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Hello everybody and welcome to 
another episode of Simply 

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Bitcoin IRL. 
Today we have a very special 

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guest, Joe Consorti. 
He is the macro zoomers, 

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extremely intelligent, also very
young, but definitely wise, wise

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beyond his ear. 
Is that how it says that's not 

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how it goes? 
I don't know. 

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I don't know the saying. 
Anyways, something close enough.

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Joe, how you doing? 
I don't think you've ever been 

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on the show before, so happy to 
have you. 

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No first time, man. 
Thank you for having me. 

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It should be a fun one. 
Wise beyond his years. 

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That's the saying. 
Boom. 

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Just figured it out. 
Anyways, I do want to talk about

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kind of, I don't want to say big
news, 'cause it's just it's it 

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feels like a cult at this point,
where everyone just kind of 

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like, follows what the Fed is 
going to do. 

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But apparently they did not 
raise rates. 

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To quote the Reuters article 
directly says they are more they

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they need more confidence on the
inflation front before any any 

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rate cuts start. 
So what's your take on that? 

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What's going on in macro land? 
Yeah. 

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So this is what was expected. 
By all accounts, the Fed was 

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gonna leave rates unchanged to 
this meeting. 

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The Fed this entire cycle has 
forecasted what they're going to

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do well in advance so as to not 
disrupt the market. 

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If the market has an 
expectation, the Fed sets it 

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well in advance and then it 
doesn't go against that 

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expectation. 
It helps the Fed conduct its 

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monetary policy better. 
So this was expected, but it was

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also expected that they would 
forecast rate cuts for the March

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meeting. 
And they didn't do that. 

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They actually walked back all 
expectations of rate cuts. 

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There was no wording about rate 
cuts in the statement that the 

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Fed released. 
And Jerome Powell went up during

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his press conference and 
basically took rate cuts 

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entirely off the table, said 
that they're not considering any

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for March, and said that they 
wouldn't be considering any 

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until inflation returned back to
its 2% yearly rate. 

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So you know that kind of that 
tightened things up a little 

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bit, tightened up financial 
conditions marginally, but the 

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market doesn't seem to believe 
the Fed and with good reason 

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because we saw earlier today 
several of the banks that were 

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involved in buying parts of 
Silicon Valley Bank when it 

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failed had really dismal 
earnings reports. 

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They had huge losses. 
Namely, New York Community Bank 

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had, I believe, a $249,000,000 
loss and it was expected in Q4 

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to have a $250 million gain, so 
$500 million in the opposite 

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direction, not necessarily a 
good sign. 

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And it's loan loss provisions, 
which is basically money that 

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gets set aside for a rainy day, 
rose to number. 

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Off the top of my head, I 
believe it was something like 

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$500 billion, which is about 1/6
of the size of loan loss 

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provisions that Bank of America 
has. 

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Bank of America being one of the
largest banks in the US, it 

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makes sense for them to have a 
lot of cash set aside in case 

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business and consumer loans go 
bad. 

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But for a regional bank to have 
almost 1/6 of the rainy day cash

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pile that Bank of America has, 
it's not a good sign. 

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It means that regionals, small 
and mid sized banks, they're 

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bracing for impact. 
They're bracing for a pretty 

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swift market downturn. 
That's what that tells me. 

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And then the market's reaction 
to that also confirms it. the US

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Treasury rates fell by a pretty 
huge amount today. 

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The two year yield which is the 
most popular short term note on 

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the market fell by 13 basis 
points or .13%. 

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The 10 year note which is the 
one of the more popular long end

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notes fell by 12 basis points. 
So people are basically saying 

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we think the economy is going to
slow down. 

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We think the Fed's going to cut 
rates and we're going to buy 

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bonds because of it. 
We're going to allocate to bonds

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because we think the Fed is 
going to cut rates and we want 

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to insulate ourselves from the 
fallout and benefit from from 

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when rates fall and the price of
our bonds go up. 

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So there's this market wide de 
risking impulse. 

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People are flying to safety, the
safety of U.S., government bonds

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and relative safety. 
And basically even though the 

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Fed has said we don't plan on 
cutting interest rates, the 

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market is kind of saying I don't
believe you and that's why you 

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saw the moves that you saw 
today. 

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Gotcha. 
Did you see also there's been 

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some rumblings to massive 
corporations in SMP 500 there, 

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there's been some layoffs, some 
big percentages too, like 10% of

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the workforce, 15% of the 
workforce. 

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So what's your take on this? 
And then I'll kind of add 

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another question on top of that,
right. 

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As I asked Larry Leopard this 
question about a week or so ago 

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at Bitcoin Naples, where's the 
recession, man? 

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Did the did the Fed pull off 
the, the, the soft landing? 

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Where is this recession? 
People have been calling for 

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this recession for over a year. 
It's never come. 

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So what's going on there? 
What's your take on that, Joe? 

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This cycle's been crazy, man. 
I mean, you know, if I I would 

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have, I would have lost so much 
money had I been, you know, 

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betting on a recession all 
throughout last year that that 

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was a consensus. 
But we also got to remember like

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this cycle is unlike any other 
because following 2008, this is 

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the way that I'm reading all of 
this. 

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Following 2008, the Fed 
basically adopted this like 

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shadow mandate that they 
wouldn't let another recession 

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happen. 
They wouldn't let one happen, at

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least not a prolonged recession.
After the great financial 

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Crisis, the Fed said, look on 
the world stage, the US needs to

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remain an attractive place to be
all year round. 

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You know, we we can't have a 
prolonged recession. 

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And in doing that, they're 
basically an insurance policy 

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for all banks, not just big 
banks. 

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But we saw last year on small 
banks from the brink of failing 

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small banks too. 
And so the Fed can't allow a 

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prolonged recession to happen. 
And as such, they've created 

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these emergent, this emergency 
lending facility with BTFP 

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that's expiring soon. 
So the market is getting really 

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scared. 
I have a feeling that if BTFP 

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doesn't stick around, liquidity 
in financial markets is going to

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get really hairy. 
As for why we haven't had one 

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yet, cycle after cycle, we know 
that the solution is the same. 

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There's. 
More Did the central bankers 

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pull it off? 
This is going against all the 

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Bitcoin narratives, brother. 
What did the central bankers 

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pull it off? 
What's going on? 

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Well, they're close to it. 
So it's like the price inflation

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was at 9.1% yearly at its peak 
it's at like 3.1% now and the 

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unemployment rate is still at a 
record low. 

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So if we can get down to 2% and 
you know the the labor market 

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doesn't unwind then the federal 
of engineer to soft landing, 

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which is crazy. 
But in order to do that, the 

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banks need to survive because we
live in a credit based economy 

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and so credit constantly needs 
to be extended. 

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If the banks don't have enough 
liquidity to extend loans, then 

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credit decelerates, which means 
the economy decelerates. 

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And so BTFP ending means that 
there's a huge headwind for 

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banks creating credit if they 
don't feel comfortable doing it,

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If their cash reserves fall 
below a certain level and credit

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decelerates, that means the 
economy slows. 

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That means it's harder for 
businesses to borrow. 

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That means they start laying off
people, right? 

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And then the Fed loses its soft 
landing. 

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So it's really important that 
the Fed keeps banks alive and it

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doesn't let this fear spread 
anymore. 

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But we are really close to the 
coveted notion of a soft 

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landing. 
But by the same token, PayPal 

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laid off 10% of its workforce. 
UPS laid off how much? 

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I think 10%. 
I could be wrong. 

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That doesn't that that isn't 
solely resting on interest 

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rates. 
Part of that has to do well. 

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Part of it is these extremely 
high rates finally seeping into 

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corporate, corporate borrowing 
and then having them having to 

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fire people because they can't 
afford to run their their 

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businesses at the scale that 
they did anymore. 

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But part of it is also Joe Biden
and him being an absolute moron 

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with these unions. 
Unions, unions absolutely murder

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people. 
I mean the the the same people 

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that they protect by ensuring 
they get these crazy deals are 

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the same people they screw over 
six months to a year down the 

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line when inevitably companies 
go. 

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We can't afford this. 
We got to fire a bunch of 

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people, and that's what 
happened. 

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Like last year. 
You remember this? 

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The meme was going around that 
UPS drivers got a sweetheart 

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deal. 
It was $170,000 a year, plus 

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benefits. 
People were going nuts that a U 

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PS: driver could be earning that
amount of money and then less 

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than like three or four months 
later, it's no surprise. 

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UPS announces that they're 
laying off a bunch of people. 

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And herein lies the great myth 
of central planning as well. 

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There's this, and it's, it's, 
it's all communism, this, it's 

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this notion that, like, the 
central planners can allocate 

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capital more effectively than 
the people who are doing so for 

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profit. 
And so they, you know, unions 

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get together and they say we 
demand XY and Z, we demand to be

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paid this amount. 
And then it turns out that the 

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private company can no longer 
operate at the scale that it 

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was. 
When you're forcing them to pay 

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something, they fire a bunch of 
people. 

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Same deal with minimum wage 
laws, right? 

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We are across the United States,
particularly up here in the 

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Northeast, we're making higher 
and higher minimum wage laws and

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then the cost inevitably get 
passed back down to the the the 

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end user and then they demand 
higher minimum wage. 

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And then as a function of that, 
companies are just looking to 

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completely eliminate jobs 
entirely because it becomes too 

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expensive for them to to do it. 
And also we're we're pricing 

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ourselves out of the labor 
market and then pricing in the 

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hordes of migrants that are 
coming into the country 

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undocumented for. 
Which it's so fucking nuts. 

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OK, hold on, hold on, hold on. 
It's so much to unpack there, 

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Joe. 
OK, so OK, say say this. 

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Pull this off the engineer, 
dude. 

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I mean, doesn't this debunk the 
whole part of of the Bitcoin big

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strong part of the Bitcoin 
narrative is you know that 

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central banks like are they 
they've failed in their their 

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policy, right? 
They they failed in the reason. 

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The reason? 
The American public was sold on 

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the idea of a central bank back 
in 1913 and all that but the. 

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American The American public 
wasn't even sold in a secret in 

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an emergency meeting. 
Yeah, but OK. 

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But the the justification was 
that essentially they were going

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to provide, it was going to, it 
was going to provide stability, 

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right. 
And you just keep hearing that 

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the Wildcat Bank era, blah, 
blah, blah, blah, blah, blah, 

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blah. 
You keep hearing that, you know 

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the, the panic and the central 
banks are going to come in here 

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and provide the stability, 
right. 

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We know that the great, the 
Great Depression happened under 

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central bank, the Great 
Recession happened under a 

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central bank. 
But is this the first time that 

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central banks have pulled off, 
you know, being able to print 

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this record amount of money with
absolutely no consequences? 

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Did they get away with it? 
Because the general consensus on

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Bitcoin Twitter was that there 
was going to be hyperinflation, 

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that there was going to be a 
this crazy recession, this crazy

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depression. 
And I I've been like, like you 

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said, I I would have lost a 
tremendous amount of money 

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because I would have been 
betting for that recession as 

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well, right. 
So did they pull this off? 

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00:11:43,680 --> 00:11:46,520
And doesn't this a go? 
This goes against a lot of the 

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narratives that bitcoiners have 
been touting from the rooftops 

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the last 365 days. 
Yes, So I'm gonna, if I may, I'm

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gonna share my screen. 
Absolutely. 

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I'm gonna share a window. 
This is my Bloomberg Terminal. 

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Oh, very. 
Fancy. 

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Very fancy. 
Very fancy. 

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Just soft flex. 
OK, what are you? 

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What are you showing us? 
So there are two things here. 

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So this one thing I'll say about
the, did they pull it off? 

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They're really close to pulling 
it off. 

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And what I mean by that is like 
obviously cycles, you have 

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expansion, contraction, 
expansion, contraction. 

228
00:12:19,720 --> 00:12:24,240
But now we're at the point where
we're nearing contraction and 

229
00:12:24,240 --> 00:12:26,880
it's a, it's a question of how 
deep the contraction is going to

230
00:12:26,880 --> 00:12:28,240
be. 
Are we going to have a really 

231
00:12:28,240 --> 00:12:30,480
soft contraction? 
And then you know we're in 

232
00:12:30,480 --> 00:12:32,720
positive, positive nominal 
growth. 

233
00:12:33,080 --> 00:12:36,000
We're really close to that 
because the Fed has managed to, 

234
00:12:36,960 --> 00:12:41,720
the Fed has managed to tighten 
so substantially that now 

235
00:12:41,720 --> 00:12:44,040
businesses are the, you know, 
they're still booming, there's 

236
00:12:44,040 --> 00:12:45,640
still this huge excess amount of
savings. 

237
00:12:45,920 --> 00:12:49,520
The reason I I feel that they're
able, they were able to get this

238
00:12:49,520 --> 00:12:52,560
far is because what we 
experienced on the front end and

239
00:12:52,560 --> 00:12:56,480
that was record monetary and 
fiscal stimulus in 2020 and 

240
00:12:56,480 --> 00:12:58,800
2021. 
Think of it as like a cushion. 

241
00:12:59,880 --> 00:13:02,920
You know you're on a roller 
coaster and there's an extremely

242
00:13:02,920 --> 00:13:07,680
steep drop off and at the very 
bottom, the more monetary and 

243
00:13:07,680 --> 00:13:11,520
fiscal stimulus the Fed pumped 
into the economy, which was 

244
00:13:11,560 --> 00:13:14,960
totally record-breaking in 2020 
and 2021. 

