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I am excited to introduce Our 
Guest today. 

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None, other than Sam Callaghan, 
we will be joined later by our 

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second special guest Sam. 
Welcome to the show. 

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How are you doing? 
Now don't put them on yet. 

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No, take him out. 
Not I don't. 

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Yeah, there we go. 
Good, what's up? 

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He's still in timeout. 
We're mad. 

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At P. 
What's wrong? 

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I'm always here. 
Okay. 

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All right. 
So will clue you in on what has 

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happened. 
So, about a month and a half 

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ago, my co-host, this show the 
letter that comes before Q in 

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the alphabet promised, everyone 
that he would eat shoe leather. 

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If the He emerge went through in
just the month of September and 

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look to be honest. 
I really didn't think was going 

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to happen. 
I thought it was like a very 

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sound bet for him to make but lo
and behold here we are And 

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conveniently on the day of the 
merge. 

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P was nowhere to be found. 
And for the last five days, 

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we've been so worried. 
I've been on the phone with the 

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police all over his hometown, 
his new HomeTown, I've been on 

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the phone with his parents, not 
a single phone call or text all 

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weekend, while we're worried 
sick and then he just shows up 

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like nothing happened. 
Nope, we're mad at you pee. 

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Look, I had some deep research 
to do. 

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I really looked at myself in the
mirror and the determination. 

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I came to is that I need to make
good on my promise. 

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The fact that the ethereum 
quote-unquote merge which is 

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really just a hard Fork. 
By another name is totally 

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bullshit is beside the point so 
I want you to know I went and 

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toured several leather 
factories. 

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I have my setup right here, 
which I'm going to demonstrate 

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for you just a moment Sam. 
I want your thoughts. 

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Also just beautiful microphone 
Electro-Voice re 20 way to go my

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friend. 
So look, I mean, you'll see 

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like, you know, I can't work. 
I'm glad he is gotten into the 

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spirit of today. 
As I did never show you. 

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There we go. 
We got the fire that's burning. 

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I'm learning how to cook shoe 
leather. 

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How to remove the the dangerous 
lethal elements, like the, the 

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vulcanized rubber the, the 
patina they put on the shoe to 

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protect it from water. 
It's going to be real. 

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Don't don't don't worry, don't 
worry. 

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So thank you for telling you now
that you're caught up on the the

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drama of Decor magazine, live 
Sam, welcome, back to the show. 

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Thanks man, happy to be here. 
So in about 19 minutes from now,

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the fomc will release their most
recent In rate hike stuff, I 

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went and found my little stuffed
kangaroo that we are going to 

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sacrifice live on air before the
minutes become official. 

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And I want to ask you Sam at 
this point in 2022. 

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Do you even care anymore about 
these fomc meetings? 

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Please, I don't actually I 
really, I kind of don't. 

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I might have never cared be 
honest with you, you know, I 

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think the FED is more jawboning 
than anything. 

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And I think we all know where 
the This is going to lead, which

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is an eventual pivot. 
We don't know when that pivot 

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is, but it's, they've always 
pivoted in the past and usually,

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it happens probably longer than 
people suspect and that they 

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have gotten the rates up higher 
than I kind of thought they 

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could. 
So that that's a testament to 

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them. 
I guess, what? 

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The given debt levels, but I 
think it just takes time for 

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monetary policy to actually get 
into the economy. 

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I think there's a lag effect and
so I think we won't really see 

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the effects of it in the real 
economy until later on. 

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Probably Q4 or Lee Kyu won, 
you'll start to see things 

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really start to turn in the 
economy. 

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And then, once there's some 
actual pain, then we'll see that

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the FED is still spineless and 
it'll hit it again. 

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So, you know, I expect them to 
raise rates throughout the rest 

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of the year, really. 
And I think it's going to be 

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like a 75 50, 50 kind of thing 
in terms of November or December

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2. 
And so, I don't really expect 

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that big of shocks right now. 
So yeah, I don't really care. 

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No, this is like in all of our 
conversations that we've had 

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together, I've come to realize 
as someone who analyzes the 

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macro environment and rights for
Swan and do so much great stuff 

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around this type of stuff you 
care the absolutely about the 

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political atmosphere and 
anything that comes out a drum 

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house mouth, which I do degree 
almost admire because me being 

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so anxiety, right? 
Did he just say that? 

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Did wait, what boat? 
But I can't afford a house now, 

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like I could have afforded a 
house 12 months ago, I can't 

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anymore. 
But besides the point, I want to

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get a sense from you. 
Earlier this week, we saw the 

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two year yields, the 2-year, 
treasury bond. 

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Shot up to 4% yield who they 
woke up to that news and was 

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like, so groggy. 
I thought, I was still asleep 

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because I was like, no, there's,
there's no way. 

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Here's what your reaction was to
seeing such a, such a steep 

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Spike to the two-year yield this
week. 

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Well, I think it just shows that
the bond market, you know things

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are not done and you know the 
FED has never been so far behind

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the bond market in terms of its 
ability to raise. 

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So when I think it just can you 
qualify, what do you what do you

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mean by that? 
Well, like if you just track 

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like the federal funds rate to 
the two-year, usually they track

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pretty closely and right now the
two years way above the federal 

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funds rate. 
So that's what people mean when 

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they say the FED is behind the 
curve. 

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And so really what the bond 
market is saying is that they 

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think that the FED needs to, you
know, either calm down you know 

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or let these things kind of play
out but the FED is likely to 

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keep over hiking and will 
probably overshoot things 

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eventually but just kind of 
shows that you know the bond The

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market is still seeing that 
there's, you know, a lot of 

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inflation risk in there and 
stuff like that. 

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So we'll see what happens. 
But, you know, people think that

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it's going to be a 75 B raised 
in here in a little bit, is a 

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potential that it could be an 
entire one percentage Point 

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raised, which would be a very, 
very steep hike in one meat. 

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But it's because there's this 
huge gap still between the two 

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year and the federal funds. 
So people think that they're 

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behind the curve so to speak. 
I want to. 

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I want to spend some time 
talking to you about 

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International markets, because I
know that that's you've spent so

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much time just studying these 
things and learning about it. 

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But before we switch over, I do 
want to just Before we go. 

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So deep into the Doom and Gloom 
of, I want to have a little bit 

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of light-hearted positive 
conversation here. 

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That's cool. 
We see hash rate and difficulty 

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hitting new all-time highs. 
Suggesting miners are coming 

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back online. 
We're seeing my recapitulation 

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seem to slow down or almost and 
seeing what are some bullish 

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Tailwinds that you're seeing for
just the broader Bitcoin 

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ecosystem and I don't give a 
shit about price because let's 

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be real. 
It's going to go down and I want

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cheapest hats. 
Well hash rate going all time 

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high is definitely positive. 
I think really that's a function

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of these miners throughout 2021 
we had access to Capital and 

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they were able to basically have
a bunch of capex and decide that

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they're going to expand their 
facilities. 

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And so what we're seeing now is 
those plans start to actually 

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manifest and they're actually 
plugging in the minors that they

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had planned, you know, 912 
Months ago and there was also 

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Supply chains issue. 
So that hash rate increase. 

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I think it's more of just these 
large miners finally getting 

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their stuff online rather than 
like more miners turning back on

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or if so to speak. 
And so that's a good thing. 

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I mean that's a good thing for 
the Bitcoin Network. 

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I think you're seeing like total
Supply held by long-term 

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toddlers. 
You know, hit like an all-time 

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high, which is another positive 
development. 

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I think it just shows that 
there's a convicted base of 

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hollers that aren't moving their
coins. 

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It's probably everyone on this 
call right now is part of that. 

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The other thing is just the 
still, like, institutional 

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interest throughout this bear 
Market compared to 2018 there 

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really wasn't these, you know, 
developments in the bottom of 

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the bear Market, it was really 
quiet and it was kind of sad. 

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But now you have, like, news, 
like, Fidelity coming out and 

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considering, you know, offering 
Bitcoin to millions of 

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individual brokerage accounts. 
You got Franklin Templeton also 

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almost like a trillion dollar 
man. 

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Manager still in the middle of 
the bear Market with Bitcoin 

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down 70%, they are still 
building out infrastructure for 

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the next Bull Run. 
And so, that's foolish to me, 

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you know, like it just shows 
that even despite the price 

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action, they're still excitement
and interest at the 

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institutional level and 
infrastructure being built out. 

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And so that's the kind of things
that I like to see. 

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So those three things are 
probably what I'd say. 

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Like hash rate all-time high. 
That's good. 

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Minor is kind of start, stop 
selling or at least for now. 

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So you can see that with the 
set. 

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Are called kind of blanket on 
it. 

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Charles Edwards came up with it.
If Joe is here, you know what 

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I'm talking about? 
Yeah. 

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So it flipped and so it kind of 
shows that minor stop selling 

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and you got long-term handlers 
holding on and then you got 

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institutional interest. 
So those three things those are 

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both, those are bullish 
developments. 

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So I'm excited about that. 
So one on pack that last one 

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because we had a philosophical 
debate on the show pee while you

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are gone and like, I'm curious 
your opinion as well Sam's, but 

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I'm going to take this stance 
going forward. 

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I've already I've already said 
it, I'm no longer going to cheer

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for any Corporation, especially 
a billion plus dollar 

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corporation that turns around 
and says, we're gonna adopt 

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Bitcoin store Bitcoin, accept 
Bitcoin. 

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Nor am I going to start 
celebrating or applaud. 

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00:10:03,900 --> 00:10:06,400
High net worth individuals. 
Who decide? 

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00:10:06,700 --> 00:10:10,200
Oh, I'm going to now by up and 
allocated percentage of my net 

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worth to bitcoin. 
My rationale quite frankly is 

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00:10:13,900 --> 00:10:16,800
just simply put a big one, is 
meant to be the life raft for 

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00:10:16,800 --> 00:10:18,900
the people. 
It needs to be a hands of the 

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00:10:18,908 --> 00:10:21,600
people. 
Not these corporations, but 

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maybe I'm just a little too 
altruistic about this. 

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00:10:25,600 --> 00:10:27,500
Rip. 
Rip this argument apart, but 

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00:10:27,500 --> 00:10:31,400
let's discuss because I think 
we've, we may have gone too far 

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in One Direction, and it's time 
to Start thinking about 

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longevity and writing the ship a
little bit. 

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00:10:38,700 --> 00:10:42,500
So are you more like the cost 
basis like you want the cost 

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00:10:42,500 --> 00:10:45,300
basis lower for plebs? 
Or you more about this 

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00:10:45,300 --> 00:10:46,700
centralization is the right 
question. 

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00:10:46,700 --> 00:10:49,900
Look cute. 
He's just betrayed himself as a 

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00:10:49,908 --> 00:10:52,400
Fiat bitch and look that's okay,
Sam. 

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00:10:52,400 --> 00:10:55,800
You and I can sit on the 
sidelines and be like you one 

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00:10:55,800 --> 00:10:57,600
day you will learn the 
importance of Bitcoin one. 

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00:10:57,600 --> 00:11:00,900
Bitcoin equals one Bitcoin. 
Also, I have to say the kangaroo

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00:11:00,900 --> 00:11:04,600
that you have like just slightly
in frame is Terrifying to me. 

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00:11:04,600 --> 00:11:06,000
I don't know what's going on 
there. 

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00:11:06,000 --> 00:11:09,800
Every time I see more of it, it 
Inspire more anxiety and fear in

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00:11:09,800 --> 00:11:13,700
me, but then, let's solve the 
kangaroo to live up, Sam. 

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00:11:13,700 --> 00:11:17,300
I'm rooting for 100 basis. 
Point rate hike, I just want 

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00:11:17,300 --> 00:11:19,500
chaos, I don't think there's 
enough Blood on the streets for 

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00:11:19,500 --> 00:11:23,300
me to justify saying, oh, we're 
gonna see a bull market return, 

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and I Want Blood on the streets,
quite frankly. 

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00:11:25,300 --> 00:11:28,500
So I'm willing to rip the head 
off of this kangaroo is 

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00:11:28,500 --> 00:11:32,100
sacrifice, but what, what oh 
yeah, I can't go through that. 

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00:11:32,100 --> 00:11:34,800
That's your I'm sorry I 
understood that to be a 

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00:11:34,800 --> 00:11:39,800
childhood kangaroo it real. 
But I need to pray to the 

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00:11:39,800 --> 00:11:43,400
financial God that his drone 
Powell and show hidden was I 

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00:11:43,408 --> 00:11:46,800
blend it sacrifice for the blood
on the streets that I hope to 

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00:11:46,800 --> 00:11:49,600
see. 
Got it, got it, got it. 

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00:11:52,200 --> 00:11:55,600
So wait coming back coming back 
to you. 

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00:11:55,600 --> 00:11:57,700
I think your question was like, 
do we need to basic? 

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00:11:57,700 --> 00:12:00,600
Like you said, you are not going
to celebrate, you know, large 

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00:12:00,600 --> 00:12:04,100
holders or get the jpmorgan's. 
Or the black rocks, like 

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00:12:04,100 --> 00:12:07,100
officially being like, yo, 
Bitcoin is dope because you feel

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00:12:07,100 --> 00:12:11,000
like the average pleb needs to 
be needs to have more time to be

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00:12:11,000 --> 00:12:12,400
able to get into the Bitcoin 
Market. 

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00:12:12,400 --> 00:12:14,200
Is that a fair characterization?
Yeah. 

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00:12:14,200 --> 00:12:17,900
And, and I'll caveat it by 
saying, like, candidly. 

225
00:12:17,900 --> 00:12:22,200
If I got no more Bitcoin ever 
again, like, I could live 

226
00:12:22,200 --> 00:12:25,100
comfortably. 
I feel like I do, I have to do 

227
00:12:25,100 --> 00:12:29,400
with anything because I don't 
want you to think I want you 

228
00:12:31,300 --> 00:12:32,900
doing this because you're like, 
yeah, yeah. 

229
00:12:33,200 --> 00:12:37,500
Rich As Fuck, like don't even 
trip Doug, but, it's more from 

230
00:12:37,500 --> 00:12:40,900
the lens of. 
If all of a sudden you have 

231
00:12:40,900 --> 00:12:44,200
someone like a Michael sailor 
with half a million Bitcoin, and

232
00:12:44,200 --> 00:12:47,800
you have a company like apple, 
Tesla Google Microsoft, that 

233
00:12:47,800 --> 00:12:52,300
combined to hold another two and
a half million Bitcoins then all

234
00:12:52,300 --> 00:12:57,100
of a sudden you start to have 
just the same issues. 

235
00:12:57,100 --> 00:13:02,900
I think that we are seeing our 
society struggle with today be 

236
00:13:03,000 --> 00:13:06,500
Situated even further in a 
digital age where we're not 

237
00:13:06,500 --> 00:13:09,900
going to be as Reliant. 
I think on. 

238
00:13:12,700 --> 00:13:16,600
How do I say this without 
sounding like a statist without 

239
00:13:16,600 --> 00:13:21,000
certain parameters, preventing 
businesses from taking I think 

240
00:13:21,000 --> 00:13:24,700
advantage of everything that 
they have hoarded for 

241
00:13:24,700 --> 00:13:28,400
themselves, you know. 
I just say like It's kind of 

242
00:13:29,200 --> 00:13:32,100
there's nothing we could do to 
stop anybody from interacting. 

243
00:13:32,100 --> 00:13:36,000
You know, it's permissionless. 
So Fidelity's, Michael sailor, 

244
00:13:36,000 --> 00:13:39,600
like the people that understand 
the value proposition. 

245
00:13:39,600 --> 00:13:41,500
First are going to benefit from 
it, you know. 

246
00:13:41,900 --> 00:13:47,200
And when Fidelity gets in it is 
34 million individuals brokerage

247
00:13:47,200 --> 00:13:49,400
accounts. 
That a lot of times its money is

248
00:13:49,400 --> 00:13:53,500
trapped in retirement accounts. 
It's not like real spot Bitcoin 

249
00:13:53,600 --> 00:13:56,400
that they're taking but at least
they'll get exposure to the 

250
00:13:56,400 --> 00:13:59,400
upside. 
Adoption continues and and the 

251
00:13:59,408 --> 00:14:02,800
price appreciation happens. 
Like we think it's better that 

252
00:14:02,800 --> 00:14:05,100
they have some kind of exposure 
than nothing. 

253
00:14:05,300 --> 00:14:08,200
So those are kind of my two 
initial points. 

254
00:14:08,200 --> 00:14:11,700
It's kind of like silly because 
we can't stop them from 

255
00:14:11,700 --> 00:14:14,100
happening. 
And then you know there's 

256
00:14:14,100 --> 00:14:17,500
benefits to large players 
getting on your side in terms of

257
00:14:17,508 --> 00:14:21,100
Bitcoin to there's like you have
Fidelity on our side. 

