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Speaker 1: And we've returned with another classic episode. This one, as

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Speaker 1: as everybody knows, is is very close to me. Uh.

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Speaker 1: In this episode, we posit question that has yet to

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Speaker 1: be answered several years on. Here's our question. Is money

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Speaker 1: a religion? It sounds crazy, but think about it. Uh.

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Speaker 1: Spoiler alert The answers, Yes, that's all we need. Come on,

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Speaker 1: let's go from UFOs to psychic powers and government conspiracies.

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Speaker 1: History is riddled with unexplained events. You can turn back

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Speaker 1: now or learn the stuff they don't want you to know. Hello,

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Speaker 1: welcome back to the show. My name is Matt a

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Speaker 1: k A Daddy two hands, and my name is Noel

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Speaker 1: a k A big money hustler, dollar billboy Brown. Oh,

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Speaker 1: I thought they were calling you flashback. I'll take it well. Anyhow,

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Speaker 1: I stacked them. I stacked nicknames like I stacked my duckets.

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Speaker 1: There we go frequently high. Yeah, Hello, ladies and gentlemen. Uh,

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Speaker 1: they call me Ben. You are you that makes this

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Speaker 1: stuff they don't want you to know? Uh? This will

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Speaker 1: be an episode with many nicknames involved, right. Uh. This

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Speaker 1: will be an episode where, instead of too much of

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Speaker 1: an anecdote at the beginning, we're going to jump right

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Speaker 1: into it. This is a strange question. Uh. And we

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Speaker 1: even thought of a little bit of a theme song

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Speaker 1: to introduce it, which no, if you will, well, we

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Speaker 1: gotta do it together. We we couldn't get clearance from

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Speaker 1: the o JS. Guys, let's do okay, so we'll do.

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Speaker 1: We'll change it up slightly, okay, um, dollar dollar, dollar, dollar,

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Speaker 1: and then you gotta go. Then you go dollar yeah, yeah, okay, yeah, yeah,

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Speaker 1: that works, that works. I think I think we're you

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Speaker 1: see what we should we have to be disposed of, uh, perhaps,

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Speaker 1: but we will finish this episode, even if they're dragging

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Speaker 1: us out to be shot one by one. Today's episode

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Speaker 1: is about money. The scratch, the cheese, the cheddar, the

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Speaker 1: moon law, the bucks, the dollars, the Benjamin's, not to

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Speaker 1: be confused with bend bucks, the gibraltars, the grands. I'm

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Speaker 1: just looking for slang for money here. Uncle Jimmy's folding papers.

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Speaker 1: That's my favorite so far. Well, yeah, let's let's just

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Speaker 1: get the badger out of the back here. Today's episode

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Speaker 1: ask whether money is a religion them wampum. Yeah see here,

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Speaker 1: I'm stuck. I'm stuck on that question. Is money a religion.

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Speaker 1: That's that's intense. It all go back to that old

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Speaker 1: saying is that the root of money is the love

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Speaker 1: of all things good in the world. Isn't that how

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Speaker 1: it goes? Something to that effect? Or or the the

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Speaker 1: love of money is the root of the problem, right,

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Speaker 1: or the love of money is the root of all evil?

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Speaker 1: Is much more positive? Sound? I feel like yours was

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Speaker 1: much more positive. Maybe this saying comes from a a

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Speaker 1: more negative earlier time. That's fair. We can we can

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Speaker 1: take it to the Bible if you want to. I've

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Speaker 1: got a verse here from the King James version from Luke.

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Speaker 1: You want to go this, yeah said, this is the

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Speaker 1: damn show. This is Luke. It says no servant can

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Speaker 1: serve two masters, for either he will hate the one

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Speaker 1: and love the other, or else he will hold to

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Speaker 1: one and despise the other. Ye cannot serve God and mammon.

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Speaker 1: Now you might be asking yourself, what the heck is

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Speaker 1: a mammon? What the heck is a mamon? Is some

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Speaker 1: sort of gland. Know, it's a word that refers to

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Speaker 1: either the physical wealth like riches, or to the emotional

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Speaker 1: state of greed. And interestingly enough, in the Middle Ages,

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Speaker 1: we're talking Europe five century to like fifteenth century, that

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Speaker 1: name Mammon was commonly referred to as a an actual deity,

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Speaker 1: a demon, a demon of wealth and greed. Right, yes,

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Speaker 1: so we see that there is a little bit of

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Speaker 1: an antagon well a little bit is an unfair We

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Speaker 1: say that there is clear antagonism throughout civilization between organized

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Speaker 1: religions and uh financial power, although the two are very

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Speaker 1: much linked in many cases their fingers on the same hand.

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Speaker 1: So to some people listening, this is and an offensive question, right,

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Speaker 1: how how dare you or if we want to get

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Speaker 1: old biblical with it, how dare ye uh compare something

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Speaker 1: worldly with something spiritual, especially if you're you know, a

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Speaker 1: a fairly wealthy person, especially you know, by any comparative standard,

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Speaker 1: but you also feel deeply religious worship and that's not

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Speaker 1: just you know, and that that's not just Christianity. We're

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Speaker 1: talking overall spiritual religious practices. To others, the question maybe irrelevant.

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Speaker 1: They may say, well, I am an atheist, right, I don't.

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Speaker 1: I don't believe in any of this stuff, so it

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Speaker 1: doesn't matter to me if money is considered a religion.

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Speaker 1: But the three of us think this is a pretty interesting,

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Speaker 1: dare we say, fascinating question, and we've been going back

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Speaker 1: and forth on it for some time now. So first

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Speaker 1: things first, let's let's define money. What do we mean

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Speaker 1: when we say something is money? What is what's money?

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Speaker 1: I mean, it's like a thing that represents another thing

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Speaker 1: that that says I'm I have the power this much

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Speaker 1: powered nuggets. Sure, yeah, let me read off the outline.

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Speaker 1: What says here. It's a measure of value, a means

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Speaker 1: of payment, a current medium of exchange in the form

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Speaker 1: of coins and banknotes known as currency. Okay, this one,

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Speaker 1: this is better. We should go with this. I don't know.

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Speaker 1: I like the opening because I'm kind of into this

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Speaker 1: power nuggets. Power. I mean, I just feel like money

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Speaker 1: in general. That that if you, if we thought about

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Speaker 1: in a certain way, the question what is money can

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Speaker 1: be pretty an existential you know. But we'll get to

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Speaker 1: that time. We'll get we'll get to the we'll get

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Speaker 1: weird with it in a little bit. So one way

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Speaker 1: we could explain this concept, uh, this measure of value

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Speaker 1: is uh that I've got a beautiful and oversimplified way

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Speaker 1: to explore it. So let's think of money maybe as well.

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Speaker 1: People say money is debt. Right, essentially it is. But

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Speaker 1: let's think of money as a representation of effort over time,

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Speaker 1: and we can practice this equation in a hypothetical day

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Speaker 1: to day life. For example, let's say let's say one

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Speaker 1: of us has a has a job where you make

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Speaker 1: sixty an hour. I'll take it. Pretty sweet gig, right, yeah,

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Speaker 1: our our producer. Our producer is also nodding and think

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Speaker 1: Gallex is in Uh, so sixty bucks an hour pretty

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Speaker 1: sweet gig. Just to fill out this hypothesis or this

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Speaker 1: day dream, so what does somebody do where they would

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Speaker 1: make sixty bucks an hour? Sailor? That sounds pretty good, okay,

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Speaker 1: a sailor? So uh. This means that if if Noel

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Speaker 1: since is your idea, we'll have you as the example.

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Speaker 1: So Noel is a sailor, uh, and you make sixty

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Speaker 1: dollars an hour. This means each dollar Noel possesses represents

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Speaker 1: one minute of labor. Now, let's say Noel goes and

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Speaker 1: buy something for five dollars, like the latest issue of

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Speaker 1: Mad magazine or a really sweet advisor? Is that is

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Speaker 1: Mad Maxine? Only five dollars? I think it's actually less.

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Speaker 1: I'm not sure I need to start picking that up again. Well,

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Speaker 1: if you if you're nol the sailor, and you pay

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Speaker 1: five dollars for this, you are literally spending five minutes

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Speaker 1: on a sailor would read that trash? Are you serious,

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Speaker 1: bite thy tongue curse like a sailors sailors? Yeah, no

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Speaker 1: offense sailors ethic. That was a very anachronistic conception of

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Speaker 1: the sailor's life. To all people. It makes you wonder

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Speaker 1: why we say. You know, this comparison is wildly oversimplified,

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Speaker 1: but it makes you wonder why we say things like

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Speaker 1: spend time or pay attention, you know. And the three

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Speaker 1: of us have often talked about this off air too,

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Speaker 1: when we're hanging out about what the most important currency

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Speaker 1: of our ages and for us as podcasters and producers,

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Speaker 1: the most important currency is really time. Sure, no U.

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Speaker 1: But most of us remember the age of purely physical currency, right,

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Speaker 1: We're most most of us listening are old enough to

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Speaker 1: remember that there was a time before digital currency. Yeah,

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Speaker 1: my parents would only bring out the credit card if

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Speaker 1: we're going to make some huge purchase like a refrigerator

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Speaker 1: or something that we had to fix in the house.

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Speaker 1: Otherwise it was cash or if you needed to buy

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Speaker 1: more mattresses to keep your money in because the other

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Speaker 1: ones you feel you ran out of space. That happened, yeah,

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Speaker 1: for you, for you, your family didn't sure, Yeah, we're sorry.

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Speaker 1: I had to find out about it this way. Didn't

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Speaker 1: you ever wonder why they had so many mattresses? I

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Speaker 1: thought we'd just would like to be really comfy, Yeah,

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Speaker 1: I guess, and both physically and uh, you know the

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Speaker 1: other way financially. Okay, So our ancestors may not have

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Speaker 1: been familiar with the concept of bank notes, but paper

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Speaker 1: money is only one late stage of the same concept.

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Speaker 1: In the past, people use all sorts of stuff to

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Speaker 1: represent power nuggets exactly like shells, are you know, shiny stone, sir?

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Speaker 1: I mean that these are I'm just kind of making

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Speaker 1: these up. I know those are true. Yeah, give me

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Speaker 1: some more, oh, peppercorns, roof time. See, I can see

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Speaker 1: that because that's sort of a useful item, you know,

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Speaker 1: you can it's one seasoning nugget, you know as well.

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Speaker 1: It's not only a thing for, you know, to represent work.

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Speaker 1: It's also you can use it for something just Yeah,

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Speaker 1: like gold, which is such a ductile metal. You can

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Speaker 1: take it and shape it into something, you know, which

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Speaker 1: you can't. I mean, I guess you can practice or

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Speaker 1: gami on a on a dollar bill. In much of

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Speaker 1: the West now, currency is in a state of transition

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Speaker 1: from a physical to an increasingly digital medium, right, Yeah,

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Speaker 1: this is not even bringing in bitcoins yet. This is

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Speaker 1: just saying that someone could be a millionaire and literally

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Speaker 1: never see the cash, never have the what do what

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Speaker 1: do you call it? Cash on hand? Yeah, the petty cash,

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Speaker 1: cash on hand, all that stuff you're what do they

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Speaker 1: call your liquid? All that liquids? You know. It's it's

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Speaker 1: so weird because working a job like this back in

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Speaker 1: the day, I used to get a check and I

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Speaker 1: was all excited on paid a because I get a

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Speaker 1: check and go turn it in. And for years and

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Speaker 1: years now I don't see any of that unless I

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Speaker 1: check my account. You know, It's like it doesn't even exist.

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Speaker 1: Here's a picture of a check on there for you.

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Speaker 1: If you so desired, you wanted to, you could you

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Speaker 1: could print them all out and put them in a

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Speaker 1: little scrap book checkbook. But it really is strange to

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Speaker 1: think of that as just so in the ether, and

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Speaker 1: yet we still use a lot of the same technology

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Speaker 1: that you know we used when checks were more prevalent,

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Speaker 1: like routing numbers and the way banks communicate with each other.

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Speaker 1: If you ask me, it's pretty antiquated. Then. And I

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Speaker 1: had a fun little mix up where I deposited his

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Speaker 1: check into my account because they were identical checks for

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Speaker 1: a thing we did, and he uh had my check

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Speaker 1: and I had his, and I was able to deposit it.

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Speaker 1: I used the mobile deposit thing and it went through,

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Speaker 1: and then I was able to deposit my check too.

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Speaker 1: This whole conundrum of like, well, who which bank do

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Speaker 1: we call? How do we figure out how to get

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Speaker 1: this money back? And I'm derailing the conversation of here.

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Speaker 1: But it made me man. It took forever and we

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Speaker 1: only just now got it sorted out barely. Come on, banks,

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Speaker 1: get more digital. I'm afraid of that. Actually, don't do that, banks, please,

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Speaker 1: it's too late. It's too late because it seems like

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Speaker 1: it is an increasingly digital medium, which is weird because

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Speaker 1: if we look at currency that used to be or

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Speaker 1: money that used to be based on a tangible commodity,

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Speaker 1: the gold that sets in the bank somewhere. Silver, Yeah,

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Speaker 1: you can take this inget and you can keep it

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Speaker 1: for yourself where you can carve it into something where

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Speaker 1: you can trade it, or you can take these peppercorns

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Speaker 1: and you can pay somebody else with it, or or

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Speaker 1: Salt was also used. Mark Kolanski has a great book

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Speaker 1: called Salt, where he created. The least creative thing about

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Speaker 1: the book is the name, but it looks at the

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Speaker 1: history of salt and how Roman soldiers were paid in salt,

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Speaker 1: which is where we get the phrase cough it up

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Speaker 1: to pay for something um or worth his salt, which

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Speaker 1: I don't know if people still say that, I haven't

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Speaker 1: heard in a while, but I guarantee you it exists.

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Speaker 1: So what happens with paper money? What does what does

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Speaker 1: paper money represent? This is what's known as fiat currency, which,

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Speaker 1: rather than being like Ben said, being backed by some

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Speaker 1: physical tangible thing, is backed by just the guarantee of

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Speaker 1: the person or entity that issued it. Okay, that's all

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Speaker 1: it means, just I guarantee that this is worth something. Okay,

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Speaker 1: now you don't have to It's like a promise, yeah,

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Speaker 1: a promissory note. It's literally an iou yes, a promisory note.