245
00:13:14,960 --> 00:13:17,920
It's like building a mountain of
pillows at the bottom of the 

246
00:13:17,920 --> 00:13:20,760
roller coaster. 
Whereas normally if the Fed had 

247
00:13:20,760 --> 00:13:24,160
tightened this much but not 
given, you know, pumped money 

248
00:13:24,160 --> 00:13:26,840
into the real economy on the 
front end, you know we'd already

249
00:13:26,840 --> 00:13:30,440
be an extreme recession. 
But because it it lowered rates 

250
00:13:30,440 --> 00:13:33,320
to zero, it put money in the 
pockets of Americans directly. 

251
00:13:33,520 --> 00:13:35,720
Businesses said, OK, excellent 
rates are at 0. 

252
00:13:35,880 --> 00:13:38,960
Let's refinance all of our debt 
for five to 10 years out in the 

253
00:13:38,960 --> 00:13:40,800
future. 
Let's capture these zero percent

254
00:13:40,800 --> 00:13:44,840
interest rates and individuals 
rather than going on a spending 

255
00:13:44,840 --> 00:13:46,680
frenzy. 
It seems that by all accounts, 

256
00:13:46,960 --> 00:13:49,960
they were austere at an 
individual level. 

257
00:13:49,960 --> 00:13:51,520
They didn't go out, they didn't 
spend all their money. 

258
00:13:52,480 --> 00:13:55,160
And so now the Fed has the 
benefit of all of this excess 

259
00:13:55,160 --> 00:13:59,120
cash in the economy, so that 
they're now tightening. 

260
00:13:59,120 --> 00:14:03,080
We haven't seen recession yet, 
but every single time they hold 

261
00:14:03,080 --> 00:14:06,200
rates too high for too long. 
But it but it it appears in 

262
00:14:06,200 --> 00:14:09,040
different places every single 
time. 

263
00:14:09,040 --> 00:14:14,400
So in 2000, a lot of people's 
wealth was riding either 

264
00:14:14,400 --> 00:14:19,560
directly in or adjacent to the 
the the.com bubble that burst. 

265
00:14:19,560 --> 00:14:25,600
the Fed had to step in 2008. 
It was extremely toxic lending 

266
00:14:25,600 --> 00:14:27,840
that was on the balance sheet of
almost every major American 

267
00:14:27,840 --> 00:14:31,200
bank. the Fed had to step in 
2019, it was a cash shortage in 

268
00:14:31,200 --> 00:14:32,680
overnight lending. the Fed had 
to step in. 

269
00:14:32,680 --> 00:14:36,000
We don't know what the hell it's
going to be this time but so so 

270
00:14:36,000 --> 00:14:39,200
the the one aspect of it is I 
think that access cash from the 

271
00:14:39,200 --> 00:14:42,160
front end really, really helped 
and we're we're closing in on a 

272
00:14:42,160 --> 00:14:46,040
soft landing. 
I doubt the Fed's ability to to 

273
00:14:46,040 --> 00:14:50,400
to to see it all the way through
though because one central 

274
00:14:50,400 --> 00:14:55,560
entity cannot accurately set the
price of money for thousands, 

275
00:14:55,800 --> 00:14:59,600
10s of thousands, millions of 
individual components all across

276
00:14:59,600 --> 00:15:05,280
the economy since since the 
Fed's inception and ultimately 

277
00:15:05,280 --> 00:15:07,040
are detachment from the gold 
standard. 

278
00:15:07,840 --> 00:15:11,320
We haven't been, we haven't been
capable of accurately setting 

279
00:15:11,320 --> 00:15:13,600
the cost of capital for an 
entire country. 

280
00:15:14,280 --> 00:15:16,480
And I I have a feeling this 
cycle will resolve in the exact 

281
00:15:16,480 --> 00:15:18,920
same way. 
One other thing that is helping 

282
00:15:19,640 --> 00:15:24,960
keep the economy afloat and 
strong is our debt issuance. 

283
00:15:24,960 --> 00:15:30,600
We're issuing an extreme amount 
of debt at the federal level and

284
00:15:30,600 --> 00:15:32,880
right here this chart I'll 
finally get to it that I have 

285
00:15:32,880 --> 00:15:37,400
pulled up is this is the federal
deficit as a percentage of GDP. 

286
00:15:38,360 --> 00:15:41,240
And what you'll notice is that 
the last time we ran a budget 

287
00:15:41,240 --> 00:15:45,360
surplus, IE at at the national 
level, at the at the government 

288
00:15:45,360 --> 00:15:51,440
level, we ran, we we earned more
money than we brought in was 

289
00:15:52,080 --> 00:15:56,120
2002. 
So March 31st, 2002, the month 

290
00:15:56,120 --> 00:16:00,200
of March 2002 is the last time 
that as a country we were 

291
00:16:00,360 --> 00:16:03,440
profitable as a nation. 
And now increasingly all 

292
00:16:03,440 --> 00:16:07,680
economic growth has been totally
reliant here on an ever widening

293
00:16:07,760 --> 00:16:11,840
deficit. 
And so and you'll you'll note 

294
00:16:11,840 --> 00:16:16,160
here actually the deficit 
widened out as we approached the

295
00:16:16,160 --> 00:16:19,080
end of every single Fed rate 
hiking cycle. 

296
00:16:19,360 --> 00:16:26,000
Here. the Fed approached peak 
rates right around here O seven 

297
00:16:26,000 --> 00:16:28,360
O 8 and that the deficit widened
out. 

298
00:16:28,360 --> 00:16:32,880
So as the Fed approached like 
peak monetary tightness, more 

299
00:16:32,960 --> 00:16:37,080
more marginal units of debt or 
more debt had to be introduced 

300
00:16:37,080 --> 00:16:41,400
into the system in order for the
same marginal units of 

301
00:16:41,400 --> 00:16:43,720
productivity. 
So basically what I'm saying is 

302
00:16:43,720 --> 00:16:48,240
like the economy becomes more 
reliant on debt as the system 

303
00:16:48,240 --> 00:16:49,880
near nears peak monetary 
tightness. 

304
00:16:50,040 --> 00:16:53,720
You can't be as productive as 
you once were when the cost of 

305
00:16:53,720 --> 00:16:56,560
capital is several 100 basis 
points higher. 

306
00:16:56,560 --> 00:16:58,440
You just need to finance it with
more and more debt. 

307
00:16:58,440 --> 00:17:02,200
Everything's super expensive. 
And so it that the exact same 

308
00:17:02,200 --> 00:17:06,800
thing happened in the lead up to
the last recession to the Fed 

309
00:17:06,800 --> 00:17:10,520
started hiking rates right 
around 20/15/2016. 

310
00:17:10,720 --> 00:17:14,480
It approached peak rates in late
2018, early 2019 and the fiscal 

311
00:17:14,480 --> 00:17:16,599
deficit continue. 
It continued widening, widening,

312
00:17:16,599 --> 00:17:19,440
widening, widening more debt was
needed to prop up the economy 

313
00:17:19,640 --> 00:17:22,760
until it it it just couldn't 
happen anymore. 

314
00:17:23,000 --> 00:17:27,599
And then we had this huge 
recession and then record record

315
00:17:27,599 --> 00:17:30,720
fiscal stimulus, huge wave of 
debt issuance that brought us 

316
00:17:30,720 --> 00:17:32,320
down to a debt to to that 
deficit. 

317
00:17:32,640 --> 00:17:37,160
And if you ignore all of COVID, 
we're still kind of in that 

318
00:17:37,160 --> 00:17:39,880
downward trend if you connect 
these two lines here. 

319
00:17:39,880 --> 00:17:44,480
So the reality is like the US, 
the United States economy is 

320
00:17:44,480 --> 00:17:49,320
only is only, So United States 
growth is only so strong as a 

321
00:17:49,320 --> 00:17:54,280
function of endless debt growth.
It's an extremely ugly reality 

322
00:17:54,440 --> 00:17:56,080
that we haven't come to terms 
with. 

323
00:17:57,320 --> 00:18:00,760
And that's also why you see the 
rate of debt issuance 

324
00:18:00,760 --> 00:18:06,400
accelerating back in 2002. 
The last time we ran a a fiscal 

325
00:18:06,400 --> 00:18:11,120
surplus, the national debt was 
like $5 trillion and everybody 

326
00:18:11,120 --> 00:18:13,560
was talking, I don't know, I was
less than a year old, but 

327
00:18:13,560 --> 00:18:17,720
everybody was talking about how 
we were never going to pay this 

328
00:18:17,720 --> 00:18:19,760
down. 5 trillion is completely 
insane. 

329
00:18:20,000 --> 00:18:25,600
Here we are at nearly $35 
trillion just over 2 decades 

330
00:18:25,600 --> 00:18:30,080
later and nobody cares anymore. 
Because the unspoken reality is 

331
00:18:30,080 --> 00:18:32,560
that in order to be attractive 
on the world stage, in order to 

332
00:18:32,560 --> 00:18:36,760
be the strong rip roaring 
economy that demands, you know, 

333
00:18:36,760 --> 00:18:41,000
to be respected on the world 
stage, we need to continue this 

334
00:18:41,000 --> 00:18:44,960
path of endless fiscal 
expansion, endless credit 

335
00:18:44,960 --> 00:18:48,360
expansion. 
And so the Fed can stay here for

336
00:18:48,360 --> 00:18:51,680
as long as it wants. 
But you know, sure is the sun is

337
00:18:51,680 --> 00:18:55,040
going to rise tomorrow morning. 
The cycle is going to end the 

338
00:18:55,040 --> 00:18:58,600
exact same way it always has for
the last 50 years. 

339
00:18:58,600 --> 00:19:01,040
And that's lower interest rates 
than where we started. 

340
00:19:02,000 --> 00:19:04,840
We already had negative real 
interest rates at the start of 

341
00:19:04,840 --> 00:19:07,240
this hiking cycle. 
The rate of inflation was like 

342
00:19:07,240 --> 00:19:10,840
2%. the Fed funds rate was 
0.25%. 

343
00:19:10,840 --> 00:19:17,240
So you're realistically interest
rates are -1.75% in real terms. 

344
00:19:17,720 --> 00:19:20,000
That's exactly what's going to 
have to happen at the end of 

345
00:19:20,000 --> 00:19:23,000
this cycle. 
I'm absolutely convinced unless 

346
00:19:23,200 --> 00:19:27,880
the United States returns to 
this extreme austerity and we 

347
00:19:27,880 --> 00:19:30,040
decide, you know what, we're 
going to pay down our debt, stop

348
00:19:30,040 --> 00:19:32,240
all debt issuance right now. 
We're going to cut the 

349
00:19:32,240 --> 00:19:35,600
government in half by 50%, 
reduce federal employees. 

350
00:19:36,200 --> 00:19:38,440
We're going to end the needless 
programs that we have. 

351
00:19:38,440 --> 00:19:40,520
We're going to work exclusively 
for our people. 

352
00:19:40,720 --> 00:19:43,280
We're going to return to 
austerity that would induce a 

353
00:19:43,280 --> 00:19:47,080
multi year recession, right? 
We're this big gargantuan 

354
00:19:47,080 --> 00:19:51,800
monster that's totally dependent
on this endless debt growth at 

355
00:19:51,800 --> 00:19:55,360
the national level. 
And in order to reverse this, it

356
00:19:55,360 --> 00:19:57,040
would require a multi year 
recession. 

357
00:19:57,320 --> 00:20:01,440
And I said like 15 minutes ago 
that the Fed doesn't let 

358
00:20:01,440 --> 00:20:03,480
recessions happen anymore. 
It doesn't. 

359
00:20:03,680 --> 00:20:07,120
It has this shadow mandate post 
2008 that, OK, prolonged 

360
00:20:07,120 --> 00:20:08,760
recessions suck. 
We're never going to do it. 

361
00:20:09,320 --> 00:20:11,840
We need to maintain global 
monetary dominance. 

362
00:20:11,840 --> 00:20:14,760
We're never going to allow a 
long a prolonged recession to 

363
00:20:14,760 --> 00:20:17,120
occur. 
And so it's never going to 

364
00:20:17,120 --> 00:20:18,280
happen. 
Like we could return to 

365
00:20:18,280 --> 00:20:21,080
austerity if our leaders cared 
about that. 

366
00:20:21,080 --> 00:20:22,880
If our if our leaders cared 
about. 

367
00:20:23,480 --> 00:20:27,200
Maintaining the purchasing power
of our currency if it cared 

368
00:20:27,200 --> 00:20:28,800
about the livelihood of our 
citizens. 

369
00:20:28,840 --> 00:20:32,120
But they clearly don't and 
clearly the the only two ways 

370
00:20:32,120 --> 00:20:35,320
out are are monetary and fiscal 
austerity which would induce 

371
00:20:35,320 --> 00:20:38,000
like a multi year probably 
decade or more long recession, 

372
00:20:38,000 --> 00:20:40,840
another Great Depression. 
Or we just keep going the way 

373
00:20:40,840 --> 00:20:44,160
that we're going, which is ever 
widening fiscal deficits, 

374
00:20:44,840 --> 00:20:49,000
accelerating death debt issuance
in order to fund those deficits 

375
00:20:49,960 --> 00:20:54,320
and asset prices skyrocketing. 
And then the you know the 

376
00:20:54,320 --> 00:20:57,160
government pointing to the stock
market and say look at look how 

377
00:20:57,160 --> 00:20:59,920
good the economy is while more 
and more people can't afford to 

378
00:21:00,360 --> 00:21:02,200
fund a four O 1K. 
So it doesn't matter to them 

379
00:21:02,480 --> 00:21:03,360
because it's. 
Really. 

