1
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People at the top, you know, 
know the game, they understand 

2
00:00:03,800 --> 00:00:06,480
what's coming, they understand 
how to play it and they can make

3
00:00:06,480 --> 00:00:08,760
inflation work for them. 
I mean, they actually can get, 

4
00:00:08,760 --> 00:00:10,880
you know, inflation. 
You know, the, the working 

5
00:00:10,880 --> 00:00:14,520
person or the average citizen 
has has trouble with inflation. 

6
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Their, their salary is fixed and
things cost more. 

7
00:00:17,200 --> 00:00:20,560
Their lifestyle gets worse, you 
know, people at the top, they 

8
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can actually root for inflation 
because they can borrow cheap 

9
00:00:23,640 --> 00:00:26,440
and the inflation pushes up the 
value of their assets. 

10
00:00:26,440 --> 00:00:29,600
And that's why the wealth 
inequality is is as it is. 

11
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I mean, that's the whole 
contillion effect. 

12
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So it's, it's a bad, bad scene. 
And I hate to sit here and 

13
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complain about it, though, 
because again, I mean, I think 

14
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this is going to come out on 
Christmas. 

15
00:00:37,880 --> 00:00:39,600
I want to be, I want to be 
positive. 

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I mean, the good, good scene is 
that man, they're losing and 

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we're winning and, and 
everyone's figuring this out. 

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And that's the point of this 
book. 

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I mean, I want an orange pill. 
We got 330 million Americans out

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00:00:51,040 --> 00:00:52,920
there. 
You know, how many people are in

21
00:00:52,920 --> 00:00:55,200
the Federal Reserve, like 50 
that make the decisions? 

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00:00:55,200 --> 00:00:58,160
Well, you know, we, I mean, we 
outnumber these folks and, and 

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if we make enough noise, we can 
fix this stuff. 

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And, and, and even if we don't 
make enough noise, you know, 

25
00:01:04,280 --> 00:01:07,000
intrinsically, even in the 
marketplace, it's, it's arguable

26
00:01:07,000 --> 00:01:10,000
that Bitcoin alone is going to 
fix this stuff because, you 

27
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know, Bitcoin continues to go up
in value. 

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It's just going to suck all the 
value out of the Fiat. 

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00:01:14,600 --> 00:01:16,200
The Fiat people aren't going to 
have power anymore. 

30
00:01:16,200 --> 00:01:17,600
The Bitcoiners are going to have
a lot of power. 

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And I got to tell you, I would 
much rather have Bitcoiners 

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running this country than have 
all the Fiat Lords running this 

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country. 
I know that from the bitcoins 

34
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that I've met. 
We'll do a lot better under that

35
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regime. 
Hey, Larry, last time we spoke 

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about you writing the book was 
in Nashville. 

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We were we were speaking on the 
floor and I think it was right 

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before the Trump speech and you 
were you were you were telling 

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me you were working on something
and you're very passionate about

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00:01:49,600 --> 00:01:52,640
it. 
You did that very quickly. 

41
00:01:52,720 --> 00:01:54,760
Or was this something that 
you've been working on for 

42
00:01:54,760 --> 00:01:56,960
months now? 
Well, let's see, Nashville was 

43
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July. 
I started this in May, June. 

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It just and I'll tell, I'll tell
you what kind of triggered it. 

45
00:02:03,520 --> 00:02:07,000
I, I think I was dragged forced 
into sitting with my wife to 

46
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watch something on one of the 
news channels that was 

47
00:02:09,240 --> 00:02:13,040
politically oriented and it was 
just so horrible, you know, and 

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I, I was, I had such disdain for
both sides of the aisle. 

49
00:02:16,520 --> 00:02:18,760
And I thought to myself, God, 
this is just, is this what our 

50
00:02:18,760 --> 00:02:22,200
country has come become because 
all these people are arguing 

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about all these issues that just
don't matter. 

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And the, the, the biggest, 
glaring, most fundamental 

53
00:02:27,360 --> 00:02:29,520
underlying issue that you 
understand and probably a lot of

54
00:02:29,520 --> 00:02:32,080
the listeners understand is that
the money's broken. 

55
00:02:32,520 --> 00:02:34,320
And I thought, you know, 
somebody's got to do something 

56
00:02:34,320 --> 00:02:37,160
about this. 
And, and to, to a degree, people

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have, I mean, Safe wrote a great
book and and Lynn wrote a 

58
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fabulous book, but they're, they
tend to be a little bit more on 

59
00:02:43,000 --> 00:02:46,200
the textbooky side. 
And so I thought to myself, 

60
00:02:46,200 --> 00:02:48,240
well, you know, you've been in 
the financial world, you've seen

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00:02:48,240 --> 00:02:50,680
a lot, you know, where the bones
are buried in terms of the, you 

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00:02:51,000 --> 00:02:54,240
know, misdeeds of the Fed. 
I bet, you know, I was talking 

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00:02:54,240 --> 00:02:56,040
to myself Now, I bet you could 
write a book that would be 

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unique and that might help 
people to understand what's 

65
00:02:59,080 --> 00:03:03,560
broken and how it got broken and
how obviously broken it is with 

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a few of the anecdotes, which 
are pretty outrageous. 

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00:03:06,200 --> 00:03:08,560
And then as a result of that, 
you know, what we got to do to 

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00:03:08,560 --> 00:03:09,920
fix it. 
And of course, that leads you 

69
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right to Bitcoin. 
So. 

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00:03:11,720 --> 00:03:13,400
So yeah. 
And then once I started into it,

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I became, I became kind of 
possessed. 

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00:03:15,400 --> 00:03:17,040
And I've, I've really been 
possessed. 

73
00:03:17,040 --> 00:03:19,120
And I don't know how long it 
takes the most people to write 

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00:03:19,120 --> 00:03:21,880
books, but I probably, like I 
said, I think I started in May 

75
00:03:21,880 --> 00:03:24,600
or June and I'm done. 
So it's. 

76
00:03:26,320 --> 00:03:29,200
That is crazy. 
It's 250. 

77
00:03:29,280 --> 00:03:31,160
Well, I don't know. 
It's yeah, but it's, it just 

78
00:03:31,160 --> 00:03:33,200
flowed very easily. 
I felt like I was getting it 

79
00:03:33,200 --> 00:03:35,960
from a higher power. 
It's kind of ironic, but but 

80
00:03:37,280 --> 00:03:41,520
yeah, it it, it flowed easily. 
And you know, I just, I got, I 

81
00:03:41,520 --> 00:03:43,360
mean, once you're in it, just 
get into it. 

82
00:03:43,360 --> 00:03:45,760
I just wanted to finish it and 
it is finished now. 

83
00:03:46,160 --> 00:03:48,600
It's being kind of edited and 
cleaned up and I'm actually 

84
00:03:49,000 --> 00:03:51,320
dealing with what's a little bit
of a high quality problem, but 

85
00:03:51,320 --> 00:03:53,920
it is a problem. 
I mean, I thought it 100 pages 

86
00:03:54,520 --> 00:03:58,160
and then it kind of got to 200 
pages and now it's slightly over

87
00:03:58,160 --> 00:04:00,160
200 in the text. 
But there's some, you know, a 

88
00:04:00,160 --> 00:04:02,640
lot of charts and other things. 
And I don't know, there's some 

89
00:04:02,640 --> 00:04:04,560
sections I got to decide if I'm 
going to leave them in or out. 

90
00:04:04,560 --> 00:04:07,200
But anyway, it could go into 
almost close to 300 pages. 

91
00:04:07,200 --> 00:04:09,960
And you know, I want to, again, 
I, I want to make them very 

92
00:04:09,960 --> 00:04:12,600
accessible. 
What I'm hoping for is 

93
00:04:12,600 --> 00:04:14,800
ultimately I'll get out of just 
Amazon publishing. 

94
00:04:14,800 --> 00:04:17,839
I'll get to a bigger publisher. 
I want it to be on the, you 

95
00:04:17,839 --> 00:04:21,600
know, on the countertop of a, of
an airport, you know, bookstore.

96
00:04:21,959 --> 00:04:24,360
And somebody just walking 
through says, huh, what's that 

97
00:04:24,360 --> 00:04:26,520
all about? 
Picks it up, gets on a flight 

98
00:04:26,520 --> 00:04:30,040
and can read it in five hours. 
And, you know, and then and kind

99
00:04:30,040 --> 00:04:31,480
of gets orange peeled in the 
process. 

100
00:04:31,480 --> 00:04:32,680
So that's that's kind of the 
goal. 

101
00:04:33,360 --> 00:04:36,080
Absolutely. 
I mean, you know, Larry, like, 

102
00:04:36,400 --> 00:04:38,760
first of all, it's impressive 
that you wrote it so, so quickly

103
00:04:38,760 --> 00:04:41,800
because the when you, when you, 
when you, when you may. 

104
00:04:42,040 --> 00:04:45,760
Not be any good, *** When you 
when you told me about it, it 

105
00:04:45,760 --> 00:04:47,840
was just like, I think I'm going
to write a book and I'm like, 

106
00:04:47,840 --> 00:04:50,360
you should go for it, Larry. 
You shouldn't go for it. 

107
00:04:51,280 --> 00:04:53,840
So and you know now it's ready 
now. 

108
00:04:54,000 --> 00:04:55,960
But what you just said was very 
powerful. 

109
00:04:56,520 --> 00:04:59,400
And the reason that that I 
believe it's very powerful is 

110
00:04:59,400 --> 00:05:03,880
because I think we live in this 
world where people inherently 

111
00:05:03,880 --> 00:05:07,520
know the system is broken, but 
they continue to seek a 

112
00:05:07,520 --> 00:05:12,360
political solution to it where 
that's not the solution to the 

113
00:05:12,360 --> 00:05:15,680
problem. 
The solution to the problem is 

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00:05:16,040 --> 00:05:20,920
the fact that there is a group 
of people that get to create 

115
00:05:20,920 --> 00:05:23,680
money for free that everyone 
else has to work for. 

116
00:05:24,120 --> 00:05:28,840
And that completely effects 
every facet of society. 

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00:05:28,840 --> 00:05:33,040
And I think this is something 
that you dive into in your book.

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00:05:33,040 --> 00:05:36,840
You talk about the healthcare 
system, you talk about the 

119
00:05:36,880 --> 00:05:40,080
wealth inequality. 
You talk about, you know, all 

120
00:05:40,080 --> 00:05:45,480
these secondary effects that is 
caused by this broken system, 

121
00:05:45,480 --> 00:05:49,440
this broken money, you know, 
and, and and you and you let you

122
00:05:49,440 --> 00:05:52,080
map it out. 
He's in the 1960s. 

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00:05:52,320 --> 00:05:55,440
This is where, you know, the 
majority of the American people 

124
00:05:55,440 --> 00:05:58,120
believed in the in government. 
They believed in what the 

125
00:05:58,120 --> 00:06:00,600
government was saying. 
And then that has just 

126
00:06:00,600 --> 00:06:03,680
collapsed, right? 
A coincidentally around 19. 

127
00:06:03,680 --> 00:06:05,160
Why 1971, right. 
Yeah. 

128
00:06:05,200 --> 00:06:06,160
So what? 
Happened. 

129
00:06:06,160 --> 00:06:10,120
Isn't it so? 
You know what, what, what, and, 

130
00:06:10,120 --> 00:06:13,520
and to me, you know, the reason 
that's so powerful that that 

131
00:06:13,520 --> 00:06:16,240
mental image in my head. 
And I've been traveling so much 

132
00:06:16,240 --> 00:06:18,600
this year. 
So you go, you, you walk past 

133
00:06:18,600 --> 00:06:23,360
those airport, you know, 
bookstores is because the answer

134
00:06:23,360 --> 00:06:25,000
is right there. 
The answer is right in front of 

135
00:06:25,000 --> 00:06:26,040
you. 
All you have to do is you pick 

136
00:06:26,040 --> 00:06:30,240
up the book. 
It's not voting for the blue 

137
00:06:30,240 --> 00:06:34,880
party or the red party. 
It's really opting out and 

138
00:06:35,080 --> 00:06:38,440
voting with your wallet for the 
orange party if that makes. 

139
00:06:38,440 --> 00:06:40,160
Sense correct. 
And, and I think I think the 

140
00:06:40,160 --> 00:06:42,720
other reason why I was suited to
write it is, you know, I've been

141
00:06:42,720 --> 00:06:45,080
in the financial world. 
I've been doing this my whole 

142
00:06:45,080 --> 00:06:47,200
career. 
I've been a sound money advocate

143
00:06:47,200 --> 00:06:49,440
my whole career. 
And I remember, you know, I 

144
00:06:49,440 --> 00:06:51,640
mean, I have the benefit that 
you and some of the younger 

145
00:06:51,640 --> 00:06:53,520
Bitcoiners don't. 
I remember what this country 

146
00:06:53,520 --> 00:06:54,960
used to be like and it was 
better. 

147
00:06:55,600 --> 00:06:58,720
It was much, much better growing
up in the 70s and even the early

148
00:06:58,720 --> 00:07:00,560
80s. 
And it's, it's kind of 

149
00:07:00,560 --> 00:07:04,840
continually devolved in, in a 
bad direction to the point now 

150
00:07:04,840 --> 00:07:06,440
where, you know, things are 
really broken. 

151
00:07:06,440 --> 00:07:09,800
I mean, when you've got, you 
know, vigilantes shooting CEOs 

152
00:07:09,800 --> 00:07:13,000
and, you know, in Manhattan, you
know, there's, I mean, and, and 

153
00:07:13,240 --> 00:07:14,720
that's just a tip of the 
iceberg. 

154
00:07:14,720 --> 00:07:16,000
There are all kinds of problems 
everywhere. 

155
00:07:16,000 --> 00:07:19,360
It's just, it's very obvious to 
any, any observer who does any 

156
00:07:19,360 --> 00:07:21,280
work that there's a real problem
here. 

157
00:07:21,280 --> 00:07:24,520
So. 
And could, could you, could you 

158
00:07:24,520 --> 00:07:28,560
walk us through that, Larry? 
Like, you know, some experiences

159
00:07:28,560 --> 00:07:32,240
in your life that you know, you,
you say you, the, the analogy 

160
00:07:32,240 --> 00:07:34,760
that you says like, you know, 
where the, the, and this is an 

161
00:07:34,760 --> 00:07:36,360
analogy, right? 
You say you just know where the 

162
00:07:36,360 --> 00:07:39,000
bodies are buried, right? 
Your, your, your, your financial

163
00:07:39,000 --> 00:07:41,800
background. 
What did you see? 

164
00:07:41,880 --> 00:07:47,200
What What has changed since the 
1970s and the 1980s until now? 

165
00:07:47,920 --> 00:07:50,920
Well, probably the biggest one, 
Nico, was, was the wealth 

166
00:07:50,920 --> 00:07:53,360
inequality. 
I mean, when I was growing up, 

167
00:07:53,560 --> 00:07:56,440
you know, there were the guy who
ran Ford Motor, you know, looked

168
00:07:56,440 --> 00:07:59,640
in the same neighborhood as us 
and he probably made four times 

169
00:07:59,640 --> 00:08:02,720
what my dad made, you know, I 
mean, today, you know, he'd be 

170
00:08:02,720 --> 00:08:05,680
making $20 million. 
And, you know, my dad was just 

171
00:08:05,680 --> 00:08:09,560
a, a retailer who did fine. 
But, you know, so the, the 

172
00:08:09,560 --> 00:08:13,800
wealth inequality is a big part 
of it, the financialization and 

173
00:08:13,800 --> 00:08:18,120
the, the, the rewards to people 
who knew how to game the system.

