1 00:00:05,200 --> 00:00:07,360 Welcome back, everyone. I, Bennett and I are doing 2 00:00:07,360 --> 00:00:09,240 double duty right now. I know how he's doing. 3 00:00:09,400 --> 00:00:12,480 I know how I'm doing as usual, whatever. 4 00:00:12,480 --> 00:00:15,880 But we're, we're doing another episode and this episode is 5 00:00:15,880 --> 00:00:20,200 going to be about the possible end of the Fed, or at least the 6 00:00:20,200 --> 00:00:23,880 end of Federal Reserve independence, which I, you know, 7 00:00:23,880 --> 00:00:28,960 the Fed has been a villain for a long time. 8 00:00:29,000 --> 00:00:32,400 I think they're an easy target. It's hard to defend them, I 9 00:00:32,400 --> 00:00:35,480 guess is what I'm saying. I, I understand why people would 10 00:00:35,600 --> 00:00:39,920 side eye us a bit with the idea of being like, we need to maybe 11 00:00:39,920 --> 00:00:42,200 pause this and think about it a little bit more. 12 00:00:42,200 --> 00:00:45,760 So the reason I'm bringing this up is because the doge team is 13 00:00:45,880 --> 00:00:49,560 trying to get into the Fed. Is it like they're this is their 14 00:00:49,560 --> 00:00:52,640 next move, the treasury, the Fed, they want to be involved in 15 00:00:52,640 --> 00:00:56,080 these important parts of I don't even know if you call the Fed a 16 00:00:56,080 --> 00:00:58,520 part of the US government. I guess so, but like it's almost 17 00:00:58,520 --> 00:01:00,880 supposed to be separate. It is supposed to be separate, 18 00:01:01,160 --> 00:01:04,160 right? It was very explicitly set up as 19 00:01:04,160 --> 00:01:07,760 like this vehicle where like the Federal Reserve Board has this 20 00:01:07,760 --> 00:01:10,080 small amount of government oversight, but each of the 21 00:01:10,080 --> 00:01:13,640 member banks are like basically fully independent of the federal 22 00:01:13,640 --> 00:01:15,800 government. For those who are unaware, the 23 00:01:15,800 --> 00:01:21,520 Federal Reserve sets many of the monetary policy decisions of the 24 00:01:21,520 --> 00:01:25,920 United States, including in large sense setting like the 25 00:01:25,920 --> 00:01:28,560 rates for our debts that are going to be issued. 26 00:01:29,040 --> 00:01:33,480 They also participate in important major market features 27 00:01:34,040 --> 00:01:37,040 regulating certain liquidity actions, providing certain 28 00:01:37,040 --> 00:01:40,440 liquidity. They are a major bank regulator, 29 00:01:40,440 --> 00:01:45,240 especially for larger banks, banks that have master accounts 30 00:01:45,240 --> 00:01:49,000 at the Federal Reserve, which is where banks, the Federal Reserve 31 00:01:49,000 --> 00:01:51,680 is the bank for banks like it's where the banks store their 32 00:01:51,680 --> 00:01:53,080 reserves. They put it at the Federal 33 00:01:53,080 --> 00:01:56,040 Reserve Bank. The reason we're talking about 34 00:01:56,040 --> 00:01:59,320 the Federal Reserve is because, like we mentioned, they are in 35 00:01:59,320 --> 00:02:02,840 large part responsible for the United States's monetary policy. 36 00:02:03,360 --> 00:02:09,680 And the United States dollar is evidence of how pervasive and 37 00:02:09,680 --> 00:02:13,000 effective American hegemony has been around the world. 38 00:02:13,280 --> 00:02:16,720 It is the unit for a massive account of trade. 