1 00:00:00,300 --> 00:00:02,600 Welcome to Keith's night, don't try it on anyone in the 2 00:00:02,600 --> 00:00:06,800 libertarian Institute today. I am joined by Peter Young, the 3 00:00:06,900 --> 00:00:11,500 managing director of the free cities, Foundation, mr. 4 00:00:11,500 --> 00:00:13,200 Young, thank you so much for your time. 5 00:00:15,000 --> 00:00:17,000 I'm skate for inviting me on. It's a pleasure to be on the 6 00:00:17,000 --> 00:00:19,600 show. What is the free cities 7 00:00:19,600 --> 00:00:23,800 Foundation? The free cities Foundation is an 8 00:00:23,800 --> 00:00:27,300 organization that wants to create more competition in what 9 00:00:27,300 --> 00:00:31,600 we call the market for living together for various reasons. 10 00:00:31,600 --> 00:00:35,900 The world at the moment has little variation in the style of 11 00:00:35,900 --> 00:00:38,500 governance that there is most governments. 12 00:00:38,500 --> 00:00:40,900 Although they have different levels of government spending in 13 00:00:40,900 --> 00:00:43,300 different. Social policies will generally 14 00:00:43,300 --> 00:00:46,400 raise money in the same way. They have a central government, 15 00:00:46,400 --> 00:00:50,100 that taxes people and run certain areas of the economy 16 00:00:50,200 --> 00:00:52,400 that they have local governments, which Their own 17 00:00:52,400 --> 00:00:56,100 revenues locally and the combination of public spending 18 00:00:56,100 --> 00:01:00,400 derives from taxes. But there's no place in the 19 00:01:00,408 --> 00:01:04,099 world right now where you can go and you can have a totally 20 00:01:04,099 --> 00:01:08,900 service-based, kind of society. Whereby people can just like, 21 00:01:08,900 --> 00:01:12,600 they can in Industries like clothing, Electronics, food, 22 00:01:12,700 --> 00:01:15,300 choose, the kinds of services they want. 23 00:01:15,400 --> 00:01:19,400 And we think that there needs to be new Innovations in 24 00:01:19,400 --> 00:01:21,400 governance. And so the focus of the free 25 00:01:21,400 --> 00:01:26,000 City, Is foundation, is to find models different models for 26 00:01:26,000 --> 00:01:29,800 governance that exists. Whether they be the free private 27 00:01:29,800 --> 00:01:34,900 cities model, which is conceived by our founder TTS, Gable or see 28 00:01:34,900 --> 00:01:37,100 stead's or intentional communities. 29 00:01:37,100 --> 00:01:40,300 The Liberty Focus or special economic zones. 30 00:01:40,600 --> 00:01:44,000 We just think there needs to be more choice and variety and that 31 00:01:44,000 --> 00:01:48,300 that would spur Innovation and that Innovation would encourage 32 00:01:48,400 --> 00:01:51,100 better systems of government to develop around the world. 33 00:01:51,100 --> 00:01:55,100 So that is Focus of our mission to create more competition and 34 00:01:55,100 --> 00:01:57,700 more innovation in the area of governance. 35 00:01:58,600 --> 00:02:03,300 Do you see competition as the opposite of cooperation? 36 00:02:03,400 --> 00:02:06,400 Or do you think those two ideas can actually be complementary? 37 00:02:08,800 --> 00:02:11,700 These ideas are absolutely complementary. 38 00:02:12,000 --> 00:02:18,700 And actually we think that cooperation is essential in a 39 00:02:18,708 --> 00:02:23,100 Libertarian Society. One of the common misconceptions 40 00:02:23,100 --> 00:02:28,500 about Libertarians is that they believe that Society is run best 41 00:02:28,500 --> 00:02:32,500 when everyone keeps themselves to themselves when it's just 42 00:02:32,500 --> 00:02:35,800 about me and my family and I don't help anyone else. 43 00:02:36,200 --> 00:02:39,200 And in fact, in a Libertarian Society That's the worst 44 00:02:39,200 --> 00:02:43,400 strategy you can pursue because in a Libertarian Society if you 45 00:02:43,408 --> 00:02:46,200 keep yourself to yourself and you don't involve yourself in 46 00:02:46,200 --> 00:02:49,600 the community and you don't contribute and you don't get to 47 00:02:49,600 --> 00:02:53,900 know people and you don't be supportive of others and provide 48 00:02:53,900 --> 00:02:55,800 services that other people value. 49 00:02:56,200 --> 00:03:01,400 Then you're going to have a much poorer quality of life because 50 00:03:01,400 --> 00:03:04,600 people even if you're in a situation where you're, you 51 00:03:04,600 --> 00:03:09,600 know, disabled or whatever, you know, Having those connections 52 00:03:09,600 --> 00:03:14,200 means that people won't support you and the great thing. 53 00:03:14,400 --> 00:03:17,100 You know, the great Insight that I've gained from studying, the 54 00:03:17,100 --> 00:03:20,300 Austrian School of Economics is the Insight. 55 00:03:20,300 --> 00:03:24,400 That when exchange happens it happens because both parties 56 00:03:24,400 --> 00:03:28,700 believe that this is going to be a beneficial outcome and they 57 00:03:28,700 --> 00:03:31,700 bear the consequences if it's not a beneficial outcome. 58 00:03:32,100 --> 00:03:36,500 So when people trade, one of the common misconceptions in kind of 59 00:03:36,800 --> 00:03:41,800 some macroeconomics, And theories is that market prices 60 00:03:41,800 --> 00:03:45,700 are equal to the value of goods. But actually Austrian economics 61 00:03:45,700 --> 00:03:49,800 teaches us that trades only happen because there is a 62 00:03:49,808 --> 00:03:52,700 different in subjective, valuation of goods. 63 00:03:53,200 --> 00:03:58,000 When something is valued Higher, by one person and lower. 64 00:03:58,000 --> 00:04:02,100 By another person, a trade will take place and both people have 65 00:04:02,100 --> 00:04:04,900 decided they value the other thing more than the other. 66 00:04:05,000 --> 00:04:09,700 So, I'm explaining that because the the Ation of that is that 67 00:04:09,700 --> 00:04:12,900 when you have more free cooperation and exchange more 68 00:04:12,900 --> 00:04:17,399 division of labor, a larger pool of people who can work together 69 00:04:17,700 --> 00:04:21,600 and people I should emphasize are the most valuable resource 70 00:04:21,600 --> 00:04:24,500 we have on the planet you can create more of anything. 71 00:04:24,500 --> 00:04:28,100 Any natural resource you want as a great book on this by Julian 72 00:04:28,100 --> 00:04:31,600 Simon called the natural resource and at this or the 73 00:04:31,600 --> 00:04:35,600 ultimate resource it's called and human time is the most 74 00:04:35,600 --> 00:04:40,000 valuable thing we have. So If you're a Libertarian, the 75 00:04:40,000 --> 00:04:43,200 best strategy and the best way to live, aside from the fact 76 00:04:43,200 --> 00:04:47,100 that it's good to be social and build human Connections in 77 00:04:47,100 --> 00:04:51,000 itself, is that we need to cooperate and work together. 78 00:04:51,100 --> 00:04:54,300 And that's very much the ethos that we promote our foundation. 79 00:04:55,000 --> 00:04:59,000 We don't want to have, you know, walled-off enclaves that are 80 00:04:59,400 --> 00:05:04,400 just limited to certain groups in society because a, it's not 81 00:05:04,400 --> 00:05:07,300 the kind of society. I want to live in that simply, 82 00:05:07,300 --> 00:05:09,600 it's not a good. Business model, if you're a shop 83 00:05:09,600 --> 00:05:13,000 and you say, sorry, only these kinds of person can enter. 84 00:05:13,300 --> 00:05:16,700 Generally, you're going to be limited to like very like 85 00:05:16,800 --> 00:05:20,600 certain clientele, whereas, most shops, say it's open to 86 00:05:20,600 --> 00:05:23,700 everyone, you can come in, you can buy things and it's the same 87 00:05:23,700 --> 00:05:26,600 with free cities as long as you don't, you know, sha flipped in 88 00:05:26,600 --> 00:05:30,600 a shop, you shoplift in a shop, you can come and came to a shop 89 00:05:30,600 --> 00:05:32,600 as long as you respect the rights of others. 90 00:05:32,900 --> 00:05:37,000 And, you know, don't don't violate property rights or 91 00:05:37,000 --> 00:05:40,600 violate some Basic rules, then you're welcome to become part of 92 00:05:40,600 --> 00:05:45,600 this community. When people look at the free 93 00:05:45,600 --> 00:05:49,700 cities Model, A very common objection, is things that I 94 00:05:49,700 --> 00:05:54,100 currently get from the state. Now that are free, education, 95 00:05:54,100 --> 00:05:58,200 policing, fire department. I now would have to pay for, why 96 00:05:58,200 --> 00:06:01,400 would how would you talk to someone who says, I don't want 97 00:06:01,400 --> 00:06:04,800 to switch from this model where I get things for free versus one 98 00:06:04,800 --> 00:06:08,000 where there might be instability and I might have to pay and if I 99 00:06:08,000 --> 00:06:11,300 lose my job I might lose things and never have access to them. 100 00:06:13,300 --> 00:06:17,500 So yes it's a common question it's good that people ask this 101 00:06:17,500 --> 00:06:19,900 question because it's an important issue. 