174
00:08:18,120 --> 00:08:21,440
I mean, I think, you know, the 
book is called the Big Print. 

175
00:08:22,120 --> 00:08:25,520
And it, it actually, by the time
this comes out, it might be for 

176
00:08:25,520 --> 00:08:30,280
sale on on Amazon in Kindle book
format pre-order. 

177
00:08:30,280 --> 00:08:33,159
They don't allow you to 
pre-order hardcover and and 

178
00:08:33,159 --> 00:08:35,080
paperback. 
But, and just so everyone knows,

179
00:08:35,080 --> 00:08:37,000
the book will probably be out in
February. 

180
00:08:37,000 --> 00:08:39,240
That's the goal. 
It's written when I'm in that 

181
00:08:39,240 --> 00:08:41,559
process of kind of getting it 
laid out and put together. 

182
00:08:41,559 --> 00:08:42,840
And I want it to be high 
quality. 

183
00:08:42,840 --> 00:08:44,680
So I'm not sure how long it 
could take. 

184
00:08:44,680 --> 00:08:46,000
It could take a couple weeks, 
could take a month. 

185
00:08:46,000 --> 00:08:50,600
But anyway, so, but back to the,
the fundamental premise of the 

186
00:08:50,600 --> 00:08:53,760
book, it goes that that 
inflation is really what's 

187
00:08:53,760 --> 00:08:58,400
ruined this country, that, you 
know, that, that when we, you 

188
00:08:58,400 --> 00:09:00,880
know, at, at the end of World 
War 2, we were, we were at the 

189
00:09:00,880 --> 00:09:03,440
peak, we'd won a war, we were 
leading country, we had all the 

190
00:09:03,440 --> 00:09:04,800
gold. 
We were on the gold standard. 

191
00:09:05,200 --> 00:09:07,280
You know, it was truth, justice,
the American way. 

192
00:09:07,280 --> 00:09:09,320
And, and we really believed it. 
And we weren't perfect. 

193
00:09:09,320 --> 00:09:12,280
Don't get me wrong, we did a lot
of bad things, but but boy, we 

194
00:09:12,280 --> 00:09:13,800
were a lot better than we are 
today. 

195
00:09:13,840 --> 00:09:17,360
And, and what happened is, you 
know, we let some of that go to 

196
00:09:17,360 --> 00:09:21,000
our head and started making 
mistakes, the biggest of which I

197
00:09:21,000 --> 00:09:23,480
think, well, Vietnam was an 
enormous mistake, which then led

198
00:09:23,480 --> 00:09:26,800
to big deficits, which then led 
to a gold drain, which then led 

199
00:09:26,800 --> 00:09:29,040
to abandoning the gold standard.
And the gold standard wasn't 

200
00:09:29,040 --> 00:09:31,200
perfect. 
And that's all Bitcoiners know. 

201
00:09:31,200 --> 00:09:35,000
It's, it's centralized and, you 
know, hard to verify and hard 

202
00:09:35,000 --> 00:09:36,440
to, you know, hard to transact 
in. 

203
00:09:36,440 --> 00:09:40,120
But having said that, the 
problem got measurably worse 

204
00:09:40,120 --> 00:09:42,320
when we abandoned the gold 
standard in 1971. 

205
00:09:42,960 --> 00:09:46,280
And, and that started the trend 
towards financialization. 

206
00:09:46,280 --> 00:09:49,080
And, you know, we've now kind of
hit peak financialization. 

207
00:09:49,080 --> 00:09:52,240
I mean, when you have 0% 
interest rates for seven years 

208
00:09:52,400 --> 00:09:56,160
in a row and you know, when you 
have quantitative easing, which 

209
00:09:56,160 --> 00:09:59,320
is massive money printing, when 
you, you know, when, when your 

210
00:09:59,320 --> 00:10:04,200
money supply grows 42% in two 
years like it did in COVID, you 

211
00:10:04,200 --> 00:10:05,920
know, your financial system 
broken. 

212
00:10:07,240 --> 00:10:10,760
And you know, the really the 
notion that we can just kind of 

213
00:10:10,760 --> 00:10:13,040
put a Band-Aid on and fix it. 
That's just not right. 

214
00:10:13,040 --> 00:10:15,320
I mean, it's like, you know, 
we've got an alcohol, we got a 

215
00:10:15,320 --> 00:10:17,280
drinking problem and we got to 
go cold Turkey. 

216
00:10:18,360 --> 00:10:21,080
And so, and that means we got to
stop creating debt. 

217
00:10:21,080 --> 00:10:23,720
We've got to return to sound 
money and and the book talks 

218
00:10:23,720 --> 00:10:25,480
about how to do that. 
Now we've got policy 

219
00:10:25,480 --> 00:10:28,760
recommendations and you know, 
and, and that, you know, some 

220
00:10:28,760 --> 00:10:30,280
people say, well, hang on a 
second, this, you know, you're 

221
00:10:30,280 --> 00:10:33,000
saying the system is broken, 
Larry, that's all doom and 

222
00:10:33,000 --> 00:10:34,360
gloom. 
I I don't want to read doom and 

223
00:10:34,360 --> 00:10:37,400
gloom, but but it's really not 
because I also talk about how 

224
00:10:37,480 --> 00:10:39,720
all the positive things that are
happening and the counter 

225
00:10:39,720 --> 00:10:42,520
revolution that's taking place. 
I mean, you know, we did this 

226
00:10:42,520 --> 00:10:45,040
big centralization thing up 
until World War 2, figure out 

227
00:10:45,040 --> 00:10:46,440
how to kill a lot of people 
quickly. 

228
00:10:46,960 --> 00:10:50,240
But the microprocessor has saved
us and it's going to completely 

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00:10:50,240 --> 00:10:53,720
save us, in my opinion, because 
we've got the Internet and we've

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00:10:53,720 --> 00:10:57,080
got podcasts and the, you know, 
all these huge sclerotic, 

231
00:10:57,080 --> 00:11:00,480
corrupt institutions, you know, 
like the the mainstream media 

232
00:11:01,000 --> 00:11:04,280
and the federal government, 
these big centralized things, 

233
00:11:04,280 --> 00:11:07,880
they're all failing horribly. 
And everyone knows it and can 

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00:11:07,880 --> 00:11:08,880
see it. 
And they're going to get 

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00:11:08,880 --> 00:11:11,920
they're, they're going to fail. 
And, you know, I mean, Joe Rogan

236
00:11:11,920 --> 00:11:14,160
and Tucker Carlson outdraw the 
major networks. 

237
00:11:14,160 --> 00:11:18,280
And so people realize these big 
broken systems are screwing them

238
00:11:18,760 --> 00:11:23,680
and, you know, we're free people
and somewhat and lost some of 

239
00:11:23,680 --> 00:11:26,480
it, but we're still basically a 
free people. 

240
00:11:26,480 --> 00:11:28,920
And, you know, we're going to 
vote with our feet and, and push

241
00:11:28,920 --> 00:11:31,680
things in the right direction. 
So as decentralization 

242
00:11:31,680 --> 00:11:34,880
continues, it's going to be, 
it's a very positive thing. 

243
00:11:35,400 --> 00:11:38,360
And, and networks are are, you 
know, really making the world a 

244
00:11:38,360 --> 00:11:40,680
much better place. 
And of course, we, you know, we 

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00:11:40,680 --> 00:11:42,800
had the Internet and that 
network, we had all the 

246
00:11:42,800 --> 00:11:46,160
information networks, and now 
we've got a decentralized 

247
00:11:46,160 --> 00:11:49,680
monetary network, which is just 
going to completely, you know, 

248
00:11:49,680 --> 00:11:52,000
rewire the world in a very 
positive way. 

249
00:11:52,800 --> 00:11:56,800
And what I try to do in the book
is to take, you know, a newbie 

250
00:11:56,800 --> 00:11:58,840
because I, I literally, you 
know, there's a chapter just 

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00:11:58,840 --> 00:12:00,960
describing what Bitcoin is, 
which probably everyone 

252
00:12:00,960 --> 00:12:03,880
listening to this podcast knows.
But I want to sell this book to 

253
00:12:03,880 --> 00:12:06,440
somebody who, you know, knows 
nothing about it, who's just a 

254
00:12:06,440 --> 00:12:09,320
regular American wandering 
around trying to pay their bills

255
00:12:09,320 --> 00:12:10,800
and wonders why the hell they 
feel like they're getting 

256
00:12:10,800 --> 00:12:13,560
screwed. 
You know, And so the book is, 

257
00:12:13,560 --> 00:12:14,800
you know, here's why you're 
getting screwed. 

258
00:12:14,800 --> 00:12:18,520
Here's what you can do about it.
So, Larry, why, why don't people

259
00:12:18,520 --> 00:12:20,040
see it? 
You know, because this is 

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00:12:20,040 --> 00:12:24,040
something that has, you know, 
like I, I spent a third of my 

261
00:12:24,040 --> 00:12:26,600
life in this industry. 
I've built my career on this, in

262
00:12:26,600 --> 00:12:30,040
this industry. 
And to me, it's, it's incredibly

263
00:12:30,040 --> 00:12:34,720
obvious, right, that inflation 
is the problem, Like inflation 

264
00:12:35,040 --> 00:12:39,200
is the issue. 
Why can't you know? 

265
00:12:39,680 --> 00:12:42,560
And, and you know, what's funny 
to me is when you hear the 

266
00:12:42,560 --> 00:12:46,440
politicians that go on TV and 
they talk about inflation as if 

267
00:12:46,440 --> 00:12:51,760
it's like a law of nature. 
It is gravity, you know, And 

268
00:12:51,760 --> 00:12:53,560
then, oh. 
It's greedy corporations. 

269
00:12:53,920 --> 00:12:55,200
Right, yeah. 
And that that's another one. 

270
00:12:55,200 --> 00:12:57,360
That's another one. 
They they essentially blame 

271
00:12:57,360 --> 00:13:00,280
everything and anyone but 
themselves, even though it's 

272
00:13:00,320 --> 00:13:04,600
government spending which is the
sole cause of inflation, right. 

273
00:13:04,720 --> 00:13:09,080
So has the world been psyopped 
because they controlled the 

274
00:13:09,080 --> 00:13:11,880
media for so long now that 
they've lost control of the 

275
00:13:11,880 --> 00:13:15,760
media with the rise of X and 
Elon acquiring it, and you 

276
00:13:15,800 --> 00:13:19,120
really see the truth seeping 
through and you and you see them

277
00:13:19,120 --> 00:13:23,240
seize. 
Well, I think so it it was a 

278
00:13:23,240 --> 00:13:25,640
multifaceted answer to that 
question, in my opinion. 

279
00:13:25,640 --> 00:13:29,400
I mean, one, they've been 
gasoline a lot. 2 a lot of 

280
00:13:29,400 --> 00:13:32,960
people aren't critical thinkers.
Three, you know, the level of 

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00:13:32,960 --> 00:13:37,800
pain wasn't as large, you know, 
let, let's go back to pre 2008, 

282
00:13:38,320 --> 00:13:40,520
you know, I mean, the, the 80s 
and 90s, I mean, all these 

283
00:13:40,520 --> 00:13:43,600
things were bubbling and 
happening, but in general, you 

284
00:13:43,600 --> 00:13:45,200
know, the world was a pretty 
good place. 

285
00:13:45,200 --> 00:13:46,520
The economy was doing pretty 
well. 

286
00:13:46,520 --> 00:13:49,800
I, I, I kind of marked the 
beginning of the end as, as kind

287
00:13:49,800 --> 00:13:52,880
of 9/11. 
Well, the the.com bubble and 

288
00:13:52,880 --> 00:13:56,240
then the bursting of that and 
9:11, which sent us on a spree 

289
00:13:56,240 --> 00:13:59,880
to spend $8 trillion in the 
Middle East on stupid stuff, you

290
00:13:59,880 --> 00:14:05,400
know, and, and so that I think 
is where the lies really 

291
00:14:05,400 --> 00:14:07,440
intensified. 
I mean, there were lies in the 

292
00:14:07,440 --> 00:14:11,080
Nixon administration, obviously,
but, but they, but it got 

293
00:14:11,080 --> 00:14:14,560
progressively worse. 
And, you know, I just, with 

294
00:14:14,560 --> 00:14:16,720
every step, you know, people 
have been hurting. 

295
00:14:16,720 --> 00:14:19,440
I mean, you know, Obamacare was 
supposed to make our healthcare 

296
00:14:19,440 --> 00:14:21,080
system better. 
It's made it worse and more 

297
00:14:21,080 --> 00:14:23,240
expensive. 
I mean, you know, there's just 

298
00:14:23,320 --> 00:14:26,200
absolutely nothing the 
government touches works because

299
00:14:26,520 --> 00:14:29,800
the people who are in there are 
corrupt and they're doing things

300
00:14:29,800 --> 00:14:32,480
in their own best interests or 
in the interests of the big 

301
00:14:32,480 --> 00:14:35,800
corporations that they're in, 
in, you know, in Hock to. 

302
00:14:35,800 --> 00:14:39,120
And so, you know, the rest of us
suffer as a result of that. 

303
00:14:39,120 --> 00:14:42,080
And so, you know, and, and, and 
like I say, if, I mean, if you 

304
00:14:42,080 --> 00:14:44,640
weren't hurting too badly and 
you're, you know, raising your 

305
00:14:44,640 --> 00:14:48,080
family and, you know, focusing 
on putting money on the OR 

306
00:14:48,080 --> 00:14:50,160
putting food on the table and 
watching the football game, 

307
00:14:50,160 --> 00:14:52,400
people weren't paying attention.
But I think one thing that's 

308
00:14:52,400 --> 00:14:55,240
happening that's pushed in our 
favor, Nico, is that the 

309
00:14:55,760 --> 00:14:58,560
problems have gotten worse and 
people, you know, when people 

310
00:14:58,560 --> 00:15:01,000
start to hurt, they start to 
say, well, OK, damn it, what am 

311
00:15:01,000 --> 00:15:02,760
I going to do about this? 
I mean, I, I, you know, let's 

312
00:15:02,760 --> 00:15:05,240
solve this. 
And so again, that, that that's 

313
00:15:05,240 --> 00:15:07,680
the point of the book. 
I'm trying to, I'm trying to 

314
00:15:07,680 --> 00:15:11,480
educate and trying to, you know,
I mean, you know, yes, you 

315
00:15:11,480 --> 00:15:13,160
understand it 'cause you've been
in this industry. 

316
00:15:13,160 --> 00:15:16,480
But imagine, you know, imagine 
you have a job that's not at all

317
00:15:16,480 --> 00:15:18,720
related to this industry. 
I mean, imagine, you know, I 

318
00:15:18,720 --> 00:15:20,760
don't know what, what job you 
might have, but if you're a 

319
00:15:20,760 --> 00:15:24,240
secretary or, and wherever you 
work and, but you're not deep 

320
00:15:24,240 --> 00:15:26,320
into this business, you wouldn't
really understand it. 