39 00:02:17,320 --> 00:02:21,680 Our debts are part of most countries like reserves, most 40 00:02:21,680 --> 00:02:24,440 banks reserves. The dollar is held by almost 41 00:02:24,440 --> 00:02:27,320 every single country is like part of their foreign exchange 42 00:02:27,320 --> 00:02:30,080 reserves. It is the global reserve 43 00:02:30,080 --> 00:02:36,920 currency. And our fear is that the cruelty 44 00:02:37,160 --> 00:02:43,720 and avarice of the two headed king is going to result in a 45 00:02:43,720 --> 00:02:47,880 massive destabilization of the dollar because the independence 46 00:02:47,880 --> 00:02:51,640 of the Fed will be threatened. And once the independence of the 47 00:02:51,640 --> 00:02:56,640 Fed is threatened, the globe That depends on the Fed for a 48 00:02:56,680 --> 00:03:00,480 stable ish dollar. Stable. 49 00:03:00,480 --> 00:03:02,400 It's stable. It's stable compared to every 50 00:03:02,400 --> 00:03:05,760 currency. So a stable dollar, once people 51 00:03:05,760 --> 00:03:11,120 cannot count on that, a ton of different pieces of like global 52 00:03:11,120 --> 00:03:16,920 trade and stuff can fail to function as expected. 53 00:03:17,080 --> 00:03:20,000 Will fail will fail, not can will. 54 00:03:20,160 --> 00:03:22,360 There's no doubt that like we don't know the amount of 55 00:03:22,360 --> 00:03:27,080 destruction it would cause, but it would absolutely wreak havoc 56 00:03:27,280 --> 00:03:29,960 on the entire financial system globally, globally. 57 00:03:30,160 --> 00:03:32,480 Now, to be clear, a couple things I just want to clarify. 58 00:03:32,480 --> 00:03:35,360 The Federal Reserve has not been around forever when it comes it 59 00:03:35,360 --> 00:03:37,080 comes to American monetary policy. 60 00:03:37,080 --> 00:03:40,080 For a long time, even at the beginning of the nation, you had 61 00:03:40,320 --> 00:03:43,720 different states issuing money and then you had you've had all 62 00:03:43,720 --> 00:03:47,440 different kinds of money. You've had Angela Vergara on to 63 00:03:47,440 --> 00:03:52,240 discuss company towns issuing their own money, right? 64 00:03:52,240 --> 00:03:57,000 So like, monetary policy is weird, but the Federal Reserve 65 00:03:57,000 --> 00:04:00,760 has done a really amazing job. And it's really difficult to say 66 00:04:00,760 --> 00:04:03,440 that because I know how hated they are, but they've done a 67 00:04:03,440 --> 00:04:08,400 really good job since 1913 of stabilizing the dollar and 68 00:04:08,400 --> 00:04:10,600 making it really useful for the rest of the world. 69 00:04:10,800 --> 00:04:13,480 So credit where it's due, right? Credit where it's due. 70 00:04:13,520 --> 00:04:18,160 And they're really interesting as a central bank in like their 71 00:04:18,160 --> 00:04:23,560 current degree of independence. They predate like, the 72 00:04:23,560 --> 00:04:27,880 transition off the gold standard in the United States and like, 73 00:04:28,520 --> 00:04:34,080 managed and handled that transition relatively well 74 00:04:34,080 --> 00:04:37,080 during the period like the interregnum between World War 75 00:04:37,080 --> 00:04:41,440 One and World War 2. And the Fed has also often been 76 00:04:41,560 --> 00:04:46,600 a target of Elon Musk's ire over the years. 