WEBVTT - The Mark Moss Show Nov 05, 2021 0:00:00.160 --> 0:00:02.720 Hey, everyone, welcome to the Mark mo Show, where I 0:00:02.800 --> 0:00:06.360 am talking about bitcoin cryptocurrencies and we are talking about 0:00:06.400 --> 0:00:10.560 the decentralized revolution. I'm trying to bring to you the 0:00:10.600 --> 0:00:12.920 information that I would want to hear if I was 0:00:12.920 --> 0:00:14.640 on the side of the table, because this is literally 0:00:14.640 --> 0:00:18.439 the biggest opportunity of your life, multiple generations, and if 0:00:18.480 --> 0:00:20.400 you want to take advantage of that opportunity, you have 0:00:20.480 --> 0:00:24.799 to have the information that most people don't have. UM. 0:00:24.840 --> 0:00:27.560 I'm joined by two of my really good friends here today. 0:00:27.600 --> 0:00:30.640 I got Kyle Wonderley. I got the lovely Jessica van 0:00:30.800 --> 0:00:33.720 She's back with us again. Always love her insight and 0:00:33.800 --> 0:00:36.720 her smart wit. One of the smartest and maybe the 0:00:36.720 --> 0:00:39.680 most beautiful girls online. So it's a lethal combination between 0:00:39.680 --> 0:00:42.080 the two and my good friend Kyle. We talked about 0:00:42.120 --> 0:00:44.199 this stuff for hours and hours and offline, and so 0:00:44.240 --> 0:00:46.480 I thought maybe we would enjoy you guys would enjoy 0:00:46.520 --> 0:00:50.040 hearing us talking about it together. So, uh, Kyle Wonderley 0:00:50.159 --> 0:00:54.200 and Jessica Vom and what's up? I just wanted to 0:00:54.240 --> 0:00:56.319 correct you for a second. You say we talk. I'm 0:00:56.320 --> 0:00:59.480 gonna tell everybody that I spend of my time listening 0:00:59.560 --> 0:01:01.960 with Mark Moss. I don't do as much talking as 0:01:02.000 --> 0:01:05.080 I do with other people, and and and it's good 0:01:05.120 --> 0:01:06.760 that way, and I like it that way. We'll keep it. 0:01:07.120 --> 0:01:09.679 I I'm here to interrupt him and talk over him. 0:01:09.720 --> 0:01:14.160 So um, I love to have it. So, Uh, Kyle 0:01:14.360 --> 0:01:18.080 is at super rat Stuff on Twitter. That's underscore, super 0:01:18.120 --> 0:01:21.399 Underscore rat Underscore Stuff. Underscore Kyle, you should change that name. 0:01:21.400 --> 0:01:23.320 It's stupid and it's very hard to pronounce when I 0:01:23.360 --> 0:01:25.800 have to spell it out for everybody. Uh. And Jessica, 0:01:25.920 --> 0:01:28.600 she is at Jessica Vaughan. You can find her on 0:01:28.600 --> 0:01:32.600 Twitter as well. And so you know, we're all avid bitcoiners. 0:01:32.640 --> 0:01:35.080 We believe that this is a massive opportunity. We kind 0:01:35.080 --> 0:01:37.240 of eat, sleep, and breathe. It kind of becomes a lifestyle. 0:01:37.720 --> 0:01:39.800 I don't want to say a cult, but it does 0:01:39.840 --> 0:01:42.600 become a lifestyle because it's literally changing the world right 0:01:42.600 --> 0:01:45.760 before our very eyes. And it's really permanating like every 0:01:45.920 --> 0:01:49.960 area of society, from the culture to the financial system 0:01:50.040 --> 0:01:52.440 to the political system. I mean, you name it. It's 0:01:52.480 --> 0:01:55.240 changing things. And uh, you know, one of the big 0:01:55.280 --> 0:02:00.200 stories this week is that um, surprise, surprise, surprise, is 0:02:00.240 --> 0:02:03.960 the government wants to come get more of your wealth. Um. 0:02:04.040 --> 0:02:06.520 You know, when we get to a debt crisis like 0:02:06.560 --> 0:02:08.600 we have today, at the end of a debt cycle, Uh, 0:02:08.639 --> 0:02:11.240 there's really only four ways out of it. And so 0:02:11.360 --> 0:02:12.919 one of those ways is the default on the debt, 0:02:12.919 --> 0:02:14.959 and then I states can't really do that. Uh. Another 0:02:14.960 --> 0:02:16.400 way to do that is to go in to austerity. 