380
00:21:03,360 --> 00:21:05,280
It's really like the lower 
middle classes. 

381
00:21:05,280 --> 00:21:06,920
They can't afford to save in 
assets. 

382
00:21:06,920 --> 00:21:08,400
They're living paycheck to 
paycheck. 

383
00:21:08,400 --> 00:21:10,160
They're saving and they're 
earning in cash. 

384
00:21:11,520 --> 00:21:14,280
Yeah, they're getting wrecked. 
And then everybody that you know

385
00:21:14,280 --> 00:21:17,440
that has the wealth has the 
means to save in assets, which 

386
00:21:17,720 --> 00:21:19,640
tends to be the older 
generation, the boomer 

387
00:21:19,640 --> 00:21:22,080
generation, which happens to be 
the people that are also in 

388
00:21:22,080 --> 00:21:24,440
power. 
You know, they're like, hey, 

389
00:21:24,440 --> 00:21:28,640
I'm, I'm getting wealthier on 
paper, but look, so let's talk 

390
00:21:28,640 --> 00:21:31,600
about the sustainability of this
model, which is totally not. 

391
00:21:32,120 --> 00:21:35,840
Lynn posted this great graphic 
kind of showing it. 

392
00:21:36,000 --> 00:21:44,320
Like if you zoom in, in terms of
the USUS debt versus GDP, like 

393
00:21:44,320 --> 00:21:47,120
you, you have those two things 
and you just see the debt is 

394
00:21:47,120 --> 00:21:50,840
like almost like it's gonna be 
like 200% by like 2050. 

395
00:21:50,840 --> 00:21:53,480
It's some crazy number. 
But the point I'm trying to make

396
00:21:53,480 --> 00:21:57,400
is just the interest payments 
alone. 

397
00:21:58,080 --> 00:22:01,840
That's not sustainable, right? 
This is not something that, you 

398
00:22:01,840 --> 00:22:04,080
know, this is, this could be 
forever sustained. 

399
00:22:04,400 --> 00:22:07,800
Not to mention the, you know, 
Medicare, like the optic, could 

400
00:22:07,800 --> 00:22:10,520
you put, could you pull up the 
the debt clock? 

401
00:22:10,640 --> 00:22:13,880
Like, 'cause when you visualize 
it, it's just so much more 

402
00:22:13,880 --> 00:22:17,480
crazy. 
So, I mean, like, something's 

403
00:22:17,480 --> 00:22:19,680
gotta give, something's gonna 
break eventually. 

404
00:22:19,680 --> 00:22:21,280
Like, clearly this is not a 
sustainable path. 

405
00:22:21,280 --> 00:22:23,560
I think you're pulling something
up, Joe. 

406
00:22:23,560 --> 00:22:25,040
Do you want me to pull that up? 
Yeah. 

407
00:22:25,040 --> 00:22:25,760
Yeah. 
OK all. 

408
00:22:26,400 --> 00:22:27,680
Right. 
Then we'll show the deck clock. 

409
00:22:27,800 --> 00:22:30,240
Thanks, Opti. 
So what are we looking at right 

410
00:22:30,240 --> 00:22:31,840
now? 
So. 

411
00:22:31,920 --> 00:22:34,160
This is the government's annual 
interest expense. 

412
00:22:34,840 --> 00:22:38,840
Now, the Fed and the government 
are supposedly separate 

413
00:22:38,840 --> 00:22:41,280
institutions, right? 
But what do you think's gonna 

414
00:22:41,280 --> 00:22:43,640
happen when? 
OK, let's be real. 

415
00:22:43,960 --> 00:22:47,960
The incumbent president, Janet 
Yellen, of course, sitting 

416
00:22:47,960 --> 00:22:50,840
Secretary of the Treasury. 
When the incumbent 

417
00:22:50,840 --> 00:22:55,960
administration, you know, this 
quarter, their interest expense,

418
00:22:56,000 --> 00:22:58,160
oh, excuse me, this isn't even 
an updated chart. 

419
00:22:58,320 --> 00:23:02,120
It's already over 1 trillion. 
So $1 trillion in annual 

420
00:23:02,120 --> 00:23:04,200
interest expense. 
This is with U.S. 

421
00:23:04,200 --> 00:23:08,160
Treasury rates at roughly like 
4/4 and 1/2 percent across the 

422
00:23:08,160 --> 00:23:09,680
board. 
That's what caused this. 

423
00:23:09,760 --> 00:23:15,280
We went from half a trillion to 
$1 trillion in annual interest 

424
00:23:15,280 --> 00:23:17,880
expense. 
In how many years? 

425
00:23:18,120 --> 00:23:21,640
Less than four years. 
OK, so the incumbent 

426
00:23:21,640 --> 00:23:23,920
administration, let's see what 
the incumbent administration has

427
00:23:23,920 --> 00:23:28,320
going for it poll data. 
And this is polling data. 

428
00:23:28,320 --> 00:23:33,800
This isn't my bias it migration 
right. 

429
00:23:33,800 --> 00:23:38,880
On the immigration issue he's 
he's pulling horribly on price 

430
00:23:38,880 --> 00:23:41,040
inflation. 
He's pull pulling horribly. 

431
00:23:41,200 --> 00:23:42,920
What is he pulling really well 
on? 

432
00:23:43,560 --> 00:23:46,440
He's polling really well on 
asset prices. 

433
00:23:46,440 --> 00:23:48,760
That's all he has left. 
That's all he has left. 

434
00:23:48,760 --> 00:23:50,160
What are asset prices supported 
by? 

435
00:23:50,160 --> 00:23:52,920
Businesses that are doing well, 
OK, businesses that are doing 

436
00:23:52,920 --> 00:23:59,000
well with interest rates at 4 
1/2% and like 800, excuse me, 

437
00:23:59,000 --> 00:24:02,040
it's something like $80 billion.
My my numbers are way off there.

438
00:24:02,280 --> 00:24:05,880
But a really, really big amount 
of corporate debt maturing this 

439
00:24:05,880 --> 00:24:11,800
year with rates 400 basis points
higher than they were four years

440
00:24:11,800 --> 00:24:14,560
ago. 
Businesses won't be able to 

441
00:24:14,560 --> 00:24:16,160
survive at the scale that they 
are now. 

442
00:24:16,520 --> 00:24:19,080
Stock prices will fall. 
The last thing that the 

443
00:24:19,080 --> 00:24:21,360
administration is going for it 
is gone. 

444
00:24:22,120 --> 00:24:26,600
Now the other side of the coin 
as well is the US government 

445
00:24:26,600 --> 00:24:31,080
can't survive with interest 
rates at 4 1/2 percent, 5 

446
00:24:31,080 --> 00:24:34,920
percent, 5 1/2%. 
The think of the rates on U.S. 

447
00:24:34,920 --> 00:24:37,680
Treasuries at the price at which
the the US government has to 

448
00:24:37,680 --> 00:24:42,480
finance its debt. 
Now if you basically the 

449
00:24:42,480 --> 00:24:45,680
government has been getting a 
teaser rate credit card at 0% 

450
00:24:45,680 --> 00:24:50,000
interest rate, close to 0% 
interest rates for the last like

451
00:24:50,000 --> 00:24:53,720
decade, Now all of a sudden it's
5% ish. 

452
00:24:55,040 --> 00:24:58,600
Interest expenses doubled, tax 
receipts are set to slow because

453
00:24:58,600 --> 00:25:01,240
like I said, corporate borrowing
is going to get more expensive. 

454
00:25:01,400 --> 00:25:04,040
Corporations are going to pull 
back on the amount of business 

455
00:25:04,040 --> 00:25:09,000
activity they have. 
And as a result of that, they're

456
00:25:09,000 --> 00:25:13,200
going to start firing people. 
And so tax receipts won't be 

457
00:25:13,200 --> 00:25:15,160
very strong. 
So how do you finance this 

458
00:25:15,160 --> 00:25:17,480
interest expense, more debt 
issuance. 

459
00:25:18,080 --> 00:25:21,160
And so in order to fund this 
debt, this interest expense, 

460
00:25:21,160 --> 00:25:23,920
they're going to issue more 
debt. 

461
00:25:24,680 --> 00:25:28,200
So it's it's like a spiral. 
People call it the debt spiral. 

462
00:25:28,440 --> 00:25:32,360
That's exactly what it is. 
So the Fed and the US Treasury 

463
00:25:32,360 --> 00:25:36,600
are separate institutions, but 
they in times of crisis, they're

464
00:25:36,600 --> 00:25:41,680
not so separate. 
And I believe that Janet Yellen 

465
00:25:42,360 --> 00:25:46,160
is going to knock on the office 
door of Jerome Powell and beg 

466
00:25:46,160 --> 00:25:50,000
and plead that, OK, we know 
inflation is not on its long run

467
00:25:50,000 --> 00:25:53,920
target, but you need to cut 
interest rates. 

468
00:25:53,920 --> 00:25:55,120
You have to. 
I mean, you see. 

469
00:25:55,120 --> 00:25:58,000
That already, bro. 
You see political callings from?

470
00:25:58,440 --> 00:26:01,560
I saw it this morning. 
It was was our favorite senator 

471
00:26:01,560 --> 00:26:05,080
as bitcoiners. 
Elizabeth Warren was that wench.

472
00:26:05,160 --> 00:26:07,040
Dude, that wench. 
She's she's a senator from my 

473
00:26:07,040 --> 00:26:08,200
home state, too. 
I hate her. 

474
00:26:08,200 --> 00:26:10,520
Yeah, and. 
By the way, for anyone living in

475
00:26:10,520 --> 00:26:13,080
Massachusetts, she's up for re 
election this year. 

476
00:26:13,080 --> 00:26:15,000
So if you live in Massachusetts,
I don't care if you're a 

477
00:26:15,000 --> 00:26:17,320
Democrat or Republican, If 
you're a bitcoiner in that 

478
00:26:17,320 --> 00:26:20,320
state, she does not like you. 
Vote her out. 

479
00:26:20,840 --> 00:26:22,080
Vote her out. 
Exactly. 

480
00:26:22,240 --> 00:26:26,680
So I do want to pull up the the 
the debt clock, which is just 

481
00:26:27,200 --> 00:26:30,520
such a crazy visualization. 
Opti, could you Scroll down to 

482
00:26:30,520 --> 00:26:34,440
the bottom right, please? 
Yeah. 

483
00:26:34,440 --> 00:26:35,560
Exactly. 
Down there. 

484
00:26:35,640 --> 00:26:36,200
Yep. 
Yep. 

485
00:26:36,240 --> 00:26:37,400
Bottom right. 
Exactly. 

486
00:26:37,400 --> 00:26:39,240
There we go. 
So look. 

487
00:26:39,240 --> 00:26:41,240
Check that out. 
Is that ATI? 

488
00:26:41,240 --> 00:26:46,760
Think that's AT Joe? 
I think that's that's that's US 

489
00:26:46,760 --> 00:26:49,360
unfunded liabilities. 
That's million, billion, 

490
00:26:49,360 --> 00:26:55,040
trillion, $212 trillion. 
Isn't that bigger than the GDP 

491
00:26:55,560 --> 00:26:58,200
of the world? 
No, maybe not the world, but you

492
00:26:58,200 --> 00:27:00,400
got what I'm trying to say, Oh 
man. 

493
00:27:01,320 --> 00:27:04,120
So if we think back to Weimar. 
And I hate to interrupt, but it 

494
00:27:04,120 --> 00:27:06,080
is bigger than the GDP of the 
entire world. 

495
00:27:06,360 --> 00:27:10,360
If we think back to Weimar 
Germany following the Treaty of 

496
00:27:10,360 --> 00:27:12,400
Versailles, which you know, 
people can debate whether or not

497
00:27:12,400 --> 00:27:15,160
Germany deserve that all day 
long and post World War One 

498
00:27:15,160 --> 00:27:17,320
whatever. 
But in reality, it was the most 

499
00:27:17,320 --> 00:27:22,280
financially repressive contract 
ever set forth, the most 

500
00:27:22,280 --> 00:27:25,400
financially repressive 
punishment given to one single 

501
00:27:25,400 --> 00:27:27,600
country in all of history. 
And so with the Treaty of 

502
00:27:27,600 --> 00:27:31,040
Versailles forced Germany to do 
was basically become indentured 

503
00:27:31,040 --> 00:27:34,880
servants for the world for the 
better part of of a decade and a

504
00:27:34,880 --> 00:27:38,320
half roughly. 
And so all throughout the 20s 

505
00:27:38,320 --> 00:27:44,560
and very early 30s, Germany kind
of delved into absolute chaos 

506
00:27:44,920 --> 00:27:48,920
where in order to their currency
rapidly became worthless. 

