WEBVTT - Food Shortages and Stagflation 0:00:00.200 --> 0:00:02.759 Hello, and welcome to another episode of The Mark Moss Show, 0:00:02.759 --> 0:00:06.480 where we're talking about the intersection of politics, finance, and technology. 0:00:06.519 --> 0:00:09.760 We're talking about the decentralized revolution, the way that the 0:00:09.760 --> 0:00:13.200 world is changing as the pendulum swings from my centrally 0:00:13.200 --> 0:00:16.919 planned controlled world back to a world of more freedom, 0:00:17.079 --> 0:00:19.720 giving you more liberty and more options, of course, being 0:00:19.760 --> 0:00:23.560 spearheaded by bitcoin and the decentralized technology. And I like 0:00:23.640 --> 0:00:26.560 to cover a couple of things. We cover some information, 0:00:26.640 --> 0:00:28.840 some education so you can change the way that you 0:00:28.920 --> 0:00:31.520 see this, the way that you navigate this. I have 0:00:31.600 --> 0:00:34.239 to go through the latest breaking news and then I'd 0:00:34.280 --> 0:00:35.879 like to bring on some interesting people to talk to. 0:00:35.960 --> 0:00:38.320 And we're doing all of that. And right now we 0:00:38.440 --> 0:00:41.840 have some big news that's been happening all around the world, 0:00:42.960 --> 0:00:45.600 breaking stuff. I mean, it's been busy. I want to 0:00:45.640 --> 0:00:49.040 talk about that now. You know, with this inflation, with 0:00:49.040 --> 0:00:53.000 food and energy spice prices spiking, Um, we got a 0:00:53.000 --> 0:00:57.240 serious problem on our hands. I saw just today, Um, 0:00:57.920 --> 0:01:01.680 I think it was the largest grain warehouse in the 0:01:01.880 --> 0:01:04.920 UK Ukraine just got hit. Now that now Russia and 0:01:05.000 --> 0:01:08.080 Ukraine are already responsible for like of the global wheat 0:01:08.120 --> 0:01:11.959 supply and the largest storehouse just got hit and that 0:01:12.000 --> 0:01:14.640 got taken out, so that means even less supply. It's 0:01:14.640 --> 0:01:17.720 not good. And so we're going into a year where 0:01:17.720 --> 0:01:22.520 the un is expecting lots of people to die of hunger, 0:01:22.600 --> 0:01:27.039 which is just complete catastrophe in a world where we 0:01:27.080 --> 0:01:30.160 have so much technology and so much wealth and influence. 0:01:30.200 --> 0:01:32.319 It's it's crazy to think that that can still happen. 0:01:32.400 --> 0:01:34.840 But we have this from the AP News. World Bank 0:01:35.000 --> 0:01:40.800 says they have a dim outlook for the global economy, which, yeah, 0:01:40.920 --> 0:01:42.520 of course anyone could have told you. That says the 0:01:42.520 --> 0:01:44.800 World Bank is sharply downgraded its outlook for the global 0:01:44.800 --> 0:01:50.560 economy the prospect of widespread food shortages and concerns about 0:01:50.560 --> 0:01:55.160 the potential return of stagflation, a toxic mix of high 0:01:55.200 --> 0:01:59.160 inflation and sluggish growth unseen for more than four decades. 0:01:59.520 --> 0:02:03.360 So the World Bank sees this. I've been talking about it, 0:02:03.440 --> 0:02:05.360 Everyone's been talking about it. If you haven't seen it, 0:02:05.560 --> 0:02:07.040 I don't know where you've been watching. But you need 0:02:07.080 --> 0:02:09.480 to be paying attention to this stag place in the 0:02:09.480 --> 0:02:12.000 return of stagflation, something we haven't seen in four decades 0:02:12.000 --> 0:02:15.560 since the seventies. Again, it's a toxic a toxic mix 0:02:16.160 --> 0:02:20.519 of high inflation and no growth sluggish growth. So um, 0:02:20.680 --> 0:02:23.880 so far q Q one quarter one of two we 0:02:24.000 --> 0:02:28.880 posted negative growth, not just sluggist growth. Sluggist growth would 0:02:28.919 --> 0:02:31.799 be one or two percent. No, No, we saw negative 0:02:31.960 --> 0:02:35.040 one and a half percent. That's not good. And at 0:02:35.080 --> 0:02:38.560 time we're seeing record high inflation. So not only is 0:02:38.600 --> 0:02:41.960 it it's not sluggish growth, it's negative growth. So that's extreme. 