102 00:06:20,300 --> 00:06:23,700 How do we provide education and Healthcare and the things that 103 00:06:23,700 --> 00:06:27,000 we normally have government support for in a free City. 104 00:06:27,500 --> 00:06:31,600 And the answer is that we provide them on the private 105 00:06:31,600 --> 00:06:37,000 Market but we take away the barriers that to Innovation that 106 00:06:37,000 --> 00:06:42,600 make these products expensive and and and we give people more 107 00:06:42,600 --> 00:06:46,800 choice. In the ability to, to, to send 108 00:06:46,800 --> 00:06:50,300 their children, to two different kinds of school because not all 109 00:06:50,300 --> 00:06:54,400 children fit into the same box. So, if you're putting 30 110 00:06:54,400 --> 00:06:58,100 children into a school, which in the UK is generally based on the 111 00:06:58,100 --> 00:07:01,000 postcode that you live in, you'll have one or two choices, 112 00:07:01,000 --> 00:07:05,100 maybe three. And you just get put into that 113 00:07:05,100 --> 00:07:08,300 system. You're stuck in that system for 114 00:07:08,400 --> 00:07:12,500 however, long the teachers, you know, have certain rules. 115 00:07:12,500 --> 00:07:15,900 But They might not be the rules that you that you think are 116 00:07:15,900 --> 00:07:20,000 optimal and the way it works now is that the government has a 117 00:07:20,000 --> 00:07:25,100 top-down way of deciding what the national curriculum is. 118 00:07:25,100 --> 00:07:27,600 This is in, this is in the UK, I believe it's slightly different 119 00:07:27,600 --> 00:07:29,500 in the US, but there's a national curriculum. 120 00:07:29,500 --> 00:07:34,000 Everyone has to study it. And someone decides what they 121 00:07:34,000 --> 00:07:35,300 should study and what they shouldn't. 122 00:07:35,300 --> 00:07:41,400 But in our society, people would have the ability to to, to set 123 00:07:41,400 --> 00:07:43,800 up different kinds of school. You might Have a school that 124 00:07:43,800 --> 00:07:46,400 focuses on kids are super artistic. 125 00:07:46,500 --> 00:07:48,900 You might have a school that focuses on kids that love to 126 00:07:48,900 --> 00:07:51,500 code and want to train them in coding. 127 00:07:51,900 --> 00:07:55,200 But the essential thing is that people because they get 128 00:07:55,200 --> 00:08:00,300 something free at the point of service, such as the NHS in the 129 00:08:00,300 --> 00:08:02,900 UK. They believe that they're not 130 00:08:02,900 --> 00:08:06,600 paying cost for it. But, of course, they're paying 131 00:08:06,600 --> 00:08:11,100 for it in tax and even though the percentage of people who pay 132 00:08:11,100 --> 00:08:14,400 taxes is very skewed, You towards the wealthy. 133 00:08:14,800 --> 00:08:17,500 I can't quite remember the exact figures, but it's something 134 00:08:17,500 --> 00:08:24,300 like, you know, only about 40% of the UK population are net tax 135 00:08:24,300 --> 00:08:28,300 receivers, rather than tax beneficiaries in terms of what 136 00:08:28,300 --> 00:08:31,300 spent on them versus what they actually get taxed. 137 00:08:31,700 --> 00:08:34,500 But even that you have to understand the bigger picture 138 00:08:34,799 --> 00:08:38,000 because if a company offering Services is getting taxed more, 139 00:08:38,400 --> 00:08:41,100 it means that their input costs are higher which prevents them 140 00:08:41,100 --> 00:08:44,600 from lowering prices. So Is costs all feed into the 141 00:08:44,600 --> 00:08:47,800 economy. They all bring costs higher and 142 00:08:47,800 --> 00:08:51,400 they mean the services that are normally really expensive. 143 00:08:51,400 --> 00:08:54,800 Like, for example, u.s. medical services are incredibly 144 00:08:54,800 --> 00:08:58,800 expensive and people say to us, you know, you want to privatize 145 00:08:58,800 --> 00:09:00,700 Healthcare. Look at the US, look at how 146 00:09:00,700 --> 00:09:02,700 expensive it is compared to the UK. 147 00:09:02,700 --> 00:09:05,200 Look at how much government money they get, and it's still 148 00:09:05,200 --> 00:09:10,000 twice as expensive as the UK. And I just say, I agree, but it 149 00:09:10,000 --> 00:09:12,500 has nothing to do with the free market. 150 00:09:12,600 --> 00:09:16,700 There are Are all kinds of Licensing and and kind of 151 00:09:16,700 --> 00:09:19,400 qualification requirements. They have to go through 152 00:09:19,400 --> 00:09:22,700 universities, which are then government, you know, funded as 153 00:09:22,700 --> 00:09:24,500 well. Which costs huge amounts of 154 00:09:24,500 --> 00:09:27,700 money, this huge amounts of cost to train, the Personnel. 155 00:09:28,000 --> 00:09:32,100 There's also intellectual property law, which this is not 156 00:09:32,100 --> 00:09:35,600 a foundation position, but this is a personal position I think 157 00:09:35,600 --> 00:09:40,200 that intellectual property is something that we can't make a 158 00:09:40,800 --> 00:09:44,400 good moral case for I think. Property rights should only 159 00:09:44,400 --> 00:09:51,100 exist in the realm of actually what's the rivalrous rivalrous 160 00:09:51,100 --> 00:09:53,100 goods? Where if one person owns it, 161 00:09:53,100 --> 00:09:56,900 another person Own It owns it. But intellectual property laws 162 00:09:56,900 --> 00:10:01,800 mean that for example you know, medicines can be patterned and 163 00:10:01,800 --> 00:10:05,300 then it can cost up to a billion dollars to get something 164 00:10:05,300 --> 00:10:10,200 approved by the FDA in the US. So what this does is it raises 165 00:10:10,200 --> 00:10:16,400 all the prices of Medical Care. It also skews Medical Services 166 00:10:16,400 --> 00:10:20,800 towards large companies, and there are other ways in which 167 00:10:20,800 --> 00:10:24,800 large companies benefit fit through State intervention. 168 00:10:25,200 --> 00:10:29,900 Probably, the largest one being the fact that we have inflation 169 00:10:29,900 --> 00:10:32,900 in the economy. So people are forced to invest 170 00:10:32,900 --> 00:10:37,900 in stocks and publicly traded. Stocks have to be 0 companies 171 00:10:37,900 --> 00:10:41,300 over a certain size and they have to pay a lot of money in 172 00:10:41,300 --> 00:10:45,800 order to become publicly listed. And so the whole population ends 173 00:10:45,800 --> 00:10:51,000 up investing their Savings in these companies, in order to, in 174 00:10:51,000 --> 00:10:54,300 order to just stay in their purchasing power over time. 175 00:10:55,000 --> 00:10:59,000 And this means that we have a strange economy, which everyone 176 00:10:59,000 --> 00:11:02,300 defines, as, you know, free market run a mock. 177 00:11:02,500 --> 00:11:04,900 But when you actually look under the hood of how the economy 178 00:11:04,900 --> 00:11:10,000 works and you see that, there's so much regulation and so much 179 00:11:10,000 --> 00:11:14,400 intervention and that's preventing Competitors from 180 00:11:14,400 --> 00:11:17,400 providing cheaper services and better Services. 181 00:11:18,000 --> 00:11:20,300 Then you start to see that this has nothing to do with the free 182 00:11:20,300 --> 00:11:23,100 market at all. It's a mixed economy. 183 00:11:23,100 --> 00:11:27,300 It's some kind of three elements but it's very State Control even 184 00:11:27,300 --> 00:11:30,900 in the US. And I often joke, like, do I say 185 00:11:30,900 --> 00:11:34,000 to people, you know, in socialist countries like the US 186 00:11:34,000 --> 00:11:36,200 where they have this system and it doesn't work particularly 187 00:11:36,200 --> 00:11:39,400 well, you know, because I do think the u.s. model is actually 188 00:11:39,400 --> 00:11:42,900 incredibly socialist and state-controlled. 189 00:11:43,800 --> 00:11:48,000 And the comparison would just be where the US was say 100 years 190 00:11:48,000 --> 00:11:51,500 ago or where Britain was a hundred years ago because we had 191 00:11:51,500 --> 00:11:56,000 very different models and the economy, the like the advances 192 00:11:56,000 --> 00:11:59,800 that were made in terms of the level of human impact were, were 193 00:11:59,800 --> 00:12:02,800 much greater. So, what I would say is just to 194 00:12:02,808 --> 00:12:06,800 come back to your question. These Services would be provided 195 00:12:06,800 --> 00:12:11,900 on the market, but In a system where only the companies don't 196 00:12:11,900 --> 00:12:16,900 pay taxes, they just pay a fixed low service fee to have security 197 00:12:16,900 --> 00:12:20,100 and basic Services. They can lower their costs and 198 00:12:20,100 --> 00:12:23,300 they can provide these services cheaper and there can be more 199 00:12:23,300 --> 00:12:27,100 variety of services, so people can choose exactly what's works 200 00:12:27,100 --> 00:12:29,800 for them and their children in terms of health care and 201 00:12:29,800 --> 00:12:34,100 education. And if people want to opt out of 202 00:12:34,100 --> 00:12:40,100 funding these services, are they legally able to So the way that 203 00:12:40,100 --> 00:12:43,900 we think it would work in one of our models to free private 204 00:12:43,900 --> 00:12:49,600 cities model, is that there is a operating company that the rap 205 00:12:49,600 --> 00:12:52,000 that owns the area of land and sets the rules. 