258
00:14:21,100 --> 00:14:24,400
I mean that's a large player 
with a ton of resources, both in

259
00:14:24,400 --> 00:14:28,300
DC and and from a capital 
standpoint, Want to build out 

260
00:14:28,300 --> 00:14:31,600
infrastructure for Bitcoin to 
make the system more robust. 

261
00:14:31,600 --> 00:14:34,000
So I guess those are my two kind
of like counter points to it, 

262
00:14:34,000 --> 00:14:37,500
but I do understand that one of 
the benefits of a large sidewise

263
00:14:37,600 --> 00:14:40,400
sideways price action and 
downwards price action is it 

264
00:14:40,400 --> 00:14:44,300
does give time for four more 
individuals to benefit from it 

265
00:14:44,300 --> 00:14:47,400
and to benefit from the future 
price appreciation. 

266
00:14:47,400 --> 00:14:50,800
So that's kind of like a, that's
a Polish angle to the price 

267
00:14:50,800 --> 00:14:53,900
action going down. 
And I think it's I think it's a 

268
00:14:53,900 --> 00:14:55,900
prudent. 
When I think it's it makes sense

269
00:14:55,900 --> 00:14:59,600
to me and that's why, you know, 
A lot of educational efforts are

270
00:14:59,600 --> 00:15:03,900
really beneficial right now. 
If people are Keen to listen to 

271
00:15:03,900 --> 00:15:06,100
it, unfortunately a lot of 
people get into Bitcoin when the

272
00:15:06,100 --> 00:15:08,300
price goes up like crazy. 
That's just kind of the nature 

273
00:15:08,300 --> 00:15:10,300
of the beast but if they're 
doing it now then they're going 

274
00:15:10,300 --> 00:15:12,700
to benefit from it. 
So it's kind of a win-win there.

275
00:15:16,600 --> 00:15:19,100
P. 
Your thoughts as you play with 

276
00:15:19,100 --> 00:15:22,600
your elephant dick, which by the
way, Sam, we love your elephant 

277
00:15:22,600 --> 00:15:24,500
dick as well. 
Yeah, sorry. 

278
00:15:24,500 --> 00:15:27,200
I see, I noticed that my Bitcoin
is upside down and it just 

279
00:15:27,200 --> 00:15:29,100
immediately inspired fear and 
panic. 

280
00:15:30,200 --> 00:15:33,500
I sold all my Bitcoin. 
Then we bought, it took a tax it

281
00:15:33,500 --> 00:15:36,300
and now I feel silly. 
But also yeah, I'm going to take

282
00:15:36,300 --> 00:15:38,900
is a completely different 
reaction Sam. 

283
00:15:38,900 --> 00:15:40,000
Tell us again. 
Why? 

284
00:15:40,000 --> 00:15:44,000
Why have you imbibed of the re 
20 microphone as opposed to the 

285
00:15:44,000 --> 00:15:46,200
standard sm7b? 
Which we seek you rock? 

286
00:15:46,700 --> 00:15:51,000
And there's this chat today. 
Please relate it back to bitcoin

287
00:15:51,000 --> 00:15:53,400
as well. 
If you could, I got nothing. 

288
00:15:53,800 --> 00:15:56,900
I literally, I asked Alex, who 
runs the cafe Bitcoin? 

289
00:15:57,600 --> 00:16:00,600
I was like, you know, I like 
substitute for him as a host 

290
00:16:00,600 --> 00:16:04,400
them like the back up and I was 
doing the hosting and I was 

291
00:16:04,400 --> 00:16:06,200
getting some feedback that I 
sounded like shit. 

292
00:16:06,200 --> 00:16:10,000
So we need to change that. 
I've been there brother. 

293
00:16:12,200 --> 00:16:14,600
And and then I was just like, 
yo, I'm going to get exactly 

294
00:16:14,600 --> 00:16:16,900
what Alex says and they're like,
all right, go Go for it and 

295
00:16:16,900 --> 00:16:20,500
solid now. 
You I am what I am and it's an 

296
00:16:20,500 --> 00:16:22,100
art 20, right? 
Yeah. 

297
00:16:24,300 --> 00:16:28,100
Yeah. 
The elephant deck? 

298
00:16:28,100 --> 00:16:30,100
Yeah, it's, this is the original
color. 

299
00:16:30,100 --> 00:16:31,800
The sort of like military, 
correct? 

300
00:16:31,900 --> 00:16:33,200
I didn't even think about 
getting. 

301
00:16:33,200 --> 00:16:35,600
Oh my God, I will trade you. 
This mic in a fucking heartbeat.

302
00:16:35,600 --> 00:16:37,900
I regret having this car, and I 
talked about it way too much on 

303
00:16:37,900 --> 00:16:40,200
the show. 
The point is look, we are 

304
00:16:40,200 --> 00:16:44,500
contrarians Sam. 
I feel a sense of, you know, I 

305
00:16:44,500 --> 00:16:48,000
can patriotism with you. 
Because everybody uses the sm7b 

306
00:16:48,600 --> 00:16:52,400
and you know we're using the re 
20s the the old-school crazy 

307
00:16:52,400 --> 00:16:53,200
Mike. 
That sounds better. 

308
00:16:53,600 --> 00:16:55,100
Let's go back to my question, 
right? 

309
00:16:55,100 --> 00:16:57,200
You saw some great. 
It's so good. 

310
00:16:57,900 --> 00:17:00,000
As soon as we shift camera angle
will rip this mat. 

311
00:17:00,000 --> 00:17:02,300
This little sticker off and 
reverse it around. 

312
00:17:02,300 --> 00:17:04,500
It'll look even weirder. 
We could take you off camera. 

313
00:17:04,700 --> 00:17:07,500
We got really used to that for 
the last four days while you 

314
00:17:07,500 --> 00:17:09,900
just hold it stable on us, it 
all stays at All-State. 

315
00:17:09,900 --> 00:17:12,400
So can you just simplify for as 
Q? 

316
00:17:12,400 --> 00:17:15,800
Would say, the smooth brains of 
my is, what is the expectation 

317
00:17:15,800 --> 00:17:18,599
that people? 
I'll have for this rate for this

318
00:17:18,599 --> 00:17:23,900
potential rate hike and what are
the options available to the 

319
00:17:23,900 --> 00:17:25,300
FED? 
Like, what are we kind of? 

320
00:17:25,400 --> 00:17:27,900
What are we expect, like yet? 
What are the, what is the 

321
00:17:27,900 --> 00:17:31,200
plethora of options they have? 
And then what are the impacts of

322
00:17:31,200 --> 00:17:32,800
the various options? 
They could take. 

323
00:17:32,800 --> 00:17:34,600
I think it's probably like 
basically two or three. 

324
00:17:34,600 --> 00:17:37,200
Is that correct? 
What options are you like? 

325
00:17:37,200 --> 00:17:39,900
What are you referring to? 
Well, people say like 100 100 

326
00:17:39,900 --> 00:17:42,200
point B. 
No, but basis point hike, like, 

327
00:17:42,200 --> 00:17:44,600
what are the what are the 
options that we think are sort 

328
00:17:44,600 --> 00:17:46,700
of possible reasons? 
Hannibal. 

329
00:17:46,700 --> 00:17:50,000
And then what impact we expect 
that to have on the markets? 

330
00:17:50,900 --> 00:17:52,800
Well in life, in like a couple 
sentences? 

331
00:17:52,800 --> 00:17:54,200
Like I know we've been talking, 
we've literally been talking 

332
00:17:54,200 --> 00:17:56,200
about this in a deep dive for 
the last, like, 30 minutes. 

333
00:17:56,300 --> 00:17:59,000
But can I change your question 
just a little bit? 

334
00:17:59,000 --> 00:18:02,600
Please do, where are the like we
talked a little bit about how 

335
00:18:02,600 --> 00:18:05,800
this is going to be sort of a 
lagging indicator of where the 

336
00:18:05,808 --> 00:18:08,100
points of failure are going to 
be in the economy. 

337
00:18:08,700 --> 00:18:12,100
Can you highlight maybe one or 
two areas of the economy that 

338
00:18:12,100 --> 00:18:15,600
you're going to be paying 
attention to I'll share two of 

339
00:18:15,600 --> 00:18:17,900
my own? 
And obviously unemployment 

340
00:18:17,900 --> 00:18:21,000
because that's everything that 
the FED keeps citing as far as 

341
00:18:21,000 --> 00:18:24,100
they're sort of motivation for a
lot of things and I'm really 

342
00:18:24,100 --> 00:18:26,800
trying to pay attention to just 
the housing market in general. 

343
00:18:27,200 --> 00:18:29,700
That has historically been a 
nice little leading indicator 

344
00:18:29,700 --> 00:18:34,600
for us and Doesn't look pretty 
to me as someone who's been 

345
00:18:34,800 --> 00:18:37,700
looking to buy a house for some 
time and yes, this does mean 

346
00:18:37,700 --> 00:18:40,400
that the Run of Q in his 
mother's, basement is coming to 

347
00:18:40,400 --> 00:18:46,200
an end. 
Hey guys, this is Q from Bitcoin

348
00:18:46,200 --> 00:18:49,200
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349
00:18:49,208 --> 00:18:52,300
mainstream adoption of Bitcoin. 
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350
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351
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352
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car, or even for when you just 
have to have that sweet Rolex. 

353
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But what isn't so great is when 
you then lose the ability to 

354
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trade your assets, once your 
loan has been taken out. 

355
00:19:06,900 --> 00:19:09,000
So just like you move, mortgage 
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356
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You should be able to have your 
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360
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396
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A Bitcoin magazine Pro.com Yeah 
you know that the options are 

397
00:21:16,200 --> 00:21:18,800
basically I mean they could do 
whatever they want I guess but 

398
00:21:18,800 --> 00:21:23,100
like what the likely options are
are 75 dips or 100 bits and the 

399
00:21:23,100 --> 00:21:25,700
CPI print last week really 
freaked people out there. 

400
00:21:25,800 --> 00:21:29,100
I think a lot of people expected
it to be lower than it was but 

401
00:21:29,100 --> 00:21:32,300
it came in higher and so a lot 
of people the expectations for 

402
00:21:32,300 --> 00:21:34,200
the FED. 
High kind of jumped up and the 

403
00:21:34,200 --> 00:21:38,500
probabilities increase for the 
potential of a hundred dips 

404
00:21:38,600 --> 00:21:41,700
increase. 
But I think 75s probably what I 

405
00:21:41,708 --> 00:21:44,100
would bet and if that's the 
case, then you know we're going 

406
00:21:44,100 --> 00:21:47,200
to see Continued pressure on 
really all risk assets. 

407
00:21:47,200 --> 00:21:51,000
I believe, right now really any 
kind of economic indicator that 

408
00:21:51,000 --> 00:21:55,800
you look at its it doesn't look 
good last week, you know, for 

409
00:21:55,800 --> 00:21:58,600
instance, consumer sentiment 
came in at the lowest ever. 

410
00:21:58,700 --> 00:22:01,000
Housing affordability is the 
worst ever. 

411
00:22:01,100 --> 00:22:04,600
And as you continue to tighten 
policy, it just puts further 

412
00:22:04,600 --> 00:22:08,000
pressure on on everything 
because discount rate. 

413
00:22:08,700 --> 00:22:12,400
When that goes up the way that 
they kind of value stocks, it's 

414
00:22:12,400 --> 00:22:14,300
probably going to have more 
pressure to go down. 

415
00:22:14,600 --> 00:22:18,200
So if we see an increase in 
rates, we're likely to see more 

416
00:22:18,200 --> 00:22:21,700
pressure on the stock market. 
I expect that to go down over 

417
00:22:21,700 --> 00:22:25,600
time, especially as some of 
these economic indicators, start

418
00:22:25,600 --> 00:22:29,000
to show up in earnings. 
And so I'm kind of looking at 

419
00:22:29,000 --> 00:22:30,400
two things. 
Like I'm also look at the 

420
00:22:30,400 --> 00:22:32,200
housing market. 
I think it started to roll over,

421
00:22:32,200 --> 00:22:35,400
it has been rolling over for a 
while and so there's a lot of 

422
00:22:35,400 --> 00:22:36,400
different things you can look 
at. 

423
00:22:36,400 --> 00:22:39,100
You can look at purchase 
applications every week, you can

424
00:22:39,100 --> 00:22:41,400
look at this the case-shiller 
price index rolling over. 

425
00:22:41,500 --> 00:22:43,500
I like the looking at rents on 
Zillow. 

426
00:22:44,700 --> 00:22:47,400
And so and then the housing 
affordability index came out 

427
00:22:47,400 --> 00:22:49,900
last week and so it was the 
worst ever like I said. 

428
00:22:49,900 --> 00:22:52,500
And so, I like to look at all 
those things and then as you 

429
00:22:52,500 --> 00:22:54,900
kind of take out, broader 
picture, it kind of tells you 

430
00:22:54,900 --> 00:22:58,500
where we're probably heading. 
And when you look at a broad and

431
00:22:58,500 --> 00:23:04,100
geopolitical risks and all kinds
of issues going on, it's it's a 

432
00:23:04,100 --> 00:23:08,200
bleak Outlook and I'm not trying
to like paint Rosie a Rosy 

433
00:23:08,200 --> 00:23:10,000
picture. 
When there's not one, you know, 

434
00:23:10,100 --> 00:23:14,200
Cycles are normal and we're not 
very used to recessions because 

435
00:23:14,500 --> 00:23:16,600
Of the FED coming in to bail, 
everyone out. 

436
00:23:16,600 --> 00:23:18,700
Every time it's happened, but 
this is normal, and it's 

437
00:23:18,700 --> 00:23:20,600
actually healthy for a long-term
economy. 

438
00:23:20,600 --> 00:23:23,500
And so, I expect this to be kind
of longer than people expect. 

439
00:23:23,500 --> 00:23:25,300
Honestly. 
And then, the other thing I'm 

440
00:23:25,300 --> 00:23:28,100
looking at is I, like, looking 
at the move index, which is a 

441
00:23:28,100 --> 00:23:32,400
measure of bond volatility, for 
a couple reasons, it kind of 

442
00:23:32,400 --> 00:23:35,200
gives you a measure of kind of 
the risk in the credit markets. 

443
00:23:35,600 --> 00:23:38,600
And then it also the liquidity 
in the credit markets. 

444
00:23:38,600 --> 00:23:42,700
So if it's more volatile, it 
kind of gives you a sense that 

445
00:23:42,700 --> 00:23:46,400
the bond markets more liquid, If
the bond markets more liquid, it

446
00:23:46,400 --> 00:23:49,500
shows that there's kind of the 
economy slowing down, and 

447
00:23:49,500 --> 00:23:53,400
there's a lot of risks. 
And so if we see the bond market

448
00:23:53,400 --> 00:23:57,200
start to really blow up and 
become very illiquid, you know, 

449
00:23:57,200 --> 00:24:00,300
that could be one thing that 
could cause the FED to Pivot. 

450
00:24:00,600 --> 00:24:04,800
But I think maybe that's not 
coming for a while. 

451
00:24:04,900 --> 00:24:07,400
Like I don't think that's really
coming and like the next couple 

452
00:24:07,400 --> 00:24:10,600
months unless there's some like 
catastrophic, you know, blow up 

453
00:24:10,600 --> 00:24:12,600
by Black Swan kind of thing. 
Like, that's always a 

454
00:24:12,608 --> 00:24:17,000
possibility in this uncertain. 
An environment but barring that,

455
00:24:17,100 --> 00:24:19,400
you know, I'm kind of just sit. 
I think things are going to stay

456
00:24:19,400 --> 00:24:22,000
like status quo for a while and 
we're going to continue to see 

457
00:24:22,000 --> 00:24:24,600
downward pressure across risk 
assets. 

458
00:24:25,800 --> 00:24:28,600
I'm going to interrupt real 
quick to just say we have 

459
00:24:28,600 --> 00:24:32,100
official word that it is a 75 
basis point rate hike. 

460
00:24:32,400 --> 00:24:39,800
So Hi, I've lost track now of 
how many times did market like 

461
00:24:40,300 --> 00:24:44,900
the odds of that fomc calculator
that gives us like oh it's 75% 

462
00:24:44,900 --> 00:24:48,800
chance of 75 basis points or 25 
per 100 or whatever. 

463
00:24:48,800 --> 00:24:53,100
I genuinely think that that has 
been correct every single 

464
00:24:53,100 --> 00:24:55,600
meeting this year. 
Yeah. 