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Speaker 1: You're right, So, uh yeah, that's that's a great way

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Speaker 1: to put it. It's a promise. Sometimes I've heard it

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Speaker 1: derogatorily referred to as a coupon. I do have to

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Speaker 1: recuse myself here because again I do believe in ben

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Speaker 1: bucks as a viable currency. Uh. And I believe that

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Speaker 1: we should all consider starting our own alternative currencies, you know,

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Speaker 1: sure like I would. I would, But you guys would

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Speaker 1: look great on money. You're also a ravenous hoop potter.

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Speaker 1: That's also that's true. That's true. So this, this be

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Speaker 1: od currency, This idea of issuing it in this way

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Speaker 1: and having money that's back to this way. It causes

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Speaker 1: a lot of problems, or it has at least the

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Speaker 1: potential for a lot of problems, depending on the reliability

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Speaker 1: of the issuer. Right, yeah, And critics argue that this

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Speaker 1: paves the way for massive inflation, along with cover ups

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Speaker 1: and conspiracies. Not to derail us too much, but Matt Nolan,

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Speaker 1: I have been working on a couple of different projects

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Speaker 1: that may or may not come to fruition, and it

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Speaker 1: had us exploring different assassination theories briefly as a symptom

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Speaker 1: of this or as a side effect, okay, as a

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Speaker 1: side benefit. Uh. In the US, one of the most

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Speaker 1: popular conspiracies concerning the assassination of jfk Hinges on fiat currency.

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Speaker 1: There's an author named Jim Mars, and in his book Crossfire,

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Speaker 1: he argues that Kennedy was trying to h rain in

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Speaker 1: the Federal Reserve, which is the issuing quasi governmental entity

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Speaker 1: here in the US, the one that issues the currency,

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Speaker 1: and um Mars says that forces opposed to Kennedy raining

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Speaker 1: in the FED, uh, they may have played some part

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Speaker 1: in the assassination. Specifically, he alleges that Kennedy issued a

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Speaker 1: thing called Executive Order one one one, one, zero four

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Speaker 1: ones in a zero, two eleven's in a zero. That's

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Speaker 1: the best I can do in an audio show. That

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Speaker 1: he issued this executive order to transfer power from the

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Speaker 1: FED to the Department of the Treasury the way it

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Speaker 1: used to be, replacing these Federal Reserve notes with silver certificates,

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Speaker 1: the kind that say payable to the bearer on demand

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Speaker 1: in silver. Uh. That's that's a hugely popular theory. However,

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Speaker 1: just to be fair, critics note that Kennedy was phasing

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Speaker 1: out silver certificates in favor of FED Reserve notes, but

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Speaker 1: this executive order was just a technicality that was only

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Speaker 1: meant to be a temporary measure. Anyway. Other people are saying, no,

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Speaker 1: they he tried to take control from the central bankers

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Speaker 1: and they popped him. Well. Yeah, and as we know,

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Speaker 1: there are a lot of conflicts between private central banks

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Speaker 1: throughout the world and governments to which those banks are

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Speaker 1: issuing money. It's a it's a thing, and it's a thing.

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Speaker 1: But for right now, in this current age which we

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Speaker 1: record this globally speaking, fiat currency rules the roost. There

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Speaker 1: are other kinds of money. There's representative money, silver gold

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Speaker 1: certificates like we talked about, redeemable for some amount of metal.

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Speaker 1: And then there's commodity money, which which no, you were

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Speaker 1: you were bringing up here. Some older US coins are

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Speaker 1: actually commodity money, you know, like silver dollars made from silver.

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Speaker 1: You want some silver, you can, you got a dollar's worth,

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Speaker 1: smelt it down. But that gets weird because then the

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Speaker 1: price of silver changes, and then that one dollar is

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Speaker 1: worth a lot more true or less. Yeah, like the

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Speaker 1: old do you guys remember the old debate about pennies. Oh,

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Speaker 1: it cost more to manufacture than they're actually worth. Yeah, yeah,

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Speaker 1: And I believe right in and let us know, I

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Speaker 1: believe Canada abolished the penny. The US gets close to it.

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Speaker 1: Our pennies are actually made of zinc, and when zinc

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Speaker 1: prices went up, it costs more than a penny to

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Speaker 1: make a penny. I only ever used pennies when I'm

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Speaker 1: cashing in my jar of coins like that the coin

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Speaker 1: star at the grocery store. And I never spend pennies.

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Speaker 1: You know. You know what's weird is nowadays I don't

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Speaker 1: even see people pick pennies up off the street. It's

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Speaker 1: like going to the doctor or whatever I get from

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Speaker 1: touching this penny is going to be more expensive than

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Speaker 1: picking up the penny. But that's okay. So that's that's currency.

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Speaker 1: That's our current understanding of currency. Oh boy, is it

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Speaker 1: time to get into religion? Gen Yeah, disclaimer nol matt

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Speaker 1: Our producer Alex and I are never going to tell

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Speaker 1: you what you should believe. Alex might he's kind of

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Speaker 1: Pushy's gonna you guys. Had to bring Alex into it

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Speaker 1: right now. Yeah, welcome, Welcome to the show. Alex. All right, okay,

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Speaker 1: uh no, no, what what's religion? Noel, Well, it's so

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Speaker 1: it's basically like power nuggets, right, that's it's power nuggets. Hey,

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Speaker 1: you're gonna asking, man, what's religion? Just read it off

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Speaker 1: the thing again. All right, I'll read it off the

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Speaker 1: thing again. Okay, here we go. Okay, So apparently, according

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Speaker 1: to this here, religion and its most basic form it's

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Speaker 1: I'll you know, freestyle it a little bit. It's it's

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Speaker 1: it's a personal set of beliefs or institutionalized system of

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Speaker 1: belief eaths or spiritual attitudes. Uh. And everything that goes

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Speaker 1: along with that be it ritual, um, be it the

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Speaker 1: way you exercise your faith um in a day to

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Speaker 1: day way. A lot of times there are religious texts

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Speaker 1: involved that are specific to individual religions. I think everyone

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Speaker 1: pretty much gets the gist of that. UM. A belief

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Speaker 1: in and worship of a superhuman controlling power, a deity,

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Speaker 1: most notably some sort of singular god or a group

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Speaker 1: of gods. With some of the world's most prevalent religions.

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Speaker 1: So across time and history, humans have practiced numerous religions

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Speaker 1: call less religious. You know, I'm if you guys to

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Speaker 1: watch the show American Gods, which we love. Um. It's

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Speaker 1: all about the idea that things only the gods only

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Speaker 1: exist as long as we believe in them, and throughout

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Speaker 1: time and history, likely there are many that they just

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Speaker 1: don't exist anymore because no one talks about to me.

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Speaker 1: They get lost in the oral tradition, and no religion

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Speaker 1: has ever entirely conquered humanity. I mean, there's there's always

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Speaker 1: been um debate as to which one is the one.

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Speaker 1: You know, you talk to certain people, they'll tell you

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Speaker 1: they got it all figured out, and then you talk

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Speaker 1: to others and it's like no, no, no, no no, no, no,

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Speaker 1: they were the one. It's also it's definitely which has

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Speaker 1: always been the thing that it's interesting to me about

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Speaker 1: this pursuit. It's just this idea of being so convinced

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Speaker 1: that you have the right answer, because I try to

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Speaker 1: live my life relatively open mindedly and know that I

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Speaker 1: have more to learn. So it feels a little self

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Speaker 1: defeating to me to just say unequivocally this is it,

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Speaker 1: this is But there's a lot of comfort in that.

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Speaker 1: And again, we're not trying to tell you what to do.

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Speaker 1: This is just me throwing it out there how it

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Speaker 1: hits me. I grew up in the church, as did

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Speaker 1: matt Um, so we've definitely been through a lot of

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Speaker 1: that stuff personally. Um, so, well, there's never been a

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Speaker 1: single universal agreement as to which deity rules the roost.

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Speaker 1: You have to remember that these religions have millions of

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Speaker 1: adherents all across the world and throughout humanity. Religion, at

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Speaker 1: its heart, it's an attempt to explain things, to explain

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Speaker 1: our situation. What finds us here in this existence on

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Speaker 1: this planet. Why do certain natural processes exist the way

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Speaker 1: they are? Why do people die? Where do we go

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Speaker 1: and we die? These are important questions to us as

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Speaker 1: humans that are curious but also maybe a little scared,

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Speaker 1: and they're comforting, like you were saying, out of their

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Speaker 1: ways to kind of, you know, explain away some of

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Speaker 1: our fears and put our faith in a thing that

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Speaker 1: will help us guide our behavior, hopefully in a positive way.

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Speaker 1: I appreciate that aspect of religion very much. Yeah, And

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Speaker 1: to do this, religion often reaches beyond the bounds of

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Speaker 1: the observable world, you know. So there are the big questions,

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Speaker 1: just like you said, existential questions. Where where do we come,

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Speaker 1: where are we going? What are we supposed to do

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Speaker 1: on the way? And this uh one of the crucial

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Speaker 1: parts of this of this concept is asking the believers

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Speaker 1: of religion to have faith that the explanation they are

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Speaker 1: receiving is true. In many religions, this concept is crucial.

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Speaker 1: Somebody has to agree to follow a religion after inner contemplation,

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Speaker 1: a deeply private period of soul searching to arrive at

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Speaker 1: an inner truth that they have discovered. Right, So this

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Speaker 1: is not necessarily a thing where someone says here is

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Speaker 1: undeniable proof. They'll say, this is undeniable proof to me.

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Speaker 1: This is an inner realization I have had and I

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Speaker 1: want to share it with you or force you historically,

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Speaker 1: force you to do to to at least pay lip

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Speaker 1: service to this um because it is true and to

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Speaker 1: be fair. Religious systems approach this and wildly different ways.

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Speaker 1: You know. There's there's like in the ancient days, that

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Speaker 1: would be the right of passage, right and go to

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Speaker 1: the woods and return an adult or an accepted member

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Speaker 1: of this tribe. Or it's a it's another like a

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Speaker 1: baptism for instance, is another example. The water new and

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Speaker 1: in some belief systems in the modern day, not all

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Speaker 1: human beings are allowed to participate. One must be born

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Speaker 1: a member of the religious community. There's no way to

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Speaker 1: convert I think most of them do have a way

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Speaker 1: to excommunicate someone, but you know, there there's only an

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Speaker 1: exit door, there's no entryway. So I think the big

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Speaker 1: thing with religious organizations that we kind of covered right

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Speaker 1: there is that there are a ton of different ways

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Speaker 1: to practice, all of us in a ton of different beliefs.

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Speaker 1: That it could exist amongst one of these organizations, but

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Speaker 1: the big commonalities still exists there. It's a system that's

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Speaker 1: set up for a belief I think the thing that's

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Speaker 1: interesting too to take from when we're looking at the

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Speaker 1: past history of religion is that it usually was very

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Speaker 1: helpful in organizing a group of like minded people in

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Speaker 1: a way that would help them survive. And I mean

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Speaker 1: and honestly it's still serves that function today, only it's

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Speaker 1: more about how do we figure out how to make money.

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Speaker 1: It's almost like a club. It's like, how do we

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Speaker 1: who are to the like mind of people that we're

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Speaker 1: going to hang out with that kind of like create

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Speaker 1: these communities of like minded individuals that are in the

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Speaker 1: same kind of social strata and give It's almost like

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Speaker 1: like those secret societies and groups where you kind of

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Speaker 1: like can meet and network with people through you know,

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Speaker 1: your your church groups and stuff. Yeah, I mean I

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Speaker 1: think that's I think that's an excellent point, you know,

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Speaker 1: because the quick and the quick and three and I'm sorry,

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Speaker 1: I know you guys are both heard me have a

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Speaker 1: few drinks and rant about this way too often. But

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Speaker 1: you know, if we look at the rough evolution of society,

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Speaker 1: we start with like the individual, and then the family

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Speaker 1: group just surviving, right, and then the the assembly of

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Speaker 1: a tribe, which is almost always hand in hand with

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Speaker 1: the creation or the discovery rather of a religious belief

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Speaker 1: that just like Noel said, we're like minded. We're out

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Speaker 1: here fighting for survival against you know, mammoths and other

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Speaker 1: and like apex predators that are better than people at hunting.

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Speaker 1: But why are we doing this? And now it's it's

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Speaker 1: a similar thing, but maybe the the game has changed

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Speaker 1: a little more social. I mean, we have we don't

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Speaker 1: have to depend on each other to protect ourselves from

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Speaker 1: poisonous plants that could kill us, or you know, have

425
00:25:43,720 --> 00:25:46,560
Speaker 1: religious rituals that sort of teach us life lessons about

426
00:25:46,640 --> 00:25:50,399
Speaker 1: which buries not to eat or everything. Now it's a

427
00:25:50,400 --> 00:25:54,600
Speaker 1: little more about creating these social constructs which revolve largely

428
00:25:54,640 --> 00:25:58,080
Speaker 1: around you know, economic systems. It's a global supply chain,

429
00:25:58,800 --> 00:26:04,560
Speaker 1: predatory loan medical debt, which is huge in the US. Right. Uh,

430
00:26:04,600 --> 00:26:10,280
Speaker 1: that's that's a very powerful and dangerous comparison. I like it. Well,

431
00:26:10,359 --> 00:26:12,920
Speaker 1: let's let's think about that. We've got these similarities. What

432
00:26:12,920 --> 00:26:16,440
Speaker 1: what makes financial organizations different? How do they differ to

433
00:26:16,520 --> 00:26:20,400
Speaker 1: religious organizations? Well, let's be ready for this, you guys,

434
00:26:20,440 --> 00:26:23,680
Speaker 1: I'm pulling this directly out of Investo PDA, So prepare

435
00:26:23,720 --> 00:26:28,320
Speaker 1: your ears all right, here he comes. Do I detect

436
00:26:28,400 --> 00:26:31,560
Speaker 1: some potential jargon? It's no, it's not jargon. It's just

437
00:26:31,720 --> 00:26:35,320
Speaker 1: when you speak about money a lot of times, there

438
00:26:35,359 --> 00:26:39,679
Speaker 1: are so many words and things that feel like they

439
00:26:39,720 --> 00:26:41,560
Speaker 1: don't have to be there. But we're gonna get into.

440
00:26:43,359 --> 00:26:46,720
Speaker 1: The financial institution is a company engaged in the business

441
00:26:46,720 --> 00:26:52,040
Speaker 1: of dealing with monetary transactions, such as deposits, loans, loans, investments,

442
00:26:52,240 --> 00:26:56,560
Speaker 1: and currency exchange. Financial institutions incumbas a broad range of

443
00:26:56,640 --> 00:27:00,720
Speaker 1: business operations within the financial services sector include doing banks, banks,

444
00:27:01,040 --> 00:27:08,040
Speaker 1: trust companies, insurance companies, and brokerage firms or investment dealers. Oh,

445
00:27:08,480 --> 00:27:12,080
Speaker 1: virtually everyone living in a developed economy has an ongoing

446
00:27:12,240 --> 00:27:15,879
Speaker 1: or at least periodic need for the services of financial institution.