206 00:12:52,000 --> 00:12:56,500 And so this word private is sometimes people. 207 00:12:56,500 --> 00:12:58,800 You know, when they set here private they imagined. 208 00:12:58,900 --> 00:13:02,900 Oh this is some kind of gated community that's very secretive 209 00:13:02,900 --> 00:13:07,400 and people can, you know, wealthy people Retreat to but it 210 00:13:07,400 --> 00:13:08,900 literally just refers to the fact. 211 00:13:08,900 --> 00:13:13,000 Not that it's run by a company and the company would have a 212 00:13:13,000 --> 00:13:17,700 profit motive just in the same way that Apple Amazon Facebook, 213 00:13:17,800 --> 00:13:20,200 all of these companies that we use all the time, have a profit 214 00:13:20,200 --> 00:13:25,000 motive and the reason for that is that you want people to 215 00:13:25,000 --> 00:13:29,000 invest in things because if they invest in things in a free 216 00:13:29,000 --> 00:13:34,600 economy, the only way those companies can make money is by 217 00:13:34,600 --> 00:13:38,800 providing something that customers are willing to buy. 218 00:13:38,900 --> 00:13:42,100 Really, there's no regulation that says you have to buy this 219 00:13:42,100 --> 00:13:46,300 particular thing to get it to do this job or you must purchase 220 00:13:46,300 --> 00:13:49,600 this particular permit to park, your car, or whatever it is. 221 00:13:49,900 --> 00:13:56,800 Like in that sin that system. There is much more choice for 222 00:13:56,800 --> 00:14:02,200 people and people would be, you know. 223 00:14:02,200 --> 00:14:05,900 So so so the idea of it being private just refers to the fact 224 00:14:05,900 --> 00:14:07,400 that there's an operating company. 225 00:14:07,600 --> 00:14:10,700 So What could you opt out of the question? 226 00:14:11,500 --> 00:14:17,800 So, and can I just specify? So in America, the idea is, 227 00:14:18,000 --> 00:14:22,800 well, we pay for the police through taxes and we pay for the 228 00:14:22,800 --> 00:14:27,300 courts through taxes and then they give us, it's amazing that 229 00:14:27,300 --> 00:14:30,000 they still call it free even though they admit they're paying 230 00:14:30,000 --> 00:14:32,200 in taxes. And then we get these things for 231 00:14:32,200 --> 00:14:36,900 free, and that's what makes the social contract legitimate. 232 00:14:37,100 --> 00:14:41,000 Which immediately raises the And so if they don't protect us and 233 00:14:41,000 --> 00:14:44,300 they don't issue Justice, then we no longer have an obligation 234 00:14:44,300 --> 00:14:47,500 to pay taxes, right? Like if BLM burns down the city 235 00:14:47,500 --> 00:14:50,900 or something, we don't have to pay taxes anymore and that's 236 00:14:50,900 --> 00:14:52,600 just okay. And they go, no, you have to 237 00:14:52,600 --> 00:14:54,400 pay. Well, what if the military 238 00:14:54,400 --> 00:14:56,900 doesn't keep us safe? Well, you're actually going to 239 00:14:56,900 --> 00:14:58,400 end up funding the military more. 240 00:14:58,600 --> 00:15:02,400 So my whole thing is, is there an actual contract? 241 00:15:02,400 --> 00:15:05,800 Where if I say, yep, I'll pay the security fee. 242 00:15:05,900 --> 00:15:09,200 By the way, I've been robbed and assaulted 20 times at this Place 243 00:15:09,400 --> 00:15:13,000 I'm done paying your fee and I'm not leaving my house because you 244 00:15:13,000 --> 00:15:15,800 told me if I paid the fee, I'd get the service. 245 00:15:15,800 --> 00:15:18,500 I haven't gotten the service, so I'm keeping the money. 246 00:15:18,800 --> 00:15:22,300 Is there an actual contract or is it the fake social contract 247 00:15:22,300 --> 00:15:26,400 that statist? So tell us is real, I'm really 248 00:15:26,400 --> 00:15:29,900 glad you asked that question because we have an article 249 00:15:29,900 --> 00:15:33,600 written by our Founders Titus which is entitled why a 250 00:15:33,600 --> 00:15:38,500 citizen's contract is better than a constitution and we focus 251 00:15:38,500 --> 00:15:43,100 this Is a core part of the model that we Advocate most strongly 252 00:15:43,100 --> 00:15:47,100 which is that there is a specific contract that exists 253 00:15:47,100 --> 00:15:50,300 between every citizen and the operating company. 254 00:15:50,900 --> 00:15:55,600 So just to follow up, briefly on what you said there about having 255 00:15:55,600 --> 00:15:58,500 problems with health care. And having problems with 256 00:15:58,600 --> 00:16:00,700 policing like what if I'm not protected? 257 00:16:00,700 --> 00:16:03,900 Am I entitled not to pay tax in the current system? 258 00:16:03,900 --> 00:16:08,700 No you're not your you take what you're given and if the police 259 00:16:08,900 --> 00:16:11,200 Isn't working. The solution is normally pay the 260 00:16:11,200 --> 00:16:14,500 police more. So the incentives are all the 261 00:16:14,500 --> 00:16:16,700 wrong way round. It means that. 262 00:16:17,300 --> 00:16:21,200 I also know that in particular in the u.s. there is a lot of 263 00:16:21,300 --> 00:16:25,800 Divergence of view about how the police should handle certain 264 00:16:25,800 --> 00:16:31,000 instance, in our system. That is a, that is that is sold 265 00:16:31,000 --> 00:16:33,400 through a market mechanism because the policing and 266 00:16:33,400 --> 00:16:38,700 security is provided by an operating company that can set. 267 00:16:38,800 --> 00:16:42,000 At a specific kind of policy like our. 268 00:16:42,000 --> 00:16:46,400 If we see something suspicious happening, we have the ability 269 00:16:46,400 --> 00:16:50,000 to stop and search in this city. But this is specified in a 270 00:16:50,000 --> 00:16:53,600 contract at the beginning. So people don't like that idea. 271 00:16:53,900 --> 00:16:57,300 They might choose a different free City, but basically the 272 00:16:57,300 --> 00:17:02,800 rights of the citizen are made clear in a physical contract and 273 00:17:02,800 --> 00:17:06,000 that in contract includes all the services. 274 00:17:06,000 --> 00:17:08,700 The citizen wants from the operating company. 275 00:17:09,200 --> 00:17:11,000 And they don't have to be the same. 276 00:17:11,599 --> 00:17:16,300 So for example, I think what the minimum would need to be is some 277 00:17:16,300 --> 00:17:21,000 kind of basic security to protect the overall land area 278 00:17:21,400 --> 00:17:25,099 which would cost some money. And in one of the projects we 279 00:17:25,099 --> 00:17:28,800 work with in Honduras, which has some similarities to this this 280 00:17:28,800 --> 00:17:32,900 kind of free cities concept. They have a they have a company 281 00:17:32,900 --> 00:17:36,700 there that manages to security and does it very well, and 282 00:17:36,700 --> 00:17:42,100 efficiently and very cheaply. And so these are huge costs but 283 00:17:42,100 --> 00:17:44,900 things like that. Basically, within the contract, 284 00:17:44,900 --> 00:17:47,600 you would have certain things that could be specified. 285 00:17:47,700 --> 00:17:52,800 Like, if you are mugged on the streets and the, the culprit 286 00:17:52,800 --> 00:17:54,700 can't be found to compensate you. 287 00:17:54,900 --> 00:17:58,600 You're entitled to compensation from the operator, you know, the 288 00:17:58,600 --> 00:18:02,000 operator would could decide on having policies like this, which 289 00:18:02,000 --> 00:18:05,000 may be attractive to some people, but may be attractive to 290 00:18:05,000 --> 00:18:09,600 others, but the whole point of this is that we Often assume 291 00:18:09,600 --> 00:18:14,600 that there is an ideal system for running Society, a society, 292 00:18:14,600 --> 00:18:16,800 a world where there are 7 billion people. 293 00:18:17,300 --> 00:18:21,600 And in fact, we live in a world of different different kinds of 294 00:18:21,600 --> 00:18:25,300 people different kinds of taste different levels of income and 295 00:18:25,300 --> 00:18:26,800 there will be some models that are right. 296 00:18:26,800 --> 00:18:29,600 For some people in some models that are right for others and 297 00:18:29,600 --> 00:18:32,300 these models can still cooperate, you could have three 298 00:18:32,300 --> 00:18:35,900 cities that like, you know, Target retirees. 299 00:18:36,200 --> 00:18:38,800 And you could have three cities that Target digital. 300 00:18:38,900 --> 00:18:41,900 Some remote workers and young people, it doesn't mean that 301 00:18:41,900 --> 00:18:43,400 because you're a resident of one. 302 00:18:43,400 --> 00:18:46,900 You never talk to the other you know, there's every incentive 303 00:18:47,000 --> 00:18:49,800 for systems to be set up so that these free silliest can 304 00:18:49,800 --> 00:18:52,200 cooperate. You might live in one free City 305 00:18:52,200 --> 00:18:54,500 at one point in your life and decided another point. 306 00:18:54,500 --> 00:18:57,600 You like you want to move to another but they're all based on 307 00:18:57,600 --> 00:19:01,200 the ideas that, you know, we should have more choice in the 308 00:19:01,200 --> 00:19:06,400 kind of structures under which we live and you know, it's 309 00:19:06,400 --> 00:19:08,700 really an irresolvable problem, the policing problem. 