465
00:24:55,600 --> 00:24:58,900
Yeah. 
And that but and I presented 

466
00:24:58,900 --> 00:25:00,800
this question. 
One time to Dylan and say I am 

467
00:25:01,000 --> 00:25:04,500
and it's getting me to a point 
where I really don't understand.

468
00:25:05,100 --> 00:25:10,200
Why the FED exists if the market
is kind of telling the FED what 

469
00:25:10,200 --> 00:25:15,200
it wants to be done, and what 
it's expecting, I understand the

470
00:25:15,200 --> 00:25:18,300
history behind the FED, but the 
market to very much taking 

471
00:25:18,300 --> 00:25:22,000
control over these rate hikes. 
It seems, is that an accurate 

472
00:25:22,000 --> 00:25:26,300
way of depicting, sort of what 
we've seen transpire over the 

473
00:25:26,300 --> 00:25:28,400
course of just this calendar 
year. 

474
00:25:30,700 --> 00:25:33,600
Yeah, I mean why does the FED 
exist? 

475
00:25:33,600 --> 00:25:37,800
The you know, that's a big 
question and you know, I think 

476
00:25:38,600 --> 00:25:41,800
financial markets have like 
dictated their policy decisions.

477
00:25:41,800 --> 00:25:45,200
Really since Greenspan started 
to bail everyone out with a 

478
00:25:45,200 --> 00:25:48,600
Greenspan, put the FED has 
basically responded to financial

479
00:25:48,600 --> 00:25:51,900
markets and so I think that's 
why, you know, these 

480
00:25:51,900 --> 00:25:56,300
probabilities the Fed Over the 
last 30 years, they just 

481
00:25:56,300 --> 00:25:59,800
responded to the markets in and 
just listen to them. 

482
00:26:00,100 --> 00:26:01,800
And try not to piss him off too 
much. 

483
00:26:01,900 --> 00:26:04,000
It's been a long time. 
It's been since Volker since 

484
00:26:04,000 --> 00:26:07,400
they like went against the 
markets expectations and did 

485
00:26:07,400 --> 00:26:10,000
what they felt was right with 
their dual mandates. 

486
00:26:10,000 --> 00:26:14,000
So I think it's, that's why 
these, like, probabilities in 

487
00:26:14,000 --> 00:26:16,300
the markets, in the CME 
probabilities has been so 

488
00:26:16,300 --> 00:26:20,200
accurate, because the FED really
does look at the markets, like 

489
00:26:20,200 --> 00:26:23,000
there's an ongoing joke that 
after these fed meetings and 

490
00:26:23,000 --> 00:26:27,100
they announced the the Monetary 
policy that they immediately go 

491
00:26:27,100 --> 00:26:29,000
back to their Bloomberg 
Terminals and look at the 

492
00:26:29,008 --> 00:26:30,500
markets to see how they're 
reacting. 

493
00:26:31,200 --> 00:26:34,200
So, you know, that's what this, 
like fed Insider said, a few 

494
00:26:34,200 --> 00:26:36,100
months back, and I tend to 
believe him. 

495
00:26:36,100 --> 00:26:39,500
So, you know, I just think that 
it's become ingrained in their 

496
00:26:39,500 --> 00:26:42,700
decision making process. 
And when really, it's not really

497
00:26:42,700 --> 00:26:45,500
a part of their mandate, but you
could say it's a shadow third 

498
00:26:45,500 --> 00:26:48,800
mandate, so I think that's why 
the probabilities are so 

499
00:26:48,800 --> 00:26:53,100
accurate. 
We're gonna pull up an image. 

500
00:26:53,100 --> 00:27:00,100
Now of the fomc target rate. 
Pretty much from 2002, through 

501
00:27:00,100 --> 00:27:02,500
2005. 
And I, I was just looking at 

502
00:27:02,500 --> 00:27:06,400
this. 
And what really surprised me is 

503
00:27:06,400 --> 00:27:11,800
the 2023 short of Dot Plot range
for our viewers in a second, we 

504
00:27:11,800 --> 00:27:14,700
will pull this image up. 
It essentially shows you each of

505
00:27:14,700 --> 00:27:19,000
the different fed members for 
the anticipations of where they 

506
00:27:19,000 --> 00:27:23,300
expect the rate. 
To be on each of these years. 

507
00:27:23,300 --> 00:27:24,900
And if that's not the case, Sam,
you are. 

508
00:27:24,900 --> 00:27:27,500
So welcome to tell me. 
I'm an idiot on my own show 

509
00:27:27,500 --> 00:27:30,400
because if I am wrong about 
that, I'm an idiot. 

510
00:27:30,400 --> 00:27:35,200
But it looks as though next 
year, they're anticipating an 

511
00:27:35,200 --> 00:27:39,600
approach to 5% and there's no 
anticipated slow. 

512
00:27:39,600 --> 00:27:45,000
Down until 2024 mind you. 
These are forecast, these are 

513
00:27:45,700 --> 00:27:50,300
projections that always change. 
I'm a little perplexed and 

514
00:27:50,500 --> 00:27:53,200
almost surprised to see such a 
high number for next year. 

515
00:27:53,800 --> 00:27:59,800
My guess, my best guest is they 
are anticipating a prolonged 

516
00:27:59,800 --> 00:28:03,700
level of fed fund rate. 
Being at this level will bring 

517
00:28:03,700 --> 00:28:06,600
inflation lower and in turn. 
If inflation can get below the 

518
00:28:06,600 --> 00:28:10,500
feds fund rate, then they will 
feel confident that their work 

519
00:28:10,500 --> 00:28:14,800
has been successful and they can
slowly begin to lower rates and 

520
00:28:14,800 --> 00:28:17,600
ie pump liquidity back into the 
market Sam. 

521
00:28:18,000 --> 00:28:20,300
Where did I go wrong? 
What don't you? 

522
00:28:20,500 --> 00:28:22,100
Read. 
How crazy am I in? 

523
00:28:22,100 --> 00:28:24,100
This is the the image we're 
talking about here. 

524
00:28:25,000 --> 00:28:27,400
Okay, conceived before. 
Yeah, these are just like 

525
00:28:27,400 --> 00:28:32,100
expectations. 
So I actually They're usually 

526
00:28:32,100 --> 00:28:35,200
not that accurate so anyone 
guess? 

527
00:28:35,200 --> 00:28:37,000
But you know I think that's what
it shows. 

528
00:28:37,000 --> 00:28:40,900
Is that this latest CT, I print 
it just kind of changed a lot of

529
00:28:40,900 --> 00:28:43,500
expectations because it before a
lot of people thought that they 

530
00:28:43,500 --> 00:28:46,900
would start to Pivot like mid-20
23 and now it's been pushed 

531
00:28:46,900 --> 00:28:50,200
back, announcement pushback, and
and so what they expect to 

532
00:28:50,200 --> 00:28:53,200
happen, not this that they'll 
raise rates more but that 

533
00:28:53,200 --> 00:28:56,300
they'll keep it high or longer 
and that's where they could run 

534
00:28:56,300 --> 00:28:58,300
into problems. 
Because like the I don't think 

535
00:28:58,300 --> 00:29:01,000
the markets can really handle 
interest rates at these levels. 

536
00:29:01,200 --> 00:29:04,900
A long time and that's kind of 
what these expectations are 

537
00:29:04,900 --> 00:29:08,500
saying there's expecting to 
rampal to raise rates and then 

538
00:29:08,500 --> 00:29:11,300
keep them at these levels for an
extended period of time. 

539
00:29:11,600 --> 00:29:14,500
And I think as like that rolls 
over and they'll have to 

540
00:29:14,500 --> 00:29:16,900
refinance at these higher 
interest rates, you really start

541
00:29:16,900 --> 00:29:19,800
to see feel pain like in a 
corporate level, as they try to 

542
00:29:19,800 --> 00:29:21,900
roll over their debt. 
And then they have to pay a lot 

543
00:29:21,900 --> 00:29:23,600
more because interest rates are 
so much higher. 

544
00:29:23,700 --> 00:29:25,900
And a lot of these companies are
leveraged to the teeth. 

545
00:29:26,300 --> 00:29:29,500
A lot of these companies are 
zombie companies and so the 

546
00:29:29,500 --> 00:29:31,800
really struggle with that if 
they keep keep interest rates at

547
00:29:31,800 --> 00:29:35,100
this level as they continue to 
reduce their balance sheet with 

548
00:29:35,100 --> 00:29:37,600
quantitative tightening. 
And so it's kind of a double 

549
00:29:37,600 --> 00:29:40,900
whammy because not only the 
financing costs higher but also 

550
00:29:40,900 --> 00:29:43,800
they're removing liquidity out 
of the system at the same time. 

551
00:29:44,000 --> 00:29:48,000
And so I think that things would
break before that and that's 

552
00:29:48,000 --> 00:29:50,500
when real a pivot is going to 
happen in the pivot will not 

553
00:29:50,500 --> 00:29:53,000
happen unless things get really 
bad and that's right. 

554
00:29:53,000 --> 00:29:56,400
When people say a Fed pivots 
going to happen, it kind of 

555
00:29:56,400 --> 00:29:59,400
can't happen until something bad
happens right before it because 

556
00:29:59,500 --> 00:30:01,000
if you things just stay the 
status quo. 

557
00:30:01,200 --> 00:30:03,900
Right now, like they can take 
this demand destruction and they

558
00:30:03,900 --> 00:30:07,400
can take another 10-15 percent 
down on the stock market. 

559
00:30:07,800 --> 00:30:10,700
But if things get really bad and
unemployment starts to spike and

560
00:30:10,700 --> 00:30:14,200
all these things, kind of 
bankruptcy start to happen and 

561
00:30:14,200 --> 00:30:16,900
all these problems start to 
happen, then we'll get a pivot 

562
00:30:16,900 --> 00:30:19,700
and that'll happen. 
If they keep interest rates at 

563
00:30:19,700 --> 00:30:23,300
this level for a long period of 
time with these debt levels. 

564
00:30:23,300 --> 00:30:25,400
And so that's kind of how I see 
it. 

565
00:30:25,400 --> 00:30:29,200
It's just kind of each time. 
The CPI Prince remains elevated 

566
00:30:29,200 --> 00:30:31,000
and doesn't come down in a 
meaningful way. 

567
00:30:31,100 --> 00:30:33,900
Yeah, I bet you're going to see 
these iFit tations continue to 

568
00:30:33,900 --> 00:30:36,100
increase a little bit and 
they'll say, okay this is going 

569
00:30:36,100 --> 00:30:37,600
to last longer and longer and 
longer. 

570
00:30:37,700 --> 00:30:41,500
But you know, I just can't see a
scenario where they can keep 

571
00:30:41,500 --> 00:30:44,500
rates at these levels for a long
period of time without things 

572
00:30:44,500 --> 00:30:46,700
starting to get really 
challenging for these 

573
00:30:46,700 --> 00:30:52,400
businesses. 
That makes sense. 

574
00:30:53,300 --> 00:30:58,000
No, it does. 
I wonder though and this is your

575
00:30:58,000 --> 00:31:00,900
least favorite Topic in 
question, but if shit, if you 

576
00:31:00,900 --> 00:31:06,300
would entertain me for a moment,
we do have midterms in less than

577
00:31:06,300 --> 00:31:10,300
two months now. 
Do you anticipate any decisions 

578
00:31:10,300 --> 00:31:13,100
from either Congress or the 
white house? 

579
00:31:13,800 --> 00:31:17,600
As far as an economic scope is 
concerned for the sake of just 

580
00:31:17,700 --> 00:31:23,000
strengthening their Case to be 
re-elected, not in any sort of, 

581
00:31:23,800 --> 00:31:26,600
this is actually going to help 
the economy in any way 

582
00:31:27,300 --> 00:31:31,400
understanding fully that this is
strictly to get more votes, 

583
00:31:32,100 --> 00:31:36,800
which I'll be the first to admit
was definitely a huge 

584
00:31:36,800 --> 00:31:40,700
implication of their decision to
provide student loan debt 

585
00:31:40,700 --> 00:31:42,900
relief. 
Yeah, that's what I was going to

586
00:31:42,900 --> 00:31:44,500
say. 
I feel like they've already done

587
00:31:44,500 --> 00:31:46,200
that. 
That felt like they did that 

588
00:31:46,200 --> 00:31:48,700
with student loans, and then I 
feel like they're doing that. 

589
00:31:48,900 --> 00:31:52,100
Releasing the Strategic 
petroleum Reserve right now, to 

590
00:31:52,100 --> 00:31:56,800
try to keep gas prices though. 
So it's an emergency for them 

591
00:31:56,800 --> 00:31:58,800
because you know, they need the 
votes. 

592
00:31:59,200 --> 00:32:02,700
But really that should only be 
done in a real Energy. 

593
00:32:02,700 --> 00:32:06,000
Emergency right now in the 
United States at least, you 

594
00:32:06,000 --> 00:32:08,800
know, we don't really have that.
So you know, it's bad. 

595
00:32:08,800 --> 00:32:11,800
There's Rising the gas prices 
are higher from a couple years 

596
00:32:11,800 --> 00:32:15,500
ago, but it's not like we're 
Europe right now and they are 

597
00:32:15,500 --> 00:32:19,200
draining that reserved at a 
rapid rate to try to You know, 

598
00:32:19,200 --> 00:32:22,900
as a political talking point and
that's what you see biting gonna

599
00:32:22,900 --> 00:32:24,600
do gas. 
Prices are so low, they have to 

600
00:32:24,600 --> 00:32:26,900
have something because 
everything else is looking so 

601
00:32:26,900 --> 00:32:29,700
good. 
So you know, I think those two 

602
00:32:29,700 --> 00:32:34,500
things, the student loans and 
the Strategic petroleum Reserve 

603
00:32:34,500 --> 00:32:36,700
getting drained. 
I think that's what you're 

604
00:32:36,700 --> 00:32:39,500
seeing and I don't really know 
if much is going to happen. 

605
00:32:39,700 --> 00:32:43,700
Outside of those two things I 
think are in some again, things 

606
00:32:43,700 --> 00:32:45,500
could change really rapidly in 
this environment. 

607
00:32:45,500 --> 00:32:48,000
If something like really bad 
happened, you probably get 

608
00:32:48,000 --> 00:32:51,100
Congress and Kitchens coming out
pretty rapidly st. 

609
00:32:51,100 --> 00:32:54,400
Stimulus checks, like, we need 
this, if things really start to 

610
00:32:54,400 --> 00:32:56,400
break down, but I don't really 
see that happening before. 

611
00:32:56,400 --> 00:32:59,400
Midterms that's only in what, 
like, a month or month and a 

612
00:32:59,408 --> 00:33:02,600
half or so. 
So, yeah, I think it already 

613
00:33:02,600 --> 00:33:04,800
happened. 
Q, fair fair. 

614
00:33:05,000 --> 00:33:09,300
I was just hoping for, I don't 
know something to really break 

615
00:33:09,300 --> 00:33:12,100
because to your point. 
I don't think we've reached that

616
00:33:12,100 --> 00:33:14,600
point of Maximum pain at least 
on this country. 

617
00:33:14,900 --> 00:33:18,700
But let's hop on over the pond. 
We had Putin actually released a

618
00:33:18,800 --> 00:33:22,600
statement or give a speech 
earlier this morning last night,

619
00:33:22,600 --> 00:33:24,400
to be honest, it was delayed a 
couple times. 

620
00:33:24,400 --> 00:33:27,100
So I have no idea when he 
actually said these words, but 

621
00:33:27,100 --> 00:33:30,800
it looks like based on his 
speech and the translations, I 

622
00:33:30,808 --> 00:33:33,900
was able to read them that they 
are going to call upon all of 

623
00:33:33,900 --> 00:33:38,200
the Russian military members who
are in reserves to now come 

624
00:33:38,200 --> 00:33:42,300
forward and sort of begin to 
join the war effort hearing that

625
00:33:42,300 --> 00:33:45,500
Russia is not slowing down. 
This war efforts giving where 

626
00:33:45,500 --> 00:33:47,500
Europe is in their energy 
crisis. 

627
00:33:48,200 --> 00:33:50,900
How A door things about to get 
in Europe. 

628
00:33:50,900 --> 00:33:53,200
What are you paying attention to
out of Europe right now? 

629
00:33:55,100 --> 00:33:59,200
Yeah. 
So what I focus on in terms of 

630
00:33:59,200 --> 00:34:02,500
Europe is this this energy 
crisis because kind of worsens a

631
00:34:02,500 --> 00:34:05,000
crisis that was already 
happening and it's really the 

632
00:34:05,000 --> 00:34:08,600
ECB and and how trapped they 
were compared to other central 

633
00:34:08,600 --> 00:34:10,400
banks. 
They were the slowest to kind of

634
00:34:10,400 --> 00:34:13,699
start raising interest rates. 
You know, inflation was already 

635
00:34:13,699 --> 00:34:17,000
at historic highs in the 
Eurozone and they were at 

636
00:34:17,000 --> 00:34:19,199
negative interest rates since 
2014. 

