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What's up? 
And welcome to the Bitcoin 

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magazine podcast. 
I'm Dave and I'm G. 

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You know, how we know. 
We just went through a bull run,

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right? 
How mainstream media. 

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They're poking their little 
heads back in asking everybody 

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what's this bit coin thing. 
Huh? 

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What is a cryptocurrency did you
see last week's episode of 60 

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Minutes? 
I saw a clip of it. 

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Let's let's actually play it 
really quick. 

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There's no actual coin. 
That is true. 

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That is something that trips, 
and it was a dumb question, but 

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I can't get past. 
It, took me a little while to 

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I'm so Antiquated, I can't 
imagine things that do not have 

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a physical component. 
It's really abstract for a lot 

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of, don't patronize me, so 
Anderson Cooper's side. 

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The question on everybody's mind
right now is what pulled Bitcoin

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out of the bear Market 
realistically. 

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There's never one thing that 
makes Bitcoins price rise or 

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fall, right? 
No no I mean Sue complicated. 

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It's way too complicated and the
mainstream media always wants to

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focus on one narrative and want 
to answer for one problem. 

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The very very focused Bitcoin. 
There are several reasons that 

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could be driving the price up 
and today we wanted to focus on 

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arguably, one of the biggest 
reasons. 

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That's been fueling, the recent 
Bull Run, of course, we're 

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talking about the US China trade
War, which could continue to 

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affect the price for years to 
come. 

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Come for several 
administration's from now to 

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help us wrap our heads around 
this rejoined by Jeffrey Tucker 

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and economics writer, he's 
written several books. 

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He's going to help us understand
what impact. 

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The US, China trade conflict 
might have on the Bitcoin price.

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But first, let's take a quick 
look at the news. 

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Raise your pizza to the one and 
only Lazlo honey. 

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Ants May 22nd Mark, the 9th 
Annual Bitcoin Pizza Day 

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celebrating. 
The first real world transaction

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in Bitcoins history at Bitcoins 
all-time high those Bitcoins. 

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Spent on Papa John's Pizza will 
be worth 200 million dollars. 

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Well, as lohanya To The Man 
Behind the holiday has famously 

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become a meme and the butt of 
many poor investment jokes. 

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But in reality, well, as low as 
a Bitcoin, mining Pioneer, in 

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the early days of Bitcoin mining
was primarily done by P use, 

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which were more flexible in the 
task, they could tackle but 

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could only perform one of the 
time. 

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This led Laszlo to develop the 
first mining code using gpus or 

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graphics cards which increases 
hash power tenfold. 

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Other users quickly repurposed 
his code for versions of Windows

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Mac and Linux revolutionising 
the mining industry. 

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Almost 10 years later, Laszlo is
still involved in Bitcoin as a 

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hobby, but not really a career 
and he looks back on his 

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Infamous purchase with a healthy
sense of humor. 

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So from the Bitcoin, Dean team 
and the community in general. 

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We thank you Laszlo. 
Last week, the Dutch Financial 

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intelligence and investigation 
service shut down the crypto 

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mixing service best mixer crypto
mixing is essentially the 

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practice of pooling multiple 
transactions together. 

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Scrambling funds in obscuring 
links between addresses, it's a 

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popular method for adding 
another layer of anonymity to 

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crypto currency transactions, 
and it's fairly common. 

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The best mixer shutdown. 
Came after Internet Security 

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firm McAfee raised? 
Turns about its service. 

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Claiming that is being used to 
launder money. 

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While the best mixer shutdown 
may be bad news for other crypto

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mixing Services out there. 
Best mixer seems to have been 

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particularly egregious about its
willingness to let users break 

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the law. 
Speaking of scrambling your 

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funds, a revelation from 
tethers, ongoing legal troubles 

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revealed that its reserves 
includes a combination of 

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assets. 
That investors probably weren't 

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aware of according to court 
documents, originally obtained 

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by the block. 
Whether stable coin is 

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apparently back by Bitcoin at 
least in part in theory tethers 

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supposed to maintain stable 
value because it's backed by the

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US dollar. 
Originally it claim to every 

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tether token was backed by $1 in
reserve earlier this year. 

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It changed that backing to 
include loans in a testimony 

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included in tethers. 
Ongoing dispute with the New 

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York, attorney general's office,
legal counsel revealed that 

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tether has used. 
Some of its Reserve funds to 

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invest in Bitcoin among other 
instruments using Sable coin 

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reserves to Invest in an asset 
is volatile as Bitcoin appears 

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to defeat the purpose. 
But hey, we're not blaming 

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anyone for buying Bitcoin and if
you've been fascinated enough, 

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buy Bitcoins volatility lately. 
You might also like to know what

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Ron Paul thinks last week in New
York, Bitcoin magazines. 

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Colin Harper talked with the 
retired, libertarian politician 

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Ron Paul about gold 
cryptocurrencies and why the US 

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dollar could self-destruct 
during the interview, Paul 

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admitted that his interest in 
crypto currency comes from 

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recognizing the need for 
alternative assets in a free 

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market place. 
Paul went on to say, the more 

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successful cryptocurrencies are 
the more the federal government 

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will want to be involved and 
that banning cryptocurrencies 

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could be done as a last ditch 
effort to save the US dollar. 