321
00:15:26,320 --> 00:15:29,040
You and you would, you know, 
you, you turn on the TV and you 

322
00:15:29,040 --> 00:15:30,800
listen to what people tell you 
and they lie to you, but you 

323
00:15:30,800 --> 00:15:31,840
wouldn't know they were lying to
you. 

324
00:15:31,840 --> 00:15:34,720
So, you know, so that's, that's 
been the problem. 

325
00:15:34,720 --> 00:15:37,080
But but you know, like, you 
know, the, the trend is good, 

326
00:15:37,080 --> 00:15:38,760
right? 
I mean, more and more people are

327
00:15:38,760 --> 00:15:41,480
waking up. 
I mean, you know, that chart 

328
00:15:41,480 --> 00:15:44,160
that's in the book that you 
referred to, which shows how the

329
00:15:44,160 --> 00:15:46,920
trust in government, I mean, in 
the 60s, post World War 2, I 

330
00:15:46,920 --> 00:15:49,080
mean, the trust of the 
government was like 70 or 80% of

331
00:15:49,080 --> 00:15:51,040
the people trusted the 
government most of all the time.

332
00:15:51,520 --> 00:15:55,400
Right now it's less than 20%. 
So you know that that obviously 

333
00:15:55,400 --> 00:15:57,280
shows you that they're not doing
the government's failing. 

334
00:15:57,280 --> 00:16:00,560
And and that's because it was 
built for a different time. 

335
00:16:00,560 --> 00:16:03,120
You know, it was built for a 
growing nation and, you know, 

336
00:16:03,600 --> 00:16:05,200
when the economies of scale 
mattered. 

337
00:16:05,920 --> 00:16:08,160
And so it was, it made sense to 
have big government. 

338
00:16:08,160 --> 00:16:10,320
But, you know, we don't need 
that anymore. 

339
00:16:10,320 --> 00:16:13,520
And so it's going to go away. 
And that's the very positive 

340
00:16:13,520 --> 00:16:15,880
part of the book. 
You know, it's the things I see 

341
00:16:15,880 --> 00:16:20,280
coming are really fantastic. 
But, but the other thing is 

342
00:16:20,280 --> 00:16:22,960
it's, it's, it's a little bit of
just a of a how to instruction 

343
00:16:22,960 --> 00:16:25,880
manual because, you know, the 
average person buying a book in 

344
00:16:25,880 --> 00:16:28,920
an airport, you know, I mean, I,
I on the back of the book, which

345
00:16:28,960 --> 00:16:32,080
I think maybe by the time the 
show comes out, you can put the,

346
00:16:32,080 --> 00:16:34,440
you'll have the book cover in 
the book back that you can put 

347
00:16:34,440 --> 00:16:36,320
in the show notes. 
But the back of the book 

348
00:16:36,320 --> 00:16:38,640
basically says bluntly, you 
know, they're going to be 

349
00:16:38,640 --> 00:16:42,280
winners and losers, you know, 
and, and you know, and 

350
00:16:42,280 --> 00:16:44,160
everyone's responsible for their
own situation. 

351
00:16:44,160 --> 00:16:47,720
So, hey, read the book and, you 
know, you got a better chance of

352
00:16:47,720 --> 00:16:50,320
being a winner and and you know,
that's something you should want

353
00:16:50,320 --> 00:16:53,000
to do. 
And, you know, so hopefully, 

354
00:16:53,080 --> 00:16:54,200
hopefully people will read the 
book. 

355
00:16:54,200 --> 00:16:56,600
I mean, I, you know, I want to 
sell a lot of them, not not to 

356
00:16:56,600 --> 00:16:58,760
make money, but because I want 
to, I want to see the world get 

357
00:16:58,760 --> 00:17:00,920
changed sooner rather than 
later. 

358
00:17:00,920 --> 00:17:03,840
Because, you know, I want my 
kids to have a better world, my 

359
00:17:03,840 --> 00:17:06,599
grandkids someday, to have a 
better world than than what 

360
00:17:06,599 --> 00:17:08,960
we're in right now, you know? 
Absolutely. 

361
00:17:08,960 --> 00:17:12,839
And, and I think, you know, in 
the, the the what the, what I've

362
00:17:12,839 --> 00:17:15,760
coined it is like we're it's, 
it's information narrative, 

363
00:17:15,760 --> 00:17:17,800
trench warfare. 
And it's really about winning 

364
00:17:17,800 --> 00:17:18,839
over that's. 
Right. 

365
00:17:18,839 --> 00:17:20,440
That's a good way to put it, 
yeah. 

366
00:17:20,839 --> 00:17:23,760
Winning over the hearts and 
minds of individuals and really 

367
00:17:23,760 --> 00:17:26,800
getting them to wake up about 
the it's not left versus right, 

368
00:17:26,800 --> 00:17:29,360
the divide and conquer method to
distract you from what's 

369
00:17:29,360 --> 00:17:33,160
actually going on. 
But one of the chapters names 

370
00:17:33,360 --> 00:17:37,080
really, really when I, when I 
saw it really impacted me, which

371
00:17:37,080 --> 00:17:39,920
is, you know, let's talk about 
the solution to this. 

372
00:17:39,920 --> 00:17:45,160
So inflation is the problem. 
Inflation is causing all these 

373
00:17:45,160 --> 00:17:48,480
consequences, some of them 
unintended consequences and it's

374
00:17:48,480 --> 00:17:52,120
severely affecting society. 
But one of the things that you 

375
00:17:52,120 --> 00:17:55,560
mentioned is that the solution 
to that is sound money. 

376
00:17:55,760 --> 00:17:58,320
But the thing, that thing that 
really stuck out to me is that 

377
00:17:58,320 --> 00:18:01,920
you make the case that sound 
money is a moral issue. 

378
00:18:01,920 --> 00:18:03,600
Could you elaborate a little bit
on that? 

379
00:18:03,960 --> 00:18:05,240
Yeah, sure. 
Happy to. 

380
00:18:05,240 --> 00:18:09,320
I mean, look, I mean, if, if you
know, if if I said I was going 

381
00:18:09,320 --> 00:18:12,600
to give you 10 gallons of beer 
and I gave you 9 gallons of 

382
00:18:12,600 --> 00:18:14,840
beer, you know, and you gave me 
some money for that. 

383
00:18:14,840 --> 00:18:17,840
I mean, you would say, hey, you 
cheated me, you know, you 

384
00:18:17,840 --> 00:18:23,040
promised me 10 and gave me 9. 
And so, you know, money is, is a

385
00:18:23,040 --> 00:18:26,160
representation of time, work, 
value, energy, whatever you want

386
00:18:26,160 --> 00:18:28,080
to call it. 
But it's what we all use to make

387
00:18:28,080 --> 00:18:31,080
our economy work. 
And when it's continually being 

388
00:18:31,080 --> 00:18:34,040
diluted by a system that 
requires it to be diluted, 

389
00:18:34,040 --> 00:18:38,600
that's built in to be, you know,
credit based system, then that's

390
00:18:38,600 --> 00:18:41,040
effectively the government's 
stealing money from everybody 

391
00:18:41,040 --> 00:18:43,360
who works. 
And it's stealing your time and 

392
00:18:43,360 --> 00:18:47,160
stealing your labor and it at 
least all kinds of perverse 

393
00:18:47,160 --> 00:18:51,600
incentives. 
And so, you know, it's this is a

394
00:18:51,800 --> 00:18:53,720
man. 
This is not new the the book. 

395
00:18:53,800 --> 00:18:56,600
I don't go in deeply into this 
'cause you know, the book's 

396
00:18:56,600 --> 00:18:58,840
about a lot of things, but I 
talk about how, you know, this 

397
00:18:58,840 --> 00:19:00,600
goes back, it's in the Bible, 
right? 

398
00:19:00,600 --> 00:19:03,000
I mean, you know, the Lord says 
you will use honest weights and 

399
00:19:03,000 --> 00:19:05,800
measures. 
I mean, so, you know, obviously 

400
00:19:05,800 --> 00:19:08,400
way back when somebody, when 
they were doing exchange and 

401
00:19:08,400 --> 00:19:10,480
they were, they were weighing 
things and, you know, say, OK, 

402
00:19:10,480 --> 00:19:13,120
I'll, I'll give you X amount of 
this for Y, I'm out of that. 

403
00:19:13,120 --> 00:19:14,720
And some people were saying, Oh 
yeah, look at this. 

404
00:19:15,080 --> 00:19:16,760
They, they were using dishonest 
weights. 

405
00:19:16,800 --> 00:19:18,800
You know, I'm saying, I gave you
the full weight, but they really

406
00:19:18,800 --> 00:19:20,920
didn't. 
And so, you know, this cheating 

407
00:19:20,920 --> 00:19:22,840
concept has been around for a 
long time. 

408
00:19:22,840 --> 00:19:26,360
It's as old as the hills. 
And it's just something that 

409
00:19:26,360 --> 00:19:28,400
government does. 
And, you know, we shouldn't 

410
00:19:28,400 --> 00:19:31,480
permit it. 
But sadly, we, you know, we 

411
00:19:31,480 --> 00:19:34,200
haven't had a collective group 
of people. 

412
00:19:34,600 --> 00:19:37,120
You know, there's just been a 
few lonely voices who understand

413
00:19:37,120 --> 00:19:38,800
this issue. 
I mean, Ron Paul has always been

414
00:19:38,800 --> 00:19:42,800
one of them, or recently Judy 
Shelton has been another one. 

415
00:19:43,160 --> 00:19:44,400
And there, you know, there are 
many others. 

416
00:19:44,400 --> 00:19:47,120
But my point is that, you know, 
we are very much in the, you 

417
00:19:47,120 --> 00:19:49,200
know, I've, I've made a lot of 
noise over the years, but we, 

418
00:19:49,240 --> 00:19:53,240
you know, we are very much in 
the minority of, of economic 

419
00:19:53,240 --> 00:19:57,400
thought because the Keynesian 
model, which empowers 

420
00:19:57,400 --> 00:20:01,520
governments is, is really been, 
you know, been dominant. 

421
00:20:01,600 --> 00:20:05,800
And, you know, it also empowers 
economists and makes them very 

422
00:20:05,800 --> 00:20:08,520
rich. 
You know, empowers. 

423
00:20:08,560 --> 00:20:10,600
I mean, you know, there's, I 
mean, there's a lot of data in 

424
00:20:10,600 --> 00:20:11,880
there. 
Most, most people listening will

425
00:20:11,880 --> 00:20:13,320
know this. 
But I mean, you know, it's 

426
00:20:13,320 --> 00:20:16,680
bothersome to me that Janet 
Yellen got paid $7,000,000 in 

427
00:20:16,680 --> 00:20:18,840
speaking fees from the financial
industry, right? 

428
00:20:19,040 --> 00:20:22,040
I mean. 
Including 800,000 plus from 

429
00:20:22,040 --> 00:20:24,600
Citadel. 
Well, you know, I got to tell 

430
00:20:24,600 --> 00:20:27,840
you, there's no, there's no free
market that would suggest to me 

431
00:20:27,840 --> 00:20:32,040
that Janet Yellen's wisdom for 
A1 or A2 hour speech is worth a 

432
00:20:32,040 --> 00:20:35,040
couple $100,000. 
I mean, that's to me just a, a 

433
00:20:35,600 --> 00:20:39,400
covert, a covert bribe where, 
you know, a big bank is paying 

434
00:20:39,400 --> 00:20:42,360
her to come speak, knowing that 
she's in a position of power to 

435
00:20:42,360 --> 00:20:46,160
regulate them or will be in the 
future or is influencing policy.

436
00:20:46,520 --> 00:20:48,880
And they want her to influence 
policy in a way that will 

437
00:20:48,920 --> 00:20:51,000
benefit them at the expense of 
everybody else. 

438
00:20:51,480 --> 00:20:53,000
That's exactly the way the 
system works. 

439
00:20:53,000 --> 00:20:56,400
And so, so there's a lot of 
immorality and corruption that 

440
00:20:56,400 --> 00:20:58,320
comes out of having this broken 
money. 

441
00:20:59,480 --> 00:21:01,440
And, you know, the people who 
control the money. 

442
00:21:01,440 --> 00:21:05,040
I mean, it's just it's patently 
absurd that we have 12 people 

443
00:21:05,040 --> 00:21:07,760
that can set the price of money.
I mean, the price of money is 

444
00:21:07,760 --> 00:21:12,280
the most important price in any 
economy because it drives 

445
00:21:12,440 --> 00:21:15,520
capital allocation decisions, 
which then drive the correct 

446
00:21:15,520 --> 00:21:19,280
productivity, you know, and 
outputs as a result of, you 

447
00:21:19,280 --> 00:21:21,000
know, you want to invest in the 
right things. 

448
00:21:21,000 --> 00:21:24,320
And so if you distort the price 
of money, you make 

449
00:21:24,320 --> 00:21:27,320
malinvestments and you're 
wasting money on things that 

450
00:21:27,320 --> 00:21:31,840
don't make any sense and and 
that that's a cost to society. 

451
00:21:32,160 --> 00:21:35,840
If we had not had all of the 
distortions that we've had, we 

452
00:21:35,840 --> 00:21:37,360
would all be living so much 
better. 

453
00:21:37,360 --> 00:21:40,480
If you look at if you look at 
all the technological innovation

454
00:21:40,480 --> 00:21:43,400
that's taken place in my 
lifetime and in your lifetime, I

455
00:21:43,400 --> 00:21:45,400
mean, we all should be working 
20 hours a week. 

456
00:21:45,440 --> 00:21:49,720
I mean, it's, it's unbelievable 
how, how much technology has 

457
00:21:49,720 --> 00:21:52,160
improved everyone's. 
And yet, because the money's 

458
00:21:52,160 --> 00:21:55,800
broken, we're all still working 
like slaves because, you know, 

459
00:21:55,800 --> 00:21:58,440
we're trying to keep, we're on 
this hamster mill, you know, 

460
00:21:58,440 --> 00:22:01,800
hamster track of trying to stay 
ahead of inflation, which is 

461
00:22:01,800 --> 00:22:04,920
always eating us, eating us up. 
It's a real problem. 

462
00:22:05,000 --> 00:22:07,960
And, and everyone feels it, you 
know, from the top to the bottom

463
00:22:07,960 --> 00:22:10,200
that the one difference though, 
that I'll point out and you and 

464
00:22:10,200 --> 00:22:13,640
I discussed before the show is 
the people at the top, you know,

465
00:22:14,080 --> 00:22:16,200
know the game, they understand 
what's coming. 

466
00:22:16,200 --> 00:22:19,000
They understand how to play it 
and they can make inflation work

467
00:22:19,000 --> 00:22:20,600
for them. 
I mean, they actually can get, 

468
00:22:20,600 --> 00:22:23,600
you know, inflation, you know, 
the, the working person or the 

469
00:22:23,600 --> 00:22:26,360
average citizen has, has trouble
with inflation. 

470
00:22:26,360 --> 00:22:29,040
Their, their salary is fixed and
things cost more. 