0:02:16.440 --> 0:02:17.880 That means that they have to go to a budget, 0:02:18.120 --> 0:02:19.800 and of course they don't want to do that. The 0:02:19.880 --> 0:02:22.520 third way is they can raise taxes, but the problem 0:02:22.600 --> 0:02:25.119 is there's only so much tax as they can raise 0:02:25.200 --> 0:02:27.400 before there's a revolt. And then the fourth and final way, 0:02:27.400 --> 0:02:29.440 which is the when they typically use, is to just 0:02:29.680 --> 0:02:31.400 inflate their way out of it, which of course is 0:02:31.440 --> 0:02:34.520 also taxation and theft um. And but they've they've kind 0:02:34.520 --> 0:02:36.240 of got taxes about as high as they can go. 0:02:36.919 --> 0:02:39.960 But what they've done is now they're going to tax 0:02:40.000 --> 0:02:42.200 the rich. That sounds good because we all hate the rich, right, 0:02:42.680 --> 0:02:45.840 we shouldn't we should we shouldn't be successful. And for 0:02:45.880 --> 0:02:47.799 the first time ever, let me read you the story here. 0:02:47.840 --> 0:02:52.799 Democrats proposed tax on unrealized capital gains and it potentially 0:02:53.000 --> 0:02:58.120 is unconstitutional. Nancy Pelosi and for some reason, we have 0:02:58.320 --> 0:03:00.880 Janet Yelling from the Treasury coming out talking about how 0:03:00.919 --> 0:03:03.919 they want to tax unrealized capital gain. So let me 0:03:03.960 --> 0:03:05.880 explain what this is and then we'll discuss it a 0:03:05.919 --> 0:03:09.959 little bit. So basically, um, cap gains are investment income. 0:03:10.040 --> 0:03:12.680 So I've earned my income, so I've earned income taxes 0:03:12.680 --> 0:03:14.880 and have cap gains taxes. I've earned my income, and 0:03:14.880 --> 0:03:16.919 I've had to pay tax on that income. After I've 0:03:16.919 --> 0:03:19.320 paid taxes, that money is mine because I've given them 0:03:19.360 --> 0:03:21.760 their their half um and with my half that I 0:03:21.800 --> 0:03:24.280 get to keep. Thank you for the government. I invest it. 0:03:24.800 --> 0:03:27.760 And when I invest that, hopefully it goes up in value. 0:03:27.800 --> 0:03:30.160 I risk it. If not, it goes down um. But 0:03:30.960 --> 0:03:33.120 the price of those assets like stocks could go up, 0:03:33.160 --> 0:03:34.760 and it can go down up and down, up and down. 0:03:35.080 --> 0:03:38.000 They want to tax my unrealized profits. So I haven't 0:03:38.000 --> 0:03:40.480 sold it yet, I'm holding it, and they want to 0:03:40.520 --> 0:03:43.080 take that money from me. So I've already paid tax. 0:03:43.280 --> 0:03:45.080 I shouldn't have to pay tax again. In my opinion, 0:03:45.440 --> 0:03:47.520 it goes up hopefully if I'm lucky. I took that 0:03:47.640 --> 0:03:50.960 risk um, and then they want to tax it, which 0:03:51.080 --> 0:03:54.160 is just insane to me. And of course at this point, 0:03:54.160 --> 0:03:57.680 they're only going to tax the rich. Now, Biden says 0:03:57.680 --> 0:04:00.000 they wouldn't. They was gonna raise taxes, but it wouldn't 0:04:00.040 --> 0:04:02.360 raised taxes except for the rich, which was he defined 0:04:02.400 --> 0:04:05.320 as over four hundred thousand dollars, which isn't that rich. Um, 0:04:05.360 --> 0:04:07.200 Today they're starting to seem like they want to go 0:04:07.240 --> 0:04:10.360 after the billionaires. They want to billion villain villain I 0:04:10.480 --> 0:04:15.960 is the billionaires? Is this like another form of identity politics, Jessica. Um, Well, 0:04:16.120 --> 0:04:18.360 they like to go with the whole billionaires, and then 0:04:18.360 --> 0:04:20.400 it moves to the millionaires, and then it's anybody with 0:04:20.440 --> 0:04:24.400 a six figure income. So really it's just about how 0:04:24.440 --> 0:04:27.719 can we get the masses to get behind demonizing a 0:04:27.720 --> 0:04:30.320 group of people because um, it's it's really just a 0:04:30.320 --> 0:04:34.640 way to disguise government confiscation of personal property because uh, 0:04:34.680 --> 0:04:37.840 intrinsically these people don't believe in personal property? Is it? 0:04:37.880 --> 0:04:40.839 Because um if it's almost like they're trying to get 0:04:40.839 --> 0:04:43.040 the people to turn on the rich people, because then 0:04:43.040 --> 0:04:44.960 it's like not the government so much, it's like the 0:04:45.000 --> 0:04:47.760 people want it, and then