507
00:27:48,920 --> 00:27:51,720
Because in order to make 
payments on these absurd 

508
00:27:52,080 --> 00:27:55,080
reparations that they had to 
make to other countries, their 

509
00:27:55,080 --> 00:27:57,760
productivity simply couldn't 
meet the payments that they were

510
00:27:57,760 --> 00:27:59,320
required to make. 
And so they started printing 

511
00:27:59,320 --> 00:28:02,760
money hand over fist more than 
what they were actually making, 

512
00:28:02,800 --> 00:28:05,920
right. 
And as a function of that, that 

513
00:28:05,920 --> 00:28:08,360
that that began accelerating 
because they they they owed 

514
00:28:08,360 --> 00:28:10,320
these payments. 
And so very quickly, the 

515
00:28:10,320 --> 00:28:12,240
currency became absolutely 
worthless. 

516
00:28:13,720 --> 00:28:16,120
What you're seeing right here 
with unfunded liabilities is 

517
00:28:16,120 --> 00:28:20,840
kind of like several decades of 
the inevitable finally catching 

518
00:28:20,840 --> 00:28:24,840
up with reality, and that is 
Social Security, Medicare, 

519
00:28:24,840 --> 00:28:29,880
Medicaid. 
These are total gargantuan 

520
00:28:29,880 --> 00:28:31,960
Goliaths. 
Look at that liability per 

521
00:28:31,960 --> 00:28:38,160
citizen, $631,000. 
That is way more than someone 

522
00:28:38,160 --> 00:28:40,840
will produce over what they 
consume in their lifetime. 

523
00:28:41,080 --> 00:28:45,480
The average U.S. citizen, the 
budgetary impact of the average 

524
00:28:45,600 --> 00:28:47,880
U.S. citizen is less than 
$100,000. 

525
00:28:47,880 --> 00:28:52,680
So over their life, the US 
citizen, this is net net, right?

526
00:28:52,680 --> 00:28:56,040
So what they're giving to the 
country versus what they're 

527
00:28:56,040 --> 00:29:00,360
taking away is less than 100K. 
And we're talking almost 

528
00:29:00,360 --> 00:29:03,480
$700,000 per citizen. 
So what is the way out? 

529
00:29:03,480 --> 00:29:06,080
Well, we can't end Social 
Security or Medicare and 

530
00:29:06,080 --> 00:29:09,720
Medicaid because nobody will 
voluntarily forfeit that they 

531
00:29:09,720 --> 00:29:12,080
go. 
I've been working for 50 years. 

532
00:29:12,080 --> 00:29:14,840
I got to get my right. 
No one's going to voluntarily 

533
00:29:14,840 --> 00:29:17,160
relinquish their benefits, even 
though we need to. 

534
00:29:17,360 --> 00:29:20,040
So what is the solution? 
Perpetual debt issuance. 

535
00:29:20,040 --> 00:29:22,120
Keep churning the debt out, 
right. 

536
00:29:22,520 --> 00:29:25,520
And so long as people are buying
it, we can continue funding it. 

537
00:29:25,520 --> 00:29:28,000
And it's this flywheel that 
keeps going and going and going.

538
00:29:28,200 --> 00:29:30,880
It will never be paid down. 
More debt will be issued in 

539
00:29:30,880 --> 00:29:33,960
order to pay for it. 
And it's the same thing at the 

540
00:29:34,000 --> 00:29:37,120
at the level of direct U.S. 
Treasury interest expense, at 

541
00:29:37,120 --> 00:29:41,040
the level of Medicare, Medicaid,
Social Security and all of this 

542
00:29:41,040 --> 00:29:44,000
200 some odd trillion dollars in
unfunded liabilities. 

543
00:29:44,280 --> 00:29:46,840
It'll never get brought down. 
It'll never be paid off. 

544
00:29:46,840 --> 00:29:48,840
The solution is perpetual debt 
issuance. 

545
00:29:49,320 --> 00:29:52,160
And unfortunately, here in this 
country, the amount of people 

546
00:29:52,160 --> 00:29:55,920
that are the, the, the lifetime 
budgetary impact of each 

547
00:29:55,920 --> 00:29:58,760
individual citizen is dipping 
closer and closer and closer to 

548
00:29:58,760 --> 00:29:59,800
0. 
Why? 

549
00:30:00,080 --> 00:30:03,760
Because we have a huge 
demographic of people who are 

550
00:30:03,760 --> 00:30:06,440
not coming here to be net 
producers, right? 

551
00:30:06,440 --> 00:30:08,840
The people who are coming here 
illegally and undocumented. 

552
00:30:09,000 --> 00:30:12,480
And not to get political, but 
they're not coming here to to to

553
00:30:12,480 --> 00:30:16,160
build a better country and build
and maintain what we have. 

554
00:30:16,320 --> 00:30:19,240
They're coming here to leverage 
what we are offering them. 

555
00:30:19,640 --> 00:30:22,560
And so the net lifetime 
budgetary impact is falling as a

556
00:30:22,560 --> 00:30:26,760
result of that, which means that
this is even further, it's it's 

557
00:30:26,760 --> 00:30:29,280
even way further in the rearview
mirror the reality that will 

558
00:30:29,280 --> 00:30:32,600
ever pay this off. 
You need a wildly productive 

559
00:30:32,600 --> 00:30:34,080
society in order to pay this 
off. 

560
00:30:34,080 --> 00:30:36,280
It will never happen. 
And the way it will pay it off 

561
00:30:36,280 --> 00:30:39,960
is through increased debt 
issuance and a dilution of your 

562
00:30:39,960 --> 00:30:41,880
wealth. 
And that's where Bitcoin comes 

563
00:30:41,880 --> 00:30:42,800
in. 
And the beautiful thing about 

564
00:30:42,800 --> 00:30:48,280
Bitcoin too, is their whole tool
to get out of this pickle is 

565
00:30:48,280 --> 00:30:51,080
diluting the dollar. 
If fewer people hold the dollar,

566
00:30:51,280 --> 00:30:53,680
then they have to dilute it more
to reach the same level of 

567
00:30:53,680 --> 00:30:55,320
effectiveness. 
You see what I'm saying, right? 

568
00:30:55,560 --> 00:30:58,800
So if you don't use dollars, if 
you hold the majority of your 

569
00:30:58,800 --> 00:31:01,360
wealth in Bitcoin and keep it 
there, they have less of a pool 

570
00:31:01,360 --> 00:31:03,280
to dilute from. 
So they need to dilute more. 

571
00:31:03,280 --> 00:31:05,280
And given that they are 
accelerating the rate at which 

572
00:31:05,280 --> 00:31:08,120
they're diluting your wealth and
issuing debt, you buying Bitcoin

573
00:31:08,120 --> 00:31:12,560
means that you are accelerating 
the demise of the US dollar. 

574
00:31:12,760 --> 00:31:16,480
If we don't return to fiscal 
austerity, which we won't, we 

575
00:31:16,480 --> 00:31:18,800
can't. 
I mean, it's impossible. 

576
00:31:18,800 --> 00:31:20,480
It's impossible. 
So did you? 

577
00:31:20,760 --> 00:31:23,240
Of course, I'm sure you're on 
Bitcoin Twitter. 

578
00:31:23,240 --> 00:31:27,840
Do you see that book that Odell 
was like, in love with? 

579
00:31:27,840 --> 00:31:30,400
I forget what the name of the 
book was, But essentially it's 

580
00:31:30,400 --> 00:31:33,960
like a it's a dystopian America.
There you go. 

581
00:31:33,960 --> 00:31:36,520
Opti knows the mandibles, You 
know. 

582
00:31:36,800 --> 00:31:40,600
You know what I'm referring to. 
I've heard of the book, yes, but

583
00:31:40,600 --> 00:31:42,440
I haven't read it personally, so
it's essentially. 

584
00:31:42,440 --> 00:31:47,480
The story of a family in the 
future US where essentially the 

585
00:31:47,600 --> 00:31:51,080
US dollar loses world reserve 
currency status and then you 

586
00:31:51,080 --> 00:31:55,080
know all these things that we 
take for granted now, you know 

587
00:31:55,080 --> 00:31:57,880
start to disappear. 
And then how that affects the 

588
00:31:57,880 --> 00:32:03,280
life of of essentially everybody
are is, is the US just 

589
00:32:03,280 --> 00:32:07,440
repeating, you know, are we just
repeating what the Roman Empire 

590
00:32:07,440 --> 00:32:08,800
did? 
Is it, is it, you know, 

591
00:32:08,800 --> 00:32:11,440
obviously in a much quicker pace
on a much faster pace. 

592
00:32:12,160 --> 00:32:15,000
But this seems to be like a 
pattern throughout human history

593
00:32:15,000 --> 00:32:20,200
where, you know, just they just 
start printing money and it just

594
00:32:20,200 --> 00:32:22,520
seems like that's where we're 
at, so. 

595
00:32:22,520 --> 00:32:25,360
The reason that coin, you know, 
obviously you're referring, you 

596
00:32:25,360 --> 00:32:28,600
know, coin clipping, right? 
The reason coins have ridges is 

597
00:32:28,600 --> 00:32:33,120
so that people can't clip the 
coins, and that's what mostly 

598
00:32:33,120 --> 00:32:35,960
digital money allows them to do.
Not just the CBDC, but money in 

599
00:32:35,960 --> 00:32:40,200
your bank account. 
If everybody had hard physical 

600
00:32:40,200 --> 00:32:44,480
cash, there was no such thing as
like a Ledger entry on your 

601
00:32:44,480 --> 00:32:48,280
phone or or on any kind of 
database that represented money.

602
00:32:48,280 --> 00:32:49,880
It was all physical, cold hard 
cash. 

603
00:32:50,200 --> 00:32:53,880
Then in order to do this, it 
would be much, it'd be much 

604
00:32:53,880 --> 00:32:56,600
harder, or at the very least it 
would. 

605
00:32:56,600 --> 00:33:01,640
It would slow them down. 
Now that most money is just a 

606
00:33:01,640 --> 00:33:04,520
database entry, it's much 
easier. 

607
00:33:05,040 --> 00:33:08,960
And also this is one of the 
reasons that that financial 

608
00:33:08,960 --> 00:33:11,520
illiteracy is so common. 
It's because it's deliberate. 

609
00:33:12,120 --> 00:33:14,360
If you understood what was 
happening, if most people 

610
00:33:14,360 --> 00:33:17,600
understood what was happening, 
they would be marching on 

611
00:33:17,600 --> 00:33:19,920
Washington and burning down 
government buildings. 

612
00:33:19,920 --> 00:33:23,000
That's what they'd be doing. 
I mean it's it's no exaggeration

613
00:33:23,000 --> 00:33:28,200
to say that this is just abject,
completely abhorrent robbery, 

614
00:33:28,200 --> 00:33:33,280
robbing people blind and then 
you know in high school and 

615
00:33:33,280 --> 00:33:36,440
college not only are people, you
know, increasingly financially 

616
00:33:36,440 --> 00:33:41,520
illiterate, but also the the 
little financial literacy that 

617
00:33:41,520 --> 00:33:45,120
we do have, we're we're simply 
taught that centrally 

618
00:33:45,120 --> 00:33:47,280
manipulated interest rates are 
extremely important. 

619
00:33:47,920 --> 00:33:50,760
They make the world go around. 
They bring about stability. 

620
00:33:50,760 --> 00:33:55,360
But in actuality, no, the Fed, 
because it can't accurately set 

621
00:33:55,360 --> 00:33:59,800
the price of money for hundreds 
of thousands, millions of 

622
00:33:59,800 --> 00:34:02,960
individual constituents, it 
creates the boom and bust cycle.

623
00:34:02,960 --> 00:34:04,240
It doesn't bring about 
stability. 

624
00:34:04,480 --> 00:34:07,200
So we're just taught that, Oh 
yeah, banks, they hold their 

625
00:34:07,200 --> 00:34:08,760
money. 
Nobody knows about federal, 

626
00:34:08,760 --> 00:34:11,760
nobody knows about fractional 
reserve banking or or no reserve

627
00:34:11,760 --> 00:34:14,400
banking People, the banks can 
create money out of thin air and

628
00:34:14,400 --> 00:34:18,040
they do with with no reserves 
backing them whatsoever. 

629
00:34:18,040 --> 00:34:20,360
They think their money sits in 
the bank and the Fed is 

630
00:34:20,360 --> 00:34:22,440
necessary. 
And every so often we get into a

631
00:34:22,440 --> 00:34:24,360
recession, but I don't really 
know why. 

632
00:34:24,360 --> 00:34:26,120
So then I'll vote for the guy 
that says he's going to get us 

633
00:34:26,120 --> 00:34:28,480
out of the recession. 
And then, you know, oh, I heard 

634
00:34:28,480 --> 00:34:30,159
about the national debt. 
But, you know, it doesn't really

635
00:34:30,159 --> 00:34:31,280
bother me. 
I don't really get it. 

636
00:34:31,480 --> 00:34:33,600
And then generation after 
generation, people are being 

637
00:34:33,600 --> 00:34:35,719
robbed blind and they don't 
understand any of this. 

638
00:34:35,719 --> 00:34:37,280
So they don't know how to 
insulate themselves and they 

639
00:34:37,280 --> 00:34:38,800
don't care. 
And they think, well, as long as

640
00:34:38,800 --> 00:34:40,840
I contribute to my 401K, I'll be
fine. 