471
00:22:29,040 --> 00:22:32,480
Their lifestyle gets worse, you 
know, people at the top, they 

472
00:22:32,480 --> 00:22:35,120
can actually root for inflation 
because they can borrow cheap 

473
00:22:35,520 --> 00:22:38,360
and, and the inflation pushes up
the value of their assets. 

474
00:22:38,360 --> 00:22:41,480
And that's why the wealth 
inequality is, is as it is. 

475
00:22:41,480 --> 00:22:43,240
I mean, that's the whole 
contillion effect. 

476
00:22:43,240 --> 00:22:47,960
So it's, it's a bad, bad scene 
and, and you know it, it, but 

477
00:22:47,960 --> 00:22:51,000
the, I mean, you know, so I hate
to sit here and complain about 

478
00:22:51,000 --> 00:22:52,480
it though, because again, I 
mean, I think this is going to 

479
00:22:52,480 --> 00:22:54,480
come out on Christmas. 
I want to be, I want to be 

480
00:22:54,480 --> 00:22:57,000
positive. 
I mean, the good, good scene is 

481
00:22:57,000 --> 00:22:59,680
that man, they're losing and 
we're winning and, and 

482
00:22:59,680 --> 00:23:02,520
everyone's figuring this out. 
And that's the point of this 

483
00:23:02,520 --> 00:23:04,200
book. 
I mean, I want an orange pill. 

484
00:23:04,200 --> 00:23:06,840
We got 330 million Americans out
there. 

485
00:23:07,200 --> 00:23:09,000
You know, how many people are 
there in the Federal Reserve, 

486
00:23:09,000 --> 00:23:12,040
like 50 that make the decisions?
Well, you know, we, I mean, we, 

487
00:23:12,040 --> 00:23:14,240
we outnumber these folks. 
And, and if we make enough 

488
00:23:14,240 --> 00:23:17,800
noise, we can fix this stuff. 
And, and, and even, and even if 

489
00:23:17,800 --> 00:23:20,720
we don't make enough noise, you 
know, intrinsically, even in the

490
00:23:20,720 --> 00:23:23,560
marketplace, it's, it's arguable
that Bitcoin alone is going to 

491
00:23:23,560 --> 00:23:25,920
fix this stuff. 
Because, you know, if Bitcoin 

492
00:23:25,920 --> 00:23:28,400
continues to go up in value, 
it's just going to stack all the

493
00:23:28,400 --> 00:23:31,040
value out of the Fiat. 
The Fiat people aren't going to 

494
00:23:31,040 --> 00:23:32,640
have power anymore and the 
Bitcoin is going to have a lot 

495
00:23:32,640 --> 00:23:34,360
of power. 
And I got to tell you, I would 

496
00:23:34,360 --> 00:23:36,360
much rather have Bitcoiners 
running this country than have 

497
00:23:36,360 --> 00:23:38,840
all the Fiat Lords running this 
country, you know? 

498
00:23:38,840 --> 00:23:42,480
One of the one of the things and
I and I completely agree, Larry,

499
00:23:42,480 --> 00:23:44,680
and it's interesting. 
One of the things about Bitcoin 

500
00:23:44,680 --> 00:23:48,840
is that like the, it's even if 
you live within the United 

501
00:23:48,840 --> 00:23:51,800
States and you, you know, you 
have the traditional like, you 

502
00:23:51,800 --> 00:23:54,560
know, the, the, it's protect, 
it's like this orange force 

503
00:23:54,560 --> 00:23:57,400
field that's protecting you 
against all these things that 

504
00:23:57,400 --> 00:24:00,160
are happening on in in the 
sidelines. 

505
00:24:00,160 --> 00:24:02,840
But there's this very powerful 
thing that you said in the book.

506
00:24:03,120 --> 00:24:05,480
I'm not gonna directly quote it.
I'm gonna put it in my own word 

507
00:24:05,480 --> 00:24:08,240
so that everyone's surprised 
when they initially read it. 

508
00:24:08,240 --> 00:24:11,840
But you basically make the case 
that, you know, America's broken

509
00:24:12,000 --> 00:24:19,320
and that there, but there is an 
honest and integral group of 

510
00:24:19,320 --> 00:24:24,240
people within the country that 
you expect are going to say, you

511
00:24:24,240 --> 00:24:28,000
know, enough is enough and 
they're going to make things 

512
00:24:28,000 --> 00:24:30,920
right. 
So I, I, I read that and it, it 

513
00:24:30,920 --> 00:24:34,520
reminded me of something that 
you told me that many years ago 

514
00:24:34,520 --> 00:24:37,600
when, you know, I was still in 
my, I was in my, my late 20s. 

515
00:24:38,040 --> 00:24:41,840
I don't know how you agreed to 
come on my podcast, but you 

516
00:24:41,840 --> 00:24:44,840
know, you told me and you said, 
you know, Nico, your generation 

517
00:24:44,840 --> 00:24:49,440
is is is is the is the hero 
generation, which comes from the

518
00:24:49,560 --> 00:24:53,080
4th turning kind of theory and 
and stuff like that. 

519
00:24:53,360 --> 00:24:56,760
And you know, the way that I see
Larry, and you were talking 

520
00:24:56,760 --> 00:25:00,880
about it like earlier on in on 
the in the show, which was, you 

521
00:25:00,880 --> 00:25:04,560
know, we're the millennials and 
the Gen. 

522
00:25:04,560 --> 00:25:07,480
Z ers. 
This is like the first 

523
00:25:07,480 --> 00:25:11,080
generations with all the 
productivity increases, all the 

524
00:25:11,080 --> 00:25:15,800
technological increases, where 
our quality of life is lower 

525
00:25:15,800 --> 00:25:18,520
than our parents. 
You know, the well, the, the, 

526
00:25:18,560 --> 00:25:21,000
the world has gotten wealthier. 
The world has got it. 

527
00:25:21,000 --> 00:25:24,600
And you know you have the same 
phone as a billionaire, right? 

528
00:25:24,760 --> 00:25:27,640
Yeah, no, that's the Boomers 
have been incredibly greedy, you

529
00:25:27,640 --> 00:25:29,960
know, and incredibly 
irresponsible with respect to 

530
00:25:29,960 --> 00:25:32,160
your generation. 
I see it, I see it in my own 

531
00:25:32,160 --> 00:25:33,760
kids. 
I have 3 kids, all in their 

532
00:25:33,760 --> 00:25:35,600
20's. 
The oldest is 29, the youngest 

533
00:25:35,600 --> 00:25:38,800
is 23. 
And yeah, they, you know, 

534
00:25:38,800 --> 00:25:39,840
they're, and they're all doing 
fine. 

535
00:25:39,840 --> 00:25:42,200
They all have good jobs, they're
smart, they're going to be very 

536
00:25:42,200 --> 00:25:44,440
successful. 
And yet they come to me and they

537
00:25:44,440 --> 00:25:46,840
say, Dad, I, you have to be out 
to me buying a house, you know, 

538
00:25:46,840 --> 00:25:50,400
given what I make and what I can
save and what houses cost. 

539
00:25:50,400 --> 00:25:54,200
I mean, it's like it's like 0, 
you know, and, and they just, 

540
00:25:54,200 --> 00:25:56,160
they, they have no idea how 
they're ever going to quote, UN 

541
00:25:56,160 --> 00:25:59,440
quote, get ahead in the world 
because of the way the system is

542
00:25:59,440 --> 00:26:03,480
set up. 
And but you know, what needs to 

543
00:26:03,480 --> 00:26:06,240
happen is Fiat needs to get Mark
to market. 

544
00:26:06,240 --> 00:26:08,480
I mean, all the boomers grabbed 
all the Fiat. 

545
00:26:08,880 --> 00:26:12,120
Well, the fiat's worthless. 
The boomers don't know that yet,

546
00:26:12,120 --> 00:26:15,840
but we're going to find out. 
So, So what what? 

547
00:26:15,840 --> 00:26:17,920
So who do you mean by who? 
Who? 

548
00:26:17,920 --> 00:26:21,080
What is this group of people 
that is going to rise up, Larry?

549
00:26:21,080 --> 00:26:24,000
Is this is this going to be very
similar to what happened with 

550
00:26:24,200 --> 00:26:27,360
social media and the legacy 
media where, you know, we saw 

551
00:26:27,360 --> 00:26:31,680
this slow transition from we all
believed what they're I mean, 

552
00:26:31,680 --> 00:26:34,280
some of us, not all of us 
believed what they were saying, 

553
00:26:34,520 --> 00:26:38,880
you know, really like since the 
election of Trump in 2016. 

554
00:26:38,880 --> 00:26:42,960
And then slowly but surely 
you're at you, you start saying 

555
00:26:42,960 --> 00:26:47,160
things and you're like, wait a 
second, like, is that guy on TV 

556
00:26:47,160 --> 00:26:49,160
really telling me like, you 
know, like it is? 

557
00:26:49,160 --> 00:26:51,400
And then slowly but surely 
people start to wake up and the 

558
00:26:51,400 --> 00:26:53,960
pandemic exacerbated things, 
right? 

559
00:26:54,240 --> 00:26:57,640
I think they really got a lot of
things wrong, right? 

560
00:26:57,920 --> 00:27:00,600
And a lot of people woke up and 
then eventually, before you know

561
00:27:00,600 --> 00:27:05,080
it, and I think it happened this
year, there was a, there was the

562
00:27:05,080 --> 00:27:08,320
majority of people are actually 
critically thinking because 

563
00:27:08,320 --> 00:27:11,440
they're doing their own research
by following the people they 

564
00:27:11,440 --> 00:27:14,200
want to follow on X. 
And I think it's a combination 

565
00:27:14,200 --> 00:27:18,480
of people are sick and tired of 
being lied to, so they seek 

566
00:27:18,480 --> 00:27:21,920
alternative information sources,
whether that's Joe Rogan, 

567
00:27:22,080 --> 00:27:26,120
Russell Brand, Tucker Carlson, 
or following your favorite 

568
00:27:26,120 --> 00:27:27,960
accounts on. 
On X. 

569
00:27:29,000 --> 00:27:30,520
Simply a coin. 
Exactly right. 

570
00:27:30,520 --> 00:27:34,520
Sorry I go for my information 
so. 

571
00:27:35,240 --> 00:27:37,040
The Who? 
Who is this group of people? 

572
00:27:37,040 --> 00:27:39,920
Like who is this group of people
that's going to rise up and say 

573
00:27:39,920 --> 00:27:42,000
enough is enough? 
Well, I think it's your 

574
00:27:42,000 --> 00:27:46,280
generation and I think it's 
anybody who is been mistreated 

575
00:27:46,280 --> 00:27:49,200
by the system. 
And that's where you know, 

576
00:27:49,200 --> 00:27:50,920
hopefully you know that. 
And that's where we've got to 

577
00:27:50,920 --> 00:27:54,640
open up their eyes to it and, 
and offer them hope and, you 

578
00:27:54,640 --> 00:27:56,680
know, offer them the positivity.
I mean, you said something 

579
00:27:56,680 --> 00:27:59,200
earlier that really resonated 
with me, which is, you know, 

580
00:27:59,200 --> 00:28:01,160
when you're in Bitcoin, it's 
like you have this orange force 

581
00:28:01,160 --> 00:28:03,120
field around you. 
I mean, I can't tell you how 

582
00:28:03,120 --> 00:28:05,880
peaceful and happy I've been 
since I've gotten fully into 

583
00:28:05,880 --> 00:28:09,120
Bitcoin because, you know, I was
kind of fighting this battle on 

584
00:28:09,120 --> 00:28:10,480
this. 
I've been fighting the battle on

585
00:28:10,480 --> 00:28:12,600
sound money for quite some time.
And I was fighting it with a 

586
00:28:12,600 --> 00:28:15,000
golden shield, which didn't 
really work. 

587
00:28:15,920 --> 00:28:18,560
And because they figured out how
to manipulate gold and 

588
00:28:18,560 --> 00:28:20,280
centralized all the things we 
know are wrong with it. 

589
00:28:20,760 --> 00:28:23,360
And suddenly all along, you 
know, here comes safe and he 

590
00:28:23,360 --> 00:28:24,960
writes his book. 
And then I got a bunch of guys 

591
00:28:24,960 --> 00:28:28,520
like you quoting Von Mises and, 
you know, it's like, holy crap, 

592
00:28:28,560 --> 00:28:31,440
you know, we got an army now 
that's that's going to that's 

593
00:28:31,440 --> 00:28:33,880
going to come out here and, and 
fight to make this world a 

594
00:28:33,880 --> 00:28:36,160
better place. 
And look, you guys have the most

595
00:28:36,160 --> 00:28:37,960
at stake. 
I mean, I'm at the other end of,

596
00:28:38,040 --> 00:28:40,560
you know, the generational 
spectrum where, you know, I can 

597
00:28:40,560 --> 00:28:42,600
see the end point. 
You got a whole life in front of

598
00:28:42,600 --> 00:28:44,080
you. 
So you want to get it right and 

599
00:28:44,080 --> 00:28:45,600
you want the world to be a good 
place. 

600
00:28:45,600 --> 00:28:49,920
And and you know, The thing is 
good ideas spread naturally. 

601
00:28:49,960 --> 00:28:52,680
I mean, people, you know, a lot 
of people do the wrong things 

602
00:28:52,680 --> 00:28:54,400
and there are a lot of things 
that are bad and there are a lot

603
00:28:54,400 --> 00:28:57,600
of times that are bad. 
But, you know, if you study 

604
00:28:57,600 --> 00:29:00,400
history carefully, you read it 
carefully, I mean, there's been,

605
00:29:00,400 --> 00:29:03,800
you know, the history we the 
human race marches forward. 

606
00:29:03,800 --> 00:29:06,600
We really do. 
You know, we get more, I think 

607
00:29:06,600 --> 00:29:09,920
we get more ethical. 
I think we get more intelligent.

608
00:29:09,920 --> 00:29:12,680
I think we've got more 
technology, we get more tools, 

609
00:29:12,920 --> 00:29:15,760
we get more efficient. 
I mean, you know, and, and 

610
00:29:15,800 --> 00:29:19,080
things that, you know, I mean, 
even even today, you know, there

611
00:29:19,080 --> 00:29:21,280
are things that we enjoy that 
our grandparents are great 

612
00:29:21,280 --> 00:29:22,880
grandparents couldn't have even 
imagined. 

613
00:29:22,880 --> 00:29:25,440
I mean, I can hop on an airplane
and be halfway around the world 

614
00:29:25,440 --> 00:29:28,000
in 12 hours. 
I mean, you know, that that's, 

615
00:29:28,000 --> 00:29:30,200
that was just unimaginable to my
grandparents, right? 

616
00:29:30,240 --> 00:29:33,760
I mean, and, and so, and 
certainly to their parents, it 

617
00:29:33,760 --> 00:29:35,720
was completely unimaginable. 
They would have to take a 

618
00:29:35,720 --> 00:29:39,840
steamship for three weeks. 
So you know, the, the, the 

619
00:29:39,840 --> 00:29:44,000
trends are in the right 
direction and, and you know, 

620
00:29:44,000 --> 00:29:45,920
really all, you know, all we 
have to do. 