we all forfeit our privacy 0:04:47.800 --> 0:04:50.360 and the process and nobody thinks about, you know, throwing 0:04:50.360 --> 0:04:51.920 the baby out with the bathwater on that and how 0:04:51.920 --> 0:04:56.640 it might negatively consequent ourselves. And it doesn't take government long. 0:04:56.960 --> 0:05:00.359 It starts as something that's only designed for you know, 0:05:00.400 --> 0:05:03.599 the billionaires, and then it of course goes down descents 0:05:03.640 --> 0:05:06.360 into everyday culture from from there and it doesn't even 0:05:06.360 --> 0:05:08.839 take a decade. Well they've got eight years until, you know. 0:05:10.400 --> 0:05:13.360 So I think they're going to aggressively move in on 0:05:13.400 --> 0:05:15.400 these things and the crowd will cheer it on. And 0:05:15.400 --> 0:05:19.279 that's what's concerning the crowd. So like the tyranny of 0:05:19.320 --> 0:05:22.400 the mob. Right, So like democracy, meaning that they're the 0:05:22.440 --> 0:05:25.520 majority of democracy, they're they're always going to vote for 0:05:25.560 --> 0:05:30.960 more of your money if they're given the choice of Right, 0:05:31.520 --> 0:05:33.480 are the people rallying on the streets? I mean, those 0:05:33.480 --> 0:05:36.840 are the masses. That's that's the mob, And there's you know, 0:05:37.160 --> 0:05:39.039 we have a lot of wealth in the in the 0:05:39.080 --> 0:05:42.279 select hands of a few, So you're right, I don't know, 0:05:42.920 --> 0:05:45.040 and it's a deterrent to trying to want to get 0:05:45.080 --> 0:05:49.039 rich though you know, you have these protections. But when 0:05:49.080 --> 0:05:52.000 you deviate half of the culture away from the idea 0:05:52.080 --> 0:05:55.599 of individual liberties and individual rights, and then of course 0:05:55.920 --> 0:06:00.760 then you bully attorneys and judges and juries where they 0:06:00.800 --> 0:06:06.799 can't defend the Constitution because um cultures eradicated the ability 0:06:06.880 --> 0:06:10.920 to just stand for what the Constitution protects individual rights. 0:06:11.240 --> 0:06:13.480 What once we do that, I mean, what there if 0:06:13.480 --> 0:06:15.960 there's nobody there to defend it, do we really have 0:06:16.080 --> 0:06:19.400 constitutional protections? I like what Kyle said right where it's 0:06:19.400 --> 0:06:21.039 like it kind of takes away the incentive to to 0:06:21.160 --> 0:06:22.880 get rich or to make money. And I'd like to 0:06:22.920 --> 0:06:24.799 try to think about and I think in the context 0:06:24.839 --> 0:06:27.320 if we think about like the incentive structure, and so 0:06:27.560 --> 0:06:29.040 I already had to pay tax on the money I 0:06:29.080 --> 0:06:31.400 earned it, I pay tax on it, and now I 0:06:31.480 --> 0:06:33.960 have to go risk it. Should I risk it or 0:06:34.000 --> 0:06:35.560 should I sit on it? Well, if I risk it 0:06:35.600 --> 0:06:39.320 and they're gonna take my unrealized wealth, maybe I don't 0:06:39.360 --> 0:06:41.520 want to risk it. Maybe it's not worth the risk now. 0:06:41.839 --> 0:06:44.160 And so it changes that incentive structure. And then you know, 0:06:44.240 --> 0:06:46.360 Charlie Monger says, show me the incentive, show me the outcome, 0:06:46.920 --> 0:06:48.840 and like, how does that like, how is the outcome 0:06:48.880 --> 0:06:52.839 going to be different if we shift that incentive structure? Yeah, 0:06:52.880 --> 0:06:56.360 I mean, and they're doing away with compound interest, really, right, 0:06:56.440 --> 0:07:00.360 I mean, so I was born with the idea we 0:07:00.560 --> 0:07:02.880 were I mean, we're we're all basically the same age here. 0:07:03.080 --> 0:07:06.599 We you know, the reason that you invest, the reason 0:07:06.680 --> 0:07:09.159 you start when you're young, the reason you take risks 0:07:09.160 --> 0:07:11.040 at a young age is because you know your money 0:07:11.040 --> 0:07:15.480 can compound over time. But this way of you know, 0:07:15.560 --> 0:07:19.720 taxing unrealized gains just takes away the incentive for even 0:07:19.760 --> 0:07:21.760 in yeah, for even taking