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An outspoken privacy, Advocate 
and critic of the US Federal 

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government's fiscal policies. 
Paul was preaching sound money. 

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Well before most of us were even
born. 

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As we mentioned earlier, one of 
the proposed causes for 

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Bitcoins, most recent Bull Run 
is the US China trade conflict, 

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this geopolitical event Falls in
line, with the idea of Bitcoins 

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use as a Global Financial Safe, 
Haven to better understand the 

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trade conflict and explore its 
connection to bitcoin. 

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We spoke to Jeffrey Tucker and 
economics writer and the current

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editorial director for the 
American Institute of economic 

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research. 
You know, risk-taking and, and 

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kind competition. 
And the Magic and mystery of the

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price system, the coordination 
across borders and all over the 

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world, you know, that all come 
down to reduce to the chicken 

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fingers at your youth. 
You know. 

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It's that is to me, amazing and 
I can't stop telling that story.

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It's enraptured me from the time
I was, you know, 20 years old 

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and it still does. 
Today that's Jeffrey, he's been 

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covering the US China trade 
conflict since it first began in

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early 2018, his libertarian 
leaning, economic views have 

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also made him a Strong advocate 
for cryptocurrency. 

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Here he is again. 
If you think a Bitcoin is a kind

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of the new gold, It's actually 
an improvement over golden since

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it, it doesn't take up space and
it doesn't weigh anything. 

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So when I realized it was 
actually an improvement over 

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gold, I began to think, you 
know, it's possible that that 

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crypto could become a new Safe 
Haven because we always need one

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and I think I have discerned a 
pattern and I would have to get 

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some serious. 
Kind of metrics to prove it. 

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But I've discerned a pattern 
since about, I would say mid to 

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late 2013 where every time 
they're sort of Market trouble, 

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crypto responds and gold 
sometimes response, but not 

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nearly as much. 
So I think that there has been a

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change in Market psychology 
around the world. 

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That hardly anybody has 
commented upon that crypto has 

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become the new way to protect 
yourself. 

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Violence, political Elites and 
arbitrary Rule, and it's not 

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just here, it's in China, it's 
in Malaysia. 

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It's in America, it's all over 
the world. 

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So this is a really cool kind of
global resistance movement and a

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sense, and it's, and it's 
happening through economics and 

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finance and what are some of the
better-known events that trouble

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markets? 
Well, you know when you look at 

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liquidity problems you know 
appear in the banking system 

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where suddenly you can't you 
can't get loans and the and you 

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know the banking System seems to
be under pressure or said some 

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extent broken. 
We're trading relationships 

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break down and Supply chains, or
disrupted, where there's rumors 

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of a large bank and unable to 
meet its obligations. 

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When there's talk of new 
regulatory regime that's going 

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to make it more difficult for us
to engage each other. 

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I mean, all these kind of 
events, tend to trigger more 

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Just encrypt up and I'm not one 
of these to the Moon guys. 

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Like I actually think that 
crypto has a price and it's the 

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right price, whatever it is 
right now but the demand where 

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this technology tends to rise 
when there's political trouble, 

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I think we've started to see 
that happening. 

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At first, I thought I was 
imagining it right, like, in 

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2013, I started to think, well, 
maybe maybe I'm just making this

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up, you know? 
But I have seen it so often and 

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more recently like this, Is this
bump that? 

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We've seen, actually this 
extraordinary bump who seem to 

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the markets? 
I think it's probably nobody can

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prove this the direct reflection
of the fact that us regime is 

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completely and wholly, dedicated
to fomenting a global trade war 

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and and demand for crypto is 
just gone through the roof. 

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I mean, I think it was 
underpriced for the last year 

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and a half. 
Yeah, maybe they this this bear 

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Market was actually quite 
devastating and It really kind 

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of rattled everybody. 
You know, you guys are kind of a

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crypto oriented podcast, you 
know what it was like for the 

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last year and a half. 
I mean people are just been Guam

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and just depressed and oh my God
I can't believe we expanded the 

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business so much what were we 
thinking? 

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Twenty thousand dollars is 
unsustainable. 

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We're not ready for this 
technology and Wednesday as 

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winds. 
The Winds of Winter going to end

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is it April? 
Is that September? 

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Is a December, you know, just 
kept going on and on and it was 

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miserable. 
And then I think I think the 

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markets just needed a good 
reason to correct and trumps. 

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Trade War, just provoke that 
gave us. 

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That reason taking a few steps 
back. 

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Can you just give us a 
rudimentary understanding of the

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US? 
China trade War? 

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Yeah, yeah so first of all, 
anybody's been raised in the 

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post-war period has come to 
believe that the one true thing 

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is that trade should be free and
and the trade barriers should be

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low and tariff should be low. 
And we should have more economic

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integration. 
And, and that's the doctrine, 

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the name of the father, Son, and
the Holy Spirit. 

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That's the end of the story. 
Amen, we are going to have free 

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trade forever and The way 
history works and and there is a

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massive consensus all over the 
world and then in July 2015 I 

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was hanging out in Vegas. 
It is a dumb conference and 

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Trump spoke. 
And I heard this guy speak and I

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thought, oh my God, this guy 
does not understand the division

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of labor. 
He thinks that all production 

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should be National and he thinks
that anything that's not 

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National is actually downward 
pressure on the GDP and the way 

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a country becomes Great Is by By
promoting autarky. 