621
00:29:45,920 --> 00:29:47,880
And I think the reason you do 
the podcast, the reason I'm 

622
00:29:47,880 --> 00:29:50,600
writing the book, the reason the
Bitcoiners that do it make a lot

623
00:29:50,600 --> 00:29:53,560
of noise, is we just want to 
accelerate the trend. 

624
00:29:54,160 --> 00:29:57,680
And in my view, I want to have a
legacy of having fought for what

625
00:29:57,680 --> 00:29:59,440
I think was the right side of 
things. 

626
00:29:59,440 --> 00:30:03,800
I mean, I, you know, like as an 
example, when America separated 

627
00:30:03,800 --> 00:30:06,800
from Britain, a fourth turning 
2, fourth turnings ago because 

628
00:30:07,240 --> 00:30:09,280
like, yeah, three 4th turnings 
ago because there was actually 

629
00:30:09,280 --> 00:30:11,280
4th turning World War 2. 
Then there was a civil war. 

630
00:30:11,680 --> 00:30:14,160
The third one was, you know, 
there were a third of the 

631
00:30:14,160 --> 00:30:15,560
country. 
They were actually loyalists. 

632
00:30:15,560 --> 00:30:17,760
They were like, no, no, no, we 
want to stick with the crown. 

633
00:30:18,360 --> 00:30:20,280
You know, a third were like, no,
no, that's bullshit. 

634
00:30:20,320 --> 00:30:21,760
I mean, these people would tell 
us what to do. 

635
00:30:22,120 --> 00:30:23,960
They're taxing us. 
They're living in their houses, 

636
00:30:23,960 --> 00:30:26,200
you know, they make us Garrison 
these soldiers, you know, F 

637
00:30:26,200 --> 00:30:31,400
that, you know, tell them to to 
pound sand, you know, you know, 

638
00:30:31,760 --> 00:30:33,960
you have to decide you're if you
and then a third didn't really 

639
00:30:33,960 --> 00:30:35,760
know what they wanted to do. 
They were just kind of living on

640
00:30:35,760 --> 00:30:37,560
their farms, not paying 
attention, from what I 

641
00:30:37,560 --> 00:30:39,760
understand. 
And you know, it's kind of like 

642
00:30:39,760 --> 00:30:41,480
you had to stand up and decide, 
well, what am I going to fight 

643
00:30:41,480 --> 00:30:42,560
for? 
Do I want to, you know, do I 

644
00:30:42,560 --> 00:30:44,800
want to fight for, you know, 
self government or do I want to 

645
00:30:44,800 --> 00:30:48,280
live under this crowd? 
And, you know, I mean, I, there 

646
00:30:48,280 --> 00:30:51,120
are people who believe in the 
state, believe in the federal 

647
00:30:51,120 --> 00:30:53,840
government, believe in, you 
know, Fiat money and, and 

648
00:30:53,840 --> 00:30:55,680
benefit from that system. 
And that's fine. 

649
00:30:55,680 --> 00:30:59,200
They're entitled to do that. 
But, you know, the outcomes that

650
00:30:59,200 --> 00:31:01,800
they're producing aren't very 
good, are they, for most people.

651
00:31:02,280 --> 00:31:05,320
And in fact, they're they're 
quite bad. 

652
00:31:05,440 --> 00:31:08,200
You know, if you, and if you dig
down a little bit below the 

653
00:31:08,200 --> 00:31:11,920
level of those of us who are 
doing OK, you know, my sister 

654
00:31:11,920 --> 00:31:13,760
lives in a rural community in 
Utah. 

655
00:31:14,880 --> 00:31:16,680
You know, she tells me some 
stories that are just 

656
00:31:16,680 --> 00:31:18,920
heartbreaking in terms of how 
hard it is for the average 

657
00:31:18,920 --> 00:31:22,480
person. 
So, you know that, that to me 

658
00:31:22,480 --> 00:31:26,640
means that, you know, it's, it's
incumbent upon those of us who 

659
00:31:26,640 --> 00:31:31,280
are aware to try and push for a 
better, a better world, you 

660
00:31:31,280 --> 00:31:33,520
know, better system, fairer 
system. 

661
00:31:34,320 --> 00:31:37,360
And, and, and then to help those
that we, we know and care about,

662
00:31:37,400 --> 00:31:40,560
you know, in terms of telling 
the story of Bitcoin and telling

663
00:31:40,560 --> 00:31:42,640
why, you know, helping them to 
protect themselves. 

664
00:31:42,640 --> 00:31:46,040
I mean, you know, I, I, I have 
stories of investors that I've 

665
00:31:46,080 --> 00:31:49,320
orange peeled who, you know, are
now very thankful that, you 

666
00:31:49,320 --> 00:31:51,760
know, they bought it at 10,000 
when I was pounding the table, 

667
00:31:51,760 --> 00:31:55,360
you know what I mean? 
So, and that's satisfying. 

668
00:31:55,600 --> 00:31:58,160
And, and by the way, that's not,
it's, that's not over yet. 

669
00:31:58,160 --> 00:32:00,720
I mean, it's, you know, when 
it's $1,000,000, people are 

670
00:32:00,720 --> 00:32:03,240
going to say, holy crap, you're 
buying it at, at 100,000. 

671
00:32:03,600 --> 00:32:05,520
Oh my God, you're, so you have a
whole coin. 

672
00:32:05,720 --> 00:32:09,120
Oh my God, nobody I know has a 
whole coin, you know, so, so 

673
00:32:09,120 --> 00:32:11,040
right. 
I mean, it's just it, it's all, 

674
00:32:11,360 --> 00:32:13,520
you know, it it, I really do 
believe Sailor's right. 

675
00:32:13,520 --> 00:32:17,520
It is going up forever, Laura. 
So absolutely. 

676
00:32:17,880 --> 00:32:19,760
Well, you just kind of got to 
get you just kind of got to get 

677
00:32:19,760 --> 00:32:21,080
in there. 
I mean, I was counselling one of

678
00:32:21,080 --> 00:32:23,160
my investors the other day. 
It's like, well, you know, I, I 

679
00:32:23,160 --> 00:32:24,640
put an X amount, it has a big 
number. 

680
00:32:25,000 --> 00:32:27,040
He said maybe I hold the rest 
back and tell us it goes down. 

681
00:32:27,040 --> 00:32:28,160
I said, you know, I wouldn't do 
that. 

682
00:32:28,200 --> 00:32:32,240
I would just buy it, you know, 
because I you may not go back 

683
00:32:32,240 --> 00:32:35,080
down and if you're time unless 
you need it in the next six 

684
00:32:35,080 --> 00:32:38,080
months or year or even you know,
or two years really, you know, 

685
00:32:38,520 --> 00:32:39,960
you know, it'll be higher in 10 
years. 

686
00:32:39,960 --> 00:32:43,520
So just buy it. 
You know, that's kind of how I 

687
00:32:43,520 --> 00:32:46,040
see it. 
It's, it's the, it's the final 

688
00:32:46,040 --> 00:32:49,080
trade. 
One of the, one of the things 

689
00:32:49,080 --> 00:32:54,680
Larry, that you talked about in 
your book is a kind of Keynesian

690
00:32:54,680 --> 00:32:57,800
economics, right? 
And of course, as Bitcoiners, 

691
00:32:57,840 --> 00:33:00,920
you know, we were big fans of 
the Austrian School. 

692
00:33:00,920 --> 00:33:04,040
And, you know, for the first 
time in world history, we what 

693
00:33:04,040 --> 00:33:08,560
we saw in Argentina was we saw, 
you know, an Austrian economist 

694
00:33:08,840 --> 00:33:10,760
elected, He won, he won the 
election. 

695
00:33:11,040 --> 00:33:15,680
And within less than a year, you
know, inflation was under 

696
00:33:15,680 --> 00:33:18,280
control. 
You know, he's talking about 

697
00:33:18,280 --> 00:33:22,720
lowering the tax rate to 10%. 
Like everything that they, that 

698
00:33:22,720 --> 00:33:26,680
the, the, the, the mainstream 
economist said was impossible 

699
00:33:27,760 --> 00:33:29,760
happened in a very short period 
of time. 

700
00:33:29,760 --> 00:33:33,320
And it actually reminded me it, 
it, this part, this phrase in 

701
00:33:33,320 --> 00:33:34,520
your book. 
I'm not going to read the entire

702
00:33:34,520 --> 00:33:36,360
thing 'cause you guys have to go
out and buy the book. 

703
00:33:36,680 --> 00:33:40,400
But it reminded me of this 
phrase where you said the 

704
00:33:40,400 --> 00:33:44,560
Austrian school isn't ignored 
because it's wrong, is It's 

705
00:33:44,560 --> 00:33:48,360
ignored because it's dangerous. 
It's dangerous to the Fed's 

706
00:33:48,360 --> 00:33:49,600
power. 
I'm gonna end it there. 

707
00:33:49,600 --> 00:33:52,120
You guys are gonna have to buy 
the book to read the rest. 

708
00:33:52,280 --> 00:33:54,360
But what do you mean by that? 
Could you elaborate? 

709
00:33:55,200 --> 00:33:58,720
So the, so the, so the really 
the, the Keynesian economics 

710
00:33:58,720 --> 00:34:01,760
school and the Federal Reserve 
and the federal government, I 

711
00:34:01,760 --> 00:34:04,320
mean, they're all, they're all 
thick as thieves. 

712
00:34:04,320 --> 00:34:06,400
I mean, they're all, they're all
in the same, you know, in the 

713
00:34:06,400 --> 00:34:09,040
same camp. 
And so, you know, if, if you're 

714
00:34:09,040 --> 00:34:11,880
a Fed economist, you get paid, 
you know, you get paid by the 

715
00:34:11,880 --> 00:34:14,560
Fed, you get big consulting 
contracts and gigs. 

716
00:34:15,000 --> 00:34:18,920
You know, you're, you're part of
quote UN quote, the system and 

717
00:34:18,920 --> 00:34:21,159
you know, you, you get rich 
appointments afterwards. 

718
00:34:21,159 --> 00:34:24,719
You can, you know, you sit on 
board seats, etcetera, etcetera.

719
00:34:24,719 --> 00:34:26,560
I mean, Larry Summers, who was 
the president of Harvard 

720
00:34:26,560 --> 00:34:29,639
University as a economics 
professor there, you know, he 

721
00:34:29,639 --> 00:34:33,159
made $20 million in consulting 
fees consulting to Wall Street, 

722
00:34:33,520 --> 00:34:36,600
you know, when he was secretary 
of the Treasury, I mean, before 

723
00:34:36,600 --> 00:34:38,199
he was or after he was secretary
of the Treasury. 

724
00:34:38,199 --> 00:34:42,000
So I mean, the, the point is 
that there's a, there's a kind 

725
00:34:42,000 --> 00:34:45,400
of a, a system of bribes and 
corruption, you know, I mean, 

726
00:34:45,400 --> 00:34:48,120
how do these people go to 
Congress making 200 grand a year

727
00:34:48,120 --> 00:34:50,320
and end up worth millions? 
You know, I mean, it's, it's 

728
00:34:50,320 --> 00:34:54,000
because they get things from 
other parties that are self 

729
00:34:54,000 --> 00:34:58,320
interested and pay them to bend 
the policies and the rules in 

730
00:34:58,320 --> 00:35:01,120
their favor. 
And so, you know, the Fed has 

731
00:35:01,120 --> 00:35:05,120
just totally dominated the 
economics discussion and they've

732
00:35:05,120 --> 00:35:08,280
tried to make anyone, I mean, 
the Austrian model perfectly 

733
00:35:08,280 --> 00:35:10,600
explains and predicts what's 
happened to our economy since 

734
00:35:10,600 --> 00:35:13,080
the founding of this country. 
And the book takes you through 

735
00:35:13,080 --> 00:35:14,560
that. 
If you're willing to wade 

736
00:35:14,560 --> 00:35:16,560
through, there are two chapters 
that I've, some people have told

737
00:35:16,560 --> 00:35:19,320
me they're kind of they're rough
sledding because I really dig 

738
00:35:19,320 --> 00:35:21,320
into the history. 
I started 1789. 

739
00:35:21,320 --> 00:35:23,480
I take you through all the 
financial developments up to the

740
00:35:23,480 --> 00:35:26,520
present day. 
And if you look at it, you know,

741
00:35:26,520 --> 00:35:29,480
the, the, the, the Austrian 
model could have predicted it 

742
00:35:29,480 --> 00:35:32,920
and explains all of it. 
And the Keynesian model is wrong

743
00:35:32,920 --> 00:35:36,040
and doesn't predict any of it 
and doesn't explain all of it or

744
00:35:36,040 --> 00:35:38,000
any of it. 
And, and it's, it's kind of, 

745
00:35:38,000 --> 00:35:40,160
it's almost laughable how bad 
they are. 

746
00:35:40,480 --> 00:35:42,880
And I've got tons and tons of 
examples in the book. 

747
00:35:42,960 --> 00:35:46,680
And, and yet they, they, you 
know, they continue in power. 

748
00:35:47,080 --> 00:35:49,320
And the reason they do is 
because the government supports 

749
00:35:49,320 --> 00:35:52,320
them, because that Keynesian 
model allows the government to 

750
00:35:52,320 --> 00:35:56,440
overspend and, and, and have the
goodies to hand out so that when

751
00:35:56,440 --> 00:35:59,040
you go in as a representative 
making couple 100 grand a year, 

752
00:35:59,040 --> 00:36:02,080
you end up worth millions. 
And so it's just a big corrupt. 

753
00:36:02,080 --> 00:36:04,760
It's like, it's like we're 
dealing with the mob, you know, 

754
00:36:05,400 --> 00:36:06,560
except it's called the 
government. 

755
00:36:07,600 --> 00:36:10,720
And, and, and you know what? 
We, we, you know, we don't have 

756
00:36:10,720 --> 00:36:12,720
to put up with it. 
We just don't have to put up 

757
00:36:12,720 --> 00:36:15,320
with it. 
But we can't be stupid about 

758
00:36:15,320 --> 00:36:18,880
this because, you know, I mean, 
the mob promises certain people 

759
00:36:18,880 --> 00:36:20,960
certain things and that buys a 
vote. 

760
00:36:20,960 --> 00:36:24,080
And the vote might be, you know,
that, that, you know, it's 

761
00:36:24,080 --> 00:36:26,720
amazing how little people can 
get bought off with, right? 

762
00:36:26,720 --> 00:36:29,680
I mean, it's OK, send me a $2000
STEMI check and I'll vote for 

763
00:36:29,680 --> 00:36:31,480
you. 
Meanwhile, you know, out the 

764
00:36:31,480 --> 00:36:34,680
back door they're robbing you. 
But you know, many, many times 

765
00:36:34,680 --> 00:36:38,320
that $2000 in terms of inflation
and other stuff, and yet you'll 

766
00:36:38,320 --> 00:36:40,760
be bought off by that check. 
It's ridiculous, right? 

767
00:36:41,480 --> 00:36:44,840
Absolutely. 
People need to understand what's

768
00:36:44,840 --> 00:36:47,080
really happening. 
That's the problem. 

769
00:36:47,080 --> 00:36:50,320
I think that that the average 
person, I mean, you know, I 

770
00:36:50,320 --> 00:36:51,400
mean, just, I don't know, take 
an average. 