310 00:19:08,800 --> 00:19:13,900 Oblem, you mentioned in in the US because people people, you 311 00:19:13,900 --> 00:19:18,900 know, people cannot opt out of paying for the, for the police. 312 00:19:19,300 --> 00:19:23,500 And so, someone in government that doesn't, you know, have 313 00:19:23,500 --> 00:19:26,500 access to the mines and preferences of different people, 314 00:19:26,500 --> 00:19:29,900 has to, sort of, make a guess at what, the right level of funding 315 00:19:29,900 --> 00:19:32,800 is, make a guess of what the right policies are. 316 00:19:33,100 --> 00:19:35,500 But in free cities, people can choose. 317 00:19:35,500 --> 00:19:40,500 See the policies in black and white and they can And they can 318 00:19:40,500 --> 00:19:43,900 choose whether they sign up to them or not and people that want 319 00:19:43,900 --> 00:19:46,900 to have, you know, police that never do stop and search and 320 00:19:46,900 --> 00:19:50,600 police that don't carry guns, that could be, that could be 321 00:19:50,600 --> 00:19:52,700 their choice. People that want the police to 322 00:19:52,700 --> 00:19:55,300 have guns or want the whole population to be able to carry 323 00:19:55,300 --> 00:19:57,300 guns. That would be their choice as 324 00:19:57,300 --> 00:19:59,200 well. So you could decide on the 325 00:19:59,200 --> 00:20:04,000 policy and then basically, people people can choose where 326 00:20:04,000 --> 00:20:09,300 they want to live and we kind of solved the solution and And even 327 00:20:09,300 --> 00:20:13,400 if you don't like living under a system, there's every incentive 328 00:20:13,400 --> 00:20:16,600 small communities to allow free travel set up simple treaty 329 00:20:16,600 --> 00:20:18,900 saying if you're a member of this recently and come to this 330 00:20:18,900 --> 00:20:20,800 free City, you can trade with this free City. 331 00:20:21,200 --> 00:20:24,700 And I think the world would just be much more harmonious because 332 00:20:25,100 --> 00:20:27,900 we Bill all be under the system. We want to be in, but we can 333 00:20:27,900 --> 00:20:30,300 still all cooperate and trade peacefully. 334 00:20:30,700 --> 00:20:35,000 One of my favorite articles on the topic of libertarianism is 335 00:20:35,000 --> 00:20:38,800 from a guy named Roderick T long and he says, you know, 336 00:20:38,800 --> 00:20:42,600 technically, a credit card company could make a credit 337 00:20:42,600 --> 00:20:46,100 card. That is a cube and it's there, 338 00:20:46,100 --> 00:20:50,800 it's there card. If, if only it works in one 339 00:20:50,800 --> 00:20:52,700 machine on the planet, you can do that. 340 00:20:52,700 --> 00:20:56,100 But no one would do that. So they all cooperate to make 341 00:20:56,100 --> 00:20:59,300 them the same size so you can cooperate with more people. 342 00:20:59,300 --> 00:21:02,400 You technically. Can have a cell phone service 343 00:21:02,600 --> 00:21:05,800 that only calls people on the same cell phone service, but no 344 00:21:05,800 --> 00:21:07,800 one has think the incentive to do that. 345 00:21:07,800 --> 00:21:11,000 Therefore, they're going to constantly cooperate. 346 00:21:11,100 --> 00:21:14,600 What if there's a USB that only works on one type of computer 347 00:21:14,700 --> 00:21:16,500 and there's only one of those computers. 348 00:21:16,600 --> 00:21:20,200 Well, they have an incentive to make USBS work on every 349 00:21:20,200 --> 00:21:21,600 computer. So we actually see this 350 00:21:21,900 --> 00:21:25,800 everywhere. Just one more note on the US 351 00:21:26,300 --> 00:21:28,700 healthcare costs. Paul Krugman in his book, The 352 00:21:28,700 --> 00:21:32,400 Conscience of a liberal said in. Listen for government programs. 353 00:21:32,600 --> 00:21:35,200 Paid for 44% of Health Care in America. 354 00:21:35,400 --> 00:21:37,500 While private insurance only paid for 36. 355 00:21:38,000 --> 00:21:41,200 So that's in 2004 before Bush jr. 356 00:21:41,200 --> 00:21:44,800 Expanded Medicare Part D before Barack Obama's implementation of 357 00:21:44,800 --> 00:21:50,700 the of the Affordable Care Act. So it is a lie that the US has a 358 00:21:50,700 --> 00:21:55,400 free market Health Care System. Imagine saying that gay marriage 359 00:21:55,400 --> 00:21:59,600 is legal but 80 percent of the marriages are denied and they 360 00:21:59,600 --> 00:22:02,200 have to get permission. Ian from the Catholic Church to 361 00:22:02,200 --> 00:22:04,800 get married well. Okay, that's so heavily 362 00:22:04,800 --> 00:22:07,100 regulated. It's not actually a free 363 00:22:07,100 --> 00:22:10,300 exchange. So that's just a very important 364 00:22:10,300 --> 00:22:13,400 thing that people need to understand before, you know, 365 00:22:13,400 --> 00:22:16,000 accepting the free cities concept. 366 00:22:16,300 --> 00:22:19,800 Our unions and worker cooperatives in alignment with 367 00:22:19,900 --> 00:22:26,700 the free cities foundation. So they would be free to set up 368 00:22:26,700 --> 00:22:30,600 a union and the operator of a city would be free to set. 369 00:22:30,800 --> 00:22:35,500 I'd policy on unions for example they could say within our free 370 00:22:35,500 --> 00:22:39,700 City unions have the right to strike against their employees. 371 00:22:40,600 --> 00:22:42,400 That's fine. If that's the policy they want 372 00:22:42,400 --> 00:22:44,900 to set. If they want to set up a workers 373 00:22:44,900 --> 00:22:47,400 Cooperative. So that there's a more 374 00:22:47,400 --> 00:22:53,000 socialized form of work where there's less kind of monetary 375 00:22:53,000 --> 00:22:57,300 trade and it's more about actual labor for labor, like the 376 00:22:57,300 --> 00:23:00,200 Israeli kibbutz, and they will be free to do that. 377 00:23:01,000 --> 00:23:04,400 We just don't think that would be a particularly attractive 378 00:23:04,400 --> 00:23:08,200 long-term model. The Israeli could put some are 379 00:23:08,200 --> 00:23:12,200 attractive for some people but you know it's not a model that 380 00:23:12,200 --> 00:23:18,800 has been adopted widely for very for reasons that I think, you 381 00:23:18,800 --> 00:23:25,400 know, people if you have the ability to strike and you're 382 00:23:25,400 --> 00:23:29,800 legally protected from not being fired, that just makes things 383 00:23:29,800 --> 00:23:33,700 much more expensive. And it puts the population at 384 00:23:33,700 --> 00:23:39,900 Ransom, to the major services in the city and within the UK. 385 00:23:39,900 --> 00:23:45,600 For example, we've had like very big changes to 2 Union power. 386 00:23:45,600 --> 00:23:48,900 The Union's used to have a lot of power in the UK, in the 387 00:23:48,908 --> 00:23:53,400 1970s, Margaret Thatcher, who was quite a controversial prime, 388 00:23:53,400 --> 00:23:57,200 minister did rain back, some of the Union power that there is, 389 00:23:57,200 --> 00:24:00,500 but unions still have a reasonable amount. 390 00:24:00,700 --> 00:24:05,000 Amount of influence and power and funding their large, the 391 00:24:05,000 --> 00:24:08,500 large funders of the Labour party in the UK and they 392 00:24:08,500 --> 00:24:13,200 influence the Labour party, quite considerably, but we've 393 00:24:13,200 --> 00:24:17,700 seen in the last week that there has been the largest national 394 00:24:17,700 --> 00:24:23,900 rail strike, in 30 years. The whole, you know, Network in 395 00:24:23,900 --> 00:24:28,700 the UK was shut down for for like three days and on limited 396 00:24:28,700 --> 00:24:33,800 services for the others. So there's been doctors strikes. 397 00:24:33,900 --> 00:24:39,900 And basically, these are all in public sectors sector delivered 398 00:24:39,900 --> 00:24:42,100 Services. Because within the public 399 00:24:42,100 --> 00:24:47,800 sector, there are certain rights that you have to strike and to 400 00:24:47,800 --> 00:24:50,700 retain your job and not be penalized for striking. 401 00:24:51,000 --> 00:24:54,400 You also have very you also have everyone working under the same 402 00:24:54,400 --> 00:24:59,200 umbrella with no competition, because whilst there is a 403 00:24:59,200 --> 00:25:03,000 private healthcare sector. In the UK you have to pay for 404 00:25:03,000 --> 00:25:04,300 the public one. Anyway. 405 00:25:04,600 --> 00:25:07,300 So you're either getting a service that you paid for 406 00:25:07,300 --> 00:25:10,900 already and is free or you're getting a private provider that 407 00:25:10,900 --> 00:25:16,200 you have to pay for as well. So really like when you when you 408 00:25:16,400 --> 00:25:22,200 like artificially conglomerate has large sectors of the economy 409 00:25:22,500 --> 00:25:25,900 and because rail in the UK developed, you know, the UK was 410 00:25:26,100 --> 00:25:30,300 a Pioneer in real it developed most of its Network completely. 411 00:25:30,700 --> 00:25:34,300 Italy and most of the network. If you look at the history of 412 00:25:34,308 --> 00:25:37,300 when the lines were built, I mean, the last ones were built. 