0:02:42.320 --> 0:02:45.080 Na's really just high inflation. It's the highest it's been 0:02:45.120 --> 0:02:48.600 in forty years. It's extreme. So we have extremes of 0:02:48.680 --> 0:02:51.280 both ends, which is not good, which, of course the 0:02:51.320 --> 0:02:55.639 prospect of widespread food shortages. That's what it leads to. Now, 0:02:55.680 --> 0:02:57.120 Like I said in today's day and age, I mean, 0:02:57.120 --> 0:02:59.400 this is just ridiculous that anybody should have this problem. 0:02:59.720 --> 0:03:01.880 We know how to create electricity, we know how to 0:03:01.919 --> 0:03:04.800 get oil, we know how to grow food. But for 0:03:04.840 --> 0:03:08.639 some reason, the world leaders can't stop meddling. And uh. 0:03:08.800 --> 0:03:11.880 It says here for many countries recession will be hard 0:03:12.280 --> 0:03:15.880 to avoid, which is which is pretty difficult for the 0:03:15.960 --> 0:03:18.080 United States alone. It says the World Bank has slashed 0:03:18.080 --> 0:03:20.560 its growth forecast from two point five percent this year. 0:03:21.520 --> 0:03:24.680 Uh oh, I'm sorry, slashed it to two point five 0:03:24.680 --> 0:03:28.640 percent from five point seven percent last year in one, 0:03:28.720 --> 0:03:32.400 so sluggish growth would be going from five point seven 0:03:32.400 --> 0:03:35.000 to the two point five they project. But we didn't 0:03:35.000 --> 0:03:38.360 have two point five. We had negative one point four, 0:03:38.680 --> 0:03:42.640 negative one point four UM, so quite the opposite. So 0:03:43.000 --> 0:03:45.160 a good job on your forecast, your way off. That 0:03:45.240 --> 0:03:47.560 says that for the nineteen European countries that share their 0:03:47.600 --> 0:03:50.640 euro currency, it downgraded the growth outlook to two point 0:03:50.640 --> 0:03:54.160 five percent as well this year from five point four 0:03:54.200 --> 0:03:57.320 percent last year. So US was five point seven, the 0:03:57.720 --> 0:04:00.760 European unions five point four, and so they're downgrading both 0:04:00.760 --> 0:04:04.040 of them to two point five. In China, the world's 0:04:04.160 --> 0:04:07.080 second biggest economy after the United States, the World Bank 0:04:07.120 --> 0:04:10.840 expects growth to slow to four point three from eight 0:04:10.840 --> 0:04:20.159 point one last year. The government's can't cause things to grow. 0:04:21.080 --> 0:04:23.960 The World Bank can't get things to grow. The central 0:04:24.000 --> 0:04:28.440 banks can't get things to grow. Central planners can't get 0:04:28.440 --> 0:04:31.440 the economies to grow. The Economies that grow when things 0:04:31.560 --> 0:04:36.560 become more efficient, when more goods and services are created. 0:04:37.040 --> 0:04:39.119 I was reading an article yesterday and I was talking 0:04:39.120 --> 0:04:44.880 about UM. They were hoping that it would encourage more innovation. 0:04:45.400 --> 0:04:47.720 I was listening to some other economists talking, and they 0:04:47.720 --> 0:04:49.960 were talking about how um, if you had something like 0:04:49.960 --> 0:04:53.960 bitcoin that doesn't have inflation, so the monetary supply is 0:04:53.960 --> 0:04:58.920 not increasing, how um, then it would cause the purchasing 0:04:58.960 --> 0:05:01.960 power of that money, that money supply like bitcoin, to increase. 0:05:02.480 --> 0:05:05.920 So if my right now, if I hold dollars, they're 0:05:06.000 --> 0:05:09.479 losing value, and so I don't want to hold onto 0:05:09.520 --> 0:05:11.280 dollars very long. I want to spend it as fast 0:05:11.279 --> 0:05:13.359 as possible because they're losing value. They're gonna buy me 0:05:13.440 --> 0:05:16.680 less tomorrow than they do today, So that makes me 0:05:16.720 --> 0:05:19.000 want to spend them. If we have something like bitcoin 0:05:19.040 --> 0:05:20.640 that goes up in value, it buys me more in 0:05:20.680 --> 0:05:22.280 the future than I don't want to spend them. And 0:05:22.320 --> 0:05:25.400 they said, but isn't that a problem? Um, don't, don't 0:05:25.440 --> 0:05:28.719 the leaders, don't the central planners need to encourage people 0:05:28.800 --> 0:05:32.360 to spend. I thought, that's the most ridiculous thing in 0:05:32.360 --> 0:05:35.600 the world. People always want to spend. People always want 0:05:35.600 --> 0:05:37.640 to spend. People want to spend more than they make, 0:05:37.640 --> 0:05:39.720 people want to spend more than make. They want to 0:05:39.760 --> 0:05:42.159 live on credit cards. Right, we don't need to encourage 0:05:42.200 --> 0:05:45.640 anyone to spend. Why, Well, you need food. You need clothes, 0:05:45.720 --> 0:05:47.560 you need a car, you need a house, You want 0:05:47.640 --> 0:05:51.679 some entertainment. That and those shiny, flashy things, the new purses, 0:05:51.720 --> 0:05:53.960 the new electronics, the new phones, the new watches. You 0:05:54.000 --> 0:05:56.960 want to buy those things. We want new things. We 0:05:57.080 --> 0:05:59.320 like to play with things. You don't need any encouragement, 0:05:59.800 --> 0:06:03.919 And entrepreneurs also don't need any encouragement to run a 0:06:03.960 --> 0:06:07.800 business to make profit, that's the whole point. And how 0:06:07.839 --> 0:06:11.720 do we get profits by being very efficient, by us 0:06:11.960 --> 0:06:16.640 consuming less resources than we can produce, by working to 0:06:16.760 --> 0:06:20.360 gain efficiencies so I can make more profit. We don't 0:06:20.400 --> 0:06:23.479 need to encourage. What we need to do is take 0:06:23.640 --> 0:06:26.400 the boot off of their neck. And so back to 0:06:26.560 --> 0:06:30.880 this outlook for growth for the global economy, what we 0:06:30.920 --> 0:06:34.520 are seeing is more and more dragged being put on 0:06:34.560 --> 0:06:40.400 the economy by debt and by regulations. So for example, 0:06:40.680 --> 0:06:43.560 um the energy industry has not been growing well for 0:06:43.600 --> 0:06:45.960 the last decade and really the last four or five years. 0:06:46.680 --> 0:06:49.880 The leaders, the powers that be, the Davos Group, the 0:06:49.920 --> 0:06:52.400 EU Group, even in the United States, even Biden coming 0:06:52.440 --> 0:06:55.200 into the White House was talking about putting energy providers 0:06:55.400 --> 0:06:57.560 out of business, making them go bankrupt. So when you 0:06:57.600 --> 0:06:59.800 put regulations in place, and you tell them that your 0:07:00.120 --> 0:07:02.880 is to make them go bankrupt. And what happens. They 0:07:02.880 --> 0:07:06.440 don't invest into their business, they don't grow their business. 0:07:07.279 --> 0:07:09.440 And when that happens, guess what happens with GDP growth? 0:07:10.720 --> 0:07:13.440 It slows down, it goes negative. This is not rocket 0:07:13.480 --> 0:07:17.800 science here, right, This is isn't rocket science. Houses works. So, um, 0:07:17.880 --> 0:07:20.880 we think about inflation as far as price inflation, so 0:07:20.920 --> 0:07:23.160 the cost of goods and services going up, and per 0:07:23.200 --> 0:07:26.040 the Austrian lens of that, we would say that when 0:07:26.080 --> 0:07:29.160 we increase the money supply, then it increases the price 0:07:29.160 --> 0:07:31.520 of goods and services, which it does, but there's lots 0:07:31.560 --> 0:07:33.640 of other reasons why prices of goods and services can 0:07:33.680 --> 0:07:36.720 go up as well without increasing the money supply. So 0:07:36.760 --> 0:07:40.239 we have cost push. So when the price of things 0:07:40.240 --> 0:07:43.000 go up, it pushes prices up. It goes without saying 0:07:43.200 --> 0:07:45.680 so when the government imposes a bunch of new regulations 0:07:45.720 --> 0:07:48.560 like E S G for example, and now I have 0:07:48.720 --> 0:07:51.920 to hire a six person consulting team to come into 0:07:52.000 --> 0:07:54.960 my business and charge me hundreds of thousands of dollars 0:07:55.000 --> 0:07:57.040 to give me an E S G score, and then 0:07:57.080 --> 0:07:59.360 I have to go spend all this money to meet 0:07:59.440 --> 0:08:01.560 all these E s G requirements. What does that do? 0:08:02.160 --> 0:08:06.240 That increases my costs cost push, which then means I 0:08:06.280 --> 0:08:11.000 have to raise my prices, which is inflationary. So without 0:08:11.000 --> 0:08:15.640 increasing the money supply at all. Government regulations are inflationary. 