641
00:34:41,120 --> 00:34:45,440
No, you won't. 
The reality is in the 90s a 

642
00:34:45,440 --> 00:34:51,239
hundred $100,000 a 120,000 was 
considered like middle class 

643
00:34:51,560 --> 00:34:55,440
175, upper middle class 200,000 
like you're you're breaking into

644
00:34:55,800 --> 00:34:58,840
upper middle class upper class 
territory quarter $1,000,000 

645
00:34:58,840 --> 00:35:01,600
salary that's where you are. 
Quarter million dollar class 

646
00:35:01,600 --> 00:35:05,200
today is like middle class 
particularly in the Northeast, 

647
00:35:05,600 --> 00:35:08,520
in the Northeast United States. 
In a place also in a place like 

648
00:35:08,520 --> 00:35:12,560
Los Angeles, a quarter 
$1,000,000 can afford you a home

649
00:35:12,560 --> 00:35:15,520
that you could buy on $100,000 
salary in like the 80s and 90s. 

650
00:35:15,920 --> 00:35:20,280
So people are increasingly being
priced out of the quality of 

651
00:35:20,280 --> 00:35:23,320
life that was afforded to them 
on a fraction of the salary 

652
00:35:23,320 --> 00:35:26,080
several years ago. 
Wages are of course rising. 

653
00:35:26,160 --> 00:35:28,320
Sure, of course it's absolutely 
happening. 

654
00:35:28,600 --> 00:35:31,600
But by the same token, they're 
not rising as much as the 

655
00:35:31,600 --> 00:35:34,360
aggregate price level is in the 
aggregate price level that gets 

656
00:35:34,360 --> 00:35:37,200
reported is woefully inaccurate.
It's deliberately meant to 

657
00:35:37,200 --> 00:35:40,560
mislead you. 
At the government level, people 

658
00:35:40,560 --> 00:35:42,800
don't even understand the 
difference between prices and 

659
00:35:42,800 --> 00:35:45,040
inflation. 
The directive of the government 

660
00:35:45,040 --> 00:35:48,840
and in the mass media complex is
to make you conflate prices with

661
00:35:48,840 --> 00:35:51,000
inflation. 
So when somebody like Joe Biden 

662
00:35:51,000 --> 00:35:54,960
posts on Twitter, inflation has 
fallen to a four year low. 

663
00:35:55,040 --> 00:35:56,800
That's accurate. 
But then in the follow up 

664
00:35:56,800 --> 00:36:00,600
sentence, he says Americans are 
relieved that a little bit of 

665
00:36:00,600 --> 00:36:02,920
price pressure is coming off. 
It's like wait, wait, no, no, 

666
00:36:02,920 --> 00:36:05,080
no. 
Inflation isn't negative. 

667
00:36:05,320 --> 00:36:07,720
Inflation is still positive. 
Prices aren't lower than they 

668
00:36:07,720 --> 00:36:09,680
were three or four years ago. 
They're higher. 

669
00:36:10,120 --> 00:36:16,400
And so it's the elite can 
continue ravaging and pillaging 

670
00:36:17,000 --> 00:36:20,920
your wealth as a function of you
being financially illiterate. 

671
00:36:21,280 --> 00:36:23,920
And so that's what they bank on.
They bank on you buying the 

672
00:36:23,920 --> 00:36:26,800
propaganda hook, line and sinker
and instead of pointing to them 

673
00:36:26,800 --> 00:36:30,080
and saying, hey, I don't think 
that at the government level 

674
00:36:30,080 --> 00:36:32,560
there should be an entity 
setting interest rates. 

675
00:36:32,640 --> 00:36:36,280
I don't think that, you know, 
this credit based monetary order

676
00:36:36,280 --> 00:36:39,160
that we live in is good. 
I don't think being a slave to 

677
00:36:39,160 --> 00:36:40,960
you, Surrey, for my entire life 
is good. 

678
00:36:42,560 --> 00:36:45,200
So they bank on you being 
totally financially illiterate 

679
00:36:45,440 --> 00:36:46,920
in order to just totally ignore 
these things. 

680
00:36:47,160 --> 00:36:50,080
And rather than actually 
articulating what the problem 

681
00:36:50,080 --> 00:36:52,080
is, the Federal Reserve's 
hitting the price of money, 

682
00:36:53,720 --> 00:36:56,640
generating the boom and bust 
cycle they want you to point the

683
00:36:56,640 --> 00:37:00,240
finger at, oh, it's the 
Democrats, it's the Republicans,

684
00:37:00,240 --> 00:37:03,440
it's the this, it's the that. 
It's a permanent state that 

685
00:37:03,440 --> 00:37:07,160
doesn't care about you who seeks
to enrich itself. 

686
00:37:07,240 --> 00:37:10,640
Its interest lies solely with 
it, solely within itself. 

687
00:37:11,920 --> 00:37:14,840
The the name of the game is to 
stay alive long enough to 

688
00:37:14,840 --> 00:37:17,240
pillage as much as you can 
before it all goes down. 

689
00:37:17,840 --> 00:37:19,600
And that's what's happening. 
If people were financially 

690
00:37:19,600 --> 00:37:21,360
illiterate, this couldn't 
happen. 

691
00:37:21,680 --> 00:37:24,000
But that's what's happening, 
unfortunately. 

692
00:37:24,000 --> 00:37:26,840
And so it's it's it's our job, 
everybody's job, listening to 

693
00:37:26,840 --> 00:37:31,440
this, you and me on this stream,
to spread financial literacy and

694
00:37:31,440 --> 00:37:34,080
articulate what the hell is 
going on as best we can. 

695
00:37:34,080 --> 00:37:37,360
And then point people to the 
only asset they can allocate to 

696
00:37:37,360 --> 00:37:39,680
to insulate themselves from 
this, the only asset that isn't 

697
00:37:39,680 --> 00:37:41,840
someone else's liability, and 
that's Bitcoin. 

698
00:37:42,000 --> 00:37:44,040
You can custody it in your head,
right? 

699
00:37:44,040 --> 00:37:47,080
Gold bars eventually become 
someone else's liability unless 

700
00:37:47,080 --> 00:37:49,880
you own the land that they're 
buried on, right? 

701
00:37:50,640 --> 00:37:53,440
Otherwise it's it's always 
someone else's liability, even 

702
00:37:53,440 --> 00:37:56,120
hard monies. 
But Bitcoin can be stored in 

703
00:37:56,120 --> 00:37:57,960
your head, right? 
It's the only asset that isn't 

704
00:37:57,960 --> 00:38:00,680
someone else's liability. 
Allocating to it takes away 

705
00:38:00,680 --> 00:38:03,560
their ability to steal from you 
100%. 

706
00:38:03,600 --> 00:38:07,480
And and I think that's why, like
it really boiled down to it. 

707
00:38:07,480 --> 00:38:11,840
I think that's the actual reason
as to why you have politicians 

708
00:38:11,840 --> 00:38:15,680
like Elizabeth Warren and and 
Co, really politicians that have

709
00:38:15,680 --> 00:38:18,400
benefited from the money printer
essentially. 

710
00:38:18,720 --> 00:38:20,960
You know, they they're worth 
hundreds of millions of dollars 

711
00:38:20,960 --> 00:38:24,000
off a government salary. 
They got really, really close to

712
00:38:24,000 --> 00:38:26,880
that spigot, right. 
And I think I truly believe that

713
00:38:27,040 --> 00:38:31,800
that is a big maybe not the 
entire motivation, maybe some of

714
00:38:31,800 --> 00:38:35,040
the motivation comes from, you 
know, her donors, a big banks, 

715
00:38:35,040 --> 00:38:38,400
etcetera. 
But I I do believe that. 

716
00:38:39,320 --> 00:38:44,000
I do believe that that plays a 
role or that is a motivation in 

717
00:38:45,120 --> 00:38:48,720
in their hostility towards it. 
But I I also find it funny 

718
00:38:48,720 --> 00:38:52,320
because they can't that you know
to add to your point, right They

719
00:38:52,320 --> 00:38:55,040
they play on the fact that 
people are just not educated on 

720
00:38:55,040 --> 00:38:58,080
this. 
They can't openly admit that 

721
00:38:58,080 --> 00:39:00,000
they're against Bitcoin for 
those reasons. 

722
00:39:00,000 --> 00:39:03,040
They can't openly admit that 
they're against Bitcoin because 

723
00:39:03,240 --> 00:39:06,800
it's a technology that if you 
save in it, if you earn it it, 

724
00:39:06,800 --> 00:39:10,600
it protects you from Fiat, 
debasement, AKA theft. 

725
00:39:11,480 --> 00:39:15,520
So they have to like you know 
find these like roundabout ways 

726
00:39:15,520 --> 00:39:18,200
like oh, terror is a money 
laundering ML like except you 

727
00:39:18,200 --> 00:39:21,600
know this whole laundry list of 
of of excuses, everything under 

728
00:39:21,600 --> 00:39:24,600
the they're just trying to throw
things at the wall seeing what 

729
00:39:24,600 --> 00:39:27,560
sticks. 
So yeah, I mean it is very 

730
00:39:27,560 --> 00:39:29,440
interesting. 
Now, this is a question I've 

731
00:39:29,440 --> 00:39:32,120
asked Jeff Booth when he came on
the show, which is Joe, doesn't 

732
00:39:32,120 --> 00:39:35,000
it concern you? 
I mean you're you're, you know, 

733
00:39:35,000 --> 00:39:37,560
you're, you're young and you're 
very knowledgeable, but let's 

734
00:39:37,560 --> 00:39:40,160
just say the VAT, to be frank, 
right? 

735
00:39:40,160 --> 00:39:43,120
The majority of my generation 
and your generation, they're 

736
00:39:43,120 --> 00:39:45,200
very distracted with the bread 
and circuses. 

737
00:39:45,200 --> 00:39:48,320
They're still buying into the 
Fiat politics, the divide and 

738
00:39:48,320 --> 00:39:51,360
conquer strategy of these 
politicians versus when it's a 

739
00:39:51,360 --> 00:39:54,160
Republican in office, you know 
the Democrats are like all your 

740
00:39:54,160 --> 00:39:56,520
economic woes are because the 
Republican is in office. 

741
00:39:56,960 --> 00:39:59,160
When the Democrats are in 
office, the Republicans do the 

742
00:39:59,160 --> 00:40:01,200
exact same thing. 
It's divide and conquer. 

743
00:40:01,200 --> 00:40:04,080
It's extremely effective. 
Doesn't it concern you that our 

744
00:40:04,080 --> 00:40:07,120
generations are still kind of 
asleep at the wheel, so to 

745
00:40:07,120 --> 00:40:08,560
speak? 
They don't really care. 

746
00:40:08,560 --> 00:40:09,760
They they know. 
I know. 

747
00:40:09,760 --> 00:40:12,640
They know something is up. 
I know they're feeling the pain.

748
00:40:12,640 --> 00:40:14,720
I know they understand that 
they're poorer than their 

749
00:40:14,720 --> 00:40:16,640
parents. 
I know that they feel that 

750
00:40:16,640 --> 00:40:21,080
there's some type of injustice, 
but they don't understand that 

751
00:40:21,080 --> 00:40:23,440
it's not necessarily the 
political system. 

752
00:40:24,240 --> 00:40:27,360
Or it's not necessarily the 
economic system that's broken. 

753
00:40:27,360 --> 00:40:30,200
It's the money that's broken. 
We still have a tremendous 

754
00:40:30,200 --> 00:40:33,320
amount of work to do as 
bitcoiners, because, you know, I

755
00:40:33,320 --> 00:40:35,320
hang out with my normie friends 
and they're a dude, they're in 

756
00:40:35,320 --> 00:40:38,560
the Fiat matrix, you know, 
completely. 

757
00:40:38,560 --> 00:40:41,200
They're completely in the 
They're by just find a way to 

758
00:40:41,200 --> 00:40:43,720
contribute. 
An extra $1000 a month in my 

759
00:40:43,720 --> 00:40:46,440
401K? 
I'll be good for retirement. 

760
00:40:46,440 --> 00:40:48,720
Exactly. 100% I mean, I don't 
know. 

761
00:40:48,720 --> 00:40:50,640
And I'm like 401K. 
Fuck that. 

762
00:40:50,680 --> 00:40:52,400
Oh my shit. 
Send Bitcoin, right. 

763
00:40:52,920 --> 00:40:55,200
So like, yeah, man, like, does 
that worry you at all? 

764
00:40:55,200 --> 00:40:56,480
Like we have a lot of work to 
do. 

765
00:40:56,720 --> 00:41:00,760
And then there's been a like a 
my my girlfriend, my girlfriend 

766
00:41:00,760 --> 00:41:03,240
at the time, who's not my wife, 
she she had like a really like 

767
00:41:03,520 --> 00:41:07,120
astute observation. 
And I told, you know, she's 

768
00:41:07,120 --> 00:41:09,560
like, Nico, I understand 
bitcoin's the best money there 

769
00:41:09,560 --> 00:41:11,360
ever. 
There is, There ever is. 

770
00:41:11,360 --> 00:41:12,520
I get it. 
It's best. 

771
00:41:12,520 --> 00:41:15,520
The incentives are there. 
She's like, but don't you think 

772
00:41:15,840 --> 00:41:16,440
that? 
People. 