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I mean, it was weird because 
it's just completely contradicts

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everything Adam Smith taught us 
and, and the cardo. 

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And everybody every Economist 
for like hundreds and hundreds 

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of years, actually is gluten 
free trade and this guy didn't 

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get it. 
I mean like it was not there's a

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couple levels to it one is that 
a protectionist regime is almost

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always dictatorial. 
It increases the power of the 

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executive and Donald Trump most 
loves nothing better than that 

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but it was also like this. 
Weird strange intellectual 

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failing that he had like he just
couldn't Crockett and so I wrote

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about it immediately in fact, 
just this morning I reread an 

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article I wrote July of 2015 and
I would be really happy to read 

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the sections on all the stuff 
that I warned that okay. 

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It might be true. 
That romp is an authoritarian 

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racist. 
It might be true. 

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All the terrible things that 
everybody says about it might be

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true, but actually the over 
Overwhelming truth about him is 

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that he is a mercantilist, our 
tacos protectionist and that he 

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imagines himself to be the CEO 
of this country and that he's 

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got to run this country like a 
business, his own private 

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business and he's going to 
vertically and horizontally 

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integrate all production under 
his control. 

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And I warned about this in 2015.
I said you think he's going to 

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liberate us. 
This could destroy everything, 

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you love and disrupt the world 
economy and lead to War. 

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I mean, I just Flat out said it.
So, this is a catastrophe in the

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making and everybody was against
me. 

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I mean, it was just them, I got.
So I got trolled so hard. 

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I mean, thousands upon 
thousands, tens of thousands of 

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angry tweets and bitterness and 
hatred at me, like, I've never 

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experienced anything like it. 
I mean, I went to Freedom test 

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the next year and I gave a big 
speech against Donald Trump. 

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00:12:46,700 --> 00:12:50,400
I said, you know, you you think 
he's gonna liberate you, he's 

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00:12:50,400 --> 00:12:52,600
going to raise your taxes is 
going to increase. 

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00:12:53,200 --> 00:12:57,200
Oppression is going to do, is go
limit your travel and wreck the 

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00:12:57,200 --> 00:13:00,000
worldwide division of labor, and
you will suffer. 

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00:13:00,300 --> 00:13:04,300
And I yelled this to the crowd 
and the booze were overwhelming 

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00:13:04,300 --> 00:13:06,800
like two-thirds of the audience 
was like screaming at me. 

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00:13:06,800 --> 00:13:09,200
Boo, Boo. 
Boo yelling, yelling me off 

235
00:13:09,200 --> 00:13:10,800
stage. 
Okay Jeffrey. 

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What is the Tariff? 
So I've tariff is erect a 

237
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barrier. 
Says, if you want to import 

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this, this good from this 
foreign country and it's coming 

239
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across the border, then you're 
going to have to pay 10%, you're

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00:13:21,200 --> 00:13:26,500
going to pay 20%. 5% of the 
value of the thing as a form of 

241
00:13:26,500 --> 00:13:27,900
tax. 
Foreign countries don't pay 

242
00:13:27,900 --> 00:13:32,100
perhaps Americans, do pay taxes.
So Trump just lying about that. 

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00:13:32,200 --> 00:13:33,700
That's what, that's what a 
tariff is. 

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What a trade deficit is, is just
an accounting fiction, that 

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measures the difference between 
what we buy from a country 

246
00:13:41,700 --> 00:13:43,700
versus what that country buys 
from us. 

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And what's weird about these 
trade-offs of figures is that 

248
00:13:47,800 --> 00:13:51,200
they're calculated based on 
What's called the country of 

249
00:13:51,200 --> 00:13:55,600
origin. 
And that In turn is defined by 

250
00:13:55,900 --> 00:13:59,400
whether and to what extent a 
single product not service, but 

251
00:13:59,400 --> 00:14:03,100
a single product is 
substantially transformed. 

252
00:14:03,100 --> 00:14:07,600
So, you could, you can come up 
with the idea of a Bitcoin 

253
00:14:07,900 --> 00:14:10,800
coffee cup and you might sell it
to all your customers, you 

254
00:14:10,800 --> 00:14:13,600
design it. 
And all the people who buy it 

255
00:14:13,600 --> 00:14:16,200
are your people and you're 
making all the profits and 

256
00:14:16,200 --> 00:14:17,700
everything else. 
But you discover it's easier to 

257
00:14:17,700 --> 00:14:19,800
produce this coffee cup and try 
which it often is. 

258
00:14:21,100 --> 00:14:23,700
Well, guess what? 
The country of origin of your 

259
00:14:23,700 --> 00:14:29,400
coffee cup is China. 
And so when people buy your 

260
00:14:29,500 --> 00:14:33,300
Bitcoin coffee mug, they that 
registers and international 

261
00:14:33,300 --> 00:14:37,000
trade statistics as a purchase 
from China. 