771
00:36:51,400 --> 00:36:52,480
I mean, I, I have my teeth 
cleaned. 

772
00:36:52,840 --> 00:36:54,960
Take, take my dental hygienist, 
right? 

773
00:36:55,280 --> 00:36:56,840
I mean, she, you know, she does 
fine. 

774
00:36:57,120 --> 00:36:58,920
She's really good at cleaning 
teeth, right? 

775
00:36:59,360 --> 00:37:02,120
She doesn't, I mean she does. 
She was bitching about how every

776
00:37:02,240 --> 00:37:03,680
everything is very, very 
expensive. 

777
00:37:03,680 --> 00:37:05,320
I get it. 
I could completely relate. 

778
00:37:05,320 --> 00:37:08,080
I tried the orange pillar. 
But the point is, you know, she,

779
00:37:08,080 --> 00:37:12,360
she her view was she didn't, she
just she doesn't think about 

780
00:37:12,360 --> 00:37:14,080
these things. 
I mean, this just isn't, it's 

781
00:37:14,080 --> 00:37:16,720
not her area of expertise. 
She's not interested in it. 

782
00:37:16,720 --> 00:37:19,640
She's interested in her kids and
her family and, you know, she, 

783
00:37:19,720 --> 00:37:22,160
she goes to work and she does 
her job and she comes home, but 

784
00:37:22,520 --> 00:37:24,480
she knows her groceries cost 
more and she doesn't know why. 

785
00:37:24,960 --> 00:37:27,720
And, and so maybe she turns on 
the TV and somebody, you know, 

786
00:37:27,720 --> 00:37:29,480
Bernie Sanders says it's greed 
corporations. 

787
00:37:29,480 --> 00:37:32,360
Well, no, I mean, that's not 
really what it is. 

788
00:37:32,360 --> 00:37:35,440
There's a there's a bigger issue
And and it's a little complex 

789
00:37:35,440 --> 00:37:37,520
because these people who've done
this to us, they're 

790
00:37:37,520 --> 00:37:39,560
sophisticated. 
You know, they wear nice 

791
00:37:39,560 --> 00:37:41,120
clothes. 
They I was just watching Jay 

792
00:37:41,120 --> 00:37:44,360
Paul this afternoon, you know, 
and you know, I mean, if if you 

793
00:37:44,360 --> 00:37:47,040
didn't know better, he would 
think, gosh, look at this 

794
00:37:47,040 --> 00:37:49,600
thoughtful, intelligent man 
describing to me what he's doing

795
00:37:49,600 --> 00:37:51,560
with monetary policy. 
That makes a ton of sense. 

796
00:37:51,560 --> 00:37:54,480
OK, That's what if if I were a 
dental Igenis looking at it, I 

797
00:37:54,720 --> 00:37:56,920
that's the image that he would 
be projecting, right? 

798
00:37:57,400 --> 00:38:00,000
If you're Larry looking at that,
you're going you're a fucking 

799
00:38:00,120 --> 00:38:02,080
idiot. 
You know, you don't know what 

800
00:38:02,080 --> 00:38:05,240
you're doing. 
I mean, you've lied to us here 

801
00:38:05,240 --> 00:38:07,120
and you've lied to us for years 
and we know it. 

802
00:38:08,120 --> 00:38:11,720
So you know it. 
It's but but I know that because

803
00:38:11,720 --> 00:38:14,040
I understand where the bones are
buried and because I've been 

804
00:38:14,040 --> 00:38:16,240
watching the system and studying
it for years. 

805
00:38:16,240 --> 00:38:20,000
And so I'm trying to give that 
knowledge to that dental 

806
00:38:20,000 --> 00:38:24,480
hygienist so that she will say 
the next time some sound money 

807
00:38:24,480 --> 00:38:27,680
candidate comes around and says,
you know, we need to cut, we 

808
00:38:27,680 --> 00:38:29,720
need to shut down the Federal 
Reserve because we do. 

809
00:38:30,520 --> 00:38:33,240
I'm going to vote for that 
person because I think the 

810
00:38:33,240 --> 00:38:36,360
Federal Reserve is causing a lot
of my problems, you know, and, 

811
00:38:36,360 --> 00:38:38,440
and I, I think the odds, I mean,
the number of people in the 

812
00:38:38,440 --> 00:38:40,400
United States who understand 
that today, it's very low, 

813
00:38:40,400 --> 00:38:43,440
sadly. 
But if they, if they, if they 

814
00:38:43,440 --> 00:38:46,560
read my book, if they, if they 
just critically read my book and

815
00:38:46,560 --> 00:38:48,960
think about it, I think they're 
going to come to the conclusion 

816
00:38:48,960 --> 00:38:52,400
which I've come to, which is, Oh
my God, this thing is horrible. 

817
00:38:52,760 --> 00:38:56,200
I mean, this, this is causing 
enormous pain for, for millions 

818
00:38:56,200 --> 00:38:59,400
of people and has for years. 
And we're ignoring it. 

819
00:38:59,560 --> 00:39:01,760
You know, we got to fix this, 
right? 

820
00:39:01,800 --> 00:39:04,320
Absolutely. 
I mean, Ron Paul tried to do it 

821
00:39:04,320 --> 00:39:05,920
and he got, he got a little bit 
of momentum. 

822
00:39:05,920 --> 00:39:08,720
But but I, I'm, I'm talking 
about real momentum. 

823
00:39:08,720 --> 00:39:11,560
I mean, I'm talking about a 
national organization to end the

824
00:39:11,560 --> 00:39:14,280
Fed, you know, which, which by 
the way, I'd be happy to be 

825
00:39:14,280 --> 00:39:18,520
president of, you know, I'm 
seriously, I mean, I'm, I'm 

826
00:39:18,520 --> 00:39:22,680
talking about a real movement to
return to sound money. 

827
00:39:22,680 --> 00:39:25,040
I mean, you know, a crusade, so 
to speak. 

828
00:39:25,520 --> 00:39:27,720
I, I think we're, I think we'll 
get there, Larry. 

829
00:39:27,720 --> 00:39:30,360
And, and you know, as, as 
bitcoiners become more 

830
00:39:30,360 --> 00:39:33,560
influential this year, we became
part of the donor class, right? 

831
00:39:34,160 --> 00:39:37,640
As, as we know, Washington is 
run by the donors, right? 

832
00:39:38,000 --> 00:39:39,520
We became part of the donor 
class. 

833
00:39:39,880 --> 00:39:43,880
As we get wealthier, I think 
we're gonna have more and more 

834
00:39:43,880 --> 00:39:46,920
influence on American politics. 
And I and I tweaked this out 

835
00:39:47,080 --> 00:39:51,560
semi jokingly, but semi serious.
And I said, look, the job's not 

836
00:39:51,560 --> 00:39:55,280
over until the Bitcoin flag is 
on top of the Federal Reserve, 

837
00:39:55,280 --> 00:39:58,440
right? 
And we turn it into a museum for

838
00:39:58,440 --> 00:40:01,960
crimes against humanity. 
But you know, we're, we're 

839
00:40:01,960 --> 00:40:05,120
talking about, you know, we're 
talking about like these issues 

840
00:40:05,120 --> 00:40:07,240
and whatever. 
But there's also opportunity. 

841
00:40:08,160 --> 00:40:11,040
You know, and of course that 
opportunity is because the 

842
00:40:11,040 --> 00:40:15,080
beauty of Bitcoin is, you know, 
just by you opting out of the 

843
00:40:15,080 --> 00:40:19,560
system, you're defunding their 
system and you're now joining 

844
00:40:19,560 --> 00:40:23,560
the sound money team, right? 
And it's and it's so 

845
00:40:23,560 --> 00:40:28,160
simultaneously while you fight 
it, you can also benefit from 

846
00:40:28,160 --> 00:40:31,360
switching over to the system. 
And it actually reminds me of, 

847
00:40:32,120 --> 00:40:35,240
you know, a page in your book 
where you say something very 

848
00:40:35,240 --> 00:40:37,360
powerful that's also resonated 
with me. 

849
00:40:37,600 --> 00:40:42,200
You say having a form of money 
that is fixed in supply is, is 

850
00:40:42,200 --> 00:40:48,200
literally a once in a inhumanity
type of a vet, which in my mind 

851
00:40:48,200 --> 00:40:52,280
I'm thinking that's a once in a 
lifetime, once in a humanity 

852
00:40:52,520 --> 00:40:56,000
type of opportunity. 
So could you elaborate a little 

853
00:40:56,000 --> 00:40:56,480
bit? 
Yeah. 

854
00:40:56,600 --> 00:40:59,960
So it really this is Saylor has 
said this recently and then Luke

855
00:40:59,960 --> 00:41:03,560
Roman said it the other day on 
on Twitter. 

856
00:41:04,200 --> 00:41:07,240
You know, this is the most 
inelastic commodity in the 

857
00:41:07,240 --> 00:41:08,600
world. 
And let me explain what I mean 

858
00:41:08,600 --> 00:41:10,280
by that. 
Some people don't know the term 

859
00:41:10,280 --> 00:41:16,520
inelastic means when when the 
price of any commodity goes up, 

860
00:41:17,040 --> 00:41:20,640
the suppliers of that commodity 
will change their behavior and 

861
00:41:20,640 --> 00:41:23,560
make more of it in order to 
bring the price down and balance

862
00:41:23,560 --> 00:41:26,000
supply and demand. 
And so, as an example, if the 

863
00:41:26,000 --> 00:41:29,640
price of gold doubled tomorrow, 
we would drill for find and 

864
00:41:29,640 --> 00:41:32,600
produce more gold. 
If the price of oil goes up, 

865
00:41:32,600 --> 00:41:34,920
then it makes marginal oil 
fields profitable. 

866
00:41:34,920 --> 00:41:37,880
And so oil, oil drillers will 
drill them and produce more oil.

867
00:41:38,360 --> 00:41:40,800
So think about that. 
The supply, price goes up, 

868
00:41:40,800 --> 00:41:42,760
supply goes up. 
That's the law of most 

869
00:41:42,760 --> 00:41:45,720
commodities, OK. 
With Bitcoin, because you have 

870
00:41:45,720 --> 00:41:48,840
21 million fixed supply, it's 
very unique commodity. 

871
00:41:49,200 --> 00:41:52,320
Doesn't matter what the price 
does, the supply can't go up. 

872
00:41:53,080 --> 00:41:55,680
The supply just is the supply 
period. 

873
00:41:55,680 --> 00:41:57,160
It's fixed. 
It's algorithmic. 

874
00:41:57,560 --> 00:42:00,360
You know, it's decreasing every 
four years in terms of its new 

875
00:42:00,360 --> 00:42:03,400
issuance. 
So we've never seen something 

876
00:42:03,400 --> 00:42:06,840
like this before ever. 
There's never been any form of 

877
00:42:06,840 --> 00:42:10,320
money that could not be diluted.
I mean, even gold, which we used

878
00:42:10,320 --> 00:42:13,960
to be the form, soundest form of
money grows, the supply grows at

879
00:42:13,960 --> 00:42:18,240
1.7% a year. 
Multiply that times 55 years and

880
00:42:18,240 --> 00:42:20,720
you've doubled the amount of 
gold on the Earth's surface. 

881
00:42:20,720 --> 00:42:25,720
OK, so but Bitcoin, there'll 
only be 21 million. 

882
00:42:25,720 --> 00:42:29,440
So as a result of that, this is 
just, it is, it's a, it's a, 

883
00:42:29,560 --> 00:42:32,240
it's a once in humanity. 
It's a paradigm shift. 

884
00:42:32,240 --> 00:42:35,120
I mean it, I don't know how you 
know, I mean, you know, sailors 

885
00:42:35,120 --> 00:42:36,840
says it's like fire with 
Prometheus. 

886
00:42:36,840 --> 00:42:38,080
I don't know, it's like air 
flight. 

887
00:42:38,080 --> 00:42:41,440
I mean, you know, there I mean 
people couldn't fly and then 

888
00:42:41,440 --> 00:42:43,720
suddenly people could fly. 
Do you know what I mean? 

889
00:42:43,720 --> 00:42:46,680
Or, I mean, or people rode 
horses and then suddenly there 

890
00:42:46,680 --> 00:42:50,040
were cars and, you know, top 
speed on a horse was maybe 1520 

891
00:42:50,040 --> 00:42:51,920
miles an hour for a few few 
minutes. 

892
00:42:51,920 --> 00:42:54,360
And you know, cars are going 150
miles an hour now. 

893
00:42:54,360 --> 00:42:58,160
So you know, it it it's just, 
it's that kind of a shift. 

894
00:42:58,280 --> 00:43:01,840
And I think that what people are
missing and, and I talk about 

895
00:43:01,840 --> 00:43:05,080
this in the book too, all the 
crypto noise, sadly, it's just, 

896
00:43:05,080 --> 00:43:07,200
I hate it. 
It's just, I mean, Dogecoin, 

897
00:43:07,280 --> 00:43:11,000
SBFI mean all that crap. 
It's just so annoying and 

898
00:43:11,000 --> 00:43:13,880
distracting because it's just 
total horseshit. 

899
00:43:14,440 --> 00:43:19,080
And it detracts from the one 
pure signal technological 

900
00:43:19,080 --> 00:43:23,080
innovation here that these guys 
figured out or this person, I 

901
00:43:23,080 --> 00:43:24,320
think, I tend to think it's 
guys. 

902
00:43:24,320 --> 00:43:25,680
I think Adam's one of them, by 
the way. 

903
00:43:26,960 --> 00:43:31,640
But but you probably do too. 
It, it, it, they, they created 

904
00:43:31,720 --> 00:43:34,560
immutable digital scarcity. 
And guess what? 

905
00:43:34,840 --> 00:43:36,800
You know, it at first blast, you
know, I said, oh, So what? 

906
00:43:36,800 --> 00:43:39,240
Who cares? 
Well, when it comes to money, 

907
00:43:39,400 --> 00:43:42,240
that's a big deal. 
That's a really, really big 

908
00:43:42,240 --> 00:43:44,640
deal. 
And you know, I don't know. 

909
00:43:44,640 --> 00:43:47,800
I mean, you know, I mean, before
Google existed, did anyone even 

910
00:43:47,800 --> 00:43:50,280
know what the concept of a 
search engine was? 

911
00:43:50,760 --> 00:43:52,440
I mean that, you know, the 
Internet didn't exist. 

912
00:43:52,440 --> 00:43:56,200
Google didn't exist, but now, 
you know, it's, it's, it's a, 

913
00:43:56,360 --> 00:43:57,800
it's part of everybody's daily 
life. 

914
00:43:57,800 --> 00:43:59,560
Everybody uses it. 
Everybody needs to use it. 

915
00:43:59,560 --> 00:44:02,160
It's a network, you know, same 
idea. 

916
00:44:02,320 --> 00:44:06,200
I mean, it's just, it's, it's, 
it's a new innovation that, you 

917
00:44:06,200 --> 00:44:08,840
know, is, is going to completely
change the world. 