637
00:34:19,300 --> 00:34:22,500
And then they have a ton of debt
problems specifically in the 

638
00:34:22,500 --> 00:34:24,800
peripheral countries, Italy 
Greece. 

639
00:34:24,900 --> 00:34:27,400
Spain. 
And and so, they're in a tricky 

640
00:34:27,400 --> 00:34:30,600
situation because they can't 
raise rates and without causing 

641
00:34:30,600 --> 00:34:34,100
kind of risk, increased risk of 
a sovereign debt crisis, similar

642
00:34:34,100 --> 00:34:36,500
to what happened in the early 
2010's. 

643
00:34:37,600 --> 00:34:40,000
And so immediately, when they 
said they were going to raise 

644
00:34:40,000 --> 00:34:43,500
rates, you started to see the 
spreads between Italian Bonds, 

645
00:34:43,500 --> 00:34:46,699
in the German, bonds start to 
really wide in, and it really 

646
00:34:46,699 --> 00:34:49,100
freaked him out. 
And so, that was just when they 

647
00:34:49,100 --> 00:34:53,199
announced that they might raise 
rates and then they went ahead 

648
00:34:53,199 --> 00:34:54,400
with it. 
They finally raise rates in 

649
00:34:54,400 --> 00:34:55,000
July. 
Bye. 

650
00:34:55,800 --> 00:34:59,800
And then they announce some like
emergency program that will they

651
00:34:59,800 --> 00:35:04,800
end unlimited, targeted QE2, 
basically, plug that hole in 

652
00:35:04,800 --> 00:35:09,300
Italy as they try to fight the 
same Battle of fighting 

653
00:35:09,300 --> 00:35:11,800
inflation on the other side. 
And so those are at odds with 

654
00:35:11,800 --> 00:35:14,200
each other because they're 
printing money to keep the 

655
00:35:14,200 --> 00:35:16,500
wheels down in Italy. 
Wow. 

656
00:35:16,500 --> 00:35:20,100
They try to fight inflation by 
raising interest rates and all 

657
00:35:20,100 --> 00:35:22,200
of this happened. 
Wow! 

658
00:35:22,400 --> 00:35:25,400
The energy crisis is going on. 
And when you do, The energy 

659
00:35:25,400 --> 00:35:28,300
crisis going on. 
You have the governments of 

660
00:35:28,300 --> 00:35:32,000
Europe subsidizing that. 
So they're printing money and 

661
00:35:32,000 --> 00:35:35,100
giving it to their citizens to 
help them with the costs, The 

662
00:35:35,100 --> 00:35:38,000
increased cost of their energy 
bills and you can't really blame

663
00:35:38,000 --> 00:35:41,000
them. 
Like, you know, they're these 

664
00:35:41,000 --> 00:35:44,200
people are really struggling and
they're trying to prevent a 

665
00:35:45,100 --> 00:35:48,100
string of bankruptcies from 
happening and something really 

666
00:35:48,100 --> 00:35:51,000
really much worse from happening
but they're at odds with the 

667
00:35:51,000 --> 00:35:53,100
Central Bank who are trying to 
combat inflation. 

668
00:35:53,400 --> 00:35:54,700
So this is the problem with 
Europe. 

669
00:35:54,800 --> 00:35:58,000
Because you have a monetary 
Union but you have governments 

670
00:35:58,000 --> 00:36:01,600
that have disparate condom he's 
and disparate fiscal policies. 

671
00:36:02,000 --> 00:36:04,900
And so, even in the last, you 
know, two weeks I've been trying

672
00:36:04,900 --> 00:36:08,300
to keep track of all this, but 
you had the UK, UK government, 

673
00:36:08,300 --> 00:36:10,000
freeze, gas and electricity 
bills. 

674
00:36:10,300 --> 00:36:13,800
So that's till 2020 for, it's 
estimated to be 180 billion 

675
00:36:13,800 --> 00:36:15,900
dollars or like six percent of 
their GDP. 

676
00:36:16,400 --> 00:36:19,300
And so they're spending you have
Germany, basically combined. 

677
00:36:19,300 --> 00:36:21,900
They've printed 95 billion 
euros. 

678
00:36:22,700 --> 00:36:25,200
Help their citizens and some of 
their businesses. 

679
00:36:25,600 --> 00:36:29,500
You had Sweden and Finland 
basically provide guarantees of 

680
00:36:29,500 --> 00:36:32,900
thirty three billion euros to 
utility companies, to prevent 

681
00:36:32,900 --> 00:36:34,600
The Faults. 
You'd Switzerland come out and 

682
00:36:34,600 --> 00:36:37,900
say to or their energy producers
with about 7 billion dollar 

683
00:36:37,900 --> 00:36:41,900
Euros, you had Austria. 
They there, I think that's 500 

684
00:36:41,900 --> 00:36:45,200
euros per year, they're giving 
to 2024, that's going to cost 

685
00:36:45,200 --> 00:36:48,100
them about four billion euros. 
You had Dutch come out the other

686
00:36:48,100 --> 00:36:50,900
day, do something similar and 
then he had Grease come out the 

687
00:36:50,900 --> 00:36:53,600
other day and that's Gonna cost 
another billion dollars. 

688
00:36:53,600 --> 00:36:57,800
So all of these governments are 
spending money at a time of 

689
00:36:57,800 --> 00:37:01,200
historic inflation. 
And at a time when the ecb's 

690
00:37:01,200 --> 00:37:04,700
trying to raise rates to fight 
this inflation without causing 

691
00:37:04,700 --> 00:37:07,800
the sovereign debt crisis. 
So I don't mean to laugh. 

692
00:37:07,800 --> 00:37:13,100
It's just it's a really tricky 
situation and it's it's terrible

693
00:37:13,100 --> 00:37:15,900
man. 
And I see it as the weakest link

694
00:37:15,900 --> 00:37:20,700
in the whole Fiat system and so 
that's why I've been like really

695
00:37:20,700 --> 00:37:24,200
paying attention to it and then 
this G crisis that has really 

696
00:37:24,200 --> 00:37:27,900
gripped the financial community.
And for good reason, you know, 

697
00:37:27,900 --> 00:37:32,600
that's just kind of added to all
of these problems and so you 

698
00:37:32,600 --> 00:37:36,000
know, Joe wasn't all that dude, 
from Bloomberg, I think he said 

699
00:37:36,000 --> 00:37:40,700
it best, he said money printer 
Gober, so households don't Gober

700
00:37:41,400 --> 00:37:43,300
and that's, I think that's 
what's happening going into the 

701
00:37:43,300 --> 00:37:45,500
winter. 
And it's puts him in a really 

702
00:37:45,500 --> 00:37:48,300
difficult situation. 
Especially if you're the ECB, I 

703
00:37:48,300 --> 00:37:53,800
want to just say because I don't
think you're Laughter was like, 

704
00:37:53,800 --> 00:37:57,500
in gesture, making fun of, but 
like this is genuinely, it's 

705
00:37:57,500 --> 00:38:01,000
such a scary conversation to 
have that. 

706
00:38:01,200 --> 00:38:05,400
This isn't a random developing 
nation that you have never heard

707
00:38:05,400 --> 00:38:09,100
of before. 
This is a whole continent of 

708
00:38:09,100 --> 00:38:11,800
Europe. 
Where let's be honest. 

709
00:38:11,800 --> 00:38:14,100
The vast majority of white 
Americans can trace their 

710
00:38:14,100 --> 00:38:21,100
ancestry back to that continent 
and We are like, I'm almost 

711
00:38:21,100 --> 00:38:22,600
curious. 
What you think. 

712
00:38:23,200 --> 00:38:25,400
Like, who is really at fault 
here? 

713
00:38:25,400 --> 00:38:28,700
Because on the one hand, you 
have the citizens actually 

714
00:38:28,700 --> 00:38:31,700
asking for this. 
You have the citizens asking for

715
00:38:31,700 --> 00:38:35,000
the subsidies asking the 
government to set step in and 

716
00:38:35,300 --> 00:38:39,300
save their businesses, save 
their energy bills from being 

717
00:38:39,300 --> 00:38:43,000
too overwhelming. 
While at the same time, you have

718
00:38:43,000 --> 00:38:47,000
multiple iterations of The 
French government. 

719
00:38:47,000 --> 00:38:50,600
The Boris Johnson LED UK 
government, various other 

720
00:38:50,700 --> 00:38:54,800
governments, all across Europe 
were offered opportunities to 

721
00:38:54,800 --> 00:38:58,100
sit down and end the war with 
Russia and Ukraine. 

722
00:38:58,100 --> 00:39:03,300
And instead opted to join the US
side to continue to add fuel to 

723
00:39:03,300 --> 00:39:05,800
the fire. 
And now they're almost seeing 

724
00:39:05,800 --> 00:39:08,100
their citizens say. 
Hey wait timeout. 

725
00:39:08,800 --> 00:39:12,900
We actually can't afford to be 
in this war because I need to 

726
00:39:12,900 --> 00:39:17,900
stay warm and do you think there
can be a Breaking Point and a 

727
00:39:17,908 --> 00:39:22,200
disconnect in Europe between 
what the citizens citizens want 

728
00:39:22,300 --> 00:39:26,300
and what their government 
leaders will inevitably do, or 

729
00:39:26,300 --> 00:39:29,500
do you think their government 
leaders will end up caving? 

730
00:39:30,800 --> 00:39:33,900
For better or worse, and 
subsidizing energy costs and 

731
00:39:33,900 --> 00:39:38,000
trying to make whatever happens 
on within their own sort of 

732
00:39:38,000 --> 00:39:43,400
jurisdictions appeasable and 
tolerable while still 

733
00:39:43,700 --> 00:39:46,100
propagating this war over in 
Eastern Europe. 

734
00:39:48,000 --> 00:39:51,900
Yeah, well, I think, I think 
ultimately, the biggest risk for

735
00:39:51,900 --> 00:39:56,200
them is mass, you know, 
political turmoil, chaos and 

736
00:39:56,200 --> 00:40:00,400
civil, unrest. 
And so the civilians, there's 

737
00:40:00,400 --> 00:40:03,000
already been protests, there's 
been burning of electricity 

738
00:40:03,000 --> 00:40:06,700
bills, across Europe, you know? 
There's a whole campaign in 

739
00:40:06,700 --> 00:40:10,000
Europe or in UK called don't 
pay. 

740
00:40:10,000 --> 00:40:13,600
I think don't pay UK that 
already has like tens of 

741
00:40:13,600 --> 00:40:16,300
thousands of signees that there 
say they're not going to pay 

742
00:40:16,300 --> 00:40:19,500
their electricity bills October 
1st when they when they're 

743
00:40:19,500 --> 00:40:22,200
supposed to spike hundreds of 
percentages, its percentage 

744
00:40:22,200 --> 00:40:25,000
points. 
So this is already happening and

745
00:40:25,000 --> 00:40:28,300
I think governments will bend 
the knee to the they're citizens

746
00:40:28,300 --> 00:40:31,900
because that's the biggest risk 
is civil unrest domestically, 

747
00:40:31,900 --> 00:40:35,100
but then they'll have to turn 
their back on Ukraine or they'll

748
00:40:35,100 --> 00:40:38,300
just try to do both the same 
time and just even though the 

749
00:40:38,300 --> 00:40:41,300
finances don't make sense, 
they'll try to you know, print 

750
00:40:41,300 --> 00:40:44,400
money and do this. 
That's why, you know, all of 

751
00:40:44,400 --> 00:40:47,100
this kind of leads to the same 
place which is just currency 

752
00:40:47,100 --> 00:40:52,100
devaluation of the Euro. 
And so I think that is the big 

753
00:40:52,100 --> 00:40:54,200
risk. 
So you're already seen it. 

754
00:40:54,200 --> 00:40:57,500
You're already seen kind of 
civil unrest. 

755
00:40:57,700 --> 00:41:01,700
And protests and and these 
European civilians. 

756
00:41:02,200 --> 00:41:04,700
They're wondering how we got 
here but really it's just poor 

757
00:41:04,700 --> 00:41:08,000
leadership. 
Its kind of poor energy policies

758
00:41:08,000 --> 00:41:11,500
over the years. 
Not considering security, and 

759
00:41:11,500 --> 00:41:14,800
resiliency. 
And in a peacetime where leaders

760
00:41:14,800 --> 00:41:18,000
weren't really considering that 
if there's one, like benefit of 

761
00:41:18,000 --> 00:41:21,600
all this, it will kind of start 
to shift that mindset towards 

762
00:41:21,600 --> 00:41:23,700
that, start to shift the mindset
sort. 

763
00:41:23,700 --> 00:41:26,300
Okay. 
Yes, I guess sustainability. 

764
00:41:26,300 --> 00:41:29,500
And you know, all these Like 
inefficient green energies. 

765
00:41:29,500 --> 00:41:33,000
Like we also need, you know, 
nuclear might be a good option 

766
00:41:33,400 --> 00:41:36,100
or, you know, it'll kind of 
shift the mindset because 

767
00:41:36,100 --> 00:41:39,300
sometimes I need a crisis to 
actually wake people up to these

768
00:41:39,300 --> 00:41:41,500
things. 
And so I think that's another 

769
00:41:41,500 --> 00:41:44,400
thing I'd there has been so much
Doom and Gloom around Europe 

770
00:41:44,400 --> 00:41:47,200
situation for this winter. 
Like do this? 

771
00:41:47,200 --> 00:41:49,200
Is this is it like it's not 
going to work. 

772
00:41:49,500 --> 00:41:53,000
I think it was like way too much
that the pendulum shifted way 

773
00:41:53,000 --> 00:41:55,800
too much that way in terms of 
General discourse like this is 

774
00:41:55,800 --> 00:41:57,500
only Doom and Gloom. 
Yes, it's going to be really 

775
00:41:57,700 --> 00:42:00,000
Hard. 
But I think there's a 

776
00:42:00,000 --> 00:42:02,300
probability that they get 
through this winter and that 

777
00:42:02,300 --> 00:42:05,400
they've been together, and 
people are resourceful, people 

778
00:42:05,400 --> 00:42:07,500
are strong the human Spirit 
strong. 

779
00:42:07,500 --> 00:42:11,800
But the problem is, I don't see 
how this changes into the summer

780
00:42:11,800 --> 00:42:14,000
or next winter or the year after
that. 

781
00:42:14,600 --> 00:42:16,200
And so that's kind of where I'm 
thinking. 

782
00:42:16,200 --> 00:42:19,300
It's like not so much like the 
next few months it's that these 

783
00:42:19,300 --> 00:42:22,900
Dynamics in place in these 
relationships, they don't seem 

784
00:42:22,900 --> 00:42:27,700
to be improving. 
And so it's hard for me to see a

785
00:42:27,700 --> 00:42:29,600
scenario where this doesn't 
continue. 

786
00:42:29,900 --> 00:42:33,200
And if that's the case, then 
it's going to be more money 

787
00:42:33,200 --> 00:42:35,600
printing. 
It's going to be more subsidies 

788
00:42:35,600 --> 00:42:39,700
and it's going to be more 
devaluation of the Euro and so 

789
00:42:40,000 --> 00:42:42,100
it because it just takes years 
to get these things back on 

790
00:42:42,100 --> 00:42:44,500
track in terms of energy policy 
and building out the 

791
00:42:44,500 --> 00:42:48,000
infrastructure. 
And so we could be talking about

792
00:42:48,200 --> 00:42:53,600
years of these elevated energy 
crisis which would just add to 

793
00:42:53,600 --> 00:42:55,800
the inflation pressures. 
And make it more difficult for 

794
00:42:55,800 --> 00:43:00,000
the ECB. 
So, you know, that's kind of, 

795
00:43:00,100 --> 00:43:08,100
that's gonna say about that. 
I think just you know creative 

796
00:43:08,100 --> 00:43:13,400
ways of staying warm are also 
viable options but I don't think

797
00:43:13,400 --> 00:43:17,200
P agreed with me anymore because
told me not to say that, but I 

798
00:43:17,200 --> 00:43:22,200
still think. 
Oh, okay, yes, sorry. 

799
00:43:22,200 --> 00:43:24,900
I was just letting my head on 
fire on the side just, you know,

800
00:43:24,900 --> 00:43:26,700
a challenge. 
I think, like, like, why 

801
00:43:26,700 --> 00:43:29,400
couldn't European just do that. 
Why can't they like themselves 

802
00:43:29,400 --> 00:43:31,700
on fire to stay warm this winter
here? 

