Speaker 1: These policies that go against kind of natural law and
Speaker 1: natural order are actually responsible for a lot of the
Speaker 1: big coms that we see from inequality, even potentially racism
Speaker 1: and climate change. But what governments are trying to do
Speaker 1: is they're trying to outrun that by printing more and
Speaker 1: more money, and and they're they're they're not aware of
Speaker 1: the consequences that they're driving into society. I've always asked
Speaker 1: people just a simple question, would you rather your money
Speaker 1: by more goods and services in the future or less?
Speaker 1: Inflation is when the value of your money is worth
Speaker 1: less overtime call it two percent less overtime, three percent
Speaker 1: plus overtime overtime or less overtime. Inflation is goods and
Speaker 1: services go hop in relation to your to your money.
Speaker 1: The government's kind of operating on this, this this scarcity
Speaker 1: mindset when the reality is today we should be operating
Speaker 1: it seems like on an abundance mindset, where I look
Speaker 1: at it like wealth creates more wealth. Economics is about scarcity,
Speaker 1: perceived or real. What we've seen is when people kind
Speaker 1: of come into bitcoin, it changes their mindset to where
Speaker 1: they want to be savers now and um. When you're
Speaker 1: a saver. You're not consuming as much stuff, you're not
Speaker 1: buying as much stuff, you don't have as much trash,
Speaker 1: you don't have as much stuff, and so um, that consumption,
Speaker 1: that rapid rate of consumption is also bad for the environment.
Speaker 1: We talk about bitcoin, and for people who understand what
Speaker 1: it means, it's way bigger than wealth. Federal Reserve and
Speaker 1: the central banks are driving and manipulated markets. But are
Speaker 1: they working against natural law? And what does that even mean? Well,
Speaker 1: there is amazing implications for understanding this, and we are
Speaker 1: going to discuss this today with one of my good buddies,
Speaker 1: Jeff Booth, who is coming back for a second time
Speaker 1: to talk about how the Federal Reserve with their fiat
Speaker 1: money system is actually working against natural We're gonna talk
Speaker 1: about inflation versus deflation. What we really are talking about
Speaker 1: in that argument about prices going up and down? Um,
Speaker 1: would we rather prices be going down or up? We'll
Speaker 1: talk about that. We're gonna be talking about scarcity mindset,
Speaker 1: abundance mindset. We're gonna be talking about how, um, the
Speaker 1: Fed talks about fighting against racial income and equality, climate change,
Speaker 1: but is actually maybe making those things worse. We're gonna
Speaker 1: talk about how technology and free markets could actually protect
Speaker 1: against monopolies. And then we're gonna jump into kind of
Speaker 1: the future, like what does the future hold? Is technology
Speaker 1: going to get rid of a lot of jobs? And
Speaker 1: if so, what should you be focusing on and paying
Speaker 1: attention to? So many good things that we covered here
Speaker 1: with Jeff, who was a great conversation, uh, that I
Speaker 1: was looking forward to for a long time. It did
Speaker 1: not disappoint and so let's go ahead just jump into
Speaker 1: it right now with Jeff. Everyone. Welcome to the episode
Speaker 1: of the Market Disruptor Show. And today I am joined
Speaker 1: by Jeff Booth. He's back for a second time. He
Speaker 1: is the author of the book The Price of Tomorrow. Um.
Speaker 1: He has a very interesting thesis, one that I agree
Speaker 1: with and one that I want to dig into more.
Speaker 1: Today we're gonna talk about technology. Of course, I've been
Speaker 1: talking about technology cycles a lot. What technology is doing,
Speaker 1: um for humanity, for the world, and kind of a
Speaker 1: bigger picture of where that goes. Sonny, We're gonna dig
Speaker 1: into a bunch you have. Thanks so much for joining
Speaker 1: me today. Thanks for having me again. Mark. Yeah, so, um,
Speaker 1: like I said, you wrote, you wrote that book um.
Speaker 1: And I know you've been talking about it at length, UM,
Speaker 1: but it's so deep, right, So, UM, why don't you
Speaker 1: kind of frame up, um, what the book is and
Speaker 1: why you're going around talking about it so much, Like
Speaker 1: what's that thesis? Um? So yeah, the thesis is technology
Speaker 1: in itself, technology and innovation in a free market. Um,
Speaker 1: must reduce prices, it must it must deliver more value
Speaker 1: because in a free in a free market, the only
Speaker 1: way in entrepreneur winds is by delivering value to society.
Speaker 1: Otherwise the business fails and they co broke. So if
Speaker 1: you if you understand how fast technology is moving and
Speaker 1: how it's making things cheaper to the point of not
Speaker 1: just cheaper free, that's what ends ends up happening with
Speaker 1: all most technology. It keeps on driving the price down
Speaker 1: to free because you create abundance. And so what's happening
Speaker 1: in our society today is that that technology, that's that
Speaker 1: that drive for for better, better humanity is being bumped
Speaker 1: up against the world where we've always lived in, which
Speaker 1: is an inflationary monetary policy that won't let prices fall.
Speaker 1: Hey guys, let me just interrupt this interview real quick,
Speaker 1: just to plug the show. Sponsor, and that is block Fi. Now,
Speaker 1: Block five is doing amazing things in the bitcoin finance space.
Speaker 1: As a matter of fact, they've cracked some really big
Speaker 1: news by bringing on the x CFTC UM chair Chris
Speaker 1: gian Carlo UM and they are one of the most transparent,
Speaker 1: most heavily regulated UM companies inside the United States, which
Speaker 1: gives me a lot of trust into what the services are. Now.
Speaker 1: I've recently did a video talking about how to retire
Speaker 1: off bitcoin, and you can do that by leveraging debt
Speaker 1: and interest against bitcoin. And Block five is the number
Speaker 1: one company in the United States or maybe in the
Speaker 1: world to go to and use UM. They are leading
Speaker 1: the charges. Are paying interest on your bitcoin if you
Speaker 1: park it with him, or you can borrow against it. Now,
Speaker 1: as I broke down in that video, you can borrow
Speaker 1: against your bitcoin, and when you take debt against it,
Speaker 1: it's not taxable. It's not a taxable event. You can
Speaker 1: use that debt for anything that you want, including to
Speaker 1: live off of to leverage up and buy more or
Speaker 1: roll it into another asset. UM. You can do something
Speaker 1: like I've done recently, like sell some real estate put
Speaker 1: that money into bitcoin. Now, as that bitcoin price has risen.
Speaker 1: I'm able to borrow against it and go back and
Speaker 1: buy the same real estate or something similar, and I
Speaker 1: still own the bitcoin, and I also own the new
Speaker 1: asset as well. Lots of ways you can do this
Speaker 1: um and block five is the company that I recommend.
Speaker 1: Down in the description, I have a link that you
Speaker 1: can click on. If you choose to use that link,
Speaker 1: you can earn up the two fifty dollars in bitcoin
Speaker 1: just for using that link. So check out block fine now.
Speaker 1: And so so what you see is a byproduct of
Speaker 1: that is some prices are falling. Your your your photos
Speaker 1: are getting cheaper, your music is getting cheaper. You're getting
Speaker 1: abundance and some of the stuff. And people are looking
Speaker 1: at a cp I across the entire thing and saying, white,
Speaker 1: don't we drive inflation up? But the things you need
Speaker 1: the most, housing, food, everything else, they're they're rising in
Speaker 1: price because because of monetary easing to make prices go up.