262
00:14:37,400 --> 00:14:40,200
And if you're buying more from 
China than China is buying from 

263
00:14:40,200 --> 00:14:41,900
you. 
And other words, you're buying 

264
00:14:41,900 --> 00:14:45,400
more Bitcoin coffee mugs from 
China, than China is buying 

265
00:14:45,400 --> 00:14:49,000
Bitcoin coffee mugs made in C or
whatever. 

266
00:14:49,500 --> 00:14:53,300
Then that registers is a Exit. 
Okay, I got to ask you, is there

267
00:14:53,300 --> 00:14:57,600
a link between the trade 
conflict and the Bitcoin prize? 

268
00:14:58,000 --> 00:15:01,500
What is very difficult to 
determine cause and effect in 

269
00:15:01,500 --> 00:15:05,700
real time financial markets? 
But at this point I would say 

270
00:15:05,800 --> 00:15:10,000
that I'm just going to throw out
a number and say two-thirds of 

271
00:15:10,000 --> 00:15:12,700
the run-up in the price. 
We've seen in the last six weeks

272
00:15:12,700 --> 00:15:16,000
is due to the trade War. 
So how did this whole thing 

273
00:15:16,000 --> 00:15:19,200
start? 
Yeah well it began in 2018 with 

274
00:15:19,900 --> 00:15:24,100
you know this Who's large large 
scale, tariffs against steel and

275
00:15:24,100 --> 00:15:26,000
aluminum. 
That was his first thing and 

276
00:15:26,000 --> 00:15:28,900
then he started on those 
Ellsberg New Capital goes as 

277
00:15:28,900 --> 00:15:31,100
production goes and then he 
start going after consumer 

278
00:15:31,100 --> 00:15:32,200
goods. 
Some targeting the single 

279
00:15:32,200 --> 00:15:34,500
country which is really kind of 
unprecedented in the post-war 

280
00:15:34,500 --> 00:15:36,200
period. 
Targeting a single country. 

281
00:15:36,200 --> 00:15:39,800
We're not going to buy your your
stuff anymore or if we do we're 

282
00:15:39,800 --> 00:15:42,700
going to, I'm going to punish 
our own citizens for doing so. 

283
00:15:42,800 --> 00:15:46,200
And and again, like I think our 
trade deficit is something like 

284
00:15:48,100 --> 00:15:51,900
Listeners can check all my 
numbers on this stuff but it 

285
00:15:51,900 --> 00:15:53,400
does matter what their precisely
I can. 

286
00:15:53,400 --> 00:15:57,800
But I think it's like 425 
million and so Trump wanted to 

287
00:15:58,300 --> 00:16:02,100
tax that amount of goods as a 
way of resolving the trade 

288
00:16:02,100 --> 00:16:03,900
deficit. 
By the way, the trade deficit 

289
00:16:03,900 --> 00:16:06,200
with China has only gotten worse
and it since you trade War Began

290
00:16:06,200 --> 00:16:14,400
so it's had an unintended 
consequence of actually causing 

291
00:16:15,000 --> 00:16:19,200
lead a more destruction trade. 
Not Not reduction, trade, 

292
00:16:19,200 --> 00:16:23,000
deficits at all. 
So I knew that Trump really had 

293
00:16:23,000 --> 00:16:27,200
it in his brain that he wanted 
to packs up to more than 400 

294
00:16:27,200 --> 00:16:29,400
billion dollars worth of Chinese
product. 

295
00:16:29,900 --> 00:16:33,100
And and, and here's how weird 
economics is. 

296
00:16:33,600 --> 00:16:39,900
So in the first quarter of 2013,
we saw something like a 3.5 3.25

297
00:16:39,900 --> 00:16:44,300
percent annualized, increase in 
the GDP, and if you don't know 

298
00:16:44,300 --> 00:16:46,700
anything and you're kind of 
stupid, then you can attribute 

299
00:16:46,700 --> 00:16:49,600
that to anything. 
NG so Trump said up, there you 

300
00:16:49,600 --> 00:16:52,400
go, right right tariffs are 
working. 

301
00:16:53,000 --> 00:16:57,800
So he thinks that he caused he 
caused an increase in 

302
00:16:57,800 --> 00:17:00,000
productivity in the first 
quarter because of his Terrace. 

303
00:17:00,500 --> 00:17:03,300
It's it's um, it's Madness. 
It's a daughter Madness. 

304
00:17:03,600 --> 00:17:06,599
Do you think we're anywhere 
close to finding a resolution on

305
00:17:06,599 --> 00:17:09,700
this? 
So, this is where I completely 

306
00:17:09,700 --> 00:17:12,599
disagree with many many 
commentaries. 

307
00:17:12,599 --> 00:17:17,099
Everybody's assuming that Trump 
wants, some kind of deal. 

308
00:17:17,500 --> 00:17:21,000
I don't believe that I think 
Trump wants Terrace and he 

309
00:17:21,000 --> 00:17:23,300
doesn't want to do, he wants 
more and more tears. 

310
00:17:23,300 --> 00:17:26,800
I mean he's negotiated in very 
bad faith and he's made the 

311
00:17:26,800 --> 00:17:30,300
Chinese Communists. 
Look, great, you know, like 

312
00:17:32,000 --> 00:17:35,100
they've been Earnest negotiators
trying to come up with some 

313
00:17:35,100 --> 00:17:36,900
solution to keep World Trade 
going. 