a step toward investing, because 0:07:21.760 --> 0:07:24.080 you know the max you can make each year is 0:07:24.080 --> 0:07:26.040 only half of you know, whatever the tax trek is 0:07:26.080 --> 0:07:28.440 going to be for your unrolls realized gains. I don't know, 0:07:28.520 --> 0:07:31.760 but um, it's definitely it's definitely putting a huge damper 0:07:31.840 --> 0:07:37.200 on on compound interest. Let's look at a real example 0:07:37.200 --> 0:07:39.680 and see how idiotic this could be, or actually how 0:07:39.760 --> 0:07:41.640 dangerous this could be. So let's look at bitcoin. Since 0:07:41.680 --> 0:07:44.320 we're here obviously talking about bitcoin, so most people know 0:07:44.440 --> 0:07:46.480 that we just this week broke a new all time 0:07:46.560 --> 0:07:50.920 high congratulates, which was previously set like in May. But 0:07:50.960 --> 0:07:54.440 the last all time high was in December eighteenth of 0:07:54.520 --> 0:07:57.920 two thousand seventeen, and it reached a peak of about 0:07:58.000 --> 0:08:00.560 twenty tho dollars. So that's the end of the tax. 0:08:00.600 --> 0:08:05.480 Here December seventeen, it was it was twenty dollars, and 0:08:05.520 --> 0:08:08.040 so the tax your closes and now that's unrealized. I 0:08:08.040 --> 0:08:10.400 haven't sold it, but I have to pay tax on that. 0:08:10.480 --> 0:08:13.920 And then over the next couple of months bitcoin dropped 0:08:14.080 --> 0:08:18.040 down to three thousand dollars by by uh, you know, 0:08:18.080 --> 0:08:20.720 throughout December. Team. So when the next tax bills do 0:08:21.120 --> 0:08:23.800 instead of I'm paying tax on twenty which I never realized, 0:08:24.600 --> 0:08:26.520 and now the assets only worth three thousand, and I 0:08:26.520 --> 0:08:28.560 have to pay tax on the twenty tho, Like, how 0:08:28.560 --> 0:08:32.960 does that work? This administration wants to disincentivize savings because 0:08:33.000 --> 0:08:37.400 innately their um their economic position. Their theory is is 0:08:37.440 --> 0:08:39.800 that if if you are storing the wealth and you're 0:08:39.840 --> 0:08:44.240 not putting it back into the economy, which is you know, 0:08:44.400 --> 0:08:49.880 that's what they attribute their not being enough economic activity. Yeah, alright, 0:08:49.920 --> 0:08:53.400 so we're gonna talk more about how insane this policy is, 0:08:53.400 --> 0:08:56.480 but we want to transition this to actually talk about 0:08:56.920 --> 0:08:59.000 how we can protect ourselves from this. But even more 0:08:59.040 --> 0:09:01.320 than just protecting ourselves from this, as I was kind 0:09:01.320 --> 0:09:04.800 of hinting to before changing the incentive structure, because if 0:09:04.800 --> 0:09:07.559 we changing the CenTra structure, we totally change the outcome. 0:09:07.600 --> 0:09:09.520 We're gonna talk about that. We're gonna talk about more 0:09:09.679 --> 0:09:11.520 when we come back. You're listening to the Mark mo Show. 0:09:11.520 --> 0:09:14.880 We're talking about bitcoin, cryptocurrencies in the Decentralized Revolution, and 0:09:14.920 --> 0:09:17.640 we will be right back. All right, welcome back. You 0:09:17.640 --> 0:09:20.160 were listening to Mark Moss Show. We're talking about bitcoin 0:09:20.200 --> 0:09:23.880 and cryptocurrencies and the decentralized Revolution, bringing you the information 0:09:23.920 --> 0:09:26.480 you need each and every week to navigate this correctly. 0:09:26.520 --> 0:09:29.360 It is going to be the largest opportunity you'll ever 0:09:29.440 --> 0:09:32.319 have in your life. I'm joined in the studio by 0:09:32.360 --> 0:09:34.720 two of my really good friends. Of course, I got 0:09:34.960 --> 0:09:37.080 the lovely Jessica van who's back with us again. Find 0:09:37.080 --> 0:09:40.160 her on Twitter at Jessica Vaughan. And I got Kyle Wonderley, 0:09:40.360 --> 0:09:43.079 who has this really long, weird Twitter name that I 0:09:43.120 --> 0:09:45.079 it's just too long to say. It's a super rad 0:09:45.080 --> 0:09:47.319 stuff with some underscores, and their Kyle changed that next time. 0:09:49.120 --> 