Speaker 1: And I understand the problem. I understand why governments are
Speaker 1: trying to make that happen, because if you allow inflation
Speaker 1: to happen, essentially, if you allow your money to be
Speaker 1: worth more to happen, and it's prices to fall in
Speaker 1: relation to your money, then the existing debt of the
Speaker 1: world needs to be resent because the existing debt gets,
Speaker 1: in real terms, climbs in price. So what governments are
Speaker 1: trying to do is they're trying to outrun that by
Speaker 1: printing more and more money. And and they're they're they're
Speaker 1: not aware of the consequences that they're driving into society
Speaker 1: in the wealth, inequality, racism, divide of divide of human
Speaker 1: beings because of because of what they're doing to try
Speaker 1: to drive prices up. So we have we have governments
Speaker 1: that are actually building more instability into a system that
Speaker 1: is already that it is already unstable um and and
Speaker 1: and most people are caught within that system and they
Speaker 1: don't see how the whole system is working because they're
Speaker 1: measuring their life from the system. Yeah. So so that's
Speaker 1: largely what I talked about in the book. When one
Speaker 1: of the things I realized that kind of in a
Speaker 1: as I investigated this, because it was something I was
Speaker 1: talking about for ten years, that that could be like
Speaker 1: if you asked my friends that every campfire, every is
Speaker 1: what I'll be talking about, you wouldn't want to be
Speaker 1: my friend. Um, because I couldn't. I couldn't square that
Speaker 1: pig that circle into the square, like I couldn't figure
Speaker 1: out why aren't prices falling everywhere? Because technology is moving
Speaker 1: into a base layer of everything we do. So technology
Speaker 1: that should it shouldn't just be our TV TVs are
Speaker 1: getting cheaper and better, it should be everything, and and
Speaker 1: and and So when I investigated that, and I realized, Okay,
Speaker 1: there's two fifty trillion dollars of debt in the world
Speaker 1: to run an eighty trillion dollar global economy. That takes
Speaker 1: your breath away and you and you first ask could
Speaker 1: you actually grow out of that? And and really hard
Speaker 1: to believe you could grow out of that. But if
Speaker 1: you had to grow out, if you had to grow
Speaker 1: out of it, taxes must go up and you have
Speaker 1: to have growth too, so you'd have to slow growth
Speaker 1: in the future because you demand. But the real smoking
Speaker 1: gun on it was trillion dollars of that debt came
Speaker 1: within the last twenty years. And this is all before COVID,
Speaker 1: so you can predictably. So now now my thesis made
Speaker 1: a lot of sense. You have prices wanting to fall
Speaker 1: and and wanting to fall faster and faster, and faster
Speaker 1: is technology removes labor and makes things cheaper. Um, and
Speaker 1: you have something stopping that. You have government policy all
Speaker 1: over the world trying to stop that, And the simple
Speaker 1: question is why it isn't. Isn't saving our time and
Speaker 1: technology giving us more for less the point of innovation? Yeah, yeah,
Speaker 1: that's great. So, UM, you started with a lot. I'm
Speaker 1: gonna start digging into this piece by piece. Um for
Speaker 1: everybody listening, maybe you caught what he said, but um,
Speaker 1: these policies that go against kind of natural law and
Speaker 1: natural order are actually responsible for a lot of the
Speaker 1: big poms that we see from inequality, even potentially racism
Speaker 1: and climate change. So we're gonna dig into that kind
Speaker 1: of stuff. But maybe to kind of dig into this
Speaker 1: at the first level, Um, when you talk about inflation
Speaker 1: and inflation and deflation, Um, you keep saying price changing,
Speaker 1: so prices going up or prices going down? Um. I
Speaker 1: think inflation is a very nuanced argument. Um. Obviously we
Speaker 1: can look at the hundreds of chillions of dollars of
Speaker 1: debt and that debt could go bad. That's massive deflation.
Speaker 1: But I think for kind of to frame up what
Speaker 1: we're talking about, are you talking about specifically like the
Speaker 1: CPI and and actual prices of consumer goods. Talking about
Speaker 1: prices generally, inflation if you if you simple, it's simplified it.
Speaker 1: Inflation is when the value of your money is worth
Speaker 1: less overtime call it two percent less overtime, three percent
Speaker 1: less overtime, fifty percent over time and less overtime. Inflation
Speaker 1: is goods and services go up in relation to your
Speaker 1: to your money and so so. And by the way,
Speaker 1: that's a that's a tax on on the middle class
Speaker 1: and poor, hidden tax, and it's a wealth transfer to
Speaker 1: the rich. And it's pretty easy to see see that.
Speaker 1: So if you had a hundred houses mark and I
Speaker 1: had one house and somebody else was renting, if you
Speaker 1: drive inflation essentially the money being worth less, then the
Speaker 1: houses will go up in relation to that, and so
Speaker 1: the houses, so you'll get more of the wealth. And
Speaker 1: if I'm renting where somebody else is renting, their rents
Speaker 1: will go up in relation to that. So inflation is
Speaker 1: the same as wage deflation or or or your ency
Speaker 1: being worthless, so on the other So, now, so that's
Speaker 1: how I look at it. And here's what people conflate.
Speaker 1: And because they missed the kind of the root cause
Speaker 1: of it all. When we hear deflation, we get so
Speaker 1: scared because we assume deflation to to mean the great
Speaker 1: depression relationary depression and what people and and and they
Speaker 1: miss the fact that if you can't pay back the debt,
Speaker 1: eventually there's going to be bad deflation where you wipe
Speaker 1: out the debt and making the debt bigger and bigger
Speaker 1: and bigger doesn't stop that. It can push can push
Speaker 1: it down the stream. But they miss they missed the
Speaker 1: kind of the the what creates the problem from the
Speaker 1: natural laws of natural laws of human innovation in a
Speaker 1: free market. And now I add technology that's moving exponentially
Speaker 1: must be deflationary. Yeah, yeah, um, you know a lot
Speaker 1: of people think we need this inflation. To your point
Speaker 1: right there, deathly afraid of deflation, we need inflation. I
Speaker 1: talked to a buddy last night who's a very smart guy,
Speaker 1: big time lover of liberty, loves bitcoin, super smart, makes
Speaker 1: good money, all these things, and he and he said, well,
Speaker 1: we I think, you know, bigcoin could be good store valua,
Speaker 1: but we might need another currency because the money supply
Speaker 1: has to increase. And I'm just like, why, you know,
Speaker 1: and so I think people don't really understand exactly what
Speaker 1: that means. And I think I've always asked people just
Speaker 1: a simple question, would you rather your money by more
Speaker 1: goods and services in the future or less? And like,
Speaker 1: of course they want more? Right, Um, well, we'll think
Speaker 1: you think of it. Just pokeon that what we do
Speaker 1: every day or individual decisions prove what you said. We
Speaker 1: wouldn't use Google, we wouldn't use Amazon, we wouldn't use
Speaker 1: We wouldn't have an iPhone with all of the free
Speaker 1: stuff on it unless that was true. Yeah, we think
Speaker 1: somehow that this system should work differently everybody than it
Speaker 1: does for us individually. It's absolutely insane. We look for value, um,
Speaker 1: and and so we're always we're always scanning for the
Speaker 1: best deal, the cheapest price, how we can save money. Yeah,
Speaker 1: and not just cheapest price. We we it's it's it's
Speaker 1: value specifically, but how we measure that that value? Often
Speaker 1: it comes with more for it's more for less. That's
Speaker 1: why we use the things. And if we don't get
Speaker 1: more for less, we'll find an alternative, right Yeah. And um,
Speaker 1: you know I I had posted something on Twitter while ago,
Speaker 1: and it was like a picture of a cup of coffee,
Speaker 1: and I showed, you know, it used to be ten cents,
Speaker 1: twenty cents. Now it's like a buck fifty. And I
Speaker 1: was like, what if coffee went the other way? Like,
Speaker 1: why not coffee getting cheaper? Yeah, so and and and
Speaker 1: the point is now pull that back. And that's where
Speaker 1: people they're so stuck in a system. They it's so
Speaker 1: hard to believe. We've been trying. By the way, when
Speaker 1: I wrote my book, I grew up in same probably
Speaker 1: time that you did, and and I believed in inflation.
Speaker 1: I believe those lives that that that we're told. You
Speaker 1: went to school, that's what you heard. You've got an education,
Speaker 1: you've got a better job, everything else. Your house went
Speaker 1: up over time, and you paid it back with cheaper
Speaker 1: money later on. And and when I when I went
Speaker 1: to the first Principles, and I realized just a second um,
Speaker 1: technology isn't going to slow down. Most of the deflation
Speaker 1: is in front of us. So why is it, Why
Speaker 1: is it that we believe that we have to have
Speaker 1: inflation right, and it's not true. So technology so to
Speaker 1: you to use that coffee cup of coffee example, how
Speaker 1: much innovation has there been into supply chains to reduce prices.