447
00:27:15,920 --> 00:27:19,720
Speaker 1: I don't know why I said sharks earlier, but did

448
00:27:19,760 --> 00:27:22,440
Speaker 1: you did you hear that at the end there virtually

449
00:27:22,520 --> 00:27:25,960
Speaker 1: everyone in any developed economy has some kind of ongoing

450
00:27:26,119 --> 00:27:30,280
Speaker 1: or at least periodic need of a financial institution. And

451
00:27:30,359 --> 00:27:32,560
Speaker 1: we hype man that a little bit because it is

452
00:27:32,600 --> 00:27:36,639
Speaker 1: true that people can you know, you your ears and

453
00:27:36,680 --> 00:27:39,200
Speaker 1: your eyes can kind of glaze over when it goes

454
00:27:39,200 --> 00:27:43,000
Speaker 1: to that. Um, I hate when my ears glaze over. Yeah, well,

455
00:27:43,000 --> 00:27:44,880
Speaker 1: no one at the office wants to tell you because

456
00:27:44,920 --> 00:27:48,040
Speaker 1: it's weird. But that's that's an important point. So financial

457
00:27:48,040 --> 00:27:51,880
Speaker 1: institutions aren't every part of road lives. I think we've

458
00:27:51,920 --> 00:27:57,600
Speaker 1: defined religious organizations pretty well at this point, and you know,

459
00:27:57,680 --> 00:28:01,160
Speaker 1: our our earlier definition may have seemed a little bit vague,

460
00:28:01,200 --> 00:28:03,919
Speaker 1: but it's because we're we're trying to be as general

461
00:28:03,960 --> 00:28:09,199
Speaker 1: as possible to address the entire practice, right, and we

462
00:28:09,280 --> 00:28:11,600
Speaker 1: have to make sure we look at these statistics when

463
00:28:11,600 --> 00:28:17,399
Speaker 1: we talk about religious organizations. You can watch uh many

464
00:28:17,520 --> 00:28:21,200
Speaker 1: news channels here. I believe Fox Network would be one

465
00:28:21,359 --> 00:28:25,800
Speaker 1: of the one of the most prominent examples of this.

466
00:28:25,880 --> 00:28:31,240
Speaker 1: But every year there's the War on Christmas, right or

467
00:28:31,280 --> 00:28:38,040
Speaker 1: Easter or auster or auster Yes, Uh, the that is

468
00:28:38,800 --> 00:28:41,400
Speaker 1: I think a great example of what is seen as

469
00:28:41,440 --> 00:28:46,720
Speaker 1: the rise of secularism or the decline in uh, active

470
00:28:46,800 --> 00:28:53,600
Speaker 1: practitioners of religion. So right right now, some of the

471
00:28:53,840 --> 00:28:58,160
Speaker 1: like some of the best statistics indicate that eleven percent

472
00:28:58,360 --> 00:29:03,440
Speaker 1: of Americans born after nine seventy were raised in secular homes.

473
00:29:03,480 --> 00:29:07,240
Speaker 1: So we're raised not not practicing religion. And here in

474
00:29:07,280 --> 00:29:11,120
Speaker 1: the southeastern United States, Uh, there are a lot of

475
00:29:11,440 --> 00:29:16,280
Speaker 1: people that pastors referred to as the what's Chris Easter

476
00:29:16,440 --> 00:29:20,240
Speaker 1: Christmas the Christmas Easter Christians. Yeah, I don't know, there's

477
00:29:20,240 --> 00:29:23,520
Speaker 1: there are terms for it. I can't get off. Well,

478
00:29:23,520 --> 00:29:26,280
Speaker 1: it's a it's a term for some family or some

479
00:29:26,480 --> 00:29:31,000
Speaker 1: group of people or people who show up twice a year.

480
00:29:31,080 --> 00:29:33,840
Speaker 1: It's basically like fair weather Christians. Yeah, there we go.

481
00:29:33,880 --> 00:29:37,120
Speaker 1: I like that. Yeah. And this so this rise of

482
00:29:37,200 --> 00:29:40,800
Speaker 1: secularism is seen as a threat not just here in

483
00:29:40,840 --> 00:29:45,040
Speaker 1: the US, not just with Christianity, but with multiple religions

484
00:29:45,160 --> 00:29:48,480
Speaker 1: right all over the world. It leads us back to

485
00:29:48,560 --> 00:29:53,640
Speaker 1: that at times antagonistic relationship between money power and spirituality.

486
00:29:54,000 --> 00:29:58,320
Speaker 1: There's a great quotation from an author named Philip good child.

487
00:29:58,840 --> 00:30:04,840
Speaker 1: That sort of compares and contrasts the um the difference

488
00:30:04,920 --> 00:30:09,600
Speaker 1: between money and religion, and he refers to just a

489
00:30:09,680 --> 00:30:13,080
Speaker 1: note here. He refers to religion just by the phrase God.

490
00:30:14,200 --> 00:30:17,240
Speaker 1: So here's a quote. It is easy to observe how

491
00:30:17,440 --> 00:30:21,520
Speaker 1: such an activity naturally leads to secularization and a direct

492
00:30:21,520 --> 00:30:25,720
Speaker 1: opposition between God and money. Where God promises eternity, money

493
00:30:25,760 --> 00:30:29,640
Speaker 1: promises the world. Where God offers a delayed reward. Money

494
00:30:29,720 --> 00:30:34,080
Speaker 1: offers a reward in advance. Where God offers himself as grace,

495
00:30:34,240 --> 00:30:38,800
Speaker 1: Money offers itself as a loan. Where God offers spiritual benefits,

496
00:30:39,080 --> 00:30:43,800
Speaker 1: Money offers tangible benefits. Where God accepts all repentant sinners

497
00:30:43,840 --> 00:30:47,120
Speaker 1: who truly believe, money may be accepted by all who

498
00:30:47,120 --> 00:30:51,480
Speaker 1: are willing to trust in its value. Where God requires

499
00:30:51,560 --> 00:30:56,400
Speaker 1: conversion of the soul, Money empowers the existing desires and

500
00:30:56,560 --> 00:31:02,800
Speaker 1: plans of the soul. Money has the advanta does immediacy, universality, tangibility,

501
00:31:02,840 --> 00:31:06,959
Speaker 1: and utility. So money has a one up there, at

502
00:31:07,040 --> 00:31:09,240
Speaker 1: least according to good Job. But but I feel like

503
00:31:09,360 --> 00:31:11,880
Speaker 1: those things only hold true if you believe in the

504
00:31:11,960 --> 00:31:16,800
Speaker 1: religion that he's talking about. Kind of right, because it could, Yeah,

505
00:31:16,840 --> 00:31:19,800
Speaker 1: it is true, and uh, good Child does have a

506
00:31:20,680 --> 00:31:23,960
Speaker 1: background coming from a religious stamp. I guess what I'm

507
00:31:23,960 --> 00:31:27,800
Speaker 1: saying is, I feel like, you know, God does not

508
00:31:27,960 --> 00:31:31,800
Speaker 1: offer you ultimate absolution if you don't fully accept and

509
00:31:32,120 --> 00:31:35,479
Speaker 1: believe everything about him. You know, who's not unquestioning. You

510
00:31:35,480 --> 00:31:38,800
Speaker 1: have to you have to contribute something to that equation

511
00:31:38,840 --> 00:31:42,160
Speaker 1: as well. Mhmm. That's a that's a good point. And

512
00:31:42,360 --> 00:31:46,040
Speaker 1: good Child is a philosopher of religion by training, so

513
00:31:46,120 --> 00:31:48,480
Speaker 1: I thought it was interesting for him to pose that.

514
00:31:49,120 --> 00:31:53,200
Speaker 1: It's a quote. I'm not trying to um discounted. I mean,

515
00:31:53,240 --> 00:31:54,680
Speaker 1: I think it's very well put, but I just think

516
00:31:54,680 --> 00:31:57,640
Speaker 1: it's it's actually it does a good job of showing

517
00:31:57,960 --> 00:32:01,920
Speaker 1: similar the two things possible, that these two concepts have

518
00:32:02,080 --> 00:32:05,280
Speaker 1: much more in common than we think. We'll find out

519
00:32:05,400 --> 00:32:18,720
Speaker 1: after a quick word from our sponsor. Here's where it

520
00:32:18,760 --> 00:32:23,600
Speaker 1: gets crazy. So what if instead of living in a

521
00:32:23,640 --> 00:32:27,280
Speaker 1: world that's turning away from traditional religions the way it

522
00:32:27,360 --> 00:32:30,360
Speaker 1: feels like it is, we live in a world that's

523
00:32:30,440 --> 00:32:35,280
Speaker 1: actually embracing new ones. What if money, or this new

524
00:32:35,320 --> 00:32:39,320
Speaker 1: global economy in which we exist, what if the economy

525
00:32:39,360 --> 00:32:44,080
Speaker 1: itself is a religion. I'm going right back to the

526
00:32:44,120 --> 00:32:48,520
Speaker 1: episode that I just watched last night of of American Gods,

527
00:32:48,560 --> 00:32:50,880
Speaker 1: and it's weird to me out I was thinking about

528
00:32:50,920 --> 00:32:53,360
Speaker 1: it was that the season for now. Yeah, for the record,

529
00:32:53,400 --> 00:32:55,719
Speaker 1: this doesn't it's not okay to spoil that. I am

530
00:32:55,800 --> 00:33:00,240
Speaker 1: not spoiling it. It's just it deals directly with some

531
00:33:00,320 --> 00:33:04,720
Speaker 1: of this. Okay. So we'll return to Philip good Child

532
00:33:04,840 --> 00:33:09,960
Speaker 1: here for another quotation. Where European philosophers have often sought

533
00:33:10,040 --> 00:33:12,920
Speaker 1: some decisive term that give shape to the ways we

534
00:33:13,000 --> 00:33:17,160
Speaker 1: think and act, such as being truth, difference, the sublime,

535
00:33:17,440 --> 00:33:20,360
Speaker 1: the void, time, or even God, it seems to me

536
00:33:20,440 --> 00:33:24,480
Speaker 1: that money actually plays the decisive role in our society.

537
00:33:24,560 --> 00:33:27,040
Speaker 1: For money is at once an object that can be handled,

538
00:33:27,320 --> 00:33:30,560
Speaker 1: an institution which is the basis of all our cooperation,

539
00:33:30,920 --> 00:33:34,760
Speaker 1: and a structure of thinking. We unwittingly have made a

540
00:33:34,800 --> 00:33:38,520
Speaker 1: theology of money. Whoa, And then he goes on to

541
00:33:38,560 --> 00:33:42,680
Speaker 1: say the finitude of currency has been overcome by treating

542
00:33:42,800 --> 00:33:48,400
Speaker 1: signs of monetary value as themselves valuable. I got you, okay,

543
00:33:48,720 --> 00:33:52,400
Speaker 1: Ensuring the value of newly created money by issuing it

544
00:33:52,440 --> 00:33:56,880
Speaker 1: in the form of loans attached to debts, rates of

545
00:33:56,960 --> 00:34:01,440
Speaker 1: production and rates of interest, escape finitude by compound growth

546
00:34:02,000 --> 00:34:05,720
Speaker 1: um production for the sake of profit replaces production for

547
00:34:05,880 --> 00:34:10,200
Speaker 1: the sake of use. So okay, so that's pretty that's

548
00:34:10,200 --> 00:34:15,759
Speaker 1: pretty interesting because when we had commodity currency, commodity money, right,

549
00:34:16,400 --> 00:34:19,960
Speaker 1: we stuff that was useful. Right. If Nolan I are

550
00:34:20,000 --> 00:34:23,479
Speaker 1: gambling and our currency happens to be peppercorns, then there's

551
00:34:23,520 --> 00:34:27,000
Speaker 1: no debating that those peppercorns have a value. So what

552
00:34:27,040 --> 00:34:30,600
Speaker 1: about golden shovels. Okay, yeah, golden shovels, because if you

553
00:34:30,640 --> 00:34:32,879
Speaker 1: don't want to shovel, you can make it into something else.

554
00:34:33,680 --> 00:34:36,400
Speaker 1: So this, this is a really this is a really

555
00:34:36,400 --> 00:34:42,320
Speaker 1: good point that in that in something that is directly

556
00:34:42,360 --> 00:34:46,480
Speaker 1: a resource, there is a limit on how how much

557
00:34:46,560 --> 00:34:49,840
Speaker 1: that resource, how much of that resource exists in that form,

558
00:34:50,280 --> 00:34:52,279
Speaker 1: and we know that if there's too much of it,

559
00:34:52,320 --> 00:34:55,880
Speaker 1: then the currency loses its value. If everyone as pepper,

560
00:34:56,120 --> 00:35:00,719
Speaker 1: you can't pay with pepper. Right, But you can overcome

561
00:35:00,760 --> 00:35:05,440
Speaker 1: that by treating the sign of value as just as

562
00:35:05,480 --> 00:35:09,399
Speaker 1: important as the actual thing. So now instead of let's

563
00:35:09,440 --> 00:35:16,440
Speaker 1: say Matt strikes it big in the competitive polka circuit,

564
00:35:17,360 --> 00:35:22,319
Speaker 1: oh you better believe it up those ranks, the competitive

565
00:35:22,400 --> 00:35:28,479
Speaker 1: underground polka circuit and he gets strikes. That's true, that's true.