77 00:04:46,600 --> 00:04:49,760 He has frequently tweeted, especially during the Biden 78 00:04:49,760 --> 00:04:53,960 administration, his insistence that the Federal Reserve needed 79 00:04:53,960 --> 00:04:58,520 to cut rates immediately. I think there is space for 80 00:04:58,520 --> 00:05:01,360 criticism of the Federal Reserve's policies during the 81 00:05:01,360 --> 00:05:04,160 Biden administration. But I also think broadly, 82 00:05:04,160 --> 00:05:06,560 compared to a lot of other developed economies, the United 83 00:05:06,560 --> 00:05:09,880 States saw a faster recovery from COVID and had a, like, 84 00:05:09,880 --> 00:05:12,880 better landing than a lot of other currencies and countries. 85 00:05:13,280 --> 00:05:16,640 And at least part of that can be attributed to Federal Reserve 86 00:05:16,640 --> 00:05:19,320 policy, and I understand that's not. 87 00:05:20,200 --> 00:05:22,560 Popular sentiment. Federal Reserve, and we'll have 88 00:05:22,560 --> 00:05:25,440 some criticisms of the Federal Reserve as a regulator and in 89 00:05:25,480 --> 00:05:27,880 other roles later in this episode, but we got to get 90 00:05:27,880 --> 00:05:30,040 through the important part, like the threatening the global 91 00:05:30,040 --> 00:05:32,240 financial system part first. OK, you guys. 92 00:05:32,480 --> 00:05:33,880 Right, right. And let's do that. 93 00:05:33,880 --> 00:05:38,440 So so I was talking to Bennett the other day and I basically 94 00:05:38,440 --> 00:05:41,240 was like, I think they're going to destroy the Fed. 95 00:05:41,240 --> 00:05:43,920 And he was like, I don't know about that Cass. 96 00:05:43,920 --> 00:05:45,960 I'm not sure. I'm not, I don't maybe take a 97 00:05:45,960 --> 00:05:47,800 chill pill. And I was like, hold on, let's 98 00:05:47,800 --> 00:05:49,240 talk about this. Let's play it out. 99 00:05:49,480 --> 00:05:53,440 So the Federal Reserve had has its own like independent police 100 00:05:53,440 --> 00:05:56,320 force, the US Federal Reserve Police, right? 101 00:05:56,600 --> 00:05:59,280 And so Bennett basically said to me like, oh, the police would 102 00:05:59,280 --> 00:06:01,440 arrest the doge team members trying to come in. 103 00:06:01,960 --> 00:06:07,440 And I said, OK, they take them, charge them and then what? 104 00:06:07,560 --> 00:06:10,080 Like what is the next thing that happens? 105 00:06:10,480 --> 00:06:12,400 Like Bennett, do you want to play this out of it or should 106 00:06:12,400 --> 00:06:14,480 I'd like just keep going? How do you want to sure? 107 00:06:14,880 --> 00:06:17,960 Well, there's a few things I think we can talk about here. 108 00:06:18,280 --> 00:06:21,960 One, we can kind of identify that this is going to be one of 109 00:06:21,960 --> 00:06:25,560 their targets because Elon Musk has already, in the last couple 110 00:06:25,560 --> 00:06:28,720 weeks, been tweeting conspiracy theories about how the Federal 111 00:06:28,720 --> 00:06:32,760 Reserve is unaudited, which is not true. 112 00:06:32,920 --> 00:06:35,880 The Federal Reserve publishes their audits on their website. 113 00:06:36,080 --> 00:06:39,760 You can read them. They use different accounting 114 00:06:39,760 --> 00:06:43,800 standards because they're a central bank and so like the way 115 00:06:43,800 --> 00:06:46,080 their assets and liabilities work are a little bit different, 116 00:06:46,080 --> 00:06:48,080 but there's audits from accounting firms. 117 00:06:48,080 --> 00:06:50,880 You can find them. They're there, I promise. 