314
00:17:37,200 --> 00:17:39,500
What do you mean by that? 
Well, because they've been, 

315
00:17:39,500 --> 00:17:42,800
they've been coming to those 
organizations assuming an 

316
00:17:42,800 --> 00:17:45,700
Earnest desire to reach a deal. 
And it's like, what, what do you

317
00:17:45,700 --> 00:17:46,900
want? 
You want your intellectual 

318
00:17:46,900 --> 00:17:49,000
properties? 
That's cable change that you 

319
00:17:49,000 --> 00:17:53,000
want less industrial subsidies, 
how we can work on that. 

320
00:17:53,000 --> 00:17:54,900
But we going to do about 
agricultural subsidies. 

321
00:17:54,900 --> 00:17:57,700
If you know, they came to the 
table expecting actually not 

322
00:17:57,700 --> 00:17:59,900
even understand poor Chinese 
it's just a bathrobe. 

323
00:17:59,900 --> 00:18:03,300
It's not even understand what 
the problem was right and they 

324
00:18:03,300 --> 00:18:05,400
kept flowing out new solutions 
that every time there's a new 

325
00:18:05,400 --> 00:18:06,900
solution there was a new 
problem. 

326
00:18:07,100 --> 00:18:11,600
Yeah. 
But what about your Enterprise? 

327
00:18:11,600 --> 00:18:13,100
Special economic zones. 
You've got. 

328
00:18:13,100 --> 00:18:17,100
That's really unfair and when 
our companies come to your 

329
00:18:17,100 --> 00:18:23,300
country, Tree. 
Isn't it wrong that you, you let

330
00:18:23,300 --> 00:18:26,900
your companies negotiate deals 
that involve the student of Ip 

331
00:18:26,900 --> 00:18:29,900
and and wait, your intellectual 
property laws a terrible 

332
00:18:29,900 --> 00:18:31,900
especially on Pharmaceuticals 
because you have this great 

333
00:18:31,900 --> 00:18:35,300
exemption for medicinal herbs 
that are ancient Chinese secrets

334
00:18:35,300 --> 00:18:38,300
and so on. 
So every time the Chinese China 

335
00:18:38,300 --> 00:18:41,800
negotiated as we try to come up 
with some solution to the 

336
00:18:41,800 --> 00:18:44,700
problem to come to a deal, Trump
Administration would rejected 

337
00:18:44,800 --> 00:18:47,200
say that the so good. 
I'm the question. 

338
00:18:47,400 --> 00:18:51,000
Is why? 
And I think the answer is that 

339
00:18:51,000 --> 00:18:56,200
the u.s. meaning, all Trump does
not want a deal. 

340
00:18:56,300 --> 00:19:00,600
He wants High tariffs and wants 
to fundamentally disrupt, our 

341
00:19:00,600 --> 00:19:03,800
trading relationship with China 
and he's getting his way. 

342
00:19:04,000 --> 00:19:09,300
It's really catastrophically 
evil and it's going to be so 

343
00:19:09,300 --> 00:19:12,100
expensive for American 
consumers, but it's even going 

344
00:19:12,100 --> 00:19:14,500
to be worse than that. 
We don't even know what the 

345
00:19:14,500 --> 00:19:17,200
consequences are going to be. 
It could be absolutely grim. 

346
00:19:17,400 --> 00:19:21,600
Because the world economy for 
last 20 years, has really, 

347
00:19:21,600 --> 00:19:25,600
really 50 years, really 
benefited from this Co-op 

348
00:19:25,600 --> 00:19:28,900
International cooperation and 
now we're just u.s., it's just 

349
00:19:28,900 --> 00:19:31,700
out there saying. 
Yeah, everything should be made 

350
00:19:31,700 --> 00:19:33,700
in the US. 
So what do you think is the 

351
00:19:33,700 --> 00:19:35,800
Trump administration's in game 
here? 

352
00:19:36,300 --> 00:19:41,300
The end game is high, high high 
high tariffs, which he thinks he

353
00:19:41,300 --> 00:19:46,100
can drive all production of 
everything and to United States 

354
00:19:46,100 --> 00:19:48,900
borders, that's the thing. 
Okay, and it's extremely 

355
00:19:48,900 --> 00:19:52,200
terrifying because it will 
absolutely and progress us, it 

356
00:19:52,200 --> 00:19:54,300
really well. 
If he can get his full agenda 

357
00:19:54,300 --> 00:19:56,100
through, it's going to be a 
catastrophe. 

358
00:19:56,700 --> 00:19:59,200
We've not seen anything like 
this. 

359
00:19:59,400 --> 00:20:04,400
Anything remotely like this 
since 1930, smoot-hawley tariff,

360
00:20:04,800 --> 00:20:06,700
but, and they were 40 or 45 
percent. 

361
00:20:06,700 --> 00:20:09,300
But they pertain to not that 
many Goods, right? 

362
00:20:09,800 --> 00:20:12,500
These tasks that trumps doing 
pertains to everything, like, 

363
00:20:12,500 --> 00:20:17,200
just look around you and see how
many things are made with. 

