the 0:11:45.400 --> 0:11:50.600 natural laws of natural laws of human innovation in a 0:11:50.640 --> 0:11:55.640 free market. And now I add technology that's moving exponentially 0:11:56.040 --> 0:12:01.280 must be deflationary. Yeah, yeah, um, you know a lot 0:12:01.280 --> 0:12:03.640 of people think we need this inflation. To your point 0:12:03.720 --> 0:12:06.199 right there, deathly afraid of deflation, we need inflation. I 0:12:06.240 --> 0:12:08.719 talked to a buddy last night who's a very smart guy, 0:12:08.800 --> 0:12:12.400 big time lover of liberty, loves bitcoin, super smart, makes 0:12:12.400 --> 0:12:15.800 good money, all these things, and he and he said, well, 0:12:16.000 --> 0:12:18.000 we I think, you know, bigcoin could be good store valua, 0:12:18.000 --> 0:12:20.000 but we might need another currency because the money supply 0:12:20.120 --> 0:12:24.520 has to increase. And I'm just like, why, you know, 0:12:24.600 --> 0:12:28.120 and so I think people don't really understand exactly what 0:12:28.160 --> 0:12:30.560 that means. And I think I've always asked people just 0:12:30.559 --> 0:12:34.760 a simple question, would you rather your money by more 0:12:34.800 --> 0:12:38.320 goods and services in the future or less? And like, 0:12:38.440 --> 0:12:41.719 of course they want more? Right, Um, well, we'll think 0:12:41.720 --> 0:12:44.080 you think of it. Just pokeon that what we do 0:12:44.160 --> 0:12:48.280 every day or individual decisions prove what you said. We 0:12:48.320 --> 0:12:51.240 wouldn't use Google, we wouldn't use Amazon, we wouldn't use 0:12:51.520 --> 0:12:54.120 We wouldn't have an iPhone with all of the free 0:12:54.120 --> 0:12:57.160 stuff on it unless that was true. Yeah, we think 0:12:57.280 --> 0:13:01.040 somehow that this system should work differently everybody than it 0:13:01.040 --> 0:13:07.400 does for us individually. It's absolutely insane. We look for value, um, 0:13:08.240 --> 0:13:11.160 and and so we're always we're always scanning for the 0:13:11.160 --> 0:13:14.760 best deal, the cheapest price, how we can save money. Yeah, 0:13:14.920 --> 0:13:18.240 and not just cheapest price. We we it's it's it's 0:13:18.559 --> 0:13:22.920 value specifically, but how we measure that that value? Often 0:13:22.960 --> 0:13:26.040 it comes with more for it's more for less. That's 0:13:26.040 --> 0:13:27.880 why we use the things. And if we don't get 0:13:27.880 --> 0:13:31.400 more for less, we'll find an alternative, right Yeah. And um, 0:13:31.640 --> 0:13:33.920 you know I I had posted something on Twitter while ago, 0:13:33.920 --> 0:13:35.480 and it was like a picture of a cup of coffee, 0:13:35.559 --> 0:13:36.959 and I showed, you know, it used to be ten cents, 0:13:36.960 --> 0:13:38.800 twenty cents. Now it's like a buck fifty. And I 0:13:38.840 --> 0:13:42.160 was like, what if coffee went the other way? Like, 0:13:42.720 --> 0:13:45.640 why not coffee getting cheaper? Yeah, so and and and 0:13:45.679 --> 0:13:48.440 the point is now pull that back. And that's where 0:13:48.440 --> 0:13:51.160 people they're so stuck in a system. They it's so 0:13:51.200 --> 0:13:53.400 hard to believe. We've been trying. By the way, when 0:13:53.440 --> 0:13:57.280 I wrote my book, I grew up in same probably 0:13:57.280 --> 0:14:01.560 time that you did, and and I believed in inflation. 