118 00:06:51,120 --> 00:06:55,960 But it seems similar to his infatuation with Fort Knox, like 119 00:06:55,960 --> 00:06:59,880 he wants to go to where all of America's gold is and make sure 120 00:06:59,880 --> 00:07:03,120 the gold is there and definitely not take it like a cartoon 121 00:07:03,120 --> 00:07:06,200 villain. He's he's definitely got good 122 00:07:06,200 --> 00:07:09,560 plans for the gold. Our fear is he's going to use 123 00:07:09,560 --> 00:07:13,160 this pretext of auditing the Fed, looking for fraud at the 124 00:07:13,160 --> 00:07:16,800 Fed, trying to get the Fed to cut rates to negative things so 125 00:07:16,800 --> 00:07:19,320 he can get more money. It's always about getting more 126 00:07:19,320 --> 00:07:23,120 money with Elon and send the Doge boys in there and in so 127 00:07:23,120 --> 00:07:29,000 doing precipitate global panic. In the name of finding waste and 128 00:07:29,000 --> 00:07:31,280 fraud, right. So, so they will say that 129 00:07:31,280 --> 00:07:33,640 they're they're planning on finding a bunch of waste and 130 00:07:33,640 --> 00:07:35,440 fraud in the Federal Reserve System. 131 00:07:36,080 --> 00:07:37,840 I don't even know how they would be qualified to. 132 00:07:38,120 --> 00:07:41,840 I don't think 19 to 22 year olds I'd like, I don't think they 133 00:07:41,840 --> 00:07:44,480 have any concept of what money even is truly. 134 00:07:44,480 --> 00:07:46,720 I don't, I really do not think they understand it. 135 00:07:46,920 --> 00:07:49,880 The idea that they're going into the Fed and telling them what to 136 00:07:49,880 --> 00:07:53,400 do, I think is is terrifying and should scare people. 137 00:07:53,600 --> 00:07:55,480 OK, If we had experts going in there. 138 00:07:55,760 --> 00:07:57,680 And and by experts, I don't mean one expert. 139 00:07:57,680 --> 00:07:59,560 I mean these are the. Hundreds who went into the 140 00:07:59,560 --> 00:08:03,040 nuclear agency and fired the people who keep the nukes safe. 141 00:08:03,560 --> 00:08:05,800 Like you can't. Put them into the money place. 142 00:08:06,160 --> 00:08:09,200 There's and there's so many other things like USAID, right? 143 00:08:09,200 --> 00:08:12,280 They go in there, they destroy that, and then China's like, 144 00:08:14,480 --> 00:08:17,360 great job, we love it, good job. Why do you think they're happy 145 00:08:17,360 --> 00:08:19,400 about that? Why do you think Russia is happy 146 00:08:19,400 --> 00:08:21,800 that we're? They can do belts and roads at 147 00:08:21,800 --> 00:08:25,840 50% the cost because there's no competition for global. 148 00:08:26,200 --> 00:08:28,360 Yep, like they're super stoked about it. 149 00:08:28,360 --> 00:08:32,159 So I like dismantling the CFPB doesn't help anyone dismantling 150 00:08:32,159 --> 00:08:36,080 USAID, like maybe there's waste and maybe there is waste and 151 00:08:36,080 --> 00:08:38,000 fraud in these agencies. I'm sure they're like, I'm sure 152 00:08:38,000 --> 00:08:40,400 there is. But but the idea that it is so 153 00:08:40,400 --> 00:08:45,520 monumental that we need to shut these agencies down is a lie. 154 00:08:45,560 --> 00:08:47,800 Like if you actually thought that's what was going on, you 155 00:08:47,800 --> 00:08:50,480 would empower the inspectors generals instead of. 156 00:08:50,480 --> 00:08:53,400 Firing them. You would like hire a special 157 00:08:53,400 --> 00:08:56,440 counsel that you can't fire to like look into these things and 158 00:08:56,440 --> 00:08:58,400 produce a report to Congress, right? 159 00:08:58,400 --> 00:09:00,600 Like there are avenues and mechanisms. 