566
00:35:29,040 --> 00:35:31,000
Speaker 1: You know I didn't think you would know it by

567
00:35:31,040 --> 00:35:33,960
Speaker 1: looking at me. Took a took your old glance in

568
00:35:33,960 --> 00:35:39,879
Speaker 1: the mirror. There the kid's got it. Well, we will

569
00:35:39,920 --> 00:35:44,719
Speaker 1: see you later. Oh gosh. But the point is, you know,

570
00:35:45,440 --> 00:35:48,160
Speaker 1: now he doesn't if he's paid in gold. Uh, he

571
00:35:48,200 --> 00:35:49,920
Speaker 1: would have to carry around all that gold or find

572
00:35:49,920 --> 00:35:51,840
Speaker 1: a place to put it. But now he is able

573
00:35:51,880 --> 00:35:55,440
Speaker 1: to take a coupon that represents it right, printed on

574
00:35:55,760 --> 00:36:00,480
Speaker 1: historically a linen. So something's may be difficult to produced

575
00:36:00,520 --> 00:36:03,759
Speaker 1: but not intrinsically valuable on its own. So now we

576
00:36:03,800 --> 00:36:06,920
Speaker 1: have a symbol that says this right. So now nol

577
00:36:06,960 --> 00:36:11,440
Speaker 1: A is a peppercorn billionaire has has multiple checks or

578
00:36:11,560 --> 00:36:14,720
Speaker 1: pieces of linen that say, you know, one hundred thousand

579
00:36:15,800 --> 00:36:20,719
Speaker 1: peppercorns or power nuggets like power nuggets better. I think

580
00:36:20,760 --> 00:36:25,080
Speaker 1: power nuggets is like my new jam for this um.

581
00:36:25,200 --> 00:36:29,839
Speaker 1: So this means that now you can just start creating

582
00:36:30,200 --> 00:36:33,239
Speaker 1: those symbols. You can. You don't really need to have

583
00:36:33,800 --> 00:36:39,040
Speaker 1: a billion peppercorns to make new peppercorn notes. But that

584
00:36:39,120 --> 00:36:44,600
Speaker 1: opens up a whole another bag of rabid, greedy badgers,

585
00:36:44,760 --> 00:36:49,760
Speaker 1: does yes, sir, Yes, sir, because we also know that

586
00:36:51,120 --> 00:36:55,520
Speaker 1: expanding production right the constant. You know, people have often

587
00:36:55,600 --> 00:36:59,880
Speaker 1: said opponents of capitalism have often said it's just a

588
00:37:00,120 --> 00:37:03,480
Speaker 1: leviathan that consumes everything in its path, and that it

589
00:37:03,520 --> 00:37:08,239
Speaker 1: depends on continual growth, which after a certain point is impossible. Yeah,

590
00:37:08,320 --> 00:37:11,520
Speaker 1: and you're making way too much to continue to be profitable.

591
00:37:12,560 --> 00:37:17,680
Speaker 1: But if it's continuing, if it's if we're just creating

592
00:37:17,840 --> 00:37:22,200
Speaker 1: symbols that represent you know, debt or effort over time,

593
00:37:22,880 --> 00:37:27,279
Speaker 1: or fictitious peppercorns ring gets of gold, or I think

594
00:37:27,800 --> 00:37:30,880
Speaker 1: Holland had a problem with tulip bulbs once upon a time,

595
00:37:31,880 --> 00:37:34,120
Speaker 1: then there's you know, it's Katie bar the door, the

596
00:37:34,200 --> 00:37:38,480
Speaker 1: sky is the limit, and we start going to a

597
00:37:38,600 --> 00:37:42,000
Speaker 1: state where we are just producing things, not to use them,

598
00:37:42,800 --> 00:37:47,000
Speaker 1: but to simply have more symbols representing their existence, and

599
00:37:47,040 --> 00:37:50,440
Speaker 1: then betting on the number of symbols and where the

600
00:37:50,440 --> 00:37:52,839
Speaker 1: symbols exist and how they're going to change to make

601
00:37:52,920 --> 00:37:57,640
Speaker 1: more symbols. When you start getting into futures and derivatives

602
00:37:57,640 --> 00:37:59,560
Speaker 1: and all the things that are just creating more of

603
00:37:59,560 --> 00:38:02,879
Speaker 1: these some bowls based on what the other symbols are doing,

604
00:38:03,040 --> 00:38:07,240
Speaker 1: you actually creating anything, and it gets through into weird territory.

605
00:38:07,560 --> 00:38:12,000
Speaker 1: It does. It quickly gets into a very abstract territory.

606
00:38:12,560 --> 00:38:15,400
Speaker 1: So it's true that currently, let's brack at that for

607
00:38:15,400 --> 00:38:17,840
Speaker 1: a second. It's true. It's currently there are no churches

608
00:38:17,920 --> 00:38:20,280
Speaker 1: where people bow in front of like a big dollar

609
00:38:20,400 --> 00:38:25,480
Speaker 1: sign or something. Right. I haven't seen one, Okay, some one, No,

610
00:38:25,600 --> 00:38:27,920
Speaker 1: but I'm picturing it in my mind, right, yeah, And

611
00:38:28,360 --> 00:38:32,040
Speaker 1: I'm picturing like maybe some robes that also have dollar signs.

612
00:38:31,600 --> 00:38:35,040
Speaker 1: Do let's i mean, let's build it. But it does

613
00:38:35,080 --> 00:38:39,200
Speaker 1: seem that money and religion have increasingly similar characteristics. So

614
00:38:39,320 --> 00:38:40,960
Speaker 1: what are some of the things they have in common. Well,

615
00:38:40,960 --> 00:38:44,520
Speaker 1: they have symbols in common, and then those are very

616
00:38:44,520 --> 00:38:47,239
Speaker 1: important for both of these, right, I mean, we're just

617
00:38:47,239 --> 00:38:51,360
Speaker 1: talking about that. If the dollar didn't have the symbol,

618
00:38:51,480 --> 00:38:53,719
Speaker 1: the exact symbol on it, in the exact, you know,

619
00:38:54,080 --> 00:38:56,800
Speaker 1: perfect way, and even the serial numbers on it, it

620
00:38:56,840 --> 00:38:59,919
Speaker 1: wouldn't mean anything. Oh, it's a counterfeit and that's a crime. Yeah.

621
00:39:00,080 --> 00:39:02,279
Speaker 1: And then if you look at let's say, just a

622
00:39:02,320 --> 00:39:05,239
Speaker 1: crucifix or something, if it's not made in the correct way,

623
00:39:05,719 --> 00:39:09,760
Speaker 1: you know. There it's debatable on whether it is true

624
00:39:09,880 --> 00:39:12,480
Speaker 1: or not or any other symbols from any other religion.

625
00:39:12,840 --> 00:39:18,480
Speaker 1: If a Koran is written just slightly incorrectly, then it

626
00:39:18,600 --> 00:39:24,080
Speaker 1: is you know, invalid. What about stock symbols, you guys, Yeah,

627
00:39:24,440 --> 00:39:27,040
Speaker 1: I mean think about that, Like the stock market to

628
00:39:27,120 --> 00:39:31,520
Speaker 1: me seems like the closest thing to a god, as

629
00:39:31,560 --> 00:39:34,399
Speaker 1: like this system we're talking about we have because it's

630
00:39:34,440 --> 00:39:36,920
Speaker 1: what is it. It's kind of like a volatile, a

631
00:39:37,160 --> 00:39:41,400
Speaker 1: knowable thing that you can kind of predict, but it's not.

632
00:39:41,560 --> 00:39:43,520
Speaker 1: It's it got it's got no time for your you know,

633
00:39:43,840 --> 00:39:46,640
Speaker 1: and you can plan, you can pay obesience to it.

634
00:39:46,680 --> 00:39:49,680
Speaker 1: Exactly right, Yeah, exactly it had. It literally has its

635
00:39:49,680 --> 00:39:53,160
Speaker 1: own temple on Wall Street where people just hang out

636
00:39:53,160 --> 00:39:55,319
Speaker 1: there all day kind of looking up at it. Yeah,

637
00:39:55,360 --> 00:39:59,200
Speaker 1: and they're serving it their real world effects too. Absolutely,

638
00:39:59,239 --> 00:40:01,359
Speaker 1: That's what I'm saying. But then sometimes it's just like

639
00:40:01,560 --> 00:40:03,560
Speaker 1: just takes a dump in the bed and it's just

640
00:40:03,560 --> 00:40:08,680
Speaker 1: just like, Okay, it's over. I will arraiin my vengeance

641
00:40:08,760 --> 00:40:12,360
Speaker 1: upon the because you know, we think about think about

642
00:40:13,120 --> 00:40:18,279
Speaker 1: during the Great Depression, right, psyche market crashes, commodities are

643
00:40:18,400 --> 00:40:23,080
Speaker 1: in flux, and people are starving in cities, right and

644
00:40:23,160 --> 00:40:26,640
Speaker 1: in the same country, not two or three states away,

645
00:40:26,880 --> 00:40:32,040
Speaker 1: farmers are pouring milk and creeks and uh slaughtering pigs

646
00:40:32,360 --> 00:40:35,160
Speaker 1: because the prices are too low for them to sell.

647
00:40:35,360 --> 00:40:38,600
Speaker 1: So it's better that they raise the market themselves. And

648
00:40:38,640 --> 00:40:41,520
Speaker 1: then you get into the butterfly situation. Was it the

649
00:40:41,640 --> 00:40:45,520
Speaker 1: actions of the many people that caused these things to

650
00:40:45,560 --> 00:40:48,960
Speaker 1: happen to the other people? Or was it the God? Yeah?

651
00:40:48,960 --> 00:40:51,759
Speaker 1: It was it? Like it's like Sodom and gomor right, Like,

652
00:40:51,840 --> 00:40:54,359
Speaker 1: you know, did God wipe out Sodom and Gamore because

653
00:40:54,400 --> 00:41:00,239
Speaker 1: they were doing horrible stuff? Or was it? Yeah? Yeah,

654
00:41:00,360 --> 00:41:03,520
Speaker 1: And that that's that's a really good question because this

655
00:41:03,600 --> 00:41:06,919
Speaker 1: all starts to go into belief and faith one thing

656
00:41:07,040 --> 00:41:10,160
Speaker 1: that can startle a lot of people. When we hear

657
00:41:10,239 --> 00:41:13,000
Speaker 1: pundits in the West talk about and I mean the

658
00:41:13,040 --> 00:41:16,160
Speaker 1: ideological West. When we hear pundits in the West talk

659
00:41:16,200 --> 00:41:23,759
Speaker 1: about stock markets, you often hear the weird phrase investor confidence. Yeah,

660
00:41:24,000 --> 00:41:29,239
Speaker 1: what what investor confidence? Because I believe in this, I

661
00:41:29,280 --> 00:41:32,480
Speaker 1: will buy some uh, I will buy some shares of it.

662
00:41:32,800 --> 00:41:38,520
Speaker 1: Because so it becomes an indicator of how many people

663
00:41:38,600 --> 00:41:45,080
Speaker 1: believe in something at a given time. That is pretty spooky. Yeah.

664
00:41:45,120 --> 00:41:48,879
Speaker 1: And and Nolan I uh No, have a friend who

665
00:41:49,000 --> 00:41:54,399
Speaker 1: is pretty good at divining some of these pathways and

666
00:41:54,480 --> 00:41:59,120
Speaker 1: predicting some of these trends. But even he will tell us, um,

667
00:41:59,800 --> 00:42:01,400
Speaker 1: he mean, he will tell us that sometimes you just

668
00:42:01,440 --> 00:42:04,000
Speaker 1: don't know what's gonna happen exactly. I mean, you know,

669
00:42:04,080 --> 00:42:05,719
Speaker 1: you can get it right some of the time and

670
00:42:05,760 --> 00:42:09,520
Speaker 1: follow a trend to its conclusion, but then you know,

671
00:42:09,680 --> 00:42:12,239
Speaker 1: or to what you perceive as its conclusion as far

672
00:42:12,280 --> 00:42:15,000
Speaker 1: as you're willing to take it. But sometimes playing that

673
00:42:15,080 --> 00:42:17,160
Speaker 1: short game and really trying to like put one over

674
00:42:17,200 --> 00:42:19,799
Speaker 1: on the market doesn't really work like that. You know.

675
00:42:19,880 --> 00:42:21,799
Speaker 1: It's like it's it's a lot of it is up

676
00:42:21,840 --> 00:42:24,319
Speaker 1: to chance, and people kind of like have these self

677
00:42:24,360 --> 00:42:27,600
Speaker 1: fulfilling prophecies, are these like confirmation biases that convinced them

678
00:42:27,600 --> 00:42:30,920
Speaker 1: that their actions are actually having an effect on the system,

679
00:42:31,000 --> 00:42:34,160
Speaker 1: Then that really it totally runs itself. That's such a

680
00:42:34,239 --> 00:42:37,560
Speaker 1: great point. It makes me think of on a microcosmic level,

681
00:42:38,120 --> 00:42:41,040
Speaker 1: for anyone in the audience with kids, when you take

682
00:42:41,080 --> 00:42:42,960
Speaker 1: your kid to the grocery store and you get one

683
00:42:43,000 --> 00:42:46,640
Speaker 1: of those specially for kids grocery carts with the little wheel,

684
00:42:46,960 --> 00:42:51,680
Speaker 1: that they could feel like they're steering and no control. Yeah,

685
00:42:51,840 --> 00:42:55,439
Speaker 1: so true. But but so we're we're seeing a lot

686
00:42:55,480 --> 00:43:01,080
Speaker 1: of this is based on faith, right, and of course

687
00:43:01,280 --> 00:43:03,719
Speaker 1: we know that. Of course we know that there are

688
00:43:04,360 --> 00:43:10,520
Speaker 1: tangible assets at play. So like dal Chemical makes chemicals,

689
00:43:10,560 --> 00:43:16,960
Speaker 1: they make a real thing that people use. And the US,

690
00:43:17,080 --> 00:43:19,799
Speaker 1: without getting too far into it, the US currency, which

691
00:43:19,880 --> 00:43:22,040
Speaker 1: is what most of us are the most familiar with

692
00:43:22,200 --> 00:43:26,080
Speaker 1: on this show. US currency is commonly called a petro

693
00:43:26,239 --> 00:43:29,160
Speaker 1: dollar because of a deal that Nixon cracked back in

694
00:43:29,200 --> 00:43:33,240
Speaker 1: the day where OPEC, most of the OPEC nations agreed,

695
00:43:33,320 --> 00:43:38,680
Speaker 1: including Saudi Arabia, to only sell petroleum in dollars. We're

696
00:43:38,719 --> 00:43:43,359
Speaker 1: only training in these dollar bills, y'all. That's sounds like

697
00:43:45,840 --> 00:43:51,160
Speaker 1: Nixon impression. So we we know though that no matter

698
00:43:51,680 --> 00:43:55,359
Speaker 1: how we want to tie these two tangible assets in

699
00:43:55,480 --> 00:43:59,000
Speaker 1: some degree, call it what you will, confidence, faith, belief.