0:09:50.560 What would be just as hard to say my name 0:09:50.640 --> 0:09:52.880 Kyle Wonderley. That nobody ever gets the spelling right on 0:09:52.880 --> 0:09:56.360 that either, So can you spell super rad stuff? That's 0:09:56.360 --> 0:09:58.520 what it is? You should just you should just be 0:09:58.640 --> 0:10:02.920 Kyle Wonder. Okay, yeah, but but then they're gonna spell 0:10:02.960 --> 0:10:05.320 it w O N d e R and that would 0:10:05.320 --> 0:10:07.000 be a disgrace to my last name, which is w 0:10:07.320 --> 0:10:12.280 U N D yes. Anyway, So before we took a break, 0:10:12.600 --> 0:10:15.559 we were talking about how the FED wants to tax 0:10:15.840 --> 0:10:17.040 or that actually say the I R s once the 0:10:17.160 --> 0:10:20.480 tax are unrealized capital gains and how crazy that is. 0:10:21.120 --> 0:10:23.800 I gave this just a quicker story is like, let's 0:10:23.800 --> 0:10:26.000 say your house is worth two hundred dollars, the Fed 0:10:26.040 --> 0:10:27.840 prints a lot of money. Your house is now worth 0:10:27.840 --> 0:10:30.640 four hundred thousand dollars, So you have two thousand of 0:10:30.760 --> 0:10:32.920 unrealized gains because you wouldn't realize that. Tell you sell 0:10:32.920 --> 0:10:35.040 the house, right, but guess what, you don't have that 0:10:35.120 --> 0:10:37.920 kind of cash to cover that. So I guess what? 0:10:38.000 --> 0:10:39.840 Blackrock buys your house at auction for pennies on the 0:10:39.880 --> 0:10:43.560 dollar and now you're renting the house. Um, it's one 0:10:43.600 --> 0:10:47.080 possible scenario. And just you kind of illustate how hassanine 0:10:47.360 --> 0:10:50.080 this type of a policy is you are taking more 0:10:50.120 --> 0:10:53.480 loans out right just to pay your taxes, taking an 0:10:53.480 --> 0:10:55.280 equity line out of your house to pay the taxes 0:10:55.280 --> 0:10:58.599 on it. Well, it's an it's an attack on generational 0:10:58.640 --> 0:11:01.920 wealth because they feel like that contributes to some sort 0:11:01.920 --> 0:11:05.520 of like inequality in America, so they want to eradicate that. 0:11:06.200 --> 0:11:09.480 And do we know anything more about this policy other 0:11:09.520 --> 0:11:12.520 than the fact that they want to tax unreal unrealized 0:11:12.559 --> 0:11:14.520 gains or do the Is it going to be like 0:11:14.559 --> 0:11:19.080 a quarterly or an annual thing? Do we know any details? Yeah, 0:11:19.080 --> 0:11:20.960 we don't. We don't know a lot right now from 0:11:20.960 --> 0:11:22.760 what I heard. I mean, they talked. They said they said, 0:11:22.800 --> 0:11:24.680 first of all, it would be on liquid assets, so 0:11:24.720 --> 0:11:27.400 I don't think a house would really apply. Um, so 0:11:27.440 --> 0:11:28.880 it's gonna be on liquid assets, so I think it 0:11:28.880 --> 0:11:31.559 would be on stocks. I think cryptocurrencies are going to 0:11:31.640 --> 0:11:32.880 be a big piece that they're gonna want to come 0:11:32.920 --> 0:11:36.200 after that. Do you think that this coming policy is 0:11:36.240 --> 0:11:41.240 one reason why they're behind bitcoin being an asset and 0:11:41.240 --> 0:11:45.760 not a monetary system. Yeah, So technically bitcoin is an asset. 0:11:45.760 --> 0:11:48.760 It's a commodity as opposed to a financial instrument, which 0:11:48.760 --> 0:11:51.520 wouldn't be so in an el savador for example. Um, 0:11:51.520 --> 0:11:54.120 it's a currency, so there's not a taxable exchange when 0:11:54.160 --> 0:11:57.200 you use it, but here it is. Um. You know, 0:11:57.440 --> 0:11:59.840 we'll see how this shakes out there is Uh, there's 0:11:59.880 --> 0:12:02.240 aready there's already lawsuits that are being filed, right. They 0:12:02.440 --> 0:12:05.360 want to they want to fight this. They say it's unconstitutional. Um, 0:12:05.440 --> 0:12:08.360 So we'll see where that shakes out. Um. But I 0:12:08.400 --> 0:12:10.079 think kind of like we were talking about before the break, 0:12:10.320 --> 0:12:13.760 if they can demon demons or vilify these rich people 0:12:13.800 --> 0:12:16.120 and get them to get the sentiment to