773
00:41:16,440 --> 00:41:19,880
Are just too stupid. 
And I was like, holy shit, she 

774
00:41:19,880 --> 00:41:22,760
might be on to something, so I 
want to get your take on that, 

775
00:41:23,440 --> 00:41:25,240
Yeah. 
So the first thing I'll say is 

776
00:41:25,240 --> 00:41:28,360
that like I have a huge folder 
on my Twitter account. 

777
00:41:28,920 --> 00:41:32,600
I love the the folders feature 
and I think I have too many, too

778
00:41:32,600 --> 00:41:34,160
many folders like bookmark 
folders. 

779
00:41:34,160 --> 00:41:36,640
And I keep a lot of statistics, 
a lot of them. 

780
00:41:36,640 --> 00:41:39,640
I love pouring over numbers and 
trying to to to get a sense of 

781
00:41:39,640 --> 00:41:41,720
what's going on in the world. 
And one thing that stuck out to 

782
00:41:41,720 --> 00:41:46,800
me is that this is the most 
conservative generation of young

783
00:41:46,800 --> 00:41:49,520
men, not young women. 
Young men in the United States 

784
00:41:49,520 --> 00:41:53,240
are the most conservative they 
have been since 1986. 

785
00:41:53,840 --> 00:41:57,680
That is extremely that is 
extremely hopeful for me at the 

786
00:41:57,680 --> 00:42:00,160
very least. 
Because what it tells me is that

787
00:42:00,320 --> 00:42:05,520
despite the mass media complex 
being more propagandized towards

788
00:42:05,520 --> 00:42:08,360
this, you know, global 
communistic order than it ever 

789
00:42:08,360 --> 00:42:12,440
has been, right, more people are
waking up and and becoming 

790
00:42:12,440 --> 00:42:13,520
dissidents. 
And that's what we need. 

791
00:42:13,520 --> 00:42:15,680
We need more people to be 
skeptical of the system around 

792
00:42:15,680 --> 00:42:16,960
us. 
And that's all that that 

793
00:42:16,960 --> 00:42:20,160
statistic tells me. 
It's that despite the mass media

794
00:42:20,160 --> 00:42:24,200
complex being overly, you know 
on one side of the spectrum, 

795
00:42:24,200 --> 00:42:26,720
which is the government must 
take care of you. 

796
00:42:27,040 --> 00:42:30,560
You need to, you need to be 
beholden to the lowest common 

797
00:42:30,560 --> 00:42:31,960
denominator for your entire 
life. 

798
00:42:31,960 --> 00:42:34,160
You need to let anybody into the
country that wants to be here. 

799
00:42:34,400 --> 00:42:37,800
National values are bad. 
Having a stable currency is bad.

800
00:42:37,920 --> 00:42:39,680
Living a life, having a big 
family is bad. 

801
00:42:39,680 --> 00:42:41,880
More people are becoming 
dissidents and pushing back on 

802
00:42:41,880 --> 00:42:43,720
that. 
And that gives me hope, because 

803
00:42:43,720 --> 00:42:46,720
the reason people become people 
get into Bitcoin is because they

804
00:42:46,720 --> 00:42:49,120
are inherently skeptical. 
They ask questions. 

805
00:42:49,480 --> 00:42:51,800
And over the last several 
decades, the amount of people 

806
00:42:51,800 --> 00:42:53,920
asking questions has been 
reduced. 

807
00:42:53,920 --> 00:42:56,240
People don't like thinking. 
That's the reality of this, of 

808
00:42:56,240 --> 00:42:58,880
the situation. 
People like being told things 

809
00:42:59,600 --> 00:43:02,000
they don't like, seeking out 
experiences they like things 

810
00:43:02,000 --> 00:43:04,600
happening to them instead of 
them being the impetus for it. 

811
00:43:05,000 --> 00:43:08,240
And it's not just a trend that 
that's being observed in this 

812
00:43:08,240 --> 00:43:10,960
data in in my friend group as 
well. 

813
00:43:11,280 --> 00:43:14,880
I live in Massachusetts, OK. 
I live in you know the the, the,

814
00:43:14,880 --> 00:43:18,560
the most, you know uppity 
liberal area in the country 

815
00:43:18,920 --> 00:43:23,040
barring Los Angeles County and 
I, I live just north of Boston, 

816
00:43:23,040 --> 00:43:25,200
right. 
So all these big schools are are

817
00:43:25,200 --> 00:43:28,480
right there. 
And barring the elite that work 

818
00:43:28,480 --> 00:43:30,800
or work in or go to those 
schools or live in the inner 

819
00:43:30,800 --> 00:43:35,640
city, a great deal of people are
beginning to be very, very 

820
00:43:35,640 --> 00:43:38,480
skeptical of the powers that be.
And that's extremely important. 

821
00:43:39,200 --> 00:43:41,080
And the reason it's so 
encouraging too is because this 

822
00:43:41,080 --> 00:43:43,800
is at a time where the 
propaganda has never been more 

823
00:43:43,800 --> 00:43:46,080
potent. 
It's never been more potent. 

824
00:43:47,240 --> 00:43:50,640
Social media evolved from 
Myspace where you had to 

825
00:43:50,640 --> 00:43:55,040
actively seek out your friends. 
There was no timeline. 

826
00:43:55,400 --> 00:43:59,360
And then it went to Facebook, 
where it introduced the timeline

827
00:43:59,360 --> 00:44:01,280
that was revolutionary. 
You could scroll and scroll and 

828
00:44:01,280 --> 00:44:02,640
scroll. 
You still have to search for 

829
00:44:02,640 --> 00:44:03,600
your friends, but you could 
scroll. 

830
00:44:04,080 --> 00:44:07,760
And then came Instagram, where 
now there was a big picture. 

831
00:44:08,280 --> 00:44:09,800
And so it did more of the work 
for you. 

832
00:44:09,800 --> 00:44:12,080
And then it introduced an 
algorithm which meant you could 

833
00:44:12,080 --> 00:44:15,560
scroll forever. 
And then TikTok came around and 

834
00:44:15,560 --> 00:44:21,000
now the entire screen is taken 
up by whatever image you're 

835
00:44:21,000 --> 00:44:22,680
looking at. 
You don't have to do any work 

836
00:44:22,680 --> 00:44:24,320
whatsoever. 
The algorithm is so good, you 

837
00:44:24,320 --> 00:44:28,360
could stare at it and scroll for
days at a time when that is the 

838
00:44:28,360 --> 00:44:30,000
most popular social media 
platform. 

839
00:44:30,240 --> 00:44:35,200
We have more young men primarily
saying, you know, I I kind of 

840
00:44:35,200 --> 00:44:37,600
want to break these shackles. 
I'm a little bit skeptical about

841
00:44:37,600 --> 00:44:40,840
why, you know, the value of my 
money is diminishing. 

842
00:44:40,840 --> 00:44:43,840
I'm a I'm a little bit skeptical
about why things work a certain 

843
00:44:43,840 --> 00:44:45,080
way, why they work the way that 
they do. 

844
00:44:45,080 --> 00:44:47,720
I'm I'm a little bit skeptical 
as to why even when the 

845
00:44:47,720 --> 00:44:51,720
president is a Republican, even 
when they're a Democrat, these 

846
00:44:51,720 --> 00:44:53,360
problems aren't changing. 
Right. 

847
00:44:53,360 --> 00:44:57,440
When, you know, maybe when we 
have a Republican president, 

848
00:44:57,600 --> 00:45:00,000
yeah, the debt goes up, but it 
goes up a little bit slower, 

849
00:45:00,160 --> 00:45:00,880
right? 
Yeah. 

850
00:45:00,880 --> 00:45:04,640
Maybe migration you know it. 
You know it's maybe migration 

851
00:45:05,040 --> 00:45:08,080
slows down a little bit but 
we're still allowing 1 1/2 two 

852
00:45:08,080 --> 00:45:09,720
million three million, 4 million
in a year. 

853
00:45:10,880 --> 00:45:15,480
More young men are skeptical of 
the way that we've just 

854
00:45:15,960 --> 00:45:20,080
subconsciously lived life and 
allowed to allowed it to happen 

855
00:45:20,080 --> 00:45:23,040
to us over the last several 
decades and and for that reason 

856
00:45:23,040 --> 00:45:27,080
I'm extremely optimistic you 
know and I'll the last thing 

857
00:45:27,080 --> 00:45:29,600
that I'll the last thing that 
I'll say is like if it was 

858
00:45:29,600 --> 00:45:32,120
totally hopeless like you and I 
wouldn't be having this 

859
00:45:32,120 --> 00:45:35,840
conversation right now right you
you and I would be would be 

860
00:45:35,840 --> 00:45:38,840
scoffing at the idea that the 
people that lead us wanted 

861
00:45:38,840 --> 00:45:40,320
anything other than the best for
us. 

862
00:45:41,560 --> 00:45:44,680
And I have a feeling a a 
generation of young men growing 

863
00:45:44,680 --> 00:45:49,720
up jaded towards authority 
figures it gives me, it gives me

864
00:45:49,720 --> 00:45:52,320
a great deal of hope that. 
Wow. 

865
00:45:52,320 --> 00:45:56,960
OK, OK, interesting. 
And and and this is something 

866
00:45:56,960 --> 00:45:59,000
that you see in your friend 
group. 

867
00:45:59,000 --> 00:46:03,280
This is something that where 
where do you see this maybe 

868
00:46:03,520 --> 00:46:06,720
maybe it's because I live in the
the, you know one of the most 

869
00:46:06,720 --> 00:46:11,400
Fiat cities in the world Miami. 
But where are you seeing this 

870
00:46:11,400 --> 00:46:14,840
Joe, where are you seeing this? 
I mean I do see the rise of of 

871
00:46:14,880 --> 00:46:18,160
of of the red, of the red pill 
or what I would call the red 

872
00:46:18,160 --> 00:46:20,960
pill movement on the Internet. 
So you know you see the figures 

873
00:46:20,960 --> 00:46:25,840
like Andrew Tay, Jordan Peterson
and you kind of see like the the

874
00:46:25,840 --> 00:46:29,960
rise of of really what I would 
call personal responsibility 

875
00:46:29,960 --> 00:46:34,800
becoming popular again, right. 
Definitely see a lot of young 

876
00:46:34,800 --> 00:46:37,360
disaffected males. 
And then they you know they they

877
00:46:37,360 --> 00:46:43,160
they kind of are attracted to 
what the traditional masculine 

878
00:46:43,160 --> 00:46:46,600
role and what the traditional 
what what what, what what being 

879
00:46:46,600 --> 00:46:50,360
a man is about. 
I I do see that becoming popular

880
00:46:50,360 --> 00:46:53,040
in Internet culture is is that 
what you're referring to? 

881
00:46:53,040 --> 00:46:56,880
Is that what you see as as as 
kind of like the the pendulum 

882
00:46:57,720 --> 00:47:00,120
metaphorically swinging back, is
that really what you're 

883
00:47:00,120 --> 00:47:02,680
referring to? 
And and the other question is 

884
00:47:02,880 --> 00:47:05,480
like, fine, you take the red 
pill, but red pills fucking 

885
00:47:05,480 --> 00:47:06,760
sucks. 
You really got to take the 

886
00:47:06,800 --> 00:47:08,640
orange pill. 
Like maybe the red pill is a 

887
00:47:08,640 --> 00:47:11,560
step towards the orange pill, 
but is that what you're 

888
00:47:11,560 --> 00:47:13,800
referring to? 
Just like kind of like the that 

889
00:47:13,800 --> 00:47:18,360
rise in Internet culture, the 
rise of of of of more, you know,

890
00:47:18,360 --> 00:47:21,040
traditional masculinity. 
No. 

891
00:47:21,040 --> 00:47:26,160
So not necessarily people like, 
you know watching those two guys

892
00:47:26,160 --> 00:47:29,360
and then those are just. 
Two guys like that I can name 

893
00:47:29,360 --> 00:47:31,480
off the top of my head, but you 
you get the general idea. 

894
00:47:31,480 --> 00:47:31,840
No. 
I got. 

895
00:47:31,840 --> 00:47:32,520
I got the. 
General idea? 

896
00:47:32,520 --> 00:47:34,200
No. 
But I mean, I I mean a rise in 

897
00:47:34,200 --> 00:47:36,520
people who are rejecting this 
entirely, who are deleting 

898
00:47:36,520 --> 00:47:39,720
social media outright. 
I'll tell you, I went to, I went

899
00:47:39,720 --> 00:47:43,360
to the University of Vermont. 
OK, so like the hippiest hippie 

900
00:47:43,360 --> 00:47:46,120
place on the planet, apart from 
Colorado, like this is the 

901
00:47:46,120 --> 00:47:49,320
highest concentration of hippies
per capita you're going to find.

902
00:47:49,640 --> 00:47:56,600
And even there, I had a great 
deal of people message me after,

903
00:47:56,920 --> 00:48:00,720
after I graduated, after I left.
Yeah, it it did smell really 

904
00:48:00,720 --> 00:48:01,920
bad. 
Most of the people smelled 

905
00:48:01,920 --> 00:48:03,640
terrible. 
Who? 

906
00:48:03,640 --> 00:48:05,800
Who messaged me on Instagram 
after I left. 

907
00:48:05,960 --> 00:48:08,080
I've been saying what I say on 
Twitter on Instagram too. 