0:08:15.680 --> 0:08:17.600 They caused price to go up, but they also cause 0:08:17.760 --> 0:08:20.520 growth to come down because that money that I could 0:08:20.560 --> 0:08:23.560 be spending to go into research and development to come 0:08:23.640 --> 0:08:27.080 up with new products, better prices, um past those savings 0:08:27.080 --> 0:08:30.320 onto consumers, come up with new products, more efficient ways 0:08:30.320 --> 0:08:32.120 to make those products. That is, having that money to 0:08:32.160 --> 0:08:34.679 spend that way, Now I have to give it to 0:08:34.720 --> 0:08:36.360 the government. I have to use it to go for 0:08:36.440 --> 0:08:40.040 these regulations that are basically worthless. And so the World 0:08:40.080 --> 0:08:46.280 Bank is projecting uh stagflation, declined growth in the face 0:08:46.400 --> 0:08:49.200 of rising prices, a deadly combination we haven't seen since 0:08:49.200 --> 0:08:54.439 the seventies, when we had fuel rations, when we had wars, 0:08:54.679 --> 0:08:56.520 when we had things like that. And that's about where 0:08:56.520 --> 0:08:58.960 we're headed. Back to um you listening to the Markets show, 0:08:58.960 --> 0:09:01.480 we're talking about the d centralized revolution, talking about the 0:09:01.480 --> 0:09:04.600 way that the world is changing from a centralized, centrally 0:09:04.600 --> 0:09:07.160 planned world to a decentralized world. Being led by bitcoin 0:09:07.200 --> 0:09:11.319 and decentralized technology, looking at through the lens of politics, finance, 0:09:11.640 --> 0:09:14.679 and technology. Hopefully that makes sense to you. UM, let 0:09:14.679 --> 0:09:16.240 me know what you think. Are you following me on Twitter? 0:09:16.600 --> 0:09:18.880 Hit me up at one Mark Moss at it's just 0:09:18.920 --> 0:09:21.520 the number one Mark Moss. I'm on their way too often. 0:09:21.559 --> 0:09:24.000 I'd love to hear questions and comments on there. Let 0:09:24.000 --> 0:09:26.320 me know you hear me on this show. And I 0:09:26.360 --> 0:09:29.200 got more to come back to talking about some big, 0:09:29.240 --> 0:09:32.839 big topics human rights, elicit activity, um, some lawsuits against 0:09:32.880 --> 0:09:35.320 the Fed and more. Don't go away, all right, welcome back. 0:09:35.320 --> 0:09:37.120 You are listening to another episode of The Mark Moss 0:09:37.120 --> 0:09:40.640 Show talking about the decentralized revolution, navigating you as the 0:09:40.679 --> 0:09:44.800 world changes. The pendulum swings from centralization to decentralization led 0:09:44.800 --> 0:09:48.920 by bitcoin and the decentralized revolution technology. Now we're talking 0:09:48.960 --> 0:09:52.640 about the way the world is changing, forecasting things to 0:09:52.679 --> 0:09:57.080 slow down because of the onerous, burdensome regulations that are 0:09:57.080 --> 0:10:02.520 be imposed on and but don't worry. Bitcoin can fix that. 0:10:02.600 --> 0:10:04.360 Now we say bitcoin can fix that. Bitcoin can fix 0:10:04.440 --> 0:10:07.839 pretty much anything. Um, which is a way to say 0:10:07.840 --> 0:10:09.480 that if we can fix the money, we can fix 0:10:09.520 --> 0:10:12.320 the world. Um. I saw this article this week was 0:10:12.440 --> 0:10:15.839 pretty amazing. Now, if you've been listening to this show 0:10:15.880 --> 0:10:18.800 since I first started, the very first guests I had 0:10:18.840 --> 0:10:23.920 on this show was a friend Alex um Alex Gladstein, 0:10:24.480 --> 0:10:26.400 and I had him on the show because he is 0:10:26.480 --> 0:10:28.480 the head of the Human Rights Foundation. He's a human 0:10:28.559 --> 0:10:30.960 rights advocate, and I had him on the show because 0:10:31.160 --> 0:10:32.920 I said, look, I want to establish the show as 0:10:32.960 --> 0:10:36.040 something that's here to preserve human rights. I want to 0:10:36.120 --> 0:10:40.440 champion human flourishment. I want a champion freedom and liberty, 0:10:40.840 --> 0:10:42.640 those types of things. We're not here to get rich. 0:10:42.720 --> 0:10:44.840 Is not to get rich quick scheme or get rich 0:10:44.920 --> 0:10:47.800 quick show. It's about human rights. And so I saw 0:10:47.800 --> 0:10:49.360 this article this week, I thought it was great, and 0:10:49.400 --> 0:10:53.840 it's a human rights advocates tell