move against 0:12:16.200 --> 0:12:19.520 them through a through a democracy of of tyranny of 0:12:19.559 --> 0:12:22.200 the minority, right, Uh, then if they can do that, 0:12:22.240 --> 0:12:24.080 they could probably win. And at least in the public 0:12:24.160 --> 0:12:27.679 court of opinion. That's the message they're sending, even if 0:12:27.720 --> 0:12:30.720 it doesn't get approved. You know, the message is out 0:12:30.720 --> 0:12:34.480 there now. That's that's the direction they're headed. Is an 0:12:34.480 --> 0:12:38.319 executive order, so fun they don't even need to have, um, 0:12:38.360 --> 0:12:43.840 you know, the approval of the mom Uh. Yeah. Well, 0:12:43.880 --> 0:12:47.160 and there's even more coming, which uh I know Kyle 0:12:47.200 --> 0:12:49.080 and Jesco was kind of talking about with both of 0:12:49.120 --> 0:12:52.439 you offline, which maybe we can dip into it a a 0:12:52.520 --> 0:12:57.000 little bit. I want to which is a Biden and 0:12:57.120 --> 0:12:59.839 Jen Psaki and being the mouthpiece for Biden's talking about 0:12:59.840 --> 0:13:04.959 a fundamental change to the economy. And I'm saying, if 0:13:04.960 --> 0:13:06.760 you could watch me here on the on the radio, 0:13:06.800 --> 0:13:08.400 I know you can't, but I'm putting up air quotes 0:13:08.440 --> 0:13:12.080 a fundamental change to the economy. Now where have we 0:13:12.160 --> 0:13:16.240 heard the fundamental change? Where where did that first come in? Well, 0:13:16.360 --> 0:13:17.720 if you have a good memory, or if you're old 0:13:17.840 --> 0:13:21.160 enough to remember, that was two thousand twelve, our good 0:13:21.160 --> 0:13:24.240 old buddy Obama came in and promised on his campaign 0:13:24.280 --> 0:13:28.559 trial that he would fundamentally change America. Now what does 0:13:28.600 --> 0:13:34.040 that mean? Fundamentally change the foundation as in the culture, 0:13:34.480 --> 0:13:39.320 the values, the principles, everything. And so now we're hearing 0:13:39.400 --> 0:13:42.480 the vice president, who would be a quote transitional candidate 0:13:42.520 --> 0:13:46.000 to come yeah. Yeah, And so they're talking about a 0:13:46.000 --> 0:13:50.560 fundamental change the economy and uh, basically what we have. 0:13:50.720 --> 0:13:53.440 And so we've seen Jen Psaki saying this. I have 0:13:53.480 --> 0:13:55.319 this video clip. I can't play it obviously here we're 0:13:55.320 --> 0:13:57.360 on video, but I'm gonna read a quote the press. 0:13:57.440 --> 0:13:59.480 This is Jen Ssaki talking at a White House pressor. 0:13:59.760 --> 0:14:03.040 The President wants to make fundamental change in our economy 0:14:03.280 --> 0:14:06.080 and he feels, coming out of the pandemic is exactly 0:14:06.240 --> 0:14:11.360 the time to do that. Oh what what's that about. 0:14:11.440 --> 0:14:14.559 Don't let a crisis go to waste? Right, Yeah, well 0:14:14.559 --> 0:14:18.200 now that the moral high ground to just do whatever 0:14:18.240 --> 0:14:22.080 they want with no accountability. So yeah, yeah, and they've 0:14:22.080 --> 0:14:25.280 got mass they've got mass compliance. Kick us while we're down, 0:14:25.600 --> 0:14:29.480 you know. Uh, we're all freaked out to travel right 0:14:29.560 --> 0:14:33.080 right now, We're all freaked out to go anywhere. Social distancing, 0:14:33.120 --> 0:14:35.120 I mean, there's so much fear in the market right now. 0:14:36.000 --> 0:14:37.880 Now is the time. Yeah, there was ever a time 0:14:37.880 --> 0:14:41.440 to do it, be now. You know. So you've heard 0:14:41.480 --> 0:14:45.320 this talk about this fed coin, a central bank digital 0:14:45.360 --> 0:14:48.960 currency coming UM and uh, the head of the o 0:14:49.160 --> 0:14:51.360 c C, the Office of the Compatroller, the one that 0:14:51.440 --> 0:14:54.200 runs the currency UM used to be pushing this forward. 