918
00:44:08,840 --> 00:44:12,560
And you know, I mean, my, my 
advice to people is ignore it at

919
00:44:12,560 --> 00:44:15,920
your own, at your own peril. 
I mean, I've been interacting 

920
00:44:15,920 --> 00:44:17,920
with some people on Twitter, you
know, people I respect, very 

921
00:44:17,920 --> 00:44:21,040
smart investors, macro people 
and I and you know, they think 

922
00:44:21,040 --> 00:44:24,280
it's a bubble and I just say, 
you know, guys, you know, you're

923
00:44:24,280 --> 00:44:27,040
not looking at the don't let the
crypto noise distract you. 

924
00:44:27,560 --> 00:44:31,400
Think about what this technology
really is and then ask yourself,

925
00:44:31,480 --> 00:44:33,560
you know, OK, you're now aware 
of it. 

926
00:44:33,560 --> 00:44:35,200
So you don't have an excuse. 
I mean, there'll be people who 

927
00:44:35,200 --> 00:44:38,160
aren't aware of it today when 
it's worth $1,000,000 a coin, 

928
00:44:38,560 --> 00:44:40,000
they'll say, oh shit, I didn't 
know about that. 

929
00:44:40,000 --> 00:44:42,160
I'm really sorry I didn't. 
OK, fine. 

930
00:44:42,160 --> 00:44:44,680
But these are true legitimate, 
professional investors who are 

931
00:44:44,680 --> 00:44:47,120
aware of it. 
And I said, you know, how are 

932
00:44:47,120 --> 00:44:48,760
you going to feel when it's a 
million a coin because it's 

933
00:44:48,760 --> 00:44:50,520
going there. 
And then again, how are you 

934
00:44:50,520 --> 00:44:52,480
going to feel when it's $10 
million a coin because it's 

935
00:44:52,480 --> 00:44:57,000
going there too, you know, not 
over longer time frames because 

936
00:44:57,000 --> 00:45:00,040
you're aware of it. 
And, you know, it's amazing to 

937
00:45:00,040 --> 00:45:01,640
me. 
I was, I was not at the New 

938
00:45:01,640 --> 00:45:03,640
Orleans Investment Conference. 
I met a guy named Jim Grant. 

939
00:45:03,640 --> 00:45:05,160
Some of the older listeners will
know who he is. 

940
00:45:05,680 --> 00:45:07,240
And he's written a number of 
great books. 

941
00:45:07,240 --> 00:45:10,560
He's a monetary economist. 
He's he's really a brilliant, 

942
00:45:10,560 --> 00:45:15,480
charming guy. 
And and yet he really shout all 

943
00:45:15,480 --> 00:45:17,920
over Bitcoin. 
He said, well, you know, it'll 

944
00:45:17,920 --> 00:45:20,000
be money. 
Give me 1000 years of history 

945
00:45:20,000 --> 00:45:21,440
and then maybe I'll consider it 
money. 

946
00:45:21,960 --> 00:45:25,840
And I said, Jim, when people 
were wandering around and trying

947
00:45:25,840 --> 00:45:29,000
to jump up in the air and then 
somebody invented a machine that

948
00:45:29,000 --> 00:45:31,600
allowed him to fly, did you have
to wait 1000 years to believe 

949
00:45:31,600 --> 00:45:35,240
that the flight made sense? 
I mean, it was kind, you know, 

950
00:45:35,320 --> 00:45:37,520
and, and, and he kind of just 
scoffed at me. 

951
00:45:37,520 --> 00:45:40,360
And I was just like, how can 
somebody who was supposed to be 

952
00:45:40,360 --> 00:45:44,880
a monetary expert miss the 
biggest development in the 

953
00:45:44,880 --> 00:45:48,880
monetary field in 1000 years? 
I mean, like the change from, 

954
00:45:48,920 --> 00:45:51,920
you know, from coins to, to 
ledgers or, or, or banks. 

955
00:45:51,920 --> 00:45:53,920
I mean, it just, it blew my 
mind. 

956
00:45:53,920 --> 00:45:55,040
I mean, I went to Harvard 
Business School. 

957
00:45:55,040 --> 00:45:57,920
I go down there and I, there's a
guy there who's going to go to 

958
00:45:57,920 --> 00:46:01,720
work for sale, a really nice 
kid, but he's, he runs the, the 

959
00:46:01,720 --> 00:46:03,960
Bitcoin Club. 
He says, oh, they're about 10 

960
00:46:03,960 --> 00:46:05,520
members. 
And he says, most of my 

961
00:46:05,520 --> 00:46:07,680
classmates think I'm absolutely,
you know, an idiot. 

962
00:46:08,120 --> 00:46:09,880
And I'm like, this is Harvard 
Business School. 

963
00:46:09,880 --> 00:46:11,480
This is the West Point of 
capitalism. 

964
00:46:11,480 --> 00:46:13,200
I went there. 
OK, yeah. 

965
00:46:13,360 --> 00:46:14,680
And there. 
And I've written to the Dean, 

966
00:46:14,680 --> 00:46:17,640
I'm like you and you guys aren't
thinking about this, talking 

967
00:46:17,640 --> 00:46:20,720
about this, understanding this. 
I mean, you know, I found this 

968
00:46:20,720 --> 00:46:23,120
thing and I understand this 
thing and I grok this thing. 

969
00:46:23,120 --> 00:46:26,240
And I started buying it at 400. 
And, you know, here I am. 

970
00:46:26,240 --> 00:46:29,200
I mean, it's it's like, OK, 
well, whatever I mean, it, it, 

971
00:46:29,200 --> 00:46:30,920
it, it doesn't seem that hard to
me. 

972
00:46:30,920 --> 00:46:34,600
But I, you know, I had an 
advantage in that I had a 

973
00:46:34,600 --> 00:46:37,680
venture background. 
And so I and I and I invested in

974
00:46:37,680 --> 00:46:39,200
and watched the Internet 
develop. 

975
00:46:39,640 --> 00:46:43,640
So I've kind of seen this movie 
once before and it's the, and I,

976
00:46:43,640 --> 00:46:45,920
and I, by the way, I kind of 
blew it a little bit in that 

977
00:46:45,920 --> 00:46:47,120
movie. 
And I talk about this in the 

978
00:46:47,120 --> 00:46:50,360
book. 
You know, I, I looked at Amazon 

979
00:46:50,360 --> 00:46:53,640
and Facebook and Google and I, 
you know, I was using 

980
00:46:53,640 --> 00:46:55,680
traditional investment metrics, 
the kind of things that they 

981
00:46:55,680 --> 00:46:57,200
were taught to me at Business 
School. 

982
00:46:57,520 --> 00:47:00,000
I couldn't get there. 
I was like, how can you pay this

983
00:47:00,000 --> 00:47:01,840
much money for this business, 
especially in Amazon? 

984
00:47:01,840 --> 00:47:03,760
I wasn't making any money in the
early days. 

985
00:47:03,760 --> 00:47:05,640
I just like, no, I'm not, I'm 
not buying that, right? 

986
00:47:06,920 --> 00:47:10,680
But I didn't understand 
Metcalf's law and how networks 

987
00:47:10,680 --> 00:47:14,640
grow in value and how, you know,
you, you, I mean, they grow at 

988
00:47:14,640 --> 00:47:18,120
a, they grow exponentially in, 
in value, a square of the 

989
00:47:18,240 --> 00:47:20,160
underlying, you know, users that
are added. 

990
00:47:20,160 --> 00:47:22,880
And so, you know, and they're so
defensible. 

991
00:47:22,960 --> 00:47:24,920
I mean, there won't be another 
Google, right? 

992
00:47:24,920 --> 00:47:26,720
It, it just won't because 
everybody's there. 

993
00:47:26,720 --> 00:47:31,520
Why would anyone change? 
And so, you know, that's kind of

994
00:47:31,520 --> 00:47:34,040
what's going on here. 
And, you know, I mean, Google, 

995
00:47:34,400 --> 00:47:36,040
like, I just checked it this 
morning because I was putting it

996
00:47:36,040 --> 00:47:38,240
in the book. 
Google's up like 9000% since its

997
00:47:38,240 --> 00:47:40,720
IPO, right? 
Yeah, right. 

998
00:47:41,080 --> 00:47:43,040
How many investments in the 
world, in the history of the 

999
00:47:43,040 --> 00:47:44,520
world have ever performed that 
well? 

1000
00:47:44,520 --> 00:47:47,440
Not many. 
OK, on a broad scale, I mean, 

1001
00:47:47,440 --> 00:47:50,640
and and, and so, you know, and I
miss Google, right? 

1002
00:47:50,640 --> 00:47:52,640
I didn't invest in it I because 
I thought it was too expensive. 

1003
00:47:53,280 --> 00:47:56,720
OK, well, guess what? 
You know, here's another chance.

1004
00:47:57,320 --> 00:47:59,800
It's the same model. 
In fact, argument's even better 

1005
00:47:59,800 --> 00:48:01,680
than Google because it it 
touches everything. 

1006
00:48:01,680 --> 00:48:05,600
And Google touches one specific 
commerce related search 

1007
00:48:05,600 --> 00:48:09,320
information piece of the 
economy, you know, money touches

1008
00:48:09,320 --> 00:48:11,360
damn near every piece of the 
economy. 

1009
00:48:11,360 --> 00:48:14,840
So it's bigger than Google. 
So I, I, I really do think that 

1010
00:48:14,840 --> 00:48:17,120
people are going to be shocked 
what happens here. 

1011
00:48:17,120 --> 00:48:20,600
And, and as you know, as we've 
all seen, I mean, some people, I

1012
00:48:20,600 --> 00:48:22,840
mean, just the fact that it's 
over 100,000 has gotten a lot of

1013
00:48:22,840 --> 00:48:25,640
people really salty 'cause, you 
know, they, they just can't get 

1014
00:48:25,640 --> 00:48:27,960
their heads around it. 
But I would just advise them to 

1015
00:48:28,720 --> 00:48:31,640
get rid of their ego and, and 
bend the knee and understand. 

1016
00:48:31,640 --> 00:48:34,400
I mean, you know, look, I don't 
have a lot of love for Larry 

1017
00:48:34,400 --> 00:48:37,120
Fink 'cause I think he's a kind 
of a creepy guy and a Fiat 

1018
00:48:37,120 --> 00:48:39,440
master. 
But I'll give him credit. 

1019
00:48:39,440 --> 00:48:41,320
I mean, everyone knows what I'm 
talking about. 

1020
00:48:41,320 --> 00:48:45,120
He's the guy who runs BlackRock.
He's $11 trillion largest asset 

1021
00:48:45,120 --> 00:48:48,840
manager in the United States. 
I'll give him credit. 

1022
00:48:48,880 --> 00:48:51,560
You know, he looked at it, 
thought about it, studied it, 

1023
00:48:51,680 --> 00:48:53,720
obviously had some people teach 
him about it and said, you know 

1024
00:48:53,720 --> 00:48:55,600
what, this thing's going to 
work. 

1025
00:48:56,400 --> 00:48:59,480
I either got to get on board or 
I'm going to get left behind 

1026
00:48:59,600 --> 00:49:04,320
and, and he got on board. 
And I think that thought pattern

1027
00:49:04,320 --> 00:49:07,320
is going to have to literally 
occur all throughout the world 

1028
00:49:07,320 --> 00:49:11,560
over and over and over again. 
And, you know, we're, we're so 

1029
00:49:11,560 --> 00:49:13,720
early. 
I mean, we're still considered 

1030
00:49:13,720 --> 00:49:17,520
fringe, you know, we're still 
considered psychopaths and all 

1031
00:49:17,520 --> 00:49:19,920
the other things. 
There's still a lot of negative 

1032
00:49:19,920 --> 00:49:22,560
fun, but, but it, but it's 
starting to shift. 

1033
00:49:22,560 --> 00:49:24,520
I mean, it's, I remember the 
early days of the Internet and a

1034
00:49:24,520 --> 00:49:25,840
lot of people thought it was 
just a joke. 

1035
00:49:26,680 --> 00:49:33,120
But in the, you know, by 7879, 
when, I mean, I'm sorry, 909798,

1036
00:49:33,560 --> 00:49:36,720
you could see, you know, the, 
the, the connections were 

1037
00:49:36,720 --> 00:49:39,640
getting faster. 
You know, the, the Windows 

1038
00:49:39,640 --> 00:49:41,840
browser was there. 
It was point and click instead 

1039
00:49:41,840 --> 00:49:44,240
of green screen. 
And you could kind of, we're 

1040
00:49:44,240 --> 00:49:46,720
kind of at that stage, you know,
when the ETFs went through, that

1041
00:49:47,080 --> 00:49:51,720
was a hugely positive event. 
Huge, huge. 

1042
00:49:51,760 --> 00:49:53,640
I mean, I had a lot of people 
who actually aren't filled right

1043
00:49:53,640 --> 00:49:56,560
after that because the rejection
prior to that had been well, the

1044
00:49:56,560 --> 00:49:58,120
government's going to just kill 
this thing. 

1045
00:49:58,200 --> 00:49:59,880
Yeah, you're right. 
I get it sound money. 

1046
00:49:59,880 --> 00:50:02,000
I'm I'm all for that. 
But there's no way the 

1047
00:50:02,000 --> 00:50:03,200
government's going to let you do
that. 

1048
00:50:03,920 --> 00:50:09,520
And but the ETF got to prove it 
really, you know, now, now look,

1049
00:50:09,520 --> 00:50:11,160
we may have a counter 
reformation. 

1050
00:50:11,160 --> 00:50:13,920
I mean, you know, this is it's 
very favorable to the Trump 

1051
00:50:13,920 --> 00:50:16,360
administration is going to be 
positive for Bitcoin. 

1052
00:50:16,840 --> 00:50:20,000
But if in four years we have a 
blue wave, you know, they may 

1053
00:50:20,000 --> 00:50:23,400
come back and try and 61O2 us or
do a lot of other things, which 

1054
00:50:23,400 --> 00:50:26,080
is why, you know, self custody 
and so forth is important. 

1055
00:50:26,080 --> 00:50:31,640
But, you know, it's it, to me, 
it's just, it's obvious. 

1056
00:50:31,640 --> 00:50:34,240
I mean, the dogs are eating the 
food and, and there are more 

1057
00:50:34,240 --> 00:50:37,680
dogs coming every year and you 
know, so then the food's going, 

1058
00:50:37,680 --> 00:50:40,280
the food's going up in price, 
which is what dogs like, you 

1059
00:50:40,280 --> 00:50:45,480
know, And so it, you know, it's 
a positive feedback loop that I,

1060
00:50:45,480 --> 00:50:47,680
I just can't see ending anytime 
soon. 

1061
00:50:48,520 --> 00:50:50,640
Absolutely. 
And, you know, and, and, and 

1062
00:50:50,640 --> 00:50:52,840
just to kind of add to it some 
of your points, right? 

1063
00:50:53,080 --> 00:50:56,560
Like realistically they have two
years. 

1064
00:50:57,080 --> 00:50:59,720
Historically, what tends to 
happen is the incumbent party 

1065
00:51:00,080 --> 00:51:03,080
loses the House. 
So they got two years of, of the

1066
00:51:03,120 --> 00:51:06,480
trifecta of the House, the 
Senate, the executive branch, 

1067
00:51:06,480 --> 00:51:08,560
and they have the judicial 
branch of the Supreme Court. 