803
00:43:31,700 --> 00:43:34,100
I feel like doing that is not 
actually a viable strategy. 

804
00:43:34,200 --> 00:43:36,700
I feel like it only gives you 
like maybe five seconds of 

805
00:43:36,700 --> 00:43:38,500
warmth and then it starts 
hurting and you have to put it 

806
00:43:38,500 --> 00:43:40,500
out. 
We're talking about much larger.

807
00:43:40,800 --> 00:43:44,200
You know, how do you stay warm 
as a group of people over a 

808
00:43:44,207 --> 00:43:48,400
period of time? 
I mean you don't have enough, 

809
00:43:48,400 --> 00:43:51,700
you know, resources at least it 
seems like this would be a great

810
00:43:51,700 --> 00:43:54,700
idea to have alternative energy 
sources or be energy 

811
00:43:54,700 --> 00:43:59,500
independent. 
But no, we decided to listen to 

812
00:43:59,500 --> 00:44:02,400
a 16 year old girl about how to 
handle our energy infrastructure

813
00:44:02,400 --> 00:44:08,800
and an entire continent. 
Yeah, I will pay, you know, 

814
00:44:08,800 --> 00:44:10,500
exactly which button to push to 
get me off. 

815
00:44:10,800 --> 00:44:12,200
All riled up? 
I don't know. 

816
00:44:12,200 --> 00:44:13,200
Sam. 
I'd love to hear your thoughts. 

817
00:44:13,200 --> 00:44:16,100
Like it continues to blow my 
mind as I said before on the 

818
00:44:16,100 --> 00:44:20,500
show. 
That the average person across 

819
00:44:20,500 --> 00:44:24,500
most of the world is absolutely 
convinced that nuclear energy is

820
00:44:24,800 --> 00:44:28,100
not only the bane of our 
existence, but definitely like a

821
00:44:28,107 --> 00:44:33,200
tool of Satan to mutate the, you
know, the the creatures of this 

822
00:44:33,200 --> 00:44:36,300
magical planet and also to you 
know, feed the fat cats 

823
00:44:36,300 --> 00:44:38,200
quote-unquote. 
I just don't understand because 

824
00:44:38,200 --> 00:44:43,000
it is actually such a clean and 
important way of generating 

825
00:44:43,000 --> 00:44:47,800
power as we continue to. 
Increase the size of our 

826
00:44:47,800 --> 00:44:50,900
population. 
I'm just flabbergasted by the 

827
00:44:50,900 --> 00:44:53,800
effectiveness of the pr that has
been put out there. 

828
00:44:53,900 --> 00:44:55,400
I'm curious if you have any 
thoughts on that. 

829
00:44:56,400 --> 00:44:58,500
Yeah, I agree. 
I mean I think I'm a big nuclear

830
00:44:58,500 --> 00:45:01,500
proponent think, it's a dense 
energy resource and it's 

831
00:45:01,500 --> 00:45:03,500
reliable. 
You have reliable base load. 

832
00:45:04,800 --> 00:45:09,700
And I think that, I think that 
the anti-nuclear, I mean, it 

833
00:45:09,700 --> 00:45:13,700
stemmed from like, Chernobyl and
Fukushima, you know, there's 

834
00:45:13,700 --> 00:45:15,800
still they see these things in, 
it's bad. 

835
00:45:15,800 --> 00:45:20,300
But but Also nuclear like it 
kind of disrupts the oil and gas

836
00:45:20,300 --> 00:45:23,900
industry and the ESG renewable 
industry. 

837
00:45:24,400 --> 00:45:26,200
So it doesn't really have a 
hobby. 

838
00:45:26,900 --> 00:45:30,600
Not a lot of money because it 
kind of disrupt both of them 

839
00:45:30,600 --> 00:45:31,700
right. 
I mean like in a well 

840
00:45:31,700 --> 00:45:34,600
interesting you're saying oil 
and gas is like deeply invested 

841
00:45:34,600 --> 00:45:36,000
would totally make sense. 
Of course, you got to follow the

842
00:45:36,000 --> 00:45:37,400
incentives. 
Yeah. 

843
00:45:37,400 --> 00:45:42,100
Like like oil gas, there's a lot
of benefits of oil gas like in 

844
00:45:42,100 --> 00:45:45,000
our products and things. 
So it when it might go away, but

845
00:45:45,000 --> 00:45:46,400
it'll definitely eat into their 
product. 

846
00:45:46,600 --> 00:45:51,400
To have this like endless bases 
supply of energy from nuclear. 

847
00:45:51,400 --> 00:45:54,600
And so it just seems like you 
know nuclear has no friends 

848
00:45:55,000 --> 00:45:57,900
basically in DC. 
So how do we get those friends? 

849
00:45:57,900 --> 00:46:00,300
How do we create? 
And maybe if you can just do 

850
00:46:00,300 --> 00:46:02,600
like a for our audience, like a 
brief summary of like the 

851
00:46:02,607 --> 00:46:06,400
benefits of nuclear, the unfair 
characterization that it gets 

852
00:46:06,800 --> 00:46:10,900
and why it's all bullshit. 
Well, I'm not like a nuclear 

853
00:46:10,900 --> 00:46:13,600
expert but from my 
understanding, you know, it's 

854
00:46:13,600 --> 00:46:16,600
just, it's a, it's a way to have
actually clean, I guess, 

855
00:46:16,600 --> 00:46:22,100
zero-carbon energy resource that
it provides a reliable base 

856
00:46:22,100 --> 00:46:24,800
load. 
So it's it's not intermittent 

857
00:46:24,800 --> 00:46:28,600
like wind or solar which, 
obviously, sometimes it's sunny,

858
00:46:28,600 --> 00:46:31,900
sometimes it's cloudy. 
Sometimes it's windy nuclear 

859
00:46:31,900 --> 00:46:34,200
allows you to have that base, 
which is really, really 

860
00:46:34,200 --> 00:46:36,400
important to connecting to the 
electrical grid. 

861
00:46:36,500 --> 00:46:39,400
You need that base load. 
And so nuclear, it does it in a 

862
00:46:39,400 --> 00:46:41,500
way. 
It's really efficient and and 

863
00:46:41,500 --> 00:46:45,900
clean and like, people get upset
about it, I think because of, 

864
00:46:45,900 --> 00:46:48,700
like the waist and all these 
things, but from my 

865
00:46:48,700 --> 00:46:52,000
understanding that's kind of way
overblown, especially when you 

866
00:46:52,000 --> 00:46:55,900
compare it to some of the waste 
in these Renewables and, and as 

867
00:46:55,900 --> 00:46:58,600
well as oil and gas. 
So, that's kind of my short 

868
00:46:58,600 --> 00:47:00,600
thing. 
I haven't like, Doug's, super 

869
00:47:00,600 --> 00:47:03,100
deep into nuclear. 
I'd like to one day that might 

870
00:47:03,100 --> 00:47:07,100
be good, but, but from my 
understanding, it seems like the

871
00:47:07,100 --> 00:47:11,100
best alternative we have and the
Most one of the most dense 

872
00:47:11,100 --> 00:47:14,400
energy resources we have 
available to us and we're just 

873
00:47:14,400 --> 00:47:17,100
turning our back to it and it's 
strictly from like political 

874
00:47:17,100 --> 00:47:22,100
reasons or money reasons or 
just, you know, not 

875
00:47:22,100 --> 00:47:26,200
understanding what it is 
basically propaganda. 

876
00:47:30,000 --> 00:47:33,300
I would agree with that. 
I mean, I think there's a very 

877
00:47:33,300 --> 00:47:36,200
important thing that same, 
you've highlighted, we talk a 

878
00:47:36,207 --> 00:47:40,200
lot about it. 
It's just who has the ears of 

879
00:47:40,200 --> 00:47:45,000
the policymakers in DC. 
And unfortunately right now 

880
00:47:46,000 --> 00:47:50,800
there's just not there's not 
enough money within the nuclear 

881
00:47:50,800 --> 00:47:56,600
system itself to allow, then for
someone to be a spokesperson. 

882
00:47:56,700 --> 00:47:59,600
Person on their behalf. 
I almost feel like this is 

883
00:47:59,600 --> 00:48:06,100
almost like the perfect. 
Intersection of Bitcoin and 

884
00:48:06,100 --> 00:48:08,400
energy. 
And it almost feels like the 

885
00:48:09,000 --> 00:48:14,000
Bitcoin policy Institute, which 
is more or less affricates of 

886
00:48:14,000 --> 00:48:17,800
Bitcoin and its technology who 
speak to different policy makers

887
00:48:17,800 --> 00:48:20,200
in DC. 
This should be a part of their 

888
00:48:20,200 --> 00:48:22,300
docket. 
So to the founders of that, I 

889
00:48:22,300 --> 00:48:25,500
hope you're listening because if
you're not, I'm just gonna yell,

890
00:48:25,500 --> 00:48:28,400
you're not listening to this. 
Yeah, yeah. 

891
00:48:28,400 --> 00:48:31,600
Do that. 
I also had a I think there's a 

892
00:48:31,600 --> 00:48:35,300
ton Of money that is required to
build them to. 

893
00:48:35,400 --> 00:48:37,100
So that's a huge point of the 
two. 

894
00:48:37,100 --> 00:48:39,400
There's a lot of like fixed 
costs and water. 

895
00:48:40,200 --> 00:48:46,300
Yeah so that's another kind of 
like hold up I think I do want 

896
00:48:46,300 --> 00:48:52,800
to just I want to ask this 
because I have a very aggressive

897
00:48:52,800 --> 00:48:56,500
bias when I bring up this and I 
need someone to bounce it out of

898
00:48:56,500 --> 00:48:59,000
little bits am so sorry, you've 
drawn. 

899
00:48:59,000 --> 00:49:00,800
The Short Straw, you have to 
balance it this out. 

900
00:49:00,800 --> 00:49:03,700
I've been pounding this drum 
since the beginning of this year

901
00:49:04,100 --> 00:49:07,200
that as Eugene, ping, and 
Vladimir Putin have been sitting

902
00:49:07,200 --> 00:49:11,400
down with Iran's president, and 
while, we don't know those 

903
00:49:11,400 --> 00:49:16,600
conversation in, it doesn't take
a genius to. 

904
00:49:17,600 --> 00:49:23,100
Surmise that two adversaries of 
the u.s. meeting with a 

905
00:49:23,100 --> 00:49:26,200
president, who is the leader of 
a country that has been under 

906
00:49:26,200 --> 00:49:30,500
sanctions by the US are most 
likely asking this President. 

907
00:49:30,800 --> 00:49:32,900
How have you guys handled 
sanctions? 

908
00:49:32,900 --> 00:49:36,900
How have you guys survived for, 
as long as you have under 

909
00:49:37,100 --> 00:49:40,200
Western and the u.s. ancient and
lo and behold. 

910
00:49:40,200 --> 00:49:43,300
Shortly after that, Russia has 
now been put under sanctions, 

911
00:49:43,800 --> 00:49:47,000
we're witnessing some actions 
being taken by China again. 

912
00:49:47,200 --> 00:49:52,900
Taiwan and meanwhile behind the 
scenes we're seeing deals, get 

913
00:49:52,900 --> 00:50:00,300
made between Saudi Arabia China,
Russia turkey to release and 

914
00:50:00,300 --> 00:50:06,600
sell their oil to the European 
markets, as well as break and 

915
00:50:06,600 --> 00:50:10,500
destroy the Petro dollar and 
introduce you one dollar. 

916
00:50:10,500 --> 00:50:16,300
Russia accepting Bitcoin and 
other cryptocurrencies, you had 

917
00:50:16,300 --> 00:50:18,900
Iran also So announced that 
they're accepting 

918
00:50:19,100 --> 00:50:22,700
cryptocurrencies primarily 
Bitcoin to settle International 

919
00:50:22,700 --> 00:50:26,600
trades. 
We're starting to see the slow 

920
00:50:26,600 --> 00:50:30,400
end of the strength of US 
sanctions. 

921
00:50:30,800 --> 00:50:34,300
And I'm curious what effect do 
you think this could have on a 

922
00:50:34,308 --> 00:50:37,300
global stage? 
Let's first start on the energy 

923
00:50:37,300 --> 00:50:40,000
side of things, obviously 
countries like Saudi Arabia, 

924
00:50:40,000 --> 00:50:43,800
Iran, and Russia. 
Old vast amounts of oil and 

925
00:50:43,800 --> 00:50:46,500
natural gas as well as the other
OPEC nations. 

926
00:50:47,100 --> 00:50:53,000
Between Iran alone has over 150 
billion barrels of oil for 

927
00:50:53,000 --> 00:50:58,100
context again, OPEC plus 
manufacturers about 20 to 25 

928
00:50:58,200 --> 00:51:02,300
million barrels a day. 
So that's a significant amount 

929
00:51:02,400 --> 00:51:04,800
of oil that Iran just has that 
it could introduced to the 

930
00:51:04,800 --> 00:51:08,000
market. 
All the has happiness sanctions,

931
00:51:08,000 --> 00:51:12,300
go away and oil prices, go down,
cost of gas, and electricity 

932
00:51:12,300 --> 00:51:14,900
goes down. 
This really feels like it's 

933
00:51:14,900 --> 00:51:19,400
turning into a US sanctions 
versus the rest of the world 

934
00:51:19,600 --> 00:51:21,600
argument. 
There's a degree of that. 

935
00:51:21,600 --> 00:51:23,700
But now my bias is starting to 
show. 

936
00:51:23,700 --> 00:51:27,200
So I'm going to mute myself and 
unpack, and, rip apart 

937
00:51:27,200 --> 00:51:32,700
everything. 
I've just Well, the economic 

938
00:51:32,700 --> 00:51:37,100
sanctions and the seizure of 
Russian X FX Reserves. 

939
00:51:38,300 --> 00:51:41,900
You know, I feel like it was 
kind of a knee-jerk reaction. 

940
00:51:42,000 --> 00:51:44,900
It was like, it's like the 
weapon of choice that the US has

941
00:51:44,900 --> 00:51:47,500
used over the last decade. 
Or so there's a book called 

942
00:51:47,500 --> 00:51:48,900
treasury Wars, that's pretty 
good. 

943
00:51:48,900 --> 00:51:53,500
That kind of goes over the 
history of sanctions and how the

944
00:51:53,508 --> 00:51:58,000
treasury has been used as an arm
of basically Warfare for the 

945
00:51:58,000 --> 00:52:01,100
last decade or so. 
Now what I, what I think makes 

946
00:52:01,100 --> 00:52:04,800
sense is that one of the 
consequences of doing that? 

947
00:52:05,200 --> 00:52:08,000
Is it basically pushes our 
adversaries together? 

948
00:52:08,200 --> 00:52:12,600
It incentivizes them to work 
together and and so you got 

949
00:52:12,600 --> 00:52:16,200
China. 
Who makes a lot of things who's 

950
00:52:16,200 --> 00:52:18,500
been getting oil on the cheap 
from Russia. 

951
00:52:18,600 --> 00:52:21,600
Same thing with India and 
they're like, this is great, you

952
00:52:21,600 --> 00:52:23,500
know as long as the US doesn't 
sanction us. 

953
00:52:23,500 --> 00:52:26,800
Yeah we're getting too cheap 
Russian oil, right now. 

954
00:52:26,800 --> 00:52:29,600
This is fantastic and then I ran
sister part of that, right? 

955
00:52:29,600 --> 00:52:33,200
So Iran has been like hey you 
guys got sanctioned to welcome 

956
00:52:33,200 --> 00:52:36,400
to the club. 
And so now these are 

957
00:52:36,500 --> 00:52:41,100
resource-rich countries who were
kind of driving together through

958
00:52:41,100 --> 00:52:43,800
our political actions and then 
the sanctions. 

959
00:52:43,900 --> 00:52:47,400
And so you got to be really 
careful and think about the 

960
00:52:47,400 --> 00:52:50,000
long-term consequences of these 
actions. 

961
00:52:50,600 --> 00:52:56,000
And then in terms of the 
sanctions, you know, They as the

962
00:52:56,000 --> 00:53:00,300
world moves to a more multipolar
world multi-currency world world

963
00:53:00,300 --> 00:53:03,600
where you start pricing in these
goods and different currencies. 

964
00:53:04,300 --> 00:53:06,700
It will make sense that the 
sanctions will become less 

965
00:53:06,700 --> 00:53:09,800
effective. 
But I think right now people are

966
00:53:09,800 --> 00:53:14,800
kind of under estimating how 
effective they are on Russia. 