0:14:54.240 --> 0:14:56.720 And now President Biden gets to elect a new one, 0:14:57.040 --> 0:15:01.440 and he's nominated somebody to come take over that position. UM. 0:15:01.960 --> 0:15:06.360 A lady, a wonderful lady who's an actual communist, a 0:15:06.360 --> 0:15:11.520 self proclaimed radical UM professor Salamarova. And when I say 0:15:11.520 --> 0:15:14.120 an actual communist, I don't mean that as in like 0:15:14.520 --> 0:15:18.160 cardcare and communists. I mean actually graduated from Soviet Union's 0:15:18.200 --> 0:15:21.640 Moscow State University in nine and was on the lenin 0:15:21.800 --> 0:15:26.000 Personal Academic scholarship. I mean an actual UM, I mean 0:15:25.960 --> 0:15:29.560 an actual communist. She she praised the USSRS economic system 0:15:29.600 --> 0:15:34.680 as quote some ways superior to our own, and she said, 0:15:34.760 --> 0:15:38.600 quote the market doesn't always know best. So I guess 0:15:38.640 --> 0:15:41.560 a couple of guys in in bureaucracy do. And she's 0:15:41.640 --> 0:15:46.680 proposed something that has a relationship to bitcoin that I 0:15:46.720 --> 0:15:49.800 think that everybody needs to know about UM and it's 0:15:49.880 --> 0:15:54.880 part of the fundamental change to the economy and to 0:15:55.000 --> 0:15:57.480 the banking system and to the FED poin you guys 0:15:57.520 --> 0:16:00.920 heard about this, do you guys know what I'm teasing? Dude, 0:16:00.920 --> 0:16:05.960 you've been telling me about the CBDC since that's the 0:16:05.960 --> 0:16:08.160 first I've heard about it was you know, you sounded 0:16:08.200 --> 0:16:11.120 like a conspiracy theorist about five years ago, and now 0:16:11.160 --> 0:16:16.040 here we are reading it in the mainstream news. So scary. 0:16:16.680 --> 0:16:19.720 It's all a conspiracy until Ustart's going through. That was 0:16:19.760 --> 0:16:22.680 before the intentional assassination of the US dollars. So I 0:16:22.680 --> 0:16:26.040 feel like they're paving the pathway to get to their 0:16:26.160 --> 0:16:29.320 fed coin for people to, you know, because what if 0:16:29.320 --> 0:16:30.720 we all go to the banks and try to pull 0:16:30.720 --> 0:16:32.600 out our cash all at once, all these things, like 0:16:33.360 --> 0:16:35.080 what are they gonna do. They're gonna come rescue us 0:16:35.080 --> 0:16:37.359 with a fed coin, because that's what they're trying to 0:16:37.400 --> 0:16:41.240 get us too. Anyway. Yeah, so what's interesting about that, 0:16:41.920 --> 0:16:45.760 UM is well, they're actually they're proposing something that pushes 0:16:45.800 --> 0:16:49.920 the central bank digital currency and could actually eliminate something 0:16:50.000 --> 0:16:53.600 like exactly what Jessica just proposed. I want to tell 0:16:53.640 --> 0:16:55.720 you about that as soon as we get back, because 0:16:55.720 --> 0:16:58.080 this is big news. I think it's big for bitcoin especially, 0:16:58.080 --> 0:17:00.720 but it's also important because if you care about your wealth, 0:17:01.040 --> 0:17:03.480 you need to know. But uh, they want to they 0:17:03.520 --> 0:17:06.240 want to eliminate that possibility of happening. I've often been saying, 0:17:06.320 --> 0:17:08.399 and actually we saw do you guys remember when the 0:17:08.960 --> 0:17:11.520 U during the election. Every time every time Obama Obama's 0:17:11.520 --> 0:17:14.760 election cycle pops up, we see the rise of BLM. 0:17:14.800 --> 0:17:19.960 And BLM was saying that, hey, a better revolution, a 0:17:19.960 --> 0:17:22.080 better protest, would be to go pull your money out 0:17:22.160 --> 0:17:24.520 of the bank. And I've often saying, I mean, there's 0:17:24.560 --> 0:17:26.880 millions of people marching all around the world right now, 0:17:26.960 --> 0:17:30.280 this very second today, and would be more important than 0:17:30.280 --> 0:17:31.919 going out and marching would be just go pull your 0:17:31.920 --> 0:17:34.160 money out of the bank. But they want to stop 0:17:34.200 --> 0:17:37.120 that from happening. I want to talk about what they're 0:17:37.160 --> 0:17:39.359 trying to do, what she is specifically doing. I I 0:17:39.400 --> 0:17:41.160 have a quote from her that I'm gonna read that's 0:17:41.160 --> 0:17:43.480 gonna shock you. I'm gonna say this quote. It's gonna 0:17:43.480 --> 0:17:45.200 shock you as soon as I get back. You're listening 0:17:45.240 --> 0:17:48.159 to the Mark Mo Show. We're talking about bitcoin, cryptocurrencies, 0:17:48.160 --> 0:17:50.840 the decentralized revolution, and what the government's doing to try 0:17:50.840 --> 0:17:53.600 to push adoption. I'll be right back, all right, everyone, 0:17:53.640 --> 0:17:55.560 welcome back. You are listening to the Mark Mo Show, 0:17:55.600 --> 0:17:59.680 and we're talking about bitcoin, cryptocurrencies and the decentralized revolution. 