364
00:20:17,400 --> 00:20:22,400
With multinational cooperation 
that are inclusive of Chinese 

365
00:20:22,500 --> 00:20:25,700
production and it's everyone. 
Everything around. 

366
00:20:25,700 --> 00:20:29,000
You is going to be disrupted. 
Supply chains, it costs are 

367
00:20:29,000 --> 00:20:30,900
going to rise. 
Prices are going to rise. 

368
00:20:31,100 --> 00:20:33,600
We don't have enough, we're 
going to P be diverted workers 

369
00:20:33,600 --> 00:20:35,500
are going to be diverted from 
this industry. 

370
00:20:35,500 --> 00:20:37,900
But that industry repairing the 
damage of the Trump 

371
00:20:37,900 --> 00:20:41,600
Administration is going to take 
ten years and actually the 

372
00:20:41,600 --> 00:20:44,900
reparations for the damage, 
she's doing does not going to 

373
00:20:44,908 --> 00:20:47,600
begin for another five. 
Okay. 

374
00:20:47,600 --> 00:20:50,400
So what's going to be the 
long-term impact on this? 

375
00:20:51,000 --> 00:20:54,200
I think I think what Trump is 
teaching the world pertains to 

376
00:20:54,200 --> 00:20:59,100
the danger of relying on 
politicians to make decisions 

377
00:20:59,100 --> 00:21:02,500
for our lives and that's going 
to be the lasting impact of 

378
00:21:02,500 --> 00:21:05,200
trump. 
Like the never Trump movement is

379
00:21:05,200 --> 00:21:08,000
going to. 
Here's my actual prediction like

380
00:21:08,400 --> 00:21:12,400
after he leaves office in five 
years there's going to be such 

381
00:21:12,500 --> 00:21:16,200
wreckage and people are going to
realize just how horrible 

382
00:21:16,200 --> 00:21:21,200
everything was That that it's 
going to leave at least for one 

383
00:21:21,200 --> 00:21:23,400
generation. 
A lasting lesson. 

384
00:21:23,500 --> 00:21:28,600
Don't ever trust anyone man with
that much power and if you don't

385
00:21:28,600 --> 00:21:31,000
mind, let me just back up 
slightly on this question 

386
00:21:31,000 --> 00:21:34,800
because we look at foreigners. 
Do not understand this 

387
00:21:34,800 --> 00:21:38,100
Americans. 
Do not understand this, they 

388
00:21:38,100 --> 00:21:41,900
don't understand how Trump alone
could be making these decisions 

389
00:21:41,900 --> 00:21:43,800
and having such an impact on the
world economy. 

390
00:21:43,800 --> 00:21:47,000
Like how is it possible that 
under a system of checks and 

391
00:21:47,300 --> 00:21:50,700
This isn't constitutions and 
limited government. 

392
00:21:50,700 --> 00:21:53,100
Like, we're supposed to have and
so on that one person could get 

393
00:21:53,100 --> 00:21:55,500
away with this, it's a little 
bit circuitous. 

394
00:21:55,800 --> 00:21:59,000
Like, if you read the US 
Constitution that says, Congress

395
00:21:59,000 --> 00:22:03,100
has sole power over to negotiate
trade deals with foreign 

396
00:22:03,100 --> 00:22:04,600
Nations. 
Like wait, how do we get from 

397
00:22:04,600 --> 00:22:10,500
that to this new system? 
The answer is really weird after

398
00:22:10,500 --> 00:22:15,000
smoot-hawley in 1930 which was 
passed by Congress many 

399
00:22:15,000 --> 00:22:18,300
stakeholders than the systems of
government around the world said

400
00:22:18,800 --> 00:22:24,000
we don't trust legislate tors 
with his power because they have

401
00:22:24,000 --> 00:22:27,200
abused it and they caused the 
Great Depression to get much 

402
00:22:27,200 --> 00:22:31,500
much worse. 
And from now on starting 1934 

403
00:22:31,800 --> 00:22:36,300
going forward, trade will be 
centralized in the executive 

404
00:22:36,300 --> 00:22:41,600
because we can it's only the 
executive we can really trust to

405
00:22:41,600 --> 00:22:44,400
protect free trade, is that 
crazy? 

406
00:22:44,600 --> 00:22:48,100
And so that actually happened. 
So he Are we suddenly everything

407
00:22:48,100 --> 00:22:49,700
is going along swimmingly, 
right? 

408
00:22:49,700 --> 00:22:54,100
Every president from FDR forward
has been basically about 

409
00:22:54,100 --> 00:22:57,900
negotiating better and better 
deals and lower and lower 

410
00:22:57,900 --> 00:23:00,700
Terrace and you can look at the 
charts and see that ever since 

411
00:23:00,800 --> 00:23:05,800
the general agreement on tariffs
and trade of in 1948 tariffs of 

412
00:23:05,800 --> 00:23:08,400
falling and falling and falling.
And that's just what everybody 

413
00:23:08,400 --> 00:23:10,800
thought the world was supposed 
to work like and that's what it 

414
00:23:10,800 --> 00:23:14,700
was going to be a man. 
Whoops, the wrong guy. 