908
00:48:08,080 --> 00:48:10,360
Not 'cause I'm trying to build a
following on Instagram, but 

909
00:48:10,360 --> 00:48:12,640
that's 'cause that's where 
people from high school follow 

910
00:48:12,640 --> 00:48:14,800
me, the normie friends from 
Massachusetts, that's where 

911
00:48:14,800 --> 00:48:17,440
people from college follow me. 
People who have met in other 

912
00:48:17,440 --> 00:48:21,600
business ventures follow me and 
the amount of people who I'm 

913
00:48:21,600 --> 00:48:25,600
posting the most dissident anti,
anti establishment stuff you 

914
00:48:25,600 --> 00:48:28,800
could ever imagine. 
I live in Massachusetts and the 

915
00:48:28,800 --> 00:48:31,120
amount of people that have 
messaged me anonymously and said

916
00:48:31,120 --> 00:48:35,760
I wholeheartedly agree with you 
it it's astonishing and and I 

917
00:48:35,760 --> 00:48:38,280
can't say that that trend has 
been there in years prior. 

918
00:48:38,280 --> 00:48:41,160
I can't say it it it has been 
there it hasn't been there 

919
00:48:41,160 --> 00:48:43,280
because frankly I've only been 
doing this stuff for a very 

920
00:48:43,280 --> 00:48:46,600
short period of time. 
But in a in a far left, 

921
00:48:46,960 --> 00:48:52,520
extremely communist area of the 
country where the the the most 

922
00:48:52,520 --> 00:48:55,480
abjects the the highest 
concentration of extremely 

923
00:48:56,400 --> 00:49:01,280
abjects totally abhorrent 
degeneracy occurs to see people 

924
00:49:01,280 --> 00:49:03,920
messaging me and and saying 
anonymously that I agree with 

925
00:49:03,920 --> 00:49:06,320
you. 
But I I fear of losing my job 

926
00:49:06,320 --> 00:49:07,560
and that's one of the the 
better. 

927
00:49:07,560 --> 00:49:10,320
The best things about working in
Bitcoin too is that in order for

928
00:49:10,320 --> 00:49:12,960
all of this to work, in order 
for this to click for the amount

929
00:49:12,960 --> 00:49:16,120
of people that's necessary to to
get these people out of 

930
00:49:16,120 --> 00:49:19,280
Washington DC, get these people 
away from the money print, do 

931
00:49:19,280 --> 00:49:20,440
away with the money printer 
entirely. 

932
00:49:20,600 --> 00:49:23,560
We need more people comfortable 
standing up and saying these 

933
00:49:23,560 --> 00:49:25,760
things. 
The amount of people who have 

934
00:49:25,760 --> 00:49:29,000
messaged me and said that I I 
wish I could say what you're 

935
00:49:29,000 --> 00:49:31,760
saying, but I fear for my job. 
That's why I love working in 

936
00:49:31,760 --> 00:49:34,880
Bitcoin as well, because even if
you're you're more liberal, 

937
00:49:34,880 --> 00:49:36,400
you're more conservative, 
whatever. 

938
00:49:36,560 --> 00:49:38,840
We all have a united goal of 
doing away with the global 

939
00:49:38,840 --> 00:49:42,360
central bank in Cabal, right? 
And so that means some of the 

940
00:49:42,840 --> 00:49:45,160
some of the pleasantries that 
have been enabled by the global 

941
00:49:45,160 --> 00:49:48,240
central bank in cabal, like 
political correctness and other 

942
00:49:48,240 --> 00:49:50,880
things that could get you fired 
in a place like Massachusetts. 

943
00:49:51,280 --> 00:49:52,760
I can't. 
I don't work in Massachusetts. 

944
00:49:52,760 --> 00:49:55,520
I work, you know, I work with 
business partners all around the

945
00:49:55,520 --> 00:49:57,160
country. 
And so that's one of the 

946
00:49:57,160 --> 00:49:58,440
beautiful things about working 
in Bitcoin. 

947
00:49:58,440 --> 00:50:01,200
But I'm not seeing this in that 
like, oh, yeah, Andrew Tate's 

948
00:50:01,200 --> 00:50:02,840
getting popular. 
Oh, yeah, Jordan Peterson's 

949
00:50:02,840 --> 00:50:04,440
getting popular. 
People want to take on personal 

950
00:50:04,520 --> 00:50:07,200
responsibility. 
But more like people are totally

951
00:50:07,200 --> 00:50:10,040
rejecting the notion that I need
to adopt my worldview from 

952
00:50:10,040 --> 00:50:12,480
somebody else. 
And they're deleting these apps 

953
00:50:12,480 --> 00:50:13,920
entirely. 
They're deleting YouTube. 

954
00:50:13,920 --> 00:50:18,000
They're deleting Facebook, 
Instagram, Snapchat, all of it. 

955
00:50:18,000 --> 00:50:19,640
They haven't even downloaded 
TikTok. 

956
00:50:20,360 --> 00:50:24,560
And they're they're just 
existing in the world and and 

957
00:50:24,560 --> 00:50:27,440
and that is the most, I think 
that's the most radicalizing 

958
00:50:27,440 --> 00:50:29,240
thing of all. 
Because when you delete these 

959
00:50:29,240 --> 00:50:32,280
apps, when you, when you take a 
look away from your blue light 

960
00:50:32,280 --> 00:50:35,440
screen that you've been staring 
into for 16 to 18 hours a day, 

961
00:50:35,800 --> 00:50:38,120
you realize just how much of 
your worldview is constructed by

962
00:50:38,120 --> 00:50:41,040
what you consume instead of like
your your actual experience in 

963
00:50:41,040 --> 00:50:42,120
the world. 
And then when you realize 

964
00:50:42,120 --> 00:50:46,360
reality is so far removed from 
what's being spoon fed to you, 

965
00:50:47,080 --> 00:50:50,240
that's when you start to become,
you know, extremely dissident, 

966
00:50:50,240 --> 00:50:53,000
extremely skeptical of the 
forces at play. 

967
00:50:53,320 --> 00:50:55,760
And that's more So what I'm 
talking about, right. 

968
00:50:55,760 --> 00:50:59,000
Not the not the rise of like 
influencers and things like 

969
00:50:59,000 --> 00:51:02,640
that, but more people rejecting 
it entirely and and getting 

970
00:51:02,640 --> 00:51:06,040
behind the message that I try to
push on on Twitter and 

971
00:51:06,600 --> 00:51:08,080
increasingly on Instagram as 
well. 

972
00:51:08,600 --> 00:51:11,480
Interesting, interesting. 
Yeah, very interesting, man. 

973
00:51:11,520 --> 00:51:15,120
Very interesting. 
So, yeah, I mean you you have a 

974
00:51:15,120 --> 00:51:20,360
more optimistic kind of outlook 
on this from my perspective 

975
00:51:20,360 --> 00:51:23,280
maybe because my it's my job to 
cover the news every single day.

976
00:51:24,560 --> 00:51:27,360
I, you know, I see it a little 
bit, a little from a little bit 

977
00:51:27,360 --> 00:51:31,320
more darker perspective, but I 
also believe that we are, we're 

978
00:51:31,320 --> 00:51:34,440
definitely winning. 
I definitely believe that the 

979
00:51:34,680 --> 00:51:37,840
like like you were saying 
earlier that the Overton window 

980
00:51:37,840 --> 00:51:42,280
is slowly shifting. 
You know that Javier Malay 

981
00:51:42,280 --> 00:51:45,000
speech at, you know, at the 
container conference, also known

982
00:51:45,000 --> 00:51:48,360
as the, you know, World Economic
Forum conference or whatever. 

983
00:51:49,160 --> 00:51:51,720
You know, where he's talking 
about how, you know, governments

984
00:51:51,720 --> 00:51:53,800
no longer need to control the 
means of production. 

985
00:51:54,160 --> 00:51:57,680
They can just print money. 
It's essentially it, you know, 

986
00:51:57,680 --> 00:52:00,480
it's essentially the same thing.
Can't believe they let him make 

987
00:52:00,480 --> 00:52:02,440
that type of speech. 
The fact that he got elected in 

988
00:52:02,440 --> 00:52:05,440
Argentina, of course, El 
Salvador, I know all those 

989
00:52:05,440 --> 00:52:07,840
things are over the target just 
based on the legacy corporate 

990
00:52:07,840 --> 00:52:09,920
media's response to all those 
events, right. 

991
00:52:09,920 --> 00:52:13,040
They're just, they're they're 
losing their shit, Forgive my 

992
00:52:13,040 --> 00:52:15,560
language, but they really are 
they they just don't know how to

993
00:52:15,560 --> 00:52:18,120
address it. 
So I yeah, I I agree. 

994
00:52:18,120 --> 00:52:20,920
I definitely think that there is
this, this massive shift in the 

995
00:52:20,920 --> 00:52:22,280
world. 
I think too. 

996
00:52:22,280 --> 00:52:26,000
Living in one of the perceived 
like worst areas of the country 

997
00:52:26,560 --> 00:52:29,160
to see the the majority of 
people that I interact with on a

998
00:52:29,160 --> 00:52:32,240
daily basis, whether it's out in
church, of course in church the 

999
00:52:32,240 --> 00:52:34,480
demographics going to be skewed 
from what what they normally 

1000
00:52:34,480 --> 00:52:36,880
are. 
But in church, in the gym, in my

1001
00:52:36,880 --> 00:52:38,760
daily life, the people I 
interact with and the fact that 

1002
00:52:39,320 --> 00:52:42,160
mostly Massachusetts people 
follow me on Instagram, I'm 

1003
00:52:42,160 --> 00:52:47,720
schizoposting on Instagram daily
and I've only gotten like 100 

1004
00:52:47,880 --> 00:52:50,480
unfollows. 
So it's it's extremely 

1005
00:52:50,480 --> 00:52:51,880
encouraging. 
The lion's share of people that 

1006
00:52:51,880 --> 00:52:54,160
I'm interacting with agree with 
me, they just haven't known 

1007
00:52:54,160 --> 00:52:56,080
there's an alternative. 
They live their whole life 

1008
00:52:56,520 --> 00:52:57,880
thinking and understanding these
things. 

1009
00:52:57,880 --> 00:53:00,520
Well, Elizabeth Warren's going 
to be our senator because she's 

1010
00:53:00,520 --> 00:53:02,280
always been our senator and 
blah, blah, blah. 

1011
00:53:02,760 --> 00:53:05,600
It doesn't have to be this way. 
And so I I think all it takes is

1012
00:53:05,680 --> 00:53:09,760
a few people having being 
extremely loud in their beliefs 

1013
00:53:10,760 --> 00:53:12,920
so that other people feel 
comfortable and understand that 

1014
00:53:12,920 --> 00:53:19,040
there's enough view. 
I think if I was living, I would

1015
00:53:20,040 --> 00:53:22,240
exactly do. 
But it's just encouraging living

1016
00:53:22,240 --> 00:53:24,880
in a place like Massachusetts 
and interacting with the people 

1017
00:53:24,880 --> 00:53:27,400
that I do and the lion's share 
of people that I, I, I, I speak 

1018
00:53:27,400 --> 00:53:31,040
to on a daily basis think almost
the exact same way that I do and

1019
00:53:31,040 --> 00:53:32,480
and that and. 
That's, you know, that's 

1020
00:53:32,480 --> 00:53:36,720
extremely encouraging that you 
say that 'cause I live in a red 

1021
00:53:36,720 --> 00:53:42,000
state and I don't see, you know,
it's it's Florida's pretty dope.

1022
00:53:42,000 --> 00:53:44,360
It's pretty free like you don't,
you know, you don't really see 

1023
00:53:44,360 --> 00:53:45,880
that stuff. 
But the fact that you're, you 

1024
00:53:45,880 --> 00:53:49,800
know in the belly of the beast, 
so to speak, in terms of, you 

1025
00:53:49,800 --> 00:53:53,440
know, I guess perception, so to 
speak and then that's what 

1026
00:53:53,440 --> 00:53:58,240
you're seeing I think is 
extremely that's extremely, 

1027
00:53:58,240 --> 00:54:01,200
that's that's great news. 
And and I just want to specify, 

1028
00:54:01,200 --> 00:54:04,040
we say this every single day on 
our show, but you know I don't 

1029
00:54:04,040 --> 00:54:05,440
think this is about left or 
right. 

1030
00:54:05,760 --> 00:54:08,120
And and I don't think of this 
about Democrat or Republican. 

1031
00:54:08,120 --> 00:54:11,800
I had Nolan essentially does the
programming for the Bitcoin 

1032
00:54:11,800 --> 00:54:15,080
conference on the show, I think 
it was about a week ago or so 

1033
00:54:15,080 --> 00:54:18,360
and he was talking about 
essentially the future of 

1034
00:54:18,360 --> 00:54:21,280
politics is really even about 
it's really going to be about 

1035
00:54:21,640 --> 00:54:25,640
the so-called decentralizing 
forces versus the centralizing 

1036
00:54:25,640 --> 00:54:27,960
forces, right. 
And essentially that's really 

1037
00:54:27,960 --> 00:54:33,040
what's in front of us, that's 
the battle ahead and it's really

1038
00:54:33,040 --> 00:54:36,600
not a Democrat or a left wing 
versus right wing issue. 

1039
00:54:36,600 --> 00:54:41,440
It's really about you know are 
you for mass centralization or 

1040
00:54:41,440 --> 00:54:44,720
you are you for decentralization
Really. 