967
00:53:14,900 --> 00:53:18,400
You know I think the spike in 
oil prices has caused a trade 

968
00:53:18,400 --> 00:53:21,900
surplus and brought in a lot of 
money and kind of help them keep

969
00:53:21,900 --> 00:53:23,500
afloat. 
But the law Longer these 

970
00:53:23,500 --> 00:53:26,000
sanctions go on. 
I think the more damaging they 

971
00:53:26,000 --> 00:53:29,800
could become on the Russian 
economy and then you know, same 

972
00:53:29,800 --> 00:53:33,000
thing with Iran and Iran. 
They're not doing well right 

973
00:53:33,000 --> 00:53:35,400
now. 
There there's like Mass civil 

974
00:53:35,400 --> 00:53:38,900
unrest actually came across my 
timeline this morning since 

975
00:53:38,900 --> 00:53:42,500
they've been under sanctions. 
If Ed Rising unemployment, 

976
00:53:42,500 --> 00:53:44,600
they've had, you know, increase 
inflation. 

977
00:53:45,200 --> 00:53:47,500
Drop in World Trade, drop in 
oil. 

978
00:53:47,500 --> 00:53:51,600
Exports their economy shrunk. 
So it has been effective in the 

979
00:53:51,607 --> 00:53:53,800
past. 
And I think, It will continue to

980
00:53:53,800 --> 00:53:59,000
Be an Effective tool, but it 
will lose its power as these 

981
00:53:59,000 --> 00:54:02,800
countries band together and 
start to price Goods in 

982
00:54:02,800 --> 00:54:05,800
different currencies and that's 
the natural reaction to these 

983
00:54:05,800 --> 00:54:07,900
things. 
You know, every action has an 

984
00:54:07,900 --> 00:54:11,600
equal and opposite reaction and 
that's what we're seeing happen.

985
00:54:11,600 --> 00:54:14,500
And that should be. 
That should wake people up 

986
00:54:14,500 --> 00:54:17,600
because if these these 
superpowers or at least China 

987
00:54:17,900 --> 00:54:21,200
and then Russia, and they team 
up and become more friendly 

988
00:54:21,200 --> 00:54:24,200
towards one another and then 
you, Have Iran, which is, you 

989
00:54:24,200 --> 00:54:27,900
know, a ton of oil resources, 
you can kind of see how these 

990
00:54:28,400 --> 00:54:32,900
them banding together would be a
pretty big, you know, adversary 

991
00:54:32,900 --> 00:54:36,200
it would be, they would be a 
powerful group, to kind of 

992
00:54:36,600 --> 00:54:38,700
battle against, for lack of a 
better word. 

993
00:54:38,800 --> 00:54:41,800
And so these are kind of just 
the natural consequences. 

994
00:54:41,800 --> 00:54:45,800
And I don't know if Biden or the
administration Administration 

995
00:54:45,800 --> 00:54:47,000
really like, thought through 
this. 

996
00:54:47,100 --> 00:54:49,500
They did it so fast like right 
when it happened, they 

997
00:54:49,500 --> 00:54:52,800
immediately sanctions sees the 
FX Reserves. 

998
00:54:53,100 --> 00:54:55,600
And now when they see these 
things are like, hold up, you 

999
00:54:55,600 --> 00:54:57,300
know? 
So that's kind of how I see it. 

1000
00:54:57,800 --> 00:55:01,500
I think it's a lack of long-term
thinking which is kind of like a

1001
00:55:01,500 --> 00:55:06,100
general problem throughout the 
Fiat world. 

1002
00:55:08,100 --> 00:55:09,800
What do you mean? 
They don't have a long enough 

1003
00:55:09,800 --> 00:55:11,900
time Horizons. 
I love how. 

1004
00:55:12,200 --> 00:55:14,600
Yeah, it's the money gonna talk 
about. 

1005
00:55:14,600 --> 00:55:16,600
He looks like he's uncircumcised
right now. 

1006
00:55:17,200 --> 00:55:20,100
Yeah, I thought I would look way
cooler with my hood up, but I 

1007
00:55:20,107 --> 00:55:22,900
was horribly mistaken but now I 
just have to roll with it. 

1008
00:55:23,000 --> 00:55:25,800
I feel like I brought this on 
myself and it's my join you. 

1009
00:55:25,800 --> 00:55:28,100
I mean, I'll make you feel not 
so much worse. 

1010
00:55:28,300 --> 00:55:29,500
You have so much worse than I 
do. 

1011
00:55:29,500 --> 00:55:31,600
You look Odyssey as bad as you 
look. 

1012
00:55:31,600 --> 00:55:34,000
You look better than I did with 
that Sam. 

1013
00:55:34,000 --> 00:55:37,500
I got a cracked you because I 
just saw that we're going to 

1014
00:55:37,500 --> 00:55:39,000
announce that breaking news 
right now. 

1015
00:55:39,000 --> 00:55:42,100
It's pronounced Iran. 
We're going to unpack this 

1016
00:55:42,100 --> 00:55:45,000
though. 
Breaking news that Jesse Powell,

1017
00:55:45,000 --> 00:55:48,600
the CEO of Kraken is apparently 
stepping down. 

1018
00:55:48,600 --> 00:55:52,300
Holy shit, really? 
Yeah, that's interesting. 

1019
00:55:52,600 --> 00:55:54,200
What's that? 
Vacations over that this is 

1020
00:55:54,200 --> 00:55:56,600
developing story, were gathering
more information. 

1021
00:55:56,600 --> 00:56:00,900
But I just wanted to sort of 
pass that headline through I 

1022
00:56:00,908 --> 00:56:06,300
believe. 
If I remember the source is, oh 

1023
00:56:06,300 --> 00:56:09,300
my God, the teacher know that 
it's Wall. 

1024
00:56:09,300 --> 00:56:10,700
Street Journal is reporting it. 
Okay. 

1025
00:56:10,700 --> 00:56:14,100
So before I give my insane 
conspiracy, theorist, 

1026
00:56:14,100 --> 00:56:16,900
lovecraftian, interpretation 
Sam, what is your thoughts 

1027
00:56:16,900 --> 00:56:18,600
without knowing anything? 
I want to hear you're like, 

1028
00:56:18,600 --> 00:56:21,400
don't do any research, why do 
you think Jesse Powell stepping 

1029
00:56:21,400 --> 00:56:24,500
down as CEO of Kraken? 
You get extra points for the 

1030
00:56:24,500 --> 00:56:30,100
more deranged is I have such a, 
it crackin. 

1031
00:56:30,100 --> 00:56:34,300
Such a weird company because 
they're like it, do do chicks, 

1032
00:56:34,300 --> 00:56:37,000
inertia coin, casino, but then 
Jesse Powell. 

1033
00:56:37,500 --> 00:56:40,400
He's been a pretty good Steward 
of Bitcoin and when he goes on 

1034
00:56:40,500 --> 00:56:43,800
news you know mainstream news 
shows and stuff like that. 

1035
00:56:43,800 --> 00:56:45,400
Like he's he knows what he's 
talking about. 

1036
00:56:45,400 --> 00:56:47,900
He's a Bitcoin her and I believe
that it's just kind of. 

1037
00:56:48,100 --> 00:56:51,300
It always confused me that it's 
a huge shift because he also 

1038
00:56:51,300 --> 00:56:54,500
supported lightning like, you 
know, he A lot of things for 

1039
00:56:54,500 --> 00:56:57,900
they even it proved reserves, I 
think, which was cool. 

1040
00:56:58,600 --> 00:57:02,200
But so I thought, Jesse Powell 
was actually a good leader, 

1041
00:57:02,200 --> 00:57:07,700
especially when you compare him 
to, I would say his other 

1042
00:57:07,800 --> 00:57:11,300
competitor, coinbase, and Brian 
Armstrong, I think Jesse Powell 

1043
00:57:11,300 --> 00:57:13,300
was a much better advocate for 
big. 

1044
00:57:13,300 --> 00:57:15,700
Yeah, and finance. 
Like, when you compare cracking 

1045
00:57:15,700 --> 00:57:19,800
financing coinbase, Kraken does 
a lot of things better and a lot

1046
00:57:19,800 --> 00:57:22,900
of things more, right? 
Let's dig into that boat because

1047
00:57:23,000 --> 00:57:27,500
I have like basically 100 maybe 
more CZ Bots that are just 

1048
00:57:27,800 --> 00:57:30,700
replying everything. 
I post on Twitter, what about? 

1049
00:57:31,400 --> 00:57:33,400
I mean I'll joking aside I think
it is actually interesting 

1050
00:57:33,400 --> 00:57:34,800
topic. 
Like all right I'm gonna put my 

1051
00:57:34,800 --> 00:57:35,700
head down. 
It's too much now. 

1052
00:57:37,700 --> 00:57:38,800
Sorry give me a second. 
What is it about? 

1053
00:57:38,800 --> 00:57:41,200
Cracking that is like when you 
say that they're doing a better 

1054
00:57:41,200 --> 00:57:44,200
job of being stewards or just 
about specifically what does 

1055
00:57:44,200 --> 00:57:46,000
that mean to you? 
Just kind of like that they 

1056
00:57:46,100 --> 00:57:49,400
support Bitcoin developers. 
They've built lunk lightning 

1057
00:57:49,400 --> 00:57:52,300
functionality before everyone 
that had proved reserves in 

1058
00:57:52,300 --> 00:57:54,900
terms of the message. 
Their research is top-notch that

1059
00:57:54,900 --> 00:57:57,600
they put out around Bitcoin 
around lightning. 

1060
00:57:57,700 --> 00:58:01,100
They obviously do other stuff 
and other cryptocurrencies but 

1061
00:58:01,100 --> 00:58:06,100
they do a lot more for Bitcoin 
specifically, and education than

1062
00:58:06,100 --> 00:58:08,500
all those other ones, combine 
the coinbase in finance. 

1063
00:58:08,500 --> 00:58:12,700
I mean I've dug through coin 
basis entire research in blog 

1064
00:58:12,700 --> 00:58:15,600
website and it's garbage 
compared to Kraken. 

1065
00:58:15,600 --> 00:58:19,400
And then on the, you know, I 
just think about this one 

1066
00:58:19,800 --> 00:58:23,200
interview that Jesse Pol did and
it's Buddy. 

1067
00:58:23,200 --> 00:58:25,500
Adam is like Fox News or 
Bloomberg or something and they 

1068
00:58:25,500 --> 00:58:28,100
asked him, like, where's 
Bitcoins price going? 

1069
00:58:28,100 --> 00:58:32,700
And he was just like infinity. 
And you were like, I am all in 

1070
00:58:32,700 --> 00:58:35,000
on Jesse Powell, it's like 
infinity. 

1071
00:58:35,000 --> 00:58:37,700
And then she like, looked at him
and you just like, look back and

1072
00:58:37,700 --> 00:58:42,000
I'm like that. 
So that's kind of, I mean, man. 

1073
00:58:42,000 --> 00:58:44,400
I mean, you know, I, they kind 
of all about like the free 

1074
00:58:44,400 --> 00:58:46,200
market and will let people 
decide. 

1075
00:58:46,200 --> 00:58:49,900
And, you know, I think they just
kind of developed into this 

1076
00:58:50,700 --> 00:58:52,400
chicken Casino. 
They're one of the oldest 

1077
00:58:52,400 --> 00:58:54,500
exchanges. 
Hadn't really suffered. 

1078
00:58:55,300 --> 00:58:58,000
I got major hack or anything 
like that, which is good, you 

1079
00:58:58,000 --> 00:59:00,900
know, I don't know. 
They just they do things as best

1080
00:59:00,900 --> 00:59:03,600
as you can, I think if you're 
going to get into the ship going

1081
00:59:03,600 --> 00:59:09,500
because you know again, fair 
enough I want to ask though, is 

1082
00:59:09,500 --> 00:59:19,000
there a degree of like, Nick 
Carter and sort of his claims 

1083
00:59:19,000 --> 00:59:24,000
that Bitcoin focused or Bitcoin 
only companies cannot be 

1084
00:59:24,000 --> 00:59:26,800
profitable in the future mind 
you. 

1085
00:59:26,800 --> 00:59:30,200
You're talking to three people 
who work at Bitcoin only 

1086
00:59:30,200 --> 00:59:35,300
company's total deepest. 
There is a a heavy bias in this 

1087
00:59:35,300 --> 00:59:39,700
but like genuinely, like there 
is a degree in which cracking 

1088
00:59:39,700 --> 00:59:44,300
and Swan overlap and our 
competitors. 

1089
00:59:45,300 --> 00:59:47,400
With cracking offering the shit 
koi casino. 

1090
00:59:47,400 --> 00:59:51,800
That Swan does not. 
I'm just curious if there's a 

1091
00:59:51,800 --> 00:59:57,100
degree of Truth baked somewhere 
deep in what Nick Carter said 

1092
00:59:57,500 --> 01:00:02,600
that, if all you care about is 
making money, there's more money

1093
01:00:02,800 --> 01:00:08,100
if you are engaging with the 
broader crypto ecosystem than 

1094
01:00:08,100 --> 01:00:13,300
just being Bitcoin focused. 
Well I think that's like 

1095
01:00:14,500 --> 01:00:17,800
completely true that there's 
more money in the shit coins. 

1096
01:00:17,800 --> 01:00:20,900
I know that's like can't really 
even argue that there's amount 

1097
01:00:20,900 --> 01:00:24,600
of money from crypto VC's 
compared to like Bitcoin, only 

1098
01:00:24,600 --> 01:00:27,500
companies, the amount of 
funding, it's ridiculous and 

1099
01:00:27,500 --> 01:00:30,900
they make money because of all 
the marketing and of teas and 

1100
01:00:31,200 --> 01:00:35,600
and trading that they promote. 
And and so in that sense, yeah, 

1101
01:00:35,600 --> 01:00:37,400
they make more money. 
I don't know what Nick actually 

1102
01:00:37,400 --> 01:00:39,900
said, but you know Bitcoin. 
Only companies could definitely 

1103
01:00:39,900 --> 01:00:42,100
be profitable. 
It's just maybe not as 

1104
01:00:42,100 --> 01:00:44,000
profitable as the chicken wing 
Casino. 

1105
01:00:44,200 --> 01:00:46,900
Because there's kind of like a 
moral aspect to it. 

1106
01:00:46,900 --> 01:00:50,700
Now I also think that Bitcoin 
companies Will Survive because 

1107
01:00:50,900 --> 01:00:53,500
we are dead set focused on one 
thing and doing it really well. 

1108
01:00:53,800 --> 01:00:58,300
And we think about all like the 
time suck that happens on these 

1109
01:00:58,300 --> 01:01:00,800
other companies that offer all 
these different coins in terms 

1110
01:01:00,800 --> 01:01:03,200
of their customer service in 
terms of their what they have to

1111
01:01:03,200 --> 01:01:05,900
build to support these other 
cryptocurrencies, the 

1112
01:01:05,900 --> 01:01:08,300
educational materials that they 
have to focus on. 

1113
01:01:08,600 --> 01:01:12,400
They just get spread, so thin 
and it's such a Time suck on 

1114
01:01:12,400 --> 01:01:15,800
their resources and their time 
and R resources to support all 

1115
01:01:15,800 --> 01:01:18,100
these cryptocurrencies and it 
makes it. 

1116
01:01:18,100 --> 01:01:19,700
So they can't really do Bitcoin 
that. 

1117
01:01:19,700 --> 01:01:22,800
Well even though Bitcoin Still 
Remains a majority of their 

1118
01:01:22,900 --> 01:01:25,400
revenues are trading Bitcoin 
compared to these other shit 

1119
01:01:25,400 --> 01:01:27,000
coins. 
They can't like focus on, 

1120
01:01:27,000 --> 01:01:29,900
excessive focus on all these 
other ones that are actually a 

1121
01:01:29,908 --> 01:01:32,500
waste of time. 
And I think long-term the amount

1122
01:01:32,500 --> 01:01:36,700
of compliance costs that'll come
on these casinos, that list 

1123
01:01:36,700 --> 01:01:40,200
these tokens will eat into their
profits like crazy because, you 

1124
01:01:40,200 --> 01:01:43,800
know, it's a long-term game. 
And in terms of the regulatory 

1125
01:01:43,800 --> 01:01:46,800
risks, They're taking by listing
these questionable. 

1126
01:01:48,200 --> 01:01:51,500
You know, Securities whatever 
they are, you know, whatever 

1127
01:01:51,500 --> 01:01:53,400
they are. 
That was a very generous 

1128
01:01:53,400 --> 01:01:57,700
characterization and so whatever
how you really feel, yeah. 