Speaker 1: How much how much labor has come out of that
Speaker 1: example to be able to raise prices, It should be
Speaker 1: lower in prices. The only reason that it's higher in
Speaker 1: prices is manipulation. Yeah. Yeah, it's a good point. So, UM,
Speaker 1: now we've kind of set the stage on that kind
Speaker 1: of inflation and deflation and kind of what that is. UM,
Speaker 1: let's hadn't moved into the next area, which would be
Speaker 1: then kind of taking it to like you said that
Speaker 1: first principles and that most basic you had said something about, um,
Speaker 1: you know, humans human ingenuity. So you know, um, people
Speaker 1: used to carry an armful of lumber and then they
Speaker 1: invented a wheelbarrow that was deflay scenary. You talk about technology,
Speaker 1: I would almost say that it's it's human ingenuity or
Speaker 1: human imagination. Uh. My good friend Robert Kiyosaki is writing
Speaker 1: a new book, UM titled Infinite Return, and in that
Speaker 1: he's making the case that our imagination has an infinite return.
Speaker 1: We can continue to imagine. I heard a saying it
Speaker 1: says everything that was ever created was imagined first. Um, right,
Speaker 1: I mean a thousand years ago, we lived in the dirt.
Speaker 1: Everything that we've created has been imagined. So I guess
Speaker 1: that's kind of first principles. Uh, maybe the imagination is
Speaker 1: like technology, right, it's constantly looking for ways to do
Speaker 1: things faster, easier, cheaper, and we should it seems like
Speaker 1: we should embrace that because the goal would be to
Speaker 1: have an easier life in the future, not a harder one.
Speaker 1: So that is that is the principle of the principle.
Speaker 1: But let's let's you want to I'll talk about an
Speaker 1: example here. Um, so you think about the first one
Speaker 1: that's already hit us. We used to buy records, CDs,
Speaker 1: eight tracks before before that, and we used to to
Speaker 1: be able to listen to music. We had to go
Speaker 1: through this process of having all of this equipment and
Speaker 1: we had to buy the physical goods and we could
Speaker 1: only buy so much. We were we had a scarce
Speaker 1: mindset and because and because of that, there emerged an
Speaker 1: entire industry to choose what we would see. We would
Speaker 1: only see the what what the choosers thought was going
Speaker 1: to be the best, best music because the cost of
Speaker 1: distribution was so high, So a whole bunch of people
Speaker 1: never got access to the market. That never, a whole
Speaker 1: bunch of artists never We never saw them. They never
Speaker 1: saw us. And it was really expensive. If you think
Speaker 1: about I think about when I was a kid, my
Speaker 1: record collection and everything else, and all all of those
Speaker 1: records to listen to a fraction of the music that
Speaker 1: was available. Now it's ten dollars a month UM and
Speaker 1: I have unlimited UM exactly in Canada, it's always more
Speaker 1: the unlimited music. And and all of the creators, all
Speaker 1: of the new creators that would have never been stars
Speaker 1: are now stars that now you still have to do
Speaker 1: in a free market. You still have to get through that.
Speaker 1: And because there's an overwhelming amount of content that is
Speaker 1: essentially free and a technology that allows it to be free.
Speaker 1: So that's that's just things moving to information where they
Speaker 1: used to be physical but now carry your things forward.
Speaker 1: And but that's a base layer. That's what people think
Speaker 1: is it's just an on industry. It's a base layer
Speaker 1: of the future of our way of life. In fact,
Speaker 1: this what we're doing on this podcast proves it. And
Speaker 1: what if you look at the technology behind what's coming
Speaker 1: to this podcast, you just it'll feel like a real experience.
Speaker 1: Within five years, it'll feel like we're in the same
Speaker 1: room within five years. Now take that information that you
Speaker 1: just said. Imagine, so what is pick something in your room.
Speaker 1: Pick so pick that, pick the table that this is
Speaker 1: on the you. That table is somebody's idea. I'm going
Speaker 1: to create a business of tables and my table is
Speaker 1: going to be the best table in the world. And right,
Speaker 1: and it's just an idea that they've transferred to a product,
Speaker 1: and product is and shipped over the labors overseas and
Speaker 1: factory in China, through distribution shipping distribution containers, then trucks
Speaker 1: and then a real store. And you go up and
Speaker 1: pick up that table and if that entrepreneurs right, and
Speaker 1: yet table is a really great table and everything else,
Speaker 1: and you pick it after it's gone through all of this,
Speaker 1: that and all the costum that entrepreneur creates a business
Speaker 1: to repay the cycle, the entire cost that information that
Speaker 1: idea is about to within ten years will be printed
Speaker 1: in your printed in your house. It's just information. And
Speaker 1: on top of that information is you have that idea
Speaker 1: for information. AI systems are coming in and delivering better,
Speaker 1: better ideas and more choice, abundance of abundance of choice,
Speaker 1: just like in music, coming to you for free or
Speaker 1: almost free within ten years. So how are you How
Speaker 1: is government when it's just starting now right, it's just
Speaker 1: and most of the deflation is in front of us.
Speaker 1: How is the government going to stop that from happening?
Speaker 1: They're not. In fact, the fastest the more they push,
Speaker 1: the more they push prices up, which is unnatural against
Speaker 1: the free market. The more entrepreneurs take tech technology to
Speaker 1: remove labor faster because because that's how you deliver value.
Speaker 1: So so you have you have two different systems competing
Speaker 1: against each other, and it's actually happening faster and faster
Speaker 1: and faster and faster all the time. Yeah, kind of
Speaker 1: like being in a boat with a hole in it
Speaker 1: and you're constantly trying to build the water out, but
Speaker 1: the but the water keeps rushing in. I guess keep
Speaker 1: getting Yeah, yeah, I think like I think you mentioned
Speaker 1: like the scarcity mindset, and so I'm not old enough
Speaker 1: to have eight tracks, but I did have a bunch
Speaker 1: of cassette tapes at one point. And I remember I
Speaker 1: had the biggest cassette table you can get. It had
Speaker 1: thirty on each side, so I had sixty cassettes. Like
Speaker 1: that was a lot. Now we have unlimited music. I
Speaker 1: don't even buy music anymore. Right, Um, but I think
Speaker 1: we you know, I guess all of economics does kind
Speaker 1: of break down to scarcity. Right. We understand like value
Speaker 1: of cruised to assets that are scarce, but on a
Speaker 1: we're talking right now on like first principles on a
Speaker 1: human basis, and you kind of do have two different mindset.
Speaker 1: You have a scarcity mindset or you have an abundance mindset.
Speaker 1: And it almost seems like, I guess kind of what
Speaker 1: you're saying is, Um, the government's kind of operating on
Speaker 1: this this this a scarcity mindset when the reality is
Speaker 1: today we should be operating it seems like on an
Speaker 1: abundance mindset, where I look at it like wealth creates
Speaker 1: more wealth. So for example, Amazon was a new technology
Speaker 1: that has put a lot of people out of business. Right.
Speaker 1: But on the other hand, look how many businesses it's created. Um,
Speaker 1: there's a million people that have started Amazon Store and
Speaker 1: they're millionaires. Now it's created you know, all these logistics
Speaker 1: companies and you know manufacturers and so um that that
Speaker 1: abundance of Amazon has created massive abundance. So is it
Speaker 1: a battle over mindset as well? Or like it's for
Speaker 1: sure about ale over mindset? You know I wrote the
Speaker 1: boat list in the book, and I use the example
Speaker 1: to your point. Economos is all about scarcity, perceived or real.
Speaker 1: So what is a brand trying to do? They're trying
Speaker 1: to imprint into your mind that their thing is more
Speaker 1: valuable than somebody else's because of a perceived scarcity in
Speaker 1: your mind, that you'll pay more for that. That's what
Speaker 1: any brand is. And so so economics is about scarcity,
Speaker 1: perceived or real. Hey, sorry to interrupt this video just
Speaker 1: one more time. I'm not running Google ads. So it's
Speaker 1: actually way less interruption than I normally would have on
Speaker 1: a video. And that's because it's sponsored by block five UM.