415
00:23:14,700 --> 00:23:19,700
Get some charge of the Nevers. 
Powering and nobody can stop it 

416
00:23:20,300 --> 00:23:23,000
in the future of Bitcoin became 
more widely adopted as a 

417
00:23:23,008 --> 00:23:26,400
currency or store value. 
How would a trade conflict work 

418
00:23:26,400 --> 00:23:28,800
differently? 
Let's say you want to design a 

419
00:23:28,800 --> 00:23:32,000
website and everybody knows too 
expensive. 

420
00:23:32,000 --> 00:23:34,400
We can't afford it. 
So you go to a service like up 

421
00:23:34,400 --> 00:23:37,900
work and you hire some guy in 
Beijing was like oh it's no 

422
00:23:37,900 --> 00:23:39,000
problem. 
I'll do it for a tenth of the 

423
00:23:39,008 --> 00:23:41,300
price. 
You pay him to up work channels.

424
00:23:41,400 --> 00:23:44,300
There's no tariff. 
Let me fired a guy in Beijing. 

425
00:23:44,300 --> 00:23:47,000
There's no tariff, service 
services. 

426
00:23:47,200 --> 00:23:49,300
Subject characters. 
That'd be impossible to collect 

427
00:23:49,300 --> 00:23:52,600
impossible to collect. 
So the service side and thank 

428
00:23:52,600 --> 00:23:55,400
God, we've got such a big global
Service economy right now 

429
00:23:55,400 --> 00:23:57,400
because that that is exempt from
this Ward. 

430
00:23:57,400 --> 00:23:59,600
The problem pertains to the 
goods. 

431
00:23:59,600 --> 00:24:03,700
We use iPhones. 
IMAX dishwashing detergent 

432
00:24:03,900 --> 00:24:08,000
candles, glassware flatware 
pictures on your wall. 

433
00:24:08,500 --> 00:24:10,800
Know, all those things that are 
the physical things around. 

434
00:24:10,800 --> 00:24:16,100
Us are profoundly affected by 
this and we've got now, huge 

435
00:24:16,100 --> 00:24:19,900
tariff walls. 
It's going up and retaliation 

436
00:24:19,900 --> 00:24:22,800
going up and so all this stuff 
is going to rise in price. 

437
00:24:23,400 --> 00:24:29,300
I don't know how crypto will 
affect compliance with Terrace. 

438
00:24:29,600 --> 00:24:33,900
However, I do know that humanity
is not very good and living in 

439
00:24:33,900 --> 00:24:36,300
cages. 
You know, we're Birds, we want 

440
00:24:36,300 --> 00:24:38,900
to fly. 
We could actually start seeing 

441
00:24:38,900 --> 00:24:43,900
the rise of a massive Global 
gray Market in Goods that will 

442
00:24:43,900 --> 00:24:48,800
evade tariff compliance. 
And that could be fueled by 

443
00:24:49,400 --> 00:24:52,000
cryptocurrency manly. 
This is what always always what 

444
00:24:52,000 --> 00:24:54,500
happens to be. 
Like, if New York taxes 

445
00:24:54,500 --> 00:24:59,300
cigarettes, you know, at 100%, 
what happens almost immediately?

446
00:24:59,900 --> 00:25:01,400
You're going to get cheaper, 
cigarettes on the street 

447
00:25:01,400 --> 00:25:03,600
suddenly, they're being smuggled
from New Jersey, Connecticut, 

448
00:25:03,600 --> 00:25:07,100
and Massachusetts in people's 
Trunks and sold through 

449
00:25:07,100 --> 00:25:10,500
alternative means, right? 
That's what taxes and barriers 

450
00:25:10,500 --> 00:25:14,000
to trade, always, do they 
Inspire the creation of grey and

451
00:25:14,000 --> 00:25:17,700
black markets. 
So we're going to create A 

452
00:25:17,700 --> 00:25:23,300
massive Global Tax regime where 
all Goods coming and going from 

453
00:25:23,300 --> 00:25:28,400
every country or subject to 
10:25. 40% taxation. 

454
00:25:28,900 --> 00:25:33,200
You incentivize people to find 
alternative ways of saving money

455
00:25:33,200 --> 00:25:35,100
and you will not be able to stop
it. 

456
00:25:35,100 --> 00:25:38,200
Nobody how many citations do 
deliver? 

457
00:25:38,200 --> 00:25:40,300
How many people you put in jail?
You'll never stop it. 

458
00:25:41,000 --> 00:25:43,300
Can you explain how tariffs 
actually work? 

459
00:25:43,700 --> 00:25:46,600
Like, how are they collected? 
Let's go back to our Bitcoin 

460
00:25:46,600 --> 00:25:49,200
coffee. 
Again, and you want to get this 

461
00:25:49,200 --> 00:25:52,900
coffee cup and you've got 5,000 
of them being coming in from 

462
00:25:52,900 --> 00:25:54,400
China. 
And so now you've got the 

463
00:25:54,400 --> 00:26:02,500
Customs saying. 
Whoops each cup is worth $5 so 

464
00:26:02,500 --> 00:26:04,400
you're going to pay a 25% tariff
on that. 

465
00:26:04,400 --> 00:26:06,400
That's going to massively raise 
your costs. 