1129
01:01:57,700 --> 01:02:00,100
The the amount of compliance 
costs are going to have in the 

1130
01:02:00,100 --> 01:02:03,200
future and risks. 
I mean these are trade-offs that

1131
01:02:03,200 --> 01:02:05,600
are made from the very beginning
and I think when you're a 

1132
01:02:05,607 --> 01:02:07,800
Bitcoin only company, you can do
it really. 

1133
01:02:07,800 --> 01:02:10,800
Well, you can be experts in 
Bitcoin Focus. 

1134
01:02:10,800 --> 01:02:13,400
All your attention. 
Give better customer service, 

1135
01:02:13,400 --> 01:02:17,300
build products, specifically 
around Bitcoin and and for that 

1136
01:02:17,400 --> 01:02:21,600
are It's like that. 
And so we also attract clients 

1137
01:02:21,600 --> 01:02:25,100
that are Bitcoin, only it 
matters to them that we are only

1138
01:02:25,100 --> 01:02:29,600
Bitcoin only like from it from a
moral standpoint and from what 

1139
01:02:29,600 --> 01:02:32,200
they believe in. 
And I think more and more people

1140
01:02:32,200 --> 01:02:35,000
will come to that, not only from
the information, asymmetry like 

1141
01:02:35,000 --> 01:02:37,200
more people will learn about 
what Bitcoin is and they'll 

1142
01:02:37,200 --> 01:02:40,700
appreciate the mission but also 
as they get burned and shit 

1143
01:02:40,700 --> 01:02:46,200
coins they'll like the hold a 
grudge against these platforms 

1144
01:02:46,200 --> 01:02:49,600
that that's sold them. 
Whatever, you know, come rocket 

1145
01:02:49,600 --> 01:02:53,000
and then come to a Bitcoin only 
company because they'll be like,

1146
01:02:53,000 --> 01:02:55,400
all right, these guys were 
actually had their best interest

1147
01:02:55,400 --> 01:02:58,500
in mind. 
And we're just trying to teach 

1148
01:02:58,500 --> 01:03:01,700
people about Bitcoin and so, and
get people to take their own 

1149
01:03:01,700 --> 01:03:04,400
keys and all these things. 
So that's not. 

1150
01:03:05,500 --> 01:03:08,200
So, if you don't anyone that 
that quote unquote invested in 

1151
01:03:08,200 --> 01:03:11,000
come rock, it actually was like,
this is a solid investment. 

1152
01:03:11,400 --> 01:03:15,900
I'm here to, I'm here to kind of
help people protect them and 

1153
01:03:15,900 --> 01:03:17,400
tell me that he thought come 
Rock. 

1154
01:03:17,400 --> 01:03:22,000
He was gonna Like the next big 
thing, never know, but Daddy 

1155
01:03:22,000 --> 01:03:23,600
would I? 
Yeah, yeah, of course, you for 

1156
01:03:23,600 --> 01:03:24,500
your friend, didn't eat them 
sorry. 

1157
01:03:24,500 --> 01:03:26,800
But the question is, like, do 
you think that even goes, anyone

1158
01:03:26,800 --> 01:03:28,700
who is like, I'm buying come 
rocket? 

1159
01:03:28,700 --> 01:03:33,300
It was like, this is they were 
be the future of Finance. 

1160
01:03:33,500 --> 01:03:36,600
Yeah, well mate, I mean, those 
are the sorriest ones, but I 

1161
01:03:36,600 --> 01:03:39,200
think it's like, this is the 
next dose. 

1162
01:03:39,200 --> 01:03:42,000
This is going. 
Well, I was my hands smell like 

1163
01:03:42,000 --> 01:03:45,800
burning hair right now. 
I just wanna that's your own 

1164
01:03:45,800 --> 01:03:46,900
fault. 
Like a cop. 

1165
01:03:46,900 --> 01:03:49,300
I give you no permission. 
Pity an award, you know points 

1166
01:03:49,300 --> 01:03:53,700
for causing yourself paying in 
something like to be honest. 

1167
01:03:53,700 --> 01:03:55,000
You sound like a shit Corner. 
He's mad. 

1168
01:03:55,000 --> 01:03:57,700
He got run from you know I don't
really think you're being silly 

1169
01:03:57,700 --> 01:03:59,900
thing or shit coining. 
By letting my hands on fire off 

1170
01:03:59,900 --> 01:04:01,700
camera, trying to get the 
perfect shot. 

1171
01:04:01,900 --> 01:04:04,100
I mean while you guys get is 
like some like bullshit. 

1172
01:04:04,100 --> 01:04:07,100
Same, I want to ask you a 
serious question, Mary fuck kill

1173
01:04:07,900 --> 01:04:11,800
Jerome. 
Powell Janet Yellen Augustus 

1174
01:04:11,800 --> 01:04:16,200
Carson's Agustin Carson's the 
last one. 

1175
01:04:16,500 --> 01:04:19,900
Yeah, hard that Christine 
Lagarde. 

1176
01:04:19,900 --> 01:04:21,700
You can throw in there as like a
fourth option. 

1177
01:04:21,700 --> 01:04:25,500
If you go on I definitely 
married room pal. 

1178
01:04:26,300 --> 01:04:27,800
Yes, you nail, good. 
Good grief. 

1179
01:04:27,800 --> 01:04:36,000
That's that is the right answer.
Although, I definitely I guess I

1180
01:04:36,008 --> 01:04:40,200
had fun, Janet Yellen, probably 
killed karstens, just because 

1181
01:04:40,200 --> 01:04:43,400
I'm a straight guy. 
But, honestly, I have a very I 

1182
01:04:43,400 --> 01:04:45,400
really, really dislike Jenny 
Ellen. 

1183
01:04:45,600 --> 01:04:49,900
I just, I think she's, like, the
epitome of failing upwards, 

1184
01:04:50,400 --> 01:04:52,100
Janet Yellen her Elizabeth 
Warren. 

1185
01:04:53,200 --> 01:04:57,400
Who do you hate more? 
Jenny Ellen, it's interesting. 

1186
01:04:58,100 --> 01:05:00,400
And what do you say, like 
epitome of failing upward? 

1187
01:05:00,400 --> 01:05:06,800
I mean, Like, is there any other
way to be a politician than to 

1188
01:05:06,800 --> 01:05:09,900
do something wrong and somehow 
still get positive credit for 

1189
01:05:09,900 --> 01:05:12,600
it? 
I mean, this is actually, I get 

1190
01:05:12,600 --> 01:05:15,900
really pissed off about the lack
of accountability, but in more 

1191
01:05:15,900 --> 01:05:19,000
General about, let's go. 
This is my favorite thing to 

1192
01:05:19,000 --> 01:05:21,100
talk about. 
Like, so wait before we shift 

1193
01:05:21,100 --> 01:05:22,400
over to like a real, a real 
thing. 

1194
01:05:22,400 --> 01:05:24,200
I just want to acknowledge like 
you fucking nailed the answer to

1195
01:05:24,200 --> 01:05:27,200
that question. 
You took a very serious question

1196
01:05:27,200 --> 01:05:30,200
and you answered appropriately. 
Well, there you go. 

1197
01:05:30,400 --> 01:05:32,100
Well, let's talk about 
accountability. 

1198
01:05:33,700 --> 01:05:37,100
Well, I guess I'm more like less
more talking about Central 

1199
01:05:37,100 --> 01:05:40,400
Bankers than politicians or 
economists in general. 

1200
01:05:40,400 --> 01:05:42,900
There's no accountability. 
You know, you can be so freaking

1201
01:05:42,900 --> 01:05:46,100
wrong and it's like nobody 
cares. 

1202
01:05:46,100 --> 01:05:49,300
They just forget about it after 
three months but I don't forget 

1203
01:05:49,300 --> 01:05:51,400
about it. 
And I've been keeping track of 

1204
01:05:51,408 --> 01:05:54,900
Janet Yellen, what she's been 
saying and I've read it books in

1205
01:05:54,900 --> 01:05:59,400
the past from when she was the 
San Francisco fed president and 

1206
01:05:59,400 --> 01:06:04,400
how freaking wrong she's all the
time like She is batting like 

1207
01:06:05,200 --> 01:06:10,200
you know I don't even know under
one but really not 300 under 

1208
01:06:10,200 --> 01:06:12,100
100. 
She's and then she's like 

1209
01:06:12,100 --> 01:06:17,400
suddenly fails upwards to become
the treasury secretary likely 

1210
01:06:17,400 --> 01:06:21,600
the most important role in and 
in terms of like managing our 

1211
01:06:21,600 --> 01:06:26,000
country's finances and it's just
it's mind-boggling to me, it 

1212
01:06:26,000 --> 01:06:27,800
really is. 
But it just shows that this is 

1213
01:06:27,800 --> 01:06:32,000
more about not competence or the
ability to do the job. 

1214
01:06:32,000 --> 01:06:36,000
It's more about Connections. 
And whether she's gonna go along

1215
01:06:36,000 --> 01:06:39,700
with what the politicians want. 
It's not about like, yeah, she's

1216
01:06:39,700 --> 01:06:41,000
going to be really good for the 
economy. 

1217
01:06:41,000 --> 01:06:42,500
It's more. 
Like she's gonna be really good 

1218
01:06:42,500 --> 01:06:44,800
for this Administration, so 
let's get her in here. 

1219
01:06:45,300 --> 01:06:48,500
And, and so, it's a really big 
problem with Janet Yellen. 

1220
01:06:48,500 --> 01:06:52,900
She's done a lot of harm, a lot 
of things have where she should 

1221
01:06:52,900 --> 01:06:55,800
have been on it. 
So San Francisco fed perfect 

1222
01:06:55,800 --> 01:06:58,500
example, about the housing 
crisis, like happened in her 

1223
01:06:58,500 --> 01:07:01,400
backyard. 
It started kind of in California

1224
01:07:01,400 --> 01:07:05,200
in San Francisco and He's the 
one in like 2005 2006 saying 

1225
01:07:05,200 --> 01:07:08,500
that everything looked fine. 
She's also a labor Economist and

1226
01:07:08,500 --> 01:07:11,900
so when things were going over 
in the recession, she'd kind of 

1227
01:07:11,900 --> 01:07:15,200
calm everyone down saying like 
no labor strong, then, you know,

1228
01:07:15,200 --> 01:07:18,300
suddenly unemployment spikes 
like crazy to the highest it's 

1229
01:07:18,300 --> 01:07:20,600
ever been. 
And again, then she becomes the 

1230
01:07:20,700 --> 01:07:23,100
FED fed chairman. 
So that's what I mean, when she 

1231
01:07:23,100 --> 01:07:25,500
says, she just fails upwards, 
but she has great models 

1232
01:07:25,500 --> 01:07:27,200
apparently, so they just love 
her. 

1233
01:07:27,600 --> 01:07:31,500
So, anyway, that's my Janet 
Yellen rent, not a fan. 

1234
01:07:31,600 --> 01:07:34,900
I think she's a moron. 
And I think she needs to retire 

1235
01:07:34,900 --> 01:07:38,900
ASAP because she's doing a 
terrible job and that goes for 

1236
01:07:38,900 --> 01:07:42,100
all these old politicians and 
old Central bank's right to ask 

1237
01:07:42,100 --> 01:07:43,400
I was like, wait wait wait time 
out. 

1238
01:07:43,400 --> 01:07:45,800
There's a lot more than just 
changed a liar. 

1239
01:07:45,800 --> 01:07:52,000
Yeah just please require like go
go play, Bingo, go chill out, go

1240
01:07:52,000 --> 01:07:54,000
drink some sweet tea, like you 
guys. 

1241
01:07:55,100 --> 01:07:57,400
Thanks for your service. 
We're doing with the porch and 

1242
01:07:57,400 --> 01:07:59,300
died, like a hungry as old 
person, I guess. 

1243
01:07:59,300 --> 01:08:02,900
So there's a good life to be had
all your friends are doing. 

1244
01:08:03,000 --> 01:08:05,400
Just go chill out. 
You don't need to be in charge 

1245
01:08:05,400 --> 01:08:09,200
of everything right now. 
That's so I actually disagree 

1246
01:08:09,200 --> 01:08:11,300
with that. 
None of their friends are doing 

1247
01:08:11,300 --> 01:08:13,000
it. 
They're only friends are in DC 

1248
01:08:13,000 --> 01:08:14,800
and they're all friends with 
each other. 

1249
01:08:15,100 --> 01:08:17,300
So it's like, this is the only 
time we have to hang out with 

1250
01:08:17,300 --> 01:08:20,100
one another because if I don't 
get reelected, I'm never going 

1251
01:08:20,100 --> 01:08:23,100
to see your bitch ass like 
genuine real conversation that 

1252
01:08:23,100 --> 01:08:27,200
Nancy Pelosi has had with Mitch 
McConnell is Mitch, my guy. 

1253
01:08:27,399 --> 01:08:29,700
We can't hang anymore. 
If I don't get reelected. 

1254
01:08:29,700 --> 01:08:33,000
So make sure the Republicans 
either put forward like the 

1255
01:08:33,000 --> 01:08:35,100
worst candidate Amana 
imaginable. 

1256
01:08:35,300 --> 01:08:38,399
So I get reelected or just Put 
anyone at all. 

1257
01:08:38,600 --> 01:08:40,899
So I get reelected. 
We keep like, fucking around in 

1258
01:08:40,899 --> 01:08:45,200
DC, but like my short list of 
everyone who needs to be 

1259
01:08:45,200 --> 01:08:49,000
retired. 
And then, like, you guys have 

1260
01:08:49,000 --> 01:08:51,700
seen the Christopher Nolan 
Batman Trilogy, right? 

1261
01:08:53,200 --> 01:08:56,200
It's over 10 years old. 
So if you've never seen it, I 

1262
01:08:56,200 --> 01:08:58,100
spell something I don't really 
give a fuck. 

1263
01:08:58,600 --> 01:09:04,000
But you know, that scene in the 
third one after like, you know, 

1264
01:09:04,000 --> 01:09:07,399
Gotham like gets destroyed by 
Bain and you have the The 

1265
01:09:07,399 --> 01:09:11,899
Scarecrow character who is now 
like return as the judge and 

1266
01:09:11,899 --> 01:09:15,200
they're sort of trying all these
people I want that. 

1267
01:09:15,600 --> 01:09:21,399
I want a fucking like crazy 
apocalyptic type of jury and 

1268
01:09:21,399 --> 01:09:25,300
court case where people like 
Janet Yellen and Elizabeth 

1269
01:09:25,300 --> 01:09:29,800
Warren and Nancy Pelosi and 
Mitch McConnell and Lindsey 

1270
01:09:29,800 --> 01:09:34,000
Graham and Ted Cruz and Chuck 
Schumer and just all of these 

1271
01:09:34,100 --> 01:09:39,800
deplorable 's who have leached 
Off of our tax dollars for 

1272
01:09:39,800 --> 01:09:43,899
longer than I've been a fucking 
live and have become 

1273
01:09:44,100 --> 01:09:47,500
millionaires by leaching off of 
our tax dollars. 

1274
01:09:47,600 --> 01:09:51,500
Like Dianne Feinstein is 108 
years old and somehow still 

1275
01:09:51,500 --> 01:09:53,700
running for re-election in the 
state of California. 

1276
01:09:54,300 --> 01:09:57,600
I am only going to vote for one 
position this year and it's 

1277
01:09:57,600 --> 01:09:59,800
going to be to make sure she 
doesn't get reelected in his 

1278
01:09:59,800 --> 01:10:03,000
fucking State. 
Because my God, how does a woman

1279
01:10:03,100 --> 01:10:06,900
who has been living in 
Washington DC for longer than 

1280
01:10:06,900 --> 01:10:08,200
I've been? 
Alive. 

1281
01:10:08,200 --> 01:10:12,600
No, I need as a citizen of 
California, she doesn't, she 

1282
01:10:12,600 --> 01:10:16,200
knows more with the people who 
live in the, not a state, state 

1283
01:10:16,200 --> 01:10:18,800
of Washington, d.c. no than she 
does what the people in her own 

1284
01:10:18,800 --> 01:10:24,500
home, state need and want. 
But I don't know, I just hate 

1285
01:10:24,600 --> 01:10:29,000
old people, I think. 
Hey well that was that was a 

1286
01:10:29,000 --> 01:10:35,000
bold, very blanket statement. 
Like if we get Joe Biden, be 

1287
01:10:35,000 --> 01:10:37,200
Donald Trump again to fucking 
see. 

1288
01:10:37,400 --> 01:10:39,700
Now 80 year olds running for 
president. 

1289
01:10:40,100 --> 01:10:43,000
I'm in a rage quit the u.s. 
I will rage quit. 