700
00:43:59,640 --> 00:44:03,840
Speaker 1: It plays a crucial part in today's financial market. And

701
00:44:03,880 --> 00:44:10,920
Speaker 1: we've seen just like religiously motivated wars or massacres in

702
00:44:10,960 --> 00:44:14,920
Speaker 1: the yester years of civilization, we've seen economic ideology have

703
00:44:15,719 --> 00:44:20,120
Speaker 1: the same disastrous effects. You know, like the World Bank

704
00:44:20,239 --> 00:44:25,359
Speaker 1: and the i m F have made some huge missteps, right,

705
00:44:25,840 --> 00:44:31,360
Speaker 1: and we've seen these um we've seen these ideas applied

706
00:44:31,800 --> 00:44:35,040
Speaker 1: as though they're gonna work just because a group of

707
00:44:35,080 --> 00:44:38,840
Speaker 1: economists and a think tank believe that that's how the

708
00:44:38,880 --> 00:44:41,319
Speaker 1: world should work. That's where you're really getting into the

709
00:44:41,320 --> 00:44:45,399
Speaker 1: faith stuff with the economists. Sure, did you guys ever

710
00:44:45,440 --> 00:44:51,880
Speaker 1: take any big economy classes in college? Yeah? That stuff

711
00:44:51,960 --> 00:44:56,040
Speaker 1: is fascinating because it really does feel as though nobody

712
00:44:56,160 --> 00:44:59,760
Speaker 1: really knows exactly what's going on and you can't really

713
00:45:00,000 --> 00:45:03,520
Speaker 1: control it that much. You can just control it mostly

714
00:45:03,520 --> 00:45:07,160
Speaker 1: at the micro level and then hope that stuff works out.

715
00:45:07,400 --> 00:45:09,800
Speaker 1: A lot of different schools of thoughts seem to vary

716
00:45:09,840 --> 00:45:13,000
Speaker 1: pretty widely, Like the different it almost is more of

717
00:45:13,040 --> 00:45:16,520
Speaker 1: a philosophy than an exact science. That's exactly what almost

718
00:45:16,600 --> 00:45:19,920
Speaker 1: like a like a money priest, you know, saying like

719
00:45:20,320 --> 00:45:24,120
Speaker 1: this is this is definitely the way, Yeah, like that

720
00:45:24,160 --> 00:45:30,840
Speaker 1: money priest so so yeah, money priest is yeah, And

721
00:45:31,320 --> 00:45:35,880
Speaker 1: like different administrations have different pet um economists, you know,

722
00:45:35,960 --> 00:45:38,560
Speaker 1: and so but when you when you compare them, they're

723
00:45:38,560 --> 00:45:41,680
Speaker 1: like it couldn't be more different, you know, Now, I

724
00:45:41,719 --> 00:45:45,239
Speaker 1: got you. So we have this faith, how does an

725
00:45:45,280 --> 00:45:50,640
Speaker 1: individual human being, uh practice that faith? What kind of

726
00:45:50,640 --> 00:45:53,879
Speaker 1: worship do we do for money. I don't know. Well,

727
00:45:53,880 --> 00:45:59,080
Speaker 1: we talked about mammon the quote from Loop out of here,

728
00:45:59,440 --> 00:46:02,640
Speaker 1: So lets get into just comparing some of these rites

729
00:46:02,680 --> 00:46:06,080
Speaker 1: and rituals that you would do. So my my experience

730
00:46:06,120 --> 00:46:10,480
Speaker 1: comes from mostly the Methodist Church here in the United States,

731
00:46:10,840 --> 00:46:13,440
Speaker 1: where when you were going to take communion, let's just

732
00:46:13,440 --> 00:46:16,319
Speaker 1: give that as a as an example, you drink a

733
00:46:16,360 --> 00:46:19,279
Speaker 1: little bit of in my case, grape juice, supposed to

734
00:46:19,320 --> 00:46:23,040
Speaker 1: be consecrated wine that's been blessed about. And what this

735
00:46:23,160 --> 00:46:25,680
Speaker 1: ritual is supposed to do is get you close to

736
00:46:25,920 --> 00:46:29,480
Speaker 1: in this case Jesus or a deity and bring, you know,

737
00:46:29,840 --> 00:46:33,799
Speaker 1: bring some aspect of that into you personally. Question yes,

738
00:46:33,920 --> 00:46:36,640
Speaker 1: question from the audience. Uh thin bull and stuff in

739
00:46:36,719 --> 00:46:39,799
Speaker 1: what you know, a big fan. Uh yeah, just uh,

740
00:46:40,000 --> 00:46:43,440
Speaker 1: just to get this straight. So in the Methodists, in

741
00:46:43,480 --> 00:46:48,239
Speaker 1: the Catholic Church, they practice transubstantiation, right, so you're actually

742
00:46:48,440 --> 00:46:51,520
Speaker 1: blessed and it actually becomes the body and blood of Christ.

743
00:46:52,000 --> 00:46:55,640
Speaker 1: But in the Methodist Church, is that is that also

744
00:46:55,680 --> 00:46:58,600
Speaker 1: a belief or is it more like a symbol representative thing?

745
00:46:58,920 --> 00:47:02,520
Speaker 1: From my ten year old understanding, it was very symbolic,

746
00:47:02,600 --> 00:47:05,080
Speaker 1: because if it wasn't, I would definitely be weirded out

747
00:47:05,880 --> 00:47:08,759
Speaker 1: a lot more than I probably already was. Okay, so

748
00:47:08,800 --> 00:47:11,239
Speaker 1: there's like communion, then that would be a ritual. So

749
00:47:11,280 --> 00:47:14,360
Speaker 1: they are all these rights and rituals that a single

750
00:47:14,480 --> 00:47:18,520
Speaker 1: person does when they are of a faith, a certain religion.

751
00:47:18,840 --> 00:47:21,640
Speaker 1: They do to either humble themselves in you know, the

752
00:47:21,719 --> 00:47:26,000
Speaker 1: light of whatever god or gods they worship, or just

753
00:47:26,040 --> 00:47:28,440
Speaker 1: to get them closer in some way to that deity

754
00:47:28,640 --> 00:47:33,359
Speaker 1: or to perfection, whatever that sort is. Um. So I

755
00:47:33,440 --> 00:47:37,920
Speaker 1: was imagining popular culture, uh, and the way that we

756
00:47:38,080 --> 00:47:43,000
Speaker 1: seem to worship money right now, with celebrity and with wealth,

757
00:47:43,160 --> 00:47:45,960
Speaker 1: and the way that is played up as the ideal

758
00:47:46,400 --> 00:47:48,800
Speaker 1: a lot of times, at least in Western culture with

759
00:47:48,840 --> 00:47:54,480
Speaker 1: a big w And I was imagining masterps uh toilet

760
00:47:54,719 --> 00:47:58,719
Speaker 1: master masterp masterp. I don't, I don't know, yeah, and yeah,

761
00:47:59,800 --> 00:48:06,800
Speaker 1: ever sounded wider. I just remember master p p Dr.

762
00:48:09,480 --> 00:48:13,239
Speaker 1: So I'm not I'm thinking of doctor Drew. So I'm

763
00:48:13,280 --> 00:48:16,840
Speaker 1: just I'm imagining that toilet seat and that whole golden

764
00:48:16,880 --> 00:48:22,479
Speaker 1: toilet as this weird just worship of wealth, worship of

765
00:48:22,760 --> 00:48:26,480
Speaker 1: money as an object, and creating a golden god of sorts?

766
00:48:27,840 --> 00:48:32,279
Speaker 1: Are we forgetting about the golden calf, the idol. Yes, no, precisely,

767
00:48:32,680 --> 00:48:34,640
Speaker 1: I mean like that, that is exactly what that was

768
00:48:34,719 --> 00:48:39,040
Speaker 1: all about. That was about worshiping wealth and you know,

769
00:48:39,360 --> 00:48:44,759
Speaker 1: um pretension and just like just gross displays of decadence

770
00:48:44,880 --> 00:48:47,799
Speaker 1: kind of you know what was what story was that in? Yeah,

771
00:48:47,880 --> 00:48:53,200
Speaker 1: I believe that was in Exodus. When the people saw

772
00:48:53,280 --> 00:48:55,880
Speaker 1: that Moses was so long and coming down from the mountain,

773
00:48:55,920 --> 00:48:58,480
Speaker 1: they gathered around Darren and said, cold make us God's

774
00:48:58,480 --> 00:49:00,840
Speaker 1: who will go before us. As for this fellow Moveses

775
00:49:00,840 --> 00:49:02,880
Speaker 1: who brought us up out of Egypt, we don't know

776
00:49:02,960 --> 00:49:07,000
Speaker 1: what has happened to him. And Aaron's I'm gonna paraphrase

777
00:49:07,000 --> 00:49:09,560
Speaker 1: a little said, take off the gold ear rings that

778
00:49:09,680 --> 00:49:13,919
Speaker 1: your wives, son's daughters are wearing. They brought him to him.

779
00:49:14,400 --> 00:49:17,279
Speaker 1: He okay. He took what they handed him and made

780
00:49:17,320 --> 00:49:19,760
Speaker 1: it into an idol, cast in the shape of a calf,

781
00:49:20,040 --> 00:49:23,200
Speaker 1: fashion it with a tool. Then he said, these are

782
00:49:23,239 --> 00:49:29,840
Speaker 1: your gods you So you know, golden calf, idol, master

783
00:49:30,000 --> 00:49:34,640
Speaker 1: p toilet. There's a correlation there. And dude, the show

784
00:49:34,719 --> 00:49:37,520
Speaker 1: is called American Idol. Let's not forget about that. We

785
00:49:38,120 --> 00:49:41,399
Speaker 1: they talked about these people. We worship these people, and

786
00:49:41,640 --> 00:49:44,840
Speaker 1: they worship wealth. Therefore let us in the royal we

787
00:49:44,920 --> 00:49:50,359
Speaker 1: hear we worship wealth. There aren't a lot of poor celebrities. Well,

788
00:49:50,360 --> 00:49:53,920
Speaker 1: it's also difficult to argue, you know, we've we've talked

789
00:49:53,920 --> 00:49:57,080
Speaker 1: about this off here too. It's difficult to argue that

790
00:49:57,320 --> 00:50:01,520
Speaker 1: celebrities have not replaced the antheons of old, you know,

791
00:50:02,080 --> 00:50:05,719
Speaker 1: because I think a lot of people are still kind

792
00:50:05,719 --> 00:50:08,960
Speaker 1: of surprised when we learn that. You know, in in

793
00:50:09,080 --> 00:50:14,960
Speaker 1: Greco Roman times, there wasn't just Zeus who does this,

794
00:50:15,680 --> 00:50:20,480
Speaker 1: or Vulcan or in Festes who does this. In different towns,

795
00:50:20,560 --> 00:50:23,200
Speaker 1: they would have different incarnations, you know what I mean,

796
00:50:23,640 --> 00:50:27,080
Speaker 1: different aspects or like facets of the jewel that is

797
00:50:27,120 --> 00:50:31,120
Speaker 1: this overall being, and this would mean that they have

798
00:50:31,400 --> 00:50:33,520
Speaker 1: there are a bunch there are a bunch of different

799
00:50:33,600 --> 00:50:37,400
Speaker 1: versions who specialized in different things. And you know, if

800
00:50:37,440 --> 00:50:39,560
Speaker 1: you want that specific things, you're probably best to go

801
00:50:39,600 --> 00:50:42,000
Speaker 1: to the pilgrimage, to the one town where they were like, hey,

802
00:50:42,239 --> 00:50:44,080
Speaker 1: we like this thing so much that there's a statue

803
00:50:44,080 --> 00:50:47,320
Speaker 1: about it. And they also require probably different offerings and

804
00:50:47,400 --> 00:50:50,520
Speaker 1: different rituals depending on which version of the deity and

805
00:50:50,560 --> 00:50:56,040
Speaker 1: which services you seek. So speaking of Grecian temples to

806
00:50:56,160 --> 00:51:00,279
Speaker 1: the gods, let's talk about temples to money. They about

807
00:51:00,320 --> 00:51:03,640
Speaker 1: the Bank of America building here in Atlanta, that giant

808
00:51:03,800 --> 00:51:09,880
Speaker 1: towering thing. It represents a global banking company, as you

809
00:51:10,320 --> 00:51:13,800
Speaker 1: the city of London, Yeah, the city of London itself.

810
00:51:15,040 --> 00:51:17,960
Speaker 1: I mean, I'm just trying to imagine the World Trade

811
00:51:17,960 --> 00:51:22,920
Speaker 1: Center and a symbol of global trade. This the tallest

812
00:51:22,920 --> 00:51:25,440
Speaker 1: building in the world, and we built it because of

813
00:51:25,760 --> 00:51:30,520
Speaker 1: trade and money, right, So I guess that leads us

814
00:51:30,560 --> 00:51:39,480
Speaker 1: to figuring out how how experts determine the value of money. Right.

815
00:51:39,520 --> 00:51:42,840
Speaker 1: We're building temples to it, right, and we're building institutions

816
00:51:43,200 --> 00:51:47,080
Speaker 1: to institutions. In some ways, you're kind of like denominations

817
00:51:47,160 --> 00:51:49,920
Speaker 1: of a religion at this point. So we know that

818
00:51:49,960 --> 00:51:53,480
Speaker 1: there are rights, we know their rituals, but how how

819
00:51:53,520 --> 00:51:56,279
Speaker 1: do we actually figure out what what this dollar thing

820
00:51:56,480 --> 00:51:58,440
Speaker 1: is or what the you know, the lira or the

821
00:51:58,560 --> 00:52:02,279
Speaker 1: euro or yeah, the you know, have you have your

822
00:52:02,320 --> 00:52:06,719
Speaker 1: picked the pound? The pound? We'll tell you after a

823
00:52:06,760 --> 00:52:20,840
Speaker 1: word from our sponsor. Welcome back. We're still here, and

824
00:52:20,920 --> 00:52:23,879
Speaker 1: we hope you are too. You are right, You're you're

825
00:52:23,880 --> 00:52:25,719
Speaker 1: still there, Okay, And I left for a minute, but

826
00:52:25,800 --> 00:52:30,759
Speaker 1: I'm back, okay. So there are three ways. Hey guys, sorry, break,

827
00:52:30,800 --> 00:52:32,560
Speaker 1: I just got back. Jeez, I didn't mean to start

828
00:52:32,600 --> 00:52:37,799
Speaker 1: without you bet I was just under the table, all right.

829
00:52:39,920 --> 00:52:42,280
Speaker 1: So there are three ways that we measure the value

830
00:52:42,320 --> 00:52:46,440
Speaker 1: of let's say the dollar in particular, all right. Yeah.