413 00:25:37,300 --> 00:25:40,600 I think no late and about 1910. The whole network was built 414 00:25:40,600 --> 00:25:43,500 during the period of the gold standard, a couple of other, 415 00:25:43,500 --> 00:25:45,900 than a couple of recent high-speed lines. 416 00:25:46,400 --> 00:25:50,900 And, you know, this, this mainly was driven by private companies. 417 00:25:50,900 --> 00:25:55,000 It was only later that they started to kind of nationalize 418 00:25:55,000 --> 00:25:58,700 and coordinate on the trains. And the same is true for 419 00:25:58,700 --> 00:26:04,200 Education, just as an aside. People and and Healthcare. 420 00:26:04,300 --> 00:26:06,800 In fact, Britain is a great case study because we were kind of 421 00:26:07,000 --> 00:26:10,300 you know we've got a long history of industrialization. 422 00:26:10,300 --> 00:26:13,400 We were one of the first countries to industrialize we 423 00:26:13,400 --> 00:26:18,000 kind of led the Industrial Revolution and during during 424 00:26:18,000 --> 00:26:23,700 that time, you know, the there were, there were loads of 425 00:26:23,900 --> 00:26:27,100 hospitals that were built. In fact, there's almost a kind 426 00:26:27,100 --> 00:26:32,000 of religious conviction and belief in the In the UK because 427 00:26:32,800 --> 00:26:36,300 the idea of Health Care free at the point of delivery. 428 00:26:36,500 --> 00:26:39,000 It's something that you know, sounds really nice because 429 00:26:39,100 --> 00:26:42,900 everyone likes free things, but of course, like it's more, it's 430 00:26:42,900 --> 00:26:45,900 more nuanced to make an argument to say, hey, well actually if 431 00:26:45,908 --> 00:26:48,600 you do this is the consequence. But if you look at the 432 00:26:48,600 --> 00:26:53,700 hospital's there about 57 58 hospitals in London and all of 433 00:26:53,708 --> 00:26:58,000 them were built for the NHS was was an existence. 434 00:26:58,400 --> 00:27:01,300 If you look back at the history of how Healthcare Are worked. 435 00:27:01,300 --> 00:27:06,000 Sure like it was much less Advanced but things like, you 436 00:27:06,000 --> 00:27:10,900 know, like various various various medical Blake 437 00:27:10,900 --> 00:27:13,800 breakthrough such as the discovery of penicillin such as 438 00:27:13,800 --> 00:27:17,500 the first polio vaccine. All of these things were 439 00:27:17,500 --> 00:27:19,400 happening and aesthetic development. 440 00:27:19,400 --> 00:27:22,600 All of these things happened. When we had an entirely 441 00:27:22,600 --> 00:27:25,000 privately, Run Healthcare sector. 442 00:27:25,300 --> 00:27:30,100 And what you also found was that many there was large. 443 00:27:30,700 --> 00:27:34,000 Irritable donations doctors would often have in some parts 444 00:27:34,000 --> 00:27:36,800 of the country half of their day would be dedicated to private 445 00:27:36,800 --> 00:27:39,500 patients and then some of their day would be dedicated to 446 00:27:39,500 --> 00:27:42,400 low-income people's. That just didn't have the money 447 00:27:42,400 --> 00:27:46,700 to help and actually the fees weren't very, very high. 448 00:27:46,900 --> 00:27:49,500 I saw something that showed that it was like, you know, to get a 449 00:27:49,508 --> 00:27:54,000 consultation the average for you is something like to two 450 00:27:54,000 --> 00:27:58,200 Shillings or something around 1910, which was probably like, 451 00:27:58,200 --> 00:28:00,400 you know, about a tenth of a week's wages something. 452 00:28:00,600 --> 00:28:03,400 Like this. So it wasn't it wasn't like 453 00:28:03,700 --> 00:28:07,000 unreasonably High to get a consultation but there was lots 454 00:28:07,000 --> 00:28:11,500 of support actually like even though we were living in an 455 00:28:11,500 --> 00:28:15,200 earlier time resources were less but when more limited they are 456 00:28:15,200 --> 00:28:18,400 today, I'm not saying that that was a better Society in any 457 00:28:18,600 --> 00:28:22,100 stretch because we just hadn't developed capital, accumulation 458 00:28:22,100 --> 00:28:26,000 takes time, but back then, if you look at the surveys that 459 00:28:26,000 --> 00:28:30,400 were done, there's a survey that was done in 1898 and it analyzes 460 00:28:30,600 --> 00:28:34,400 How much was being given by the average person to help the poor 461 00:28:34,900 --> 00:28:38,100 including in stuff like health care and education. 462 00:28:38,500 --> 00:28:42,200 And the figure was 10% of salaries, even though people 463 00:28:42,200 --> 00:28:45,200 were much poorer than they gave ten percent of their salaries on 464 00:28:45,200 --> 00:28:49,600 average to charity and the figure has since Fallen to 2% 465 00:28:49,600 --> 00:28:53,500 now that we have the welfare state and the other thing 466 00:28:53,500 --> 00:28:55,900 briefly to mention, sorry to get a bit Carried Away by. 467 00:28:55,900 --> 00:28:59,200 I just think it's an interesting story to tell and a very unknown 468 00:28:59,200 --> 00:29:02,200 story. Is Is that people often ask the 469 00:29:02,200 --> 00:29:06,000 question, how would education provided surely? 470 00:29:06,000 --> 00:29:08,900 There will be loads of kids that didn't go to school if there 471 00:29:08,900 --> 00:29:12,800 wasn't the state providing it and it wasn't free and actually 472 00:29:13,500 --> 00:29:15,900 and they say look at places like Britain where you know, 473 00:29:15,900 --> 00:29:18,100 Healthcare is. Sorry education is free. 474 00:29:18,100 --> 00:29:21,000 Healthcare is free. But if you look at these studies 475 00:29:21,000 --> 00:29:25,600 that were done, there was a big study in the 1816 1860 called 476 00:29:25,600 --> 00:29:29,400 the Newcastle commission, which investigated whether or not 477 00:29:29,400 --> 00:29:32,500 schooling should be made. Compulsory because this point 478 00:29:33,100 --> 00:29:36,200 schooling wasn't compulsory and they did a big survey of the 479 00:29:36,200 --> 00:29:40,900 whole country and they found that the the 95 percent of the 480 00:29:40,900 --> 00:29:45,800 children in England were going to some form of schooling up to 481 00:29:45,800 --> 00:29:48,200 the age of 12. And sure that's not up to the 482 00:29:48,200 --> 00:29:53,600 age that we have today. But it's shows that actually 483 00:29:53,700 --> 00:29:58,600 most of the growth that happened in like education and schooling 484 00:29:58,600 --> 00:30:00,400 happened without any government involvement. 485 00:30:00,500 --> 00:30:04,200 Aunt, same is true of science, say mystery of healthcare, these 486 00:30:04,200 --> 00:30:07,500 things are totally possible and we should try and learn from the 487 00:30:07,500 --> 00:30:09,900 way in which Britain. Experienced such dramatic 488 00:30:09,900 --> 00:30:13,500 development, take away some of the bad bits and focus on the 489 00:30:13,500 --> 00:30:16,200 bits that were beneficial and try and learn from them. 490 00:30:16,600 --> 00:30:20,200 So just like in America, the things that these dates 491 00:30:20,200 --> 00:30:25,600 subsidizes the most Education Health Care housing and the 492 00:30:25,600 --> 00:30:28,000 military are the things we see the highest prices. 493 00:30:28,000 --> 00:30:33,000 And so instead of producers Being accountable to Consumers 494 00:30:33,200 --> 00:30:36,600 that are actually accountable to the state who has very little 495 00:30:36,600 --> 00:30:39,400 incentive to go through things with a fine-tooth comb. 496 00:30:39,500 --> 00:30:42,400 Making sure there's low cost and high quality, they don't face 497 00:30:42,400 --> 00:30:44,700 competition. So it's terrible. 498 00:30:45,000 --> 00:30:48,300 And also, if you opt out of funding something in the private 499 00:30:48,300 --> 00:30:52,900 Market, it might not be a great option, but at least you don't 500 00:30:52,900 --> 00:30:55,200 go to jail. If you don't fund the state, 501 00:30:55,200 --> 00:30:56,900 they'll actually put you in jail. 502 00:30:56,900 --> 00:30:58,900 They just did it with a guy from the Jersey Shore. 503 00:30:59,100 --> 00:31:00,300 Mike The Situation? What? 504 00:31:00,500 --> 00:31:04,200 My childhood Heroes, this this was a great tragedy against 505 00:31:04,200 --> 00:31:08,800 Freedom, when it comes to things like Bitcoin, how can Bitcoin 506 00:31:08,800 --> 00:31:11,500 help us achieve these free cities? 507 00:31:14,100 --> 00:31:19,700 So Bitcoin is of great interest to me personally, I think that 508 00:31:19,700 --> 00:31:25,000 one of the central reasons why government systems tend to be. 509 00:31:25,000 --> 00:31:29,500 So aligned is that if you decide that you want to adopt something 510 00:31:29,500 --> 00:31:36,100 that's unconventional and goes kind of contrary to what the 511 00:31:36,100 --> 00:31:40,800 accepted International Norms are then you can get shut out of 512 00:31:40,800 --> 00:31:45,800 systems of international trade. Because international trade is 513 00:31:45,800 --> 00:31:48,000 not something that is this simple to do. 514 00:31:48,300 --> 00:31:51,900 It's been a problem that Humanity has been trying to 515 00:31:51,900 --> 00:31:55,500 solve for Millennia. The question of how we can 516 00:31:55,500 --> 00:31:59,000 exchange with each other across long distances, and how we can 517 00:31:59,000 --> 00:32:01,500 cooperate and how we can store our value. 