466
00:26:06,400 --> 00:26:12,000
So how how do you pay that do 
just write a check to the 

467
00:26:12,000 --> 00:26:17,900
treasury know what happens is? 
You have to hire An agency 

468
00:26:17,900 --> 00:26:22,000
called it's a private company 
called an importer of record. 

469
00:26:22,400 --> 00:26:25,900
So when the thing comes over on 
the boat and is unloaded the 

470
00:26:25,900 --> 00:26:30,100
Importer of record gets a 
complete list of everything it's

471
00:26:30,100 --> 00:26:34,100
saying and then you know and 
then he pays and then you pay 

472
00:26:34,100 --> 00:26:37,300
him and he charges you premium, 
right? 

473
00:26:37,300 --> 00:26:40,900
He charges for his services and 
then you have to pay the costs 

474
00:26:41,900 --> 00:26:43,800
and maybe you can split the 
difference with him or 

475
00:26:43,800 --> 00:26:45,200
something. 
I mean there's ways you can go 

476
00:26:45,200 --> 00:26:48,800
about this but basically I've 
got a hot potato in the form of 

477
00:26:48,800 --> 00:26:51,100
a huge premium that you didn't 
want to pay. 

478
00:26:51,500 --> 00:26:54,900
And somebody is going to bear 
the cost, so now you finally got

479
00:26:54,900 --> 00:26:56,900
them. 
But your bottom line is really 

480
00:26:56,900 --> 00:26:59,400
squeezed, right? 
So you paid more for the coffee 

481
00:26:59,400 --> 00:27:01,900
cups. 
They want to do, so you were 

482
00:27:01,900 --> 00:27:04,400
going to sell them for $10 each.
Now you and your friends are 

483
00:27:04,400 --> 00:27:07,100
sitting around going, well, you 
know, we got a problem because 

484
00:27:07,100 --> 00:27:10,400
we had to pay a bill to create a
huge bill from this importer of 

485
00:27:10,400 --> 00:27:13,700
Records terrible and we're 
having a hard time paying 

486
00:27:13,700 --> 00:27:15,400
salaries. 
We're gonna have to raise the 

487
00:27:15,400 --> 00:27:18,900
prices of these things. 
So instead of $10 your coffee 

488
00:27:18,900 --> 00:27:23,700
cup, now costs $15 but that also
reduces the quantity demanded 

489
00:27:23,700 --> 00:27:26,300
among your customers because 
many people like they'll take a 

490
00:27:26,308 --> 00:27:29,700
Bitcoin mug for 10 bucks at 15 
instead of, that's a little 

491
00:27:29,700 --> 00:27:32,000
edgy, right? 
So you're going to sell fewer. 

492
00:27:32,300 --> 00:27:34,900
So now your business is under 
pressure from another direction 

493
00:27:35,300 --> 00:27:39,900
is so you got growing costs, 
less demand for your goods and 

494
00:27:40,100 --> 00:27:42,600
and ultimately, you can't pay 
your Saturday after I fire an 

495
00:27:42,600 --> 00:27:45,000
employee and that means you're 
going to have to work a lot 

496
00:27:45,000 --> 00:27:47,300
longer hours and so on. 
And so it's these are the 

497
00:27:47,300 --> 00:27:51,000
spillover consequences of just 
small changes in tariffs, 

498
00:27:51,300 --> 00:27:53,000
terrible, it's terrible and 
evil. 

499
00:27:53,900 --> 00:27:54,800
Wow. 
Yeah. 

500
00:27:56,100 --> 00:28:00,400
I want to go take a shower. 
Hey, but we're making America 

501
00:28:00,400 --> 00:28:10,100
great. 
The Bitcoin magazine podcast is 

502
00:28:10,100 --> 00:28:12,800
a BTC media produced podcast on 
the let's talk. 

503
00:28:12,800 --> 00:28:16,200
Bitcoin Network stories, come 
from articles written by Bitcoin

504
00:28:16,200 --> 00:28:19,600
magazine staff, including Peter 
Chihuahua, Colin Harper, Jimmy 

505
00:28:19,600 --> 00:28:23,200
key, Landon Manning and are van 
weird mm the music provided by 

506
00:28:23,200 --> 00:28:25,100
Billy Sly from the crypto 
Cantina. 

507
00:28:25,500 --> 00:28:27,700
The very special thanks to Our 
Guest Jeffrey Tucker. 

508
00:28:27,700 --> 00:28:30,200
And of course such as she 
Nakamoto, we are eternally 

509
00:28:30,200 --> 00:28:33,000
grateful, visit Bitcoin 
magazine.com for more in-depth 

510
00:28:33,000 --> 00:28:36,200
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511
00:28:36,200 --> 00:28:38,800
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512
00:28:38,800 --> 00:28:40,800
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513
00:28:40,800 --> 00:28:43,600
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514
00:28:43,700 --> 00:28:46,400
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515
00:28:46,400 --> 00:28:48,800
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Be sure to subscribe to the show

516
00:28:48,800 --> 00:28:51,700
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517
00:28:51,700 --> 00:28:53,700
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If you got the time, please 

518
00:28:53,700 --> 00:28:55,600
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519
00:28:55,600 --> 00:28:58,000
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520
00:28:58,000 --> 00:29:00,000
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