831
00:52:46,640 --> 00:52:48,520
Speaker 1: The first is how much the dollar is going to

832
00:52:48,640 --> 00:52:52,839
Speaker 1: buy in other foreign currencies that's not the dollar. Uh,

833
00:52:53,120 --> 00:52:56,239
Speaker 1: that's when the exchange rate measures. So you'll hear people

834
00:52:56,239 --> 00:52:59,880
Speaker 1: talk about that a lot. Foreigxtraders in the foreign exchange

835
00:53:00,040 --> 00:53:03,439
Speaker 1: market determine these exchange rates. These are the guys who

836
00:53:03,560 --> 00:53:05,840
Speaker 1: decide what it is worth. It's sort of like the

837
00:53:05,840 --> 00:53:11,719
Speaker 1: guy that weighs your soul in the afterlife. Interesting. Yeah,

838
00:53:11,800 --> 00:53:15,319
Speaker 1: So they take into account supply and demand, like how

839
00:53:15,360 --> 00:53:19,080
Speaker 1: many people not just like okay, not just how many

840
00:53:19,160 --> 00:53:24,280
Speaker 1: dollars does Matt have and how many yen does that equal?

841
00:53:24,800 --> 00:53:28,400
Speaker 1: But how many other people are looking to convert dollars

842
00:53:28,440 --> 00:53:32,000
Speaker 1: to yen versus converting yen to dollars? And what kind

843
00:53:32,040 --> 00:53:34,160
Speaker 1: of trend do we see forming here that we can

844
00:53:34,200 --> 00:53:38,040
Speaker 1: speculate for a year, ten years in the future. Yeah,

845
00:53:38,040 --> 00:53:41,080
Speaker 1: and this is the reason why in this in one

846
00:53:41,160 --> 00:53:47,520
Speaker 1: day you're the money that you have can fluctuate, usually

847
00:53:47,560 --> 00:53:52,600
Speaker 1: not wildly, but sometimes there's yeah, like in uh, like

848
00:53:52,640 --> 00:53:55,400
Speaker 1: in the past with Germany when it was experiencing hyper

849
00:53:55,400 --> 00:54:01,080
Speaker 1: inflation and people had wheelbarrows full of money that they

850
00:54:01,239 --> 00:54:05,760
Speaker 1: had to get rid of that day. You know. Yeah,

851
00:54:05,840 --> 00:54:08,840
Speaker 1: So what's the what's the second way? Well, the second

852
00:54:08,960 --> 00:54:13,240
Speaker 1: method is the value of treasury notes, the T note.

853
00:54:13,600 --> 00:54:16,920
Speaker 1: At least here, uh, chairis dollars saying the value on

854
00:54:17,000 --> 00:54:19,680
Speaker 1: the ten year T note, Well, I'm about to tell

855
00:54:19,719 --> 00:54:22,799
Speaker 1: you what that thing is, the Tinah. They can be

856
00:54:22,840 --> 00:54:27,359
Speaker 1: converted easily into dollars through the secondary market for treasuries

857
00:54:27,640 --> 00:54:31,120
Speaker 1: when the demand for treasuries is high. The value of

858
00:54:31,120 --> 00:54:35,560
Speaker 1: the US dollar, Yeah, a treasury note or T notte

859
00:54:35,760 --> 00:54:40,000
Speaker 1: as uh Nolan Kiris dollar. Want to see does everybody

860
00:54:40,000 --> 00:54:42,719
Speaker 1: get kiris doll Is he like? Does he go to

861
00:54:42,760 --> 00:54:48,239
Speaker 1: all of the United States? I think, come on, get

862
00:54:48,280 --> 00:54:51,560
Speaker 1: with the NPR pro market places an NPR show, Get

863
00:54:51,600 --> 00:54:55,759
Speaker 1: with the NPR programming, which is uh, which is um

864
00:54:55,840 --> 00:55:02,120
Speaker 1: for anybody who says, oh, NPR is uh too politically

865
00:55:02,160 --> 00:55:05,000
Speaker 1: one way or the other for me, uh, marketplace doesn't

866
00:55:05,000 --> 00:55:07,800
Speaker 1: really touch that. Now, it's just a nice entertaining look

867
00:55:07,880 --> 00:55:11,960
Speaker 1: at international finance. Um, but the guy's kind of snarky

868
00:55:12,080 --> 00:55:21,160
Speaker 1: sometimes every time. That's today. But first let's do the numbers. Yeah,

869
00:55:21,719 --> 00:55:26,160
Speaker 1: So a treasury note or tino is a government debt

870
00:55:26,280 --> 00:55:30,719
Speaker 1: security and it has a fixed interest rate and you

871
00:55:30,800 --> 00:55:35,000
Speaker 1: can get it back after between one to ten years,

872
00:55:35,640 --> 00:55:41,200
Speaker 1: so they're always available from the government and you. They're

873
00:55:41,239 --> 00:55:48,239
Speaker 1: really popular investments because they are pretty secure, they're pretty reliable.

874
00:55:48,400 --> 00:55:50,960
Speaker 1: Is this like a bond like my grandpa gave me

875
00:55:51,280 --> 00:55:53,000
Speaker 1: when I was a little little boy, and then I

876
00:55:53,040 --> 00:55:54,799
Speaker 1: cashed it in for a lot more money than it

877
00:55:54,840 --> 00:55:58,120
Speaker 1: was worth when he bought it. Yes, sort of, because

878
00:55:58,320 --> 00:56:01,759
Speaker 1: the the real difference is the time you have to

879
00:56:01,800 --> 00:56:06,120
Speaker 1: wait before you collect your money, before you get your

880
00:56:06,120 --> 00:56:09,560
Speaker 1: money back. So treasury bills have maturities of your less

881
00:56:09,600 --> 00:56:13,440
Speaker 1: treasury notes go between two to ten years. Treasury bonds

882
00:56:13,719 --> 00:56:16,000
Speaker 1: are long term and they have maturities of ten to

883
00:56:16,120 --> 00:56:18,200
Speaker 1: thirty years. Yeah, that's the one are you talking about.

884
00:56:18,239 --> 00:56:20,040
Speaker 1: You got one of these from your grandpapa. Yeah, but

885
00:56:20,120 --> 00:56:22,239
Speaker 1: it was only like ten bucks or something, but it

886
00:56:22,320 --> 00:56:25,560
Speaker 1: was worth it was worth I forget exactly how much

887
00:56:25,680 --> 00:56:28,239
Speaker 1: it was. I was surprised. I was like, man, why

888
00:56:28,239 --> 00:56:30,600
Speaker 1: don't we put all our money in these things? Do

889
00:56:30,640 --> 00:56:35,880
Speaker 1: you have to wait a while? Well, about of approximately

890
00:56:36,920 --> 00:56:40,239
Speaker 1: five trillion and outstanding debt is not made up of

891
00:56:40,320 --> 00:56:45,120
Speaker 1: savings bonds, but of marketable or tradeable securities called bills, notes,

892
00:56:45,120 --> 00:56:48,560
Speaker 1: and bonds. And this is kind of a vote of

893
00:56:48,640 --> 00:56:54,040
Speaker 1: confidence in the US government, right. Uh. And when the demand,

894
00:56:54,200 --> 00:56:57,120
Speaker 1: when a lot of people are saying, oh I got

895
00:56:57,239 --> 00:57:00,040
Speaker 1: a hot take it on some t notes, just is

896
00:57:00,120 --> 00:57:02,880
Speaker 1: Noll said, when when more people want those things, the

897
00:57:02,960 --> 00:57:07,359
Speaker 1: value of the US dollar overall rises, and in other

898
00:57:07,440 --> 00:57:12,560
Speaker 1: countries by these two it's not just you know, uh,

899
00:57:12,760 --> 00:57:17,080
Speaker 1: Jane and Joe Americana just the name I made up. Anyway,

900
00:57:17,400 --> 00:57:20,080
Speaker 1: there's another way to do this, right. The third way

901
00:57:20,200 --> 00:57:24,080
Speaker 1: is through foreign exchange reserves. That is the amount of

902
00:57:24,200 --> 00:57:27,480
Speaker 1: dollars held by foreign governments. Um, the more they hold,

903
00:57:27,640 --> 00:57:30,840
Speaker 1: the lower the supply and makes sense, and that makes

904
00:57:31,080 --> 00:57:34,160
Speaker 1: US money more valuable. So foreign governments were to sell

905
00:57:34,200 --> 00:57:37,120
Speaker 1: all their dollar and treasury holdings, the dollar would collapse.

906
00:57:37,120 --> 00:57:40,360
Speaker 1: So this is like what when when people called China

907
00:57:40,640 --> 00:57:44,120
Speaker 1: a currency manipulator, this idea that they can somehow cause

908
00:57:44,240 --> 00:57:47,640
Speaker 1: some sort of serious fluctuation of our currency value by

909
00:57:48,320 --> 00:57:52,200
Speaker 1: flooding the market, selling off like selling off all their

910
00:57:52,920 --> 00:57:55,840
Speaker 1: all their holdings of US dollars and stuff and saying

911
00:57:55,840 --> 00:57:58,200
Speaker 1: we don't want it. But apparently that's that's a myth.

912
00:57:58,280 --> 00:58:01,040
Speaker 1: I mean, that's not even really a thing. Will it's

913
00:58:01,120 --> 00:58:03,600
Speaker 1: kind of a nuclear move because it would also be

914
00:58:03,720 --> 00:58:07,600
Speaker 1: it would also have a dangerous effect because the US

915
00:58:07,720 --> 00:58:10,880
Speaker 1: is one of China's largest markets. So it's kind of

916
00:58:10,920 --> 00:58:16,640
Speaker 1: a of shooting yourself in the kneecap despite your business partners,

917
00:58:17,880 --> 00:58:23,080
Speaker 1: I'll show you. Uh yeah, it's you know, it's it's

918
00:58:23,080 --> 00:58:28,360
Speaker 1: like codependent relationship. So we've got this right. These are

919
00:58:28,360 --> 00:58:32,600
Speaker 1: the three methods we've outlined, which in some way or

920
00:58:32,640 --> 00:58:36,880
Speaker 1: another depend on this aggregate demand of other people. What

921
00:58:37,000 --> 00:58:39,240
Speaker 1: does the rest of the world want, What does the

922
00:58:39,240 --> 00:58:43,640
Speaker 1: rest of the world believe will be more effective? So

923
00:58:43,680 --> 00:58:46,440
Speaker 1: what happens when this goes wrong? If money has no

924
00:58:46,520 --> 00:58:50,200
Speaker 1: intrinsic value, then it can potentially be moved in a

925
00:58:50,240 --> 00:58:53,160
Speaker 1: relatively arbitrary manner. No one wants to spend too much

926
00:58:53,200 --> 00:58:56,200
Speaker 1: time on this in the mass media because, in my opinion,

927
00:58:56,280 --> 00:58:58,479
Speaker 1: and this is just my opinion, folks, it would create

928
00:58:58,480 --> 00:59:01,600
Speaker 1: an Emperor's New Clothes situation ation all its akes is

929
00:59:01,640 --> 00:59:06,240
Speaker 1: for one person to go hang on and I think

930
00:59:06,280 --> 00:59:10,000
Speaker 1: that guy is naked, uh, and then two seven happens

931
00:59:10,360 --> 00:59:14,040
Speaker 1: right right. It could literally endanger the U S economy

932
00:59:14,120 --> 00:59:17,160
Speaker 1: for this, this house of cars to fall. An example

933
00:59:17,200 --> 00:59:19,600
Speaker 1: of this would, or example of when this come close,

934
00:59:19,640 --> 00:59:22,560
Speaker 1: would be the what's known as the librar scandal. It's

935
00:59:22,560 --> 00:59:24,960
Speaker 1: a little dry, so please help me out with any

936
00:59:25,040 --> 00:59:27,560
Speaker 1: like hype man stuff if you want, we'll keep it

937
00:59:27,600 --> 00:59:30,480
Speaker 1: to the basics library or is an acronym for what's

938
00:59:30,520 --> 00:59:36,720
Speaker 1: known as the London Interbank offered rate, the average of

939
00:59:36,800 --> 00:59:39,680
Speaker 1: interest rates estimated by each of the leading banks in

940
00:59:39,760 --> 00:59:42,240
Speaker 1: London that it would be charged were it to borrow

941
00:59:42,280 --> 00:59:48,560
Speaker 1: from other banks. So these banks estimate how much, you know,

942
00:59:48,640 --> 00:59:55,440
Speaker 1: like the Her Majesty's Bank of matt would say that's

943
00:59:55,480 --> 00:59:59,000
Speaker 1: that's perfect, would say, you know, we go to the

944
00:59:59,080 --> 01:00:02,520
Speaker 1: Royal Bank of Ole and they would each say, will

945
01:00:02,600 --> 01:00:05,880
Speaker 1: we to borrow funds from one another? We would assign

946
01:00:05,880 --> 01:00:14,080
Speaker 1: it to the following rates. Yeah, And what it turned out, surprise, surprise,

947
01:00:14,280 --> 01:00:18,840
Speaker 1: the banks were falsely inflating or deflating their rates together

948
01:00:19,800 --> 01:00:21,920
Speaker 1: so they can make a bigger profit or give the

949
01:00:21,920 --> 01:00:27,720
Speaker 1: impression that they were better off than they were. That's

950
01:00:27,760 --> 01:00:30,920
Speaker 1: about right. Let's give it up for Nola on the

951
01:00:31,000 --> 01:00:35,520
Speaker 1: sound effects a morning show, now like the morning Zoo?

952
01:00:35,880 --> 01:00:42,400
Speaker 1: Tell me the goo. No, the other be skeeter and

953
01:00:43,000 --> 01:00:46,320
Speaker 1: could be Benji. I know Benji is a terrible name.

954
01:00:47,840 --> 01:00:51,240
Speaker 1: What's your what's your morning? Is your name? That's me?

955
01:00:53,120 --> 01:01:00,000
Speaker 1: You're the douche. I thought you were two hands? Two hands? Uh?

956
01:01:00,040 --> 01:01:02,480
Speaker 1: I guess I would go with um. What sounds weird?

957
01:01:02,640 --> 01:01:06,200
Speaker 1: What would be good for a sound cube? Uh? Snake bite? Oh?

958
01:01:06,920 --> 01:01:13,480
Speaker 1: Good like that? Stay all right? Knife about the whole thing?