518 00:32:02,300 --> 00:32:07,600 And the current system we have is evolved from the gold 519 00:32:07,600 --> 00:32:10,100 standard. When you know, gold was 520 00:32:10,100 --> 00:32:15,300 initially used, you know, in coins and Traded directly mainly 521 00:32:15,500 --> 00:32:19,300 by the wealthier people richer that has poor people use you 522 00:32:19,300 --> 00:32:24,600 silver more but gold kind of countries kind of converged on 523 00:32:24,600 --> 00:32:30,000 gold because gold proved to be the commodity that existed that 524 00:32:30,000 --> 00:32:33,600 had the lowest what's a feed in a moose, cause the, the lowest 525 00:32:34,300 --> 00:32:41,500 reliable stop to flow ratio. Which means that the amount that 526 00:32:41,500 --> 00:32:44,700 you can physically produce Relative to the existing stop 527 00:32:44,700 --> 00:32:49,400 each year is it is the is the lowest. 528 00:32:49,600 --> 00:32:52,700 So that's a naturally occurring thing. 529 00:32:52,700 --> 00:32:56,900 Gold is very scarce in the Earth's crust, and it's becomes 530 00:32:56,900 --> 00:33:00,200 more and more expensive to mind because the more gold you dig up 531 00:33:00,700 --> 00:33:03,200 the further, you have to dig the more expensive equipment, you 532 00:33:03,200 --> 00:33:06,200 need. And so gold is reliably had a 533 00:33:06,208 --> 00:33:10,300 kind of growth rate of about one to two percent every year. 534 00:33:10,400 --> 00:33:13,000 No higher than 2% in any particular. 535 00:33:13,100 --> 00:33:16,700 The year that's been the maximum and of course, that has meant 536 00:33:16,700 --> 00:33:19,000 the gold. Historically has been able to 537 00:33:19,000 --> 00:33:24,000 serve as a commodity through which countries can trade, 538 00:33:24,000 --> 00:33:29,100 because if you have everyone trading in paper clips, then 539 00:33:29,100 --> 00:33:31,900 someone sets up a paperclip Factory and they can just buy 540 00:33:32,000 --> 00:33:34,500 goods from everyone in the economy that doesn't work. 541 00:33:34,500 --> 00:33:37,700 You have people that could just easily create the currency that 542 00:33:37,700 --> 00:33:40,900 doesn't work and you seen that play out in historically in 543 00:33:40,900 --> 00:33:44,900 places like well, well in Us where they were using cowrie 544 00:33:44,900 --> 00:33:48,200 shells as currency and then the colonias came over and started 545 00:33:48,200 --> 00:33:52,200 using silver money and buying their stuff with shells and 546 00:33:52,200 --> 00:33:54,200 basically, like they realized, oh, we're giving all our stuff 547 00:33:54,200 --> 00:33:56,200 away and they're making more shells. 548 00:33:56,400 --> 00:33:59,200 So there's more inflation here. The same thing happened. 549 00:33:59,200 --> 00:34:03,300 Glass beads were used in West Africa as currency and when 550 00:34:03,900 --> 00:34:06,500 foreigners move there they realized that they could 551 00:34:06,500 --> 00:34:08,300 manufacture glass beads in Europe. 552 00:34:08,300 --> 00:34:11,100 So they came in and they were able to buy things locally with 553 00:34:11,100 --> 00:34:13,000 new glass beads and it took a while. 554 00:34:13,100 --> 00:34:16,600 I'll before people realize, actually these glass beads are 555 00:34:16,607 --> 00:34:19,800 becoming more prevalent and we should be charging more for 556 00:34:19,800 --> 00:34:23,000 things in glass beads. But we conversion on gold 557 00:34:23,000 --> 00:34:26,300 because it's because it's so hard to find and it's had this 558 00:34:26,300 --> 00:34:30,300 kind of reliable growth rate in Supply over time, which has 559 00:34:30,300 --> 00:34:33,800 been, which has been low. And so, the country, the whole 560 00:34:33,800 --> 00:34:37,199 world converged on a gold standard, most of the names of 561 00:34:37,199 --> 00:34:42,500 currencies refer to, you know, quantities of gold in their own 562 00:34:42,500 --> 00:34:46,100 language, or, Derivation related to a weight in their own 563 00:34:46,100 --> 00:34:47,800 language. No, the British pound being a 564 00:34:47,800 --> 00:34:53,800 good, good example. So, you know, so gold was used 565 00:34:53,900 --> 00:34:58,700 and and as a way of trading historically, but the problem 566 00:34:58,700 --> 00:35:01,600 with gold is that is the physical commodity, and it 567 00:35:01,600 --> 00:35:06,200 allows it is hard to transport large quantities of it. 568 00:35:06,600 --> 00:35:11,200 And it's hard to, you know, it's expensive to to transport large 569 00:35:11,200 --> 00:35:15,000 quantities of it because You know, you have a security risk 570 00:35:15,000 --> 00:35:17,700 for one but you actually have to physically take it and pay for 571 00:35:17,700 --> 00:35:20,800 the transport. So, gold has great. 572 00:35:21,300 --> 00:35:24,600 Again, this is a kind of insight from say, feeding a moose, gold 573 00:35:24,600 --> 00:35:28,800 has great saleability across time. 574 00:35:29,000 --> 00:35:32,500 Meaning that if you buy at one time, you can sell it easily. 575 00:35:32,500 --> 00:35:36,600 Another time, it's got a long history where you can, you know, 576 00:35:36,600 --> 00:35:39,000 reliably know that the purchasing power is going to be 577 00:35:39,000 --> 00:35:42,300 roughly the same or or even higher if you hold it into the 578 00:35:42,300 --> 00:35:44,700 future. But it doesn't have very good 579 00:35:44,700 --> 00:35:48,400 saleability across space because it has high transaction costs. 580 00:35:49,000 --> 00:35:54,200 And so the result of that is that intermediaries started to 581 00:35:54,500 --> 00:36:00,200 keep track of gold payments and people would deposit their there 582 00:36:00,200 --> 00:36:04,200 gold in Banks. And these Banks would then keep 583 00:36:04,200 --> 00:36:07,300 track of who's who owes what to who they would be trusted to 584 00:36:07,300 --> 00:36:12,500 manage them and then the the transactions you know you didn't 585 00:36:12,500 --> 00:36:14,800 have to pay that. Transaction cost but you didn't 586 00:36:14,800 --> 00:36:17,300 have to pay as much to actually make a transfer. 587 00:36:17,300 --> 00:36:20,300 So Some people prefer preferred that and it's probably a better 588 00:36:20,300 --> 00:36:23,000 solution than just trading physical gold. 589 00:36:23,800 --> 00:36:27,200 But the problem with that is that the gold all ends up 590 00:36:27,200 --> 00:36:31,400 centralized in particular places and when the goal is centralized 591 00:36:31,400 --> 00:36:34,700 in particular places and those are known to be places that hold 592 00:36:34,700 --> 00:36:38,300 gold. Those places are subject to 593 00:36:38,300 --> 00:36:43,900 government capture. And we've seen that Various 594 00:36:43,900 --> 00:36:47,000 mandates, you know, famously in the United States when gold was 595 00:36:47,000 --> 00:36:50,300 banned. We've seen that, you know, gold 596 00:36:50,300 --> 00:36:53,500 ended up getting transferred to the bank of England. 597 00:36:53,500 --> 00:36:57,700 And then it only takes if it's all in one place and the whole 598 00:36:57,700 --> 00:37:00,600 country believes that they're suddenly, everything's 599 00:37:00,600 --> 00:37:03,000 exchangeable for gold. If they want to which limits the 600 00:37:03,000 --> 00:37:05,800 amount of gold that you can, you can actually the amount of 601 00:37:05,800 --> 00:37:07,900 tickets you can produce to claim gold. 602 00:37:08,400 --> 00:37:13,500 Then actually the government has the power to just say Sorry, 603 00:37:13,500 --> 00:37:16,600 we're not honoring that obligation anymore and that's 604 00:37:16,600 --> 00:37:21,100 exactly what happened. And we then moved into a period 605 00:37:21,100 --> 00:37:25,500 where we gradually as a world. You know we moved through the 606 00:37:25,500 --> 00:37:28,000 gold exchange standard. We move through the Bretton 607 00:37:28,000 --> 00:37:30,600 Woods system, where the US dollar was backing, everything 608 00:37:30,600 --> 00:37:33,800 in the US dollar was technically redeemable in Gold by other 609 00:37:33,800 --> 00:37:37,600 central banks, but that system had its value. 610 00:37:38,500 --> 00:37:42,500 Because it's old one problem of gold because it allowed for 611 00:37:42,500 --> 00:37:44,200 International Exchange to happen. 612 00:37:45,000 --> 00:37:50,500 But what it did is it put extraordinary new power in the 613 00:37:50,500 --> 00:37:55,700 hands of government because the government could then choose to 614 00:37:55,700 --> 00:37:57,900 print. But like, when Nixon went off 615 00:37:57,900 --> 00:38:01,000 the gold standard in 1971, the government could choose to 616 00:38:01,000 --> 00:38:04,800 print, however, much money it wanted, and because of that 617 00:38:04,800 --> 00:38:08,500 transition period, after Bretton Woods, when all the Countries in 618 00:38:08,500 --> 00:38:11,800 Europe, were we're struggling for funds, they'd have to pay 619 00:38:11,800 --> 00:38:15,100 the US a lot for armaments. That's why there's so much gold 620 00:38:15,100 --> 00:38:17,600 in Fort Knox. Is all came over from from 621 00:38:17,600 --> 00:38:22,600 Europe during the second world war and it stayed there. 