160 00:09:00,600 --> 00:09:02,680 There are, like, ways to root that out. 161 00:09:03,160 --> 00:09:06,960 And I also expect that the, like, degree of government 162 00:09:06,960 --> 00:09:11,480 fraud, like the percentage of fraudulent payments, is much 163 00:09:11,480 --> 00:09:16,000 smaller than other businesses Elon Musk has been involved in. 164 00:09:16,560 --> 00:09:19,240 Like this is the guy who, when he ran his payments company, 165 00:09:19,240 --> 00:09:22,440 said we should stop collecting people's addresses and Social 166 00:09:22,440 --> 00:09:24,280 Security numbers. It's taking them. 167 00:09:24,280 --> 00:09:25,760 Too long to sign up? Look. 168 00:09:25,760 --> 00:09:28,720 So I think what, what I I don't want to do a prediction, but I 169 00:09:28,720 --> 00:09:32,680 do want to say this out loud. My fear, my personal fear is 170 00:09:32,680 --> 00:09:36,520 that the Doge team, these 19 to 22 year old idiots with no life 171 00:09:36,520 --> 00:09:40,480 experience try to go into the Federal Reserve and do something 172 00:09:40,480 --> 00:09:43,200 there. Now, I suspect they will be met 173 00:09:43,440 --> 00:09:48,120 with either the Federal Reserve police or, you know, Jerome 174 00:09:48,120 --> 00:09:51,840 Powell or one of the other Federal Reserve board members 175 00:09:51,840 --> 00:09:55,000 being like, fuck right off. And then they're going to say, 176 00:09:55,000 --> 00:09:56,680 well, then I'm going to talk to daddy. 177 00:09:57,040 --> 00:09:58,800 And then they're going to call Elon Musk. 178 00:09:59,120 --> 00:10:01,640 And Elon Musk is going to call Donald Trump. 179 00:10:01,840 --> 00:10:04,440 And then they'll issue some fucking executive order or some 180 00:10:04,440 --> 00:10:07,760 shit. And basically, it will force 181 00:10:07,760 --> 00:10:11,040 Jerome Powell's hand. And again, Jerome Powell, not 182 00:10:11,040 --> 00:10:13,800 someone I ever thought I would be defending on crypto critics 183 00:10:13,800 --> 00:10:16,000 corner. But here we are saying like, 184 00:10:16,400 --> 00:10:19,840 well, I really hope that Jerome Powell doesn't resign because 185 00:10:19,840 --> 00:10:23,400 he's forced to and be like, hey, Federal Reserve is up for grabs 186 00:10:23,400 --> 00:10:26,600 now so that the world knows what's going on here, which is 187 00:10:26,600 --> 00:10:31,040 my genuinely my fear. And if that happens, we're in 188 00:10:31,040 --> 00:10:32,760 trouble. Now, this is not the same as a 189 00:10:32,760 --> 00:10:35,280 bank run. Because if Elon Musk and Donald 190 00:10:35,280 --> 00:10:38,520 Trump don't do it, there's we're good. 191 00:10:39,120 --> 00:10:42,480 But this is in their hands now. And I need people to understand 192 00:10:42,480 --> 00:10:45,440 that, that they want access to all of this stuff. 193 00:10:45,680 --> 00:10:49,880 And if they fuck the Federal Reserve, if they fuck Swift, if 194 00:10:49,880 --> 00:10:53,520 they destroy the entire system as we understand it on an 195 00:10:53,520 --> 00:10:56,840 international global scale, as the Bank of Settle International 196 00:10:56,840 --> 00:10:59,440 Settlements understands it, we're fucked. 197 00:10:59,560 --> 00:11:02,640 We're just so fucking fucked. People who were like, burn the 198 00:11:02,640 --> 00:11:05,080 fucking system down. You don't get it. 199 00:11:05,280 --> 00:11:08,040 You do not get it. You, you don't. 200 00:11:08,200 --> 00:11:11,080 There's no you. You have no we. 201 00:11:11,400 --> 00:11:17,040 No one in generations, not not probably like 5 generations has 202 00:11:17,040 --> 00:11:19,680 a a remembrance of what something like this could be. 203 00:11:20,320 --> 00:11:24,240 It's been forever. It is a disaster. 