Speaker 1: They are opening up the world of bitcoin and financial
Speaker 1: products offering to pay you interest on your bitcoin um
Speaker 1: better than owning a rental property that you have to
Speaker 1: manage and control and have the risks. You can just
Speaker 1: earn interest on it or you can leverage against it. Now,
Speaker 1: I plan to hold my bitcoin forever and literally never
Speaker 1: sell my bitcoin. So how do you do that? Well,
Speaker 1: if I need money, I don't want to sell that bitcoin.
Speaker 1: I'm gonna pay tax on it, all right, I'm gonna
Speaker 1: end up with less and I don't have the bitcoin anymore.
Speaker 1: So a better way to do it is to borrow
Speaker 1: against the bitcoin. So I've put all my money into bitcoin.
Speaker 1: If I want to buy a car, or I want
Speaker 1: to buy a house, I can borrow against it at
Speaker 1: very very low competitive rates. Get my house, get my car,
Speaker 1: whatever that may be, and get to keep the bitcoin.
Speaker 1: I've done a whole video on this. You can find it.
Speaker 1: I'll link it down in the description below, how to
Speaker 1: retire off a bitcoin without paying taxes, and you can
Speaker 1: do that with block fight services. I'll link to the
Speaker 1: video down below. I'm also going to put a link
Speaker 1: to block Fight. If you choose to click on that
Speaker 1: link to check them out. You can earn up to
Speaker 1: two in free bitcoin just for using that link. And
Speaker 1: that's it. Let's go ahead and get back to the interview.
Speaker 1: And just to see that what I pulled out in
Speaker 1: the book is the oxygen you breathe right, arguably the
Speaker 1: most valuable thing in your life. Why is it? Why
Speaker 1: it aren't? Why don't you pay a lot of money
Speaker 1: for it? Over abundance? It's abundant, and and and that
Speaker 1: abundance is coming to everything. It's and so why would
Speaker 1: you try to stop that? Abundance from from from entering society.
Speaker 1: Yes it has, Yes, it has um real um repercussions
Speaker 1: because it's a different system. It's a totally different system.
Speaker 1: But it's coming anyways. And so so if you try
Speaker 1: to stop that, if you try if and what you're
Speaker 1: seeing is by stopping that, governments are concentrating power, wealth power, um,
Speaker 1: and removing the free market. So let's let's talk about
Speaker 1: that for a second, because that's one thing that I
Speaker 1: just keep thinking about as we're talking. UM. I guess
Speaker 1: there's again as a multifaceted conversation, but when I think
Speaker 1: about prices specifically as we're talking about right now, um,
Speaker 1: and the ability for my money to buy me more
Speaker 1: goods and services in the future, which I would like
Speaker 1: if prices were going down. But to your point, you're saying,
Speaker 1: the FED is actively trying to stop that. Um. Do
Speaker 1: you think the FED really once prices to go up
Speaker 1: they want us to have to pay more for things
Speaker 1: in the future, or is are they trying to do
Speaker 1: something else as you just let on now, power centralized power, control,
Speaker 1: and then the rise of prices is just a casualty
Speaker 1: of that. I mean, do they really want us to
Speaker 1: have to pay more for our coffee in the future. UM,
Speaker 1: let me just pause my computer chargers and I'll answer.
Speaker 1: I didn't know what I'm plugged, so I'll just pick up.
Speaker 1: Where where are you? Just at? Pensive right, asked the question. Um,
Speaker 1: So I've said this often. This isn't a this isn't
Speaker 1: an act or problem. This isn't a this isn't a
Speaker 1: Democrat republican. This isn't all all policy right now all
Speaker 1: over the world is trying to print into this problem
Speaker 1: because the system requires it. So let's just let's imagine. Um.
Speaker 1: Let let's imagine Mark. You're you could do anything you
Speaker 1: want today, Well I can. I'm talking about government policy.
Speaker 1: You're you're the problem, um and you have Congress and
Speaker 1: everything else, and you have the sender. You can do
Speaker 1: anything anything you want. But what would you do, because
Speaker 1: here's here's the here's the problem. Now, what would you
Speaker 1: do besides start buying bit coin on the coverent That
Speaker 1: you should do, But but what would you do right
Speaker 1: now to avoid what's happening? If you allow the natural
Speaker 1: market to take place, then you have you have a
Speaker 1: deflationary spiral. And because the debt is so so large,
Speaker 1: and the government owns the dat and the banks, so
Speaker 1: in the dead and there's actually nothing back in it.
Speaker 1: It's just counterparty risk all the way down to the sand.
Speaker 1: There's nothing there. In other words, everything on top of
Speaker 1: it fails, including banks, institutions, hospitals, um. Everything government has
Speaker 1: fail if you allow that deflation scenario style to take place.
Speaker 1: So so and and that is that that's the natural order.
Speaker 1: So why does it look that bad. It looks that
Speaker 1: bad from breaking the rules of the free market in
Speaker 1: first place. Nature comes in cycles, fall comes after after summer.
Speaker 1: Trying to stop fall from happening would cost a lot
Speaker 1: of money, and so so trying to stop processions and
Speaker 1: thinking you could grow forever. Um, I understand it because
Speaker 1: governments are elected short term, and so it's always easier
Speaker 1: to promise your population. You can you can pay for
Speaker 1: more than you can and hide the payment of that
Speaker 1: in inflation, right so you so and and and people
Speaker 1: will believe that and say, I don't want my services
Speaker 1: to go away, so I'm gonna I'm going to vote
Speaker 1: for the person who's going to give me more services.
Speaker 1: But and it's and when I say that, it's not
Speaker 1: a republican or democratic, it's a system problem. Nobody is
Speaker 1: going to change that system. Um, it's endemic to the system.
Speaker 1: So the byproduct of wealth or power corruption is endemic
Speaker 1: from that. It's not it's not people trying to do it.
Speaker 1: It's a it's a it's a follow on from that.
Speaker 1: Because as you do more and more to remove the
Speaker 1: free market and to remove the free market cycles and
Speaker 1: against technology, at a point people start to say, well
Speaker 1: you have to just like, right now, what would you do?
Speaker 1: You have to because in other words, of civilization collapses
Speaker 1: and so so, and but the byproduct of doing that
Speaker 1: means government actually has an entire market. There is no
Speaker 1: free market because essentially government's choosing who's winning and who's losing. Um.
Speaker 1: And it turns into a complete managed economy as a byproduct.
Speaker 1: And then once that byproduct it takes place, essentially the
Speaker 1: biggest thu thug wins. And if you look through history,
Speaker 1: a consequence of these actions always turns into eventually revolution
Speaker 1: and war um because it managed economy cannot out compete
Speaker 1: a free market and where individual rights and freedoms. Yeah,
Speaker 1: that's a great point, and and that's kind of what
Speaker 1: I have always believed as well. Right, we're going away
Speaker 1: from natural law, and eventually you can't write so event
Speaker 1: eventually you can only suspend gravity for so long or
Speaker 1: or whatever, and so you can't now compete in the
Speaker 1: natural market. That kind of comes back as well. UM,
Speaker 1: I want to shift a little bit now that we've
Speaker 1: kind of set the stage there. And really what I
Speaker 1: was I was interested in a kind of a comment
Speaker 1: that you had made the other day. And UM, we
Speaker 1: see the Federal Reserve, the Central Bank, UM, the one
Speaker 1: in charge of monetary policy. Obviously, UM, they've they've had
Speaker 1: mandates and that would be to keep full employment and
Speaker 1: you know, try to keep the market stable. But now
Speaker 1: we see especially with Janet Yellen and at the Treasury, UM,
Speaker 1: the Fed and the Treasury and even the I M F. Now, um,
Speaker 1: they have come out with new mandates. And now they're
Speaker 1: new mandates are Um, they're somehow going to fix inequality.
Speaker 1: How they're gonna fix race, race, racial and gender inequality,
Speaker 1: incoming equality, racial and gender inequality, and even climate change. UM.
Speaker 1: I think about you know, the saying that when the
Speaker 1: whole world, when all you have a hammer, the whole
Speaker 1: world looks like a nail. Um, And we understand the
Speaker 1: Central Banks, the I m F and the Central banks.
Speaker 1: All they have is money. Um, but now they want
Speaker 1: to attempt to tackle or cure these inequalities and climate change. Um.
Speaker 1: I think most people could easily see, well the FED
Speaker 1: can't see. But they're the ones causing the problem. Um.