622 00:38:22,600 --> 00:38:26,600 The US had the backing and so it made sense for the US dollar to 623 00:38:26,600 --> 00:38:30,400 become this, this Global Currency that everyone used. 624 00:38:30,800 --> 00:38:34,800 And basically, the whole financial infrastructure that we 625 00:38:34,800 --> 00:38:37,900 exist today was set up between the end of the Bretton Woods. 626 00:38:38,000 --> 00:38:43,900 No shortly after Bretton Woods that took place in 1944 and 1971 627 00:38:44,000 --> 00:38:47,600 and by the time it was set up. You know there's things happen. 628 00:38:47,600 --> 00:38:52,200 Charles de Gaulle the French President famously said you 629 00:38:52,200 --> 00:38:55,300 know, we need to reclaim our gold and he said, take a 630 00:38:55,300 --> 00:38:59,800 battleship across to the u.s. to collect the Frances gold. 631 00:39:00,000 --> 00:39:03,600 And this is partly why Nixon panicked and took the u.s. off 632 00:39:03,600 --> 00:39:07,500 the gold standard. Sorry to give quite a long 633 00:39:07,500 --> 00:39:09,200 answer. I think the history of this is 634 00:39:09,200 --> 00:39:13,300 kind of a kind of relevant to why I think Bitcoin is, you 635 00:39:13,300 --> 00:39:16,700 know, a potential solution because what happened through, 636 00:39:17,200 --> 00:39:19,500 you know, once you've established all of these payment 637 00:39:19,500 --> 00:39:22,800 rails based on the US dollar there there you've got existing 638 00:39:22,800 --> 00:39:25,400 infrastructure. It's like having like building a 639 00:39:25,408 --> 00:39:28,600 load of petrol stations that only take a certain amount of 640 00:39:28,600 --> 00:39:31,300 petrol if you want to change the hydrogen, you've got to rebuild 641 00:39:31,300 --> 00:39:34,000 every single petrol station, that will really exist. 642 00:39:34,600 --> 00:39:40,000 So, the u.s. became the de facto Controller of the world's 643 00:39:40,000 --> 00:39:44,800 economy and because every Bank, every Central Bank has an 644 00:39:44,800 --> 00:39:48,800 account in the Federal Reserve, the u.s. can decide who can 645 00:39:48,800 --> 00:39:52,300 operate on the system. What the rules of the system are 646 00:39:52,500 --> 00:39:58,100 and can print money, that gets inflated, which gets passed and 647 00:39:58,100 --> 00:40:01,100 which creates inflation, which gives them extra spending power. 648 00:40:01,100 --> 00:40:04,400 But that inflation is passed on to the rest of the world because 649 00:40:04,500 --> 00:40:07,800 more US Dollars circulate outside the u.s. than in the US. 650 00:40:07,900 --> 00:40:11,100 Economy alone, that's at least true for like, paper US Dollars 651 00:40:11,100 --> 00:40:14,900 and the whole system operates on US dollars. 652 00:40:14,900 --> 00:40:20,300 So what we now have is a centralized system whereby if 653 00:40:20,300 --> 00:40:26,400 you don't respect certain US policies which you may disagree 654 00:40:26,400 --> 00:40:30,000 with or you may agree with. You get shut out of 655 00:40:30,000 --> 00:40:34,800 international systems. You can't join the WTO if you 656 00:40:34,800 --> 00:40:38,200 don't respect us and other country intellectual, Rights. 657 00:40:38,200 --> 00:40:42,100 For example, you can't join the WTO WTO. 658 00:40:42,200 --> 00:40:46,700 If you don't have you no respect, certain ways of doing 659 00:40:46,700 --> 00:40:50,200 business and you don't, you know, there are various 660 00:40:50,200 --> 00:40:52,500 different policies that you cannot adopt if you want to be 661 00:40:52,500 --> 00:40:56,800 members of of international trade organizations and if you 662 00:40:56,800 --> 00:41:00,500 want to use the US dollar, you know, as we've just seen with 663 00:41:00,500 --> 00:41:03,400 Russia, regardless of what you think about the ethics of the 664 00:41:03,400 --> 00:41:07,500 Russian invasion of Ukraine. Putting that aside we have seen 665 00:41:07,600 --> 00:41:09,400 that. Russia, that the US has the 666 00:41:09,400 --> 00:41:14,800 power simply to flick a switch and that country's balance is is 667 00:41:14,800 --> 00:41:20,600 gone and they do the same thing here on, you know, regardless of 668 00:41:20,600 --> 00:41:23,900 what you think they had the capability to completely isolate 669 00:41:23,900 --> 00:41:26,100 Iran from the International Financial system. 670 00:41:26,500 --> 00:41:31,500 And you know Iran's government obviously has lots of 671 00:41:31,500 --> 00:41:36,900 controversial policies but you know it's a popular is a huge 672 00:41:36,900 --> 00:41:40,100 population of people. And you know, you might not 673 00:41:40,100 --> 00:41:44,200 think it's right to be eight to shut the entire population, out 674 00:41:44,200 --> 00:41:48,500 of that system. So the reason I'm giving this 675 00:41:48,500 --> 00:41:53,500 background is because there is a genuine problem that is being 676 00:41:53,500 --> 00:41:57,500 sold by having an international digitized payment system. 677 00:41:57,600 --> 00:42:00,600 That's run by the Federal Reserve because it has allowed 678 00:42:00,600 --> 00:42:03,600 global trade to increase and I think that's partly why we've 679 00:42:03,600 --> 00:42:08,600 seen such a growth in development in The third world 680 00:42:08,600 --> 00:42:11,600 since the 1990s, because we've seen a huge uptick in global 681 00:42:11,600 --> 00:42:15,100 trade, and this is particularly true in China, where I spent 10 682 00:42:15,100 --> 00:42:18,400 years living and working is particularly true in India. 683 00:42:18,500 --> 00:42:22,000 Its southeast Asia in general, there's been a huge Improvement 684 00:42:22,000 --> 00:42:24,500 in quality of life and I think that's attributed to the fact 685 00:42:24,500 --> 00:42:28,000 that we can trade freely using digital technology. 686 00:42:28,500 --> 00:42:31,500 But the disadvantage is, obviously, that technology is 687 00:42:31,500 --> 00:42:33,900 controlled by one particular party. 688 00:42:34,000 --> 00:42:36,900 And if that particular party decides they don't like you or 689 00:42:36,900 --> 00:42:39,800 that, you're adopting a policy See that they don't like you're 690 00:42:39,800 --> 00:42:46,600 shut out of this global economy. But the to come on to why I 691 00:42:46,600 --> 00:42:53,700 think Bitcoin is important. Shortly after the internet 692 00:42:53,900 --> 00:42:58,300 started to become widely used, there was a book by James Dale, 693 00:42:58,300 --> 00:43:03,100 Davis and William Rees smog, in which they wrote about the 694 00:43:03,100 --> 00:43:09,000 inevitability of the Internet by providing like free speed of 695 00:43:09,000 --> 00:43:13,700 light, access to information to be able to come up with some 696 00:43:13,700 --> 00:43:17,200 form of money. But in order to do that, they 697 00:43:17,200 --> 00:43:20,200 have to solve a few technical problems and they Wrote, this 698 00:43:20,200 --> 00:43:25,100 was in about 1997 or 996, they wrote about various ways. 699 00:43:25,100 --> 00:43:30,000 This could work and they knew about public-private key 700 00:43:30,000 --> 00:43:35,100 technology and it's quite remarkable to read what they 701 00:43:35,100 --> 00:43:39,300 wrote about how digital money could work and how it could 702 00:43:39,800 --> 00:43:43,100 replace central government run money. 703 00:43:44,100 --> 00:43:50,500 And I think when we change to a world where the internet allows 704 00:43:50,500 --> 00:43:53,500 us to exchange information, the development of something, like, 705 00:43:53,500 --> 00:43:59,400 Bitcoin was only really a matter of time because all that Satoshi 706 00:43:59,400 --> 00:44:06,600 Nakamoto, whoever he, she or they were did, was, was uniquely 707 00:44:06,600 --> 00:44:13,700 combine a few specific kinds of computing technology. 708 00:44:14,500 --> 00:44:18,500 That allowed them to the first time to create a scarce digital 709 00:44:18,500 --> 00:44:21,900 asset. Something that like if you and I 710 00:44:22,000 --> 00:44:25,600 exchanged a JPEG, you can send that JPEG to as many people as 711 00:44:25,600 --> 00:44:27,100 you want. That's one of the advantages of 712 00:44:27,100 --> 00:44:30,700 data is just information in their system, but basically, the 713 00:44:30,700 --> 00:44:33,700 long and short of it is that Satoshi Nakamoto was able to 714 00:44:33,700 --> 00:44:38,100 design a system. Whereby a ledger of transactions 715 00:44:38,100 --> 00:44:41,300 could be protected for a mechanism called proof of work 716 00:44:41,800 --> 00:44:45,500 and this would mean that we would have Have a way of 717 00:44:45,500 --> 00:44:50,300 transacting over time, using the, the most advanced 718 00:44:50,300 --> 00:44:55,400 cryptographic technology sha-256 that's ever been invented and 719 00:44:56,200 --> 00:45:01,400 this has this new technology solves the problem that we've 720 00:45:01,400 --> 00:45:08,000 been facing for the last kind of hundred years which is how do we 721 00:45:08,000 --> 00:45:13,200 have something that doesn't need to be monitored like controlled 722 00:45:13,200 --> 00:45:15,500 by a central? Lies party and centralized. 