959
01:01:13,640 --> 01:01:18,240
Speaker 1: Snake bite, steak knife? What what's wrong? Goots? You're walking

960
01:01:18,240 --> 01:01:20,680
Speaker 1: away from this pit? Alex, keep keep what you will

961
01:01:20,720 --> 01:01:27,800
Speaker 1: of this. No, Alex, we're rolling. We're keeping this all alright.

962
01:01:27,840 --> 01:01:31,880
Speaker 1: So point being uh, if money was pinned to an

963
01:01:31,880 --> 01:01:35,000
Speaker 1: existing commodity, a tangible asset, then it could not have

964
01:01:35,120 --> 01:01:40,040
Speaker 1: its value moved as arbitrarily. Right as A guy named

965
01:01:40,080 --> 01:01:43,640
Speaker 1: Tom Hayes was the only person convicted in connection with

966
01:01:43,680 --> 01:01:47,280
Speaker 1: this scandal. Uh. Six other bankers in the UK were

967
01:01:47,400 --> 01:01:50,600
Speaker 1: accused of it but cleared in early These guys were

968
01:01:50,680 --> 01:01:57,400
Speaker 1: literally writing emails to each other, SAYI change that interest,

969
01:01:57,560 --> 01:02:01,800
Speaker 1: right y? But I'm not sure what that was. Well,

970
01:02:01,800 --> 01:02:04,400
Speaker 1: that's this is a familiar thing that you might know

971
01:02:04,560 --> 01:02:09,000
Speaker 1: when banks getting big trouble for manipulating something or doing

972
01:02:09,040 --> 01:02:14,240
Speaker 1: a legal deals with drugs or other bad no no things.

973
01:02:14,720 --> 01:02:16,480
Speaker 1: It was a little bit of a slap of the wrist.

974
01:02:16,840 --> 01:02:19,479
Speaker 1: That's literally how I view the banks, thinking, oh, that's

975
01:02:19,480 --> 01:02:21,400
Speaker 1: a no no, I guess we shouldn't do. It's the

976
01:02:21,400 --> 01:02:24,160
Speaker 1: same way my one year old treats touching the dog's

977
01:02:24,160 --> 01:02:25,960
Speaker 1: water bowl. It's like, oh, is it a no no

978
01:02:26,440 --> 01:02:28,680
Speaker 1: hand in the water bowl? Oh? Is that a no

979
01:02:28,760 --> 01:02:30,920
Speaker 1: no hand in the water bowl? My girlfriend would eat

980
01:02:30,960 --> 01:02:32,800
Speaker 1: you alive. She literally made fun of me for saying

981
01:02:32,840 --> 01:02:35,040
Speaker 1: melty the other day. She's like, you talk like such

982
01:02:35,080 --> 01:02:38,480
Speaker 1: a dad, like me, melty, melty. It was a drink,

983
01:02:38,480 --> 01:02:40,440
Speaker 1: it was melt. It wasn't melted. It was me. It

984
01:02:40,520 --> 01:02:47,920
Speaker 1: was melty. Have I ever said in the face? She would?

985
01:02:48,360 --> 01:02:50,840
Speaker 1: Well keep her away from me, all right, she's she's

986
01:02:50,920 --> 01:02:53,680
Speaker 1: she's scary. Well, I think you make a good point, daddy,

987
01:02:53,720 --> 01:02:57,200
Speaker 1: No no. But the whole point, the whole point of

988
01:02:57,240 --> 01:02:59,760
Speaker 1: that is just to say I'm not gonna punish the

989
01:03:00,080 --> 01:03:01,960
Speaker 1: out of my little son because he's just touching the

990
01:03:01,960 --> 01:03:03,960
Speaker 1: water bowl. He's just having a good time. It's the

991
01:03:04,000 --> 01:03:06,720
Speaker 1: same with these bankers. They're just trying to make that money. Well,

992
01:03:06,760 --> 01:03:09,320
Speaker 1: I think it's just normalized as a cost of business,

993
01:03:09,400 --> 01:03:11,480
Speaker 1: at least here in the US. You know, if you're

994
01:03:11,520 --> 01:03:16,080
Speaker 1: doing something illegal and you make five million dollars off

995
01:03:16,120 --> 01:03:19,720
Speaker 1: of it just for the sake of argument, and then

996
01:03:19,760 --> 01:03:23,560
Speaker 1: you're find thirty million dollars, but you don't go to

997
01:03:23,680 --> 01:03:26,920
Speaker 1: jail and you can keep doing business. That's just the tax.

998
01:03:28,320 --> 01:03:32,840
Speaker 1: But but less we get too derailed, how is money

999
01:03:32,880 --> 01:03:36,480
Speaker 1: handled and religious organizations? Hey, should we go back to

1000
01:03:36,520 --> 01:03:38,400
Speaker 1: the Bible, you guys real quick. First, I'll tell you

1001
01:03:38,400 --> 01:03:39,840
Speaker 1: one thing. They got a different name for. They don't

1002
01:03:39,840 --> 01:03:42,600
Speaker 1: call it money at all, do they. They call it tithing.

1003
01:03:44,360 --> 01:03:46,880
Speaker 1: That is a whole situation that we're gonna have to

1004
01:03:46,960 --> 01:03:51,240
Speaker 1: get into. But let's start with Matthew ten through twelve.

1005
01:03:51,800 --> 01:03:54,640
Speaker 1: When Jesus entered Jerusalem, the whole city was stirred and

1006
01:03:54,720 --> 01:03:59,360
Speaker 1: asked who is this? The crowds answered, list is Jesus,

1007
01:03:59,400 --> 01:04:03,640
Speaker 1: the prophet in Galilee. Jesus entered the temple courts and

1008
01:04:03,760 --> 01:04:06,720
Speaker 1: drove out all who were buying and selling there. He

1009
01:04:06,840 --> 01:04:10,240
Speaker 1: overturned the tables of the money changers and the benches

1010
01:04:10,320 --> 01:04:14,520
Speaker 1: of those who were selling doves. It is written he

1011
01:04:14,640 --> 01:04:17,760
Speaker 1: said to them, my house would be called a house

1012
01:04:18,000 --> 01:04:23,240
Speaker 1: of prowl, but you I'm making it of rubbers. That

1013
01:04:23,640 --> 01:04:33,560
Speaker 1: Jesus is interesting. Okay, So let's get into TV different, right, different.

1014
01:04:33,760 --> 01:04:36,280
Speaker 1: You got to see the latest episode. So this is

1015
01:04:36,320 --> 01:04:38,880
Speaker 1: showing that way back in the day, Jesus one of

1016
01:04:38,880 --> 01:04:43,360
Speaker 1: the most central figures too, well these central figures to Christianity,

1017
01:04:43,360 --> 01:04:47,160
Speaker 1: but one of the most central figures to any religion

1018
01:04:47,760 --> 01:04:50,680
Speaker 1: that has ever existed in the history. Is there going

1019
01:04:50,800 --> 01:04:54,040
Speaker 1: into the houses of worship in a very big place

1020
01:04:54,560 --> 01:05:00,240
Speaker 1: in Jerusalem and throwing literally throwing out the people. We're

1021
01:05:00,240 --> 01:05:02,760
Speaker 1: dealing with money, and he's flipping tables left and right,

1022
01:05:03,040 --> 01:05:05,760
Speaker 1: looking out on the money changers, even the dove, the

1023
01:05:05,880 --> 01:05:08,200
Speaker 1: people just trying to make a little scratch on doves.

1024
01:05:08,320 --> 01:05:11,040
Speaker 1: The money changers or the ancient loan sharks might be

1025
01:05:11,080 --> 01:05:15,919
Speaker 1: practicing usery, which is huge, huge problem. Also, Yeah, as

1026
01:05:15,960 --> 01:05:19,480
Speaker 1: Matt said, Jesus is a central figure in Abramaic religions.

1027
01:05:19,960 --> 01:05:23,200
Speaker 1: He's a very prominent prophet. In two I've actually believe

1028
01:05:23,320 --> 01:05:25,840
Speaker 1: Jesus as a prophet is quoted more in the Koran

1029
01:05:25,960 --> 01:05:29,400
Speaker 1: than he is in the Christian Bible. Fun facts, right,

1030
01:05:29,920 --> 01:05:32,720
Speaker 1: But now it leads us to a situation where we

1031
01:05:32,840 --> 01:05:36,040
Speaker 1: literally do not know how much money the Catholic Church has.

1032
01:05:36,840 --> 01:05:42,200
Speaker 1: The Catholic Church it's changed has, yeah, now has a

1033
01:05:42,280 --> 01:05:49,400
Speaker 1: huge financial footprint and impact. We have other we have

1034
01:05:49,480 --> 01:05:52,080
Speaker 1: other episodes that go in depth upon this, and we

1035
01:05:52,160 --> 01:05:54,480
Speaker 1: do ask you to check him out if you're interested.

1036
01:05:54,560 --> 01:05:56,200
Speaker 1: You can find them all and stuff they don't want

1037
01:05:56,240 --> 01:06:03,120
Speaker 1: you to know dot com. But money interacts with religion.

1038
01:06:03,160 --> 01:06:07,400
Speaker 1: One of the money is one of the primary circuits

1039
01:06:07,800 --> 01:06:12,560
Speaker 1: of power now, right, and that circuit of power is

1040
01:06:12,640 --> 01:06:19,640
Speaker 1: being used by various religious movements, and does it exist

1041
01:06:19,840 --> 01:06:23,040
Speaker 1: now as a religious movement of its own. We I

1042
01:06:23,080 --> 01:06:25,760
Speaker 1: think we've done an alright job of outlining some pretty

1043
01:06:25,880 --> 01:06:30,320
Speaker 1: surprising similarities. And of course we're not denigrading anybody's religion

1044
01:06:30,800 --> 01:06:36,680
Speaker 1: or a denigrading the economy, but we do see that

1045
01:06:36,760 --> 01:06:39,640
Speaker 1: these things are not as dissimilar as they might appear,

1046
01:06:40,080 --> 01:06:42,560
Speaker 1: you know, And and this is without even getting into

1047
01:06:42,920 --> 01:06:48,760
Speaker 1: prosperity theology, which you guys know, and Nolan, Matt and

1048
01:06:48,800 --> 01:06:51,080
Speaker 1: Alex and I know about this because we're in the

1049
01:06:51,120 --> 01:06:55,960
Speaker 1: south of the United States. We're talking about dollars to

1050
01:06:56,000 --> 01:06:58,760
Speaker 1: get those ties that we were talking about that he

1051
01:06:58,800 --> 01:07:01,880
Speaker 1: needs another goal plated yet. Yeah, I mean it's got

1052
01:07:01,880 --> 01:07:05,320
Speaker 1: to get places. Or you know my Versace suits that

1053
01:07:05,360 --> 01:07:07,840
Speaker 1: I gotta were because I have to look good before God.

1054
01:07:07,960 --> 01:07:09,800
Speaker 1: You look great in those VERSACEI suits, Matt Well, and

1055
01:07:09,880 --> 01:07:14,360
Speaker 1: just the idea that you can convince other people that

1056
01:07:14,360 --> 01:07:17,760
Speaker 1: that is true enough that you get enough money for

1057
01:07:18,000 --> 01:07:21,919
Speaker 1: a plane. Yeah, I don't know. It's It's like when

1058
01:07:21,920 --> 01:07:24,360
Speaker 1: you look at it that way, you could argue that,

1059
01:07:24,800 --> 01:07:27,920
Speaker 1: you know, religion has its own specific purpose that can

1060
01:07:27,960 --> 01:07:30,680
Speaker 1: be positive in people's lives. Money also obviously gives you

1061
01:07:30,720 --> 01:07:35,080
Speaker 1: the ability to have a um easily discernible way of

1062
01:07:35,120 --> 01:07:37,800
Speaker 1: taking care of your family and getting services provided for

1063
01:07:37,800 --> 01:07:40,200
Speaker 1: yourself that you need. But they can kind of be

1064
01:07:40,320 --> 01:07:42,800
Speaker 1: tools of each other, like money can be a tool

1065
01:07:42,840 --> 01:07:45,280
Speaker 1: of religion, and religion can be a tool of the

1066
01:07:45,320 --> 01:07:48,840
Speaker 1: powerful to manipulate people and get people to fall in

1067
01:07:48,880 --> 01:07:52,520
Speaker 1: line and act as they they the they in our show.

1068
01:07:52,560 --> 01:07:55,960
Speaker 1: I guess um right, Yeah, you are a peasant because

1069
01:07:56,000 --> 01:07:58,920
Speaker 1: that is the natural order of the world. Or like

1070
01:07:59,080 --> 01:08:02,440
Speaker 1: during the Age of Chattel slavery in the American South,

1071
01:08:02,800 --> 01:08:07,920
Speaker 1: where they would have pastors twisting religious ideology to say,

1072
01:08:08,000 --> 01:08:11,040
Speaker 1: if you are good slaves and do not rebel, you

1073
01:08:11,080 --> 01:08:14,040
Speaker 1: will go to heaven where you will wear white sackcloth

1074
01:08:14,160 --> 01:08:17,240
Speaker 1: and serve your masters forever. I think you're right. People

1075
01:08:17,240 --> 01:08:19,920
Speaker 1: are very very good at twisting things to their own

1076
01:08:20,000 --> 01:08:23,000
Speaker 1: ends as we as we look at this, let's let's

1077
01:08:23,040 --> 01:08:26,880
Speaker 1: recall the definition of a god. What is a god.

1078
01:08:27,600 --> 01:08:30,519
Speaker 1: It's a being or object believed to have more than

1079
01:08:30,640 --> 01:08:36,040
Speaker 1: natural abilities and powers, and it requires human worships, specifically

1080
01:08:36,479 --> 01:08:40,640
Speaker 1: one controlling a particular aspect for a piece of reality.

1081
01:08:40,960 --> 01:08:43,920
Speaker 1: So then by that definition, is it arguable that even

1082
01:08:43,960 --> 01:08:47,439
Speaker 1: if money itself is not a religion, it could be

1083
01:08:47,960 --> 01:08:51,480
Speaker 1: defined as a God. Oh, I think so. I absolutely

1084
01:08:51,520 --> 01:08:56,280
Speaker 1: think so. If if God's like Zeus, Indra, Odin or Wodin,

1085
01:08:56,680 --> 01:08:59,880
Speaker 1: let's just call them Wednesday and Almond can exist in

1086
01:09:00,000 --> 01:09:03,280
Speaker 1: inside the human mind for thousands and thousands of years

1087
01:09:03,280 --> 01:09:07,960
Speaker 1: as these unseen influencers that control various parts of life.