Speaker 1: But you even think that they might even be in
Speaker 1: charge or responsible not just for the incoming equality but
Speaker 1: even maybe racial inequality and climate change as well. Let's
Speaker 1: let's but and dive into those couple of things. Yeah,
Speaker 1: it's so the person starting the fire is h is
Speaker 1: saying we're going to put out the fire. Yeah, is
Speaker 1: what's happening. And they're starting the fire with blow torches, um,
Speaker 1: and and and and telling the world that they're going
Speaker 1: to put out the fire. It's impossible. And again on
Speaker 1: a on a on an antidote, real quick, my I
Speaker 1: have a bunch of friends that are firefighters in southern California,
Speaker 1: and there was a real famous case, uh the arson inspector,
Speaker 1: I think he wrote a book about it, like he
Speaker 1: was actually the one setting the fires and and that's
Speaker 1: a true story. But anyway, sorry, go ahead, and so
Speaker 1: I try not to and some of your listeners and
Speaker 1: everything else I understand the conspiracy theories that come from
Speaker 1: the world we live in now. I really do, because
Speaker 1: because it's hard to see. Once you have actually understand
Speaker 1: what it looks like, you can't believe people aren't acting maliciously.
Speaker 1: Be able to but don't assign malice to in aptitude
Speaker 1: right there, or or or not an aptitude dealing in
Speaker 1: a system that can't be changed from the system. So
Speaker 1: you know, I use that Blockbuster example all the time.
Speaker 1: It's not like Blockbuster executives weren't intelligent. It's just by
Speaker 1: the time technology changed to be able to do that,
Speaker 1: that job that Blockbuster did through downloads in an instant,
Speaker 1: Blockbuster is over and there's nothing they could do to
Speaker 1: be able to change that fact it was. It happened
Speaker 1: so fast. So that's what's happening at That's what's happening
Speaker 1: at our monetary level. So to to your question, um or,
Speaker 1: what are they doing to cause this? Um and and
Speaker 1: So let's let's use climate change as an example. Um
Speaker 1: So on one side of the equation, On the technology
Speaker 1: side of the equation, you have now solar and batteries
Speaker 1: coming on and storage coming on. Storage not eat, not
Speaker 1: totally yet, but you have solar, solar as the lowest
Speaker 1: cost energy today in many regions of the planet, and
Speaker 1: and and it's getting cheaper. It's getting cheaper at about
Speaker 1: eleven per year. So you have new energy coming on
Speaker 1: that's that's cheaper, and not just new energy coming on,
Speaker 1: but the economic benefit around solar now is a business.
Speaker 1: More and more people investing in solar and more. So
Speaker 1: you have not just a small part of the market
Speaker 1: being cheaper, you have a greater part of the market
Speaker 1: over time being cheaper and being being coming in cheaper
Speaker 1: every year innovation. So so that and because energy itself
Speaker 1: is the number one thing and every other thing we use,
Speaker 1: it drives economies. And if you look at what why
Speaker 1: US and the petroot dollar was all about oil oil energy, right,
Speaker 1: but now now we have solar actually additive. It's not there.
Speaker 1: It's a small part of the overall next today. Um
Speaker 1: and there's no way we could immediately go to solar
Speaker 1: for forever everything solar and storage. But you have new
Speaker 1: energy that's deflationary to the entire grid, and it's becoming
Speaker 1: more and more and it's getting cheaper every year. So
Speaker 1: that's where we are today looking looking forward, and that
Speaker 1: might not look like that ten years ago because solar
Speaker 1: was more expensive, so it didn't move very fast. But
Speaker 1: now it's cheaper. So so what you could say is
Speaker 1: not just energy. So energy is becoming cheaper and cheaper
Speaker 1: over time and um and everything on top of energy
Speaker 1: is becoming cheaper and cheaper every time. So if you
Speaker 1: believe in climate change and everything else in the the
Speaker 1: whole research and the climate change, you would say that
Speaker 1: is a good thing because that energy is clean, free
Speaker 1: or becoming lower and lower costs, and it's a good
Speaker 1: thing for humanity, and so that that will drive a
Speaker 1: cycle that that in itself will reduce climate change. On
Speaker 1: the other side of that coin, you have it you
Speaker 1: have an inflationary monetary policy that must overcome those those
Speaker 1: deflationary forces otherwise the system collapses. So you have to
Speaker 1: print money at an every increasing rate to be able
Speaker 1: to try to drive prices up against prices that want
Speaker 1: to come down. So if you looked at just one
Speaker 1: example today oil prices of I don't know what they
Speaker 1: are today, but between sixty and eventy dollars of barrel
Speaker 1: in COVID when still lockdowns and everything else, you do
Speaker 1: you have to ask the rational question should they be
Speaker 1: sixty or seventy dollars? And the only reason they're sixty
Speaker 1: or seventy dollars today is because you debase the currency
Speaker 1: against it, and so so the oil prices would rise,
Speaker 1: and that would make a whole bunch of oil now
Speaker 1: economical because people are trying to buy more things, buy
Speaker 1: more to to drive to our market of growth against
Speaker 1: the natural order. And then as as as it becomes
Speaker 1: economical again, solar is going the other way. And I
Speaker 1: just use one example of solar the other way. So
Speaker 1: more so so now you have a price and more
Speaker 1: of a price advantage to move to solar, which drives
Speaker 1: faster rate, which drives faster printing on the other side,
Speaker 1: to be able to make to to essentially um um
Speaker 1: out off set the offset the deflationary forces of of
Speaker 1: of energy now so now pull all up forward. So
Speaker 1: in other words, the number one by an order of
Speaker 1: magnitude problem for if on climate is our monetary policy
Speaker 1: that forces prices up forever. You cannot grow forever on
Speaker 1: a finite planet at last, in terms of the growth
Speaker 1: of of what governments say growth and GDP, especially when
Speaker 1: growth growth is moving to information and information is free. Okay, yeah,
Speaker 1: so UM, things there to unpack on that. So one,
Speaker 1: I guess what you're seeing is UM technology UM is
Speaker 1: improving in energy. UM. I just did a video I
Speaker 1: think a week ago. UM. Well, I don't want it
Speaker 1: from the Times. There's recently on talking about how energy
Speaker 1: is wealth. Right, that is wealth, and how I showed
Speaker 1: some charts and showed how you know, nations always need
Speaker 1: to have natural resources and energy was that UM, and
Speaker 1: you could see how the wealth of a nation really
Speaker 1: corresponded with the energy they either have or they can control. UM.
Speaker 1: And so to your point, UM, you know we have
Speaker 1: that energy UM. But technology is is creating new types
Speaker 1: solar maybe other other ways to do it. UM. I
Speaker 1: read about some changes that just happened to natural gas
Speaker 1: energy where they can basically do that at net zero
Speaker 1: now UM, and so technology is changing that. But as
Speaker 1: technology brings UM prices down and energy, that's going against
Speaker 1: what the FED once which is prices going up. So
Speaker 1: I guess that's kind of the first argument that you had.
Speaker 1: I think there was two in there, but I want
Speaker 1: to make sure I had that one right so exactly,
Speaker 1: so that is exactly right. And so so what would
Speaker 1: they do about it, if and and so. But remember
Speaker 1: it's moving exponentially. It's every year it's getting cheaper and more.
Speaker 1: That means the policy to overcome at why why you're
Speaker 1: seeing an ever increased rate of growth every year it
Speaker 1: becomes way more to be able to try to get
Speaker 1: the same kind of stable prices, which is ironic, which
Speaker 1: is just so crazy. And to save jobs that are
Speaker 1: going away anyways, And why why would you bring down
Speaker 1: the value of your money to save jobs because the
Speaker 1: labor rate or is the percentage of of a technology
Speaker 1: company comes down, so you can save jobs because you're
Speaker 1: paying people less. Yeah, for for a while, but anyways,
Speaker 1: that's so, that's that's that's what that's what's happening. So
Speaker 1: as technologies helping to save the environment by creating new
Speaker 1: ways for clean energy. We'll just say that whether that
Speaker 1: whatever means that maybe it's counter it's go encountered what
Speaker 1: the fetes trying to do, which is trying to raise MOE,
Speaker 1: so they just have to increase what they're doing. The
Speaker 1: other piece that I caught was m and I think
Speaker 1: this is a little bit bigger almost maybe a little
Speaker 1: more philosophical. But what's happened is um, I think it
Speaker 1: was Christine Legarde said just the other day. Uh, she
Speaker 1: said that, you know, I get it that most people
Speaker 1: don't want negative rates, but it's important for the rest
Speaker 1: of the economy that we people go out there and spend.