1041
00:54:46,240 --> 00:54:47,760
So yeah. 
I mean it's very, very exciting 

1042
00:54:47,760 --> 00:54:49,680
dude. 
And I mean look you're you're a 

1043
00:54:49,680 --> 00:54:53,280
young guy you're you're the 
zoomer generation you're the the

1044
00:54:53,920 --> 00:54:59,080
the way that was described to me
was the first generation that's 

1045
00:54:59,080 --> 00:55:03,120
Internet native, right. 
I was I was in middle school 

1046
00:55:03,640 --> 00:55:07,360
when I had my first experience 
with dial up right where versus 

1047
00:55:07,360 --> 00:55:10,040
you were born and the Internet 
was a thing right. 

1048
00:55:10,760 --> 00:55:15,920
What what excites you, man about
the, you know, the next 1015 

1049
00:55:15,920 --> 00:55:17,960
years? 
I I think that this is such a 

1050
00:55:18,200 --> 00:55:20,880
we've reached an inflection 
point when things are just going

1051
00:55:20,880 --> 00:55:25,440
to accelerate on a technological
level, you know, just things are

1052
00:55:25,440 --> 00:55:28,960
just going to get crazy. 
You know, we're we're just, you 

1053
00:55:28,960 --> 00:55:31,640
know, the hockey stick. 
We're like at the very, very 

1054
00:55:31,640 --> 00:55:33,800
beginning of the curve of the 
hockey stick and it's about to 

1055
00:55:33,800 --> 00:55:36,800
just blast off. 
So yeah, I mean what are you 

1056
00:55:36,800 --> 00:55:38,600
excited about the next 5-10 
years? 

1057
00:55:38,600 --> 00:55:42,600
What's What's on your mind? 
So obviously the acceleration of

1058
00:55:42,600 --> 00:55:46,320
Bitcoin development and Bitcoin 
adoption, like I said, in order 

1059
00:55:46,320 --> 00:55:49,280
to fund interest payments in 
order to keep businesses in the 

1060
00:55:49,280 --> 00:55:52,400
United States afloat, debt 
issuance has to accelerate. 

1061
00:55:52,400 --> 00:55:55,320
It has to, and it has been, but 
as a function of that as well, 

1062
00:55:55,760 --> 00:55:59,680
the interest expense onset debt 
will also accelerate as debt 

1063
00:55:59,680 --> 00:56:02,560
issuance widens relative to 
productivity here in the United 

1064
00:56:02,560 --> 00:56:05,320
States, that deficit is going to
widen out, which again feeds 

1065
00:56:05,320 --> 00:56:07,840
back into that perpetual cycle. 
We need more debt in order to 

1066
00:56:07,840 --> 00:56:11,600
keep it all afloat. 
As that accelerates, the reality

1067
00:56:11,600 --> 00:56:15,200
at the individual level will 
also come to the fore at an 

1068
00:56:15,200 --> 00:56:17,120
accelerating rate too. 
And in the reality at the 

1069
00:56:17,120 --> 00:56:20,160
individual level is you got to 
insulate yourself from all of 

1070
00:56:20,160 --> 00:56:21,360
this. 
You got to insulate your family 

1071
00:56:21,360 --> 00:56:26,160
from this but but also barring 
barring things like Bitcoin and 

1072
00:56:26,160 --> 00:56:29,360
more people every single year at
an accelerating rate, jumping 

1073
00:56:29,360 --> 00:56:33,640
onto the ship per southeast is 
the the the cultural impact of 

1074
00:56:33,640 --> 00:56:37,240
that as well when the monetary 
leaders no longer have their 

1075
00:56:37,240 --> 00:56:39,960
reigns on the country. 
What does that mean? 

1076
00:56:40,800 --> 00:56:46,200
And I have a feeling that a a 
massive restoration in natural 

1077
00:56:46,640 --> 00:56:49,640
national pride rather is on the 
way. 

1078
00:56:50,040 --> 00:56:53,720
I have AI have a huge feeling 
that a lot of the mass 

1079
00:56:53,720 --> 00:56:56,800
demoralization campaign that's 
been levied against Americans 

1080
00:56:56,920 --> 00:57:00,360
for the last that that's been 
around since I was in school, 

1081
00:57:01,360 --> 00:57:03,880
that's going to be done away 
with very swiftly as people 

1082
00:57:04,200 --> 00:57:07,600
begin to again you know what 
with dissident money, dissident 

1083
00:57:07,600 --> 00:57:09,400
money kind of makes you a 
dissident right. 

1084
00:57:10,480 --> 00:57:13,640
And so I I have a feeling a lot 
of these anti American anti 

1085
00:57:13,640 --> 00:57:17,040
human policies will be driven 
out of the halls of power at the

1086
00:57:17,040 --> 00:57:21,760
state and federal level. 
And I'm very excited for that 

1087
00:57:21,760 --> 00:57:25,360
and I think that as a function 
of that renewed national pride 

1088
00:57:25,360 --> 00:57:28,760
and that that renewed sense of 
of of wonder and discovery. 

1089
00:57:29,360 --> 00:57:32,480
I think our birth rates are 
going to are going to get fixed.

1090
00:57:32,480 --> 00:57:35,640
I think more optimism will will 
come to the lives of young 

1091
00:57:35,640 --> 00:57:38,480
people as they recognize there 
is an alternative to the US 

1092
00:57:38,480 --> 00:57:40,720
dollar. 
You do have a future as long as 

1093
00:57:40,720 --> 00:57:43,680
you play your cards right. 
So I think more young people 

1094
00:57:43,680 --> 00:57:46,960
will will will have families or 
birth rate will be fixed 

1095
00:57:47,200 --> 00:57:50,920
naturally from within. 
And I think that, you know, as 

1096
00:57:50,920 --> 00:57:54,640
we approach this inflection 
point where governments, you 

1097
00:57:54,640 --> 00:57:58,360
know, spending it is kind of 
reaching comical levels of of 

1098
00:57:58,360 --> 00:58:01,360
acceleration, you got to 
understand on the other side of 

1099
00:58:01,360 --> 00:58:02,720
all that there's a big reset 
button. 

1100
00:58:02,960 --> 00:58:04,680
There's a big reset button 
that's going to have to be 

1101
00:58:04,680 --> 00:58:07,600
pressed. 
And in the lead up to to all of 

1102
00:58:07,600 --> 00:58:11,000
that, Bitcoin is the acid that 
you can hold and sort of ride 

1103
00:58:11,000 --> 00:58:13,560
all the way up to the top 
because we know there's only one

1104
00:58:13,560 --> 00:58:18,760
solution to all of this. 
So I'm excited for the cultural 

1105
00:58:18,880 --> 00:58:22,800
paradigm shift that's going to 
come in the wake of people 

1106
00:58:22,800 --> 00:58:26,120
feeling or a nude sense of hope 
because of what Bitcoin brings 

1107
00:58:26,120 --> 00:58:29,040
to the table for them. 
It's going to be really 

1108
00:58:29,040 --> 00:58:32,400
exciting. 
Joe, Consorti for president 

1109
00:58:32,400 --> 00:58:36,800
2035. 
You guys heard it here and dude,

1110
00:58:36,800 --> 00:58:38,800
that was that was that was 
great, man. 

1111
00:58:38,800 --> 00:58:42,200
That was really good. 
So what is if you know, if you 

1112
00:58:42,200 --> 00:58:44,960
have a message for the audience,
anyone who's listening right 

1113
00:58:44,960 --> 00:58:47,960
now, what would be your final 
message to everybody? 

1114
00:58:49,760 --> 00:58:51,800
Get on the mission. 
Get your family and friends on 

1115
00:58:51,800 --> 00:58:54,160
the mission. 
Explain to them clearly the 

1116
00:58:54,160 --> 00:58:56,400
problem. 
Runaway government spending, 

1117
00:58:56,640 --> 00:58:58,280
runaway government debt 
issuance. 

1118
00:58:58,280 --> 00:59:01,880
Explain to them that this is a 
site, This is a cycle that has 

1119
00:59:01,880 --> 00:59:06,200
been happening time after time. 
It's not a left or right issue. 

1120
00:59:06,240 --> 00:59:10,080
It is an issue with one building
on Eccles St. in Washington DC 

1121
00:59:10,360 --> 00:59:13,240
and you could take the power 
away from them to take away your

1122
00:59:13,240 --> 00:59:16,440
livelihood by allocating to an 
asset that they can't 

1123
00:59:16,440 --> 00:59:18,400
confiscate. 
And that is Bitcoin. 

1124
00:59:18,600 --> 00:59:23,160
You're not only taking your 
money and storing it with you 

1125
00:59:23,160 --> 00:59:26,240
and with only you, but you're 
also removing their ability to 

1126
00:59:26,240 --> 00:59:28,120
effectively ruin the lives of 
others. 

1127
00:59:28,560 --> 00:59:33,200
So as this election comes and 
goes, as the next election comes

1128
00:59:33,200 --> 00:59:37,960
and goes, as wars rage on and 
perhaps get worse, understand 

1129
00:59:37,960 --> 00:59:41,760
that at an individual level you 
can not only improve your 

1130
00:59:41,760 --> 00:59:44,360
prosperity, but improve the 
prosperity of the world around 

1131
00:59:44,360 --> 00:59:47,680
you sooner rather than later by 
allocating the Bitcoin. 

1132
00:59:47,680 --> 00:59:50,000
So get on the mission, get your 
friends and family on the 

1133
00:59:50,000 --> 00:59:52,800
mission, give them the materials
that they need to to learn about

1134
00:59:52,800 --> 00:59:56,200
this, and let's make a a big 
bright orange future for 

1135
00:59:56,200 --> 00:59:59,640
everyone one. 100 percent, 100% 
right. 

1136
01:00:00,000 --> 01:00:02,600
Completely agree. 
Get on the mission, take agency,

1137
01:00:02,600 --> 01:00:05,000
take action. 
You know, help the people around

1138
01:00:05,000 --> 01:00:06,880
you. 
Really convince people that's 

1139
01:00:06,880 --> 01:00:09,640
not left first, right? 
It's really orange versus green.

1140
01:00:09,880 --> 01:00:12,720
Joe Consorti, thank you so much 
for coming on simply Bitcoin, 

1141
01:00:12,920 --> 01:00:14,600
why don't you tell everybody 
where they can find you on the 

1142
01:00:14,600 --> 01:00:16,600
interwebs? 
You do have a YouTube channel 

1143
01:00:16,800 --> 01:00:19,000
with Nick Bhatia, which I'm a 
big fan of. 

1144
01:00:19,520 --> 01:00:22,840
So why don't you plug all that? 
For sure, yeah, you could find 

1145
01:00:22,840 --> 01:00:27,520
everything that I do on Twitter 
or XI hate that new name at Joe 

1146
01:00:27,520 --> 01:00:30,720
Consorti, just at first name, 
last name as it appears on the 

1147
01:00:30,720 --> 01:00:34,200
screen. 
And then you could search the 

1148
01:00:34,200 --> 01:00:38,360
Bitcoin layer on Google. 
I write a sub stack and you have

1149
01:00:38,360 --> 01:00:40,600
a YouTube channel over there 
with Nick Bhatia, professor at 

1150
01:00:40,600 --> 01:00:45,240
USC, author of Layered Money and
also I recently started a new 

1151
01:00:45,440 --> 01:00:48,960
line of work with Thea. 
They are a simple multi sig self

1152
01:00:48,960 --> 01:00:50,880
custody solution. 
I encourage all of you to take a

1153
01:00:50,880 --> 01:00:53,040
look at download for free on the
App Store. 

1154
01:00:53,680 --> 01:00:55,920
A lot of people are put off by 
multi sig because they think I 

1155
01:00:55,920 --> 01:00:58,280
don't have enough Bitcoin for it
or it might be too expensive. 

1156
01:00:58,280 --> 01:01:00,600
I don't want to work with, I 
don't want to have to work with 

1157
01:01:00,600 --> 01:01:02,920
somebody. 
Thea is a solution for you. 

1158
01:01:02,920 --> 01:01:05,120
You could do it all on your own,
all in the App Store. 

1159
01:01:05,120 --> 01:01:07,040
Simple, easy. 
Two or three multi sig, self 

1160
01:01:07,040 --> 01:01:08,920
custody. 
So that's that. 

1161
01:01:09,480 --> 01:01:10,920
Awesome man. 
Well, thank you so much for 

1162
01:01:10,920 --> 01:01:12,280
coming on the show. 
Really appreciate it. 

1163
01:01:12,280 --> 01:01:14,080
I'm going to wrap it up real 
quick, guys. 

1164
01:01:14,080 --> 01:01:15,840
That was another episode of 
Simply Bitcoin IRL. 

1165
01:01:15,840 --> 01:01:18,840
We'll be back with the live show
tomorrow, 12:15 PM Eastern 

1166
01:01:18,840 --> 01:01:22,160
Standard Time, for another 
episode of Simply Bitcoin Live. 

1167
01:01:22,160 --> 01:01:23,840
I want to thank our guests once 
again. 

1168
01:01:23,840 --> 01:01:25,400
Joe Consorti, thank you for 
coming on. 

1169
01:01:25,640 --> 01:01:26,880
I'll see you guys on the next 
one. 

1170
01:01:26,880 --> 01:01:27,640
Peace out, everybody.