1068
00:51:08,840 --> 00:51:12,440
So let's see, The thing is, you 
know, the UNI party is strong, 

1069
00:51:12,560 --> 00:51:15,800
right? 
So let's see, you know, I, I, I 

1070
00:51:15,800 --> 00:51:18,920
have confidence with Elon and 
Vivek in there 'cause they're 

1071
00:51:19,160 --> 00:51:21,640
very competent and capable 
entrepreneurs. 

1072
00:51:21,960 --> 00:51:26,680
But again, how many times have 
we put faith in, you know, 

1073
00:51:26,680 --> 00:51:29,320
administration, whatever, just 
to be let down, right? 

1074
00:51:29,320 --> 00:51:32,000
It's like we, we've seen this 
story so many times again. 

1075
00:51:32,000 --> 00:51:34,920
But I, I want to focus on the 
positives 'cause we are getting 

1076
00:51:34,920 --> 00:51:36,920
to the top of the hour. 
And I do want to be respectful 

1077
00:51:36,920 --> 00:51:40,480
of your time, Larry. 
And one of the, the charts that 

1078
00:51:40,480 --> 00:51:43,280
I'm looking at here, like 
towards the end of the book and 

1079
00:51:43,280 --> 00:51:48,920
something that you were just 
talking about, which is Malcolm 

1080
00:51:49,000 --> 00:51:53,560
Gladwell's S Curve. 
And you make the case that 

1081
00:51:53,840 --> 00:51:57,560
there's the innovator stage, 
there's the early adopter stage,

1082
00:51:57,560 --> 00:52:00,080
there's the early majority 
stage, there's the late majority

1083
00:52:00,080 --> 00:52:01,640
stage, and there's the laggard 
stage. 

1084
00:52:01,880 --> 00:52:05,840
Now, I think what most people 
would think by listening to this

1085
00:52:05,840 --> 00:52:10,920
podcast and Bitcoin's currently 
sitting at $100,000 roughly, 

1086
00:52:10,920 --> 00:52:13,440
give or take. 
You'd be like Nico, like I'm, 

1087
00:52:13,440 --> 00:52:17,600
I'm, it's late, but you actually
make the case that we are on the

1088
00:52:17,600 --> 00:52:21,960
cusp of, we're still in the 
early adopter phase and we're on

1089
00:52:21,960 --> 00:52:24,480
the cusp of entering the early 
majority phase. 

1090
00:52:24,480 --> 00:52:27,480
So what do you mean by that? 
Well, I think that's exactly 

1091
00:52:27,480 --> 00:52:28,840
right. 
It's, it's the point in time. 

1092
00:52:28,840 --> 00:52:31,640
I mean, Saylor says this, he 
says he said he thinks the next 

1093
00:52:31,640 --> 00:52:34,520
10 years are going to be a 
digital gold rush for Bitcoin. 

1094
00:52:34,520 --> 00:52:37,200
I think he's right. 
I mean, we've, we've broken 

1095
00:52:37,200 --> 00:52:39,480
through. 
I mean, I remember 17, I, I got 

1096
00:52:39,480 --> 00:52:41,240
involved in 14. 
I bought a few of them, not 

1097
00:52:41,240 --> 00:52:43,480
many. 
I bought more in 17. 

1098
00:52:43,480 --> 00:52:47,200
I, I bought on the dip and after
that twice doubled down twice. 

1099
00:52:47,640 --> 00:52:51,240
But you know, 1819 it was still 
pretty fringe and, and you know,

1100
00:52:51,240 --> 00:52:54,200
we'd just come through the block
size wars and there'd been forks

1101
00:52:54,200 --> 00:52:57,880
earlier and so on and so forth, 
you know, and, and then 20 it, 

1102
00:52:57,880 --> 00:53:00,640
it worked, you know, we, we took
off with all the money printing 

1103
00:53:00,640 --> 00:53:03,720
because it responded to that 
and, and as a, as a sound form 

1104
00:53:03,720 --> 00:53:05,480
of money. 
But then, you know, the 

1105
00:53:05,480 --> 00:53:08,480
tightening brought it all back 
down and SPF blew us up. 

1106
00:53:09,040 --> 00:53:12,480
But, you know, it's, it's now 
there's, there's now almost 

1107
00:53:12,480 --> 00:53:15,080
nobody that's not aware of its, 
its existence. 

1108
00:53:15,160 --> 00:53:17,160
I mean, I, you know, here's a 
perfect example. 

1109
00:53:17,160 --> 00:53:19,000
This morning I was reading the 
Wall Street Journal, Nick 

1110
00:53:19,000 --> 00:53:22,760
Timiraos was speaking about Fed 
policy and he talked about how, 

1111
00:53:22,800 --> 00:53:26,400
you know, whether it was tight 
or loose was in part determined 

1112
00:53:26,400 --> 00:53:29,000
by things like this, you know, 
the screaming price of Bitcoin. 

1113
00:53:29,000 --> 00:53:31,160
I don't think those were his 
words, but, you know, I mean, 

1114
00:53:31,240 --> 00:53:34,560
and for Bitcoin to be mentioned 
in an article about Fed policy, 

1115
00:53:34,560 --> 00:53:37,320
I mean, that's kind of an 
Overton window shift, right? 

1116
00:53:37,320 --> 00:53:40,560
So, so everyone's becoming aware
of this thing. 

1117
00:53:40,560 --> 00:53:44,400
And so, yeah, I mean, the 
Gladwell model says as long as 

1118
00:53:44,400 --> 00:53:48,240
it takes you to go from zero to 
15 or 10%, it'll take the same 

1119
00:53:48,240 --> 00:53:50,040
amount of time to go from 10 to 
90. 

1120
00:53:50,040 --> 00:53:55,800
And so we're 16 years in and, 
and, and these adoption curves, 

1121
00:53:55,800 --> 00:53:58,160
they do get steep. 
And I've seen the same curve for

1122
00:53:58,160 --> 00:54:01,680
mobile phones, computers, PC, I 
mean, you know, almost every 

1123
00:54:01,680 --> 00:54:03,600
development, I mean, washing 
machines that, you know, 

1124
00:54:03,640 --> 00:54:07,840
automobiles, any new invention 
and, and you know, it, it tends 

1125
00:54:07,840 --> 00:54:10,640
to get started and, and people 
start using it, the early 

1126
00:54:10,640 --> 00:54:12,320
adopters. 
But then when it becomes pretty 

1127
00:54:12,320 --> 00:54:15,280
obvious that, oh, this is a good
thing and we want this. 

1128
00:54:15,280 --> 00:54:16,960
And I think that's what's 
happening now. 

1129
00:54:16,960 --> 00:54:19,680
I mean, most people now, well, 
there's nobody in Bitcoin now 

1130
00:54:19,680 --> 00:54:21,480
that's bought it in the last, 
you know, 15 years. 

1131
00:54:21,480 --> 00:54:24,120
It's not in a profit condition. 
So it's working. 

1132
00:54:24,120 --> 00:54:27,080
Even if you bought at the peak, 
you know, pre SPF, you paid 60 

1133
00:54:27,080 --> 00:54:30,320
or 70 and we're we were as 
recently as 107. 

1134
00:54:30,320 --> 00:54:34,320
So you know, it's starting to 
work and that's just going to 

1135
00:54:34,320 --> 00:54:37,680
attract more people. 
So and, and I think, you know, 

1136
00:54:37,680 --> 00:54:41,680
the, the, the word is spreading 
and people coming to understand 

1137
00:54:41,680 --> 00:54:44,880
what it is. 
The flood around energy and the 

1138
00:54:44,880 --> 00:54:47,600
flood around Sam Beckman freed. 
Those are getting explained 

1139
00:54:47,600 --> 00:54:50,320
away. 
And I try and deal with those in

1140
00:54:50,320 --> 00:54:52,480
the book. 
I mean, if you look at what this

1141
00:54:52,480 --> 00:54:57,120
book is, I want this book to be 
the perfect book for orange 

1142
00:54:57,120 --> 00:55:01,000
killing anybody. 
You know, I mean, Lynn's book is

1143
00:55:01,000 --> 00:55:04,600
better, Safe's book is better, 
Jeff Booth's book is better. 

1144
00:55:05,120 --> 00:55:07,800
But what this is, and in fact 
this is I didn't really even 

1145
00:55:07,800 --> 00:55:10,240
write this book. 
I just pulled together the 

1146
00:55:10,240 --> 00:55:13,760
brilliant ideas of a lot of 
other people and put them into. 

1147
00:55:13,760 --> 00:55:16,280
And I think what I'm pretty good
at doing is kind of explaining 

1148
00:55:16,280 --> 00:55:18,000
complicated things in a simple 
way. 

1149
00:55:18,480 --> 00:55:21,720
And so I just pulled all these 
different ideas together and put

1150
00:55:21,720 --> 00:55:24,400
them into a narrative and then 
told my own personal story to 

1151
00:55:24,400 --> 00:55:27,640
make it somewhat funny and 
interesting such that, you know,

1152
00:55:27,640 --> 00:55:30,720
somebody could pick this thing 
up and go, Oh, I get it. 

1153
00:55:31,360 --> 00:55:32,640
I think. 
I think this guy's right. 

1154
00:55:33,480 --> 00:55:37,480
And, and maybe I should pay 
attention to this me because I, 

1155
00:55:37,520 --> 00:55:40,760
you know, I everybody and, you 
know, most human beings, you 

1156
00:55:40,760 --> 00:55:42,000
know, they care about their 
future. 

1157
00:55:42,000 --> 00:55:43,640
They care about their children's
future. 

1158
00:55:44,040 --> 00:55:46,800
And, you know, they, if they 
have savings, they know that, 

1159
00:55:46,920 --> 00:55:48,960
you know, what they do with 
those savings will determine the

1160
00:55:48,960 --> 00:55:52,320
quality of that future. 
And so this is, this is a book 

1161
00:55:52,320 --> 00:55:56,560
aimed to write squarely at that 
subject, you know, and, and 

1162
00:55:56,560 --> 00:56:00,720
showing how the system is set up
to, to rob them of their 

1163
00:56:00,720 --> 00:56:03,400
savings. 
And yet they've got a really 

1164
00:56:03,400 --> 00:56:06,960
great tool that they can fight 
back with what that will then 

1165
00:56:06,960 --> 00:56:09,320
allow them to actually conquer 
and beat the system. 

1166
00:56:09,320 --> 00:56:13,160
And by the way, as we all 
conquer and beat it, we can fix 

1167
00:56:13,160 --> 00:56:17,320
it so that all that theft stops.
So it's, it's a good thing. 

1168
00:56:17,400 --> 00:56:19,280
It's a very good, positive 
thing. 

1169
00:56:19,840 --> 00:56:24,920
Well, I'm, I'm, you know, I am 
super excited for this to to 

1170
00:56:24,920 --> 00:56:26,560
drop. 
Well, me, me too. 

1171
00:56:26,560 --> 00:56:29,040
I got to tell you, I'll tell 
you, I'll just tell everybody's 

1172
00:56:29,040 --> 00:56:31,000
listening. 
Getting getting this thing 

1173
00:56:31,000 --> 00:56:32,880
formatted and processed and 
through Amazon. 

1174
00:56:32,880 --> 00:56:35,680
It's a nightmare. 
I mean, I mean, you know, the 

1175
00:56:35,680 --> 00:56:38,320
big book publishers are just, 
they were, they were going to 

1176
00:56:38,320 --> 00:56:40,560
take six months to publish it, a
year to publish it. 

1177
00:56:40,560 --> 00:56:42,040
I was like, no, that's not going
to work. 

1178
00:56:42,040 --> 00:56:43,280
I want this thing to get out 
now. 

1179
00:56:43,600 --> 00:56:46,200
So as a result of that choice, I
had to go to Amazon. 

1180
00:56:46,600 --> 00:56:51,160
We go to Amazon and it's, you 
know, it's, it's clunky, but you

1181
00:56:51,160 --> 00:56:53,080
know, I'm doing the best I can 
and it'll hopefully it'll be 

1182
00:56:53,080 --> 00:56:55,200
graphically appealing. 
And if it's not, I'll the second

1183
00:56:55,200 --> 00:56:58,600
version will be a little, I'll 
do addition too quickly and give

1184
00:56:58,600 --> 00:57:00,480
people a refund if they don't 
like the first edition. 

1185
00:57:00,480 --> 00:57:03,680
But I'm I'm trying to get it 
laid out well and introduced and

1186
00:57:03,720 --> 00:57:06,280
and I really have AI have a hard
goal of having it out in 

1187
00:57:06,280 --> 00:57:07,120
February. 
So. 

1188
00:57:07,880 --> 00:57:09,920
Love it. 
Well guys, the name of the book 

1189
00:57:09,920 --> 00:57:13,000
is the Big print. 
What happened to America and How

1190
00:57:13,000 --> 00:57:16,920
sound money Can fix it, of 
course, written by Larry 

1191
00:57:16,920 --> 00:57:20,480
Leppard. 
The preface is is great. 

1192
00:57:21,520 --> 00:57:25,000
He has a quote of from one of my
favorite movies and I'm I'm not 

1193
00:57:25,000 --> 00:57:26,760
going to say it because you guys
are going to have to buy the 

1194
00:57:26,760 --> 00:57:27,760
book. 
Yeah, there you go. 

1195
00:57:27,920 --> 00:57:28,960
Thanks. 
You go tease him. 

1196
00:57:29,560 --> 00:57:33,040
But but yeah, it's it's a great 
stuff. 

1197
00:57:33,080 --> 00:57:36,120
And you know, Larry, always an 
honor to have you on the show. 

1198
00:57:36,120 --> 00:57:37,760
Always. 
I'm always loved the. 

1199
00:57:37,760 --> 00:57:40,240
You're one, you're one of the 
original podcasts that I got 

1200
00:57:40,240 --> 00:57:42,160
involved with and I've I've 
really enjoyed it. 

1201
00:57:42,160 --> 00:57:46,240
And so, you know, we we share 
bus rides in El Salvador and, 

1202
00:57:46,280 --> 00:57:48,280
and you've been a good friend 
so. 

1203
00:57:48,480 --> 00:57:51,800
Absolutely, Larry. 
Well, an honor like always. 

1204
00:57:51,800 --> 00:57:54,880
I think the best is yet to come.
And you know, I'm I'm positive 

1205
00:57:54,880 --> 00:57:58,040
we're going to cross paths and 
the many Bitcoin conferences in 

1206
00:57:58,040 --> 00:58:02,440
2025 and congratulations, you 
completed this super, super 

1207
00:58:02,440 --> 00:58:03,920
quick. 
And of course, guys, this is 

1208
00:58:03,920 --> 00:58:05,440
going to be dropping our 
Christmas. 

1209
00:58:05,720 --> 00:58:08,960
Merry Christmas, everyone. 
It's a perfect gift to give to 

1210
00:58:08,960 --> 00:58:12,400
somebody you know that the the 
uncle or aunt that still doesn't

1211
00:58:12,400 --> 00:58:14,800
understand Bitcoin, get him 
Larry's book. 

1212
00:58:15,120 --> 00:58:19,120
So thank you guys for watching, 
Appreciate it, and thank you so 

1213
00:58:19,120 --> 00:58:20,600
much for coming on, Larry. 
Yeah. 

1214
00:58:20,600 --> 00:58:21,640
Thanks, Nico. 
Good to see you.