Speaker 1: And so what the Fiat money system has done, Um,
Speaker 1: we know that we're sitting on money that's losing value
Speaker 1: and it's forced us to consume constantly. Right that as
Speaker 1: you're talking about growing more money, more consumption and so um.
Speaker 1: When you what we've seen is when people kind of
Speaker 1: come into bitcoin, it changes their mindset to where they
Speaker 1: want to be savers now. And um, when you're a saver,
Speaker 1: you're not consuming as much stuff, You're not buying as
Speaker 1: much stuff, you don't have as much trash, you don't
Speaker 1: have as much stuff, and so um. That consumption, that
Speaker 1: rapid rate of consumption is also bad for the environment.
Speaker 1: I'm buying more plastic bags and more bottles and more whatever.
Speaker 1: And if I if we shift our mindset from a
Speaker 1: feat mindset, which is which forces consumption and growth at
Speaker 1: all costs, and we start thinking about only buying stuff
Speaker 1: we really want and need, we bring the consumption down.
Speaker 1: That also helps the environment. I guess, was that kind
Speaker 1: of your point? So they're too again, you keep coming
Speaker 1: back to it. There are two different systems. They're completely
Speaker 1: to this systems, and I understand why people are caught
Speaker 1: in one system and they have they have a hard
Speaker 1: belief to even overcome what we're talking about to say, um,
Speaker 1: because they've always lived in that system. So I used
Speaker 1: this example often because I lost the business one time
Speaker 1: because because because I had three fifty people in the
Speaker 1: business doing one thing, I realized we need to make
Speaker 1: a change to do another thing. That's a whole bunch
Speaker 1: of costs to do a different, different business. But but
Speaker 1: the biggest, the biggest moment that I had after the
Speaker 1: fact wasn't wasn't that we weren't right. We were right.
Speaker 1: We were right, And it almost made it out the
Speaker 1: other side, and you could see the metrics, but it
Speaker 1: took longer because everybody had to go from from the
Speaker 1: new business and go back to the existing business and
Speaker 1: do that job, knowing full well that when the new
Speaker 1: business was there, that job didn't exist anymore. And so
Speaker 1: so so imagine telling somebody, yeah, getting everybody raw raw
Speaker 1: to your company, how exciting or and there's a small
Speaker 1: team working on that, and then and then they have
Speaker 1: to go back to the desk to be able to
Speaker 1: work on the other business, to be able to pay
Speaker 1: enough money to be able to drive the new business.
Speaker 1: And so so if you think about that on how
Speaker 1: we're all part of a system. We talk about bitcoin
Speaker 1: and for for people who understand what it means, it's
Speaker 1: way bigger than wealth. Way it fixes the system. Um
Speaker 1: and and it brings it brings fairness to a system,
Speaker 1: and that it has a whole bunch of other qualities
Speaker 1: really important. Um. But but a lot of people are
Speaker 1: talking think about bitcoin in that way, and then they
Speaker 1: have to go live in the existing system where their
Speaker 1: food prices are going up, where their rent prices are
Speaker 1: going up where there and and if you lived in
Speaker 1: that system all the time, And then you go to
Speaker 1: you and some some politicians says it's not your fault.
Speaker 1: I'm going to give you more money. You're probably not
Speaker 1: gonna ask where did that money come from? Right? But yeah,
Speaker 1: and I think of thing just cognitive dissidence. Right, So
Speaker 1: I'm holding two opposing thoughts and beliefs in my head
Speaker 1: and realizing that one is wrong, and then having to
Speaker 1: having to realize that if that is wrong, and then
Speaker 1: almost everything I've come to know is wrong. Um and
Speaker 1: I think that's a good point. You know, you talked
Speaker 1: about your employees and they had a hard time coming
Speaker 1: back to the old system once they saw how well
Speaker 1: the new system works, um and so that they had
Speaker 1: to live with that cognitive dissidence. And I think this
Speaker 1: is one thing that the central planners, all central planners,
Speaker 1: in my opinion, that's a pretty big statement, but I
Speaker 1: think all central planners really disregard or don't understand is
Speaker 1: uh is you know, human mindset, motivation, intension, right, and
Speaker 1: so like humans are motivated, and so like when you're
Speaker 1: in a when you're in a company that's like growing,
Speaker 1: when you're in a country that's growing, everybody feels good
Speaker 1: about that. Um. Today in the United States, while it
Speaker 1: might still be, you know, one of the best countries
Speaker 1: in the world, it's on a downward path, and so
Speaker 1: people don't feel good about that downward path. Kind of
Speaker 1: back to your company, they saw how well things where
Speaker 1: they had to go work in a bad system, um.
Speaker 1: So and and and I think that's just that's a
Speaker 1: super important piece that the essential plane misses in that
Speaker 1: back to your earlier point, you said that the natural
Speaker 1: competitive market's always going to win, and it's a lot
Speaker 1: of that that intention. So now just think about some
Speaker 1: of the the measures the central planners or anyone else
Speaker 1: would measure full employment, UM, stable prices a g d
Speaker 1: P and and think about that in a transition to
Speaker 1: an information based society, which we're moving into when information
Speaker 1: is free and and and and so those measures themselves
Speaker 1: are the exact opposite measures. Growth growth should be measured
Speaker 1: by how much, how much time you're saving, how much
Speaker 1: how much price growth In in this in the economy
Speaker 1: where you're moving from things to information and more and
Speaker 1: more things to information, we should be able to extrapolight
Speaker 1: growth in time savings and and kind of abundance. So
Speaker 1: it should bring down prices. But we have a miss.
Speaker 1: But we we think about growth in we make more
Speaker 1: money next year, we make uh we uh, even though
Speaker 1: our money loses money. We think about growth and more
Speaker 1: more and more jobs. We don't think about growth the
Speaker 1: way growth should be measured in an information based to
Speaker 1: in time in time saving. There's like a time value
Speaker 1: of money. And I've looked at I've looked at this
Speaker 1: a number of times, um, and I think it was like, um,
Speaker 1: pre seventy one, it took like twenty three weeks for
Speaker 1: the average American to have the American dream, which was
Speaker 1: on a car, have two houses, you know, one one
Speaker 1: income family, college, etcetera. Took twenty three weeks. Today it
Speaker 1: takes fifty three weeks. The problem is, of course, only
Speaker 1: fifty two weeks in a year. So uh, if you
Speaker 1: look at the time, the time that it takes. And
Speaker 1: so instead of instead of going from twenty three weeks
Speaker 1: to fifty three, you should have gone from twenty three
Speaker 1: to fifteen weeks, right or something right, and and and
Speaker 1: some of these concepts aren't really hard if you just said,
Speaker 1: why do we why do you use technology in the
Speaker 1: first place? Use technology to save time instead of me
Speaker 1: having to fly to where you're at in Canada to
Speaker 1: do this interview, which would have taken me, you know,
Speaker 1: a week to go there and back whatever, we just
Speaker 1: did it here. And and cost and hotels and and
Speaker 1: cost to the environment and every and everything else, all
Speaker 1: of those, all of those individual things are a whole
Speaker 1: bunch of jobs in the economy. Yeah, and now and now,
Speaker 1: so this is a really good example about how much
Speaker 1: more productive you can be. Now, obviously people still want
Speaker 1: to travel and everything else, but some of some of
Speaker 1: what's coming to make this experience this is this is experiences,
Speaker 1: a gen one experience. So what that will look like,
Speaker 1: what that will look like in time will blow those
Speaker 1: mind and it'll change the experience. There's two more points
Speaker 1: I want to hit on. We'll start winding this down.