204 00:11:25,280 --> 00:11:32,120 Don't let it happen. Do not let it happen. 205 00:11:32,760 --> 00:11:34,920 Call your senator. Tell them you are concerned. 206 00:11:35,720 --> 00:11:37,560 Call your congressman, tell them you're concerned. 207 00:11:38,120 --> 00:11:41,480 Subscribe to journalists. Make sure that you do the thing. 208 00:11:41,480 --> 00:11:44,400 Talk to your friends and family. This would destroy the dollar, 209 00:11:44,800 --> 00:11:46,680 OK? And it isn't hyperbole anymore. 210 00:11:47,000 --> 00:11:50,360 This is a real thing that could actually happen. 211 00:11:50,480 --> 00:11:53,640 OK? I there's no reason for it 212 00:11:54,040 --> 00:11:56,720 except there's a bunch of idiots in charge. 213 00:11:57,680 --> 00:12:02,560 It's, it's called kakistocracy. It, it is the definition is 214 00:12:02,720 --> 00:12:05,480 government by the least suitable or competent citizens of a 215 00:12:05,480 --> 00:12:07,320 state. And that is what we are living 216 00:12:07,320 --> 00:12:11,640 through right now. Yes, there are so many, like, 217 00:12:12,240 --> 00:12:15,840 big red buttons in the federal government that you're just 218 00:12:16,200 --> 00:12:19,000 never allowed to touch. And like, going after the 219 00:12:19,000 --> 00:12:22,440 Federal Reserve is one of them. And it was a problem in Trump, 220 00:12:22,440 --> 00:12:27,640 one when he like was jawboning and basically using the bully 221 00:12:27,640 --> 00:12:31,280 pulpit to go after Jerome Powell in the Fed. 222 00:12:31,280 --> 00:12:33,400 If you thought. Tweeting was bad if you thought 223 00:12:33,440 --> 00:12:36,400 tweeting was bad. It's like, yeah, this would 224 00:12:36,400 --> 00:12:39,600 potentially be an order of magnitude worse. 225 00:12:39,920 --> 00:12:43,840 And so hopefully a. 100 or orders of magnitude worse to be. 226 00:12:43,840 --> 00:12:47,840 Clear and like to the degree where like the monetary currency 227 00:12:47,840 --> 00:12:54,360 collapse, I'm terrified would be on the like realm of the Wymer, 228 00:12:54,680 --> 00:12:58,040 right? Yes, which also I'm going to get 229 00:12:58,040 --> 00:13:00,840 moderately conspiratorial here for 90 seconds or so. 230 00:13:01,840 --> 00:13:04,480 Elon Musk is lying about Fort Knox. 231 00:13:04,880 --> 00:13:07,960 He's pretending the gold isn't there and acting like no one's 232 00:13:07,960 --> 00:13:12,000 been in there for 50 years. In Trump, one Mitch McConnell, 233 00:13:12,000 --> 00:13:16,240 Steven Mnuchkin, a bunch of Kentucky politicians went into 234 00:13:16,240 --> 00:13:17,880 the Fort Knox. The gold is still there. 235 00:13:18,040 --> 00:13:21,480 The gold is still at the Federal Reserve banks to the office. 236 00:13:21,480 --> 00:13:24,160 The Treasury Office of the Inspector General inspects the 237 00:13:24,160 --> 00:13:26,520 seals on our gold reserves every year. 238 00:13:26,720 --> 00:13:28,400 There's a process for these things. 239 00:13:28,680 --> 00:13:32,960 But like, I can't shake this crazy feeling that like they're 240 00:13:33,000 --> 00:13:37,960 out if they blow up the dollar is to do like shacked in the 241 00:13:37,960 --> 00:13:41,240 Weimar Republic in Germany and start issuing a second currency, 242 00:13:41,480 --> 00:13:43,800 right? Like he was issuing the Renton 243 00:13:43,800 --> 00:13:47,640 mark, which was backed by the mortgages or something on 244 00:13:47,640 --> 00:13:50,120 property in Germany. And I can imagine them 245 00:13:50,120 --> 00:13:53,800 convincing themselves that if they gain physical possession of 246 00:13:53,800 --> 00:13:56,760 the United States gold, they have an insurance policy. 