1290
01:10:43,300 --> 01:10:48,300
Yeah you know people say like 
voting doesn't do anything like 

1291
01:10:48,300 --> 01:10:51,300
vote with your feet and you know
I kind of understand that. 

1292
01:10:51,300 --> 01:10:55,100
It's just when the older 
populations, the voting Bloc 

1293
01:10:55,100 --> 01:10:56,700
just votes more than the younger
one. 

1294
01:10:56,800 --> 01:11:00,500
Like and so they're going to 
keep voting in the people that 

1295
01:11:00,500 --> 01:11:04,200
are gonna be on their side with 
things in terms of not reducing 

1296
01:11:04,200 --> 01:11:09,400
entitlements and the older block
will Always vote in their own 

1297
01:11:09,400 --> 01:11:11,300
generation. 
So what's good? 

1298
01:11:11,300 --> 01:11:14,400
I mean the younger generation 
could really if they just went 

1299
01:11:14,400 --> 01:11:17,000
out and voted more, maybe we 
could vote these old people out 

1300
01:11:17,000 --> 01:11:19,400
and then maybe get some like 
terms of its or something. 

1301
01:11:19,400 --> 01:11:26,200
But I just hate to me it's like 
it's insane to me because A lot 

1302
01:11:26,200 --> 01:11:29,100
of them like just, you know, I 
don't wish this on any of them. 

1303
01:11:29,200 --> 01:11:31,700
Personally, you know, at May 
disagree with them, but like, a 

1304
01:11:31,700 --> 01:11:35,500
lot of them are going to pass 
away like soon just like nature.

1305
01:11:36,000 --> 01:11:37,400
And so, how could they care 
about? 

1306
01:11:37,400 --> 01:11:39,400
Like, what's going on? 
Even like these bills that 

1307
01:11:39,400 --> 01:11:41,700
they're passing nowadays? 
Like they might not even see the

1308
01:11:41,700 --> 01:11:43,500
fruition of them. 
And that's just like, 

1309
01:11:43,500 --> 01:11:48,200
mind-boggling to me. 
And so you're kind of you're not

1310
01:11:48,200 --> 01:11:51,400
up to the times. 
You don't probably understand 

1311
01:11:51,700 --> 01:11:54,800
technology or anything of what, 
where things are headed because 

1312
01:11:54,800 --> 01:11:56,300
you don't care. 
That mean you're not going to be

1313
01:11:56,300 --> 01:11:57,900
there. 
So I just think there's 

1314
01:11:57,900 --> 01:12:00,600
something very wrong with it and
I think there needs to be term 

1315
01:12:00,600 --> 01:12:05,200
limits and I've worked with the 
old people man, and like it's 

1316
01:12:05,200 --> 01:12:07,600
true that your mental capacity 
goes down. 

1317
01:12:12,300 --> 01:12:14,900
People with no accountability 
who just do what they want and 

1318
01:12:14,900 --> 01:12:17,200
then make the young people deal 
with the consequences of their 

1319
01:12:17,200 --> 01:12:22,500
action. 
But I also there's a degree of 

1320
01:12:23,600 --> 01:12:26,700
almost foolish optimism. 
I've think I've concluded when 

1321
01:12:26,700 --> 01:12:29,500
it comes to the idea of 
introducing term limits because 

1322
01:12:30,100 --> 01:12:37,200
really what we're asking is the 
powers that be to inhibit their 

1323
01:12:37,200 --> 01:12:42,900
own powers and put sort of Like,
I'll actually were way too 

1324
01:12:42,900 --> 01:12:44,700
powerful. 
So I'm going to give up some of 

1325
01:12:44,700 --> 01:12:48,900
my power and control by 
introducing this or like another

1326
01:12:48,900 --> 01:12:51,400
thing. 
I love to point out in sight 

1327
01:12:51,500 --> 01:12:54,400
while we talk about inflation, a
lot on bitcoin networks. 

1328
01:12:54,400 --> 01:12:56,800
And you hear a lot of 
conversations about what the 

1329
01:12:56,808 --> 01:13:00,800
fuck happened in 1971 and gold 
standard and u.s. becoming a 

1330
01:13:00,800 --> 01:13:03,800
global Reserve currency. 
The thing I want to highlight 

1331
01:13:03,800 --> 01:13:08,800
and point out is that members of
Congress, vote themselves, they 

1332
01:13:08,800 --> 01:13:10,700
get to vote on whether or not 
they get a raise. 

1333
01:13:11,700 --> 01:13:14,200
And let me, let me ask you guys 
a serious question. 

1334
01:13:14,500 --> 01:13:18,700
If you were asked by your boss, 
like if David Bailey just ask 

1335
01:13:18,700 --> 01:13:20,400
p&i. 
Hey, do you guys think you 

1336
01:13:20,400 --> 01:13:22,900
should get a raise? 
Let me tell you D be you do not 

1337
01:13:22,900 --> 01:13:25,800
pay us nearly enough. 
First off second off thank you 

1338
01:13:25,800 --> 01:13:27,600
so much for this opportunity. 
I love it. 

1339
01:13:27,600 --> 01:13:30,900
So grateful for it third, of 
course I'm going to vote for a 

1340
01:13:30,900 --> 01:13:33,500
fucking raise for myself and 
guess what Congress has done 

1341
01:13:33,500 --> 01:13:36,100
exactly that. 
Since the end of World War Two, 

1342
01:13:36,200 --> 01:13:39,200
they have only ever kept their 
salaries the same or giving 

1343
01:13:39,200 --> 01:13:42,500
themselves a raise the Time. 
They they actually took a pay 

1344
01:13:42,500 --> 01:13:44,600
cut, was during the Great 
Depression. 

1345
01:13:45,100 --> 01:13:48,100
So not even during the 2007 
great financial crisis. 

1346
01:13:48,300 --> 01:13:49,800
Not even during the fucking 
covid. 

1347
01:13:49,800 --> 01:13:53,200
Recession did Congress sit there
and say hey maybe we should 

1348
01:13:53,200 --> 01:13:56,600
actually not be taking so much 
tax dollars and putting them in 

1349
01:13:56,600 --> 01:14:01,000
our own pocket. 
Now mind you I want to ask the 

1350
01:14:01,000 --> 01:14:03,600
other side of this coin in 
theory. 

1351
01:14:03,600 --> 01:14:08,000
These are people who are leading
the charge on the global stage 

1352
01:14:08,000 --> 01:14:10,700
of making policy decisions for 
the hole. 

1353
01:14:10,800 --> 01:14:12,700
Country. 
And quite possibly, the whole 

1354
01:14:12,700 --> 01:14:16,200
world is a result. 
Should they actually be paid a 

1355
01:14:16,208 --> 01:14:18,800
premium to be making these types
of decisions? 

1356
01:14:19,200 --> 01:14:23,400
Knowing well, that they haven't 
really made the right decision 

1357
01:14:24,400 --> 01:14:27,700
in a hundred. 
And or I guess I'd argue a 

1358
01:14:27,708 --> 01:14:30,600
hundred years was the last time 
we made a right decision in this

1359
01:14:30,600 --> 01:14:39,600
country, I'm cured now. 
Now that right now I'll say 50 

1360
01:14:39,600 --> 01:14:43,400
years, 40. 45 years ago, Civil 
Rights Movement. 

1361
01:14:43,900 --> 01:14:47,200
Mmm. 
JFK LBJ technically. 

1362
01:14:47,900 --> 01:14:50,300
Technically LBJ. 
Yeah. 

1363
01:14:50,300 --> 01:14:51,700
That that's the last right 
decision. 

1364
01:14:51,700 --> 01:14:57,700
I think this country has made. 
I'm just trying to think of it. 

1365
01:14:57,700 --> 01:14:59,100
Another one, please? 
No. 

1366
01:14:59,100 --> 01:15:04,400
I like like stop me like between
1971 or 19. 

1367
01:15:04,400 --> 01:15:08,900
When was it 65? 
I believe 66 somewhere in the 

1368
01:15:08,900 --> 01:15:13,300
60s that decision was made since
then not a single decision are 

1369
01:15:13,300 --> 01:15:15,500
covered. 
Government has made is actually 

1370
01:15:15,500 --> 01:15:18,200
good and if we want to, I don't 
know. 

1371
01:15:18,400 --> 01:15:23,000
Hold our government officials to
certain standard Maybe we just 

1372
01:15:23,000 --> 01:15:26,100
fucking cut their pay. 
Yeah, you want you want to stay 

1373
01:15:26,100 --> 01:15:27,700
in power forever? 
Well, guess what? 

1374
01:15:27,700 --> 01:15:31,000
Buddy, you only get the federal 
minimum wage. 

1375
01:15:32,400 --> 01:15:35,300
Yeah, we'll see how many people 
stay in office then but I 

1376
01:15:35,300 --> 01:15:36,900
actually don't know that. 
Can you do that? 

1377
01:15:37,500 --> 01:15:38,900
I don't know how that you said 
they vote on. 

1378
01:15:38,900 --> 01:15:41,300
It, would that have to come from
a good executive order, or 

1379
01:15:41,300 --> 01:15:45,100
something like this house? 
You, if there's an executive 

1380
01:15:45,100 --> 01:15:48,500
order that went down, say Biden 
said right now, hey you can only

1381
01:15:48,500 --> 01:15:51,900
serve two terms and Senate and 
House and your pay is now 

1382
01:15:52,100 --> 01:15:56,800
Stopped at 100K year, an 
executive order can get 

1383
01:15:56,800 --> 01:16:00,800
overturned with a 75% vote. 
And, again, I ask you, do we 

1384
01:16:00,800 --> 01:16:06,000
really think the people who get 
to decide themselves, oh, if I 

1385
01:16:06,008 --> 01:16:11,400
vote nay on this decision, I get
to keep my salary and my job, 

1386
01:16:11,400 --> 01:16:15,400
the way it is, or if I vote for 
this decision getting made, I 

1387
01:16:15,400 --> 01:16:17,800
have to take a pay cut and I 
probably gonna have to find a 

1388
01:16:17,808 --> 01:16:23,800
new job very soon. 
Well, you'll probably get people

1389
01:16:23,900 --> 01:16:27,700
who end up in office who 
actually care about it. 

1390
01:16:28,300 --> 01:16:30,100
So, yeah, I think that would be 
an outcome. 

1391
01:16:30,800 --> 01:16:32,600
It's not about money. 
Yeah. 

1392
01:16:32,800 --> 01:16:35,400
Unless I just literally 
power-hungry, which could be 

1393
01:16:35,400 --> 01:16:39,300
really bad is. 
So a lot more of them than we 

1394
01:16:39,300 --> 01:16:41,900
want to admit. 
Say, I'm I know you have a hard 

1395
01:16:41,900 --> 01:16:43,800
stop. 
I want to give you the final 

1396
01:16:43,800 --> 01:16:47,000
word and comment on just 
anything we haven't yet. 

1397
01:16:47,000 --> 01:16:49,800
Discussed shill all that. 
You need to Shilla. 

1398
01:16:50,000 --> 01:16:52,900
Tell everyone, how they can keep
up to date with your witty 

1399
01:16:52,900 --> 01:16:57,200
banter on the twittersphere. 
Yeah, you know, I would just 

1400
01:16:57,200 --> 01:17:01,300
say, you know, I just expect 
things to continue to be kind of

1401
01:17:01,900 --> 01:17:03,700
put pressure on the price of 
Bitcoin. 

1402
01:17:03,800 --> 01:17:06,800
Just the general macro you know,
I don't know if we've had like 

1403
01:17:06,800 --> 01:17:10,900
the liquidity event that needs 
to happen in the broader markets

1404
01:17:11,300 --> 01:17:13,300
to bring on a pivot or anything 
like that. 

1405
01:17:13,300 --> 01:17:16,300
So I think people should just 
expect kind of the status quo 

1406
01:17:16,300 --> 01:17:19,500
and continued continued 
volatility so that's just what 

1407
01:17:19,500 --> 01:17:21,100
I'll say. 
About the market terms of like 

1408
01:17:21,100 --> 01:17:23,100
myself. 
You know, I work at Swan so you 

1409
01:17:23,100 --> 01:17:25,800
could go check out my stuff on 
blog, I write for our Swan 

1410
01:17:25,800 --> 01:17:27,600
private. 
So swamp privates just a 

1411
01:17:27,600 --> 01:17:29,700
concierge service for high, net 
worth individuals? 

1412
01:17:29,700 --> 01:17:31,900
I write the research that comes 
out every month. 

1413
01:17:31,900 --> 01:17:34,300
If you're interested in that we 
do all kinds of services. 

1414
01:17:34,300 --> 01:17:38,300
You know, if you have trust Tire
Man accounts, you know anything,

1415
01:17:38,700 --> 01:17:42,000
if your business you can check 
out some private and you can hit

1416
01:17:42,000 --> 01:17:44,900
me up, my dams are open on 
Twitter at Sam. 

1417
01:17:44,900 --> 01:17:49,600
Callaghan sa MCA lah. 
And it just got to give a shout 

1418
01:17:49,600 --> 01:17:52,800
out to You know swans throw in a
conference Pacific Bitcoin 

1419
01:17:52,800 --> 01:17:56,400
conference in LA in November I 
think it's going to be a good 

1420
01:17:56,400 --> 01:17:57,800
time. 
It's gonna be a party, we got 

1421
01:17:57,800 --> 01:18:00,200
some great speakers, it's a good
time to get out in the warm 

1422
01:18:00,200 --> 01:18:02,600
weather in the winter time so 
you can go check out that if 

1423
01:18:02,600 --> 01:18:05,500
you're interested in maybe 
purchasing a ticket or anything 

1424
01:18:05,500 --> 01:18:08,800
and and yeah. 
So that's my thing. 

1425
01:18:08,800 --> 01:18:10,700
So you can check me out. 
I'm on Twitter all the time. 

1426
01:18:10,700 --> 01:18:13,500
So just Sam kalla-nohra my 
Twitter handle. 

1427
01:18:13,500 --> 01:18:18,300
So you're gonna hang out in 
l.a., yeah, yeah, dude, I'm 

1428
01:18:18,300 --> 01:18:19,400
looking forward to hanging in 
La. 

1429
01:18:19,400 --> 01:18:22,700
It'll be Fine, we could time. 
Thank you. 

1430
01:18:22,700 --> 01:18:26,900
As always for joining us. 
Ladies and gentlemen, it is that

1431
01:18:26,900 --> 01:18:28,900
time of week. 
We are going to cut to a 

1432
01:18:28,900 --> 01:18:31,600
commercial break in just a 
moment for a new episode of fed 

1433
01:18:31,600 --> 01:18:35,300
watch. 
I do want to give a little 

1434
01:18:35,300 --> 01:18:38,200
caveat heads up, I'm going to go
and hop on over to Twitter 

1435
01:18:38,200 --> 01:18:41,000
spaces. 
The fomc press conference. 

1436
01:18:41,000 --> 01:18:43,400
I believe has started or is 
about to start. 

1437
01:18:43,400 --> 01:18:46,100
And then from there, we will 
have an ongoing discussion on 

1438
01:18:46,100 --> 01:18:49,800
Twitter spaces about this. 
Yes, the pharmacy. 

1439
01:18:49,900 --> 01:18:53,800
Any press conference as has 
kicked off, there is a specific 

1440
01:18:53,800 --> 01:18:56,000
Bitcoin Compass. 
I do want to remind anyone over 

1441
01:18:56,000 --> 01:19:00,300
in Europe that the Bitcoin 
Amsterdam conference is kicking 

1442
01:19:00,300 --> 01:19:03,000
off on October 12, locking your 
tickets. 

1443
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1445
01:19:12,700 --> 01:19:15,800
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1446
01:19:15,800 --> 01:19:18,000
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1447
01:19:18,000 --> 01:19:19,500
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1448
01:19:19,900 --> 01:19:23,300
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1449
01:19:23,300 --> 01:19:26,100
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12th through 14th at the 

1450
01:19:26,100 --> 01:19:27,800
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1451
01:19:27,800 --> 01:19:31,400
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1452
01:19:31,400 --> 01:19:34,000
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1453
01:19:34,000 --> 01:19:36,300
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1454
01:19:36,900 --> 01:19:39,100
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1455
01:19:39,100 --> 01:19:42,400
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1456
01:19:42,400 --> 01:19:45,100
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1457
01:19:45,100 --> 01:19:47,500
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01:19:47,500 --> 01:19:51,000
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1459
01:19:51,000 --> 01:19:54,600
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1460
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1461
01:19:57,300 --> 01:20:01,100
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1462
01:20:01,100 --> 01:20:04,200
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1463
01:20:04,200 --> 01:20:06,800
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01:20:07,800 --> 01:20:10,800
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1470
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