Speaker 1: But before I hit those two points, I was gonna
Speaker 1: to your point, Um, A lot of times people think
Speaker 1: that moving to a sound money, whether that be gold
Speaker 1: or bitcoin or whatever you view that as. Um, they
Speaker 1: think that that would cause hoarding, and that would never work,
Speaker 1: because you know, bitcoin is the best saving mechanism and
Speaker 1: everyone's just gonna save and everyone's gonna hoard money. And
Speaker 1: I just think about that as the most ridiculous statement.
Speaker 1: And I saw you get a chuckle out of that,
Speaker 1: because it's like, I'm still gonna want to travel, That's
Speaker 1: what you just said, right, I'm still gonna want to travel.
Speaker 1: I'm a surf right, surf all over the world. I'm
Speaker 1: still gonna want to go out to movies or I
Speaker 1: don't know if I go movies anymore, go out to dinner,
Speaker 1: Like I'm still gonna want entertainment, I'm still gonna want travel,
Speaker 1: I'm still gonna want to buy those things. So like
Speaker 1: it would, what it does is it it changes you
Speaker 1: from just rampant consumption for anything to still just buying
Speaker 1: the things that I really want. I get such a
Speaker 1: chuck hole out of that. And so when I sell
Speaker 1: in my bitcoin anytime and maybe probably never, but but
Speaker 1: but what would I invest in in in in other
Speaker 1: businesses that could And let's imagine bitcoin at the top,
Speaker 1: like whatever price, so you want to want to say
Speaker 1: it's and now it's more stable, Um, it's it's not
Speaker 1: absolutely volatile anymore, but it's more stable. Wouldn't it makes
Speaker 1: sense that you would invest in something that could get
Speaker 1: a greater return. Yeah, of course, of course it would.
Speaker 1: Like I invest in companies all the time right now,
Speaker 1: and in my measurement now now, Unfortunately, for the companies
Speaker 1: that I'm investing at today, they have to compete with
Speaker 1: with what I think bitcoin will do, right, so there
Speaker 1: has to be a huge return profile on those companies
Speaker 1: or what I believe that what will happen there? But uh,
Speaker 1: but I still make those investments all the time right now.
Speaker 1: It wouldn't change anything. It wouldn't it wouldn't change the
Speaker 1: way an economy is built, or people would hoard money forever.
Speaker 1: It's okay, So I'm not going to eat food because
Speaker 1: because because we have hard money. It's insane. It's absolutely insane.
Speaker 1: But it does cut out malinvestment investment. And yeah, So
Speaker 1: so two more points I want to hit on. One.
Speaker 1: I want to talk about how technology changing in a
Speaker 1: free market could actually maybe prevent monopolies. I want to
Speaker 1: talk about that for a second. I want to ask
Speaker 1: you about that, and then I want to talk about jobs,
Speaker 1: because obviously jobs are important, and what happens if we
Speaker 1: technology replaces all the jobs and we need u B
Speaker 1: I like Andrew Yank talked about. So I want to
Speaker 1: I want to ask you about both those. Let's first
Speaker 1: start with the first one, which was you know, free mark.
Speaker 1: We get caught up in words, I think, and and
Speaker 1: today words are misused, so people think capitalism equal slavery,
Speaker 1: for example, right like I believe capitalism is like, you know,
Speaker 1: a mutual exchange. Um. So rather than look at socialism
Speaker 1: and communism and fascism and all these things, I look
Speaker 1: at it like we have a a captured, controlled, centrally
Speaker 1: planned system, or we have a free, open, competitive system.
Speaker 1: And I think that a free, open, competitive system is
Speaker 1: the best. I think that most people understand that competition
Speaker 1: brings better products, better services, and better prices all the time.
Speaker 1: But some people think that if you really chase that
Speaker 1: to the end, then the free market with no government
Speaker 1: regulation just leads to these giant monopolies. And I would
Speaker 1: say to that, and how to get your opinion based
Speaker 1: off technology? Uh? And the statement that you made about that,
Speaker 1: you had mentioned, um, how Blockbuster saw it was changing,
Speaker 1: but there was nothing they could do about it, and
Speaker 1: that's what triggered this monopoly thing. So Blockbuster kind of
Speaker 1: had this monopoly, but technology displaced that. And so my
Speaker 1: thought on the free market is that, um, it's it's
Speaker 1: it's these corporations using government regulations to entrench their positions
Speaker 1: that allows these monopolies to grow. But I think we
Speaker 1: most people realize that as companies get bigger, the harder
Speaker 1: it is for them to pivot an ideate, which happened
Speaker 1: to Blockbuster. And so as technology changes, new companies come
Speaker 1: up with new ideas and new ways to do things
Speaker 1: that are better faster, cheaper, and it naturally would break
Speaker 1: those monopolies. Do see that or agree with that? Or
Speaker 1: am I wrong? You know your exact clear, you're exactly right. Um,
Speaker 1: this is hard to do in this much time. But um,
Speaker 1: but but if you just say, if you just do
Speaker 1: a thought experiment and you said you said so. Technology
Speaker 1: is making it easier and easier for entrepreneurs to compete
Speaker 1: all the time with new ideas that change existing structures,
Speaker 1: and it's really difficult for the existing structure to compete
Speaker 1: against getting attacked by all of those entrepreneurs with better,
Speaker 1: better ideas, cheaper for more value you as a human right,
Speaker 1: And the only way they win. All those experiments only
Speaker 1: win when they do that. So so so, in fact,
Speaker 1: monopoly power is actually created from the system today, and
Speaker 1: printing money into the system actually creates monopoly power faster.
Speaker 1: Right And because imagine in a different system, And I
Speaker 1: understand why people say that, Okay, go tax Google, Amazon.
Speaker 1: They're doing so bad bad things. They're giving you value
Speaker 1: and otherwise you wouldn't use it. Um, And they're doing
Speaker 1: it faster. And the more that we print against that,
Speaker 1: the faster the amount monopolises are creating that are created.
Speaker 1: There the the other side of that coin, imagine imagine
Speaker 1: a company that has that has so a whole bunch
Speaker 1: we move into a different system. There's less jobs, there's
Speaker 1: more opportunities, there's more time for people. They actually have
Speaker 1: lots of time. They don't need to their their wealth
Speaker 1: being destroyed through inflation, so they have lots of time.
Speaker 1: There's a whole bunch of curious people wanting to attack
Speaker 1: new industries and create their their riches. And now you
Speaker 1: have a monopoly power entrenched because and high margins and
Speaker 1: that in that structure, what do you think what do
Speaker 1: you think would be attacked first? Right? Because because they
Speaker 1: because those entrepreneurs would attack the best, the best opportunities
Speaker 1: to be able to make make money, and by doing
Speaker 1: so they would destroy them. Any ways, and and and
Speaker 1: and bring more value to society. If you let the
Speaker 1: system work instead of instead of driving more and more
Speaker 1: inequality in the system through printing, you would actually find
Speaker 1: a faster, a faster benefit to society. Yeah, okay, And
Speaker 1: then the last thing I want to just ask about
Speaker 1: is what happens to the job. So, um, I think
Speaker 1: it was um Milton Friedman. He went down and saw
Speaker 1: people were building the road by hand, you know, by hand,
Speaker 1: and they said, why are you doing it by hand?
Speaker 1: Why not bring a tractor down here? And they said
Speaker 1: because jobs. And he said, well then why not just
Speaker 1: get everybody spoons? Then if that's the case, right, like,
Speaker 1: why not get more jobs? Then I give them spoons.
Speaker 1: And true story, I went down to Nicaraguana surf trip
Speaker 1: and nicarag was one of the poorest countries I had
Speaker 1: been to at that at that point. People are literally
Speaker 1: still getting around on on box drawn carts there um
Speaker 1: and there is a road that every time I go
Speaker 1: back to Nicaragua, they're still working on it. And I
Speaker 1: asked the driver the same thing. Why don't they bring
Speaker 1: up actor and they're putting literally putting cobblestones by hand,
Speaker 1: and he said because jobs. So anyway, we know, like
Speaker 1: in the last presidential election cycle, Andrew Yang was running
Speaker 1: on this platform and technology is gonna get rid of
Speaker 1: these jobs, and so we have to come up with
Speaker 1: you b I UM. I seem to think that UM
Speaker 1: technology replaces the load task jobs and it opens people
Speaker 1: up for more high end jobs. And then we can
Speaker 1: look at Amazon, well, maybe it did put out a
Speaker 1: lot of jobs over here, it created a million jobs
Speaker 1: over here. Um, So really it's just people need to unfortunately,
Speaker 1: I guess, have to learn a little bit and they
Speaker 1: have to kind of grow and evolve. Where do you
Speaker 1: see that playing out? Is this bad for jobs or
Speaker 1: good for jobs or you know humanity overall? Um, it's
Speaker 1: bad for jobs and it's bad for so so there's
Speaker 1: a there's this belief that it's just bad for the
Speaker 1: low paying jobs and we'll create more high paying jobs.