Congress that bitcoin is 0:10:54.040 --> 0:11:02.640 essential in countries with collapsing currencies. Now collapsing currencies. Currencies 0:11:02.640 --> 0:11:04.040 have been collapsing from the beginning of time. If we 0:11:04.040 --> 0:11:06.320 look at the last hundred years, I believe out of 0:11:06.360 --> 0:11:09.760 the hundreds and hundred, I think maybe five hundred currencies 0:11:09.760 --> 0:11:12.559 in the last one hundred years. Out of all of those, 0:11:12.600 --> 0:11:17.480 only two are still around. Only two. That's the US 0:11:17.559 --> 0:11:20.760 dollar and the British pounds sterling. They're the only two. Now, 0:11:21.600 --> 0:11:26.160 the British pounds sterling has lost like eight percent of 0:11:26.160 --> 0:11:28.400 its value in the dollar has done much better, and 0:11:28.440 --> 0:11:32.560 it's only lost I think of its value. All the 0:11:32.559 --> 0:11:35.640 other currencies have died. And we're seeing it happen all 0:11:35.679 --> 0:11:39.240 the time. So we're seeing in you know, Venezuela twenty 0:11:39.360 --> 0:11:43.920 five hundred percent inflation, which is insane. We're seeing Argentina 0:11:44.080 --> 0:11:48.040 their currency has failed four times. They in just the 0:11:48.120 --> 0:11:50.520 last you know, a couple of decades. I think they 0:11:50.520 --> 0:11:53.600 haven't seen any of their thirty year bonds ever pay out. Uh. 0:11:53.640 --> 0:11:56.640 And we're seeing it in Lebanon, We're seeing in Turkey. 0:11:56.800 --> 0:12:00.560 We're seeing it all over the world. These currencies are lapsing. 0:12:01.559 --> 0:12:03.480 And so what they're saying is human rights advocates tell 0:12:03.520 --> 0:12:07.240 Congress that bitcoin is essential in these countries with collapsing currencies. Now, 0:12:07.640 --> 0:12:09.880 as I said, the US dollar in the British consterlier 0:12:09.880 --> 0:12:12.040 the only two that are left standing. But they're they're 0:12:12.080 --> 0:12:16.200 collapsing too. They've collapped. As a matter of fact, the 0:12:16.280 --> 0:12:21.480 US dollar collapsed against homes in the last two years. 0:12:21.840 --> 0:12:27.240 The US dollar collapsed against used cars in the last 0:12:27.360 --> 0:12:30.320 two years, the US dollar is collapsing. It's just not 0:12:30.320 --> 0:12:33.839 collapsing nearest bad As, Venezuela, Argentina, Lebanon, Turkey, et cetera. 0:12:34.320 --> 0:12:38.640 But it says here that a week after prominent technologists 0:12:38.720 --> 0:12:42.000 publicly slammed crypto for being too risky and unproven in 0:12:42.040 --> 0:12:45.040 a letter to Congress, now human rights advocates from around 0:12:45.080 --> 0:12:48.160 the world have sent a rebuttal to US lawmakers, defending 0:12:48.200 --> 0:12:51.160 digital assets for the access they provide to people in 0:12:51.200 --> 0:12:56.000 countries where quote, local currencies are collapsing, broken, or cut 0:12:56.040 --> 0:13:00.200 off from the outside world. All right now, um, Some 0:13:00.280 --> 0:13:02.600 twenty one human rights supporters from twenty different countries said 0:13:02.600 --> 0:13:06.559 in the letter that they've relied on bitcoin and stable coins, 0:13:06.559 --> 0:13:09.240 which allow the trading in and out of crypto without 0:13:09.360 --> 0:13:11.680 having to go through a bank, as quote, as have 0:13:12.080 --> 0:13:16.280 tens of millions of others living under authoritarian regimes or 0:13:16.480 --> 0:13:19.720 unstable economies. A couple of things unpack here. So, first 0:13:19.720 --> 0:13:24.160 of all, a week after prominent technologists publicly slammed crypto, 0:13:24.679 --> 0:13:27.960 so we um, I like to be very clear about this. 0:13:28.440 --> 0:13:32.520 We like to say bitcoin, not crypto. So um, we'll 0:13:32.520 --> 0:13:34.520 talk about that in a minute. But if we look 0:13:34.559 --> 0:13:37.080 at bitcoins specifically, we can see that these human rights 0:13:37.120 --> 0:13:39.040 advocates to say that tens of millions are living under 0:13:39.040 --> 0:13:44.319 authority term regimes and unstable economies are using bitcoin. So 0:13:44.400 --> 0:13:47.280 what what are they slamming it for? Right? What are 0:13:47.280 --> 