0:14:01.559 --> 0:14:05.240 I believe those lives that that that we're told. You 0:14:05.240 --> 0:14:07.680 went to school, that's what you heard. You've got an education, 0:14:07.720 --> 0:14:10.040 you've got a better job, everything else. Your house went 0:14:10.120 --> 0:14:11.880 up over time, and you paid it back with cheaper 0:14:11.880 --> 0:14:15.480 money later on. And and when I when I went 0:14:15.520 --> 0:14:20.000 to the first Principles, and I realized just a second um, 0:14:20.960 --> 0:14:23.360 technology isn't going to slow down. Most of the deflation 0:14:23.440 --> 0:14:26.560 is in front of us. So why is it, Why 0:14:26.680 --> 0:14:28.600 is it that we believe that we have to have 0:14:28.640 --> 0:14:32.920 inflation right, and it's not true. So technology so to 0:14:33.000 --> 0:14:36.400 you to use that coffee cup of coffee example, how 0:14:36.480 --> 0:14:40.000 much innovation has there been into supply chains to reduce prices. 0:14:40.120 --> 0:14:42.640 How much how much labor has come out of that 0:14:42.800 --> 0:14:46.560 example to be able to raise prices, It should be 0:14:46.600 --> 0:14:50.440 lower in prices. The only reason that it's higher in 0:14:50.480 --> 0:14:55.080 prices is manipulation. Yeah. Yeah, it's a good point. So, UM, 0:14:55.080 --> 0:14:56.880 now we've kind of set the stage on that kind 0:14:56.880 --> 0:14:59.520 of inflation and deflation and kind of what that is. UM, 0:14:59.560 --> 0:15:01.800 let's hadn't moved into the next area, which would be 0:15:01.800 --> 0:15:03.280 then kind of taking it to like you said that 0:15:03.360 --> 0:15:07.960 first principles and that most basic you had said something about, um, 0:15:08.000 --> 0:15:11.480 you know, humans human ingenuity. So you know, um, people 0:15:11.560 --> 0:15:14.440 used to carry an armful of lumber and then they 0:15:14.480 --> 0:15:19.120 invented a wheelbarrow that was deflay scenary. You talk about technology, 0:15:19.360 --> 0:15:23.080 I would almost say that it's it's human ingenuity or 0:15:23.160 --> 0:15:26.760 human imagination. Uh. My good friend Robert Kiyosaki is writing 0:15:26.760 --> 0:15:30.200 a new book, UM titled Infinite Return, and in that 0:15:30.320 --> 0:15:34.960 he's making the case that our imagination has an infinite return. 0:15:35.000 --> 0:15:37.120 We can continue to imagine. I heard a saying it 0:15:37.120 --> 0:15:40.840 says everything that was ever created was imagined first. Um, right, 0:15:40.880 --> 0:15:43.000 I mean a thousand years ago, we lived in the dirt. 0:15:43.680 --> 0:15:46.520 Everything that we've created has been imagined. So I guess 0:15:46.560 --> 0:15:49.480 that's kind of first principles. Uh, maybe the imagination is 0:15:49.480 --> 0:15:52.200 like technology, right, it's constantly looking for ways to do 0:15:52.280 --> 0:15:56.960 things faster, easier, cheaper, and we should it seems like 0:15:57.000 --> 0:15:59.600 we should embrace that because the goal would be to 0:16:00.040 --> 0:16:02.240 have an easier life in the future, not a harder one. 0:16:02.840 --> 0:16:05.800 So that is that is the principle of the principle. 0:16:05.880 --> 0:16:09.680 But let's let's you want to I'll talk about an 0:16:09.680 --> 0:16:15.280 example here. Um, so you think about the first one 0:16:15.320 --> 0:16:18.960 that's already hit us. We used to buy records, CDs, 0:16:19.840 --> 0:16:22.120 eight tracks before before that, and we used to to 0:16:22.200 --> 0:16:24.520 be able to listen to music. We had to go 0:16:24.560 --> 0:16:27.840 through this process of having all of this equipment and 0:16:28.240 --> 0:16:30.960 we had to buy the physical goods and we could 0:16:30.960 --> 0:16:33.200 only buy so much. We were we had a scarce 0:16:33.240 --> 0:16:38.440 mindset and because and because of that, there emerged an 0:16:38.640 --> 0:16:42.880 entire industry to choose what we would see. We would 0:16:42.880 --> 0:16:46.600 only see the what what the choosers thought was going 0:16:46.640 --> 0:16:50.040 to be the best, best music because the cost of 0:16:50.120 --> 0:16:53.640 distribution was so high, So a whole