0:17:59.720 --> 0:18:01.040 And I aways say it all the time, and I'm 0:18:01.040 --> 0:18:02.679 sorry if you hear it all the time, but this 0:18:02.760 --> 0:18:05.000 is the biggest opportunity that you'll ever have in your life. 0:18:05.240 --> 0:18:07.200 Do not miss it. Tune in each and every week 0:18:07.240 --> 0:18:09.119 so you can get the information you need to take 0:18:09.119 --> 0:18:11.239 advantage of this. I am in the studio with two 0:18:11.280 --> 0:18:13.560 of my really good friends right now, Kyle Wonderley and 0:18:13.680 --> 0:18:17.080 Jessica Van. You can find Jessica and on Twitter at 0:18:17.160 --> 0:18:20.240 Jessica Vaughan. And of course Kyle is uh something really 0:18:20.280 --> 0:18:23.800 long and hard to say. Red stuff with super red 0:18:23.840 --> 0:18:26.520 stuff with underscores in between the words and and of 0:18:26.520 --> 0:18:28.840 course I am one Mark Moss. Just the number one 0:18:28.880 --> 0:18:30.879 Mark Moss. Send us a message, say you heard us 0:18:30.920 --> 0:18:35.719 on the radio. We are talking about Biden's new UM 0:18:35.720 --> 0:18:39.840 pick for the controller of the currency. She's a literal communist, 0:18:39.840 --> 0:18:42.399 meaning she's actually from Russia, She's not from the United States. 0:18:42.800 --> 0:18:46.120 Um And she said that the U S s rs, 0:18:46.520 --> 0:18:50.320 the U S s are the communist Russia. Their economy 0:18:50.400 --> 0:18:53.640 was better than ours America. And in her own words, 0:18:53.640 --> 0:18:56.439 I'm gonna give you a quote here. The core idea 0:18:56.560 --> 0:18:59.679 this is a quote. The core idea here is allow 0:18:59.800 --> 0:19:03.960 a US citizens and lawful residents, local governments, not making firms, etcetera, 0:19:04.200 --> 0:19:10.560 to open transactional accounts directly with the Federal Reserve. What wait, 0:19:11.240 --> 0:19:14.199 citizens open banks directly with the federal Reserve. Let me 0:19:14.320 --> 0:19:20.400 let me continue thus bypassing private depository institutions. So she's 0:19:20.400 --> 0:19:23.800 talking about an eliminating banks as we know it. Let 0:19:23.800 --> 0:19:26.960 me go on. She said. This is a variation on 0:19:27.000 --> 0:19:30.040 the familiar FED accounts or the FED coin or the 0:19:30.080 --> 0:19:34.280 digital wall digital dollar wallets. FED accounts can be made 0:19:34.280 --> 0:19:37.600 available as an alternative to bank deposit accounts. So what 0:19:37.720 --> 0:19:41.160 she's saying is well, in her own words, by passing 0:19:41.200 --> 0:19:44.679 private depository institutions. So basically, the Federal Reserve gives deposits 0:19:44.720 --> 0:19:47.560 to the banks, the bank's loan money into existence. She 0:19:47.640 --> 0:19:51.199 wants to eliminate that, and we would have deposits directly 0:19:51.240 --> 0:19:54.040 with the Federal Reserve. And so, as I think Jessica 0:19:54.160 --> 0:19:56.399 was talking about earlier, we could just go pull our 0:19:56.440 --> 0:19:58.639 money out of the banks. But if we don't actually 0:19:58.680 --> 0:20:00.399 have money to pull out the banks, we literally just 0:20:00.400 --> 0:20:04.119 have a credit, a digital credit on the Federal Reserves ledger. 0:20:05.000 --> 0:20:07.560 They just block your chap. I mean, it's just a credit. 0:20:07.600 --> 0:20:09.479 What are you gonna do? Are you gonna put your 0:20:09.480 --> 0:20:12.640 money out of the bank? Yes, yeah, that's why, uh 0:20:12.920 --> 0:20:15.199 you know, And I bought bitcoin to have a um 0:20:15.440 --> 0:20:18.359 to participate in a parallel economy that I think is 0:20:18.400 --> 0:20:22.159