0:13:49.720 they slamming it for? Like? What what's so wrong with it? 0:13:49.760 --> 0:13:53.280 What's so wrong with you being able to decide what 0:13:53.440 --> 0:13:55.640 you want to store your wealth in and how you 0:13:55.679 --> 0:13:59.400 want to transact? What's so wrong with that? Um, we're 0:13:59.400 --> 0:14:02.320 gonna look at with us here, but it says uh. 0:14:02.559 --> 0:14:05.760 Bitcoin has seen increased utility in recent months as people 0:14:05.800 --> 0:14:09.040 from numerous different countries sent tens of millions of dollars 0:14:09.040 --> 0:14:11.760 to Ukraine via crypto payment raility. If I remember that 0:14:12.000 --> 0:14:14.920 all this support for Ukraine when when Russia invaded and 0:14:14.960 --> 0:14:19.760 they raised tens of millions of dollars through cryptocurrency donations, 0:14:19.960 --> 0:14:22.720 how else could you have got that money there? Right? 0:14:22.760 --> 0:14:26.200 With bitcoin? Instant nearly instant and free. You can just 0:14:26.240 --> 0:14:27.440 send it right there. You don't need a bank, you 0:14:27.440 --> 0:14:28.960 don't need Western Union, you don't have any of that, 0:14:29.040 --> 0:14:31.440 especially in a world worn country that's fallen apart. You 0:14:31.440 --> 0:14:33.080 don't have the ability to get on a bus and 0:14:33.120 --> 0:14:35.280 go to a bank and get the cash out. Meanwhile, 0:14:35.480 --> 0:14:38.720 Ukrainians that were fleeing the country were able to take 0:14:38.760 --> 0:14:42.400 their money with them in the form of cryptocurrency stored 0:14:42.400 --> 0:14:46.040 on a USB drive. A similar narrative played out in 0:14:46.080 --> 0:14:48.920 Afghanistan in August when the Tally band took over the 0:14:48.960 --> 0:14:52.760 country and all the banks were closed down. So, uh, 0:14:52.920 --> 0:14:57.760 these technologists that wrote Congress from their very privileged place 0:14:57.800 --> 0:15:00.360 sitting in the United States, who have never dealt with 0:15:00.400 --> 0:15:03.360 a crashing economy or I said, say currency although the 0:15:03.400 --> 0:15:06.360 dollars crashing um and have never had to run for 0:15:06.400 --> 0:15:10.400 their lives. I have no idea, and they don't even 0:15:10.440 --> 0:15:13.160 bother to think what other people could be going through. Now, 0:15:13.240 --> 0:15:15.280 I've traveled around the world and I've seen this firsthand. 0:15:15.320 --> 0:15:17.200 I haven't had to live it, thank God, but I 0:15:17.240 --> 0:15:20.800 have seen it firsthand. Now in this Ukraine situation, Ukrainians 0:15:20.800 --> 0:15:22.960 fleeing the country able to take their money with them 0:15:23.000 --> 0:15:25.400 in the form of cryptocurrency. Now, I know people who 0:15:25.480 --> 0:15:27.920 fled Russia, and when they fled Russia, they were only 0:15:27.920 --> 0:15:29.920 allowed I forget, but I think it was like a 0:15:30.000 --> 0:15:32.800 hundred dollars or two dollars per person. So like a 0:15:32.800 --> 0:15:34.560 family of four could bring like four hundred bucks or 0:15:34.560 --> 0:15:37.280 a hundred bucks. That was it all. The rest of 0:15:37.320 --> 0:15:39.800 their money had to stay in Russia. I had friends 0:15:39.840 --> 0:15:41.600 that have come from Afghanistan. I've had friends that came 0:15:41.600 --> 0:15:43.960 from South Africa, and when they came to America, they 0:15:44.000 --> 0:15:45.880 could not bring their money with them. They had to 0:15:45.920 --> 0:15:51.840 come broke. But with bitcoin, they're able to take all 0:15:51.920 --> 0:15:55.040 their money with them, all right, Um, And it says 0:15:55.080 --> 0:15:57.040 here and when in Afghanistan, when the Taliban took over 0:15:57.040 --> 0:15:58.640 the country and the banks were closed down, the banks 0:15:58.640 --> 0:16:02.720 were closed, how could people get your money? Now? From 0:16:02.800 --> 0:16:08.000 these technologists standpoint, they're technologists who know nothing about economics 0:16:08.080 --> 0:16:11.960 or human rights apparently or freedom. Um. They're saying that 0:16:12.040 --> 0:16:15.040 it's it's it's a waste, but it's it's not valuable 0:16:15.080 --> 0:16:17.840 to them, but it's very valuable to