247 00:13:56,760 --> 00:13:59,200 If they blow up the dollar, they'll still be able to pay 248 00:13:59,200 --> 00:14:02,600 their soldiers an issue like some other kind of currency. 249 00:14:02,880 --> 00:14:06,080 And again, you can't just you can't. 250 00:14:06,240 --> 00:14:08,240 You can't. There's not enough gold to back 251 00:14:08,240 --> 00:14:10,760 like the amount of dollars in circulation without like 252 00:14:10,760 --> 00:14:13,760 incredible devaluation. Like there's not, there's not 253 00:14:13,760 --> 00:14:16,400 enough. And gold doesn't fucking matter. 254 00:14:16,400 --> 00:14:18,800 It's a shiny fucking metal you fucker. 255 00:14:19,320 --> 00:14:21,240 Sure that we can. That's a whole other discussion, 256 00:14:21,240 --> 00:14:23,120 but I just want to make sure everyone understands too. 257 00:14:23,640 --> 00:14:26,560 The dollar for almost the most like almost like almost entirely 258 00:14:26,560 --> 00:14:28,280 is not backed by gold. There's like a very small 259 00:14:28,280 --> 00:14:33,080 percentage of the the Federal Reserve like has some some loans 260 00:14:33,080 --> 00:14:39,280 out and some gold to back loans and to like it's it's minimally 261 00:14:39,280 --> 00:14:41,280 used. It's minimally used for the. 262 00:14:41,280 --> 00:14:44,680 Doctor and it's we, we have a lot of gold. 263 00:14:45,000 --> 00:14:48,240 But we have, but we have the most gold in the world. 264 00:14:48,400 --> 00:14:51,520 We have the most gold in the world and so. 265 00:14:51,560 --> 00:14:53,960 Unless you believe conspiracy theories about China. 266 00:14:54,120 --> 00:14:56,200 Or any other number of countries, I'm sure. 267 00:14:56,240 --> 00:14:59,440 I do think Elon Musk is like a cartoon villain with a shiny 268 00:14:59,440 --> 00:15:02,800 rock in front of him. I do think that the Federal 269 00:15:02,800 --> 00:15:05,360 Reserve is in like serious, serious danger here. 270 00:15:05,360 --> 00:15:07,600 It is one of the most concerning things happening right now. 271 00:15:07,760 --> 00:15:09,560 I know it's a slew of concerning things. 272 00:15:09,560 --> 00:15:16,720 I know we're talking about CFPBUSAID, the Treasury, Social 273 00:15:16,720 --> 00:15:19,040 Security insurance. A lot of the president declaring 274 00:15:19,040 --> 00:15:21,360 himself a king. A coup? 275 00:15:21,640 --> 00:15:26,240 OK, I understand that if they get to the Fed, it means it it 276 00:15:26,240 --> 00:15:29,040 it means trouble for every single person in America. 277 00:15:29,040 --> 00:15:32,640 So I I just want everyone to be aware of this and concerned. 278 00:15:32,880 --> 00:15:35,200 It is. It is one of those red buttons 279 00:15:35,480 --> 00:15:39,400 that makes the path to recovery, like both for the United States 280 00:15:39,400 --> 00:15:42,960 and for the global order, that much harder, that much longer, 281 00:15:42,960 --> 00:15:45,840 and that much bloodier. And sadly, Burrito has assured 282 00:15:45,840 --> 00:15:47,840 me she has the ear of Donald Trump. 283 00:15:47,920 --> 00:15:52,040 And cast coin is probably going to be used in the Bitcoin 284 00:15:52,040 --> 00:15:52,960 strategic reserve.