bunch of people 0:16:53.760 --> 0:16:56.920 never got access to the market. That never, a whole 0:16:56.920 --> 0:17:00.400 bunch of artists never We never saw them. They never 0:17:00.440 --> 0:17:03.360 saw us. And it was really expensive. If you think 0:17:03.400 --> 0:17:06.800 about I think about when I was a kid, my 0:17:06.960 --> 0:17:10.600 record collection and everything else, and all all of those 0:17:10.600 --> 0:17:12.800 records to listen to a fraction of the music that 0:17:12.880 --> 0:17:16.639 was available. Now it's ten dollars a month UM and 0:17:16.680 --> 0:17:23.160 I have unlimited UM exactly in Canada, it's always more 0:17:25.880 --> 0:17:30.680 the unlimited music. And and all of the creators, all 0:17:30.720 --> 0:17:33.200 of the new creators that would have never been stars 0:17:33.800 --> 0:17:36.560 are now stars that now you still have to do 0:17:36.600 --> 0:17:38.920 in a free market. You still have to get through that. 0:17:39.040 --> 0:17:43.040 And because there's an overwhelming amount of content that is 0:17:43.119 --> 0:17:46.960 essentially free and a technology that allows it to be free. 0:17:47.400 --> 0:17:51.919 So that's that's just things moving to information where they 0:17:52.000 --> 0:17:56.120 used to be physical but now carry your things forward. 0:17:56.160 --> 0:17:59.240 And but that's a base layer. That's what people think 0:17:59.320 --> 0:18:01.840 is it's just an on industry. It's a base layer 0:18:01.880 --> 0:18:04.880 of the future of our way of life. In fact, 0:18:04.960 --> 0:18:07.520 this what we're doing on this podcast proves it. And 0:18:07.520 --> 0:18:10.080 what if you look at the technology behind what's coming 0:18:10.119 --> 0:18:13.920 to this podcast, you just it'll feel like a real experience. 0:18:14.160 --> 0:18:16.480 Within five years, it'll feel like we're in the same 0:18:16.560 --> 0:18:20.199 room within five years. Now take that information that you 0:18:20.280 --> 0:18:24.920 just said. Imagine, so what is pick something in your room. 0:18:25.000 --> 0:18:28.840 Pick so pick that, pick the table that this is 0:18:28.880 --> 0:18:34.520 on the you. That table is somebody's idea. I'm going 0:18:34.600 --> 0:18:37.919 to create a business of tables and my table is 0:18:37.920 --> 0:18:40.120 going to be the best table in the world. And right, 0:18:40.320 --> 0:18:43.880 and it's just an idea that they've transferred to a product, 0:18:44.480 --> 0:18:48.199 and product is and shipped over the labors overseas and 0:18:48.480 --> 0:18:54.960 factory in China, through distribution shipping distribution containers, then trucks 0:18:55.400 --> 0:18:57.320 and then a real store. And you go up and 0:18:57.320 --> 0:19:00.920 pick up that table and if that entrepreneurs right, and 0:19:01.000 --> 0:19:03.040 yet table is a really great table and everything else, 0:19:03.040 --> 0:19:05.280 and you pick it after it's gone through all of this, 0:19:06.640 --> 0:19:10.679 that and all the costum that entrepreneur creates a business 0:19:11.680 --> 0:19:15.840 to repay the cycle, the entire cost that information that 0:19:16.000 --> 0:19:20.400 idea is about to within ten years will be printed 0:19:20.400 --> 0:19:26.000 in your printed in your house. It's just information. And 0:19:26.040 --> 0:19:28.520 on top of that information is you have that idea 0:19:28.600 --> 0:19:32.240 for information. AI systems are coming in and delivering better, 0:19:32.960 --> 0:19:37.760 better ideas and more choice, abundance of abundance of choice, 0:19:37.840 --> 0:19:40.600 just like in music, coming to you for free or 0:19:40.640 --> 0:19:44.040 almost free within ten years. So how are you How 0:19:44.160 --> 0:19:48.439 is government when it's just starting now right, it's just 0:19:48.560 --> 0:19:50.440 and most of the deflation is in front of us. 0:19:50.840 --> 0:19:53.800 How is the government going to stop that from happening? 