723 00:45:16,000 --> 00:45:20,900 The also is in is has it has a monetary policy that people 724 00:45:20,900 --> 00:45:23,500 can't change? How can we have silence both? 725 00:45:23,500 --> 00:45:27,600 She has Fiat monies or, you know, normal government monies. 726 00:45:27,600 --> 00:45:32,400 Saleability across space and gold saleability across time. 727 00:45:33,100 --> 00:45:36,900 And basically, because Computing systems can be designed on a 728 00:45:36,908 --> 00:45:40,900 purely mathematical basis, you can kind of look for like, the 729 00:45:40,900 --> 00:45:43,800 perfect properties. You want in a money and you Can 730 00:45:43,800 --> 00:45:46,700 design that system within cyberspace. 731 00:45:47,200 --> 00:45:52,400 And that's basically what Satoshi Nakamoto did and we've 732 00:45:52,400 --> 00:45:56,600 seen since then remarkable growth in the adoption of this 733 00:45:56,600 --> 00:46:00,800 technology, I think we're. So we're still very early, but 734 00:46:00,800 --> 00:46:02,900 to bring this back to free cities. 735 00:46:03,400 --> 00:46:08,100 What this means is that there is now for the first time, an 736 00:46:08,100 --> 00:46:12,000 alternative mechanism through which countries that don't 737 00:46:12,000 --> 00:46:17,200 necessarily agree. With us or other government 738 00:46:17,300 --> 00:46:21,700 mandated policies have an alternative way to trade within 739 00:46:21,700 --> 00:46:24,400 their local economy. You can kind of do that anyway 740 00:46:24,400 --> 00:46:28,100 with the national currency but crucially to trade between each 741 00:46:28,100 --> 00:46:31,000 other. So unions that you know the 742 00:46:31,000 --> 00:46:34,700 countries can have an incentive to cooperate and say you know we 743 00:46:34,700 --> 00:46:38,900 accept and we use Bitcoin and we accept our payments for services 744 00:46:38,900 --> 00:46:42,300 and Bitcoin. This is now made possible and I 745 00:46:42,300 --> 00:46:45,500 think this is This is really important, because one of the 746 00:46:45,500 --> 00:46:49,100 free, the challenges that free cities face is that, you know, 747 00:46:49,200 --> 00:46:52,900 getting their bank account setup is really difficult. 748 00:46:52,900 --> 00:46:56,300 Because, you know, if you are operating in a jurisdiction, 749 00:46:56,300 --> 00:47:00,600 that is regarded as kind of non conventional or, you know, 750 00:47:00,800 --> 00:47:05,000 viewed as a tax Haven for example, which, you know, it's 751 00:47:05,000 --> 00:47:07,800 a, it's a word that people use, but really it just means that 752 00:47:07,800 --> 00:47:12,200 they, you know, have lower lower taxes and that's not necessarily 753 00:47:12,200 --> 00:47:18,500 a bad thing, you know, Calm developed with 10% of the. 754 00:47:18,600 --> 00:47:22,000 Sorry about the, a third of the tax level per capita that 755 00:47:22,000 --> 00:47:26,100 Britain did after the second world war and it managed to 756 00:47:26,100 --> 00:47:30,300 overtake the the UK's GDP and just in just six decades, so 757 00:47:30,300 --> 00:47:32,700 calling it a tax Haven, you know, it's a different 758 00:47:32,700 --> 00:47:36,800 development model. But the point is that now we 759 00:47:36,800 --> 00:47:39,600 have Bitcoin, there's an alternative mechanism that 760 00:47:39,600 --> 00:47:42,800 actually works that can be used for international trade and I 761 00:47:42,808 --> 00:47:46,400 think this will be a great Good Catalyst to allowing free 762 00:47:46,400 --> 00:47:50,000 cities, to have genuine Independence and offer more hope 763 00:47:50,000 --> 00:47:53,000 and opportunity to people, particularly those based in the 764 00:47:53,000 --> 00:47:56,300 developing World. Peter, if people want to find 765 00:47:56,300 --> 00:48:00,100 more about the free cities found station, where can they go? 766 00:48:00,500 --> 00:48:06,500 So our website is www.pevs.com free Dash cities, dot-org. 767 00:48:06,900 --> 00:48:10,400 If you go there, you can find information about our 768 00:48:10,400 --> 00:48:14,200 organizations and resources. Some things Read. 769 00:48:14,500 --> 00:48:17,200 And if you scroll to the bottom of that page, there's a link to 770 00:48:17,200 --> 00:48:20,600 subscribe to our newsletter but something the flag is that we're 771 00:48:20,600 --> 00:48:25,700 currently doing a website reap redesign so they'll be a nice 772 00:48:25,700 --> 00:48:30,200 view website up there. That's got our updated materials 773 00:48:30,200 --> 00:48:33,400 in about a month so that's one place you can find us. 774 00:48:34,100 --> 00:48:38,300 We're going to be announcing a new Twitter handle this week. 775 00:48:38,700 --> 00:48:40,700 We're just try and we're just finalizing what? 776 00:48:40,700 --> 00:48:42,800 That will be. So that in the meantime the best 777 00:48:42,800 --> 00:48:47,600 way of Of finding us on Twitter is to follow me at my handle 778 00:48:47,600 --> 00:48:52,400 Peter Mi young, and I will be posting out the links to all of 779 00:48:52,400 --> 00:48:55,300 our new social media that you can find. 780 00:48:55,600 --> 00:48:58,300 But actually the best way to find out about us. 781 00:48:58,300 --> 00:49:02,000 And the best way to find out about free cities is actually to 782 00:49:02,000 --> 00:49:05,300 come to an event that we're running in Prague. 783 00:49:05,300 --> 00:49:08,500 Now, I know that many of you are audience in the US and it's a 784 00:49:08,508 --> 00:49:13,300 long way to come but Prague is really a wonderful historic. 785 00:49:14,200 --> 00:49:19,200 And the event we're planning is going to have people from all 786 00:49:19,200 --> 00:49:23,600 around the world coming together that are believers in Freedom to 787 00:49:23,600 --> 00:49:26,300 talk about the different kinds of structures that are 788 00:49:26,300 --> 00:49:32,300 developing in areas like education finance and governance 789 00:49:32,300 --> 00:49:34,800 you know like are ideas like free cities. 790 00:49:35,500 --> 00:49:40,100 We've got speakers lined up. Like, Prince Philip of Serbia, 791 00:49:40,100 --> 00:49:43,500 emerge at Wade, some big names in the Bitcoin. 792 00:49:43,700 --> 00:49:46,100 Industry involved, Stephen lovera. 793 00:49:46,200 --> 00:49:50,200 We've got a virtual panel with Jeff Booth Craig Foss and Larry 794 00:49:50,200 --> 00:49:53,900 Lepard who were going to talk to us about nation-state Bitcoin 795 00:49:53,900 --> 00:49:57,600 adoption. So it's a really exciting thing 796 00:49:57,600 --> 00:49:59,200 that would the weird that we've got going. 797 00:49:59,200 --> 00:50:04,300 And it's also an event that we really want to reflect what the 798 00:50:04,308 --> 00:50:07,100 communities we're trying to build in free cities because 799 00:50:07,100 --> 00:50:10,700 free cities are for everyone. So we invite people to bring 800 00:50:10,700 --> 00:50:13,600 bring their, you know, bring their partners. 801 00:50:13,800 --> 00:50:16,100 They're bring their children along, we're going to be how 802 00:50:16,100 --> 00:50:19,700 hosting some special activities for children alongside the 803 00:50:19,700 --> 00:50:22,200 program. So if you're thinking about 804 00:50:22,600 --> 00:50:26,100 which conference to go to regarding finding out more about 805 00:50:26,100 --> 00:50:29,200 Freedom, all of the projects that are currently ongoing, 806 00:50:29,200 --> 00:50:32,800 whether they're free cities or intentional communities, or 807 00:50:32,800 --> 00:50:37,300 special economic zones, they'll all be kind of represented here 808 00:50:37,300 --> 00:50:39,100 and you can see the lay of the land. 809 00:50:39,100 --> 00:50:41,500 So maybe if you're someone, that's thinking about moving to 810 00:50:41,500 --> 00:50:45,100 a new jurisdiction or wants to support, Or tour be involved. 811 00:50:45,100 --> 00:50:47,300 Or you've got practical skills, where you actually want to come 812 00:50:47,300 --> 00:50:51,600 and help build one is a Pioneer, then this is the place to find 813 00:50:51,600 --> 00:50:53,900 out about it, and if you can't make it in person, there are 814 00:50:53,900 --> 00:50:57,400 options to attend online. But the way to find out more, 815 00:50:57,400 --> 00:51:01,800 it's to go to our website. Www.levitt.com Liberty.com, 816 00:51:02,000 --> 00:51:04,600 you'll be able to learn about the theme, what's happening on 817 00:51:04,600 --> 00:51:07,700 each day and see all the list of the confirm speakers. 818 00:51:07,700 --> 00:51:09,400 And that list is only going to grow. 819 00:51:10,400 --> 00:51:12,600 Thanks to everyone for watching Keith and I don't tread on 820 00:51:12,600 --> 00:51:15,800 anyone and the libertarian Institute Peter. 821 00:51:15,800 --> 00:51:19,400 Thanks so much for your time. Ring, that's a cheeky. 822 00:51:19,400 --> 00:51:20,600 Thank you very much for inviting me.