1088
01:09:08,080 --> 01:09:11,360
Speaker 1: The way you know this definition of God is then

1089
01:09:11,360 --> 01:09:14,160
Speaker 1: this tangible thing, this actual thing called money, that has

1090
01:09:14,240 --> 01:09:17,840
Speaker 1: measurable control over the fate of everything living on this

1091
01:09:17,880 --> 01:09:21,679
Speaker 1: planet and the planet itself. I think that thing money

1092
01:09:21,720 --> 01:09:24,640
Speaker 1: should be considered the same, if not more powerful than

1093
01:09:24,720 --> 01:09:28,720
Speaker 1: a god. That's that's kind of crazy to say, and

1094
01:09:28,800 --> 01:09:30,280
Speaker 1: I'm sorry that I said it for some of you,

1095
01:09:30,360 --> 01:09:34,280
Speaker 1: but for others. There you go. Well, you know, think

1096
01:09:34,320 --> 01:09:37,400
Speaker 1: about it. It's like the old Batman argument, which they

1097
01:09:37,479 --> 01:09:40,679
Speaker 1: finally acknowledged in the latest trailer for The Justice League.

1098
01:09:41,000 --> 01:09:45,080
Speaker 1: It does Batman have a superpower? Well, if money is

1099
01:09:45,520 --> 01:09:49,519
Speaker 1: a representation of effort over time, then Batman most certainly

1100
01:09:49,560 --> 01:09:51,880
Speaker 1: does have a superpower. He has money to the point

1101
01:09:51,960 --> 01:09:54,439
Speaker 1: where it's like time travel. How many years would it

1102
01:09:54,479 --> 01:09:57,559
Speaker 1: take to build a cave than a batmobile, a bat

1103
01:09:57,600 --> 01:10:00,240
Speaker 1: suit alone by yourself to have your own DARPA? So

1104
01:10:00,280 --> 01:10:02,360
Speaker 1: now you have, Yes, now you have the hours of

1105
01:10:02,360 --> 01:10:06,719
Speaker 1: other people's labor. Is very close to time travel. And

1106
01:10:06,880 --> 01:10:10,479
Speaker 1: as paper currency continues to be phased out in favor

1107
01:10:10,479 --> 01:10:15,120
Speaker 1: of digitized numbers and accounts, money begins to seem more

1108
01:10:15,120 --> 01:10:19,000
Speaker 1: and more like an abstract, unseen force, you know. And

1109
01:10:19,800 --> 01:10:23,639
Speaker 1: again it's it's a very We are not we are

1110
01:10:23,680 --> 01:10:27,360
Speaker 1: not saying that there are people who literally worship money,

1111
01:10:27,400 --> 01:10:31,280
Speaker 1: And we are not saying that any belief that you

1112
01:10:31,360 --> 01:10:34,920
Speaker 1: choose to have is anything other than your own. But

1113
01:10:35,040 --> 01:10:38,439
Speaker 1: we are saying that there are a surprising amount of

1114
01:10:38,479 --> 01:10:42,600
Speaker 1: similarities here, and it's an interesting question. And you know,

1115
01:10:42,720 --> 01:10:45,080
Speaker 1: we we went back and forth a little bit on

1116
01:10:45,120 --> 01:10:49,639
Speaker 1: who the who were the they of this episode. They

1117
01:10:49,760 --> 01:10:54,040
Speaker 1: could be the people who are fixing interest rates just

1118
01:10:54,200 --> 01:10:58,519
Speaker 1: arbitrarily amongst themselves, conspiring to do so. That's not a theory,

1119
01:10:58,600 --> 01:11:01,360
Speaker 1: that's a fact. It could be the people that print

1120
01:11:01,520 --> 01:11:06,040
Speaker 1: the money, the central banks and institutions that actually create

1121
01:11:06,080 --> 01:11:09,880
Speaker 1: the currency that gets loaned out. Yeah, but what do

1122
01:11:09,960 --> 01:11:13,080
Speaker 1: you think we want to hear from you? Which reminds us. Uh,

1123
01:11:13,400 --> 01:11:15,599
Speaker 1: Usually we do three of these, but I think we've

1124
01:11:15,840 --> 01:11:18,759
Speaker 1: we've gone a little long today, so we'll just do too.

1125
01:11:19,080 --> 01:11:25,120
Speaker 1: It's time for Chat at Conners. Our first shoutout goes

1126
01:11:25,200 --> 01:11:28,519
Speaker 1: to Zachary. Zachary says love the show at the end

1127
01:11:28,520 --> 01:11:31,240
Speaker 1: of the last episode. I think this one is referring

1128
01:11:31,280 --> 01:11:35,280
Speaker 1: to the Serial Killers episode. I believe there was a

1129
01:11:35,320 --> 01:11:38,800
Speaker 1: discussion on essentially laundering bitcoin, and you guys weren't sure

1130
01:11:38,800 --> 01:11:41,800
Speaker 1: if it was possible. It is, and it's done via

1131
01:11:42,160 --> 01:11:45,720
Speaker 1: via a tumbling service where your coins are deposited with

1132
01:11:45,800 --> 01:11:49,240
Speaker 1: the tumbling company, and then they send you a randomized

1133
01:11:49,400 --> 01:11:53,120
Speaker 1: set from other users. So I guess it sources bitcoins

1134
01:11:53,160 --> 01:11:55,800
Speaker 1: from other users and send your bitcoins to fill back

1135
01:11:55,840 --> 01:11:59,840
Speaker 1: into their accounts UM and thus it breaks the trace

1136
01:11:59,880 --> 01:12:02,960
Speaker 1: of a link. But I would say that's still traceable.

1137
01:12:03,560 --> 01:12:06,240
Speaker 1: But maybe not. Maybe the tumbling service doesn't keep a

1138
01:12:06,360 --> 01:12:10,439
Speaker 1: record of where the stuff went or all the different

1139
01:12:10,479 --> 01:12:13,120
Speaker 1: chards may maybe it makes it much more difficult to track.

1140
01:12:13,439 --> 01:12:15,680
Speaker 1: I can see that. Thanks Zachary, I didn't know that

1141
01:12:15,720 --> 01:12:19,960
Speaker 1: tumbling was a thing. Yeah, yeah, that's interesting because I

1142
01:12:19,960 --> 01:12:21,960
Speaker 1: had I had no idea, And I'm still sort of

1143
01:12:22,000 --> 01:12:29,760
Speaker 1: skeptical whenever somebody says, right, even if I brought the

1144
01:12:29,760 --> 01:12:32,519
Speaker 1: bag of laundry through a laund from Matt and I

1145
01:12:32,680 --> 01:12:36,400
Speaker 1: am like, hold on snake By. Uh, snake By doesn't

1146
01:12:36,400 --> 01:12:41,080
Speaker 1: trust new launderers. But the the thing that I am

1147
01:12:41,120 --> 01:12:44,679
Speaker 1: skeptical about often is when people say, oh, this this

1148
01:12:44,760 --> 01:12:48,040
Speaker 1: is anonymous online just because of the nature of the

1149
01:12:48,080 --> 01:12:51,080
Speaker 1: gate keeping, I think you can make it difficult to

1150
01:12:51,160 --> 01:12:56,080
Speaker 1: trace something. But also I completely believe that the public

1151
01:12:56,120 --> 01:13:00,000
Speaker 1: at large does not know the extent of intelligence agents

1152
01:13:00,080 --> 01:13:04,680
Speaker 1: these tools. We don't know, uh, the information that we

1153
01:13:04,720 --> 01:13:08,280
Speaker 1: get in leaks is probably several years old, so I

1154
01:13:08,280 --> 01:13:13,120
Speaker 1: I am skeptical, but to know that it's even possible, Zachary,

1155
01:13:13,200 --> 01:13:15,760
Speaker 1: thank you so much for writing to us. Our next

1156
01:13:15,800 --> 01:13:19,120
Speaker 1: shout out comes from and too. I guess is a

1157
01:13:19,160 --> 01:13:21,560
Speaker 1: shout out this before? Is it to some money or

1158
01:13:21,600 --> 01:13:25,120
Speaker 1: are they shouting out at um just like yelling at

1159
01:13:25,160 --> 01:13:27,360
Speaker 1: each other and just kind of this is we should

1160
01:13:27,400 --> 01:13:28,880
Speaker 1: change the end of the segment to the stuff they

1161
01:13:28,920 --> 01:13:33,200
Speaker 1: don't want you to know Echo Chamber. Oh man, you know,

1162
01:13:33,240 --> 01:13:35,479
Speaker 1: I don't know about that, because I think people really

1163
01:13:35,560 --> 01:13:38,000
Speaker 1: enjoy I'll be right in, Ladies and gentlemen, let us

1164
01:13:38,040 --> 01:13:40,759
Speaker 1: know if you have a name that you would prefer.

1165
01:13:40,840 --> 01:13:43,000
Speaker 1: But I think I think we all really enjoy shout

1166
01:13:43,040 --> 01:13:46,760
Speaker 1: out corner and skadooche. Yes, sometimes you catch lightning in

1167
01:13:46,800 --> 01:13:48,720
Speaker 1: a bottle. I don't know, it's like a second and

1168
01:13:48,800 --> 01:13:51,320
Speaker 1: second catch raiser brand. Though, what do you guys think

1169
01:13:52,320 --> 01:13:55,440
Speaker 1: I'm gonna I'm gonna say we stick with it unless

1170
01:13:55,920 --> 01:13:58,120
Speaker 1: because all of our best ideas come from you, ladies

1171
01:13:58,120 --> 01:14:02,320
Speaker 1: and gentlemen, unless you have one that we think will

1172
01:14:02,439 --> 01:14:05,759
Speaker 1: really just just pop. I mean, it's a tall order,

1173
01:14:05,840 --> 01:14:09,080
Speaker 1: like I'm gonna tell you, don't don't get uh don't

1174
01:14:09,120 --> 01:14:11,240
Speaker 1: get your hopes up because I'm a big fan of skadoo.

1175
01:14:11,400 --> 01:14:19,439
Speaker 1: What if it's to Zachary. Our next shout out comes

1176
01:14:19,520 --> 01:14:22,840
Speaker 1: from iron Wang on Twitter. What um, yeah, see this

1177
01:14:22,880 --> 01:14:25,720
Speaker 1: is his name? I don't know, it's probably is last name.

1178
01:14:25,720 --> 01:14:28,320
Speaker 1: It's a big world, guys, A lot of things going on,

1179
01:14:28,680 --> 01:14:33,719
Speaker 1: a lot of nicknames abound. Um he im. Mr Wang

1180
01:14:34,200 --> 01:14:38,200
Speaker 1: asks have you already or thought about doing a show

1181
01:14:38,280 --> 01:14:42,600
Speaker 1: about the thought police in her censorship or expression online?

1182
01:14:43,080 --> 01:14:49,400
Speaker 1: And he says skardooche alright, yeah. Well, uh well, iron Wing,

1183
01:14:49,439 --> 01:14:51,960
Speaker 1: I think that we have done a couple of things

1184
01:14:52,000 --> 01:14:55,439
Speaker 1: that you might enjoy. We talked about how bots or

1185
01:14:55,720 --> 01:14:59,920
Speaker 1: shills as they're commonly called, will attempt to control an

1186
01:15:00,080 --> 01:15:04,040
Speaker 1: narrative for a controversial issue. Uh, and you can check

1187
01:15:04,080 --> 01:15:09,439
Speaker 1: that out on our website. As far as censorship, we

1188
01:15:09,479 --> 01:15:12,639
Speaker 1: talked a little bit about the search bubble in the past, right,

1189
01:15:12,720 --> 01:15:16,519
Speaker 1: and that's where, uh, for advertising purposes or for what

1190
01:15:16,560 --> 01:15:22,160
Speaker 1: they call a seamless experience, places like Facebook or Google

1191
01:15:22,600 --> 01:15:26,800
Speaker 1: will attempt to show you things they think you will

1192
01:15:26,840 --> 01:15:30,040
Speaker 1: readily agree with, rather than things that would challenge our

1193
01:15:30,120 --> 01:15:32,840
Speaker 1: existing view. And it makes me, yeah, it makes me

1194
01:15:32,880 --> 01:15:35,840
Speaker 1: think about the what is allowed to be talked about,

1195
01:15:35,920 --> 01:15:38,920
Speaker 1: or the views that are allowed to be held, at

1196
01:15:39,000 --> 01:15:42,639
Speaker 1: least from a social norm perspective, like what is allowed

1197
01:15:42,640 --> 01:15:45,080
Speaker 1: at what isn't allowed to be said and thought about

1198
01:15:46,000 --> 01:15:49,080
Speaker 1: just just by the other other people walking around by yourself.

1199
01:15:49,120 --> 01:15:53,640
Speaker 1: Even that's interesting and that changes country to country and

1200
01:15:53,680 --> 01:15:57,680
Speaker 1: sometimes culture to culture even right, Uh, that that's a

1201
01:15:57,920 --> 01:16:02,080
Speaker 1: that's a great question, Ironing. Thank you for to us.

1202
01:16:02,800 --> 01:16:10,160
Speaker 1: I think this concludes our gosh but not our show,

1203
01:16:10,240 --> 01:16:13,920
Speaker 1: Never fear Matt, And that's the end of this classic episode.

1204
01:16:14,000 --> 01:16:17,840
Speaker 1: If you have any thoughts or questions about this episode,

1205
01:16:18,200 --> 01:16:20,280
Speaker 1: you can get into contact with us in a number

1206
01:16:20,280 --> 01:16:22,280
Speaker 1: of different ways. One of the best is to give

1207
01:16:22,360 --> 01:16:24,920
Speaker 1: us a call. Our number is one eight three three

1208
01:16:25,240 --> 01:16:28,040
Speaker 1: st d w y t K. If you don't want

1209
01:16:28,040 --> 01:16:29,920
Speaker 1: to do that, you can send us a good old

1210
01:16:29,920 --> 01:16:35,120
Speaker 1: fashioned email. We are conspiracy at i heart radio dot com.

1211
01:16:35,320 --> 01:16:37,400
Speaker 1: Stuff they don't want you to know is a production

1212
01:16:37,479 --> 01:16:40,559
Speaker 1: of I heart Radio. For more podcasts from my heart Radio,

1213
01:16:40,720 --> 01:16:43,559
Speaker 1: visit the i heart Radio app, Apple Podcasts, or wherever

1214
01:16:43,640 --> 01:16:44,920
Speaker 1: you listen to your favorite shows.