0:19:55.440 --> 0:19:58.200 They're not. In fact, the fastest the more they push, 0:19:58.720 --> 0:20:01.960 the more they push prices up, which is unnatural against 0:20:01.960 --> 0:20:06.639 the free market. The more entrepreneurs take tech technology to 0:20:06.680 --> 0:20:10.399 remove labor faster because because that's how you deliver value. 0:20:10.840 --> 0:20:13.720 So so you have you have two different systems competing 0:20:13.760 --> 0:20:16.760 against each other, and it's actually happening faster and faster 0:20:16.840 --> 0:20:21.680 and faster and faster all the time. Yeah, kind of 0:20:21.720 --> 0:20:23.240 like being in a boat with a hole in it 0:20:23.280 --> 0:20:25.080 and you're constantly trying to build the water out, but 0:20:25.240 --> 0:20:27.560 the but the water keeps rushing in. I guess keep 0:20:27.600 --> 0:20:34.200 getting Yeah, yeah, I think like I think you mentioned 0:20:34.680 --> 0:20:37.520 like the scarcity mindset, and so I'm not old enough 0:20:37.560 --> 0:20:39.240 to have eight tracks, but I did have a bunch 0:20:39.240 --> 0:20:41.760 of cassette tapes at one point. And I remember I 0:20:41.800 --> 0:20:43.840 had the biggest cassette table you can get. It had 0:20:43.880 --> 0:20:46.359 thirty on each side, so I had sixty cassettes. Like 0:20:46.400 --> 0:20:48.840 that was a lot. Now we have unlimited music. I 0:20:48.840 --> 0:20:52.600 don't even buy music anymore. Right, Um, but I think 0:20:52.760 --> 0:20:54.880 we you know, I guess all of economics does kind 0:20:54.880 --> 0:20:57.560 of break down to scarcity. Right. We understand like value 0:20:57.600 --> 0:21:00.920 of cruised to assets that are scarce, but on a 0:21:01.400 --> 0:21:03.679 we're talking right now on like first principles on a 0:21:03.760 --> 0:21:06.400 human basis, and you kind of do have two different mindset. 0:21:06.440 --> 0:21:09.040 You have a scarcity mindset or you have an abundance mindset. 0:21:09.680 --> 0:21:11.399 And it almost seems like, I guess kind of what 0:21:11.440 --> 0:21:13.919 you're saying is, Um, the government's kind of operating on 0:21:14.000 --> 0:21:17.879 this this this a scarcity mindset when the reality is 0:21:18.320 --> 0:21:20.199 today we should be operating it seems like on an 0:21:20.200 --> 0:21:24.440 abundance mindset, where I look at it like wealth creates 0:21:24.480 --> 0:21:28.480 more wealth. So for example, Amazon was a new technology 0:21:28.520 --> 0:21:31.640 that has put a lot of people out of business. Right. 0:21:31.680 --> 0:21:35.679 But on the other hand, look how many businesses it's created. Um, 0:21:35.760 --> 0:21:38.359 there's a million people that have started Amazon Store and 0:21:38.359 --> 0:21:41.879 they're millionaires. Now it's created you know, all these logistics 0:21:41.880 --> 0:21:45.320 companies and you know manufacturers and so um that that 0:21:45.480 --> 0:21:49.680 abundance of Amazon has created massive abundance. So is it 0:21:49.760 --> 0:21:53.479 a battle over mindset as well? Or like it's for 0:21:53.600 --> 0:21:55.600 sure about ale over mindset? You know I wrote the 0:21:55.640 --> 0:21:58.080 boat list in the book, and I use the example 0:21:58.640 --> 0:22:03.040 to your point. Economos is all about scarcity, perceived or real. 0:22:03.600 --> 0:22:06.760 So what is a brand trying to do? They're trying 0:22:06.760 --> 0:22:09.560 to imprint into your mind that their thing is more 0:22:09.640 --> 0:22:13.960 valuable than somebody else's because of a perceived scarcity in 0:22:14.000 --> 0:22:15.800