the tens of 0:16:17.880 --> 0:16:20.400 millions of people that have been displaced in Ukraine. It 0:16:20.440 --> 0:16:23.400 says bitcoin provides financial inclusion and empowerment because it's open 0:16:23.440 --> 0:16:26.960 and permissionless. We are not they said, We're not industry 0:16:26.960 --> 0:16:31.640 financiers or professional lobbyists. Were humanitarians and democracy advocates who 0:16:31.720 --> 0:16:35.160 use bitcoin to assist people at risk when other options 0:16:35.200 --> 0:16:38.920 have failed, when other options have failed. Um, so this 0:16:39.000 --> 0:16:42.400 is great. You know. One thing is these technologists, they say, 0:16:42.480 --> 0:16:45.680 is that it's too risky. It's too risky. Um, we 0:16:45.680 --> 0:16:47.840 we we need to we need to regulate it because 0:16:47.880 --> 0:16:50.640 it's too risky. Well, too risky compared to what Because 0:16:50.680 --> 0:16:54.160 if if I'm gonna Afghanistan, I'm guaranteed to lose all 0:16:54.160 --> 0:16:56.560 of my purchasing power in six months, is it more 0:16:56.640 --> 0:16:59.680 risky than that if I'm in Lebanon, or if I'm 0:16:59.680 --> 0:17:03.120 in Turn I'm gonna lose seventy of my purchasing powers, 0:17:03.120 --> 0:17:05.760 it more risky than that? I mean a lot of 0:17:05.800 --> 0:17:09.879 the cryptocurrencies are down sixty in US dollar terms right now. 0:17:10.160 --> 0:17:13.600 They are, but they're gonna lose sixty in their own 0:17:13.640 --> 0:17:17.760 currency anyway. So what's their alternative? What's their risk? It's 0:17:17.840 --> 0:17:20.439 very easy from your Ivory tower sitting in America going oh, 0:17:20.560 --> 0:17:24.480 as a technologist, Uh, you know, it's risky. But when 0:17:24.520 --> 0:17:27.680 you're facing certain death, when you're facing certain loss of 0:17:27.800 --> 0:17:31.280 all your wealth, you have to try something different. You 0:17:31.359 --> 0:17:36.119 can't get dollars. So what options do you have in 0:17:36.400 --> 0:17:39.679 in in Afghanistan after America pulled out, the Taliban overran 0:17:39.760 --> 0:17:41.760 the banks, took everyone's money. You couldn't send them money 0:17:41.800 --> 0:17:47.040 through Western Union. What options do they have? And bitcoin 0:17:47.400 --> 0:17:49.959 is solving these humanitarian problems and this is what it's 0:17:50.000 --> 0:17:52.439 going to change the landscape of the world, from these 0:17:52.480 --> 0:17:56.159 centrally controlled entities into this decentralized world. You're listening to 0:17:56.200 --> 0:17:58.960 the Markmall Show. We're talking about, of course Bitcoin, the 0:17:59.040 --> 0:18:02.119 decentralized reveel lution. We are talking about the way that 0:18:02.119 --> 0:18:05.000 the pendulum is swinging back and forth. We're discovering how 0:18:05.080 --> 0:18:07.480 it's solving human rights issues, and a lot of people 0:18:07.640 --> 0:18:09.960 just don't understand that, and they have some gripes which 0:18:10.000 --> 0:18:11.879 we're gonna come back and talk about in a minute, 0:18:12.320 --> 0:18:15.040 So do not go away. I'll be right back. All right, 0:18:15.040 --> 0:18:17.120 Welcome back. You are listening to the Mark ma Show. 0:18:17.160 --> 0:18:20.480 We're talking about the decentralized revolution. Is the world changes 0:18:21.119 --> 0:18:24.439 as the pendulum shifts from a world of centrally planned, 0:18:24.560 --> 0:18:27.879 centrally controlled systems and back to a place of more 0:18:27.960 --> 0:18:31.400 freedom and liberty in a decentralized world. Of course, talking 0:18:31.440 --> 0:18:35.680 about bitcoin, talking about politics, finance, technology and all of that. 0:18:35.920 --> 0:18:38.840 Now I was talking about before the break, how bitcoin 0:18:38.920 --> 0:18:41.879 is solving humanitarian crisis happening all over the world, and 0:18:41.960 --> 0:18:45.320 how a group of technologists got together and said that 0:18:45.359 --> 0:18:50.480 they shouldn't be using it because quote, it has problems, 0:18:50.720 --> 0:18:56.800 the technology isn't very good, and it's it's a culture 0:18:56.880 --> 0:19:00.879 of Slee's rug polls, n f T s in pond 0:19:01.000 --> 0:19:06.080 z s Okay. So