Speaker 1: But that belief isn't if you actually investigate what's happening
Speaker 1: and artificial intelligence and what's what's happening at the rate
Speaker 1: of that change. It's bad for high paying jobs too,
Speaker 1: not all jobs. And I'm not on a people people
Speaker 1: get really confused here. It could because they're scared. So
Speaker 1: they backtrack to an old system and they and they
Speaker 1: say we have to protect the jobs at all costs,
Speaker 1: And they don't know what they're doing is by driving
Speaker 1: inflation to protect the jobs or to pay for more
Speaker 1: people they can't have jobs. What they're really doing is
Speaker 1: picking the people's pocket at the bottom of the social
Speaker 1: ladder to be able to pretend they're helping without the
Speaker 1: money to do so. So that it's theft. Inflation. You
Speaker 1: could say, if somebody takes something from you that you
Speaker 1: don't know they took from you, and you can put
Speaker 1: better policy around around that, is that theft. If somebody
Speaker 1: comes in and take something from your house, is that theft?
Speaker 1: And so does it matter at what rate they steal
Speaker 1: from you? Two percent, three doesn't matter what rate? So
Speaker 1: I these are you said, words matter, These words matter,
Speaker 1: but it is theft. And so so when that same
Speaker 1: person picks your pocket and says, I'm going to transfer
Speaker 1: money to you, from you to somebody, I was saying,
Speaker 1: words don't matter, it's the actions. And so to further
Speaker 1: prove your point, the action is they can call it
Speaker 1: not death, but the action is death exactly. And instead
Speaker 1: of calling an inflation, and now we're going to call
Speaker 1: it quantitive easing, and we're gonna do essentially, we're going
Speaker 1: to pick your pocket faster to tell you that that
Speaker 1: we're not picking your pocket. That's what's happening. It is
Speaker 1: that I wish it wasn't. I understand why they're doing it,
Speaker 1: but but that's that's what that's what it does. So
Speaker 1: there's actually no way to fix that from the existing system. Now,
Speaker 1: Remember inflation is wage deflation, So essentially they're paying you're
Speaker 1: getting paid less to be able to keep a job.
Speaker 1: And well, technology is removing the jobs anyways. Keep keeping
Speaker 1: people busy is important. So so now let's but these
Speaker 1: are different concepts. Is that important important? And so so
Speaker 1: let's just get back to the first part of the
Speaker 1: technology is supposed to reduce. You put technology into give
Speaker 1: more for less and the consequences that reduces labor and
Speaker 1: and the consequence of that as it saves our time.
Speaker 1: That's what that's why I that's why I use it.
Speaker 1: If I think about the technology companies and building right now,
Speaker 1: how much value they give that remove a whole bunch
Speaker 1: of jobs in the overall system, and over time, more
Speaker 1: and more more jobs. That is the point, and it
Speaker 1: gets and as we moved to an information based economy,
Speaker 1: economies all over the world, that just accelerates. But didn't
Speaker 1: we lose. So let's say technology, we lost a bunch
Speaker 1: of manufacturing jobs, but we gained a whole bunch of
Speaker 1: programmer jobs and new machines and three D printing as
Speaker 1: you talked about, So like we added all those jobs
Speaker 1: that we never had. So in historical frameworks. You're you're
Speaker 1: absolutely right. We always created more new jobs and more
Speaker 1: new economies than than before. You believe that this time
Speaker 1: is different, and this time is different because we never
Speaker 1: had technology that was becoming smarter than us. Technology today
Speaker 1: can code itself, technology can AI systems are creating create
Speaker 1: so some of these, some of these, first we train
Speaker 1: the AI systems and then the AI systems do it
Speaker 1: way better than a weekend, and the rate of change
Speaker 1: on that it would be um. We could disagree on
Speaker 1: this point, but I don't see. I don't see. Okay,
Speaker 1: where are the new jobs coming from? The new giant
Speaker 1: families of jobs. There will be some, um, but not
Speaker 1: enough to replace the ones that are that are lost.
Speaker 1: And actually that's the whole point. If you allowed deflation,
Speaker 1: and that's what part of people two different systems that
Speaker 1: get so caught up in. If you allowed the natural
Speaker 1: order of things, what would happen is that as the
Speaker 1: jobs were removed, prices would fall in locks step. If
Speaker 1: you don't allow that to happen, as the jobs are
Speaker 1: removed and prices are higher, everyone fails. That's that's exactly
Speaker 1: that's exactly what's happening. But if you again remember we
Speaker 1: are moving into most of the deflation is in front
Speaker 1: of us, most of the job losses in front of us.
Speaker 1: There will be I am super excited about some of
Speaker 1: the companies that are creating right now, super excited and
Speaker 1: what they do, what they do and investing in and
Speaker 1: creating it. So on one side, I see opportunities everywhere, right,
Speaker 1: But if I add it all up and say, are
Speaker 1: there opportunities for everyone everywhere? No, And so if if
Speaker 1: those opportunities are only for me because we keep printing
Speaker 1: an existing system and it concentrates more or more wealth,
Speaker 1: that's pretty bad social experiment for for for the world. Okay, well, um, well,
Speaker 1: time time will tell you've done way more research on
Speaker 1: the topic than I have. So well you're the experts,
Speaker 1: will it will defer to you on that. I would say, though,
Speaker 1: to your point that you said that you're excited because
Speaker 1: you see a lot of opportunity, But maybe it's not
Speaker 1: like that for everybody. And so I would just encourage
Speaker 1: everybody listening, like, don't get scared and depressed. Just be
Speaker 1: on the side that's seeing opportunity everywhere. There's a book.
Speaker 1: There's a book written by Daniel Pink and it's titled
Speaker 1: A Whole New Mind, and he talked about how with
Speaker 1: the Internet we have this uh commoditization of technical workers
Speaker 1: now and so coders and programmers or a diamond dozen
Speaker 1: four bucks an hour overseas today, right, and so no
Speaker 1: longer going to being a coming engineer or that coder.
Speaker 1: Is the key. He said that to have success in
Speaker 1: the future, instead of using your analytical side of your brain,
Speaker 1: use the creative side and then become like a conductor
Speaker 1: of an orchestra and pick this coder and this programmer
Speaker 1: and this person and kind of and and and and
Speaker 1: use creativity. And so to your point, Jeff, you see,
Speaker 1: you see opportunity everywhere because there is so much UM.
Speaker 1: But you're creative enough to kind of see that future. UM.
Speaker 1: And some people, unfortunately, they're just stuck just digging that
Speaker 1: hole every day. UM and so UM. If you want
Speaker 1: to succeed in the future, you're like that book says,
Speaker 1: you need to kind of switch from the analytical to
Speaker 1: the creative side. And there is an abundant future ahead.
Speaker 1: There's so there is so that that there. We totally agree.
Speaker 1: There's so much opportunity right now in any system. Change
Speaker 1: it creates staggering opportunity. Yeah, but we're going through a
Speaker 1: system change and a major system change in the way
Speaker 1: or a way of life, and but there's lots of
Speaker 1: opportunity right now. Yeah. All right, Well, with that, I
Speaker 1: guess we'll go ahead and wrap it up. I think
Speaker 1: that's a good, good point to end. We've we've touched
Speaker 1: on so many things you have. I appreciate that. Anything
Speaker 1: else that you want to just add before we wrap
Speaker 1: it up, good? Thanks, Okay, good. We're gonna make sure
Speaker 1: to link your book down in the show notes before
Speaker 1: put your Twitter profile in there. Um, and I guess
Speaker 1: with that, ahead and sign out. Thanks so much, Jef. Awesome.
Speaker 1: Thanks