they're throwing out every every every 0:19:06.160 --> 0:19:08.440 trick in the book, every excuse in the book why 0:19:08.520 --> 0:19:11.840 it's bad. It's it's not very good. So as a technologist, 0:19:11.920 --> 0:19:14.639 that's that's how they describe it, not very good. Um. 0:19:14.760 --> 0:19:16.920 Of course we hear other things. Right, bitcoin is gonna 0:19:16.960 --> 0:19:22.400 boil the ocean. Bitcoin uses more energy than a small country. Um, 0:19:22.600 --> 0:19:26.760 Bitcoin is going to destroy the climate. Right, Bitcoin at 0:19:26.800 --> 0:19:29.440 its at its current rate, will take all the energy 0:19:29.520 --> 0:19:31.440 of the entire world. You hear all kinds of things 0:19:31.560 --> 0:19:34.240 like this. Um. One of the things that we've heard 0:19:34.280 --> 0:19:36.359 from Christine Leguard from the I m F. She says 0:19:36.440 --> 0:19:41.760 that it will it's a threat to our financial stability supposedly, 0:19:42.880 --> 0:19:47.119 which I guess it is, because it is disrupting that industry. 0:19:47.160 --> 0:19:50.680 That's what that's what new technologies do. New technologies disrupt 0:19:50.800 --> 0:19:55.600 old technologies. It's something called creative destruction. When you create 0:19:55.760 --> 0:20:00.800 something new, it destroys the old way. Digital cameras destroyed 0:20:00.880 --> 0:20:04.760 the need for film cameras. Now that was really bad. 0:20:04.960 --> 0:20:06.920 If you were Kodak, you're around for over a hundred 0:20:07.000 --> 0:20:08.320 years and now you're out of business. It was really 0:20:08.359 --> 0:20:10.200 bad for Kodak, but it was really good for all 0:20:10.280 --> 0:20:14.280 of us. It was bad for photographers because when you 0:20:14.359 --> 0:20:17.040 had film, it really took skill. It really took a 0:20:17.080 --> 0:20:19.159 lot to be good photographer. Today you have digital cameras 0:20:19.200 --> 0:20:21.080 and they're way easier. So it was bad for some people, 0:20:21.880 --> 0:20:24.480 but it was net gain for other people. So that's 0:20:24.480 --> 0:20:26.960 what that's what new technologies do. And so the big 0:20:26.960 --> 0:20:30.800 point is disrupting the existing financial system. So to Christine 0:20:30.880 --> 0:20:32.880 Leguard from the I m F point, where I'm sorry 0:20:32.960 --> 0:20:35.720 she's previously i MF now she's with the ECB. But 0:20:35.880 --> 0:20:39.439 to her point, it is disrupting the financial system financial 0:20:39.480 --> 0:20:41.520 stability as it disrupts that. But that's a good thing. 0:20:42.280 --> 0:20:45.280 It wouldn't be disrupting if it disrupting it. If it 0:20:45.440 --> 0:20:49.840 was worse, people wouldn't have gone to digital cameras instead 0:20:49.840 --> 0:20:53.680 of film cameras if they were worse. They went because 0:20:53.760 --> 0:20:55.560 they were better. Now, typically a new idea needs to 0:20:55.640 --> 0:20:58.320 be you know, not one percent to five percent, not 0:20:58.400 --> 0:21:01.600 even increase in tempts better. It needs to be like 0:21:01.880 --> 0:21:05.159 a hundred needs to be a thousand times better. And 0:21:05.240 --> 0:21:08.720 digital cameras, of course were, and bitcoins a thousand times better. 0:21:10.480 --> 0:21:12.399 Now they can talk about these things. They can talk 0:21:12.400 --> 0:21:14.240 about how it's gonna boil the oceans, usual the energy 0:21:14.240 --> 0:21:15.560 of the world. They can talk about One of their 0:21:15.560 --> 0:21:19.040 favorite things is they like to talk about it's used 0:21:19.119 --> 0:21:24.080 for illicit activities. It's only it's only used by by 0:21:24.240 --> 0:21:28.160 drug dealers and criminals. That's it. Okay, So a couple 0:21:28.160 --> 0:21:30.560 of things on that. So first of all, I would say, okay, 0:21:30.600 --> 0:21:33.600 well that kind of proves the use case a little bit. 0:21:34.200 --> 0:21:36.280 There's a lot of use cases to bitcoin. One of 0:21:36.359 --> 0:21:38.080 them is that their permission lists, so you don't need 0:21:38.080 --> 0:21:39.680 to fill out an application to use it. Anyone could 0:21:39.720 --> 0:21:41.000 use it as permission list. But the other thing is 0:21:41.040 --> 0:21:45.440